-----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, IogIMbxPMWttxvEw+oEBDccaqLNo9yfv8qOZLOOuIrRlyYBr51gVTi1V4w50FKJT 8s35wf/SMr+AQK98JpEx8Q== 0000804152-03-000001.txt : 20030128 0000804152-03-000001.hdr.sgml : 20030128 20030128160629 ACCESSION NUMBER: 0000804152-03-000001 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021231 FILED AS OF DATE: 20030128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: E PRIME AEROSPACE CORP CENTRAL INDEX KEY: 0000804152 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 592802081 STATE OF INCORPORATION: CO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 033-09472-D FILM NUMBER: 03528027 BUSINESS ADDRESS: STREET 1: 320 INDIAN RIVER AVE CITY: TITUSVILLE STATE: FL ZIP: 32796 BUSINESS PHONE: 3212690900 MAIL ADDRESS: STREET 1: 320 INDIAN RIVER AVE CITY: TITUSVILLE STATE: FL ZIP: 32796 FORMER COMPANY: FORMER CONFORMED NAME: BANGOR INVESTMENTS INC DATE OF NAME CHANGE: 19871119 10QSB 1 r10qsb-1202.txt 12/31/02 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10QSB QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended: December 31, 2002 Commission File No.: 33-9472-D E'PRIME AEROSPACE CORPORATION (Exact name of registrant as specified in its charter) Colorado 59-2802081 (State of Incorporation) IRS Employer Identification No. 320 Indian River Avenue, Titusville, FL 32796 (Address of principal executive offices) 407-269-0900 (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 for the past 90 days. Yes_X_No__ As of December 31, 2002, the registrant has outstanding 822,611,986 shares of common stock and 12,471,800 "B" Stock Purchase Warrants. 2 E'PRIME AEROSPACE CORPORATION AND SUBSIDIARIES (A Development Stage Company) INDEX Page Part I - Financial Information Item 1. Financial Statements Consolidated Balance Sheet - December 31, 2002 3 Consolidated Statement of Operations - For The Three Months Ended December 31, 2002 4 Consolidated Statement of Cash Flows - For The Three Months Ended December 31, 2002 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 Part II Item 6. Exhibits and Reports on Form 8-K No exhibits are filed as a part of this Form 10QSB. No report on Form 8-K was filed during the quarter ended December 31, 2002. 3 E'PRIME AEROSPACE CORPORATION AND SUBSIDIARIES (A Development Stage Company) Consolidated Balance Sheet December 31, 2002 Assets Current assets: Cash and cash equivalents $ 142 Prepaid expenses 2,400 ----------- Total current assets 2,542 ----------- Property and equipment, at cost, net of accumulated depreciation 236,299 ----------- Total assets $ 238,841 =========== Liabilities and Stockholders' Deficit Current liabilities: Notes payable $ 342,425 Due to related parties 3,965,930 Accounts payable 393,211 Accrued salaries, wage and payroll taxes 2,104,444 Accrued consultant fees 123,866 Accrued interest payable 483,374 ------------ Total liabilities 7,413,250 ------------ Stockholders' deficit: Common stock, no par value, 900,000,000 shares authorized, issued and outstanding 822,611,986 11,939,713 Additional paid-in capital 212,000 Deficit accumulated during the development period (19,326,122) ------------ Total stockholders' deficit (7,174,409) ------------ Total liabilities and stockholders' deficit $ 238,841 ============ 4 E'PRIME AEROSPACE CORPORATION AND SUBSIDIARIES (A Development Stage Company) Consolidated Statements of Operations Three months ended December 31, 2002 -------------- Revenue: Service revenue $ - ------------ Total revenue - ------------ Expenses: General and administrative 178,795 ------------ Total expenses 178,795 ------------ Net loss $ (178,795) =========== Basic EPS: Net loss per common share $ (0.0002) =========== 5 E'PRIME AEROSPACE CORPORATION AND SUBSIDIARIES (A Development Stage Company) Consolidated Statements of Cash Flows Three months ended December 31, 2002 -------------- Cash flows from operating activities: Net loss $ (178,795) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation 531 Shares issued for services rendered and settlement of debt 1,434,918 Cash provided by (used for) changes in: Due to related parties 152,456 Accounts payable (114) Accrued salaries, wages and payroll taxes 3,367 Accrued interest payable (768,061) Notes Payable (644,302) ------------- Net cash provided by (used in) operating activities - Cash flows from investing activities: - Cash flows from financing activities: - ------------- Net increase (decrease) in cash - Cash at beginning of period 142 ------------- Cash at end of period $ 142 ============= 6 Notes to Consolidated Financial Statements The Notes to Consolidated Financial Statements are essentially the same as those stated in the Company's 10KSB for the year ended September 30, 2002. ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources Over the past several years, the Company has expended substantial funds in the development of its business. Sources of capital during this time have included stock sales, advances from shareholders and short term funding. As of December 31, 2002, the Company has a working capital deficit of $7,410,708. In order to complete its development and reach full operational capability and, in order to satisfy existing liabilities, the Company will need to obtain substantial additional capital. Management is currently engaged in negotiations to secure the necessary funds to complete implementation of its launch technology, repay existing liabilities and fund facility construction. Results of Operations Since its inception, the Company has been in the development stage. Accordingly, the Company has not generated any revenues from operations and has not projected significant revenues until its development stage is completed and financing can be obtained for its operations. Through the year ended September 30, 2002, the Company has incurred an accumulated deficit of $19,147,328. 7 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, E'Prime Aerospace Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized: E' PRIME AEROSPACE CORPORATION s/B. G. Davis By: B. G. Davis, President Date: January 28, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed by the following persons on behalf of the Company and in the capacities and on the dates indicated: s/B. G. Davis B. G. Davis, Director Date: January 28, 2003 s/Betty S. Davis Betty S. Davis, Director Date: January 28, 2003 -----END PRIVACY-ENHANCED MESSAGE-----