-----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, CbHhQUqBJE/XiUKCJo8t6P646D+Lg/H3srctG7WP7wsCZ7FAPEYU3QqfrA+d8Kzq vcqxzEO2uLoxx4dkZFKusA== 0001021890-97-000129.txt : 19970421 0001021890-97-000129.hdr.sgml : 19970421 ACCESSION NUMBER: 0001021890-97-000129 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19970418 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORION FINANCIAL LTD CENTRAL INDEX KEY: 0000711210 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 840858679 STATE OF INCORPORATION: CO FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11043 FILM NUMBER: 97583086 BUSINESS ADDRESS: STREET 1: 80 NORTH HOYT ST CITY: DENVER STATE: CO ZIP: 80226 BUSINESS PHONE: 8183044167 MAIL ADDRESS: STREET 1: 80 NORTH HOYT STREET CITY: DENVER STATE: CO ZIP: 80226 FORMER COMPANY: FORMER CONFORMED NAME: ORION BROADCAST GROUP INC DATE OF NAME CHANGE: 19900130 10-Q 1 QUARTERLY REPORT ON FORM 10-Q--SEPTEMBER 30, 1995 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the quarterly period ended September 30, 1995 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 0-11043 ORION FINANCIAL, LTD. ---------------------------------------------------- (Exact name of registrant as specified in its charter) Colorado 84-0858679 ------------------------------ ------------------------------ (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 80 N. Hoyt Street, Lakewood, Colorado 80226 - --------------------------------------- -------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (303) 238-0937 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) 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 [ ] NO [X] As of October 15, 1996, Registrant had 4,641,522 shares of its no par value common stock issued and outstanding. 9 Total Pages ORION FINANCIAL, LTD. FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1995 INDEX SECTION PAGE PART I - FINANCIAL INFORMATION* Balance Sheets September 30, 1995 & June 30, 1995 ........................... 3 Statement of Operations - For the three months ended September 30, 1995 & 1994 ........................................................ 4 Statements of Cash Flow - For the three months ended September 30, 1995 and 1994 .......................................................... 5 Notes to the Financial Statements ........................................... 6 Management's Discussion and Analysis ........................................ 7 PART II - OTHER INFORMATION Signatures .................................................................. 8 *The accompanying financial statements are not covered by an Independent Certified Accountant's Report. 2
Orion Financial, Ltd. Balance Sheets Assets Year Ended September 30, June 30, 1995 1995 ------------ ----------- Current Assets Cash ............................................. 13,496 18,443 Short term investments ........................... 218,161 247,272 --------- --------- Total Current Assets .................... 231,657 265,715 Fixed Assets Furniture & Equipment ............................ 0 0 Accumulated Depreciation ......................... 0 0 --------- --------- Net Fixed Assets ........................ 0 0 Other Assets Restricted Cash .................................. 0 0 Advance to Affiliate ............................. 0 0 --------- --------- Total Assets ..................................... 231,657 265,715 ========= ========= Liabilities & Equity Current Liabilities Accounts Payable ................................. 0 11,146 Accrued Expenses ................................. 0 8,095 --------- --------- Total Current Liabilities ............... 0 19,241 Equity ........................................... 371,322 371,322 Additional Paid-In Capital ....................... 4,639,182 4,639,182 Accumulated Deficit .............................. -4,778,847 -4,764,030 --------- --------- 231,657 246,474 --------- --------- Total Liabilities & Equity ....................... 231,657 265,715 ========= =========
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Orion Financial, Ltd. Statement of Operation For the Three Months Ended 9/30/95 9/30/94 ----------- ---------- Interest income .............................. 485 4,470 Accounting & Legal Expenses .................. (11,460) (8,419) Compensation Expense ......................... (3,000) (4,000) Miscellaneous Expenses ....................... (842) (392) --------- --------- Net income (Loss) ............................ (14,817) (8,341) ========= ========= Net income (Loss) per Share .................. $ 0.00 $ 0.00 ========= ========= Weighted Average Shares Outstanding........... 4,641,522 4,641,522 ========= =========
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Orion Financial, Ltd. Statement of Cash Flows Three Months Ended September 30, -------------------- 1995 1994 ---- ---- Cash Flow from operating activities: Net income (loss) ............................................. (14,817) (8,341) Adjustments to reconcile net loss to net cash provided (used) by operating activities: Depreciation ........................................................... 0 0 Changes in assets and liabilities: Restricted Cash ........................................................ 0 50,000 Investment in Partnership .............................................. 0 (29,705) Accounts Payable ....................................................... (11,146) Accrued Liabilities .................................................... (8,095) ------- ------- Net cash provided (used) by operating activities .............. (34,058) 11,954 Increase (decrease) in cash and cash equivalents ....................... (34,058) 11,954 Cash and cash equivalents, beginning of period ......................... 265,715 85,882 ------- ------- Cash and cash equivalents, end of period ............................... 231,657 97,835
5 ORION FINANCIAL, LTD. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL: Orion Financial, Ltd. (the "Company"), has elected to substantially omit footnotes to the Financial Statements for the three months ended September 30, 1995, since there have been no material changes to the information previously reported by the Company in its annual report filed Form 10-K, for the year ended June 30, 1995. 2. UNAUDITED INFORMATION: The information furnished herein was taken from the books and records of the Company without audit. However, such information reflects all adjustments which are, in the opinion of management, necessary to property reflect the results for the interim periods presented. The information presented is not necessarily indicative of the results from operations expected for the full fiscal year. 6 ORION FINANCIAL, LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES Orion Financial, Ltd (the "Company") had working capital at September 30, 1995, of approximately $231,000 which should be sufficient for the Company to fund its obligations for the next 18 to 24 months provided the Company does not enter into a business combination that provides the Company with business operations. The Company's minimal cash position limits the Company in its future direction because it does not have the ability to raise additional funds through borrowings or equity offerings given its lack of business operations. The long term survivability of the Company depends on whether or not the Company is able to enter into a business combination that would provide the Company with successful business operations. The Company has no material commitments for capital expenditures. RESULTS OF OPERATIONS The Company had no significant operations during the fiscal year. Revenue consists solely of interest income on the remaining cash on hand. Expenses are generally related to the payment of professional fees in the preparation of the annual reports on Form 10-K and minimal compensation to the Company's President. The Company is continually reviewing business combination proposals in an ongoing effort to combine the Company an organization which has successful operations. 7 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. Orion Financial, Ltd. Dated April 16, 1997 /s/ Dean H. Boedeker --------------------------------- Dean H. Boedeker President and Principal Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS JUN-30-1996 SEP-30-1995 13,496 218,161 0 0 0 231,657 0 0 231,657 0 0 0 0 371,322 (139,665) 231,657 0 485 0 0 15,302 0 0 (14,817) 0 0 0 0 0 (14,817) (0.003) 0
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