-----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, WnUtjdEZc/ZliXEko2JF09TH2UZKp/Z312wh4mH8zfd9zimOt7xxAt2xgWIZDw65 HkEBThFoY4oKpdrRM4Ugjg== 0001050502-99-000409.txt : 19990714 0001050502-99-000409.hdr.sgml : 19990714 ACCESSION NUMBER: 0001050502-99-000409 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19990713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASSCO CAPITAL CORP CENTRAL INDEX KEY: 0000054424 STANDARD INDUSTRIAL CLASSIFICATION: MACHINE TOOLS, METAL CUTTING TYPES [3541] IRS NUMBER: 510356301 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 002-41703 FILM NUMBER: 99663196 BUSINESS ADDRESS: STREET 1: 18880 MARSH LANE STREET 2: NO 2004 CITY: DALLAS STATE: TX ZIP: 75287 BUSINESS PHONE: 9723064604 MAIL ADDRESS: STREET 1: 4221 E PONTATOC CANYON DRIVE CITY: TUCSON STATE: AZ ZIP: 85718 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL K C JAKES BBQ & GRILL INC DATE OF NAME CHANGE: 19940627 10QSB 1 FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10 QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ________________ Commission file number: 2 41703 CASSCO CAPITAL CORPORATION -------------------------- (Exact name of small business issuer as specified in its charter) Delaware 43 1594165 -------- ---------- (State or other jurisdiction (I.R.S. employer identification number) of incorporation or organization) 1999 Broadway, Ste. 3250, Denver, Colorado 80202 - ------------------------------------------ ----- (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: (303) 292 2992 Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 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 ___ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of June 30, 1999, there were approximately 22,817,005 shares outstanding.
I. PART I FINANCIAL INFORMATION Item 1. Financial Statements September 30, 1997 December 31, 1996 ------------------ ----------------- (Unaudited) (Audited) ASSETS Current Assets: Cash -- $ -- --------- --------- Total Current Assets -- $ -- --------- --------- Total Assets $ -- $ -- ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ -- $ -- --------- --------- Total Current Liabilities -- $ -- --------- --------- Shareholders' Equity (Deficit) Common Stock, $.00333 par value, 75,000,000 shares authorized, 3,442,505 shares issued and outstanding 11,464 11,464 Additional paid in capital 100,552 100,552 Retained earnings (deficit) (112,016) (112,016) --------- --------- Total Shareholders' Equity (Deficit) -- -- --------- --------- Total Liabilities and Shareholders' Equity (Deficit) $ -- -- ========= =========
CASSCO CAPITAL CORP. (A Development Stage Company) STATEMENTS OF OPERATIONS Nine months ended September 30 1997 1996 ---- ---- Total Income -- -- ------------ ------------- General and administrative expenses: Accountng -- -- Telephone -- -- Office rental -- -- Legal expenses -- -- ------------ ------------- Total Expenses -- -- ------------ ------------- Other income and expenses: Forgiveness of debt -- -- Gain on stock recession -- -- Interest expense -- -- ------------ ------------- ------------ ------------- Net income (loss) $ -- $ -- ============ ============= CASSCO CAPITAL CORP. (A Development Stage Company) STATEMENTS OF CASH FLOWS Nine months ended September 30 1997 1996 ---- ---- Cash (used) by operating activities: Net income (loss) $ -- $ -- Adjustments to reconcile net gain (loss) to net cash provided by operating activities: -- -- Net Cash Flows (used) by operating activities -- -- Increase (decrease) in Cash -- -- Cash at Beginning of the Period -- -- --------- ------------ Cash at End of the Period -- -- --------- ------------ $ -- $ -- ========= ============ CASSCO CAPITAL CORPORATION (a development stage company) Notes to Financial Statements September 30, 1997 (Unaudited) In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial condition of registrant have been included, and the disclosures are adequate to make the information presented not misleading. Note 1. A summary of significant accounting policies is currently on file with the U.S. Securities and Exchange Commission. Note 2. The loss per share was computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Note 3. Registrant has not declared or paid dividends on its common shares since inception. Note 4. The accompanying unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10 QSB and do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. Note 5. Income taxes have not been provided for in that registrant has not had a tax liability from inception through the date of this report, due to operating losses. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations: Cassco Capital Corp. (Company) was incorporated as Anthony Kane Incorporated under the laws of the State of Delaware on February 5, 1969, and became subject to the reporting provisions of the Securities Exchange Act of 1934 on June 11, 1969, when a registration statement filed by the Company was declared effective by the U.S. Securities and Exchange Commission. The name of the Company was changed to Maid-Rite Ventures, Inc., on April 8, 1985, and to Grandee Corporation on September 23, 1985, on which date the Company also increased its authorized shares of common stock from 25,000,000 to 75,000,000, concurrently effecting a decrease in par value per share from $.01 to $.00333. In July, 1992, the Company entered into an agreement with K C Jakes BBQ & Grill, Inc., for the purpose of acquiring KC Jakes as a subsidiary. This agreement was set aside by a court of competent jurisdiction in 1994, as previously reported by the Company in a filing under the Securities Exchange Act of 1934 on Form 8-K. On January 10, 1995, the Company entered into an agreement with Epsitek, Inc., a Delaware corporation to acquire two subsidiaries of Epsitek as wholly-owned subsidiaries of the Company. In conjunction with the acquisition, the Company issued 6,000,000 shares of common stock to Epsitek, which also appointed new directors and took control of the Company. Subsequently, Epsitek was unable to complete the conditions imposed for and at closing. The acquisition, therefore, did not occur and the shares issued in connection with the acquisition were returned to treasury and the board members of the Company appointed by Epsitek resigned. The Company is now engaged in the process of locating a merger and/or acquisition candidate. The Company has had recurring losses from operations since inception and had a net capital deficiency at year end, each of which raise substantial doubts about the ability of the Company to continue as a going concern. Accordingly, the auditors' report and opinion included in this report contain an explanatory paragraph about these uncertainties. The Company, as a result of the cessation of its business and the failure of its proposed acquisitions, had no operations during the year; thus, no meaningful comparison can be made to prior years. Liquidity and Capital Resources: The Company, from inception has relied on capital infusions from executive officers and directors and on credit from vendors. PART II OTHER INFORMATION Item 1. Litigation No material legal proceedings to which the Company (or any officer or director of the Company, or any affiliate or owner of record or beneficially of more than five percent of the Common Stock, to management's knowledge) is a party or to which the property of the Company is subject is pending and no such material proceeding is known by management of the Company to be contemplated. Item 2. Change in Securities This item is not applicable to the Company for the period covered by this report. Item 3. Defaults Upon Senior Securities This item is not applicable to the Company for the period covered by this report. Item 4. Submission of Matters to a Vote of Security Holders There were no meetings of security holders during the period covered by this report; thus, this item is not applicable. Item 5. Other Information There is no additional information which the Company is electing to report under this item at this time. Item 6. Exhibits and Reports on Form S K No reports on Form 8 K were filed by the Company during the period covered by this report. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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 this 2nd day of July, 1999. CASSCO CAPITAL CORPORATION (Registrant) By: /s/ Richard Gregory ----------------------- Richard Gregory, President and Chief Executive Officer By: /s/ Richard Gregory ----------------------- Richard Gregory, Chief Financial and Accounting Officer and Treasurer EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 0 0 0 0 0 0 0 0 0 0 0 0 0 11,464 (11,464) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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