U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-QSB
Quarterly Report Under
the Securities Exchange Act of 1934
For Quarter Ended: March 31, 1997
Commission File Number: 0-21851
EURO-TEL, INC.
(Exact name of small business issuer as specified in its charter)
Colorado
(State or other jurisdiction of incorporation or organization)
84-1189040
(IRS Employer Identification No.)
2851 South Parker Road, Suite 720
Aurora, Colorado
(Address of principal executive offices)
80014
(Zip Code)
(303) 671-8920
(Issuer's Telephone Number)
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the past 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 number of shares of the registrant's only class of common stock
issued and outstanding, as of March 31, 1997, was 500,000 shares.
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS.
The unaudited financial statements for the six month period
ended March 31, 1997, are attached hereto.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with
the Financial Statements and notes thereto included herein.
The Company generated no revenues during the six month period
ending March 31, 1997. Management of the Company anticipates that
the Company will not generate any significant revenues until the
Company accomplishes its business objective of merging with a
nonaffiliated entity or acquiring assets from the same.
The Company's securities are currently not liquid. There are
no market makers in the Company's securities and it is not
anticipated that any market will develop in the Company's
securities until such time as the Company successfully implements
its business plan of engaging in a business opportunity, either by
merger or acquisition of assets. The Company presently has no
liquid financial resources to offer such a candidate and must rely
upon an exchange of its stock to complete such a merger or
acquisition.
Because the Company is not required to pay rent or salaries to
any of its officers or directors, management believes that the
Company has sufficient funds to continue operations through the
foreseeable future.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS - NONE
ITEM 2. CHANGES IN SECURITIES - NONE
ITEM 3. DEFAULTS UPON SENIOR SECURITIES - NONE
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS -
NONE.
ITEM 5. OTHER INFORMATION -
The Registrant filed a Form 8-K on May 2, 1997, reporting
the execution of a letter of intent on April 29, 1997, with
PharmaSystems Cost Containment Corp. ("PSC"), a privately held
Florida corporation, whereby the Registrant agreed in principle to
acquire all of the issued and outstanding shares of PSC in exchange
for issuance by the Registrant of 18,000,000 previously unissued
"restricted" common stock of the Registrant. A copy of the letter
of intent with PSC was annexed to the Form 8-K as an Exhibit.
2
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -
(a) Exhibits
EX-27 Financial Data Schedule
(b) Reports on Form 8-K
The Registrant filed a Form 8-K on May 2, 1997, reporting
the execution of a letter of intent on April 29, 1997, with
PharmaSystems Cost Containment Corp. ("PSC"), a privately held
Florida corporation, whereby the Registrant agreed in principle to
acquire all of the issued and outstanding shares of PSC in exchange
for issuance by the Registrant of 18,000,000 previously unissued
"restricted" common stock of the Registrant. A copy of the letter
of intent with PSC was annexed to the Form 8-K as an Exhibit.
3
<PAGE>
<TABLE>
EURO-TEL, INC.
(A Development Stage Company)
Unaudited
Balance Sheet
<CAPTION>
Unaudited Audited
March 31 September 30
1997 1996
_________ ___________
<S> <C> <C>
ASSETS
Current Assets - Cash $ 0 $ 0
_________ ___________
TOTAL ASSETS $ 0 $ 0
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities $ 0 $ 0
SHAREHOLDERS' EQUITY
Common Stock, No Par Value;
100,000,000 Shares Authorized,
500,000 Issued and Outstanding at
March 31, 1997 and September 30, 1996,
respectively $ 500 $ 500
Preferred Stock, $.01 Par Value;
25,000,000 Shares Authorized,
No Shares Issued and Outstanding 0 0
Deficit Accumulated During
the Development Stage (500) (500)
_________ ___________
Total Shareholders' Equity $ 0 $ 0
_________ ___________
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY $ 0 $ 0
</TABLE>
4
<PAGE>
<TABLE>
EURO-TEL, INC.
(A Development Stage Company)
Unaudited
Statement of Operations
<CAPTION>
For the For the Nov. 26, 1991
Six Months Six Months (Inception)
Ended Ended Thru
March 31, March 31 March 31,
1997 1996 1997
____________ ____________ _____________
<S> <C> <C> <C>
Income $ 0 $ 0 $ 0
Expenses 0 0 500
Net (Loss) Accumulated
During The Development
Stage $ 0 $ 0 $ (500)
Net (Loss) Per Share $ ($0.00) $ ($0.00) $ ($0.00)
Common Shares
Outstanding 500,000 500,000 500,000
</TABLE>
5
<PAGE>
<TABLE>
EURO-TEL, INC.
(A Development Stage Company)
Unaudited
Cash Flow Statement
<CAPTION>
For the For the Nov. 26, 1991
Six Months Six Months (Inception)
Ended Ended Thru
March 31, March 31, March 31,
1997 1996 1997
____________ ____________ ______________
<S> <C> <C> <C>
Cash Flows From
Operating Activities:
Net Profit (Loss)
Accumulated During The
Development Stage $ 0 $ 0 $ (500)
Amortization and
Depreciation 0 0 0
Services Performed
Not Paid by Cash 0 0 500
____________ ____________ _____________
Net Cash Flows
From Operations 0 0 0
Cash Flows From
Financing Activities:
Issuance of Common Stock 0 0 0
Additional Paid in Capital 0 0 0
____________ ____________ _____________
Net Cash Provided
by Financing Activities 0 0 0
____________ ____________ _____________
Net Increase (Decrease) in Cash 0 0 0
Cash At Beginning of Period 0 0 0
____________ ____________ _____________
Cash At End of Period $ 0 $ 0 $ 0
Supplementary Disclosure of
Cash Flow Information:
Noncash Financing Activities:
Common Stock Issued
For Services $ 0 $ 0 $ 500
</TABLE>
6
<PAGE>
<TABLE>
EURO-TEL, INC.
(A Development Stage)
Unaudited
Statement of Shareholders' Equity
<CAPTION>
Deficit
Accumulated
Number of Additional During the
Shares Common Paid In Development
Common Stock Stock Capital Stage Total
____________ ______ __________ ___________ _______
<S> <C> <C> <C> <C> <C>
Balance at
Nov. 26, 1991 0 $ 0 $ 0 $ 0 $ 0
Issuance of Common Stock:
January, 1992 - For
Cash Advances and
Services At $.001 Per
Share 500,000 $ 500 0 0 500
Net (Loss) (500) (500)
____________ ______ __________ ___________ _______
Balance at
September 30, 1990,
1991, 1992, 1993,
1994, 1995 & 1996 500,000 500 0 (500) 0
Net (Loss) 0 0
____________ ______ __________ ___________ _______
Balance at
March 31, 1997 500,000 500 $ 0 $ (500) $ 0
</TABLE>
7
<PAGE>
EURO-TEL, INC.
(A Development Stage Company)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1.
The Company initially authorized 10,000,000 shares of $.01 par
value common stock. In January, 1992 the company issued 100 shares
of common stock for services valued at $500 or $5.00 per share for
cash advances and services. In November 1996 the Company amended
its Articles of Incorporation and authorized 100,000,000 shares of
no par value common stock and 25,000,000 shares of $.01 par value
preferred stock and effectuated a 5,000 to 1 forward split. For
accounting purposes the equity of the Company was retroactively
restated to reflect this change.
In the opinion of management, all adjustments, consisting only of
normal recurring adjustments necessary for a fair statement of (a)
the results of operations for the six month periods ended March 31,
1997 and 1996, and for the periods from inception at November 26,
1991 to March 31, 1997, (b) financial position at March 31, 1997
and September 30, 1996, and (c) the cash flows for the six months
ended March 31, 1997 and 1996, and for the period from inception,
November 26, 1991, to March 31, 1997, have been made.
NOTE 2.
The results for the six month period ended March 31, 1997, are not
necessarily indicative of the results for the entire fiscal year
ended September 30, 1997.
8
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities
and Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto
duly authorized.
EURO-TEL, INC.
(Registrant)
Dated: May 13, 1997
By: s/Andrew I. Telsey
Andrew I. Telsey,
President
9
<PAGE>
EURO-TEL, INC.
Exhibit Index to Quarterly Report on Form 10-QSB
For the Quarter Ended March 31, 1997
EXHIBITS Page No.
EX-27 Financial Data Schedule. . . . . . . . . . . . . . 11
10
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FILED WITH FORM 10-QSB FOR THE FISCAL QUARTER
ENDED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 500
<OTHER-SE> (500)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
