ITEM 1. BUSINESS:
Registrant was previously engaged in operations related to oil and gas exploration and drilling, but has not engaged in any active business since discharge from Chapt XI proceedings on May 4, 1981, Since then management has been engaged in seeking opportunities to commence active business operations. (See Item 7, Management Discussion)
EMPLOYEES: Registrant has no regularly salaried employees at this time. Officers and Directors receive no sa1ary, although stock has been issued in various years in lieu of salaries, and space has been donated by various officers for office requirements on an ad hoc basis.
ITEM 2.
ITEM 2. PROPERTIES: Present operations are conducted on rent-free basis from offices or homes of the President and other officers.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS: Registrant has not been a party to any legal proceedings (excepting Chapt XI referred to) that it has been informed of since Oct. 1981.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF STOCKHOLDERS: None this FY
PART II
ITEM 5.
ITEM 5. MARKET FOR THE REGISTRANT'S EQUITY AND RELATED STOCKHOLDER MATTERS:
There has been no quoted public trading market in the common stock of the Registrant, its only stock issued, during the Registrant's past five years to knowledge of the Management. There are approximately 3,300 common stockholders at this time.
If and when the company can engage in active operations through merger, acquisition or initiation of its own business, if net worth and other requirements can be met, Management intends to seek to have the commons shares quoted on the appropriate over-counter market.
FY 2000 FY 1999 SEE ITEM 14 AUDITED ANNUAL STATEMENT
REVENUES (INTEREST): EXPENSES NET LOSS LOSS PER SHARE (Calculated on basis of common shares outstanding after deduction of 780,832 common in Treasury from total issued)
TOTAL ASSETS: TOTAL LIABILITIES
SHAREHOLDER EQUITY (Less than one cent per share)
ITEM 7.
ITEM 7. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Registrant did not conduct any operations during the past fiscal year other than to seek means of reactivation of the Company principally by merger or acquisition. Although financial resources presently are inadequate for a significant acquisition by use of the company's available cash assets, it is thought possible to accomplish either a merger or an acquisition by resort to debt, private stock sale or public financing given an appropriate entity to reactivate the company. Anticipated administrative costs for the coming fiscal year, until such a reactivation takes place, appear to be coverable from anticipated interest on cash assets or resort to principal.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Report of Certified Public Accountant Income and Balance sheets Statement of changes in financial condition Stockholder equity changes.
ITEM 9.
ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURES OR LAWSUITS
Company has not had any disagreement with its Accountant nor is aware of any law suits at this time.
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, OTHER RELEVANT MATERIAL
Certification by Independent Certified Accountant Financial Statements Balance sheet Income statement Changes in Financial Position Statement of Stockholder Equity (deficit)
SIGNATURES:
Pursuant to the requirements of Section 16 or 15(D) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report to be signed on its behalf by the undersigned thereunto, duly authorized on the 2nd day of November, 1999.
DELTA SHARES OIL INC. BY ALFRED D. MORGAN, PH.D. PRESIDENT
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report of Form 10K has been signed below by the following person in behalf of the Registrant and in the capacity and on the date shown:
/s/ Alfred D. Morgan, Nov 2, 2000
Alfred D. Morgan, Ph.D., President, Chairman, Treasurer
[LETTERHEAD OF MILTON REECE, CPA]
Board of Directors Delta States Oil, Inc. Stanford, Ct.
I have examined the Balance Sheet of Delta States Oil, Inc. as September 30, 2000 and the related income statement, Shareholders' Equity and changes in financial position for the years ended September 30, 2000, 1999 and 1998. My examinations were made in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as I considered necessary in the circumstances.
In my opinion the financial statements referred to above present fairly the financial position of Delta States Oil, Inc. as of September 30, 2000 and the results of its operations and changes in its financial position for September 30, 2000, 1999 and 1998 in conformity with generally accepted accounting principles applied on a consistent basis.
/s/ Milton Reece
Milton Reece
East Meadow, New York November 2, 2000
Delta States Oil, Inc.
Balance Sheets - September 30, 2000 and 1999
Assets
2000 1999 ---- ---- Current Assets Cash $ 8,749 $ 9,369
Liabilities and Shareholders' Equity
Current Liabilities Accounts Payable 0 0
Shareholders' Equity Common stock, $.05 par authorized 6,000,000 shares: issued 2,390,000 shares (2000) 2,170,000 shares (1999) 119,500 108,500 Capital in excess of par 7,660 7,660 Deficit (79,369) (67,749) --------- --------- 47,791 48,411
Less 780,832 shares of Common Stock held in Treasury at cost 39,042 39,042 --------- --------- 8,749 9,369 --------- --------- $ 8,749 $ 9,369 --------- ---------
Note 1 The company's transfer agent has submitted claims of approximately $3,000 for services. Management denies this indebtedness.
Delta States Oil, Inc.
Income Statement
Years Ended September 30, 2000, 1999, 1998
2000 1999 1998 ---- ---- ----
Interest Income $ 497 $ 445 $ 484
General and Administrative Expenses 12,117 1,696 559 --------- --------- ---------
Net Income or Loss (11,620) (1,251) (75)
Net Loss per common share * * *
Weighted Average Number of common shares outstanding 1,499,168 1,389,168 1,389,168
* Less than one cent
Delta States Oil, Inc.
Statements of Shareholders' Equity
Years Ended September 30, 2000, 1999, 1998
Delta States Oil, Inc.
Statement of Changes in Financial Position
Years Ended September 30, 2000, 1999, 1998
2000 1999 1998 ---- ---- ----
Net Earnings (Loss) $(11,620) $ (1,251) $ (75)
Adjustment to reconcile net Earnings (loss) to net cash Provided by (used in) activities: Common Stock Issued - 220,000 Shares 11,000 -------- -------- --------
Net source and use of funds (620) (1,251) (75)
Cash balance at beginning of year 9,369 10,620 10,695 -------- -------- --------
Cash balance at end of year $ 8,749 $ 9,369 $ 10,620 -------- -------- --------