SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
CIK NO.: 0001042053
For Quarter Ended Commission File Number
September 30, 1999 0-29670
DRUCKER INDUSTRIES, INC.
-------------------------------
(Exact name of registrant as specified in its charter)
Delaware N/A
--------- ------------
(State of incorporation) (I.R.S. Employer
Identification No.)
#1-1035 Richards Street, Vancouver, B.C. Canada V6B 3E4
---------------------------------------------------------------
(Address of principal executive offices) (Postal Code)
Registrant's telephone number, including area code: (604) 681-4421
--------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to the filing
requirements for at least the past 90 days.
Yes No X
---- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
32,476,250 as of September 30, 1999
<PAGE>
ITEM 1. Financial Statements
DRUCKER INDUSTRIES, INC.
(An Exploration Stage Company)
CONSOLIDATED FINANCIAL STATEMENTS
September 30, 1999
(Stated in U.S. dollars)
(Unaudited - See Note 1)
<PAGE>
<TABLE>
<CAPTION>
SEE ACCOMPANYING NOTES
DRUCKER INDUSTRIES, INC.
(An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS
September 30, 1999 and December 31, 1998
(Stated in U.S. dollars)
ASSETS September 30, December 31,
1999 1998
Current
<S> <C> <C>
Cash and term deposits $ 2,898,386 $ 2,763,628
Accrued interest receivable 7,152 5,483
Prepaid expenses - 2,269
2,905,538 2,771,380
Oil and gas projects 485,406 1,262,106
$ 3,390,944 $ 4,033,486
LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable and accrued expenses $ 142,693 $ 47,455
Stockholders' Equity - Note 2
Common stock $.001 par value, authorized 50,000,000 shares:
32,476,250 shares issued and outstanding 32,115 32,115
Additional paid-in capital 6,306,803 6,306,803
Deficit accumulated during the exploration stages ( 3,090,667) ( 2,352,887)
3,248,251 3,986,031
$ 3,391,144 $ 4,033,486
</TABLE>
SEE ACCOMPANYING NOTES
<PAGE>
<TABLE>
<CAPTION>
DRUCKER INDUSTRIES, INC.
(A Exploration Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three and nine month periods ended September 30, 1999 and 1998
and January 1, 1997 (Date of Inception of Exploration Stage) to September 30, 1999
(Stated in U.S. dollars)
(Unaudited - See Note 1)
January 1, 1997
(Date of Incep-
tion of Explora-
Three months ended Nine months ended tion Stage) to
Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
General and administrative
Expenses-Schedule 1 $ 32,426 $ 27,274 $ 138,492 $ 130,774 $ 568,463
Dry hole expenses-Schedule 2 - - - - 147,281
Exploration expenses-Schedule 3 406,964 211,600 704,737 211,600 1,554,025
Loss before the following: ( 439,390) ( 238,874) ( 843,229) ( 342,374) ( 2,269,769)
Interest income 37,961 11,213 105,449 112,723 465,740
Net loss $ ( 401,429)$ ( 227,661) $ ( 737,780) $ ( 229,651) $ ( 1,804,029)
Net loss per share $ ( 0.01) $ ( 0.01) $ ( 0.02) $ ( 0.01)
Weighted average shares
outstanding 32,476,250 32,476,250 32,476,250 32,476,250
</TABLE>
SEE ACCOMPANYING NOTES
<PAGE>
<TABLE>
<CAPTION>
DRUCKER INDUSTRIES, INC.
(A Exploration Stage Company)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
for the nine months ended September 30, 1996, 1997, 1998 and 1999 and years ended December 31, 1990 to
December 31, 1998 and
February 4, 1971 (Date of Inception) to September 30, 1999
(Stated in U.S. dollars)
(Unaudited - See Note 1)
Deficit
Accumulated
Additional During the
Common Stock Paid-in Explora-
Shares Amount Capital tion Stage Total
<S> <C> <C> <C> <C> <C>
Shares issued to acquire Monetary Metals, Inc. 675,000 $ 675 $ ( 675) $ -
Shares issued to acquire net assets of Drucker
Sound Design Corporation 2,700,000 2,700 65,046 67,746
Net loss from inception to December 31, 1989 $( 8,115) ( 8,115)
Net loss for year ended December 31, 1990 (144,333) (144,333)
Five for one forward split of outstanding shares 13,500,000 13,500 ( 13,500) -
Funds contributed by stockholder 124,196 124,196
Sale of units for cash, September 1991 1,050,000 1,050 103,950 105,000
Sale of units for cash, December 1991 750,000 750 74,250 75,000
Shares issued to settle debts 52,500 53 5,197 ( 5,250) -
Shares issued to directors as compensation 450,000 450 44,550 ( 45,000) -
Correct funds contributed to stockholders ( 24,990) ( 24,990)
Interest on note payable ( 7,370) ( 7,370)
Net loss for year ended December 31, 1991 ( 38,417) ( 38,417)
Balance, December 31, 1991, as previously reported 19,177,500 19,178 378,024 (248,485) 148,717
Adjustments to previously reported amounts:
Fiscal agent fees ( 18,000) ( 7,300) ( 25,300)
Balance, December 31, 1991, as restated 19,177,500 19,178 360,024 (255,785) 123,417
Sale of common stock, March 1992 700,000 700 69,300 70,000
Sale of common stock, September 1992 500,000 500 54,500 55,000
Net loss for year ended December 31, 1992 ( 78,078) ( 78,078)
Balance, December 31, 1992, as previously reported 20,377,500 20,378 483,824 (333,863) 170,339
<PAGE>
DRUCKER INDUSTRIES, INC.
(A Exploration Stage Company)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
for the nine months ended September 30, 1996, 1997, 1998 and 1999 and years ended
December 31, 1990 to December 31, 1998 and
February 4, 1971 (Date of Inception) to September 30, 1999
(Stated in U.S. dollars)
(Unaudited - See Note 1)
Deficit
Accumulated
Additional During the
Common Stock Paid-in Explora-
Shares Amount Capital tion Stage Total
Balance Forward, December 31, 1992, as previously reported 20,377,500 20,378 483,824 (333,863) 170,339
Adjustments to previously reported amounts:
Fiscal agent fees ( 12,500) ( 20,600) ( 33,100)
Balance, December 31, 1992, as restated 20,377,500 20,378 471,324 (354,463) 137,239
Net loss for the year ended December 31, 1993 (134,081) (134,081)
Balance, December 31, 1993 20,377,500 20,378 471,324 (488,544) 3,158
Adjustment to previously reported amounts:
Fiscal agent fees ( 27,280) ( 27,280)
Balance, December 31, 1993, as restated 20,377,500 20,378 471,324 (515,824) ( 24,122)
Sale of common stock, July, 1994 200,000 200 29,800 30,000
Fiscal agent fees ( 3,000) ( 3,000)
Net loss for the year ended December 31, 1994 (563,546) (563,546)
Balance, December 31, 1994 20,577,500 20,578 498,124 (1,079,370) (560,668)
Shares issued to settle debts 5,976,683 5,977 596,739 602,716
Net loss for the year ended December 31, 1995 ( 79,455) ( 79,455)
Balance, December 31, 1995 26,554,183 26,555 1,094,863 (1,158,825) ( 37,407)
SEE ACCOMPANYING NOTES
<PAGE>
DRUCKER INDUSTRIES, INC.
(A Exploration Stage Company)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
for the nine months ended September 30, 1996, 1997, 1998 and 1999 and years ended December 31, 1990
to December 31, 1998 and February 4, 1971 (Date of Inception) to September 30, 1999
(Stated in U.S. dollars)
(Unaudited - See Note 1)
Deficit
Accumulated
Additional During the
Common Stock Paid-in Explora-
Shares Amount Capital tion Stage Total
Balance Forward, December 31, 1995 26,554,183 26,555 1,094,863 (1,158,825) ( 37,407)
Net income for the nine months ended September 30, 1996 20 20
Balance, September 30, 1996 26,554,183 26,555 1,094,863 (1,158,805) ( 37,387)
Shares issued to settle debts 380,002 380 37,620 38,000
Net loss for the three months ended December 31, 1996 ( 3,138) ( 3,138)
Balance, December 31, 1996 26,934,185 26,935 1,132,483 (1,161,943) ( 2,525)
Sale of units for cash, May, 1997 5,179,500 5,180 5,174,320 5,179,500
Shares issued for finders' fee 362,565 -
Net loss for the nine months ended September 30, 1997 ( 42,986) ( 42,986)
Balance, September 30, 1997 32,476,250 32,115 6,306,803 (1,204,929) 5,133,989
Net loss for the three months ended December 31, 1997 ( 506,828) ( 506,828)
Balance, December 31, 1997 32,476,250 32,115 6,306,803 (1,711,757) 4,627,161
Net loss for the nine months ended September 30, 1998 ( 229,651) ( 229,651)
Balance, September 30, 1998 32,476,250 32,115 6,306,803 (1,941,408) 4,397,510
Net loss for the three months ended December 31, 1998 ( 411,479) (411,479)
Balance, December 31, 1998 32,476,250 32,115 6,306,803 (2,352,887) 3,986,031
Net loss for the nine months ended September 30, 1999 ( 737,780) (737,780)
Balance, September 30, 1999 32,476,250 32,115 6,306,803 (3,090,667) 3,248,251
</TABLE>
SEE ACCOMPANYING NOTES
<PAGE>
<TABLE>
<CAPTION>
DRUCKER INDUSTRIES, INC.
(A Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOW
for the nine months ended September 30, 1999 and 1998
and January 1, 1997 (Date of Inception of Exploration Stage) to September 30, 1999
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
January 1, 1997
(Date of
Inception of
Exploration
Stage)
Nine months ended Sept. 30, to Sept. 30,
1999 1998 1999
<S> <C> <C> <C>
Cash flow from operating activities:
Net loss for the period $ ( 737,780) $ ( 229,651) $ ( 1,928,724)
Add item not involving cash:
Capital assets written-off - - 40,288
Write-off of advances - - 31,285
( 737,780) ( 229,651) ( 1,857,151)
Adjustments to reconcile net loss to net cash used
in operations
Advances receivable - 250,709 -
Accrued interest receivable ( 1,669) ( 1,621) ( 7,152)
Prepaid expenses 2,269 - -
Accounts payable and accrued expenses 95,238 ( 75,508) 140,168
Advance payable - ( 50,812) -
Net cash used in operating activities ( 641,942) ( 106,883) ( 1,724,135)
Cash flows used in investing activities
Oil and gas projects costs 776,700 ( 352,000) ( 506,177)
Cash flow from financing activities:
Proceeds from sale of common stock - - 5,179,500
Advance payable - - ( 50,802)
- - 5,128,698
Net increase (decrease) in cash 134,758 ( 458,883) 2,898,386
Cash and term deposits, beginning of period 2,763,628 3,238,576 -
Cash and term deposits, end of period $ 2,898,386 $ 2,779,693 $ 2,898,386
</TABLE>
SEE ACCOMPANYING NOTES
<PAGE>
<TABLE>
<CAPTION>
Schedule 1
DRUCKER INDUSTRIES, INC.
(An Exploration Stage Company)
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES
for the three and nine month periods ended September 30, 1998 and 1997
and January 1, 1997 (Date of Inception of Exploration Stage) to September 30, 1999
(Stated in US Dollars)
(Unaudited - See Note 1)
January 1, 1997
(Date of Incep-
tion of Explora-
tion Stage)
Three months ended Sept. 30, Nine months ended Sept. 30, to Sept. 30,
1999 1998 1999 1998 1999
<S> <C> <C> <C> <C> <C>
Accounting and audit $ 1,824 $ 1,995 $ 39,481 $ 42,642 $ 93,671
Advances written-off - - - - 24,061
Consulting fee 10,763 10,749 43,537 30,911 114,010
Foreign exchange (gain) loss 662 418 1,213 2,614 1,546
Interest and bank charges 1,095 226 1,707 528 2,732
Investor relations 9,611 3,938 21,028 6,852 77,551
Legal - 1,072 66 7,211 71,965
Office and general 5,726 4,252 18,290 26,657 94,823
Rent 2,010 1,906 6,049 6,063 21,445
Transfer agent 425 265 1,074 2,027 3,792
Travel 310 2,453 6,047 5,269 62,867
$ 32,426 $ 27,274 $ 138,492 $ 130,774 $ 568,463
</TABLE>
SEE ACCOMPANYING NOTES
<PAGE>
<TABLE>
<CAPTION>
Schedule 2
DRUCKER INDUSTRIES, INC.
(An Exploration Stage Company)
SCHEDULE OF DRY HOLE EXPENSES
for the three and nine month periods ended September 30, 1999 and 1998
and January 1, 1997 (Date of Inception of Exploration Stage) to September 30, 1999
(Stated in US Dollars)
(Unaudited - See Note 1)
January 1, 1997
(Date of Incpe-
tion of Explora-
tion Stage)
Three months ended Sept. 30, Nine months ended Sept. 30, to Sept. 30,
Fuxian Concession 1999 1998 1999 1998 1999
- ----------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Administration $ - $ - $ - $ - $ 3,484
Amortization - - - - 2,827
Audit - - - - 1,875
Consulting - - - - 10,875
Entertainment - - - - 2,347
Office supplies - - - - 582
Other - - - - 4,454
Surveying - - - - 105,625
Travel - - - - 14,713
Wages and benefits - - - - 499
$ - $ - $ - $ - $ 147,281
</TABLE>
SEE ACCOMPANYING NOTES
<PAGE>
<TABLE>
<CAPTION>
Schedule 3
DRUCKER INDUSTRIES, INC.
(An Exploration Stage Company)
CONSOLIDATED SCHEDULE OF EXPLORATION EXPENSES
for the three and nine months ended September 30, 1999 and 1998
and January 1, 1997 (Date of Inception of Exploration Stage) to September 30, 1999
(Stated in US Dollars)
(Unaudited - See Note 1)
January 1, 1997
(Date of Incep-
tion of Explora-
tion Stage)
Three months ended Sept. 30, Nine months ended Sept. 30, to Sept. 30,
1999 1998 1999 1998 1999
<S> <C> <C> <C> <C> <C>
Administration $ 8,559 $ 31,600 $ 44,845 $ 31,600 $ 91,547
Amortization - - - - 18,042
Audit - - - - 7,371
Capital assets written-off - 13,800 - 13,800 31,170
Consumables - - 111,119 - 141,191
Drilling 368,821 2,000 409,841 2,000 410,261
Entertainment - - - - 12,221
Geological/Geophysical - 20,400 83,386 20,400 248,326
Insurance - - - - 2,645
Mine clearance - 9,800 - 9,800 -
Office Supplies - - - - 5,754
Other - - - - 6,309
Overhead 29,584 - 55,546 - 47,062
Rental - - - - 8,826
Repairs and maintenance - - - - 2,612
Surveying and testing - 134,000 - 134,000 399,957
Telephone - - - - 5,942
Travel - - - - 52,673
Wages and benefits - - - - 63,296
Interest income - - - - ( 7,614)
Other income - - - - ( 3,566)
$ 406,964 $ 211,600 $ 704,737 $ 211,600 $ 1,544,025
</TABLE>
SEE ACCOMPANYING NOTES
<PAGE>
DRUCKER INDUSTRIES, INC.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
September 30, 1999
(Stated in U.S. dollars)
(Unaudited - See Note 1)
Note 1 Interim Reporting
-----------------
These consolidated financial statements have not been audited or
reviewed and have been prepared on a compilation basis only.
Readers are cautioned that these statements may not be appropriate
for their purposes.
While the information presented in the accompanying interim nine
months financial statements is unaudited, it includes all
adjustments which are, in the opinion of management, necessary to
present fairly the financial position, results of operations and
cash flows for the interim periods presented. It is suggested that
these interim financial statements be read in conjunction with the
company's December 31, 1998 annual financial statements.
Note 2 Common Stock
------------
Commitment
Share Purchase Warrants
At September 30, 1999, 5,179,500 share purchase warrants are
outstanding. Each warrant entitles the holder to purchase one
additional unit of the company at $0.40 per unit until the earlier
of March 31, 2000 and the 90th day after the day on which the
weighted average trading price of the company's shares exceed
$0.90 per share for 10 consecutive trading days. Each unit
consists of one common share of the company and one additional
warrant. Each additional warrant entitles the holder to purchase
one additional common share of the company at $0.60 per share. The
additional warrants will expire one year after the occurrence of
the exercise of the original warrant.
Note 3 Uncertainty Due to the Year 2000 Issue
--------------------------------------
The Year 2000 Issue arises because many computerized systems use
two digits rather than four to identify a year. Date-sensitive
systems may recognize the year 2000 as 1900 or some other date,
resulting in errors when information using the year 2000 date is
processed. In addition, similar problems may arise in some systems
which use certain dates in 1999 to represent something other than
a date. The effects of the Year 2000 Issue may be experienced
before, on, or after January 1, 2000 and if not addressed, the
impact on operations and financial reporting may range from minor
errors to significant system failure which could affect an
entity's ability to conduct normal business operations. It is not
possible to be certain that all aspects of the Year 2000 Issue
affecting the entity, including those related to the efforts of
customers, suppliers, or other third parties, will be fully
resolved.
<PAGE>
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
- --------------------------------------------------------------------------------
OF OPERATIONS
- -------------
The Company has continued its drilling participation in its Egypt venture. The
Company has participated in a successful discovery well and a successful step
out well in the quarter. One well was abandoned as a dry hole. The Company did
not have any revenues from operations through September 30, 1999.
RESULTS OF OPERATIONS FOR NINE MONTH PERIOD ENDED SEPTEMBER 30, 1999
- --------------------------------------------------------------------
The Company had no operating revenues during the period. The Company incurred
$843,229 in operating and exploration expenses in 1999 compared to $342,374 in
the period in 1998. The primary increase in expenses resulted from the increase
in exploration costs to $704,737 in 1999 compared to $211,600 in the period in
1998. The Company had interest income of $105,449 in 1999 compared to $112,723
in the period in 1998. The net loss for the nine month period was ($737,780) in
1999 and ($229,651) in 1998. The net loss per share was ($.02) in 1999 compared
to ($.01) in 1998.
RESULTS OF OPERATIONS FOR QUARTER ENDED SEPTEMBER 30, 1999 COMPARED TO THE SAME
- --------------------------------------------------------------------------------
PERIOD IN 1998
- --------------
The Company had no operating revenues during the period. The company incurred
$439,390 in operating and exploration expenses in the period in 1999 compared to
$238,874 in 1998. The increase was directly related to exploration expenditures
in 1999 of $406,964 compared to $211,600 in the period in 1998. The Company had
interest income of $37,961 in the period in 1999 compared to $11,213 in 1998.
The net loss for the period in 1999 was ($401,429) compared to ($227,661) for
the period in 1998. The loss per share was less than ($.01) per share in the
period in 1999 and 1998.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
At September 30, 1999, the Company had $2,898,386 in cash and had $485,406
invested in oil exploration projects which was illiquid. The Company had
$142,693 in current liabilities at September 30, 1999. If the Company's expenses
related to drilling participation continue at the current pace, the Company may
have cash to last only six to nine months. The Company has no other capital
resources other than stock and warrant from which to achieve capital raising.
PART II - OTHER INFORMATION
-----------------------------
ITEM 1. LEGAL PROCEEDINGS
- -----------------------------
None
<PAGE>
ITEM 2. CHANGES IN SECURITIES
- ---------------------------------
None
ITEM 3. DEFAULT UPON SENIOR SECURITIES
- ------------------------------------------
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- ---------------------------------------------------------------
None
ITEM 5. OTHER INFORMATION
- -----------------------------
Egypt Exploration
The Hana-2 appraisal well has been successfully drilled to a total
depth of 5,459 feet and cased as a Miocene Kareen Sand oil well. This well was
drilled as a step-out to the Hana-1 oil discovery on the West Gharib Block,
Egypt earlier this summer.
The top of the pay zone was encountered 73 feet higher than in the
Hana-1 well, and the entire Kareen (Upper Markha Member) is oil bearing with an
estimated 76 feet of net pay (21% porosity) over a gross interval of 146 feet.
The well is currently being completed and will undergo extensive testing to
determine productivity and reservoir characteristics. By comparison, the Hana-1
well encountered an estimated 60 feet of net pay and produced at a rate of 568
barrels of oil per day (25.8 degrees PI) from only 20 feet of perforations at
the top of the pay interval. The higher structural position and thicker
contiguous pay section of the Hana-2 well enhances the interpretive scope and
size of the Hana oil Field. The Joint Venture is planning additional development
drilling. The West Gharib Egypt Concession covers a total area of 2530 square
kilometers and is located near several producing oil fields.
Drucker Petroleum, Inc., a wholly owned subsidiary of Drucker
Industries, Inc., holds 20% interest. Tanganykia Oil Company Ltd., through its
wholly owned subsidiary Dublin International Petroleum (Egypt) Limited, is the
operator of the West Gharib block holding a 50% interest, and GHP Exploration
(West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum (USA)
Corp. holds the remaining 30% interest.
The Egyptian General Petroleum Corporation has granted
"commerciality" status and approved a "Development Plan" for the Hana oil
discovery on the West Gharib Block, onshore Gulf of Suez, Egypt. With this
approval, production operations will be initiated immediately through temporary
facilities. Crude oil produced from the Hana-1 and Hana-2 wells is expected to
average 4,000 barrels per day and will be trucked some 15 kilometres to the Bakr
South shipping terminal, operated by the General Petroleum Corporation.
Permanent storage/process facilities and an 8 inch, 11 kilometre pipeline
designed to handle over 20,000 barrels of oil per day, are expected to be
commissioned by May, 2000. The EDC rig No. 17 has contracted to drill 3
<PAGE>
additional development wells commencing in early January, 2000. Additional
producers and pressure maintenance injection wells are planned for later in the
first half of next year.
Exploration activities will be augmented with an extensive
geophysical program encompassing 310 square kilometres of 3D seismic, to
commence before year-end, 1999. Subsequent drilling is planned for the second
half of next year in the West Gharib Concession which covers an area of 2530 sq.
km.
Algeria Interest
The Company has a 2.5% interest in the Semhari East-1 oil
exploration well on the Hassi Bir Rekaiz concession in Algeria. The well has
spudded on Nov. 8, 1999 and will be drilled to total depth of approximately
3,800 metres, targeting the Triassic and Ordovician reservoirs, the most
prolific reservoirs in the region. Drilling to date has reached a depth of 1800
m. The Hassi Bir Rekaiz oil concession covers 788,000 acres (3,192 sq. km) in
the northern portion of the prolific Ghadames basin in northern Algeria where
major oil reserves in excess of 4 billion barrels have recently been discovered
by Agip, Burlington, Cepsa, BHP and Anadarko, whose El Merk North discovery is
reported to contain over 1 billion barrels of oil in place. The flow rate on
their discovery well was repeated in excess of 21,000 barrels per day.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- --------------------------------------------
a. SK# Exhibit
10.1 Concession Agreement for Egypt
27 Financial Data Schedule
b. Reports on Form 8-K
None.
<PAGE>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DRUCKER INDUSTRIES, INC.
/s/ Ernest Cheung
Date: December 15, 1999 ---------------------------------
Ernest Cheung, Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 2898386
<SECURITIES> 0
<RECEIVABLES> 7152
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2905538
<PP&E> 485406
<DEPRECIATION> 0
<TOTAL-ASSETS> 3390944
<CURRENT-LIABILITIES> 142693
<BONDS> 0
0
0
<COMMON> 32115
<OTHER-SE> 3216136
<TOTAL-LIABILITY-AND-EQUITY> 3391144
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 843229
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (105449)
<INCOME-PRETAX> (737780)
<INCOME-TAX> 0
<INCOME-CONTINUING> (737780)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (737780)
<EPS-BASIC> (.02)
<EPS-DILUTED> (.02)
</TABLE>
