CSCA filing, here's the discussion part:
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations: Cassco Capital Corp. (Company) was incorporated as
Anthony Kane Incorporated under the laws of the State of Delaware on February 5,
1969, and became subject to the reporting provisions of the Securities Exchange
Act of 1934 on June 11, 1969, when a registration statement filed by the Company
was declared effective by the U.S. Securities and Exchange Commission.
The name of the Company was changed to Maid-Rite Ventures, Inc., on April 8,
1985, and to Grandee Corporation on September 23, 1985, on which date the
Company also increased its authorized shares of common stock from 25,000,000 to
75,000,000, concurrently effecting a decrease in par value per share from $.01
to $.00333.
In July, 1992, the Company entered into an agreement with K C Jakes BBQ & Grill,
Inc., for the purpose of acquiring KC Jakes as a subsidiary. This agreement was
set aside by a court of competent jurisdiction in 1994, as previously reported
by the Company in a filing under the Securities Exchange Act of 1934 on Form
8-K.
On January 10, 1995, the Company entered into an agreement with Epsitek, Inc., a
Delaware corporation to acquire two subsidiaries of Epsitek as wholly-owned
subsidiaries of the Company. In conjunction with the acquisition, the Company
issued 6,000,000 shares of common stock to Epsitek, which also appointed new
directors and took control of the Company. Subsequently, Epsitek was unable to
complete the conditions imposed for and at closing. The acquisition, therefore,
did not occur and the shares issued in connection with the acquisition were
returned to treasury and the board members of the Company appointed by Epsitek
resigned.
The Company is now engaged in the process of locating a merger and/or
acquisition candidate.
The Company, during the period covered by this report, engaged an auditor and an
attorney for the purpose of preparing and filing all delinquent reports and
returns with the Securities and Exchange Commission and the Internal Revenue
Service. This was accomplished during July, 1999. A substantial portion of the
accounts payable and of the expenses for the period covered by this report
related to these services.
The Company, on July 14, 1999, entered into contracts with two separate
individuals for the purpose of increasing the public's awareness of the Company.
These individuals have been actively engaged in preparing a corporate profile
and introducing the Company to a variety of contacts within the industry. The
contracts are for a two year period and each provide for monthly cash
compensation of $5,000. The consultants may, if they choose to do so, convert
their compensation to shares of the common stock of the Company. Neither of the
consultants had elected to exercise their options as of the date of this report.
A substantial portion of the accounts payable and of the expenses for the period
covered by this report related to these services.
The Company, subsequent to the period covered by this report, elected to move
forward in changing its domicile to Nevada and reverse splitting its outstanding
shares of common stock on a one for 100 (1:100) basis. Management anticipates
that this will be accomplished immediately subsequent to the filing of this
report.
The Company has had recurring losses from operations since inception and had a
net capital deficiency at year end, each of which raise substantial doubts about
the ability of the Company to continue as a going concern. Accordingly, the
auditors' report and opinion included in this report contain an explanatory
paragraph about these uncertainties.
The Company, as a result of the cessation of its business and the failure of its
proposed acquisitions, had no operations during the year; thus, no meaningful
comparison can be made to prior years.
Liquidity and Capital Resources: The Company, from inception has relied on
capital infusions from executive officers and directors and on credit from
vendors. |
