-----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, DOQB+od/49lf0TSIlSxrYDoBS+nlaldotI98hxZRR/DlqN9DtDnFb9HDtogHWJrl IsCk3ct2l2lnzlQVDJgcOg== 0000948830-96-000013.txt : 19960209 0000948830-96-000013.hdr.sgml : 19960209 ACCESSION NUMBER: 0000948830-96-000013 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960208 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORD ABBOTT INC CENTRAL INDEX KEY: 0000832370 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 353574355 STATE OF INCORPORATION: CO FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 033-21508 FILM NUMBER: 96513027 BUSINESS ADDRESS: STREET 1: 13215 BRAUN RD CITY: GOLDEN STATE: CO ZIP: 80401 BUSINESS PHONE: 3032374417 FORMER COMPANY: FORMER CONFORMED NAME: LORD ABBOTT INC DATE OF NAME CHANGE: 19920703 10QSB 1 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 quarterly period ended: December 31, 1995 Commission File Number: 33-21508 LORD ABBOTT, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Colorado 35-3574355 - ------------------------------- ------------------ (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 13215 Braun Road, Golden, Colorado 80401 ---------------------------------------- (Address of principal executive offices) (303) 477-3455 ----------------------------- 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 __X__ No _____ As of January 8, 1996, 512,000,000 shares of common stock were outstanding. FORM 10-QSB INDEX Page Number Part I. Financial Information Item 1. Financial Statements Balance Sheet 3 Statement of Operations 4 Statement of Cash Flows 5 Notes to Financial Statements 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II. Other Information and Signatures 9 LORD ABBOTT, INC. (A Development Stage Company) BALANCE SHEETS [CAPTION] Period Ended Year Ended 12/31/95 3/31/95 (Unaudited) (Audited) ------------ ---------- [C] [S] [S] ASSETS Current Assets: Cash and Certificates of Deposit $ 5,864 $ 8,967 -------- -------- TOTAL ASSETS 5,864 8,967 -------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities 13,575 75 Stockholders' Equity Preferred Stock $.10 par value per share, 10,000,000 shares authorized and 0 shares issued 0 0 Common stock, no par value per share, 700,000,000 shares authorized and 512,000,000 and 512,000,000 outstanding 261,394 261,394 Deficit accumulated during development stage (269,105) (252,502) -------- -------- Total Stockholders' Equity (7,711) 8,892 -------- -------- TOTAL LIABILITIES AND EQUITY $ 5,864 $ 8,967 -------- -------- The accompanying notes are an integral part of this statement. LORD ABBOTT, INC. (A Development Stage Company) STATEMENTS OF OPERATIONS [CAPTION] Period from For The For The For The For The 8/15/86 Quarter Quarter 9 Months Year (Inception) Ended Ended Ended Ended to 12/31/95 12/31/94 12/31/95 3/31/95 3/31/95 (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) ----------- ----------- ----------- ---------- ----------- [S] [C] [C] [C] [C] [C] Revenues: Interest income $0 $0 $0 $0 $28,868 ------- ------- ------- ------- ------- Total Revenues 0 0 0 0 28,868 Expenses: Bad Debts 0 0 0 0 160,000 Gen & admin 5,294 140 16,603 1,407 121,370 ------- ------- ------- ------- -------- Total Expenses 5,294 140 16,603 1,407 281,370 ------- ------- ------- ------- -------- Net Income(Loss) ($5,294) ($140) ($16,603) ($1,407) ($252,502) ------- ------- ------- ------- -------- Net Loss per share $(-) $(-) $(-) $(-) $(-) The accompanying notes are an integral part of this statement LORD ABBOTT, INC. (A Development Stage Company) STATEMENTS OF CASH FLOWS [CAPTION] Period from For The For The For The For The 8/15/86 Quarter Quarter 9 Months Year (Inception) Ended Ended Ended Ended to 12/31/95 12/31/94 12/31/95 3/31/95 3/31/95 (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) ----------- ----------- ----------- --------- ----------- [S] [C] [C] [C] [C] [C] Cash Flows from Operating activities: Net loss ($5,294) ($140) ($16,602) ($ 1,407) ($252,502) Changes in assets & liabilities: Increase(decrease) in Accts. Payable 4,500 111 13,500 (550) 75 Capital Contribution in lieu of payment 50 ------ ---- ------- ------ -------- Cash provided by operating activities (794) (29) (3,102) (1,957) (252,377) Cash provided by investment activities: 0 0 0 0 0 ------ ---- ------- ------ -------- Net cash from investing activities 0 0 0 0 0 Cash flow from financing activities: Net proceeds from sale of stock 0 0 0 10,000 261,344 ------ ---- ------- ------- -------- Net cash provided by financing activities 0 0 0 10,000 261,344 ------ ---- ------- ------- -------- Net increase (decrease) in cash (794) (29) (3,102) 8,043 8,967 CASH, BEGINNING 6,658 124 8,966 924 0 ------ ------ ------- ------- -------- CASH, ENDING $5,864 $95 $5,864 $ 8,967 $ 8,967 The accompanying notes are an integral part of this statement LORD ABBOTT, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS Note A - Summary of Significant Accounting Policies ORGANIZATION Februum, Inc. (the "Company") was incorporated under the laws of the State of Colorado on August 15, 1986. On March 21, 1988, the Company amended its articles of incorporation to change its name to Lord Abbott, Inc. The Company is in the development stage as more fully defined in Statement No. 7 of the Financial Accounting Standards Board. Planned principal operations of the Company have just recently commenced, and activities to date have been largely limited to its formation and obtaining initial capitalization of $6,350 through the issuance of 22,000,000 shares of common stock, and the completion of its initial public offering (See Note E). The Company intends to actively seek, locate, evaluate, structure and complete mergers with or acquisitions of private companies, partnerships or sole proprietorship. INCOME TAXES The Company has recorded no income tax benefit because it has incurred losses since its inception. Net operating losses can be carried forward for fifteen years. NET LOSS PER SHARE The net loss per share of common stock is computed by dividing the net loss by the weighted average number of shares outstanding during the period. The common stock warrants (see Note D) which are common stock equivalents were excluded from the computation because their inclusion would have an anti-dilutive effect. DEFERRED OFFERING COSTS Costs incurred in connection with the public offering were charged against common stock proceeds. Note B - Incentive Stock Option Plan On August 15, 1986, the Company's Board of Directors authorized an Incentive Stock Option Plan and have reserved 10,000,000 shares of the Company's no par common stock for key employees. The Board of Directors is authorized to determine the exercise price, the time period, the number of shares subject to the option and the identity of those receiving the options. No stock options have been granted pursuant to the plan. Note C - Preferred Stock The preferred stock may be issued by the Board of Directors in one or more series. The Board shall determine the distinguishing features of each, including preferences, rights and restrictions, upon the establishment of each series. Note D - Public Offering of Common Stock The Company completed its offering of 30,000 units (maximum units to be sold) at a price of $10.00 per unit in a public offering which closed on August 11, 1988. Estimated net proceeds from the offering were $245,000. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company was formed on August 15, 1986 to evaluate, structure and complete a merger with, or acquisition of, other entities. The Company's activities to date have largely been limited to organizational matters, the completion of its initial public offering, and the October 12, 1988 signing of a Letter of Intent to acquire Good Hope Resources, Inc. The Company completed its public offering on August 11, 1988 from which it received net proceeds of approximately $245,000. With this funding the Company has begun its business activities but it will still remain an insignificant participant among the firms which engage in the acquisition of business opportunities. On October 12, 1988 the Company signed a Letter of Intent to acquire all the outstanding shares of Good Hope Resources, Inc. of West Palm Beach Florida. In conjunction with this transaction Lord Abbott Loaned $100,000 to Good Hope for a period of six months. No payments have been received on this note and it has been written off as worthless and the Letter of Intent has been terminated. The Company subsequently entered into a transaction with Platinum Productions, Inc. Platinum was a startup company currently arranging a series of live concert events to be presented on a pay-per-view basis through the cable television industry. The Company advanced $60,000 to Platinum as part of an anticipated merger dated November 24, 1992. Platinum has ceased operations and the Company has been forced to write off this investment. Management continues to actively seek out business opportunities for the Company and is optimistic that it will be successful in the near future. On March 31, 1995 the Company sold 460,000,000 common shares to Mark Moldenhauer, President of the Company, for the sum of $10,000. Mr. Moldenhauer has agreed to retire these shares for the repayment of $10,000 and if the Company completes a merger within a period of one year. PART II. OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults upon Senior Securities None Item 4. Submission of matters to a vote of Shareholders None Item 5. Other Information None Item 6. Exhibits and Reports on Forms 8-K None 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. LORD ABBOTT, INC. February 8, 1996 By /s/ Mark R. Moldenhauer Mark R. Moldenhauer Chief Financial Officer EX-27 2
5 This schedule contains summary financial information extracted from the balance sheets and statements of operations found on pages 2 and 3 of the Company's Form 10-QSB for the year to date, and is qualified in its entirety by reference to such financial statements. 9-MOS MAR-31-1995 DEC-31-1995 5864 0 0 0 0 5864 0 0 5864 13575 0 261394 0 0 (269,105) 5864 0 0 0 0 16603 0 0 0 0 0 0 0 0 (16603) 0 0
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