-----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, Mah9SraS5hRTwdxXuPkAYH8ONZxnSheOX3sTHe1mlQxiEFU18bjB7Ve1q5QFWhsG n4H+XBrCAR1Td5iX4plPRQ== 0000948830-96-000214.txt : 19961107 0000948830-96-000214.hdr.sgml : 19961107 ACCESSION NUMBER: 0000948830-96-000214 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960831 FILED AS OF DATE: 19961106 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL CAPITAL CORP CENTRAL INDEX KEY: 0000798528 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 841018684 STATE OF INCORPORATION: CO FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26136 FILM NUMBER: 96655012 BUSINESS ADDRESS: STREET 1: 16178 EAST PRENTICE PLACE CITY: AURORA STATE: CO ZIP: 80015 BUSINESS PHONE: 3036906787 MAIL ADDRESS: STREET 1: 16178 E PRENTICE PL CITY: AURORA STATE: CO ZIP: 80015 10-Q 1 PAGE UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended: August 31, 1996 Commission File No. 0-26136 UNIVERSAL CAPITAL CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Colorado 84-1018684 - ------------------------------- ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 16178 East Prentice Place, Aurora, Colorado 80015 -------------------------------------------------- (Address of principal executive offices) (303) 690-6787 ---------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (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 As of August 31, 1996, Registrant had 2,500,000 shares of common stock, No Par Value, outstanding. PAGE INDEX Page Number Part I. Financial Information Item I. Financial Statements Balance Sheets, February 29, 1996 and August 31, 1996 (Unaudited) 3 Statements of Operations, Three Months Ended August 31, 1996 (Unaudited) and From March 5, 1986 (Date of Inception) through August 31, 1996 (Unaudited) 4 Statements of Operations, Six Months Ended August 31, 1996 (Unaudited) and From March 5, 1986 (Date of Inception) through August 31, 1996 (Unaudited) 5 Statements of Cash Flows, Three Months Ended August 31, 1996 and From March 5, 1986 (Date of Inception) through August 31, 1996 (Unaudited 6 Statements of Cash Flows, Six Months Ended August 31, 1996 and From March 5, 1986 (Date of Inception) through August 31, 1996 (Unaudited 7 Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 8 Part II. Other Information 8 Signatures 9 -2- UNIVERSAL CAPITAL CORPORATION (A Development-Stage Enterprise) BALANCE SHEETS (Unaudited) February 29, August 31, 1996 1996 ----------- --------- ASSETS Current Assets: Cash $ - $ 597 Cash advance, related party and other 2,998 3,000 Total Current Assets 2,998 3,597 TOTAL ASSETS $ 2,998 $ 3,597 LIABILITIES AND STOCKHOLDERS' (DEFICIT) Current Liabilities: Accounts payable 37,492 47,220 Notes payable, related parties 17,250 32,900 Total Current Liabilities 54,742 80,120 TOTAL LIABILITIES 54,742 80,120 Stockholders' (Deficit): Common stock, No par value, 100,000,000 shares authorized; 2,500,000 shares issued and outstanding 49,838 113,338 Excess of expenses over revenue during development stage (101,582) (189,861) TOTAL STOCKHOLDERS' (DEFICIT) (51,744) (76,523) TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $ 2,998 $ 3,597 The accompanying notes are an integral part of the financial statements. -3- UNIVERSAL CAPITAL CORPORATION (A Development-Stage Enterprise) STATEMENTS OF OPERATIONS (Unaudited) From March 5, 1986 (Date Three Months of Inception) Ended through August 31, 1996 August 31, 1996 --------------- --------------- Revenue: Interest income $ - $ 87,721 Expenses: Accounting and legal 10,896 125,484 Stock issued for services 63,500 125,500 Miscellaneous 833 22,496 75,229 273,480 Excess of Expenses over Revenue During Development Stage before Provision for Income Taxes (75,229) (185,759) Provision for Income Taxes Current - 4,102 Excess of Expenses over Revenue During Development Stage $ (75,229) $ (189,861) Excess of Expenses over Revenue During Development Stage Per Share $ (.03) $ (.08) Weighted Average Shares Outstanding 2,250,000 2,500,000 The accompanying notes are an integral part of the financial statements. -4- UNIVERSAL CAPITAL CORPORATION (A Development-Stage Enterprise) STATEMENTS OF OPERATIONS (Unaudited) From March 5, 1986 (Date Six Months of Inception) Ended through August 31, 1996 August 31, 1996 --------------- --------------- Revenue: Interest income $ - $ 87,721 Expenses: Accounting and legal 22,029 125,484 Stock issued for services 63,500 125,500 Miscellaneous 2,750 22,496 88,279 273,480 Excess of Expenses over Revenue During Development Stage before Provision for Income Taxes (88,279) (185,759) Provision for Income Taxes Current - 4,102 Excess of Expenses over Revenue During Development Stage $ (88,279) $ (189,861) Excess of Expenses over Revenue During Development Stage Per Share $ (.04) $ (.08) Weighted Average Shares Outstanding 2,250,000 2,500,000 The accompanying notes are an integral part of the financial statements. -5- UNIVERSAL CAPITAL CORPORATION (A Development-Stage Enterprise) STATEMENTS OF CASH FLOWS (Unaudited) From March 5, 1986 (Date Three Months of Inception) Ended through August 31, 1996 August 31, 1996 --------------- --------------- Cash Flows From Operating Activities: Excess of Expenses over Revenue During Development Stage $ (75,229) $ (189,861) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Issuance of stock for services 63,500 125,500 (Increase) in accrued interest and other - (3,000) Increase in accounts payable 10,161 47,220 Net Cash (Used in) Operating Activities (1,568) (20,141) Cash Flows From Investing Activities: Purchase of treasury bill - (99,651) Sale of treasury bill - 99,651 Net Cash Provided By Investing Activities - - Cash Flows From Financing Activities: Issuance of stock, net of offering cost - 237,838 Dividends - (250,000) Loans from related parties - 32,900 Net Cash Provided By Financing Activities - 20,738 Increase (decrease) in cash (1,568) 597 Cash, beginning of period 2,165 - Cash, end of period $ 597 $ 597 Interest paid $ - $ - Income taxes paid $ - $ 3,129 The accompanying notes are an integral part of the financial statements. -6- UNIVERSAL CAPITAL CORPORATION (A Development-Stage Enterprise) STATEMENTS OF CASH FLOWS (Unaudited) From March 5, 1986 (Date Six Months of Inception) Ended through August 31, 1996 August 31, 1996 --------------- --------------- Cash Flows From Operating Activities: Excess of Expenses over Revenue During Development Stage $ (88,279) $ (189,861) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Issuance of stock for services 63,500 125,500 (Increase) in accrued interest and other (2) (3,000) Increase in accounts payable 9,728 47,220 Net Cash (Used in) Operating Activities (15,053) (20,141) Cash Flows From Investing Activities: Purchase of treasury bill - (99,651) Sale of treasury bill - 99,651 Net Cash Provided By Investing Activities - - Cash Flows From Financing Activities: Issuance of stock, net of offering cost - 237,838 Dividends - (250,000) Loans from related parties 15,650 32,900 Net Cash Provided By Financing Activities 15,650 20,738 Increase (decrease) in cash 597 597 Cash, beginning of period - - Cash, end of period $ 597 $ 597 Interest paid $ - $ - Income taxes paid $ - $ 3,129 The accompanying notes are an integral part of the financial statements. -7- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (1) MATERIAL CHANGES IN FINANCIAL CONDITION Management knows of no trends, demands, commitments, events or circumstances which will result in or which are reasonably likely to result in the Registrant's liquidity increasing or decreasing in a material way. The Registrant has no material commitments for capital expenditures as of the end of the latest fiscal period. Management knows of no material trends, favorable or unfavorable, in the Registrant's capital resources and anticipates no material change in the mix and cost of such resources. (2) MATERIAL CHANGES IN RESULTS OF OPERATIONS The company is a development stage enterprise, no significant operations have commenced. PART II. OTHER INFORMATION Item 1. Legal Proceedings None. Item 2. Changes in Securities None. Item 3. Defaults upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K None. -8- 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. UNIVERSAL CAPITAL CORPORATION By /s/ Timothy J. Brasel Timothy J. Brasel, President Date: November 6, 1996 -9- EX-27 2
5 This schedule contains summary financial information extracted from the balance sheets and statements of operations found on pages 3 through 5 of the Company's Form 10-Q for the year to date, and is qualified in its entirety by reference to such financial statements. 6-MOS FEB-29-1996 AUG-31-1996 597 0 0 0 0 3,597 0 0 3,597 80,120 0 113,338 0 0 (189,861) 3,597 0 0 0 0 88,279 0 0 0 0 0 0 0 0 0 (.04) 0
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