UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2003
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 333-26227
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Golden State Petroleum Transport Corporation
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(Exact name of Registrant as specified in its charter)
Delaware 13-392-7016
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o Frontline Ltd., Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, Bermuda
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(Address of principal executive offices)
(441) 295-6935
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year
if changed since last report)
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 reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Index
Part I Financial Information
Item 1 Financial Statements
Item 4 Controls and Procedures
Part II Other Information
Item 6 Exhibits and Reports on Form 8-K
Signatures
Omitted items are not applicable
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Index to Consolidated Financial Statements
Statements of Operations and Retained Earnings
for the quarters ended June 30, 2003 and 2002 4
Balance Sheets as of June 30, 2003 and December 31, 2002 5
Statements of Cash Flows for the three months ended June 30, 2003 and 2002 6
Statements of Operations and Retained Earnings
For the quarter ended June, 2003 and 2002
(Unaudited)
2003 2002
Revenue
Agency fees $ - $ -
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Expenses
Transaction expenses - -
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Net income $ - $ -
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Retained earnings, beginning of period - -
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Retained earnings, end of period $ - $ -
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Balance Sheets as of June 30, 2003 and December 31, 2002
(Unaudited)
June 30, December 31,
2003 2002
Assets
Cash $ 2 $ 2
Accounts receivable - -
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Total assets $ 2 $ 2
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Liabilities and STOCKholders' equity
Accounts payable $ - $ -
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Total liabilities - -
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Stockholders' equity
Common stock, no par value; 100 shares authorized;
2 shares issued and outstanding 2 2
Retained earnings - -
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Total stockholders' equity 2 2
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Total liabilities and stockholders' equity $ 2 $ 2
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Statements of Cash Flows
For the quarters ended June 30, 2003 and 2002
(Unaudited)
2003 2002
Cash flows from operating activities
Net income $ - $ -
Change in operating assets and liabilities - -
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Net cash provided by operating activities - -
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Cash flows from financing activities
Capital contribution - -
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Net cash provided by financing activities - -
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Cash at beginning of period 2 2
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Cash at end of period $ 2 $ 2
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Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Inapplicable
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Inapplicable
Item 4. - Controls and Procedures
As of the end of the period covered by this report, under the supervision and
with the participation of management, including the Company's Principal
Executive Officer and its Principal Financial Officer, the Company has evaluated
the effectiveness of the design and operation of its disclosure controls and
procedures pursuant to Rule 13a-15 of the Securities Exchange Act of 1934. Based
upon that evaluation, the Company's Principal Executive Officer and its
Principal Financial Officer have concluded that the Company's disclosure
controls and procedures are effective in timely alerting them at a reasonable
assurance level to material information relating to the Company required to be
included in its periodic Securities Exchange Commission filings. There have been
no significant changes in the Company's internal controls that could
significantly affect internal controls subsequent to the date of their
evaluation.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities and Use of Proceeds.
Inapplicable
Item 3. Defaults Upon Senior Securities.
Inapplicable
Item 4. Submission of Matters to a Vote of Security Holders.
Inapplicable
Item 5. Other Information.
None
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits and reports to be filed
Exhibit Description
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31.1 Certification of Principal Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 Certification of Principal Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 Certification of Principal Executive Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
32.2 Certifications of Principal Financial Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K
The Company has not filed any current reports on Form 8-K with the SEC during
the last quarter of the fiscal period covered by this report.
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.
Golden State Petroleum Transport Corporation
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(Registrant)
By /s/ Kate Blankenship
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Kate Blankenship
Director, Treasurer and Secretary
By /s/ Tor Olav Troim
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Tor Olav Troim
President
Date August 13, 2003
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02089.0007 #423031