-----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, CTykgVJPWcg+OrwDqguJt819+HBkFoALkVQW/1EUifguLRSFPMqR0Y4QvWlMDuWp TplSGe0lyWGRHVf6MBr00A== 0001002334-99-000136.txt : 19990802 0001002334-99-000136.hdr.sgml : 19990802 ACCESSION NUMBER: 0001002334-99-000136 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19990730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FARADAY FINANCIAL INC CENTRAL INDEX KEY: 0000910639 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 330565710 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-22236 FILM NUMBER: 99674086 BUSINESS ADDRESS: STREET 1: 24901 DANA POINT HARBOR DR STREET 2: SUITE 200 CITY: DANA POINT STATE: CA ZIP: 92629 BUSINESS PHONE: 7144892400 MAIL ADDRESS: STREET 1: 24901 DANA POINT HARBOR DR STREET 2: STE 200 CITY: DANA POINT STATE: CA ZIP: 92629 10QSB 1 JUN 97- 10QSB SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1997 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from __________________ to __________________ Commission File Number 0-22236 FARADAY FINANCIAL, INC. (Exact Name of Registrant as specified in its Charter) Delaware 33-0565710 (State or other Jurisdiction of I.R.S. Employer Identi- Incorporation or Organization fication No.) 1500 Quail Street, Suite 550, Newport Beach, California 92660 (Address of Principal Executive Offices) (Zip Code) (714) 660-1500 (Registrant's Telephone Number, including Area Code) Indicate by check mark whether the Registrant (i) 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 (of for such shorter period that the Registrant was required to file such reports) and (ii) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of Common Stock, as of the latest practicable date. Common Stock, $.001 par value 424,600 - ---------------------------------- -------------------- Title of Class Number of Shares outstanding at June 30, 1997 No exhibits included. 1 FARADAY FINANCIAL, INC. (A Company in the Development Stage) BALANCE SHEETS ASSETS
March 31, June 30, 1997 1997 CURRENT ASSETS - CASH $ OTHER ASSETS Organization costs, net of accumulated amortization TOTAL ASSETS $ $ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES - Accounts payable $ 1,436 $ 1,451 STOCKHOLDERS' EQUITY Preferred Stock, $.001 par value; 1,000,000 shares authorized, including one share of Series A Preferred Stock; no shares issued and outstanding Common Stock, $.001 par value; 20,000,000 shares authorized; 424,600 shares issued and outstanding 425 425 Additional paid-in Capital 821 821 Accumulated deficit during the development stage (2,682) (2,697) TOTAL STOCKHOLDERS' EQUITY (1,436) (1,451) TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ $
The accompanying notes are an integral part of the financial statements. 2 FARADAY FINANCIAL, INC. (A Company in the Development Stage) STATEMENTS OF OPERATIONS
CUMULATIVE FOR THE THREE FROM INCEPTION MONTHS ENDED (June 11, 1992) June 30, TO 1997 1996 June 30, 1997 REVENUES $ -0- $ -0- $ -0- OPERATING EXPENSES General and Administrative 15 15 2,426 Amortization 15 271 TOTAL OPERATING EXPENSES 15 30 2,697 NET (LOSS) (15) $ (30) $ (2,697) NET (LOSS) PER SHARE $ (Nil) $ (Nil) $ (.01) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 424,600 424,600 419,208
See accompanying Notes to Financial Statements. 3 FARADAY FINANCIAL, INC. (A Company in the Development Stage) STATEMENTS OF CASH FLOWS
CUMULATIVE FOR THE THREE FROM INCEPTION MONTHS ENDED (June 11, 1992) June 30, TO 1997 1996 June 30, 1997 CASH FLOWS FROM OPERATING ACTIVITIES Net (Loss) $ (15) $ (30) $ (2,697) Add item not requiring the use of cash - amortization 15 271 Increase (decrease) in accounts payable 15 15 1,451 Net cash flows from operating activities (975) CASH FLOWS FROM INVESTING ACTIVITIES Organizational Costs (271) CASH FLOWS FROM FINANCING ACTIVITIES Contribution to Capital 500 Sale of Common Stock 746 Net Cash flows from financing activities 1,246 NET INCREASE (DECREASE) IN CASH CASH BALANCE AT BEGINNING OF PERIOD CASH BALANCE AT END OF PERIOD $ $ $
See accompanying Notes to Financial Statements. 4 FARADAY FINANCIAL, INC. (A Company in the Development Stage) NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) June 30, 1997 1. Comments The accompanying financial statements are unaudited, but in the opinion of the management of the Company, contain all adjustments, consisting of only normal recurring accruals, necessary to present fairly the financial position at June 30, 1997, the results of operations for the three months ended June 30, 1997 and 1996, and the cash flows for the three months ended June 30, 1997 and 1996. Reference is made to the Company's Form 10-KSB for the year ended March 31, 1997. The results of operations for the three months ended June 30, 1997 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending March 31, 1998. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The Company has limited working capital and no activities. 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 MATTER TO A VOTE OF SECURITY HOLDERS - None Item 5. OTHER INFORMATION - None Item 6. EXHIBITS AND REPORTS ON FORM 8-K Exhibits--None Reports on Form 8-K--None. 5 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. FARADAY FINANCIAL, INC. Date: July 31, 1997 By: /s/ Jehu Hand ------------- Jehu Hand, President and Chief Financial Officer (chief financial officer and accounting officer and duly authorized officer) 6 EX-27 2 FDS --
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND AS OF JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000910639 FARADAY FINANCIAL, INC. 1 US dollars 9-MOS Mar-31-1998 Apr-01-1997 Jun-30-1997 1 0 0 0 0 0 0 0 0 0 1,451 0 0 0 1,246 (2,697) 0 0 0 0 15 0 0 0 (15) 0 (15) 0 0 0 (15) (.00) (.00)
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