U.S. SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-QSB
(MARK ONE)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO _______
Commission File Number 033-20848-D
CONDOR CAPITAL INC.
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Colorado 84-1075696
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(State or other jurisdiction of (I.R.S. Employer I.D. Number)
Incorporation or organization)
8891 E. Easter Place, Englewood, Colorado 80112
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number: 303-741-0749
Securities to be registered under Section 12 (b) of the Exchange Act: None
Title of each class: None
Name of each exchange on which registered: None
Securities to be registered under Section 12 (g) of the Exchange Act: None
Check whether the issuer (1) filed all reports to be filed by Section
13 or 15(d) of the Exchange Act during the past 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. Yes [ ] No [ X ]
State the number of shares outstanding of each of the Issuer's classes
of common equity as of the latest practicable date. 11,820,010 shares of common
stock were outstanding as of March 31, 1998.
Part One. FINANCIAL INFORMATION
Item 1. Financial Statements
CONDOR CAPITAL INC.
(A Development stage Company)
BALANCE SHEETS
Assets
March 31, September 30,
1998 1997
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(Unaudited) (Audited)
Current Assets, Cash $ 3,990 $ 11,731
--------- ---------
Total assets $ 3,990 $ 11,731
========= =========
Liabilities and Stockholders' Equity
Current liabilities, Accounts payable $ 3,186 $ 4,941
Stockholders' equity: (Deficit)
Preferred stock: no par value, 10,000,000
shares authorized
Series A convertible preferred stock:
Liquidation preference $ .01 per share,
140,000 shares authorized, none issued 0 0
authorized, none issued
Series B convertible preferred stock:
Liquidation preference $ .01 per share,
140,000 shares authorized, none issued 0 0
Common stock, $.00 par value, 800,000,000 shares
authorized 11,820,010 shares issued and outstanding 314,916 314,916
(Deficit) accumulated prior to the development stage (172,222) (172,222)
--------- ---------
(Deficit) accumulated during the development stage (141,890) (135,904)
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Total stockholders' equity 804 6,790
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Total liabilities and stockholders' equity $ 3,990 $ 11,731
========= =========
CONDOR CAPITAL INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
------------------------------ ------------------------------
Cumulative
During
Development
Stage 1998 1997 1998 1997
------------ ------------ ------------ ------------ ------------
Operations:
General and Administrative
expenses $ 150,051 $ 3,186 $ 4,752 $ 5,986 $ 6,638
------------ ------------ ------------ ------------ ------------
(Loss) from operations (150,051) (3,186) (4,752) (5,986) (6,638)
Other Income, Interest Income: 471 0 0 0 0
(Loss) before
extraordinary item (149,580) (3,186) (4,752) (5,986) (6,638)
Extraordinary item, forgiveness
of debt 7,690 0 0 0 0
Net income (loss) (141,890) (3,186) (4,752) $ (5,986) $ (6.638)
============ ============ ============ ============ ============
Net income (loss) per common
share $ (.063) (.0003) (.0008) $ (.0005) $ (.002)
============ ============ ============ ============ ============
Weighted average number of common
shares outstanding 2,245,894 11,820,010 6,009,281 11,820,010 3,759,660
============ ============ ============ ============ ============
CONDOR CAPITAL INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
------------------------ -------------------------
Cumulative
During
Development
Stage 1998 1997 1998 1997
--------- --------- --------- --------- ---------
Cash flows from operating activities:
Net income (loss) $ (141,890) $ (3,186) $ (4,752) $ (5,986) $ (6,638)
Adjustments to reconcile net (loss)
to cash used by operating
activities:
Loss on disposal of assets 20,169 0 0 0 0
Issuance of stock for services 6,100 0 0 0 0
Management services
Contributed 23,900 0 0 0 0
Changes in assets and liabilities:
Decrease in prepaid expenses 3,634 0 0 0 0
Increase (Decrease) in accounts
payable 2,047 386 4,752 (1,755) 1,886
--------- --------- --------- --------- ---------
Net cash (used) by operating
activities (86,040) (2,800) 0 (7,741) 0
--------- --------- --------- --------- ---------
Cash flows from financing activities:
Proceeds from issuance of
common stock 33,435 0 0 0 0
Contributions to capital 14,000 0 0 0 0
--------- --------- --------- --------- ---------
Net cash provided by
financing activities 47,435 0 0 0 0
--------- --------- --------- --------- ---------
Net (decrease) increase in cash (38,605) (2,800) 0 (7,741) 0
Cash beginning of period 42,595 6,790 11,731 0
--------- --------- --------- --------- ---------
Cash end of period $ 3,990 $ 3,990 $ 0 $ 3,990 $ 0
========= ========= ========= ========= =========
CONDOR CAPITAL INC.
(A Development Stage Company)
Notes to Financial Statements
(Unaudited)
March 31, 1998
Note 1 - Basis of Presentation
Management represents that the unaudited financial statements furnished herein
reflect all normal and recurring adjustments that are, in the opinion of
management, necessary for a fair representation of the results for the interim
periods. These statements should be read in conjunction with the financial
statements and notes thereto included in Form 10-KSB for the fiscal year ended
September 30, 1997, which is available without cost from Condor Capital Inc.
upon request.
Year 2000 Issue
The Company is aware of the issues associated with the programming code in
existing computer systems as the millennium (Year 2000) approaches. Since the
Company does not currently own any computers or software, it does not foresee a
problem at this time. Any future purchases of computers or software will address
the (Year 2000) issue.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
As in the fiscal year ended September 30, 1998, Condor Capital continues to
concentrate primarily on the identification and evaluation of prospective merger
or acquisition "target" entities. The Company does not intend to act as a
general or limited partner in connection with partnerships it may merge with or
acquire. Management has not identified any particular area of interest within
which the Company will continue its efforts. The Company's officers and
directors will devote only such time as is necessary to seek out a suitable
opportunity.
With this in mind, the only expenses that the Company continues to incur are
those expenses related to stock transfer, legal counsel as needed, and
accounting costs. The Company's continuation as a going concern is dependent
upon its ability to obtain additional financing as may be required and it
continues to do so to that end.
At the present time, management is not actively pursuing any specific entity for
merger or acquisition.
Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized
CONDOR CAPITAL INC.
(Registrant)
/s/ Robert D. Hirsekorn
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By: Robert D. Hirsekorn
August 14, 1998 President