-----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, W1aGQTOcuHMmftevtRVbCE8mGrfaM/QrIhtNRs32Zr1oTmF6mc8fLFI9Uu0ZdDJY XEXRBl/dKjxRhjQ17N+P0A== /in/edgar/work/20000726/0000839219-00-000006/0000839219-00-000006.txt : 20000921 0000839219-00-000006.hdr.sgml : 20000921 ACCESSION NUMBER: 0000839219-00-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 20000726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNSTYLE CORP CENTRAL INDEX KEY: 0000839219 STANDARD INDUSTRIAL CLASSIFICATION: [6552 ] IRS NUMBER: 592905386 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-17165 FILM NUMBER: 679107 BUSINESS ADDRESS: STREET 1: 880 CARILLON PKWY CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 8135733800 MAIL ADDRESS: STREET 1: 880 CARILLON PKWY CITY: ST PETERSBURG STATE: FL ZIP: 33716 10-Q 1 0001.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended June 30, 1997 Commission File Number 0-17165 SUNSTYLE CORPORATION (Exact name of registrant as specified in its charter) Florida 59-2905386 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 36460 US 19 N., Palm Harbor, Florida 34684 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code (727) 789-8899 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 reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Title of Each Class Number of Shares June 30, 1997 Common Stock, $.10 par value 1,096,014 Name of Each Exchange on Which Registered: None PART I - Financial Information Item 1. Financial Statements SUNSTYLE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, December 31, 1997 1996 ---------- ---------- (Unaudited) (Unaudited) ASSETS Cash $ 204,733 $ 205,019 ---------- ---------- Total Assets $ 204,733 $ 205,019 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Notes Payable to Former Parent $ 255,000 $ 255,000 Interest Payable to Former Parent 93,452 93,452 Accounts Payable and Accrued Expenses 16,500 17,500 ---------- ---------- Total Liabilities $ 364,952 $ 365,952 ---------- ---------- Commitments and Contingencies Stockholders' Deficit: Common Stock; $.10 Par Value; Authorized 10,000,000 Shares; Issued and Outstanding 1,096,014 Shares $ 109,601 $ 109,601 Additional Paid-in Capital 1,341,221 1,341,221 Accumulated Deficit (1,611,041) (1,611,755) ----------- ----------- Total Stockholders' Deficit $ (160,219) $ (160,933) ----------- ----------- Total Liabilities and Stockholders' Deficit $ 204,733 $ 205,019 =========== =========== The accompanying notes are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 1997 1996 ---------- ----------- Revenues: Interest Income $ 4,650 $ 4,517 ------------ ----------- 4,650 4,517 ------------ ----------- Costs and Expenses: Audit Expense 0 4,900 General and Administrative 3,936 2,661 Interest 0 11,353 ------------ ----------- 3,936 18,914 ------------ ----------- Net Income (Loss) $ 714 $ (14,397) =========== =========== Net Income (Loss) Per share $ .001 $ (.01) =========== =========== The accompanying notes are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) FOR THE THREE MONTHS ENDED JUNE 30, 1997 1996 ---------- ----------- Revenues: Interest Income $ 2,320 $ 2,251 ---------- ----------- 2,320 2,251 ---------- ----------- Costs and Expenses: Audit Expense 0 4,900 General and Administrative 1,874 931 Interest 0 5,881 ---------- ----------- 1,874 11,712 ---------- ----------- Net Income (Loss) $ 446 $ (9,461) =========== =========== Net Income (Loss) Per share $ .001 $ (.01) =========== =========== The accompanying notes are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 1997 1996 ----------- ----------- Cash Flows from Operating Activities: Net Income (Loss) $ 714 $ (14,397) ----------- ----------- Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By Operating Activities: Change in Operating Assets and Liabilities: Notes Receivable 0 47 Interest Payable to Former Parent 0 11,353 (Decrease) in Audit Payable (1,000) 0 ----------- ----------- Total Adjustments (1,000) 11,400 ----------- ----------- Net Cash Used in Operating Activities (286) (2,997) ----------- ----------- Net Decrease in Cash (286) (2,997) Cash at Beginning of Period 205,019 198,600 ----------- ----------- Cash at End of Period $ 204,733 $ 195,603 =========== =========== The accompanying notes are an integral part of these consolidated financial statements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 1997 NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES: Basis of Preparation The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 1996. In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to summarize fairly the Company's financial position and results of operations. The results of operations for the period may not be indicative of results to be expected for the year. Reclassification Certain items in the 1996 financial statements have been reclassified for comparative purposes to conform with the financial statement presentation used in the 1997 statements. Federal and State Income Taxes Substantial losses have been sustained by the Company which raises considerable doubt as to its ability to continue operations. As a result of the above, it is unlikely that the Company will be able to benefit from the approximately $2,902,000 in tax loss carry forwards available as of December 31, 1996. Therefore, no provision has been made in these statements for any deferred tax benefit. NOTE 2 - CONTINGENCIES AND OTHER EVENTS: The Company is negotiating the settlement of its outstanding debt to its former Parent. Although it is possible that a settlement could result in the transfer of essentially all remaining assets to its former Parent, the effect of a final settlement cannot be determined at this time. In addition to the uncertainty discussed above, the Company has sustained substantial net losses and has a deficit net worth at June 30, 1997, of $160,219. These issues raise considerable doubt as to the Company's ability to continue operations. Management has not adopted a plan of liquidation. The consolidated financial statements do not include any adjustments that may result from any of the above events. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS June 30, 1997 Results of Operations For the Six Months Ended June 30, 1997 and 1996: Interest income increased from $4,517 for the six months ended June 30, 1996, to $4,650 for the six months ended June 30, 1997. Interest expense decreased from $11,353 for the six months ended June 30, 1996, to $ 0 for the six months ended June 30, 1997. General and administrative expenses increased from $2,661 for the six months ended June 30, 1996, to $3,936 for the six months ended June 30, 1997. Audit expense decreased from $4,900 for the six months ended June 30, 1996, to $ 0 for the six months ended June 30, 1997. As a result of the above, the Company had a net loss of $14,397 in 1996 compared to a net income of $714 in 1997. For the Three Months Ended June 30, 1997 and 1996: Interest income increased from $2,251 for the three months ended June 30, 1996, to $2,320 for the three months ended June 30, 1997. Interest expense decreased from $5,881 for the three months ended June 30, 1996 to $ 0 for the three months ended June 30,1997. General and administrative expenses increased from $931 for the three months ended June 30, 1996, to $1,874 for the three months ended June 30, 1997. Audit expense decreased from $4,900 for the three months ended June 30, 1996, to $ 0 for the three months ended June 30, 1997. As a result of the above, the Company had a net loss of $9,461 in 1996 compared to a net income of $446 in 1997. Liquidity and Capital Resources Due to continuing losses in a depressed market, the Company ceased construction activities and terminated all employees during May of 1991. All remaining real estate assets were sold. The Company's liabilities are primarily to its former Parent in the form of an unsecured note ($255,000), interest on the note and other payables. The Company is currently negotiating the settlement of its outstanding debt to its former Parent. In addition to the uncertainty discussed above, the Company has sustained substantial net losses and has a deficit net worth at June 30, 1997, of $160,219. These issues raise considerable doubt as to the Company's ability to continue operations. Management has not adopted a plan of liquidation. The consolidated financial statements do not include any adjustments that may result from any of the above events. 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. SUNSTYLE CORPORATION (Registrant) Date: July 26, 2000 By:/s/Ralph W. Quartetti Ralph W. Quartetti, President Chief Executive Officer and Chief Financial Officer EX-27 2 0002.txt
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997. 6-MOS DEC-31-1997 JUN-30-1997 204,733 0 0 0 0 0 0 0 204,733 0 0 0 0 0 (160,219) 204,733 0 4,650 0 0 3,936 0 0 714 0 714 0 0 0 714 0 0 REGISTRANT HAS AN UNCLASSIFIED BALANCE SHEET.
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