-----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, G6It75L1Zm3wwZRcSeljEpZ+i4gPSc1A3WqVjBIe+jA/hpctUIEJYtl10oljFtxd rPssnJlezEh+KU4bNi/P/A== 0001021890-97-000140.txt : 19970423 0001021890-97-000140.hdr.sgml : 19970423 ACCESSION NUMBER: 0001021890-97-000140 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19970421 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: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-11043 FILM NUMBER: 97584190 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 10QSB 1 QUARTERLY REPORT ON FORM 10-QSB--09/30/96 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 [ ] TRANSITION REPORT UNDER 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 small business issuer 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) (303) 238-0937 ------------------------ (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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] The number of shares outstanding of the Issuer's Common Stock, no par value common stock, as of April 15, 1997, was 4,641,522. Transitional small business disclosure format: Yes [ ] No [X] 8 Total Pages 1 ORION FINANCIAL, LTD. FORM 10-QSB FOR THE QUARTER ENDED SEPTEMBER 30, 1996 INDEX ----- SECTION PAGE - ------- ---- PART I - FINANCIAL INFORMATION* Balance Sheets - September 30, 1996 & June 30, 1996 3 Statement of Operations - For the three months ended September 30, 1996 & 1995 4 Statements of Cash Flow - For the three months ended September 30, 1996 and 1995 5 Notes to the Financial Statements 6 Management's Discussion and Analysis or Plan of Operation 7 PART II - OTHER INFORMATION Signatures 8 * The accompanying financial statements are not covered by an Independent Certified Public Accountant's Report. 2
Orion Financial, Ltd. Balance Sheets Assets September 30, 1996 (unaudited) June 30, 1996 ---------------- ------------- Current Assets Cash .................................................... $ 23,361 $ 27,188 Short term investments .................................. 194,888 194,888 ----------- ----------- Total Current Assets .............................. 218,249 222,076 Total Assets ............................................ $ 218,249 $ 222,076 =========== =========== Liabilities & Equity Current Liabilities Accounts Payable & Accrued Expenses ..................... $ 0 $ 176 ----------- ----------- Equity Common Stock ............................................ 371,322 371,322 Additional Paid in Capital .............................. 4,639,182 4,639,182 Accumulated Deficit ..................................... (4,792,255) (4,788,604) ----------- ----------- Total Equity ...................................... 218,249 221,900 Total Liabilities & Equity .............................. $ 218,249 $ 222,076 =========== ===========
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Orion Financial, Ltd. Statement of Operations (Unaudited) Three Months Ended September 30, ----------------------------------- 1996 1995 ------------- ------------- Interest Income .......................................... $ 282 $ 485 Accounting & Legal Expenses .............................. 0 (11,460) Compensation Expenses .................................... (3,000) (3,000) Miscellaneous Expenses ................................... (934) (842) ------------- ------------- Net Income (Loss) ........................................ $ (3,652) $ (14,817) ============= ============= 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 (Unaudited) Three Months Ended September 30, ----------------------------------- 1996 1995 ----------- ------------ Cash Flow from operating activities: Net income (loss) ............................................ (3,651) (14,817) Adjustments to reconcile net loss to net cash provided (used) by operating activities: Changes in assets and liabilities: Accounts Payable ................................................... (176) (11,146) Accrued Liabilities ................................................ 0 (8,095) ----------- ------------ Net cash provided (used) by operating activities ............. (3,827) (34,058) Increase (decrease) in cash and cash equivalents ................... (3,827) (34,058) Cash and cash equivalents, beginning of period ..................... $ 222,076 $ 265,715 =========== ============ Cash and cash equivalents, end of period ........................... $ 218,249 $ 231,657 =========== ============
5 ORION FINANCIAL, LTD. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL: Orion Financial, Ltd. (the "Company"), has elected to substantially omit all footnotes to the Financial Statements for the three months ended September 30, 1996, since there have been no material changes to the information previously reported by the Company in its annual report filed on Form 10-K, for the year ended June 30, 1996. 2. UNAUDITED INFORMATION: The information 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 in order to make the financial statements not misleading. 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 OR PLAN OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES Orion Financial, Ltd. (the "Company") had working capital at September 30, 1996, of approximately $218,000, 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 quarter. 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 filings pursuant to the Securities Exchange Act of 1934, as amended, and minimal compensation to the Company's President. The Company is continually reviewing business combination proposals in an ongoing effort to combine the Company with an organization which has successful operations. 7 SIGNATURES In accordance with the requirements of the Securities Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Orion Financial, Ltd. Dated April 21, 1997 /s/ Dean H. Boedeker --------------------------- ----------------------------------------- Dean H. Boedeker President and Principal Financial Officer 8 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS JUN-30-1997 SEP-30-1996 23,361 194,888 0 0 0 218,249 0 0 218,249 0 0 0 0 371,322 (153,073) 218,249 0 282 0 0 3,934 0 0 (3,652) 0 0 0 0 0 (3,652) (0.001) 0
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