U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File No. 0-28002
VIS VIVA CORPORATION
(Name of Small Business Issuer in its Charter)
NEVADA 87-0363656
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
124 South 600 East, Suite 100
Salt Lake City, Utah 84102
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(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 359-0833
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes X No
--- --- --- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date:
March 31, 1997
1,270,000
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Financial Statements of the Registrant required to be filed with
this 10-QSB Quarterly Report were prepared by management, and commence on the
following page, together with Related Notes. In the opinion of management,
the Financial Statements fairly present the financial condition of the
Registrant.
VIS VIVA CORPORATION
(A Development Stage Company)
BALANCE SHEET
(Unaudited) (Unaudited)
03-31-97 03-31-96 6-30-96
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ASSETS
Current assets
Cash and cash equivalents 105303 3256
Accrued interest receivable 18000 1200 11744
Investments in securities - at market 362371 652542 520019
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Total Current Assets 485674 653742 535019
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Prepaid Income Taxes 834 1850
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Total Assets 486508 655592 535019
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 650
Payable to broker 163984
Income tax payable 8450 11011
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Total Current Liabilities 173084 11011
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Stockholders' Equity
Common Stock - $0.01 par value;
15,000,000 shares authorized;
1,270,000 shares issued and outstanding 12700 12700 12700
Additional paid-in capital 148129 148129 148129
Unrealized gain on investment in
securities - net of taxes -32307 5559 36326
Earnings accumulated during the
development stage 357986 316120 326853
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Total Stockholders' Equity 486508 482508 524008
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Total Liabilities and Stockholders' Equity 486508 655592 535019
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The accompanying notes are an integral part of these financial statements
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENT OF INCOME
Nine Months Ended Three Months Ended
03-31-97 03-31-96 03-31-97 03-31-96
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Revenues
Interest income 67731 24771 22920 6253
Gains from sale of investments -10010 70838 -6567 68697
Dividend income 225 280 91 243
Miscellaneous income 75 75
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Total Revenues 57946 95964 16444 75268
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Expenses
Accounting & auditing 1375 2976 450
Automobile expenses
Entertainment 73 31
Directors fees
Legal fees 463 13211 260 12412
Legal costs
Interest expense 8041 1736 1771 977
Rent
Taxes and licenses 107 500 107 500
Travel expenses 2635
Miscellaneous 812 105 812 3
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Total Expenses 13506 18559 3400 13892
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Net Ordinary Income 44440 77405 13044 61376
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Federal income taxes - estimated 6666 10000 1957 10000
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Net Income 37774 67405 11087 51376
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The accompanying notes are an integral part of these financial statements
VIS VIVA CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Nine Months Ended
03-31-97 03-31-96
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Cash Flow from Operating Activities
Net Income (Loss) 37774 67405
Gains from sale of investments 10010 (70838)
Change in accrued interest (16800) 8665
Change in accounts payable (9100) 8051
Change in prepaid expenses (1016)
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Net cash provided by operating activities 20868 13283
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Cash Flows From Investing Activities
Purchase of securities (488008) (544174)
Proceeds from sale of securities 567557 356169
Increase in payable to broker (163984) 163984
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Net Cash Used in Investing Activities 84435 -24021
Cash Flows From Financing Activities 0 0
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Net Increase (decrease) in Cash 105303 (10738)
Cash and Cash Equivalents at Beginning 0 10738
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Cash and Cash Equivalents at end of Period 105303 0
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The accompanying notes are an integral part of these financial statements
VIS VIVA CORPORATION
Notes to Financial Statements
Note # 1 - Statement Preparation
The Company has prepared the accompanying financial statements with
interim financial reporting requirements promulgated by the
Securities and Exchange Commission. The information furnished
reflects all adjustments which are, in the opinion of management,
necessary for a fair presentation of financial position and results
of operation.
The financial statements should be read in conduction with the
financial statements and notes thereto included in the Company's
1996 10-K report.
Item 2. Management's Discussion and Analysis or Plan of Operation.
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Plan of Operation.
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The Company has not engaged in any material operations
since its inception or during the quarterly period ended March 31, 1997.
During this period, the Company received revenues totaling $16,444 from its
investments in the securities of other companies. During the same period,
total expenses were $3,400 and net income, after payment of $1,957 in
estimated federal income taxes totaled $11,087.
The Company's plan of operation for the next 12 months is
to continue to seek the acquisition of assets, properties or
businesses that may benefit the Company and its stockholders.
Management anticipates that to achieve any such acquisition, the
Company will issue shares of its common stock as the sole
consideration for such acquisition.
During the next 12 months, the Company's only foreseeable
cash requirements will relate to maintaining the Company in good
standing or the payment of expenses associated with reviewing or
investigating any potential business venture, which the Company
expects to pay from its cash resources. Management expects that
the Company's cash and cash equivalents of $105,303 at March 31,
1997, will be sufficient to meet its cash requirements during
this period.
Results of Operations.
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During the quarterly period ended March 31, 1997, the
Company had no business operations. During this period, the Company
received total revenues of $16,444 from its investments in the
securities of other companies and had net income after taxes of $11,087.
Liquidity.
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At March 31, 1997, the Company had total current assets of
$485,674, with total current liabilities of $0. Total stockholder's
equity was $486,508.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
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None; not applicable.
Item 2. Changes in Securities.
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None; not applicable.
Item 3. Defaults Upon Senior Securities.
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None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
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None; not applicable.
Item 5. Other Information.
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None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
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(a) Exhibits.
Financial Data Schedule.
(b) Reports on Form 8-K.
None.
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.
VIS VIVA CORPORATION
Date: 5/2/97 By /s/ John Michael Coombs
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John Michael Coombs
Director and President
Date: 5/5/97 By /s/ Terry S. Pantelakis
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Terry S. Pantelakis
Director and Vice President
Date: 5/5/97 By /s/ Sandra E. Hansen
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Sandra E. Hansen
Director and Secretary/Treasurer