-----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, OZQn7h80+XxOtxAQmk8J5/KCb4LAJo1TYbX+TjRp9PVypaVLMd3neE9uEEijAlr7 0nQXa2SfhyJn+UEbg8fC9Q== 0001028596-99-000040.txt : 19990426 0001028596-99-000040.hdr.sgml : 19990426 ACCESSION NUMBER: 0001028596-99-000040 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19990423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APPALACHIAN OIL & GAS CO INC CENTRAL INDEX KEY: 0000732814 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870382031 STATE OF INCORPORATION: UT FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-11732 FILM NUMBER: 99599646 BUSINESS ADDRESS: STREET 1: 511 SECOND AVENUE NORTH CITY: NASHVILLE STATE: TN ZIP: 37201 BUSINESS PHONE: 6153554789 MAIL ADDRESS: STREET 1: 511 SECOND AVENUE NORTH CITY: NASHVILLE STATE: TN ZIP: 37201 10QSB 1 FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 2054 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1997 ------------------ OR ( ) 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 0-11732 -------- APPALACHIAN OIL & GAS COMPANY, INC (Exact name of registrant as specified in its charter) ------------------------------------------------------- UTAH 87-0382031 ------ -------------- (State or other jurisdiction of (IRS Employer Incorporation or organization) identification No.) 511 Second Avenue North, Nashville, TN 37201 - --------------------------------------- --------- (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code (615) 254-4789 -------------- Former name, former address and former fiscal year, if changed since last report. 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 such shorter period that the registrant was required to file such report(s), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------ ------- The total number of shares outstanding as of December 31, 1997 was 3,135,795. ----------------- - ---------- APPALACHIAN OIL & GAS COMPANY, INC. Form 10-Q Six Months Ended December 31, 1997
INDEX ----- Page ------ PART I Financial Information ITEM 1 Financial Statements Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . 2 Statements of Operations . . . . . . . . . . . . . . . . . . . 4 Statements of Cash Flows . . . . . . . . . . . . . . . . . . . 5 Note to Financial Statements . . . . . . . . . . . . . . . . . 6 Management's Discussion and Analysis of the Statement of Income. . . . . . . . . . . . . . . . . . . . 7 PART II Other Information ITEM 1 Legal Proceedings. . . . . . . . . . . . . . . . . . . . . 8 ITEM 2 Changes in Securities. . . . . . . . . . . . . . . . . . . 8 ITEM 3 Defaults upon Senior Securities. . . . . . . . . . . . . . 8 ITEM 4 Submission of Matters to a Vote of Security Holders. . . . 8 ITEM 5 Other Information. . . . . . . . . . . . . . . . . . . . . 8 ITEM 6 Exhibits and Reports on Form 8-K . . . . . . . . . . . . . 8 SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Appalachian Oil & Gas Company, Inc. Balance Sheets December 31, 1997 & June 30, 1997
December June 31, 1997 30, 1997 ------------ ------------ Current Assets - -------------- Cash & Cash Equivalents $ 14,616 $ 36,954 Accounts Receivable - Trade 9,145 17,855 ------------ ------------ Total Current Assets 23,761 54,809 Property & Equipment - -------------------- Oil & Gas Properties 140,184 140,184 Other Property & Equipment 326,574 326,574 ------------ ------------ Total Property & Equipment 466,758 466,758 Less Accumulated Depreciation, Depletion & Amortization 339,175 330,692 ------------ ------------ Total 127,583 136,066 ------------ ------------ Total Assets $ 151,344 $ 190,875 ============ ============
See Accompanying Notes Appalachian Oil & Gas Company, Inc. Balance Sheets -Continued- December 31, 1997 & June 30, 1997
December June 31, 1997 30, 1997 ------------ ------------ Current Liabilities - ------------------- Accounts Payable - Trade $ -0- $ 338 ------------ ------------ Total Current Liabilities -0- 338 Commitments & Contingencies - --------------------------- Stockholders' Equity Common Stock, Par Value $0.01 Per Share, 100,000,000 Shares Authorized, 3,135,795 Shares Issued & Outstanding 31,358 31,358 Additional Paid In Capital 1,814,342 1,814,342 Retained Deficit ( 1,694,356) ( 1,655,163) ------------ ------------ Total Stockholders' Equity 151,344 190,537 ------------ ------------ Total Liabilities & Stockholders' Equity $ 151,344 $ 190,875 ============ ===========
See Accompanying Notes Appalachian Oil & Gas Company, Inc., Consolidated Statement of Operations (Unaudited) For the Six Month Periods Ended December 31, 1997 & 1996 and the Three Month Periods Ended December 31, 1997 & 1996
Six Month Periods Ended Three Month Periods Ended December December December December 31, 1997 31, 1996 31, 1997 31, 1996 ------------ ------------ ------------ ------------ Revenues - -------- Oil & Gas Sales $ 16,930 $ 19,438 $ 3,305 $ 8,809 Other 514 2,255 192 1,157 ------------ ------------ ------------ ------------ Total Revenues 17,444 21,693 3,497 9,966 ------------ ------------ ------------ ------------ Costs & Expenses - ---------------- Other Operating Expenses 18,321 8,184 10,876 5,176 Depreciation, Depletion & Amortization 8,483 8,482 4,241 4,241 General & Administrative 29,832 48,284 15,799 28,941 ------------ ------------ ------------ ------------ Total Costs & Expenses 56,636 64,950 30,916 38,358 ------------ ------------ ------------ ------------ Net Income (Loss) ($ 39,192) ($ 43,257) ($ 27,419) ($ 28,392) ============ ============ ============ ============ Earnings (Loss) Per Share $ .00 $ .00 $ .00 $ .00
See Accompanying Notes Appalachian Oil & Gas Company, Inc., and Subsidiary Consolidated Statement of Cash Flows (Unaudited) For the Six Month Periods Ended December 31, 1997 & 1996
Six-Month Periods Ended December 31, 1997 1996 ------------ ------------ Cash Flows from Operating Activities - ------------------------------------ Net Income (Loss) ($ 39,192) ($ 43,257) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation, Depletion & Amortization 8,483 8,482 Rounding ( 1) 0 Changes in Operating Assets & Liabilities: (Increase) Decrease in Accounts Receivable 8,710 22,575 Increase (Decrease) in Accounts Payable ( 338) ( 12,345) Increase (Decrease) in Accrued Expenses -0- ( 1,500) ------------ ------------ Net Cash Provided by Operating Activities ( 22,338) ( 26,045) ------------ ------------ Cash Flows from Investing Activities -0- -0- - ------------------------------------ ------------ ------------ Net Cash Used in Operating Activities -0- -0- Cash Flows from Financing Activities -0- -0- - ------------------------------------ ------------ ------------ Net Cash Used in Financing Activities -0- -0- Increase (Decrease) in Cash & Cash Equivalents ( 22,338) ( 26,045) Cash & Cash Equivalents, Beginning of Period 36,954 104,123 ------------ ------------ Cash & Cash Equivalents, End of Period $ 14,616 $ 78,078 ============ ============
See Accompanying Notes Appalachian Oil & Gas Company, Inc. Notes to Financial Statements NOTE #1 - Statement Preparation - ------------------------------- The Company has prepared the accompanying financial statements with interim financial reporting requirements promulgated by the Securities & Exchange Commission. The information furnished reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of financial position and results of operations. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's June 30, 1997 10-K report. MANAGEMENT'S DISCUSSION AND ANALYSIS Liquidity and Capital Resources - ------------------------------- On February 1, 1996, the Company sold 60.00% of all its rights, title and interest to its oil leases and related equipment to K. Petroleum, Inc., an Ohio Corporation. It is the Company's intention to sell the remaining 40.00% of these assets as well. The Company no longer operates or directs the operations of the oil and gas wells and is dependent upon K-Petroleum, Inc., for its 40% of revenues (royalties) from the well production. The Company hopes to sell the remaining 40% and seeks to find a new business activity. The Company believes it has sufficient cash for the next years operations. Results of Operations - --------------------- The Company now has limited cash flows from its 40% interest in the oil and gas wells. It seeks to obtain from K-Petroleum, Inc., production report to explain the dramatic decrease in gross revenues. To date K-Petroleum, Inc., has resisted releasing these reports. The Company continues to use, as frugally as possible, its cash reserves to meet the current expenses. PART II - OTHER INFORMATION --------------------------- Item 1 Legal Proceedings. . . . . . . . . . . . . . . . . . . . .None Item 2 Changes in the Rights of the Company's Security Holders . . . . . . . . . . . . . .None Item 3 Defaults by the Company on its Senior Securities . . . . .None Item 4 Results of Votes of Security Holders . . . . . . . . . . .None Item 5 Other Information. . . . . . . . . . . . . . . . . . . . .None Item 6 Exhibits and Reports on Form 8-K . . . . . . . . . . . . .None SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. /S/ April 21, 1999 /S/ Raymond A. Connelly Date: ------------------- By: ----------------------- Raymond A. Connelly /TEXT> EX-27 2
5 0000732814 APPALACHIAN OIL AND GAS COMPANY, INC. 3-MOS JUN-30-1997 DEC-31-1997 14,616 0 9,145 0 0 23,761 466,758 339,175 151,344 0 0 0 0 31,358 119,986 151,344 16,930 17,444 18,321 0 38,315 0 0 (39,192) 0 (39,192) 0 0 0 (39,192) .00 0
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