Prestige Capital Corp – ‘10QSB’ for 3/31/02

On:  Monday, 5/13/02   ·   For:  3/31/02   ·   Accession #:  1016193-2-48   ·   File #:  33-03583-S

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

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

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report -- Small Business                    10     42K 

Document Table of Contents

10QSB
1st Page of 10
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
 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 March 31, 2002                         

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

For the transition period from     to                                 

Commission File No. 33-03583-S

PRESTIGE CAPITAL CORPORATION
 (Exact name of small business issuer as specified in its charter)

  Nevada                                93-0945181
 (State or other jurisdiction of         (IRS Employer Identification No.)
incorporation or organization)                                        

311 South State, Suite 400, Salt Lake City, Utah 84111
(Address of principal executive offices)

(801) 364-9262
 (Issuer's telephone number)

Not Applicable
(Former name, address and fiscal year, if changed since last report)

Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the Exchange  Act during the  preceding 12 months (or for
such shorter period that the issuer was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes [X] No []

APPLICABLE  ONLY TO  ISSUERS  INVOLVED  IN  BANKRUPTCY  PROCEEDINGS  DURING  THE
PRECEDING FIVE YEARS:                                                           

Check whether the registrant has filed all documents and reports  required to be
filed by  Sections  12,  13,  or 15(d) of the  Exchange  Act  subsequent  to the
distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]    

APPLICABLE ONLY TO CORPORATE ISSUERS:                                           

State the number of shares outstanding of each of the issuer's classes of common
equity, as of March 31, 2002: 9,680,000 shares of common stock.                 

Transitional Small Business Format:  Yes [ ]  No [X]                            

10QSB
2nd Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 2nd
 FORM 10-QSB
PRESTIGE CAPITAL CORPORATION

 INDEX

                                                                            Page

PART I.       Financial Information                                            3

              Unaudited Condensed Balance Sheets, March 31,                    3
2002 and December 31, 2001                          

              Unaudited Condensed Statement of Operations for                  4
the Three Months Ended March 31, 2002 and 2001,     
and from Inception on February 7, 1986 through      
March 31, 2002                                      

              Unaudited Condensed Statement of Cash Flows for                  5
the Three Months Ended March 31, 2002 and 2001,     
and from Inception on February 7, 1986 through      
March 31, 2002                                      

              Notes to Unaudited Condensed Financial Statements                6

              Management's Discussion and Analysis of Financial                9
Condition or Plan of Operation                      

PART II.      Other Information                                               10

              Signatures                                                      10

2 

10QSB
3rd Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 3rd
 PART I.
 Item 1. Financial Information

PRESTIGE CAPITAL CORPORATION
 [A Development Stage Company]

UNAUDITED CONDENSED BALANCE SHEETS

ASSETS

                                                   March 31,    December 31,
                                                 2002           2001
                                                 ------------   ------------
CURRENT ASSETS:                                                                 
 Cash                                            $        101   $         28
                                                 ------------   ------------
        Total Current Assets                              101             28
                                                 ------------   ------------
                                                 $        101   $         28
                                                 ------------   ------------

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES:                                                            
 Accounts payable                                $      1,000   $      1,330
 Advances from a related party                         10,311          8,811
                                                 ------------   ------------
        Total Current Liabilities                      11,311         10,141
                                                 ------------   ------------

STOCKHOLDERS' EQUITY (DEFICIT):                                                 
Common stock, $.001 par value,                                            
50,000,000 shares authorized,                                         
9,680,000 shares issued and                                           
   outstanding                                          9,680          9,680
 Capital in excess of par value                       352,287        352,287
Deficit accumulated during the                                            
    development stage                                 (373,177)      (372,080)
                                                 ------------   ------------
         Total Stockholders' Equity (Deficit)          (11,210)       (10,113)
                                                 ------------   ------------
                                                 $        101   $         28
                                                 ------------   ------------

Note:  The  Balance  Sheet as of  December  31,  2001 was taken from the audited
financial statements at that date and condensed.                                

The accompanying notes are an integral part of these unaudited condensed
financial statements. 

3 

10QSB
4th Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 4th
PRESTIGE CAPITAL CORPORATION
 [A Development Stage Company]

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

                                                                    From
                                                 For the Three    Inception on
                                                  Months Ended     February 7,
                                                     March 31,     1986, Through
                                              -------------------    March 31,
                                             2002       2001        2002
                                               --------- --------- -------------
REVENUE                                        $      -  $      -  $          - 

COST OF SALES                                         -         -             - 
                                               --------- --------- -------------
GROSS PROFIT                                          -         -             - 

EXPENSES:                                                                       
  General and Administrative                     1,097     1,269       101,755
                                               --------- --------- -------------
LOSS FROM OPERATIONS                             (1,097)   (1,269)     (101,755)
                                               --------- --------- -------------
OTHER EXPENSE:                                                                  
  Loss from disposal of assets                       -         -       250,000
  Interest expense                                   -         -        21,422
                                               --------- --------- -------------
        Total Other (Expense)                         -         -      (271,422)
                                               --------- --------- -------------
LOSS FROM OPERATIONS                                                            
  BEFORE INCOME TAXES                            (1,097)   (1,269)     (373,177)

CURRENT TAX EXPENSE                                   -         -             - 

DEFERRED TAX EXPENSE                                  -         -             - 
                                               --------- --------- -------------
NET LOSS                                       $ (1,097) $ (1,269) $   (373,177)
                                               ========= ========= =============

LOSS PER COMMON SHARE                          $   (.00) $   (.00) $       (.20)
                                               ========= ========= =============

The accompanying notes are an integral part of these unaudited condensed
financial statements. 

4 

10QSB
5th Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 5th
PRESTIGE CAPITAL CORPORATION
 [A Development Stage Company]

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

                                                        [Enlarge/Download Table]
                                                                                          
                                                                                 From     
                                                            For the Three    Inception on 
                                                             Months Ended     February 7, 
                                                               March 31,     1986, Through
                                                         -------------------    March 31, 
                                                           2002       2001        2002    
                                                         --------- --------- -------------
Cash Flows From Operating Activities:                                                     
  Net loss                                               $ (1,097) $ (1,269) $   (373,177)
  Adjustments to reconcile net loss to                                                    
    net cash used by operating activities:                                                
   Loss from disposal of assets                                 -         -       250,000 
   Stock issued for services                                    -         -        25,521 
   Changes is assets and liabilities:                                                     
      (Increase) in inventory                                   -         -      (165,000)
      Increase (decrease) in accounts payable                (330)        -         1,000 
      Increase in accrued interest                              -         -        21,479 
                                                         --------- --------- -------------
       Net Cash Provided (Used) by Operating Activities    (1,427)   (1,269)     (240,177)
                                                         --------- --------- -------------
Cash Flows From Investing Activities                            -         -             - 
                                                         --------- --------- -------------
          Net Cash Flows (Used) by Investing Activities         -         -             - 
                                                         --------- --------- -------------
Cash Flows From Financing Activities:                                                     
  Advances from a related party                             1,500     1,300        10,311 
  Proceeds from notes payable - related party                   -         -        21,000 
  Issuance of common stock                                      -         -       208,967 
                                                         --------- --------- -------------
       Net Cash Provided by Financing Activities            1,500     1,300       240,278 
                                                         --------- --------- -------------
Net Increase (Decrease) in Cash                                73        31           101 

Cash at Beginning of Period                                    28        80             - 
                                                         --------- --------- -------------
Cash at End of Period                                    $    101  $    111  $        101 
                                                         --------- --------- -------------
Supplemental Disclosures of Cash Flow                                                     
  Information:                                                                            

  Cash paid during the period for:                                                        
    Interest                                             $      -  $      -  $          - 
    Income taxes                                         $      -  $      -  $          - 

Supplemental Schedule of Noncash Investing and Financing Activities:            
For the periods ended March 31, 2002:                                     
None                                                                

For the periods ended March 31, 2001:                                     
None                                                                

The accompanying notes are an integral part of these unaudited condensed
financial statements. 

5 

10QSB
6th Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 6th
PRESTIGE CAPITAL CORPORATION
 [A Development Stage Company]

 NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                             

     Organization  - The  Company was  organized  under the laws of the State of
     Utah on February 7, 1986 under the name of Hood Ventures,  Inc. On December
     31, 1998, the name was changed to Prestige Capital Corporation. On December
     31,  1998,  Hood  Ventures,  Inc.  of Utah  merged  with  Prestige  Capital
     Corporation,  a Nevada  Corporation,  leaving the Nevada Corporation as the
     surviving company.  The Company currently has no on-going operations and is
     considered a development stage company as defined in Statement of Financial
     Accounting  Standards  No. 7. The  company is  currently  seeking  business
opportunities or potential business acquisitions.                     

     Condensed Financial Statements - The accompanying financial statements have
     been prepared by the Company  without audit.  In the opinion of management,
     all adjustments (which include only normal recurring adjustments) necessary
     to present  fairly the financial  position,  results of operations and cash
     flows at March 31, 2002 and 2001 and for the  periods  then ended have been
made.                                                                 

     Certain information and footnote disclosures normally included in financial
     statements  prepared  in  accordance  with  generally  accepted  accounting
     principles in the United States of America 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, 2001 audited financial  statements.  The results of
     operations  for  the  periods  ended  March  31,  2002  and  2001  are  not
necessarily indicative of the operating results for the full year.    

     Loss Per Share - The computation of loss per share of common stock is based
     on the weighted  average  number of shares  outstanding  during the periods
     presented,  in accordance with Statement of Financial  Accounting Standards
No. 128, "Earnings Per Share" [See Note 6].                           

     Cash and Cash  Equivalents  - For purposes of the  statement of cash flows,
     the Company  considers all highly liquid debt investments  purchased with a
maturity of three months or less to be cash equivalents.              

     Accounting   Estimates  -  The  preparation  of  financial   statements  in
     conformity  with  generally  accepted  accounting  principles in the United
     States of America  requires  management to make  estimates and  assumptions
     that affect the reported amounts of assets and liabilities, the disclosures
     of  contingent  assets  and  liabilities  at  the  date  of  the  financial
     statements  and the reported  amount of revenues  and  expenses  during the
reported period. Actual results could differ from those estimated.    

     Recently Enacted Accounting  Standards - Statement of Financial  Accounting
     Standards  ("SFAS")  No.  141,  "Business  Combinations",   SFAS  No.  142,
     "Goodwill and Other Intangible Assets", SFAS No. 143, "Accounting for Asset
     Retirement  Obligations",  and SFAS No. 144, "Accounting for the Impairment
     or Disposal of Long-Lived Assets", were recently issued. SFAS No. 141, 142,
     143 and 144 have no current applicability to the Company or their effect on
the consolidated financial statements would not have been significant.

     Restatement  - On May 12,  1987,  the  Board of  Directors  of the  Company
     approved a 150 for 1 forward  stock split and on  December  15,  1998,  the
     Board of Directors of the Company approved a 1 for 500 reverse stock split.
     The financial statements have been restated, for all periods presented,  to
reflect these stock splits [See Note 4].                              

6 

10QSB
7th Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 7th
PRESTIGE CAPITAL CORPORATION
 [A Development Stage Company]

 NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]                 

     Reclassification - The financial  statements for periods prior to March 31,
     2002 have been reclassified to conform to the headings and  classifications
used in the March 31, 2002 financial statements.                      

NOTE 2 - GOING CONCERN                                                          

     The accompanying financial statements have been prepared in conformity with
     generally accepted  accounting  principles in the United States of America,
     which contemplate continuation of the Company as a going concern.  However,
     the Company,  has incurred  losses since its  inception and has no on-going
     operations.  Further,  the  Company has  current  liabilities  in excess of
     current assets.  These factors raise substantial doubt about the ability of
     the Company to continue as a going concern.  In this regard,  management is
     seeking  potential  business  opportunities  and is  proposing to raise any
     necessary  additional funds not provided by operations through loans and/or
     through  additional  sales of its common stock.  There is no assurance that
     the Company will be successful in raising  additional  capital or achieving
     profitable  operations.   The  financial  statements  do  not  include  any
adjustments that might result from the outcome of these uncertainties.

NOTE 3 - RELATED PARTY TRANSACTIONS                                             

     Management  Compensation - During the three months ended March 31, 2002 and
     2001, the Company did not pay any compensation to any  officer/directors of
the Company.                                                          

     Office  Space - The  Company has not had a need to rent  office  space.  An
     officer/shareholder  of the Company is allowing the Company to use his home
as a mailing address, as needed, at no expense to the Company.        

     Advances  from a related  party - A  shareholder  has advanced  cash to the
     company to pay certain  expenses.  During the three  months ended March 31,
     2002, $1,500 was advanced by the shareholder to pay company expenses. As of
     March 31, 2002 and December 31, 2001, the amount due to the shareholder was
$10,311 and $8,811. No interest is being accrued on the advances.     

     Stock  Issuance - On July 21,  1989,  120,000  shares of common  stock were
     issued to officers and directors of the Company for the purchase of a film.

     On  September  14,  1999,  9,300,000  shares of common stock were issued to
     related  parties in  exchange  for debt of $67,479 and  services  valued at
$25,521.                                                              

NOTE 4 - COMMON STOCK                                                           

     Non-Cash Stock Issuances - On July 21, 1989, 120,000 shares of common stock
     were issued to officers and  directors of the Company for the purchase of a
film.                                                                 

     On  September  14,  1999,  9,300,000  shares of common stock were issued to
     related  parties in  exchange  for debt of $67,479 and  services  valued at
$25,521.                                                              

     Stock  Split - On May 12,  1987,  the  Board of  Directors  of the  Company
     approved a 150 for 1 forward  stock split and on  December  15,  1998,  the
     Board of Directors of the Company approved a 1 for 500 reverse stock split.
     The financial statements have been restated, for all periods presented,  to
reflect these stock splits.                                           

7 

10QSB
8th Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 8th
PRESTIGE CAPITAL CORPORATION
 [A Development Stage Company]

 NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 5 - INCOME TAXES                                                           

     The Company  accounts  for income  taxes in  accordance  with  Statement of
     Financial  Accounting Standards No. 109 "Accounting for Income Taxes". SFAS
     No. 109 requires the Company to provide a net deferred tax  asset/liability
     equal to the expected  future tax  benefit/expense  of temporary  reporting
     differences  between  book and tax  accounting  methods  and any  available
     operating loss or tax credit carryforwards.  At March 31, 2002, the Company
     has  available  unused   operating  loss   carryforwards  of  approximately
     $373,000,  which may be applied  against  future  taxable  income and which
expire in various years through 2022.                                 

     The amount of and ultimate  realization  of the benefits from the operating
     loss carryforwards for income tax purposes is dependent,  in part, upon the
     tax laws in effect,  the future  earnings of the Company,  and other future
     events,  the  effects  of  which  cannot  be  determined.  Because  of  the
     uncertainty  surrounding  the  realization  of the loss  carryforwards  the
     Company has  established a valuation  allowance  equal to the tax effect of
     the loss  carryforwards  and,  therefore,  no  deferred  tax asset has been
     recognized  for the loss  carryforwards.  The net  deferred  tax assets are
     approximately  $126,900  and $126,500 as of March 31, 2002 and December 31,
     2001,  respectively,  with an  offsetting  valuation  allowance of the same
     amount  resulting in a change in the valuation  allowance of  approximately
$400 during the three months ended March 31, 2002.                    

NOTE 6 - LOSS PER SHARE                                                         

     The  following  data show the amounts used in computing  loss per share and
     the effect on income and the weighted  average number of shares of dilutive
potential common stock for the periods presented:                     

                                                                  From
                                               For the Three      Inception on
                                                Months Ended       February 7,
                                                   March 31,       1986, Through
                                          -----------------------    March 31,
                                           2002       2001          2002
                                           ----------- ----------- -------------
Loss from continuing operations                                       
available to common stock                                         
       holders (numerator)                 $   (1,097) $   (1,269) $   (373,177)
                                           ----------- ----------- -------------
Weighted average number of                                            
common shares outstanding                                         
used in earnings per share                                        
      during the period (denominator)      9,680,000   9,680,000     1,910,478
                                           =========== =========== =============

     Dilutive  loss per share was not  presented,  as the  Company had no common
     equivalent   shares  for  all  periods  presented  that  would  effect  the
computation of diluted loss per share.                                

8 

10QSB
9th Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 9th
 Item 2. Management's Discussion and Analysis of Financial Condition
or Plan of Operation

Forward-Looking Statement Notice                                                

When used in this  report,  the words  "may,"  "will,"  "expect,"  "anticipate,"
"continue,"   "estimate,"  "project,"  "intend,"  and  similar  expressions  are
intended to identify  forward-looking  statements  within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934 regarding events,  conditions,  and financial trends that may affect the
Company's future plans of operations,  business strategy, operating results, and
financial  position.  Persons  reviewing  this  report  are  cautioned  that any
forward-looking  statements  are not  guarantees of future  performance  and are
subject to risks and uncertainties and that actual results may differ materially
from those included within the forward-looking statements as a result of various
factors.                                                                        

Three Months Ended March 31, 2002 and 2001                                      

The  Company  had no revenue  from  continuing  operations  for the  three-month
periods ended March 31, 2002 and 2001.                                          

The Company had general and administrative expenses of $1,097 and $1,269 for the
three months  ended March 31, 2002 and 2001,  respectively;  which  consisted of
general  corporate   administration,   legal  and  professional  expenses,  plus
accounting and auditing costs.                                                  

As a result of the foregoing factors,  the Company realized a net loss of $1,097
for the three months  ended March 31, 2002,  as compared to a net loss of $1,269
for the same period in 2001.                                                    

Liquidity and Capital Resources                                                 

At March 31, 2002, a principal shareholder, Lynn Dixon, had paid expenses in the
amount of $10,311 on behalf of the Company,  of which $1,500 was paid during the
first quarter  2002. No interest is being accrued on the advances.  At March 31,
2002,  the Company had $101 in cash,  $1,000 in accounts  payable and $10,311 in
accounts payable to a related party giving the Company a working capital deficit
of $11,210,  as compared to a working capital deficit of $10,113 at December 31,
2001. This increase in working capital deficit is due to additional  general and
administrative expenses without any cash inflow.                                

The Company does not have sufficient cash to meet its operational  needs for the
next twelve months. Management,  like in the past, will attempt to raise capital
for its current  operational needs through advances from its shareholders,  debt
financing,  equity  financing or a combination  of financing  options.  However,
there are no existing  understandings,  commitments  or  agreements  for such an
infusion;  nor can there be assurances to that effect.  Moreover,  the Company's
need for capital may change  dramatically if and during that period, it acquires
an interest in a business opportunity.  Unless the Company can obtain additional
financing, its ability to continue as a going concern is doubtful.              

The Company's  current  operating plan is to (i) handle the  administrative  and
reporting  requirements  of a public  company,  and (ii)  search  for  potential
businesses,  products,  technologies and companies for acquisition.  At present,
the Company has no understandings, commitments or agreements with respect to the
acquisition  of any business  venture,  and there can be no  assurance  that the
Company will identify a business venture suitable for acquisition in the future.
Further,  there can be no  assurance  that the Company  would be  successful  in
consummating  any  acquisition  on  favorable  terms  or that it will be able to
profitably manage any business venture it acquires.                             

9 

10QSB
Last Page of 10
TOC
1st
Previous
Next
↓Bottom
Just 10th
PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                       

Exhibits:  None                                                                 

Reports on Form 8-K:  None                                                      

SIGNATURES

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

                                PRESTIGE CAPITAL CORPORATION

Date:  May 4, 2002                        By: /s/ Pamela L. Jowett, President   

10

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10QSB’ Filing		Date		First		Last			Other Filings
Filed on:		5/13/02
		5/4/02		10
For Period End:		3/31/02		1		9
		12/31/01		2		9			10KSB
		3/31/01		2		9			10QSB
		9/14/99		7
		12/31/98		6					10KSB
		12/15/98		6		7
									List all Filings