CEC INDUSTRIES CORP (CECN)
Quarterly Report (SEC form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations.
Sales for the quarter ended June 30, 1997 were $1,380 compared to sales for the quarter ended June 30, 1996 of $970,723. Sales in 1997 consisted of revenues from oil royalties.
The Company depended on short term financing for its operating expenses during the first quarter. The quarter ended June 30, 1996 the company issued 652,000 shares of common stock on Form S-8 for professional services. The shares were valued at $204,120. Selling, General and Administrative Expenses decreased from $247,839 in 1996 to $78,251 in 1997 due to a decrease in consulting and legal expenses during the first quarter. Interest expenses decreased from $308,757 in 1996 to $7,286 in 1997 due to reduction in debt during the past year.
The decreases in trading securities was due to a temporary decrease in the market value per share of securities held for sale. |
