-----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, Puwh/5WdScVYDyv57Ib0vghZ6DgJd3t/rjBNsaOJfmjGSE7JFRnKqV0tg1HWjv/p jjdGbKlvmh7Hb8JfwkXqpA== 0001024020-98-000010.txt : 19980422 0001024020-98-000010.hdr.sgml : 19980422 ACCESSION NUMBER: 0001024020-98-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980421 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL AIR CORP CENTRAL INDEX KEY: 0000768216 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 870565948 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22711 FILM NUMBER: 98597582 BUSINESS ADDRESS: STREET 1: 5525 S 900 EAST STREET 2: SUITE #10 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 BUSINESS PHONE: 8012628844 MAIL ADDRESS: STREET 1: 5525 S 900 EAST STREET 2: SUITE #10 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 10-Q 1 MARCH 1998 QUARTERLY REPORT 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 March 31, 1998 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to -------------- ------------------ Commission File No. 0-22711 NATIONAL AIR CORPORATION (Name of Small Business Issuer in its Charter) Nevada 87-05065948 (State or Other Jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 5525 SOUTH 900 EAST, SUITE 110 Salt Lake City, Utah 84117 (Address of Principal Executive Offices) Issuer's Telephone Number: (801) 262-8844 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 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. (1) Yes X No (2) Yes X No ---- ---- ---- ---- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the Issuer has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a Plan confirmed by a court. Yes__X___ No ______ APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: March 31, 1998 Common Voting Stock 737,505 March 31, 1998 Preferred - Class A March 26, 1998 -0- March 31, 1998 Preferred - Class B March 26, 1998 -0- PART I - FINANCIAL INFORMATION Item 1.Financial Statements. The Financial Statements of the Registrant required to be filed with this 10-QSB Quarterly Report were prepared by management and commence on the following page, together with related Notes. In the opinion of management, the Financial Statements fairly present the financial condition of the Registrant. Item 2.Management's Discussion and Analysis or Plan of Operation. Plan of Operation. The Company has not engaged in any material operations in the period ending March 31, 1998, or since approximately 1992. The Company intends to continue to seek out the acquisition of assets, property or business that may be beneficial to the Company and its stockholders. The Company's only foreseeable cash requirements during the next 12 months will relate to maintaining the Company in good standing in the State of Delaware and keeping its reports "current" with the Securities and Exchange Commission. Management does not anticipate that the Company will have to raise additional funds during the next 12 months. Results of operations. - ---------------------- The Company has had no operations since approximately 1992. During the quarterly period covered by this Report, the Company received no revenue and had no expenses. PART II - OTHER INFORMATION Item 1.Legal Proceedings. - ------------------------- None; not applicable. Item 2.Changes in Securities. - ----------------------------- None; not applicable. Item 3.Defaults Upon Senior Securities. - --------------------------------------- None; not applicable. Item 4.Submission of Matters to a Vote of Security Holders. - ----------------------------------------------------------- No matter was submitted to a vote of security holders of the Company during the period covered by this Report. Item 5.Other Information. - ------------------------- None; not applicable. Item 6.Exhibits and Reports on Form 8-K. - ---------------------------------------- (a)Exhibits.* 27 Financial Data Schedule
(b)Reports on Form 8-K. None; not applicable. *A summary of any Exhibit is modified in its entirety by reference to the actual Exhibit.
NATIONAL AIR CORPORATION BALANCE SHEETS March 31, 1998 3/31/98 ---------------- [Unaudited] ASSETS TOTAL ASSETS $ 0 ================ LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES Current Liabilities 275 Loans from Stockholders $ 6,360 ---------------- Total Liabilities 6,635 ---------------- STOCKHOLDERS' DEFICIT Preferrec stock Class A, $.25 par value; authorized 1,000,000 shares; 0 issued Class B, $.10 par value; authorized 1,000,000 shares; 0 isssued Common Stock, $.001 par value; authorized 20,000,000 shares; issued and outstanding 737,505 shares 738 Additional paid-in capital 57,469 Accumulated Deficit (64,842) ---------------- Total Stockholder's Deficit (6,635) ---------------- Total Liabilities and Stockholders Defecit $ 0 ================
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the periods. These interim financial statements conform with the requirements for interim financial statements and consequently do not include all the disclosures normally required by generally accepted accounting principles.
NATIONAL AIR CORPORATION STATEMENTS OF OPERATIONS For the Three Month Periods Ended March 31, 1998 and 1997 Three Months Three Months Ended Ended 3/31/98 3/31/98 ------------------- ------------------- [Unaudited] [Unaudited] REVENUE Income $ 0 $ 0 ------------------- ------------------- NET REVENUE 0 0 OPERATING EXPENSES Office Expenses 85 253 Professional Fees 944 1,369 ------------------- ------------------- TOTAL OPERATING EXPENSES 1,029 1,622 ------------------- ------------------- NET INCOME/(LOSS) $ (1,029) $ (1,622) =================== =================== NET LOSS PER SHARE $ (0.01) (0.01) =================== =================== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 737,505 737,505 =================== ===================
NATIONAL AIR CORPORATION STATEMENTS OF CASH FLOWS For the Three Month Periods Ended March 31, 1998 and 1997 Three Months Three Months Ended Ended 3/31/98 3/31/97 ---------------- ---------------- [Unaudited] [Unaudited] Cash Flows Used For Operating Activities - --------------------------------------------------------- Net Loss $ (1,029) $ (1,622) Adjustments to reconcile net loss to net cash used in operating activities: Increase/(Decrease) in loans from shareholder 1,029 1,622 ---------------- ---------------- Net Cash Used For Operating Activities 0 0 ================ ================ Cash Flows Provided by Financing Activities 0 0 - --------------------------------------------------------- ---------------- ---------------- Net Increase In Cash 0 0 Beginning Cash Balance 0 0 Ending Cash Balance 0 0 ================ ================
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. NATIONAL AIR CORPORATION Date: 4/13/98 /S/ JEFF D. JENSON Jeffrey D. Jenson, Director and President Date: 4/13/98 /S/ NICK LOVATO Nick Lovato, Director and Vice President Date: 4/13/98 /S/ KIRSTEN LOVATO Kirsten Lovato, Director, Secretary/TR EX-27 2 FDS 10-Q FOR MARCH 31, 1998
5 0000768216 National Air Corporation 1 U.S. DOLLARS 3-MOS DEC-31-1998 DEC-01-1998 MAR-31-1998 1 0 0 0 0 0 0 0 0 0 6,635 0 0 0 738 (7,373) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1,029) (0.01) (0.01)
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