-----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, T1ynNXYeY+hx7iVQV0oAhwv+K2N24vXGhmF1REdKWpUHJw+Q71az06jh1EEYNubx iGT+uad/+pm88BwnkZOxbw== /in/edgar/work/0000839219-00-000024/0000839219-00-000024.txt : 20001027 0000839219-00-000024.hdr.sgml : 20001027 ACCESSION NUMBER: 0000839219-00-000024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 20001026 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: 746133 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 8 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, 1999 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 19N 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, 1999 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, 1999 December 31, 1998 ------------- ----------------- (Unaudited) (Unaudited) ASSETS Cash $ 207,114 $ 208,477 ---------- ---------- Total Assets $ 207,114 $ 208,477 =========== =========== 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 4,000 4,000 ----------- ----------- Total Liabilities $ 352,452 $ 352,452 ----------- ----------- 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 (1,596,160) (1,594,797) ----------- ---------- Total Stockholders' Deficit $ (145,338) $ (143,975) ----------- ----------- Total Liabilities and Stockholders' Deficit $ 207,114 $ 208,477 =========== =========== The accompanying notes are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 1999 1998 ---------- ----------- Revenues: Interest Income $ 4,068 $ 4,696 ------------ ----------- 4,068 4,696 ------------ ----------- Costs and Expenses: General and Administrative 5,431 5,117 ------------ ----------- 5,431 5,117 ------------ ----------- Net Loss $ (1,363) $ (421) ============ =========== Net Loss Per share $ (.001) $ (.001) ============ =========== The accompanying notes are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) FOR THE THREE MONTHS ENDED JUNE 30, 1999 1998 ---------- ----------- Revenues: Interest Income $ 2,132 $ 2,432 ---------- ----------- 2,132 2,432 ---------- ----------- Costs and Expenses: General and Administrative 2,295 2,951 ---------- ----------- 2,295 2,951 ---------- ----------- Net Loss $ (163) $ (519) =========== =========== Net Loss Per share $ (.001) $ (.001) =========== =========== 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, 1999 1998 ----------- ----------- Cash Flows from Operating Activities: Net Income (Loss) $ (1,363) $ (421) ----------- ----------- Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: Change in Operating Assets and Liabilities: (Decrease) in Audit Payable 0 0 ----------- ----------- Total Adjustments 0 0 ----------- ----------- Net Cash Used in Operating Activities (1,363) (421) ----------- ----------- Net Decrease in Cash (1,363) (421) Cash at Beginning of Period 208,477 207,423 ----------- ----------- Cash at End of Period $ 207,114 $ 207,423 =========== =========== The accompanying notes are an integral part of these consolidated financial statements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 1999 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, 1998. 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 1998 financial statements have been reclassified for comparative purposes to conform with the financial statement presentation used in the 1999 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 $2,885,000 in tax loss carry forwards available as of December 31, 1998. 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, 1999, of $(145,338). 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, 1999 Results of Operations For the Six Months Ended June 30, 1999 and 1998: Interest income decreased from $4,696 for the six months ended June 30, 1998, to $4,068 for the six months ended June 30, 1999. General and administrative expenses increased from $5,117 for the six months ended June 30, 1998, to $5,431 for the six months ended June 30, 1999. As a result of the above, the Company had net losses of $421 in 1998 and $1,363 in 1999. For the Three Months Ended June 30, 1999 and 1998: Interest income decreased from $2,432 for the three months ended June 30, 1998, to $2,132 for the three months ended June 30, 1999. General and administrative expenses decreased from $2,951 for the three months ended June 30, 1998, to $2,295 for the three months ended June 30, 1999. As a result of the above, the Company had net losses of $519 in 1998 and $163 in 1999. 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, 1999, of $(145,338). 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: August 1, 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, 1999. 6-MOS DEC-31-1999 JUN-30-1999 207,114 0 0 0 0 0 0 0 207,114 0 0 0 0 0 (145,338) 207,114 0 4,068 0 0 5,431 0 0 (1,363) 0 (1,363) 0 0 0 (1,363) 0 0 REGISTRANT HAS AN UNCLASSIFIED BALANCE SHEET.
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