SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10Q Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Year Ended Commission File No. 8-7539 ------------------------- JUNE 30, 2001 DELTA STATES OIL INC. (Exact name of Registrant as specified in its Charter) Delaware 13-2599131 (State or other jurisdiction of (I.R.S. Employer) Incorporation or organization) (Address of principal executive offices) Alfred D. Morgan, PhD, President Delta States Oil Inc. 888 Riverbank Road, Stanford, CT 06903 Registrant telephone No: 203-322-1003 Securities registered pursuant to Section 12G of the Act: None Indicate by check mark whether Registrant has (1) filed all reports requried 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 [ ] The aggregate market value of the voting stock (common stock $0.01 par value) held by non-affiliates of the Registrant is not ascertainable as there have been no reported bids or sales of such stock in F.Y. 2001 to the knowledge of the Registrant's management. The aggregate market number of outstanding shares of common stock par value $0.01 on JUNE 30, 2001, was 2,364,542 including 789,832 shares held in the Company Treasury. Documents incorporated by reference. None DELTA STATES OIL INC. 10Q, 3RD QUARTER, JUNE 30, FISCAL YEAR 2001 PART I. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PRESENT RESULTS OF OPERATIONS: Registrant did not conduct any operations during this Quarter. Management, however, continued to search for means of engaging in active operations by merger or acquisition. Although financial resources at hand are inadequate for a significant acquisition by cash, liquid assets at hand appear adequate to support anticipated administrative costs for this fiscal year. PART II. 1. Management has not been notified of any legal proceedings against it to this fiscal year date or in the preceding fiscal year, nor have any legal proceedings been commenced by the Company in the period herein referred to. 2. No changes in securities issued occurred during this Quarter. However during fiscal year 1997 the Board voted to issue to each Director 20,000 shares of common stock in lieu of a cash stipend for work performed and associated responsibilities assumed in behalf of the Company, and in view of lack of Director insurance or other usual perquisites received by public company Boards. During the 1998 fiscal year new Directors were appointed in accord with Company By Laws bringing the Board to four members including Alfred Morgan, Ph.D., President/Chairman, Treasurer; Saul Horing, J.D., Secretary; Robert Maertz, J.D. Director; Dr. Larry Neuman, M. D., Director. 3. The above-mentioned issuance of 60,000 shares to certain Directors only, increased the common outstanding to 2,390,000 shares of which, however, 780,132 common shares remain as Treasury shares not in public "float" or shareholder hand. 4. No securities were issued in this Quarter concerned. 5. No Matters requiring to be voted on by Stockholders were submitted during this Quarter. When Corporate actions will require a vote by Stockholders, such actions voted by the Board and requiring Stockholder vote will be submitted for vote by proxy to shareholders insuch manner as required by Company By Laws. 6. EXHIBITS IN THIS REPORT: FINANCIAL STATEMENTS, PART I Pursuant to requirements of the Securities Exchange Act of 1934, and as amended, the Registrant has duly caused this Report to be signed by the duly authorized Officer shown below: August 13, 2001 /s/ Alfred D. Morgan ----------------------------------- Alfred D. Morgan, Ph.D. President, Chairman, Treasurer PART I DELTA STATES OIL INC. 10Q QUARTERLY REPORT FINANCIAL STATEMENTS 3RD QUARTER, JUNE 30, FISCAL YEAR 2001 UNAUDITED BALANCE SHEET -- UNAUDITED (ROUNDED TO NEAREST DOLLAR) 6/30/01 6/30/00 ASSETS (cash bank accts) $ 7,211 $ 8,722 LIABILITIES (Est. current) 600 500 SHAREHOLDER EQUITY Authorized common, 6,000,000 Shares; issued and outstanding 2,390,000 including 780,832 Treasury shares not in float 108,500 108,500 Additional paid-in capital 7,660 7,660 Accumulated deficit 60,107 59,997 Less Cost, Treasury shares 39,042 39,042 EQUITY 15,295 15,405 INCOME STATEMENT -- UNAUDITED INTEREST RECEIVED (Fleet bank) 74 126 EXPENSES (Travel, phone, mail, acctng) (184) (546) NET INCOME (Loss) (110) (420) Per Share Loss nm nm (nm: not meaningful) Note: All funds kept at Fleet Bank, Stamford, Ct.