-----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, A7k7USkTBM8R49qKmWayE+61WXb7NFo6aXw+mrPLcipE7qH2L24VrTFLttYsoftM X1jmXjJkZMw8i/sEPPAVQw== 0001010412-98-000182.txt : 19981009 0001010412-98-000182.hdr.sgml : 19981009 ACCESSION NUMBER: 0001010412-98-000182 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19981008 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXR DEVELOPMENT CORP INC CENTRAL INDEX KEY: 0000773603 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 002-99110-NY FILM NUMBER: 98722780 BUSINESS ADDRESS: STREET 1: 9005 COBBLE CANYON LANE CITY: SANDY STATE: UT ZIP: 84093 BUSINESS PHONE: 7184388788 MAIL ADDRESS: STREET 1: 9005 COBBLE CANYON LANE CITY: SANDY STATE: UT ZIP: 84093 10QSB 1 QUARTERLY REPORT ON FORM 10-QSB FOR THE PERIOD ENDED JUNE 30, 1998 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 quarter ended June 30, 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. 2-99110-NY ---------- A.X.R. DEVELOPMENT CORPORATION, INC. ------------------------------------ (Name of Small Business Issuer in its Charter) NEVADA 11-2751537 ------ ---------- (State or Other Jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 9005 Cobble Canyon Lane Sandy, Utah 84093 --------------------------- (Address of Principal Executive Offices) Issuer's Telephone Number: (801) 942-0555 Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Company 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 No X --- --- --- --- (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Check whether the issuer has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes____ No ___ (APPLICABLE ONLY TO CORPORATE ISSUERS) State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date: October 1, 1998 Common - 13,000,000 shares DOCUMENTS INCORPORATED BY REFERENCE A description of any "Documents Incorporated by Reference" is contained in Item 6 of this Report. Transitional Small Business Issuer Format Yes X No --- --- PART I - FINANCIAL INFORMATION Item 1. Financial Statements. The Consolidated Financial Statements of the Company 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, these Consolidated Financial Statements fairly present the financial condition of the Company. A.X.R. DEVELOPMENT CORPORATION, INC. (A Development Stage Company) Balance Sheets
ASSETS June 30, December 31, 1998 1997 (Unaudited) CURRENT ASSETS Cash $ - $ - Total Current Assets - - TOTAL ASSETS $ - $ - LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) LIABILITIES Accounts payable $ 2,876 $ 1,418 Total Current Liabilities 2,876 1,418 STOCKHOLDERS' EQUITY (DEFICIT) Common stock $0.001 par value; authorized 100,000,000 shares; 13,000,000 shares issued and outstanding 13,000 13,000 Additional paid-in capital 64,186 61,879 Deficit accumulated during the development stage (80,062) (76,297) Total Stockholders' Equity (Deficit) (2,876) (1,418) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ - $ -
A.X.R. DEVELOPMENT CORPORATION, INC. (A Development Stage Company) Statements of Operations (Unaudited)
From Inception on July 10, For the Three Months For the Six Months 1985 Through Ended June 30, Ended June 30, June 30, 1998 1997 1998 1997 1998 REVENUE $ - $ - $ - $ - $ - LOSS ON DISCONTINUED OPERATIONS (Note 4) (3,765) (1,037) (3,765) (1,487) (80,062) NET LOSS $ (3,765) $(1,037) $ (3,765) $(1,487)$(80,062) BASIC LOSS PER SHARE$ (0.00) $ (0.00) $ (0.00) $ (0.00) BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 13,000,000 13,000,000 13,000,000 13,000,000
A.X.R. DEVELOPMENT CORPORATION, INC. (A Development Stage Company) Statements of Stockholders' Equity (Deficit)
Deficit Accumulated Additional During the Common Stock Paid-in Development Shares Amount Capital Stage At inception on July 10, 1985 - $ - $ - $ - Common stock issued for cash at an average of $0.006 per share 13,000,000 13,000 59,390 - Net loss from inception through December 31, 1994 - - - (72,390) Balance, December 31, 1994 13,000,000 13,000 59,390 (72,390) Net loss for the year ended December 31, 1995 - - - - Balance, December 31, 1995 13,000,000 13,000 59,390 (72,390) Contributed capital for expenses - - 740 - Net loss for the year ended December 31, 1996 - - - (740) Balance, December 31, 1996 13,000,000 13,000 60,130 (73,130) Contributed capital for expenses - - 1,749 - Net loss for the year ended December 31, 1997 - - - (3,167) Balance, December 31, 1997 13,000,000 13,000 61,879 (76,297) Contributed capital for expenses (unaudited) - - 2,307 - Net loss for the six months ended June 30, 1998 (unaudited) - - - (3,765) Balance, June 30, 1998 (unaudited) 13,000,000 $13,000 $ 64,186 $ (80,062)
A.X.R. DEVELOPMENT CORPORATION, INC. (A Development Stage Company) Statements of Cash Flows (Unaudited)
From Inception on July 10, For the Three Months For the Six Months 1985 Through Ended June 30, Ended June 30, June 30, 1998 1997 1998 1997 1998 CASH FLOWS FROM OPERATING ACTIVITIES: Income (loss) from operations $ (3,765) $ (1,037) $ (3,765) $(1,487) $(80,062) Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts payable 1,458 - 1,458 - 2,876 Contributed capital for expenses 2,307 1,037 2,307 1,487 4,796 Net Cash Provided (Used) by Operating Activities - - - - (72,390) CASH FLOWS FROM INVESTING ACTIVITIES: Net Cash Provided (Used) by Investing Activities - - - - - CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock for cash - - - - 73,390 Stock offering costs - - - - (1,000) Net Cash Provided (Used) by Financing Activities $ - $ - $ - $ - $72,390 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ - $ - $ - $ - $ - CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD - - - - - CASH AND CASH EQUIVALENTS AT END OF PERIOD $ - $ - $ - $ - $ - Cash Paid For: Interest $ - $ - $ - $ - $ - Income taxes $ - $ - $ - $ - $ -
A.X.R. DEVELOPMENT CORPORATION, INC. (A Development Stage Company) Notes to the Financial Statements June 30, 1998 and December 31, 1997 NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS A.X.R. Development Corporation, Inc. was organized under the laws of the State of Nevada on July 10, 1985. Since then, there has been no active operations. In 1996, the Company changed its management and is seeking a business opportunity. The Company has selected a calendar year end. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Accounting Method The Company's financial statements are prepared using the accrual method of accounting. b. Provision for Taxes The Company has a $7,700 net operating loss carryover as of June 30, 1998 which expires in 2013. The potential tax benefit has been offset by a valuation allowance for the same amount. c. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. d. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. e. Unaudited Financial Statements The accompanying unaudited financial statements include all of the adjustments which, in the opinion of management, are necessary for a fair presentation. Such adjustments are of a normal recurring nature. f. Basic Loss Per Share Basic loss per common share has been calculated based on the weighted average number of shares of common stock outstanding during the period. NOTE 3 - GOING CONCERN The Company's financial statements are prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established revenues sufficient to cover its operating costs and allow it to continue as a going concern. Management intends to seek a merger with an existing, operating company. In the interim, it has committed to meeting the Company's minimal operating expenses. NOTE 4 - DISCONTINUED OPERATIONS In 1987, the Company discontinued operations and was reclassified as a development stage company. All revenues generated by the Company have been netted against the expenses and are grouped into the discontinued operations line on the statements of operations. NOTE 5 - RELATED PARTY TRANSACTIONS The president of the Company contributed $2,307 and $1,749 for expenses on behalf of the Company in 1998 and 1997, respectively. Item 2. Management's Discussion and Analysis or Plan of Operation. Plan of Operation. - ----------------- The Company has not engaged in any material operations or had any revenues from operations during the last two calendar years. The Company's plan of operation for the next 12 months is to continue to seek the acquisition of assets, properties or businesses that may benefit the Company and its stockholders. Management anticipates that to achieve any such acquisition, the Company will issue shares of its common stock as the sole consideration for any such acquisition. During the next 12 months, the Company's only foreseeable cash requirements will relate to maintaining the Company in good standing or the payment of expenses associated with reviewing or investigating any potential business venture. Such funds may be advanced by management or stockholders as loans to the Company. Because the Company has not identified any such venture as of the date of this Report, it is impossible to predict the amount of any such loans or advances. However, any such loans or advances should not exceed $25,000 and will be on terms no less favorable to the Company than would be available from a non-affiliated lender in an arm's length transaction. As of the date of this Report, the Company is not involved in any negotiations respecting any such potential business venture. Results of Operations. - ---------------------- Other than restoring and maintaining its good corporate standing in the State of Nevada, compromising and settling its debts and seeking the acquisition of assets, properties or businesses that may benefit the Company and its stockholders, the Company has had no material business operations during the two most recent calendar years, and was dormant from December 1989 to January 1, 1996. At June 30, 1998, the Company had no assets and current liabilities of $2,876. There were no revenues in the three months ended June 30, 1998 and 1997; and for the six months ended June 30, 1998 and 1997, there were no revenues. For the three months ended June 30, 1998 and 1997, there was a net loss from discontinued operations of ($3,765) and ($1,037), respectively, and for the six months ended June 30, 1998 and 1997, net losses from discontinued operations were ($3,765) and ($1,487), respectively. Liquidity - --------- $2,307 was contributed to capital by David C. Merrell, the Company's President and a director, for miscellaneous expenses, during 1998. 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 the Company's security holders during the second quarter of the calendar year covered by this Report or during the two previous calendar years; further, no matter has been submitted to a vote of the Company's security holders since the Company became dormant in December 1989. Item 5. Other Information. None; not applicable. Item 6. Exhibits and Reports on Form 8-K. Exhibit (a) Exhibits.* Number None. (b) Reports on Form 8-K. None. * A summary of any Exhibit is modified in its entirety by reference to the actual Exhibit. 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. A.X.R. DEVELOPMENT CORPORATION, INC. Date:10/7/98 By:/s/David C. Merrell President and Director Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated: A.X.R. DEVELOPMENT CORPORATION, INC. Date: 10/7/98 By:/s/David C. Merrell President and Director Date: 10/7/98 By:/s/Corie Merrell Secretary/Treasurer and Director EX-27 2
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