-----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, SXebva1Sfd2PRxv/gL4GR12xav1NWR1s69lFgDMSzyduVi9jpHP1L2LXtwcxBotM e90qH9t3UM1AiUrrrxKeGw== 0000948830-96-000220.txt : 19961113 0000948830-96-000220.hdr.sgml : 19961113 ACCESSION NUMBER: 0000948830-96-000220 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRIDGESTONE CORP CENTRAL INDEX KEY: 0000859914 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 841130227 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-33092 FILM NUMBER: 96659886 BUSINESS ADDRESS: STREET 1: 303 E 17TH AVE STE 800 CITY: DENVER STATE: CO ZIP: 80203 BUSINESS PHONE: 3038307000 MAIL ADDRESS: STREET 1: 303 EAST 17TH AVE STREET 2: STE 800 CITY: DENVER STATE: CO ZIP: 80203 10-Q 1 U.S. 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 quarterly period ended: September 30, 1996 Commission file number: 33-33092-D BRIDGESTONE CORP. ----------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Colorado 84-1130227 - ------------------------------- -------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 303 East Seventeenth Avenue, Suite 800, Denver, Colorado 80203 ---------------------------------------------------------------- (Address of principal executive offices) (303) 830-7000 --------------------------- (Issuer's telephone number) 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 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 November 11, 1996, 55,000,000 shares of common stock, par value $.00001 per share, were outstanding. Transitional Small Business Disclosure Format (check one): Yes--- No -X- INDEX Page Number PART I. FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheet, September 30, 1996 (Unaudited) 3 Statements of Loss and Accumulated Deficit (Unaudited) from December 1, 1989 (Inception) to September 30, 1996, for the three months ended September 30, 1996 and 1995 and for the nine months ended September 30, 1996 and 1995 4 Statements of Cash Flows (Unaudited) from December 1, 1989 (Inception) to September 30, 1996 and for the nine months ended September 30, 1996 and 1995 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis or Plan of Operations 7 PART II. OTHER INFORMATION 7 Signatures 8 -2- BRIDGESTONE CORP. (A Development Stage Company) BALANCE SHEET September 30, 1996 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 55,716 Prepaid expenses 233 -------- Total current assets 55,949 OTHER ASSETS Organization costs (net) 500 -------- Total other assets 500 -------- TOTAL ASSETS $ 56,449 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 40 Accounts payable - related party 202 -------- Total current liabilities 242 STOCKHOLDERS' EQUITY Preferred stock, $0.00001 par value; 20,000,000 shares authorized; no shares issued and out- standing -- Common stock, $0.00001 par value; 500,000,000 shares authorized; 55,000,000 shares issued and outstanding 550 Additional paid-in capital 89,791 Deficit accumulated during the development stage (34,134) -------- Total stockholders' equity 56,207 -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 56,449 The accompanying notes are an integral part of the financial statements. -3- BRIDGESTONE CORP. (A Development Stage Company) STATEMENTS OF LOSS AND ACCUMULATED DEFICIT (Unaudited) Period December 1, 1989 (In- ception) to For the Three Months For the Nine Months September 30, Ended September 30, Ended September 30, 1996 1996 1995 1996 1995 ---------- ---------- ---------- ---------- --------- REVENUES Investment income $ 14,216 $ 485 $ 580 $ 1,509 $ 1,833 ---------- ---------- ---------- ---------- --------- EXPENSES General and administrative 48,350 1,316 779 7,251 5,233 ---------- ---------- ---------- ---------- --------- Total expenses 48,350 1,316 779 7,251 5,233 ---------- ---------- ---------- ---------- --------- NET LOSS (34,134) (831) (199) (5,742) (3,400) Accumulated deficit Balance, beginning of period -- (33,303) (27,733) (28,392) (24,532) --------- --------- --------- --------- --------- Balance, end of period $(34,134) $(34,134) $(27,932) $(34,134) $(27,932) NET LOSS PER SHARE $ (NIL) $ (NIL) $ (NIL) $ (NIL) $ (NIL) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 53,669,339 55,000,000 55,000,000 55,000,000 55,000,000 The accompanying notes are an integral part of the financial statements. -4- BRIDGESTONE CORP. (A Development Stage Company) STATEMENTS OF CASH FLOWS (Unaudited) Period December 1, 1989 (In- ception) to For the Nine Months September 30, Ended September 30, 1996 1996 1995 ------------- -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(34,134) $(5,742) $(3,400) Adjustments to reconcile net loss to net cash used by operating activities: Increase in accounts payable 40 (225) (390) Increase in accounts payable - related party 202 202 (217) Increase in prepaid expenses (233) -- (233) -------- ------- ------- Net cash used by operating activities (34,125) (5,765) (4,240) CASH FLOWS FROM INVESTING ACTIVITIES: Increase in organizational costs (500) -- -- -------- ------- ------- Net cash used by investing activities (500) -- -- CASH FLOWS FROM FINANCIAL ACTIVITIES: Issuance of common stock 110,000 -- -- Deferred offering costs paid (19,659) -- -- -------- ------- ------- Net cash provided by financ- ing activities 90,341 -- -- -------- ------- ------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 55,716 (5,765) (4,240) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD -- 61,481 65,949 -------- ------- ------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 55,716 $55,716 $61,709 The accompanying notes are an integral part of the financial statements. -5- BRIDGESTONE CORP. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS September 30, 1996 (Unaudited) 1. MANAGEMENT'S REPRESENTATION OF INTERIM FINANCIAL INFORMATION The accompanying financial statements have been prepared by Bridgestone Corp. without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements include all of the adjustments which, in the opinion of management, are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. These financial statements should be read in conjunction with the audited financial statements at December 31, 1995. -6- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS At present, the Company has no source of revenues other than interest income of a money market account at a commercial bank. During the quarter ended September 30, 1996, and since completing its public offering, the Company has engaged in no significant operations other than the search for, and identification and evaluation of, possible acquisition candidates. Other than interest income of $485, no revenues were received by the Company during this quarter. The Company experienced a net loss of $(831) during the quarter ended September 30, 1996, which was primarily the result of legal and accounting costs of compliance with the reporting requirements of the securities laws and general and administrative expenses, which expenses were only partially offset by interest income during this period. For the remainder of the current fiscal year, the Company anticipates losses similar in magnitude to those experienced historically. Should the Company intensify its search for an acquisition candidate, however, losses are likely to accrue at a greater rate than experienced historically. The Company anticipates that until a business combination is completed with an acquisition candidate, it will not generate revenues other than interest income, and may continue to operate at a loss after completing a business combination, depending upon the performance of the acquired business. As of September 30, 1996, the Company did not have any material commitments for capital expenditures. 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 (a) Exhibit 27 Financial Data Schedule Filed herewith electronically (b) Reports on Form 8-K None. -7- SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: November 12, 1996 BRIDGESTONE CORP. By:/s/ Robert Neece Robert Neece, President -8- EX-27 2
5 This schedule contains summary financial information extracted from the balance sheets and statements of income(loss) found on pages 3 and 4 of the Company's Form 10-QSB for the year to date, and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1995 SEP-30-1996 55,716 0 0 0 0 55,949 0 0 56,449 242 0 550 0 0 55,657 56,449 0 1,509 0 0 7,251 0 0 7,251 0 0 0 0 0 (5,742) 0 0
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