10QSB: Optional form for quarterly and transition reports of small business issuers
Published on August 25, 1998
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1997
Commission File Number: 33-44567-NY
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BISHOP EQUITIES, INC.
(Exact name of Registrant as stated in its corporate charter)
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Nevada 13-3632859
(State of incorporation) (I.R.S. Employer I.D. Number)
355 South End Avenue, Suite 22B
New York, NY 10280
(Address of Registrant's principal office)
(212) 912-0930
(Registrant's telephone number)
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Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period as the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past ninety days:
YES_X__ NO____
As of December 31, 1997, 511,500 shares of the Registrant's common stock, par
value $.001, were issued and outstanding.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
BISHOP EQUITIES, INC.
A DEVELOPMENT STAGE ENTERPRISE
See notes to financial statements.
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BISHOP EQUITIES, INC.
A DEVELOPMENT STAGE ENTERPRISE
STATEMENT OF OPERATIONS
(Unaudited)
See notes to financial statements.
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BISHOP EQUITIES, INC.
A DEVELOPMENT STAGE ENTERPRISE
December 31, 1997
See notes to financial statements.
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BISHOP EQUITIES, INC.
A DEVELOPMENT STAGE ENTERPRISE
STATEMENT OF CASH FLOWS (Unaudited)
See notes to financial statements.
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BISHOP EQUITIES, INC.
A DEVELOPMENT STAGE ENTERPRISE
NOTES TO FINANCIAL STATEMENTS (unaudited) - December 31, 1997
NOTE 1: Summary of Significant Accounting Policies
Bishop Equities, Inc. (the "Company") was organized in Nevada on April
17, 1991, and is a blank check company with no defined business plan
other than intention to acquire an existing private company through an
exchange of securities (the "Business Combination"). Selection of the
Business Combination candidate will be at the complete discretion of
Management, and upon consummation, control and management of the
Company may pass to other individuals who are presently unknown and
unidentifiable. The Company's success will depend upon Management's
ability to locate a suitable candidate for Business Combination, and to
consummate the transaction, and on the eventual profitability of the
resulting entity.
The Company's year end is March 31.
Organization costs will be amortized over a 60-month period.
During the period covered by the Report, the Company's activities were
limited to investigating potential candidates for merger or
acquisition.
NOTE 2: Capitalization
The Offering commenced March 8, 1993 and concluded on March 19, 1993.
The Company sold to the public, through its underwriter, Westminster
Securities Corp. (the "Underwriter"), on a firm-commitment basis, a
total of 11,500 shares of common stock, par value $.001 per share (the
"Shares"), at $6.00 per Share, including the exercise of the
Underwriter's overallotment option.
The Company received net proceeds of $60,042 after deduction of $8,970
in underwriting commissions and discounts. Additional offering expenses
totalled $25,531, of which $20,607 was paid as of March 31, 1993 and
the remainder was paid subsequently.
Officers and directors are reimbursed for out-of-pocket expenses
incurred in the investigation of Business Combination candidates on the
Company's behalf including travel expenses.
The Underwriter purchased 1,000 nonredeemable Underwriter Warrants
for $.0125 each. Each may be exercised by the registered
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BISHOP EQUITIES, INC.
A DEVELOPMENT STAGE ENTERPRISE
Notes to financial statements - December 31, 1997 - continued
holder to purchase one share for $7.20 during a four-year exercise
period commencing March 8, 1994. The exercise price and number of
Shares purchasable are subject to anti-dilution adjustment upon
occurrence of certain events.
The Company has undertaken to include the Underwriter Warrants in any
registration statement it may file during a six-year period commencing
March 8, 1994, and to file a registration statement containing the
Underwriter Warrants and/or underlying Shares at the request of the
holders on two occasions during a five-year period commencing March 8,
1993. The Underwriter has executed an undertaking that any registration
of the Underwriter Warrants will be for exercise, not distribution.
The amount of paid-in-capital was reduced by the amount of Deferred
Offering costs, and the costs of the Offering were offset against the
proceeds of the Offering.
NOTE 3: Employees; Related Party Transactions
The Company's officers are its only employees. No salaries were paid to
officers during the period. The secretary-treasurer, Maureen Abato, is
also the Company's attorney, and has been paid fees for certain legal
services rendered. The officers and directors have limited experience
in evaluating businesses and devote only minimal time to the Company's
affairs.
NOTE 4: Lease Commitment
Registrant maintains a rent-free mailing address in its president's
office, 355 South End Ave., #22B, New York NY 10280.
NOTE 5: Conflicts of Interest
Certain conflicts of interest will continue to exist between the
Company and its officers and directors, each of whom has other business
interests to which she devotes substantial attention. Each officer and
director is expected to continue in such activities, which could
detract from management time necessary for the Company's affairs.
The officers and directors hold similar positions in, and are major
shareholders of, other public 'blank check' companies and may also
become involved with other corporations which may file registration
statements for blank check offerings, all of which may compete with the
Company for available opportunities.
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BISHOP EQUITIES, INC.
A DEVELOPMENT STAGE ENTERPRISE
Notes to financial statements - December 31, 1997- continued
Management has established a limited policy for handling potential
conflicts of interest which may arise. The Company intends not to
conduct any business transaction with an entity in which its officers,
directors, major shareholders, or their affiliates or associates, have
an ownership interest. Further, the Company intends not to join in any
type of business combination with any of the other corporations in
which its officers and directors are involved in the same or similar
capacities.
The public offerings of all of the blank check ventures in which the
Company's president has been involved were also underwritten by the
Company's underwriter, Westminster Securities Corp. The Company's
independent auditor, Jody M. Weber, CPA, served as the independent
auditor for each.
Business Combination candidates are expected to become available
primarily through the personal contacts of the Company's officers and
directors, and the Company has not present intention to engage
professional firms specializing in business acquisitions or
reorganizations, nor to retain, hire or utilize any consultants. No
finders fees will be paid to any party in connection with a Business
Combination. No prediction can be made as to the costs of identifying a
suitable candidate for a Business Combination, or of consummating such
a transaction.
NOTE 6: Risk Factors
The Company was recently organized, has no history of operations or
revenues and is in its earliest stages of development.
The Company has no working capital and its ability to conduct its
proposed activities, i.e., the investigation of Business Combination
candidates, and operate as a going concern, is contingent upon locating
an acquisition candidate and consummating such transaction. The
Company's capital has been deemed sufficient to commence only very
limited operations.
NOTE 7: "Blue Sky Laws"
Many states have imposed restrictions on the tradeability of securities
of "blank check" companies. Upon completion of a Business Combination,
its securities may become eligible for sale in additional states.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings - None.
Item 2. Changes in Securities - None.
Item 3. Not Applicable
Item 4. No matters were submitted to a vote of the Company's
holders during the period.
Item 5. Other Information - None
Item 6. (a) Exhibits - None required
(b) 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.
Date: July 27, 1998 BISHOP EQUITIES, INC.
By: s\Maureen Abato
Maureen Abato
Secretary-Treasurer
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