10QSB 1 silver.htm Silverbow 6-30-04 Q

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 period ended June 31, 04
     

Commission File Number 000-25997

Silver Bow Antique Aviation
(Exact Name of Small Business Issuer as specified in its Charter)

Nevada
 
91-1939533
(State or other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification Number)
 
69930 Highway 111, Suite 108
Rancho Mirage, CA
 
92270
(Address of principal executive offices)
 
(Zip Code)
 

Check whether the Issuer (1) 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 [ ]

 

Indicate the number of shares outstanding of each of the issuer's classes of Common Equity, as of the latest practicable date.

Common Stock, no par value  
3,690,400
Title of Class  
Number of Shares Oustanding at June 30, 2004
No exhibits included.    

PART I

ITEM 1. Financial Information

Financial Statements

Silver Bow Antique Aviation
(A Development Stage Company)
BALANCE SHEET
(Unaudited)

 

ASSETS   June 30 , 2004   December 31, 2003
CURRENT ASSETS:    
 
  Deposit Cash/New Business Oper. $
0
$
0
    Total Current Assets $
0
$
0
FIXED ASSETS: (Note 3)  
  Property/Equipment Less
$
0
$
0
  Accumulated Depreciation <
0
$
0
    Net Fixed Assets $
0
$
0
TOTAL ASSETS $
0
$
0
LIABILITIES & SHAREHOLDERS' EQUITY  
Current Liabilities: (Note 4)  
  Misc. Accured Liabilities $
0
$
0
  Other Liabilities  
0
0
    Total current liabilities $
0
$
0
LONG TERM LIABILITIES: (Note 5) $
176,321
$
176,321
  Net Total Long Term Liabilities $
0
$
0
TOTAL LIABILITIES $
0
$
0
SHAREHOLDERS' EQUITY (NOTE 1)
  1,000 shares authorized; -0-
shares issued and outstanding
$
0
$
0
  Common stock, par value $ .001;
99,999,000 shares authorized;
issued & outstanding 3,690,400
3,190
3,190
  Paid-in capital
20,000
20,000
  Retained earnings <Accum. Deficit>
<199,511>
<199,511>
NET EQUITY/RETAINED EARNINGS
<DEFICIT>
$
<176,321>
$
<176,321>
TOTAL ASSETS/LIABILITIES
$
0
$
0

The accompanying notes are an integral part of these financial statements.

Silver Bow Antique Aviation
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unauditied)

 

 

For the three months
ending June 30, 2004

 

For the six months
ending June 30, 2004

 

Cumulative from
inception
(Aug 10, 1998) to
June 30, 2004

 

 

--------------------

 

--------------------

 

----------------------

 

 

 

 

 

 

 

Revenues

$

-

$

-

$

-

Operating expenses

 

-0-

 

-0-

 

199511

Net loss from operations

 

-0-

 

-0-

 

(199511)

 

 

 

 

 

 

 

Other income (expense)

 

-

 

-

 

-

Net loss

$

-0-

$

-0-

$

(199511)

 

 

 

 

 

 

 

Net loss per share

$

(0.00)

$

(0.00)

 

(0.62)

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

3,190,400

 

3,190,400

 

319400

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed financial statements.

Silver Bow Antique Aviation
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(unaudited)

 

 

For the three months
ending June 30, 2004

 

For the three months
ending June 30, 2004

 

Cumulative from
inception
(Aug 10, 1998) to
June 30, 2004

 

 

--------------------------------

 

------------------------------

 

----------------------------

 

 

 

 

 

 

 

Operating Activities
Net loss

$

-0-

$

-0-

$

(199511)

Adjustments to reconcile net loss to net cash used in operations:

 

 

 

 

 

 

Issuance of shares for services rendered

 

-

 

-

 

473

Issuance of notes payable to related parties for services rendered

 

-

 

-

 

70,000

Changes in operating assets and liabilities:

 

 

 

 

 

 

Increase in accounts payable

 

-0-

 

-0-

 

-0-

Increase in accounts payable related parties

 

 

 

-

 

-0-

 

 

---------------------------

 

------------------------------

 

-------------------------------

Net cash used in operating activities

 

-

 

-

 

(1,027)

Investing Activities

 

-

 

-

 

-

Financing Activities
Issuance of shares for cash

 

-

 

-

 

1,027

 

 

---------------------------

 

------------------------------

 

-------------------------------

Net cash provided by financing activities

 

-

 

-

 

1,027

Net change in cash
Cash at beginning of period

 

-

 

-

 

-

 

 

---------------------------

 

------------------------------

 

-------------------------------

Cash at end of period

$

-

$

-

$

-

 

 

==================

 

===================

 

====================

Supplemental Information:
Cash paid for interest and income taxes

$

-

$

-

$

-

 

 

==================

 

===================

 

====================

Non-cash investing and financing activities:
Issuance of notes payable to related parties for services

$

-

$

-

$

70,000

 

 

==================

 

===================

 

====================

Reclassification from accounts payable to accounts payable- related parties due to payment of accounts payable by related parties

$

-0-

$

-

$

-0-

 

 

==================

 

===================

 

====================

Conversion of related party notes payable to common stock

$

70,000 

$

-

$

70,000

 

 

 

 

 

 

 

The accompanying notes are an integral part of these FINANCIAL STATEMENTS.

 

Silver Bow Antique Aviation
(A Development Stage Company)
Notes to Financial Statements
For The Three Months Ended March 31, 2004

GENERAL:

The condensed consolidated financial statements of Silver Bow Antique Aviation included herein, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Although certain information normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted, Silver Bow believes that the disclosures are adequate to make the information presented not misleading. The condensed financial statements for the six month period ended June 30, 2004 should be read in conjunction with the financial statements and notes thereto included in this report.

The condensed consolidated financial statements included herein reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation.

The Company has not commenced operations and has no working capital.

NOTE 1 - ORGANIZATION AND BUSINESS PLAN:

Company was organized under the laws of the State of Nevada on April 28, 1994 under the name of Silver Bow Antique Aviation. The Company was incorporated to engage in any lawful activities.

The Company's articles initially authorized 1,000 shares of Preferred Stock and 10,000 shares of Common Stock, both at a par value of $.001 per share.

Common Stock.

During 1996, certain consulting services were rendered to the Company by the majority stockholder, Magellan Capital Corporation, (a Nevada Corporation doing business in California) and 4 other individuals. The value of such services were at the stated par value for 1,041 shares issued on July 15, 1995 and have been stated on the Balance sheet, the Statement of Operations and the Cash Flow Statement at $936 for the year ending 12/31/96, which amount reflects the par value of the original issue on the date of the 900 for 1 forward stock split on the 1,041 shares. Revised number of shares issued and outstanding after the foregoing split were 936,900, with a total value of $936.00 as of the end of the year September 30, 1996.

On December 30, 1998, 2,053,500 shares were sold for $2,054 cash at the stated par value of $.001 per share. Total shares outstanding at year end 12/31/98 were 2,990,400, with a total value of $2,990.

On September 25, 2001, 200,000 shares were issued at the stated par value of $.001 per share for services rendered through September, 2001: 100,000 shares to Darren J. Holm, the newly appointed President of the Company and 50,000 shares each to Randall Baker, Secretary and Norm LeBoeuf, Controller.

The total number of Common Stock shares outstanding and issued as of the end of June 30, 2004 and 2003 were 3,690,400, total value $53,190. No other transactions have taken place since those dates for the Common Stock of the Company: Total Common Stock Shares outstanding and issued at June 30, 2004 were 3,690,400, total value of $53,190.

Preferred Stock.

The original articles of incorporation, April 28, 1994, authorized 1,000 shares of Preferred Stock with a stated par value of $.001 per share. From inception (April 28, 1994) through June 30, 2004, no Preferred Stock Shares have been issued, and, none are outstanding.

NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The Articles of Incorporation (as revised) authorize Silver Bow Antique Aviation to issue up to 99,999,000 shares of Common Stock with a par value of $.001 per share and 1,000 shares of Preferred Stock, with a par value of $.001 per share. As of the period ending June 30, 2004, there were 3,690,400 shares of Common Stock issued and outstanding. As of June 30, 2004, no Preferred Stock were issued or outstanding.

NOTE 3 - FIXED ASSETS:

The Company has no Fixed Assets for the period ending June 30, 2004 and December 31, 2003.

NOTE 4 - CURRENT LIABILITIES:

Following are the Current Liabilities of the Company as of June 30, 2004 and December 31, 2003 were:

 

Category Description  
Amounts due
6/30/04
Amounts due
12/31/03
Current Liabilities
$
0
$
0
TOTAL LIABILITIES
$
0
$
0

NOTE 5. LONG TERM LIABILITY

Assets and current liabilities have been consolidated into a long term liability note in favor of a D.K. Mork, the majority stock holder of Silver Bow, as set fourth in Part I - Item 6 .

NOTE 6. GOING CONCERN AND INCIDENTAL COSTS:

Incidental costs to maintain legal registrations of the Company in the State of Nevada and with the Security and Exchange Commissions have been paid or assumed by Mr. Dempsey Mork, Chief Financial Officer/ Director, the majority shareholder of Silver Bow. This will continue for the foreseeable future.

(b)   List of Exhibits
  31 302 Certification
  32 906 Certification

(B) Reports on Form 8-K

None.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit, tax and accounting fees for ongoing normal business activities will continue to be paid by Mr. Dempsey Mork, Chief Financial Officer, Director, the majority Shareholder of Silver Bow.

The Board of Directors, acting as the Audit Committee considered whether, and determined that, the auditor's provision of non-audit services was compatible with maintaining the auditor's independence. All of the services described above for fiscal years through the period ending March 31, 2004, and were approved by the Company’s Board of Directors pursuant to its policies and procedures.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Company has duly caused this Report to be signed on its behalf by the undersigned duly authorized person.

Date: Aug 30, 2007

Silver Bow Antique Aviation

/s/ Darren J. Holm
----------------------------------
By: Darren J. Holm, President

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.

Signature
 
Capacity
Date
/s/ Darren J. Holm  
President/CEO Director
Aug 30, 2007
Darren J. Holm        
         
/s/ Dempsey K. Mork  
CFO/Director
 
Aug 30, 2007
Dempsey K. Mork  
   
   
   
/s/ Norbert LeBoeuf  
Secretary/Director
 
Aug 30, 2007
Norbert LeBoeuf