U.S. 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 QUARTERLY PERIOD ENDED: September 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 33-25779
BUD FINANCIAL GROUP, INC.
(Exact name of small business issuer as specified in its charter)
Nevada 84-1100609
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
311 South State Street, Suite 440, Salt lake City, Utah 84111
(Address of principal executive offices)
(801) 531-0066
(Issuer's telephone number, including area code)
Check whether the issuer (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 issuer was required to file such report(s), and (2) has
been subject to such filing requirements for the past 90 days.
YES [X] NO [ ]
The number of $.001 par value common shares outstanding at
October 28, 1999, 2,000,000.
Transitiional Small Business Disclosure Format (check one):
YES [ ] NO [X]
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Attached hereto are financial statements required by 310(b)
of Regulation S-B.
ITEM 2: MANAGEMENT'S DISCUSSION & ANALYSIS OR PLAN OF OPERATIONS
The Company was formed for the purpose of investing in any
and all types of assets, properties, and business. The Company
completed a public stock offering in 1991. The offering was
registered on Form S-18 with the Securities and Exchange
Commission. The Company's only business activity, to date, has
been its formation, the registration of securities and the
preliminary investigation of potential investments and
acquisitions.
Liquidity and Capital Resources
At September 30, 1999, the Company's assets consist
primarily of cash from the issuance of common stock. The Company
has no other resources. The Company has incurred losses since
inception and has expended all of its working capital.
Management is proposing to raise additional funds through loans
and/or through sales of its common stock or through a proposed
acquisition of another company by issuing common stock. There is
no assurance the Company will be successful in raising this
additional capital. At present, the Company is engaged in the
search for potential investments or acquisitions of private
companies. Management believes that any acquisition will be made
by issuing shares of the Company's unissued common stock. The
Company's liquidity, capital resources and financial statements
will be significantly different subsequent to the consummation of
any acquisition.
Results of Operations
The Company's only operation to date has been the
preliminary investigation of potential acquisitions.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Issuer has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
BUD FINANCIAL GROUP, INC.
Date: October 28, 1999 By: /s/Thomas G. Kimble
Thomas G. Kimble, President
BUD FINANCIAL GROUP, INC.
(Formerly The Bud Financial Group, Inc.)
(A Development Stage Company)
BALANCE SHEETS
ASSETS
September 30, December 31,
1999 1998
(Unaudited)
CURRENT ASSETS:
Cash in bank $7,283 $6,168
_________ ________
Total Current Assets 7,283 6,168
_________ ________
TOTAL ASSETS $7,283 $6,168
========= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $0 $0
_________ ________
Total Current Liabilities 0 0
_________ ________
STOCKHOLDERS' EQUITY:
Preferred stock; $.001 par value, 1,000,000
shares authorized, no shares issued and 0 0
outstanding
Common stock; $.001 par value, 50,000,000
shares authorized, 2,000,000 and 2,000,000
shares issued and outstanding respectively 2,000 2,000
Capital in excess of par value 77,860 68,360
Earnings (deficit) accumulated during the (72,577) (64,192)
development stage _________ ________
Total Stockholders' Equity 7,283 6,168
_________ ________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,283 $6,168
========= ========
See Notes to Financial Statements.
BUD FINANCIAL GROUP, INC.
(Formerly The Bud Financial Group, Inc.)
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three For the Nine Cumulative
Months Ended Months Ended During the
September 30, September 30, Development
1999 1998 1999 1998 Stage
REVENUE
Interest income $42 $43 $123 $130 $5,198
Gain on sale of Marketable 0 0 0 0 21,068
Securities
Other income 0 0 0 0 6,876
________________________________________
Total revenues 42 43 123 130 33,142
________________________________________
EXPENSES
Amortization 0 0 0 0 500
Consulting 0 0 0 0 10,800
Interest 0 0 0 0 2,085
Miscellaneous 0 0 0 0 124
Offering expenses 0 0 0 0 12,000
Office expenses 10 5 330 265 3,312
Rent 0 0 0 0 2,781
Research fees 0 0 0 0 300
Professional services 541 0 7,391 0 58,434
Stock transfer fees 0 0 787 0 5,048
Travel 0 0 0 0 612
Bad debt expenses 0 0 0 0 26,250
________________________________________
Total expenses 551 5 8,508 265 122,246
________________________________________
INCOME (LOSS) BEFORE EXTRA-
ORDINARY ITEM (509) 39 (8,385) (135) (89,104)
Extraordinary item - gain on
exstinguishment of debt (net of
income tax of $0) 0 0 0 0 16,527
________________________________________
NET INCOME (LOSS) BEFORE TAXES (509) 39 (8,385) 135 (72,577)
________________________________________
PROVISION FOR INCOME TAXES 0 0 0 0 0
________________________________________
NET INCOME (LOSS) $(509) $39 $(8,385) $(135) $(72,577)
========================================
EARNINGS (LOSS) PER SHARE $0.00 $0.01 $0.00 $0.00 $0.16
========================================
See Notes to Financial Statements.
BUD FINANCIAL GROUP, INC.
(Formerly The Bud Financial Group, Inc.)
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three For the Nine Cumulative
Months Ended Months Ended During the
September 30, September 30, Development
1999 1998 1999 1998 Stage
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $(509) $39 $(8,385) $(135) $(72,577)
Adjustments to reconcile net income
(loss)to net cash used by operations
Organization costs 0 0 0 0 (500)
Research fees and expenses paid by 0 0 0 0 9,239
common stock
Bad debt allowance 0 0 0 0 26,250
Amortization 0 0 0 0 500
Forgiveness of debt 0 0 0 0 (21,739)
Rent provided free 0 0 0 0 200
Changes in assets and liabilities
Increase in accrued interest 0 0 0 0 (1,250)
receivable
Increase (decrease) in accounts 0 0 0 0 693
payable
Increase in accrued interest 0 0 0 0 0
payable _______________________________________
Net Cash Provided (Used) by (509) 39 (8,385) (135) (59,184)
Operating Activities ______________ ________________________
CASH FLOWS FROM INVESTING ACTIVITIES
Officer cash advances 0 0 0 0 15,493
Payment on officer advances 0 0 0 0 (3,061)
______________ ________________________
Net Cash (Used) by Investing 0 0 0 0 12,432
Activities ______________ ________________________
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowing 0 0 0 0 6,906
Repayments of borrowing - net 0 0 0 0 (126,323)
Proceeds from sale of investments 0 0 0 0 128,032
Proceeds from sale of common stock 0 0 0 0 18,420
Contribution of capital 1,500 0 9,500 0 14,500
Sale of common stock for cash 0 0 0 0 7,500
Common stock issued to pay accounts 0 0 0 0 5,000
payable ______________ ________________________
Net Cash Provided by Financing 1,500 0 9,500 0 54,035
Activities ______________ ________________________
NET INCREASE (DECREASE) IN CASH 991 39 1,115 (135) 7,283
CASH - BEGINNING OF PERIOD 6,292 6,086 6,168 6,260 0
______________ ________________________
CASH - END OF PERIOD $7,283 $6,125 $7,283 $6,125 $7,283
=======================================
NONCASH TRANSACTIONS
Note exchanged for debt and interest $0 $0 $0 $0 $16,527
=======================================
Stock issued to pay for services and $0 $0 $0 $0 $15,040
expenses =======================================
SUPPLEMENTAL DISCLOSURES
Interest $0 $0 $0 $0 $1,311
=======================================
Taxes $0 $0 $0 $0 $40
=======================================
See Notes to Financial Statements.
THE BUD FINANCIAL GROUP, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The Company, without audit, has prepared the accompanying
financial statements. In the opinion of management, all
adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of
operation and cash flows at September 30, 1999 and 1998 and for
all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. It
is suggested that these condensed financial statements be read in
conjunction with the financial statements and notes thereto
included in the Company's December 31, 1998 audited financial
statements. The results of operations for the periods ended
September 30, 1999 and 1998 are not necessarily indicative of the
operating results for the full year.