-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T1H1tLK+XcRbenumm5ASXLOrHbvuTISvSP/kVWMo0lISvO/65Yr31EDo9j5g8eLS 5/g54oeuQ+SJKuDX1siGEA== 0001042463-99-000011.txt : 19991124 0001042463-99-000011.hdr.sgml : 19991124 ACCESSION NUMBER: 0001042463-99-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIZAR ENERGY CO CENTRAL INDEX KEY: 0001042463 STANDARD INDUSTRIAL CLASSIFICATION: 1382 IRS NUMBER: 330231238 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-24977 FILM NUMBER: 99752833 BUSINESS ADDRESS: STREET 1: 5459 SOUTH IRIS STREET CITY: LITTLETON STATE: CO ZIP: 80123 BUSINESS PHONE: 3039329998 MAIL ADDRESS: STREET 1: 5459 S IRIS ST CITY: LITTLETON STATE: CO ZIP: 80123 10-Q 1 1 - - ----------------------------------------------------------------- - - ----------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ---------------------------------- FORM 10-QSB [ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1999. [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: ------------------------------ Commission file number 0-24977 ------------------------------ MIZAR ENERGY COMPANY (Exact name of Registrant as specified in its charter.) COLORADO 33-0231238 (State of other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 5459 South Iris Street Littleton, Colorado 80123 (Address of principal executive offices, including zip code.) (303) 932-9998 Registrant's telephone number, including area code. Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [ x ] NO [ ] The number of shares outstanding of the Registrant's Common Stock, no par value per share, at September 30, 1999 was 1,430,700 shares. - - ----------------------------------------------------------------- - - ----------------------------------------------------------------- 2 PART I ITEM 1. FINANCIAL STATEMENTS. Mizar Energy Company (A Development Stage Company) BALANCE SHEET September 30, 1999 (Unaudited)
ASSETS CURRENT ASSETS Cash $ 5,583 ---------- $ 5,583 ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Reserve for reclamation cost 3,500 Accounts payable 585 ---------- 4,085 Stockholders' Equity Preferred stock, 10,000,000 shares authorized no par value; none issued and outstanding Common stock, 25,000,000 shares authorized, no par value; 1,430,700 shares issued and outstanding 44,869 Accumulated deficit (43,371) ---------- Total Stockholders' Equity 1,498 ---------- Total Liabilities and Stockholders' Equity $ 5,583 ==========
1 3 Mizar Energy Company (A Development Stage Company) STATEMENTS OF OPERATIONS For the Three and Nine Months Ended September 30, 1999 and 1998 and For the Period From Inception (December 11, 1996) as a Development Stage Company to September 30, 1999
From inception of Three Three Nine Nine Development Months Months Months Months Stage 1999 1998 1999 1998 09/30/99 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) REVENUES $ - $ - $ - $ - $ - EXPENSES Lease operating costs - 500 - 2,780 8,162 General and administrative 902 4,239 4,830 7,532 17,333 Impairment of oil and gas properties - - - - 17,876 ------- -------- -------- --------- --------- 902 4,739 4,830 10,312 43,371 NET LOSS $ (902) $ (4,739) $ (4,830) $ (10,312) $ (43,371) ====== ======== ======== ========= =========
2 4 Mizar Energy Company (A Development Stage Company) STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 1999 and 1998 and For the Period From Inception (December 11, 1996) as a Development Stage Company to September 30, 1999
From Inception of Development Stage Company to 1999 1998 September 30, 1999 (Unaudited) (Unaudited) (Unaudited) CASH FLOWS FROM OPERATIONS Net loss $ (4,830) $ (10,312) $ (43,371) Adjustments to reconcile net loss to net cash used by operating activities: Amortization - 67 446 Impairment of oil and gas properties - - 17,876 Increase in organization costs - - (446) Increase in accounts payable 585 - 585 -------- --------- --------- Net cash used by operating activities (4,245) (10,245) (24,910) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of oil and gas properties - - (17,876) Sale of oil and gas properties - 3,126 3,500 -------- --------- --------- Net cash provided (used) by investing activities - 3,126 (14,376) CASH FLOWS FROM FINANCING ACTIVITIES Advances from related parties - - 10,423 Repayments to related parties - (5,000) (10,423) Issuance of common stock - 26,600 60,700 Deferred offering costs - - (15,831) -------- --------- --------- Net cash provided by financing activities - 21,600 44,869 -------- --------- --------- NET INCREASE (DECREASE) IN CASH (4,245) 14,481 5,583 CASH, beginning of period 9,828 4,057 - -------- --------- --------- CASH, end of period $ 5,583 $ 18,538 $ 5,583 ======== ========= =========
3 5 Mizar Energy Company NOTES TO FINANCIAL STATEMENT ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Business Mizar Energy Company (the "Company") was incorporated in the state of Colorado on December 11, 1996 and had no previous operations. The Company plans to be engaged in the business of acquiring, developing and operating oil and gas properties. The Company is currently in the development stage. Oil and Gas Properties In 1997, the Company acquired oil and gas mineral leases. In April 1998, the Company sold its working interest in these leases for an overriding royalty interest. The Company retained the rights to the surface equipment in this transaction. On December 31, 1997, the Company adjusted its investment in the royalty interest to its net realizable value. Private Stock Offering In June 1998, the Company completed a private offering of its common stock. Under terms of the offering, the Company issued 30,700 shares at $1.00 per share. After offering costs of $15,831, net proceeds to the Company amounted to $14,869. Commitments and Contingencies In 1999, the Company's underlying interest in oil and gas property expired. In connection with this interest, the Company could, if the assignee of the underlying interest fails to payreclaimation costs of the expired interest in the oil and gas properties, be obligated to pay these costs. The Company has estimated and reserved $3,500 to pay the reclamation costs if its assignee fails to pay these costs. 4 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION. Plan of Operation The following discussion should be read in conjunction with the consolidated financial statements and notes thereto. The Company is considered to be in the development stage as defined in Statement of Financial Accounting Standards No. 7. There have been no operations since incorporation. The Company's future proposed plan calls for it to consider and acquire oil and gas leases for acquisition or development. The Company believes it can satisfy is cash requirements for the next twelve months as it relates to its current administrative and start-up costs. Although it is anticipated that the Company may require additional funding over the next twelve months to acquire and/or develop future oil and gas properties. The Company's future proposed plans call for it to consider several factors in choosing additional properties for acquisition and development. First, the Company considers those regions in which one or more of its management or other technical personal have field of experience. The Company's initial acquisition is located in Kansas. The Company anticipates acquiring additional leases in Colorado. At the present time the Company has not targeted any additional oil and gas leases for acquisition. The Company intends to acquire the oil and gas leases from other existing oil companies that are brought to the attention of Company's management. The Company owns the surface equipment from its initial oil and gas acquisition in Kansas. To date the Company has sold one pumping unit for $3,500 in cash. The remaining equipment is currently for sale. The Company is a development stage company and currently has no employees other than its Officers and Directors. Management of the Company expects to hire additional employees as needed. Liquidity and Capital Resources. The Company sold 1,400,000 shares of its Common Stock to officers and directors for $30,000 in cash. The Company also completed an offering of 30,700 shares in June 1998 for $30,700 in cash. A portion of the foregoing was used for organizational matters and the purchase of one oil and gas lease. The Company has no operating history. The Company has approximately $5,500 in cash as of September 30, 1999, which the Company intends to use for working capital and to purchase additional oil and gas leases. 7 PART II. Item 6. Exhibits and Reports on Form 8-K. (a) Reports on Form 8-K No reports were filed on Form 8-K during the quarter ended September 30, 1999. (b) Exhibits. EXHIBIT INDEX Exhibit No. Description. 27 Financial Data Schedule SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated this 12th day of November, 1999. MIZAR ENERGY COMPANY (the "Registrant") BY: /s/ Philip J. Davis Philip J. Davis President, Treasurer and member of the Board of Directors EX-27 2
5 This schedule contains summary financial information extracted from the Statement of Financial Condition at September 30, 1999 (Unaudited) and the Statement of Income for the nine months ended September 30, 1999 (Unaudited) and is qualified in entirety by reference to such financial statements. 9-MOS DEC-31-1999 SEP-30-1999 5,583 0 0 0 0 5,583 0 0 0 4,085 0 0 0 44,869 0 5,583 0 0 0 0 4,830 0 0 0 0 0 0 0 0 (4,830) (0.003) (0.003)
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