-----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, NlOuOcnFsazlal4ED+80MnP1V2XOEHGBixqAtEvwynHGiN2AyS1RE4T+GMltUqt0 XHYrX7a3rKcg28mWKVXFUA== 0000912057-97-011844.txt : 19970404 0000912057-97-011844.hdr.sgml : 19970404 ACCESSION NUMBER: 0000912057-97-011844 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19970403 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: XANTHIC ENTERPRISES INC CENTRAL INDEX KEY: 0000824430 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 943030021 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-17966-LA FILM NUMBER: 97574088 BUSINESS ADDRESS: STREET 1: 8833 SUNSET BLVD STREET 2: SUITE 200 CITY: W HOLLYWOOD STATE: CA ZIP: 90069 BUSINESS PHONE: 3102894947 MAIL ADDRESS: STREET 1: 8833 SUNSET BLVD STREET 2: SUITE 200 CITY: W HOLLYWOOD STATE: CA ZIP: 90069 10-Q 1 FORM 10 Q U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q 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 NO. 33-17966-LA XANTHIC ENTERPRISES, INC. A Colorado Corporation EIN: 94-3030021 8833 Sunset Blvd., Suite 200 West Hollywood, CA 90069 Telephone: 310-289-4947 Securities registered under Section 12(g) of the Exchange Act: Common Shares and Series A and Series B Common Stock Purchase Warrants The registrant has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months or such shorter period for which such reports were required. The Company's Form 10-K for the fiscal year ended December 31, 1995 was filed late. The number of common shares issued and outstanding as of June 30, 1996 was 5,481,826. This report form is not filed as a transitional format. PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. The Company's unaudited financial statements for the third quarter of 1996 are at the end of this report. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATION. (1) LIQUIDITY. The Company has no cash assets and no liquidity. (2) CAPITAL RESOURCES. The Company has no capital resources. (3) RESULTS OF OPERATIONS. The Company has not operated during the past fiscal year and there are no results of operations. 1 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS On November 2, 1991 the State of Oregon issued a cease and desist order ordering the Company to cease and desist issuing unregistered securities in the State of Oregon. The proceeding was based on the distribution of shares and warrants to Oregon shareholders (registered by way of an S-18 registration statement) pursuant to the agreement for such distribution between the Company and Automated Services, Inc. On April 2, 1992 the State of Oregon issued a final order to cease and desist violating any provision of Oregon Securities Law. Xanthic was denied the use of any statutory exemption provided in ORS 59.022 and ORS 59.035. Xanthic, Mark Lilly and Glenn DeCicco were assessed civil penalties of $ 750.00 each for violating ORS 59.055 and ORS 59.132(2). Directors Mark Lilly and Glenn DeCicco were ordered to cease and desist violating any provision of ORS Chapter 59. Neither the Company nor the Directors appealed. The Company has been advised that the effect of the Oregon ruling was to invalidate the issuance and distribution of the registered shares and warrants to residents of Oregon until such time as said securities are registered pursuant to the provisions of the Oregon Securities Law. The number of shares affected by the ruling is estimated to be 188,000 shares owned by approximately 650 residents of Oregon. The 188,000 shares represent approximately 3.4% of the issued and outstanding shares of the Company. ITEM 2. CHANGES IN SECURITIES There have been no changes in the rights, preferences or privileges of any security of the Company during the third quarter of 1996 other than as the action of the State of Oregon may affect said matters. 2 ITEM 3. DEFAULTS UPON SENIOR SECURITIES There has been no default on any security during the third quarter of 1996. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matters have been submitted to a vote of security holders during the third quarter of 1996. ITEM 5. OTHER INFORMATION N/A ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K During the third quarter of 1996 the Company filed no reports on Form 8-K. FINANCIAL STATEMENTS. The Company's unaudited financial statements for the period ending September 30, 1996 follow this page. 3 XANTHIC ENTERPRISES, INC. (A DEVELOPMENT STAGE COMPANY) BALANCE SHEETS September 30, December 31, --------------------- 1995 1996 1995 ------------ ---------- -------- (Audited) (Unaudited) ASSETS CURRENT ASSETS: Cash $ - $ - $ - ---------- --------- --------- $ - $ - $ - ---------- --------- --------- ---------- --------- --------- LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 13,154 $ 13,683 $ 12,803 STOCKHOLDERS' EQUITY Common stock - $.0001 par, 50,000,000 shares authorized, 5,481,826 issued and outstanding 548 548 548 Paid in capital 11,651 11,651 11,651 Retained deficit (25,353) (25,882) (25,002) ---------- -------- -------- TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (13,154) (13,683) (12,803) ---------- -------- -------- $ - $ - $ - ---------- -------- -------- ---------- -------- -------- XANTHIC ENTERPRISES, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF OPERATIONS
For the Three Months For the Nine Months For the ending September 30, ending September 30, October 27, 1986 year ending ---------------------- ---------------------- (date of inception) to December 31, 1995 1996 1995 1996 1995 September 30, 1996 ----------------- --------- ---------- --------- ---------- --------------------- (Audited) (Unaudited) (Unaudited) (Unaudited) REVENUES $ - $ - $ $ - $ - $ - ---------- ---------- ---------- ---------- ---------- ---------- OPERATING EXPENSES: General and administrative 1,197 173 299 520 898 18,481 ---------- ---------- ---------- ---------- ---------- ---------- Loss from operations (1,197) (173) (299) (520) (898) (18,481) OTHER INCOME (EXPENSES) Interest expense (207) (3) (51) (9) (155) (6,636) Aborted offering costs - - - - - (17,066) Debt relief - - - - - 17,051 Penalty - - - - - (750) ---------- ---------- ---------- ---------- ---------- ---------- TOTAL OTHER INCOME (EXPENSE) (207) (3) (51) (9) (155) (7,401) ---------- ---------- ---------- ---------- ---------- ---------- NET LOSS $ (1,404) $ (176) $ (350) $ (529) $ (1,053) $ (25,882) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET LOSS PER COMMON SHARE $ (.0003) $ 0 $ (.0001) $ (.0001) $ (.0002) $ (.005) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 5,481,826 5,481,826 5,481,826 5,481,826 5,481,826 5,481,826 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
5 XANTHIC ENTERPRISES, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
Accumulated Common Stock deficit during ---------------------- Paid in development Shares Amount Capital stage Total -------- ------ ------- -------------- --------- BALANCE, DECEMBER 31, 1994 5,481,826 $ 548 $ 11,651 $ (23,949) $ (11,750) ---------- ---------- ---------- ---------- ---------- Net loss for year - - - (1,404) (1,404) ---------- ---------- ---------- ---------- ---------- BALANCE, DECEMBER 31, 1995 5,481,826 $ 548 $ 11,651 $ (25,353) $ (13,154) ---------- ---------- ---------- ---------- ---------- Net loss for period - - - (529) (529) ---------- ---------- ---------- ---------- ---------- BALANCE, SEPTEMBER 30, 1996 5,481,826 $ 548 $ 11,651 $ (25,882) $ (13,683) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
6 XANTHIC ENTERPRISES, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF CASH FLOWS
For the year For the nine months ending December 31, ending September 30, October 27, 1986 ------------------- -------------------- (Date of inception) to 1995 1996 1995 September 30, 1996 ------ ------ -------- ---------------------- (Audited) (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (1,404) $ (529) $ (1,053) $(25,882) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Common stock issued for services - - - 31 Changes in operating assets and liabilities: Accounts payable 1,404 529 1,053 13,683 -------- ------ -------- -------- NET CASH USED IN OPERATING ACTIVITIES - - - (12,168) -------- ------ -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Sale of common stock - - - 12,168 -------- ------ -------- -------- NET CASH PROVIDED BY FINANCING ACTIVITIES - - - 12,168 -------- ------ -------- -------- NET INCREASE (DECREASE) IN CASH - - - - CASH, BEGINNING OF PERIOD - - - - -------- ------ -------- -------- CASH, END OF PERIOD $ - $ - $ - - -------- ------ -------- -------- -------- ------ -------- --------
7 SIGNATURE In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, this registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. XANTHIC ENTERPRISES, INC. Dated: 4/2/97 ---------------------------- By: /s/ Mark A. Lilly ------------------------------------------------------------------ Mark A. Lilly, President, Director and Chief Financial Officer 8 EX-27 2 EX 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CORPORATION'S FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-1996 SEP-30-1996 0 0 0 0 0 0 0 0 0 0 0 0 0 5,481,826 0 (13,683) 0 0 0 (520) 0 0 (9) 0 0 0 0 0 0 0 0 0
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