SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934.
For the quarter ended June 30, 2002 Commission file number 0-16734
C.E.C. INDUSTRIES CORP.
(Exact name of registrant as specified in its charter)
Nevada 87-0217252
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3450 E Russell Road
Las Vegas, Nevada 89120
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 794-4992
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 _____
As of June 30, 2002, there were 40,831,805 shares of common stock outstanding.
INDEX
PART I - FINANCIAL INFORMATION Page No
Item 1. Financial Statements
Balance Sheet as of June 30, 2002 and
March 31, 2002 3-4
Statement of Operations for the quarters
ended June 30, 2002 and 2001 5
Statement of Cash Flows for the three months ended
June 30, 2002 and 2001 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation 8
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 8
Item 2. Changes in Securities 8
Item 3. Defaults by the Company upon its
Senior Securities 8
Item 4. Submission of Matter to a Vote of
Security Holders 8
Item 5. Other Information 8
Item 6. Exhibits and Reports of Form 8-K 8
SIGNATURES 8
Page Two
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
C.E.C Industries Corp.
(A Development Stage Company)
BALANCE SHEET
AS AT
June 30, 2002 and March 31, 2002
March 31, 2002 June 30, 2002
ASSETS
CURRENT ASSETS
Cash 476.00 431.00
-------------- -------------
Total Current Assets 476.00 431.00
OTHER ASSETS
Oil & Gas Interests 116,415.00 116,415.00
-------------- -------------
TOTAL OTHER ASSETS 116,415.00 116,415.00
TOTAL ASSETS $116,891.00 $116,846.00
============== =============
-UNAUDITED-
Page Three
C.E.C Industries Corp.
(A Development Stage Company)
BALANCE SHEET
AS AT
June 30, 2002 and March 31, 2002
March 31, 2002 June 30, 2002
LIABILITIES
CURRENT LIABILITIES
Accounts Payable $769,646.00 $769,646.00
-------------- -------------
Total Current Liabilities 769,646.00 769,646.00
OTHER LIABILITIES
Judgement 207,306.00 207,306.00
-------------- -------------
Total Other Liabilities 207,306.00 207,306.00
-------------- -------------
Total Liabilities 976,952.00 976,952.00
EQUITY
Common Stock, $0.001 par value, authorized
50,000,000 shares; 2,039,090.00 2,039,090.00
issued and outstanding at March 31, 2002,
40,831,805 common shares ;
issued and outstanding at June 30, 2002,
40,831,805 shares
Preferred Stock, $0.001 par value,
authorized 100,000,000 shares;
issued at March 31, 2002 and June 30, 2002
0 shares 0.00 0.00
Additional Paid in Capital 6,162,830.00 6,162,830.00
Retained Earnings (Deficit accumulated during
development stage) (9,061,981.00) (9,062,026.00)
-------------- --------------
Total Stockholders' Equity (860,061.00) (860,106.00)
-------------- -------------
TOTAL LIABILITIES & OWNER'S EQUITY $116,891.00 $116,846.00
============== =============
-UNAUDITED-
Page Four
C.E.C Industries Corp.
(A Development Stage Company)
STATEMENT OF OPERATIONS
FOR THE QUARTERS ENDED
ending June 30, 2002 and June 30, 2001
June 30, 2002 June 30, 2001
REVENUE
Royalty Income 0.00 893.00
COSTS AND EXPENSES
General and Administrative 45.00 2,161.00
Legal & Professional Expenses 0.00 0.00
Total Costs and Expenses 45.00 2,161.00
-------------- --------------
Net Income or (Loss) (45.00) (1,268.00)
============== ==============
Basic earnings per share
number of
common
shares outstanding 40,831,805 18,831,805
Net Loss
Per Share nil nil
-UNAUDITED-
Page Five
C.E.C Industries Corp.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
FOR PERIOD
FOR THE QUARTERS ENDED
ending June 30, 2002 and June 30, 2001
June 30, 2002 June 30, 2001
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income or (Loss) (45.00) (1,268.00)
Adjustments to Reconcile Net Loss to Net Cash
used in Operating Activities
(Increase) Decrease in Other Assets 0.00 0.00
Increase/(Decrease) in accounts payable 0.00 0.00
Net change in cash from operations (45.00) (1,268.00)
CASH FLOWS FROM INVESTING ACTIVITIES
Net change in cash from investment activities 0.00 0.00
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities 0.00 0.00
Balance at beginning of period 476.00 1,312.00
Net increase (decrease) in cash (45.00) (1,268.00)
Balance at end of period 431.00 44.00
-UNAUDITED-
Page Six
C.E.C. INDUSTRIES CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Statement of Information Furnished
The accompanying unaudited consolidated financial statements have been prepared
in accordance with Form 10-Q instructions and in the opinion of management
contain all adjustments (consisting of only normal recurring accruals)
necessary to present fairly the financial position as of June 30, 2002, the
results of operation for the three months ended June 30, 2002 and 2001 and the
cash flows for the three months ended June 30, 2002 and 2001. These results
have been determined on the basis of generally accepted accounting principles
and practices and applied consistently with those used in the preparation of
the Company's 2001 Annual Report on Form 10-K.
Certain information and footnote disclosures normally included in financial
statements presented in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that the
accompanying consolidated financial statement be read in conjunction with the
financial statements and notes thereto incorporated by reference in the
Company's 2001 Annual Report on Form 10-K.
Page Seven
C.E.C. INDUSTRIES CORP.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Royalty income for the quarter ended June 30, 2002 were $0 compared to royalty
income for the quarter ended June 30, 2000 of $893. All revenues in the
quarter were from oil royalties.
Selling, General and Administrative Expenses decreased from $-2161- in 2001 to
$45- in 2002 due to the company's inactivity. There were no legal expenses in
2002 or in 2000. Interest expenses were $-0- in 2001 and $0 in 2002 due to
reduction in debt during previous years.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults by the company upon its Senior Securities
None
Item 4. Submission of Matter to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports of Form 8-K
None
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
C.E.C. INDUSTRIES CORP.
By: /s/ Brian Dvorak Dated: August 16, 2002
---------------------
Brian Dvorak, President
Page Eight