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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly report ended: March 31, 1998
or
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from January 1, 1998 to March 31, 1998
Commission File Number: 01-18824
CORPORATE VISION, INC.
(Exact name of registrant in its charter)
Oklahoma
(State or other jurisdiction of incorporation or organization)
73-1380820
(I.R.S. Employer Identification No.)
6130 S. Memorial, Tulsa, OK 74133
(Address of principal executive offices)
918 748-3603
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report) Indicated 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.
[ X ] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12. 13 or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
[ X ] Yes [ ] No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
PART I
Item 1. Financial Statements
See Attached
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations Liquidity Since June 1997, the Registrant's cash
requirements have been minimal with services donated or performed in
return for shares of the company's common stock. The Registrant had no
liquidity.
Capital Resources
The Registrant had capital commitments in the form of accrued debts, but no
capital resources.
Results of Operations: Three months ended March 31, 1998
In 1997, the Registrant entered into an agreement with Western Oil and Tire
Company, Kirkland, Washington to explore the feasibility of a reverse
merger to again become operational and restore value to Corporate Vision
shareholders as the goal.
A majority shareholder proxy vote was received in favor of proceeding with
activities necessary to complete the reverse merger. Subsequent discussions,
negotiations, and a meeting in Las Vegas, Nevada with representatives from
Corporate Vision and Western Oil and Tire Company was held February 2, 1998
to accomplish the shareholders directives.
The Registrant was successful in securing Regulation-S funding for $500,000
designated for the completion of the reverse merger and Western Oil and Tire
Company's future projects.
For the three months ending March 31, 1998, the Registrant had no significant
operational activities.
Results of Operations: Three months ended March 31, 1998 and 1997
Results of operations for the three months ended on March 31, 1998 are the
same for the three months ended on March 31, 1997 because the Registrant was
inactive during the three months ended December 31, 1997.
Item 3. Default Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 5. Other Information
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
Not Applicable
CORPORATE VISION, INC.
BALANCE SHEET
(Unaduited)
ASSETS
March 31, 1998 December 31, 1997
Current Assets
Cash
$ 326,585
$ 345,237
Accounts receivable
$ 3,326
$ 3,326
Note receivable
$ 150,000
$ 150,000
$ 479,911
$ 498,563
Property and Equipment
Property and equipment
$ 8,568
$ 6,512
Less: accumulated depreciation
$ (326)
$ (326)
$ 8,242
$ 6,186
TOTAL ASSETS
$ 488,153
$ 504,749
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
$ 37,162
$ 80,162
Accrued liabilities
$ 92,523
$ 49,523
$ 129,685
$ 129,685
Long Term Liabilities
Debentures payable
$ 540,000
$ 540,000
Deferred income taxes
$ 540,000
$ 540,000
Stockholders' Equity
Preferred stock, $0.01 par value
1,000,000 shares authorized , no shares issued or
Outstanding at March 31, 1998 or March 31, 1997.
Common stock, $0.01 par value
20,000,000 shares authorized, 5,738,117 shares
issued and aotstaning at March 31, 1119, and
December 31, 1997.
$ 573,812
$ 573,812
Additional paid in capital
$ 3,986,056
$ 3,983,206
Deficit accumulated during development state
$ (4,741,400)
$ (4,721,954)
$ (181,532)
$ (164,936)
TOTAL LIABILITIES AND STACKHOLDER'S EQUITY
$ 488,153
$ 504,749
PAGE>
CORPORATE VISION, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
For the three months ended
March 31, 1998
March 31, 1997
Revenue
$ 1,120
$ 10,656
Production expenses
$
$ 71,056
Personell
$
$ 16,014
$
$ 87,070
General and administrative
Office
$ 2,391
$ 18,015
Selling
$
$ 20,121
Professional fees
$ 2,038
$ 15,432
Investor relation
$
$ 69,312
Depreciation and amortization
$
$ 43,018
$ 4,429
$ 165,898
Income (loss) from operations
$ (3,309)
$ (242,312)
Interest expense
$
$ 57
Income (loss) before income taxes
$ (3,366)
$ (242,312)
Provision for income taxes
$
$
Net income (loss)
$ (3,366)
$ (242,312)
Earnings (loss) per share
$
$ (0.02)
Weighted average common shares
5,738,117
12,955,459
CORPORATE VISION, INC.
STATEMENTS OF CASH FLOWS
(UNUDITED)
For the three months ended
March 31. 1998
March 31,1997
Cash provided by (used in) operating activities
Net income (loss)
$ (3,366)
$ (242,313)
Non-cash charges to earnings:
Depreciation and amortization
$
$ 43,018
Consulting services
$
$ 52,080
Changes in operating assets and liabilities:
Change in accounts receivable
$
$ 5,029
Change in accounts payable
$
$ 13,991
Change in other curretn liabilities
$
$ 4,289
$
$ (123,906)
Cash provided by (used in ) investing activities
Purchase of equipment
$
$ (1,798)
Cash provided by (used in ) financing activities
Payment of loans from non-affiliate stockholders
$
$ (15,367)
Payment of long-term debt
$
$ (9,841)
Proceeds from issuance of convertible debentures
$ 540,600
$ 515,392
Net change in cash
$ (3,366)
$ 389,688
Cash at beginning of period
$ 329,951
$ 52,550
Cash at end of period
$ 326,585
$ 442,238
SIGNATURES
Pursuant to the requirement 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.
CORPORATE VISION, INC.
(Registrant)
March 31, 1998 ____ ______________________________
Jack Arnold,Former, CEO, Chairman of the Board
Keith Anderson ,Current, CEO, President