SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
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MARCH 31, 1999 0-13597
ASDAR INC.
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(Exact Name of Registrant)
NEVADA 88-0195105
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2124 GLASGOW AVENUE
CARDIFF, CALIFORNIA 92007
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(Address of Principal Executive Offices)
Registrant's telephone number including area code: (619) 792-7300
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Former Address: 1500 East Tropicana Avenue, #110, Las Vegas, Nevada 89119
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 report), and (2) has
been subject to such filing requirements in the past 90 days:
YES NO X
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Indicate the number of shares outstanding for each of the issuer's
classes of Stock as of the last practical date:
At March 31, 1999, there were 1,893,582 shares of common stock at
$0.001 par value outstanding.
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ASDAR INC.
TABLE OF CONTENTS
PART I FINANCIAL STATEMENTS
ITEM 1 FINANCIAL STATEMENTS (UNAUDITED)
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . .3
Statements of Operations. . . . . . . . . . . . . . . . . .4
Statements of Cash Flows. . . . . . . . . . . . . . . . . .5
Notes to Financial Statements . . . . . . . . . . . . . . .6
ITEM 2 MANAGEMENT'S DISCUSSION AND FINANCIAL CONDITION
AND RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . .6
PART II OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . .7
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . .8
This report of Form 10-Q is for the period ended March 31, 1999,
however the report has been filed with the Securities and Exchange
Commission in April 2000. To the extent practicable, the disclosures
contained have been prepared to speak as of May 15, 1999, the required
filing date of the report.
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ASDAR INC.
Balance Sheets
March 31, 1999 (Unaudited) & December 31, 1998
March December
31, 1999 31, 1998
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ASSETS
Current Assets
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Cash $ 2,400 $ 2,427
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Total Assets $ 2,400 $ 2,427
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Current Liabilities
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Accounts Payable 17,766 47,766
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Total Current Liabilities 17,766 47,766
Stockholders' Equity
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Common Stock, 50,000,000 Shares
Authorized, at $0.001 Par Value;
1,894,499 & 1,734,499 Shares Issued
& Outstanding Respectively 1,894 1,734
Paid In Capital 7,514,888 7,478,548
Treasury Stock ( 199,167) ( 199,167)
Accumulated Deficit (7,332,981) ( 7,326,454)
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Total Stockholders' Equity ( 15,366) ( 45,339)
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Total Liabilities & Stockholders' Equity $ 2,400 $ 2,427
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See Accompanying Notes
3
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ASDAR INC.
Statements of Operations (Unaudited)
For the Three Months Periods Ended March 31, 1999 & 1998
March March
31, 1999 31, 1998
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Revenues $ -0- $ -0-
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Expenses
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Consulting Fees 6,000 12,000
General & Administrative 527 750
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Total Expenses 6,527 12,750
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Net Loss ($ 6,527) ($ 12,750)
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Loss Per Share ($ 0.00) ($ 0.07)
Weighted Average Shares Outstanding 1,814,499 826,999
See Accompanying Notes
4
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ASDAR INC.
Statements of Cash Flows (Unaudited)
For the Three Months Periods Ended March 31, 1999 & 1998
March March
31, 1999 31, 1998
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Cash Flows from Operating Activities
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Net Loss ($ 6,527) ($ 12,750)
Adjustments to Reconcile Net Loss to Net
Cash Used by Operating Activities;
Non Cash Expenses 500 750
Increase in Accounts Payable 6,000 12,000
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Net Cash Used by Operating Activities ( 27) -0-
Cash Flows from Investing Activities -0- -0-
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Cash Flows from Financing Activities -0- -0-
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Increase in Cash ( 27) ( 2,131)
Cash at Beginning of Period 2,427 2,250
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Cash at End of Period $ 2,400 $ 119
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Disclosures from Operating Activities
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Interest $ -0- $ -0-
Taxes -0- -0-
See Accompanying Notes
5
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ITEM I
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NOTE #1 - Basis of Presentation
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The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three months
periods ending March 31, 1999, are not necessary indicative of the results
that may be expected for the year ended December 31, 1999. For further
information, refer to the financial statements and footnotes thereto
included in the Company's annual report on Form 10-K for the year ended
December 31, 1998.
ITEM II
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Management's Discussion and Analysis of Financial Condition and Results of
Operation
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Liquidity & Capital Resources
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The Company has been inactive for the current year and ha no assets
with which to conduct business. The Company is dependent upon its officers
or shareholders for cash for any purpose.
Results Of Operations
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In 1999, the Company accrued a salary of $2,000 per month, for an
Officer. In 1998, the Company accrued salaries of $4,000 per month for
two of it's Officers, compensation was terminated for one Officer, upon his
resignation in June of 1998.
In 1999 and 1998, Directors of the Company received, as compensation,
5,000 shares of the Company's restricted Common Stock.
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PART II - OTHER INFORMATION
Item 1 Legal Proceedings . . . . . . . . . . . . . . . . . . . . . None
Item 2 Changes in the Rights of the
Company's Security Holders. . . . . . . . . . . . . . . . . None
Item 3 Defaults by the Company on its
Senior Securities . . . . . . . . . . . . . . . . . . . . . None
Item 4 Results of Votes of Security Holders. . . . . . . . . . . . None
Item 5 Other Information . . . . . . . . . . . . . . . . . . . . . None
Item 6 Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . None
7
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
ASDAR INC.
Date: April 24, 2000 By:/S/ Stephen J. Nemergut
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Stephen J. Nemergut
President, Secretary and Chairman
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