SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 31, 1995
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 33-3272-W
LOTUS PACIFIC, INC.
(Exact name of registrant as specified in its charter)
________Delaware____ ______52-1947160______
(State of Incorporation) (I.R.S. Employer Identification Number)
235 Route 22 East, Greenbrook, New Jersey 08812
(Address of principal executive offices)
(908) 752-5899
(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 13or 15(d) of the Securities
Exchange Act of 1934 during the proceeding 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.
(1) Yes __X__ No _____
(2) Yes __X__ No _____
As of December 31, 1995, the Registrant had outstanding 26,937,054
shares of Common Stock, par value $.001 per share and 4,300 shares
of Series A Preferred Stock.
Lotus Pacific, Inc.
Table of Contents
Part I Financial Information
Item 1:
Condensed Balance Sheet..............................................4
Condensed Income Statement...........................................5
Condensed Statement of Cash Flow.....................................6
Item 2:
Management's Discussion and Analysis of Financial
Condition and Results of Operations..................................7
Part II Other Information
Item 1: Legal Proceedings...........................................8
Item 2: Change in the Rights of the Registrant's Holders .... ......8
Item 3: Defaults by Registrants on its Senior Securities ...........8
Item 4: Submission of Matters to a Vote of Securities Holder........8
Item 5: Other Information...........................................8
Part I
Financial Information
Item 1. Financial Statements
The accompanying unaided financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for completing financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation.
Lotus Pacific, Inc.
Condensed Balance Sheets
December 31, 1995
(Unaided)
Assets
Current Assets
Cash 224,085
Accounts receivable 62,049
Other receivable 164,920
Inventories 413,288
Prepaid expenses 19,242
Total Current Assets 883,584
Fixed Assets (Net) 323,951
Construction in Process 6,568
Other Assets
Organization costs 21,351
Total Assets 1,235,454
Liabilities and Stockholders Equity
Current Liabilities
Short-term loan 542,169
Notes payable 54,718
Accounts payable 109,983
Taxes payable (21,890)
Advances from Customers 3,874
Other payable 122,287
Total Current Liabilities 811,141
Minority Interest 64,838
Stockholders' Equity
Preferred Stock, $0.001 par value, 4
100,000 shares issued, 4,300 issued & outstanding
Common Stock, $0.001 par value, 26,937
50,000,000 shares authorized, 26,937,054 issued &
outstanding
Additional Paid-in Capital 358,823
Retained Earnings (Deficit) (26,287)
Translation Adjustment 0
Total Stockholders' Equity 359,477
Total Liabilities & Stockholders' Equity 1,235,454
Lotus Pacific, Inc.
Condensed income Statement
for the Three Month Ending December, 1995
(Unaudited)
Sales 136,478
Cost of Goods Sold 112,065
Gross Profit 24,414
Operating Expenses (17,994)
Income from Operations 6,420
Other income (Expenses), Net
Miscellaneous Income (Expense)
Interest Expense, Net (7,295)
Net Income (875)
Minority Interest Income 608
Consolidated Net Income (267)
Gain/Loss Per Share 0
Lotus Pacific, Inc.
Statement of Cash Flow for
The Three months Ending December, 1995
Net Income (267)
Additions:
Decrease in accounts payable (5405)
Increase in other payable 16721
Increase in accumulated depreciation 7198
Increase in customer advance 0
Subtractions:
Decrease in accounts receivable 579
Decrease in prepaid expenses 3338
Increase in inventory (4324)
Increase in other receivable (38263)
Increase in tax receivable (881)
Decrease in other assets 4310
Net Cash Flow From Operations (16994)
Cash Flow Investment Activities:
Increase in Minority Interest 3422
Issue Common Stock 0
Acquisition of Equipment 0
Net Cash Flow From Financing Activities 3422
Cash Flow from Financing Activities:
Increase in notes payable 0
Increase in loan payable 0
Net Cash Flow From Financing Activities 0
Net Increase in Cash and Cash Equivalents (13572)
Cash & Cash Equivalents at Beginning of the Period 237645
Cash & Cash Equivalents at the Ending of the Period 224085
- ------------------------------------------------
Notes: (a) The corporation has 70% equity interest in Shanghai
Union Auto-Bicycle Co., Ltd.
Item 2 Management's Discussion and Analysis of
Financial Condition and results of Operations
1. Results of Operarions
Lotus Pacific, Inc. has conducted no operational business in
the U.S. during the three months ended December 31, 1995.
The result of operation of its subsidiary, Shanghai Union
Auto-Bicycle Co. Ltd., is reflected in the enclosed quarterly
financial statements.
2. Liabilities and Capital Resources
The Company has made contacts with several offshore companies
exploring business opportunites.
Part II
Other Information
Item 1. Legal Proceedings
None.
Item 2. Changes in the Rights of the Registrant's Holders
None.
Item 3. Defaults by the Registrants on its Senior Securities
None.
Item 4. Submission of Matters to A Vote of Securities Holders
None.
Item 5. Other Information
None.
Signatures
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the registrant had duly caused this
registration statement to be signed on its behalf by the
undersigned, thereto duly authorized.
Date: February 12, 1996
Lotus Pacific, Inc.
/S/
Tom Gong
Vice President & Treasurer