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 December 31, 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) 214-4253
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 December 31, 2002, there were 408,318 shares of common stock outstanding.
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheet as of March 31, 2002 and December 31, 2002 3-4
Statement of Operations for the Quarters
ended December 31, 2001 and 2002 5
Statement of Cash Flows for the Quarters ended
December 31, 2001 and 2002 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation 7
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
March 31, 2002 and December 31, 2002
March 31, 2002 December 31, 2002
ASSETS
CURRENT ASSETS
Cash 476.00 341.00
----------- -----------
Total Current Assets 476.00 341.00
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 $116,756.00
----------- -----------
----------- -----------
-UNAUDITED-
See accompanying notes to financial statements
Page Three
C.E.C. Industries Corp.
(A Development Stage Company)
BALANCE SHEET
AS AT
March 31, 2002 and December 31, 2002
LIABILITIES & EQUITY
March 31 December 31,
2002 2002
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
408,318 common shares ; issued and
outstanding at December 31, 2002,
408,318 shares
Preferred Stock, $0.001 par value, authorized
100,000,000 shares; issued at March 31, 2002
and December 31, 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) (9,062,116.00)
----------- -----------
Total Stockholders' Equity (860,061.00) (860,196.00)
----------- -----------
TOTAL LIABILITIES & OWNER'S EQUITY $116,891.00 $116,756.00
----------- -----------
----------- -----------
-UNAUDITED-
Page Four
C.E.C. Industries Corp.
(A Development Stage Company)
STATEMENT OF OPERATIONS
FOR THE QUARTERS ENDED
ending December 31, 2002 and December 31, 2001
December 31, December 31,
REVENUE 2002 2001
Royalty Income 0.00 301.00
COSTS AND EXPENSES
General and Administrative 45.00 305.00
Other Income (Expense)
Interest Income
Temporary Decrease in Marketable Securities
Interest Expense
Total Costs and Expenses 45.00 305.00
----------- -----------
Net Income or (Loss) (45.00) (4.00)
----------- -----------
----------- -----------
Basic earnings per share
number of common
shares outstanding 408,318 408,318
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 December 31, 2002 and December 31, 2001
CASH FLOWS FROM OPERATING ACTIVITIES
December 31, December 31,
2002 2001
Net Income or (Loss) (45.00) (4.00)
Temporary Decrease in Trading Securities 0.00 0.00
Adjustments to Reconcile Net Loss to Net Cash
used in Operating Activities
Non cash transaction- shares issued for services 0.00 0.00
(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) (4.00)
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 386.00 44.00
Net increase (decrease) in cash (45.00) (4.00)
Balance at end of period 341.00 40.00
-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
December 31, 2002 the results of operation for the three months ended
December 31, 2002 and 2001 and the cash flows for the three months ended
December 31, 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 2002 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 2002 Annual Report on Form 10-K.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Royalty income for the quarter ended December 31, 2002 was $0 compared to
royalty income for the quarter ended December 31, 2001 of $382.
Selling, General and Administrative Expenses decreased from $2,245 in 2001 to
$0 in 2002. Consulting expenses were $0 in 2001 and 2002.
Page Seven
C.E.C. INDUSTRIES CORP.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
On December 2, 2002, shareholders representing a majority of the issued and
outstanding stock, approved a 100:1 reverse stock split of the company's
common stock, par value $0.001.
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
C.E.C. INDUSTRIES CORP.
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: February 19, 2003
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Brian Dvorak, President