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.