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, 2004
--------------------------------------------------
OR
[_] 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 333-26227
----------------------------------------------------------
Golden State Petroleum Transport Corporation
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-392-7016
- -------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
c/o Frontline Ltd., Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, Bermuda
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(441) 295-6935
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
(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
-------- ---------
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, 2004 and 2003 4
Balance Sheets as of June 30, 2004 and December 31, 2003 5
Statements of Cash Flows for the three months ended
June 30, 2004 and 2003 6
Notes to the Financial Statements 7
Statements of Operations and Retained Earnings
For the quarter ended June 30, 2004 and 2003
(Unaudited)
2004 2003
Revenue
Agency fees $ - $ -
--------- ---------
Expenses
Transaction expenses - -
--------- ---------
Net income $ - $ -
========= =========
Retained earnings, beginning of period - -
--------- ---------
Retained earnings, end of period $ - $ -
========= =========
See accompanying Notes to Financial Statements
Balance Sheets as of June 30, 2004 and December 31, 2003
(Unaudited)
June 30, December 31,
2004 2003
Assets
Cash $ 2 $ 2
Accounts receivable - -
----------- ----------
Total assets $ 2 $ 2
=========== ==========
Liabilities and Stockholders' equity
Accounts payable $ - $ -
----------- ----------
Total liabilities - -
----------- ----------
Stockholders' equity
Common stock, no par value; 100 shares authorized;
2 shares issued and outstanding 2 2
Retained earnings - -
----------- ----------
Total stockholders' equity 2 2
----------- ----------
Total liabilities and stockholders' equity $ 2 $ 2
=========== ==========
See accompanying Notes to Financial Statements
Statements of Cash Flows
For the quarters ended June 30, 2004 and 2003
(Unaudited)
2004 2003
Cash flows from operating activities
Net income $ - $ -
Change in operating assets and liabilities - -
--------- ---------
Net cash provided by operating activities - -
--------- ---------
Cash flows from financing activities
Capital contribution - -
--------- ---------
Net cash provided by financing activities - -
--------- ---------
Cash at beginning of period 2 2
--------- ---------
Cash at end of period $ 2 $ 2
========= =========
See accompanying Notes to Financial Statements
Notes to the Financial Statements
The interim financial statements of Golden State Petroleum Transport Corporation
(the "Company") have been prepared in accordance with generally accepted
accounting principles for interim financial information and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. These financial statements are unaudited and should be
read in conjunction with the audited financial statements and notes thereto
included in the Company's Annual Report on Form 10-K for the year ended December
31, 2003. The Company follows the same accounting policies in the preparation of
interim reports. In the opinion of management, the financial statements reflect
all adjustments, which are of a normal recurring nature, necessary for a fair
presentation of the financial condition, results of operations and cash flows of
the Company for the interim periods presented and are not necessarily indicative
of a full year's results.
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
(a) Evaluation of disclosure controls and procedures.
Within the 90 days prior to the date of this report, the Company carried
out an evaluation, under the supervision and with the participation of the
Company's manager Frontline Ltd, including the Company's President and
Treasurer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures pursuant to Exchange Act Rule
13a-14. Based upon that evaluation, the President and Treasurer concluded
that the Company's disclosure controls and procedures are effective in
alerting them timely to material information relating to the Company
required to be included in the Company's periodic SEC filings.
(b) Changes in internal controls
There have been no significant changes in our internal controls or in other
factors that could have significantly affected those controls subsequent to
the date of our most recent evaluation of internal controls, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
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
31.1 Certification of Chief Executive Officer pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
31.2 Certification of Chief Financial Officer pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
32.1 Certification of Chief 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 Certification of Chief 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
- --------------------------------------------
(Registrant)
By /s/ Kate Blankenship
--------------------
Kate Blankenship
Director, Treasurer and Secretary
By /s/ Tor Olav Tr0im
------------------
Tor Olav Tr0im
President
Date August 12, 2004
02089.0007 #505607