-----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, D/83yUNfjkIMyzSkX1Gn0PLi5vS//zOE40eldXjSnn690/eXvlNpAJGQBeeGt0f/ BY2bXxb0RExmk/JuGRh0Bg== 0000914233-96-000167.txt : 19961206 0000914233-96-000167.hdr.sgml : 19961206 ACCESSION NUMBER: 0000914233-96-000167 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961205 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN FINANCIAL HOLDING INC /DE CENTRAL INDEX KEY: 0000357097 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 870458888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-12666 FILM NUMBER: 96675948 BUSINESS ADDRESS: STREET 1: 225 SOUTH 200 WEST # 302 STREET 2: PO BOX 683 CITY: FARMINGTON STATE: UT ZIP: 84025-0683 BUSINESS PHONE: 8014519580 MAIL ADDRESS: STREET 1: 225 SOUTH 200 WEST # 302 STREET 2: PO BOX 683 CITY: FARMINGTON STATE: UT ZIP: 84025-0683 10QSB 1 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 QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 COMMISSION FILE NUMBER 0-12666 AMERICAN FINANCIAL HOLDING, INC. (Exact name of registrant as specified in charter) DELAWARE 87-0458888 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 225 SOUTH 200 WEST, SUITE 302, FARMINGTON, UTAH 84025 (Address of principal executive offices) (801) 451-9580 (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 [ ] No [X] APPLICABLE ONLY TO CORPORATE ISSUERS: The Company had 4,279,000 shares of common stock, par value $.01 per share, issued and outstanding as of November 15, 1996. ITEM 1. FINANCIAL STATEMENTS SPECIAL NOTE THIS REPORT ON FORM 10-QSB FOR THE INTERIM PERIOD ENDED SEPTEMBER 30, 1995, OF AMERICAN FINANCIAL HOLDING, INC. (THE "COMPANY"), IS BEING FILED IN DECEMBER 1996, SUBSTANTIALLY AFTER ITS DUE DATE. THIS REPORT SHOULD BE READ IN CONJUNCTION WITH OTHER PERIODIC REPORTS REPORTING EVENTS OCCURRING AFTER DECEMBER 31, 1995. SUCH OTHER PERIODIC REPORTS AND THE INFORMATION SET FORTH THEREIN SHOULD BE READ IN CONJUNCTION WITH THE COMPANY'S ANNUAL REPORT ON FORM 10-KSB, WHICH CONTAINS INFORMATION AS OF DECEMBER 31, 1995, AND THIS QUARTERLY REPORT ON FORM 10-QSB UNLESS OTHERWISE INDICATED. The consolidated condensed financial statements included herein have been prepared by the Company 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. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the periods presented have been made. These consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's annual report on Form 10-KSB for the year ended December 31, 1995. AMERICAN FINANCIAL HOLDING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) ASSETS SEPTEMBER 30, DECEMBER 31, 1996 1995 CURRENT ASSETS Cash $677,857 $988,904 Marketable securities 57,517 88,100 Commissions receivable 91,055 170,014 Interest receivable 5,112 1,414 Other receivable 21,000 - Real estate contract receivable 161,151 - --------- --------- TOTAL CURRENT ASSETS 1,013,692 1,248,432 --------- --------- PROPERTY AND EQUIPMENT Automobiles 128,142 97,852 Equipment 48,875 48,238 Furniture and fixtures 22,133 22,133 199,150 168,223 Less: accumulated depreciation (88,549) (65,622) --------- -------- NET PROPERTY AND EQUIPMENT 110,601 102,601 --------- -------- OTHER ASSETS Investment in real estate - 102,955 Net deferred tax asset 195,560 195,560 Deposits 31,856 26,804 TOTAL OTHER ASSETS 227,416 325,319 --------- --------- TOTAL ASSETS $1,351,709 $1,676,352 ========= ========= See the accompanying notes to condensed consolidated financial statements. AMERICAN FINANCIAL HOLDING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (UNAUDITED) LIABILITIES AND STOCKHOLDERS' DEFICIT SEPTEMBER 30, DECEMBER 31, 1996 1995 CURRENT LIABILITIES Accounts payable $412,587 $317,277 Commissions payable 69,447 170,014 Short-term borrowings 20,471 53,478 Accrued liabilities 308,822 281,528 Income taxes payable 268,241 256,241 Preferred dividends payable 22,471 24,064 Current portion of long-term debt 21,449 57,738 Obligation to redeem preferred stock of subsidiary 224,000 - --------- --------- TOTAL CURRENT LIABILITIES 1,347,488 1,160,340 --------- --------- LONG-TERM DEBT, net of current portion 587,198 522,403 --------- --------- MINORITY INTEREST (preferred stock in consolidated subsidiary) 231,986 437,938 --------- --------- STOCKHOLDERS' DEFICIT Common stock - $.01 par value, 20,000,000 shares authorized, 4,279,449 and 4,232,399 shares issued and outstanding at September 30, 1996 and December 31, 1995, respectively 42,794 42,324 Additional paid-in capital 7,431,370 7,378,424 Stockholders' notes receivable, net of reserve of $1,171,609 and $869,255 at 1996 and December 31, 1995, respectively (383,966) (383,966) Unrealized loss on marketable securities (27,291) (53,412) Accumulated deficit (7,877,870) (7,427,699) --------- --------- TOTAL STOCKHOLDERS' DEFICIT (814,963) (444,329) --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,351,709 $1,676,352 See the accompanying notes to condensed consolidated financial statements. AMERICAN FINANCIAL HOLDING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Certifying Accountants 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. AMERICAN FINANCIAL HOLDING, INC. (Registrant) Dated: December 3, 1996 By /s/ Kenton L. Stanger, President (Chief Financial and Accounting Officer) EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AS OF SEPTEMBER 30, 1996, AND STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 677,857 57,517 278,318 0 0 1,013,692 199,150 88,549 1,351,709 1,347,488 587,198 42,794 0 0 (857,757) 1,351,422 3,242,422 3,242,422 2,694,404 2,694,404 1,074,039 3,083 44,667 (401,127) 12,022 (449,605) 0 0 0 (449,605) (0.11) (0.11)
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