SEC Info - Admiral Financial Corp - ‘10QSB’ for 9/30/98

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Admiral Financial Corp – ‘10QSB’ for 9/30/98

As of: Friday, 11/13/98 · For: 9/30/98 · Accession #: 943440-98-111 · File #: 0-17214 · Correction: This Filing was Deleted by the SEC on 11/24/98. `®`

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/13/98  Admiral Financial Corp            10QSB       9/30/98    2:12K                                    Elec Filings Inc/FA

Quarterly Report — Small Business — Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report -- Small Business                    10     29K 
 2: EX-27       Financial Data Schedule (Pre-XBRL)                     1      5K

10QSB — Quarterly Report — Small Business
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Defaults Upon Senior Securities Exhibits and Reports on Form 8-K Financial Statements Legal Proceedings Management's Discussion and Analysis or Plan of Operation Other Information Signatures Submission of Matters to a Vote of Security Holders
1	1st Page - Filing Submission
3	Item 1. Financial Statements
8	Item 2. Management's Discussion and Analysis or Plan of Operation
9	Item 1. Legal Proceedings
"	Item 3. Defaults Upon Senior Securities
"	Item 4. Submission of Matters to a Vote of Security Holders
"	Item 5. Other Information
"	Item 6. Exhibits and Reports on Form 8-K
10	Signatures

10QSB 1st Page of 10 TOC ↑Top Previous Next ↓Bottom Just 1st
 
U.S. Securities and Exchange Commission                 

Washington, DC 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, 1998                 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)                 
OF THE SECURITIES EXCHANGE ACT OF 1934                

For the transition period from ---- to ----                 

Commission File number 0-23439                

HARBOR TOWN HOLDING GROUP I, INC.               
(Exact name of small business issuer as specified in its charter)               

Florida                                     65-0755340              
(State of other jurisdiction of                (IRS Employer                  
incorporation or organization)                Identification No.)               

2608 Oakwood Dr., Largo, Florida 33771              
(Address of principal executive offices)            

(813) 519-9701                  
(Issuer's telephone number)                 

324 Datura St., Suite. 200, West Palm Beach, FL 33401               
(Former name, former address, and former fiscal year,               
if changed since last report)               

Check whether the Issuer (1) filed all reports required to            
be filed by Section 13 or 15 (d) of the Exchange Act of 1934                    
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 at least the past 90                    
days.   Yes _X_    No ___                                                       

APPLICABLE ONLY TO CORPORATE ISSUERS                

State the number of shares outstanding of each of the                 
issuer's classes of common equity, as of the latest practicable                 
date: On November 6, 1998, there were outstanding approximately                 
20,200,000 shares of common stock, no par value.                                

Transitional Small Business Disclosure Format (check one);            
Yes __    No _X__                                                             

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HARBOR TOWN HOLDING GROUP I, INC.           

Form 10-QSB Index           
September 30, 1998            

                                    Page

Part I: Financial Information                                                   

Item 1. Financial Statements......................  2                 

Balance Sheets Unaudited at September 30, 1998....  3                 

Unaudited Statements of Operations for the                            
Period ended September 30, 1998...................  4                 

Unaudited Statements of Cash Flow for the                             
Period Ended September 30, 1998...................  5                 

Notes to Unaudited Financial Statements...........  6                 

Item 2. Management's Discussion and Analysis                          
or Plan of Operation......................  7         

Part II:   Other Information                                                    

Item 1.    Legal Proceedings .....................  8                 

Item 2.    Changes in Securities..................  8                 

Item 3.    Defaults Upon Senior Securities .......  8                 

Item 4.    Submission of Matters to a Vote of                         
Security Holders ......................  8      

Item 5.    Other Information .....................  8                 

Item 6.    Exhibits and Reports on Form 8-K ......  8                 

Signatures.............................................  9                      

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1

PART I                
FINANCIAL INFORMATION                 

Item 1.  Financial Statements                                                   

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2
HARBOR TOWN HOLDING GROUP I, INC.               
(a development stage company)               
CONDENSED BALANCE SHEET                 
(Unaudited)                   

                                                                [Download Table]


                                   September 30     December 31  
                                       1998            1997      
                                   (Unaudited)           *       
                                                                 
ASSETS                                                           

Current assets:                                                  

  Cash                              $       1        $     4,268 

                                    $       1        $     4,268 

LIABILITIES AND STOCKHOLDERS' DEFICIT                            

Current liabilities:                                             
  Accounts payable and accrued                                   
    expenses                        $   1,792        $     1,530 

Stock subject to recission             12,600             12,600 

Stockholders' deficit:                                           

  Common stock                         31,895             31,095 
  Deficit accumulated during                                     
    the development stage          (   46,286)       (    40,957)

     Total stockholders' deficit   (   14,391)       (     9,862)

                                   $        1        $     4,268 


*  Condensed from audited financial statements.                                 

See accompanying notes                                                          

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3

HARBOR TOWN HOLDING GROUP I, INC.               
(a development stage company)                 
CONDENSED STATEMENT OF OPERATIONS               
(Unaudited)               

                                                                [Download Table]


                                                               May 6, 1997 
                                                               (inception) 
                                       Quarter Ended Sept. 30   To Sept 30 

                                           1998         1997       1998    
                                                                           
Sales, net                              $      -     $      -    $     -   

Cost of sales                                  -            -          -   

Gross profit (loss)                            -            -          -   

General & administrative expenses            815         13,321     46,286 

Net loss                                $(   815)    $(  13,321)   (46,286)

Net loss per share                      $   0.00     $(    0.01)           

Number of shares used in earnings                                          
per share computation                   20,065,217    2,058,209            


See accompanying notes                                                          

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4

HARBOR TOWN HOLDING GROUP I, INC.               
(a development stage company)               
CONDENSED STATEMENTS OF CASH FLOW               
(Unaudited)           

                                                                [Download Table]


                                                               May 6, 1997 
                                                               (inception) 
                                       Quarter Ended Sept. 30   To Sept 30 

                                           1998         1997       1998    
                                                                           

Cash flows from operating activities:                                      

  Net income                            $(    815)   $( 13,321)   $(46,286)
  Non cash compensation                       800         -         25,895 
  Changes in assets and liabilities            16          765       1,792 

Net cash provided by(used for) for                                         
  operations                                    1     ( 12,556)    (18,599)

Cash flows from financing activities                                       
   Proceeds from advances converted                                        
   to common stock                              -       12,600      18,600 

Net increase in cash                            1           44           1 

Cash, beginning of period                       -            -           - 

Cash, end of period                     $       1    $      44     $     1 

Supplemental disclosure:                                                   
  Cash paid for interest                $       -    $       -     $     - 

  Income taxes paid                     $       -    $       -     $     - 


See accompanying notes                                                          

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5

HARBOR TOWN HOLDING GROUP I, INC.                 
(a development stage company)                 
NOTES TO FINANCIAL STATEMENTS                 

1.  BASIS OF PRESENTATION                                                       

The accompanying unaudited financial statements of Harbor Town                  
Holding Group I, Inc. (the "Company") have been prepared in                     
accordance with generally accepted accounting principles for                    
interim financial information and with the instructions to Form                 
10-Q.  In the opinion of management, all adjustments (consisting                
of normal recurring accruals) considered necessary for a fair                   
presentation have been included.  Operating results for the                     
nine-month period ended September 30, 1998 are not necessarily                  
indicative of the results that may be expected for the year ended               
December 31, 1998.                                                              

Loss per Share  - The Company has adopted Financial Accounting                  
Standards No. 128, "Earnings per Share" ("FAS 128"), effective                  
October 1, 1997.  FAS 128 requires presentation of earnings or                  
loss per share on basic and diluted earnings per share.  Loss per               
share is computed by dividing net income by the weighted average                
number of shares outstanding during the period.  There are no                   
potentially dilutive shares outstanding.  Restatement of the                    
prior period for this pronouncement had no effect on the loss per               
share amount.                                                                   

Development Stage Activities  - The Company has been in the                     
development stage since its inception on May 6, 1997.  It has                   
conducted no business other than organize as a corporation.  The                
accompanying financial statements have been presented in                        
accordance with generally accepted accounting principles, which                 
assume the continuity of the Company as a going concern. The                    
Company has been seeking a merger partner and / or beginning a                  
business that would generate profits.  As of the date of this                   
financial statement, no definitive arrangement has been made.                   

2. CAPITALIZATION                                                               

The Company was created May 6, 1987 as a wholly owned subsidiary                
of Net Lnnx, Inc., which was to act as the receiver of a certain                
transferred asset of Net Lnnx, Inc.  There was litigation                       
concerning the transferred asset and the Company and Net Lnnx,                  
Inc. agreed to void the transfer of the asset.  As consideration                
for the cancellation, Net Lnnx, Inc. issued a stock for stock                   
dividend to its shareholders in the Company.  Net Lnnx, Inc. is a               
shell that has no operations other than seeking possible merger                 
partners.  Securities and Exchange Commission guidelines state                  
stock issued in a spin-off to another shell corporation is                      
subject to possible recission and, therefore, does not constitute               
the issuance of common stock.  Accordingly, the stock issued is                 
shown on the balance sheet as a category other than equity.                     

During the quarter, the Company issued 200,000 shares of common                 
stock as payment for services provided by a Director of the                     
corporation.                                                                    

3.  INCOME TAXES                                                                

The Company has no provision for taxes as they have a net                       
operating loss of $46,286 that expires in the years 2012 and                    
2013.  No deferred asset has been recorded as the possibility of                
benefitting from the net operating loss is dependent on the                     
Company achieving profitable operations.                                        

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6

Item 2.  Management's Discussion and Analysis or Plan of                        
Operation.                                                    

(a)  Plan of Operation                                                

The registrant is presently a development stage company               
conducting virtually no business operation, other than its                      
efforts to effect a merger, exchange of capital stock, asset                    
acquisition or other similar business combination (a "Business                  
Combination") with an operating or development stage business                   
which the registrant considers to have significant growth                       
potential.  To date, the registrant has neither engaged in any                  
operations nor generated any revenue. It receives no cash flow.                 
The registrant anticipates no capital infusions prior to                        
effectuating a Business Combination.  Until such time as the                    
registrant effectuates a Business Combination, with the exception               
of certain other professional fees and costs for such a                         
transaction, the registrant expects that it will incur minimal                  
operating costs throughout 1998.                                                

No officer or director of the registrant is paid any type of          
compensation by the registrant and presently, there are no                      
arrangements or anticipated arrangements to pay any type of                     
compensation to any officer or director in the near future. The                 
registrant expects that it will meet its cash requirements until                
such time as a Business Combination occurs.  However, in the                    
event the registrant depletes its present cash reserves,  the                   
registrant may cease operations and a Business Combination may                  
not occur.   There are no agreements or understandings of any                   
kind with respect to any loans from officers or directors of the                
registrant on behalf of the registrant.                                         

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7
PART II                 

OTHER INFORMATION                 

Item 1.  Legal Proceedings                                                      

Not Applicable                                                        

Item 2.  Change in Securities                                                   

On August 31, 1998, the registrant issued 200,000 shares of           
common stock to William R. Colucci, a director of the registrant,               
in exchange for Mr. Colucci's services as a director valued at                  
$800.00  The exemption the registrant relied upon was Section                   
4(2) of the Securities Act of 1933, as amended.                                 

Item 3.  Defaults Upon Senior Securities                                        

Not Applicable                                                        

Item 4.  Submission of Matters to a Vote of Security Holders                    

Not Applicable                                                        

Item 5.  Other Information                                                      

Not Applicable                                                      

Item 6.  Exhibits and Reports on Form 8-K                                       

(a)  Financial Data Schedule                                        
(b)  No reports on Form 8-K were filed during the quarter           
ended September 30, 1998                                  

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8

SIGNATURES                

In accordance with the requirements of the Exchange Act, the          
registrant caused this report to be signed on its behalf by the                 
undersigned, thereunto duly authorized.                                         

                 HARBOR TOWN HOLDING GROUP I, INC.
Registrant      

        /s/ Ronald W. Hayes, Jr.
    Ronald W. Hayes, Jr.
President/CEO.  

        /s/ Ronald W. Hayes, Jr.
    Ronald W. Hayes, Jr.
President/CEO   

Date: November 6, 1998

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10QSB’ Filing	Date	First	Last	Other Filings

	12/31/98	7		10-Q
Deleted on:	11/24/98
Filed on:	11/13/98
	11/6/98	1	10
For Period End:	9/30/98	1	9	10-Q, 10-Q/A
	8/31/98	9
	10/1/97	7
	5/6/97	5	7	10-Q
				List all Filings

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Filing Submission 0000943440-98-000111 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Admiral Financial Corp – ‘10QSB’ for 9/30/98

As of: Friday, 11/13/98 · For: 9/30/98 · Accession #: 943440-98-111 · File #: 0-17214 · Correction: This Filing was Deleted by the SEC on 11/24/98. ®

Quarterly Report — Small Business — Form 10-QSBFiling Table of Contents

10QSB — Quarterly Report — Small BusinessDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

As of: Friday, 11/13/98 · For: 9/30/98 · Accession #: 943440-98-111 · File #: 0-17214 · Correction: This Filing was Deleted by the SEC on 11/24/98. `®`

Quarterly Report — Small Business — Form 10-QSB
Filing Table of Contents

10QSB — Quarterly Report — Small Business
Document Table of Contents