FORM 10-QSB - Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[ X ] Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
For the period ended November 30, 1995
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or
[ ] Transition Report Pursuance to Section 13 or 15(d) of the Securities
Exchange act of 1934.
For the transition period from to
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Commission File Number 33-23693
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VANDEN CAPITAL GROUP, INC.
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(Exact name of registrant as specified in its charter)
Colorado 84-1090424
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
1775 Sherman Street, Suite 1001, Denver, CO 80203
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(Address of principal executive offices) (Zip Code)
(303) 689-9111
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(Registrant's telephone number, including area code)
NONE
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(Former name, former address and former fiscal year, if changed
since last report.)
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 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:
Indicated by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 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.
[ ] Yes [ ] No
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of November 30, 1995, Registrant had 90,015,200 shares of common stock,
$.0001 Par Value, outstanding.
INDEX
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Page
Number
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Part I. Financial Information
Item I. Financial Statements
Consolidated Balance Sheets as of November 30,
1995 (Unaudited) and May 31, 1995 2
Consolidated Statements of Operations,
Three months Ended November 30, 1995
(Unaudited) and November 30, 1994 (Unaudited) 3
Consolidated Statements of Operations,
Six Months Ended November 30, 1995
(Unaudited) and November 30, 1994 (Unaudited) 4
Consolidated Statements of Changes in Stock-
holders' Equity from May 31, 1995
through November 30, 1995 (Unaudited) 5
Consolidated Statements of Cash Flows,
Three Months Ended November 30, 1995
(Unaudited) and November 30, 1994 (Unaudited) 6
Consolidated Statements of Cash Flows,
Six Months Ended November 30, 1995
(Unaudited) and November 30, 1994 (Unaudited) 7
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 9
Part II. Other Information 10
1
VANDEN CAPITAL GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
------
November 30 May 31
1995 1995
----------- ---------
Current Assets:
Cash $424,785 $425,354
Prepaid rent 500 -
Accrued interest receivable 2,028 8,775
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Total Current Assets 427,313 434,129
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TOTAL ASSETS $427,313 $434,129
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Liabilities $ 2,374 $ 1,204
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Total Current Liabilities 2,374 1,204
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Stockholders' Equity (Notes 2 and 3):
Preferred Stock, $.0001 per value,
100,000,000 shares authorized,
none issued and outstanding - -
Common Stock $.0001 par value
300,000,000 shares authorized
90,015,200 shares issued and
outstanding 9,002 9,002
Additional Paid-in Capital 687,469 687,469
Accumulated deficit (271,532) (263,546)
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TOTAL STOCKHOLDERS' EQUITY 424,939 432,925
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 427,313 $ 434,129
========= =========
The accompanying notes are an integral part of the financial statements.
2
VANDEN CAPITAL GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
November 30 November 30
1995 1994
------------ ------------
(unaudited) (unaudited)
Revenue:
Interest income $ 4,099 $3,513
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Total Revenue 4,099 3,513
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Expenses:
Legal and accounting 8,952 1,326
Rent 1,500 1,500
Other 1,400 1,286
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11,852 4,112
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Net (Loss) $(7,753) $ (599)
======= ======
Per Share $ nil $ nil
======= ======
The accompanying notes are an integral part of the financial statements.
3
VANDEN CAPITAL GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended
November 30 November 30
1995 1994
------------ ------------
(unaudited) (unaudited)
Revenue:
Interest income $ 8,196 $ 6,636
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Total Revenue 8,196 6,636
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Expenses:
Legal and accounting 11,661 6,205
Rent 3,000 3,000
Other 1,521 1,341
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16,182 10,546
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Net (Loss) $(7,986) $(3,910)
======= =======
Per Share $ nil $ nil
======= =======
The accompanying notes are an integral part of the financial statements.
4
VANDEN CAPITAL GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
From May 31, 1995 through November 30, 1995 (Unaudited)
Common Stock Additional Retained
--------------------- Paid-in Earnings
Shares Amount Capital (Deficit) Total
------------ ------- ---------- ----------- ----------
Balance, May 31, 1995 90,015,200 $9,002 $687,469 $(263,546) $432,925
Net loss for the six month period ended
November 30, 1995 - - - (7,986) (7,986)
------------ ------- ---------- --------- --------
Balance, November 30, 1995 90,015,200 $9,002 $687,469 $(271,532) $424,939
============ ======= ========== ========= ========
The accompanying notes are an integral part of the financial statements.
5
VANDEN CAPITAL GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
November 30 November 30
1995 1994
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(unaudited) (unaudited)
Cash Flows Operating Activities:
Net (loss) $ (7,753) $ (599)
(Increase) in accrued interest
receivable (1,106) (731)
(Increase) decrease in prepaid rent (500) 500
(Decrease) in accounts payable (282) (4,804)
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Net Cash (Used In) Operating
Activity (9,641) (5,634)
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Cash Flows from Investing Activities - -
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Cash Flows from Financing Activities - -
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(Decrease) in Cash (9,641) (5,634)
Cash, Beginning of Period 434,426 430,071
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Cash, End of Period $424,785 $424,437
======== ========
Interest Paid $ - $ -
======== ========
Income Taxes Paid $ - $ -
======== ========
The accompanying notes are an integral part of the financial statements.
6
VANDEN CAPITAL GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
November 30 November 30
1995 1994
------------ ------------
(unaudited) (unaudited)
Cash Flows Operating Activities:
Net (loss) $ (7,986) $ (3,910)
(Increase) decrease in accrued interest
receivable 6,747 (1,463)
(Increase) in prepaid rent (500) -
Increase in accounts payable 1,170 -
-------- -----------
Net Cash (Used In) Operating
Activity (569) (5,373)
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Cash Flows from Investing Activities - -
-------- -----------
Cash Flows from Financing Activities - -
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(Decrease) in Cash (569) (5,373)
Cash, Beginning of Period 425,354 429,810
-------- -----------
Cash, End of Period $424,785 $424,437
======== ===========
Interest Paid $ - $ -
======== ===========
Income Taxes Paid $ - $ -
======== ===========
The accompanying notes are an integral part of the financial statements.
7
VANDEN CAPITAL GROUP, INC. AND CONSOLIDATED SUBSIDIARIES
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
November 30, 1995 (Unaudited)
(1) Organization
------------
Vanden Capital Group, Inc. (Capital), was incorporated in Colorado on
June 21, 1988. Capital is in the business of providing management
consulting services.
All intercompany accounts and balances have been eliminated from the
consolidated financial statements.
(2) Unaudited Statements
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The Consolidated balance sheet as of November 30, 1995, the statements
of operations and cash flows for the three and six month period ended
November 30, 1994 and 1995, and the statement of stockholders' equity
for the three month period ended November 30, 1995 have been prepared
by the Registrant without audit. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary
to present fairly the financial position, results of operations, cash
flows and changes in stockholders' equity at November 30, 1995 and for
all periods presented, have been made.
(3) Contingent Liability
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On December 21, 1989 the Company signed a pledge agreement guaranteeing
a $90,000 loan from a bank to Buyer's Resource, Inc. The Company
pledged a $100,000 certificate of deposit as security for this loan.
In June of 1992, Buyer's paid down the principal balance of the loan to
$60,000 and the Company obtained a release of $35,000 of the collateral
it had pledged to secure the loan, resulting in the collateral
currently pledged by the Company as security for the loan to be
$65,000. A contingency exists with respect to this loan guarantee and
collateral agreement. The amount of loss, if any, related to this
matter cannot presently be determined.
8
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
(1) Material Changes in Financial Condition
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Management knows of no trends, demands, commitment, events or
circumstances which will result in or which are reasonably likely to
result in the Registrant's liquidity increasing or decreasing in a
material way.
The Registrant has no material commitments for capital expenditures as
of the end of the latest fiscal period. Management knows of no
material trends, favorable or unfavorable, in the Registrant's capital
resources and anticipates no material change in the mix and cost of
such resources.
(2) Material Changes in Results of Operations
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The Company has earned revenues of $4,099 and $8,196 during the three
and six month period ended November 30, 1995, as compared to $3,513 and
$6,636 for the three and six month period ended November 30, 1994,
increases of $586 and $1,560 respectively. Operating expenses
increased from $4,112 and $10,546 during the three and six month period
ended November 30, 1994 to $11,852 and $16,182 during the three and six
month period ended November 30, 1995, increases of $7,740 and $5,636
respectively.
9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
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None.
Item 2. Changes in Securities
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None.
Item 3. Defaults upon Senior Securities
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None.
Item 4. Submission of Matters to a Vote of Security Holders
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None.
Item 5. Other Information
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None.
Item 6. Exhibits and Reports on Form 8-K
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None.
10
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.
VANDEN CAPITAL GROUP, INC.
Date January 12, 1996 By /s/ A. THOMAS TENENBAUM
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