CITIZENS CAPITAL CORP

CIK:0000925535|SEC Filings

Consolidated Income Statement (USD $)	3 Months Ended		253 Months Ended
Consolidated Income Statement (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
SALES			$ 177,937
COST OF SALES			37,401
OTHER INCOME/(LOSS)			(8,707)
GROSS MARGIN			131,829
GENERAL AND ADMINISTRATIVE EXPENSES	3,443	359	495,916
NET LOSS	$ (3,443)	$ (359)	$ (364,087)
NET LOSS PER SHARE (basic and diluted)

Consolidated Statement of Cash Flows (USD $)	3 Months Ended		253 Months Ended
Consolidated Statement of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Net Income/(loss)	$ (3,443)	$ (359)	$ (364,087)
Expenses paid by stockholder	457	359	142,455
Services paid for with stock and options			40,225
Depreciation and amortization	3,182		30,590
Amortization of Series 2010A; 144A bond discount
Loss on sale/disposal of equipment			20,242
Loss on sale/disposal of intangible assets - brands, rights, services, contracts			20,250
(Increase) decrease in accounts receivable		13
(Increase) decrease in prepaid expenses
(Increase) decrease in intangible assets - brands, rights, services, contracts			(60,400)
(Increase) decrease in intangible assets - Goodwill			(4,760)
(Increase) decrease in other assets - Note Receivable2 from ESOP			(18,863,700)
Increase (decrease) in accounts payable	2,986		14,863
Increase in credit card cash advances			38,418
Increase (decrease) in interest payable - Credit card cash advances	4,555		57,233
Increase (decrease) in interest payable - Stockholders' Loans	1,406	9,846
Net cash (provided) used by operating activities	9,143	13	(18,918,825)
Purchase of equipment			(34,564)
Acquisition of common stock for intangible assets			(25,010)
Net cash used by investing activities			(59,574)
Sale of stock and contribution by stockholder			16,825
Stockholders Loans			26,714
Stockholders advances			8,270
Proceeds from repayment of Note Recv1. by ESOP			288
Series 2010A; 7% percent 144A; bond issuance			30,000,000
Re-marketing discount on Series 2010A; 7% percent 144A; bond issuance			(11,136,300)
Net cash provided by financing activities			18,915,797
NET INCREASE/DECREASE IN CASH	9,143	13	(62,602)
CASH, beginning of period	(71,745)	(71,758)
CASH, end of period	(62,602)	(71,745)	(62,602)
Interest paid during year

Consolidated Balance Sheet (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash	$ (62,602)	$ (71,745)
Accounts receivable
Total current assets	(62,602)	(71,745)
Investments - (Note 10)	25,010	25,010
Note Receivable2 from ESOP Trust - (Note 11)	18,863,700	18,863,700
Total other assets	18,888,710	18,888,710
PROPERTY AND EQUIPMENT, net of accumulated depreciation
Brands; Rights; Services and Contracts	24,786	27,540
Goodwill	3,856	4,284
Total intangible assets	28,642	31,824
Total assets	18,854,750	18,848,789
Accounts payable	14,863	1,327
Advances from stockholder	8,270	8,270
Total current liabilities	23,133	9,597
Credit card cash advances - (Note 4)	38,418	38,418
Interest Payable - Credit card advances (Note 4)	57,233	52,678
Loans from stockholders - (Note 6)	26,714	26,714
Interest Payable - Stockholders' Loans - (Note 6)	9,846	8,440
Series 2010A; 7% percent; $1,000 par value; convertible; callable; 144A; First Mortgage Bonds due 2020 - (Note 13)	30,000,000	30,000,000
Discount on Series 2010A; 144A Bond Issuance - (Note 14)	(11,136,300)	(11,136,300)
Total long term liabilities	18,995,911	18,989,950
Total liabilities	19,019,044	18,999,547
COMMITMENT - (Note 9)
Preferred stock, 7 ¼ percent; $1.00 stated value, 5,000,000 shares authorized; 1,000,000 shares issued and outstanding - (Note 8)	1,000,000	1,000,000
Common stock, no par value, 100,000,000 shares authorized; 48,022,500 shares issued and outstanding ($.01 stated value)	480,225	480,225
Additional paid-in capital	48,818,823	48,816,602
Note receivable1 from ESOP - (Note 7)	(50,099,712)	(50,099,712)
Deficit accumulated during the development stage	(364,087)	(347,873)
Total stockholders' deficit	(164,294)	(150,758)
Total liabilities and stockholders' deficit	$ (18,854,750)	$ (18,848,789)