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: September 30, 1998
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from July 1, 1998 to September 30, 1998
Commission File Number: 0-18824
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 7483603
(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: Nine months ended September 30, 1998
The Registrant was engaged in a lawsuit brought by minority dissident
shareholders that were not in favor of the reverse merger with Western Oil
and Tire Company. The Court granted, then removed an injunction to block the
reverse merger and ultimately ruled to allow the reverse merger with Western
Tire and Oil Company with the stipulation that two members from the dissident
shareholder group be appointed to the Registrant's Board of Directors. A
compromise was agreed upon and four other Shareholders were appointed to the
Registrant's Board of Directors as well for a total of seven members. The
Registrant's Board of Directors members being: Jack Arnold, Raymond Hall,
Keith A. Anderson, Roger Spencer, Joe Seibert, William Hale, and Craig
Treiber.
The Registrant held a Board of Directors meeting August 12, 1998 to introduce
new members, review history and operations, elect officers for the upcoming
year, and plan strategy to revitalize the corporation. The Registrant's
Board of Directors agreed not to pursue the reverse merger and other
opportunities were presented.
For Nine months ending September 30, 1998, the Registrant had no significant
operational activities.
Results of Operations: Nine months ended September 30, 1998 and 1997
Results of operations for the nine months ended on September 30, 1998 are the
same for the nine months ended on September 30, 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
(UNAUDITED)
September 30, 1998
December 31, 1997
ASSETS
Current Assets
Cash
$ 508
$ 345,237
Accounts receivable
$ 3,326
$ 3,326
Note receivable
$ 451,157
$ 150,000
$ 454,991
$ 498,563
Property and Equipment
Property and equipment
$ 8,568
$ 6,512
Less: accumulated depreciation
$ (326)
$ (326)
$ 8,242
$ 6,186
TOTAL ASSETS
$ 463,233
$ 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
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 outstanding at March 31, 1119, and
December 31, 1997.
$ 573,812
$ 573,812
Additional paid in capital
$ 3,986,556
$ 3,983,206
Deficit accumulated during development state
$ (4,766,820)
$ (4,721,954)
$ (206,452)
$ (164,936)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY
$ 463,233
$ 504,749
STATEMENTS OF OPERATIONS
(UNAUDITED)
For the three months ended
September 30, 1998
Revenue
Production expenses
Personell
Audio/Visual
General and administrative
Office
$ 30
Selling
Professional fees
Investor relation
Depreciation and amortization
Income (loss) from operations
$ (30)
Interest expense
Income (loss) before income taxes
$ (30)
Provision for income taxes
Net income (loss)
$ (30)
Earnings (loss) per share
Weighted average common shares
5,738,117
CORPORATE VISION, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the three months ended
September 30. 1998
Cash provided by (used in) operating activities
Net income (loss)
$ (30)
Non-cash charges to earnings:
Depreciation and amortization
Consulting services
Write-off of acquisition of TVP
Debenture discounts and costs
Changes in operating assets and liabilities:
Change in accounts receivable
Change in note receivable
Net change in cash
$ (30)
Cash at beginning of period
$ 537
Cash at end of period
$ 508
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)
September 30, 1998 ____ ______________________________
Jack Arnold,Acting, CEO, Chairman of the Board
Keith Anderson, Current, CEO, President