Utah
|
87-0233535
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(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
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9903 Santa Monica Blvd, Suite 287, Beverly Hills,
California
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90212
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer [_]
|
Accelerated
filer [_]
|
Non-accelerated
filer [_]
|
Smaller
reporting company [X]
|
Page
|
Number
|
|
PART
I - FINANCIAL INFORMATION
|
|
Item 1. Financial
Statements.
|
3 –
8
|
Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of
Operations.
|
9
|
Item
4. Controls and Procedures.
|
11
|
PART
II - OTHER INFORMATION
|
|
Item 6.
Exhibits.
|
11
|
Signatures
|
12
|
Certifications
|
Attached
|
March
31, 2009
|
December
31, 2008
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 27,953 | $ | 54,419 | ||||
TOTAL
CURRENT ASSETS
|
27,953 | 54,419 | ||||||
TOTAL
ASSETS
|
$ | 27,953 | 54,419 | |||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 6,213 | $ | 3,646 | ||||
Dividends
payable
|
32,076 | 32,076 | ||||||
TOTAL
LIABILITIES
|
38,289 | 35,722 | ||||||
STOCKHOLDERS’
EQUITY
|
||||||||
Class
A Preferred stock; no par value
|
||||||||
Authorized
– 10,000,000 shares
|
||||||||
Issued
and outstanding – 0 shares
|
- | - | ||||||
Common
stock, par value $0.10 per share
|
||||||||
Authorized
– 50,000,000 shares; 1,017,573 issued and outstanding
|
101,757 | 101,757 | ||||||
Additional
paid-in capital
|
495,558 | 495,558 | ||||||
Retained
(deficit) earnings
|
(607,651 | ) | (578,618 | ) | ||||
TOTAL
STOCKHOLDERS’ EQUITY
|
(10,336 | ) | 18,697 | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 27,953 | $ | 54,419 |
2009
|
2008
|
|||||||
EXPENSES
|
||||||||
General
and administrative
|
$ | 29,033 | $ | 35,122 | ||||
Consulting
fees, non-cash compensation
|
- | - | ||||||
TOTAL
EXPENSES
|
29,033 | 35,122 | ||||||
(LOSS)
FROM OPERATIONS
|
(29,033 | ) | (35,122 | ) | ||||
OTHER
INCOME (EXPENSE)
|
||||||||
Interest
income
|
- | 2,441 | ||||||
OTHER
INCOME (EXPENSE)
|
- | 2,441 | ||||||
(LOSS)
FROM BEFORE INCOME TAXES
|
(29,033 | ) | (32,681 | ) | ||||
Provision
for income taxes
|
- | - | ||||||
NET
(LOSS)
|
$ | (29,033 | ) | $ | (32,681 | ) | ||
NET
(LOSS) INCOME PER COMMON SHARE
|
||||||||
Basic
and diluted:
|
$ | (0.03 | ) | $ | (0.06 | ) | ||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||
COMMON
SHARES OUTSTANDING
|
||||||||
Basic
and diluted
|
1,107,573 | 521,979 |
Common
Stock
|
Additional
Paid-in
|
Retained
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
|||||||||||||||
Balance,
December 31, 2008
|
1,107,573
|
$
|
101,757
|
$
|
495,558
|
$
|
(578,618
|
)
|
$
|
18,697
|
|||||||||
Net
(loss) for the three months
|
|||||||||||||||||||
Ended
March 31, 2009
|
-
|
-
|
-
|
(29,033
|
)
|
(29,033
|
)
|
||||||||||||
Balance,
March 31, 2009
|
1,107,573
|
$
|
101,757
|
$
|
495,558
|
$
|
(607,651
|
)
|
$
|
(10,336
|
)
|
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
(loss) from continuing operations
|
$ | (29,033 | ) | $ | (32,682 | ) | ||
Adjustments
to reconcile net (loss) to net cash
|
||||||||
(used)
by operating activities:
|
||||||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
- | 18,556 | ||||||
Accounts
payable
|
2,567 | 8,341 | ||||||
Accrued
liabilities
|
- | (2,055 | ) | |||||
NET CASH (USED) PROVIDED BY
OPERATING ACTIVITIES
|
(26,466 | ) | (7,840 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Purchase
of treasury stock
|
- | (39,810 | ) | |||||
NET CASH (USED) BY FINANCING
ACTIVITIES
|
- | (39,810 | ) | |||||
NET
INCREASE (DECREASE) IN CASH
|
||||||||
AND
CASH EQUIVALENTS
|
(26,466 | ) | (47,650 | ) | ||||
CASH
AND CASH EQUIVALENTS
|
||||||||
AT
THE BEGINNING OF
|
||||||||
THE
PERIOD
|
54,419 | 408,634 | ||||||
CASH
AND CASH EQUIVALENTS
|
||||||||
AT
THE END OF THE PERIOD
|
$ | 27,953 | $ | 360,984 |
31
|
Rule
13a-14(a)/15d-14(a) Certification.
|
32
|
Section
1350 Certification.
|
Dated:
April 29, 2009
|
CROFF
ENTERPRISES, INC.
|
By
/s/ GREGORY R.
WOODHILL
|
|
Gregory
R. Woodhill, President and
|
|
Chief
Financial Officer
|
Exhibit Number
|
Description
|
|
31
|
Rule
13a-14(a)/15d-14(a) Certification.
|
|
32
|
Section
1350 Certification.
|
Dated:
April 29, 2009
|
/s/ GREGORY R. WOODHILL
|
Gregory
R. Woodhill, President and
|
|
Chief
Financial Officer
|
Dated:
April 29, 2009
|
/s/ GREGORY R. WOODHILL
|
Gregory
R. Woodhill, President and
|
|
Chief
Financial
Officer
|