SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Annual Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
March 31, 1998 0-23879
THE FINANCIAL GROUP CONNECTION, INC.
______________________________________
(Exact name of registrant as specified in its charter)
Nevada 88-0228665
______ __________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2533 North Carson Street
Carson City, Nevada 89706
____________________________
(Address of Principal Executive Offices)
Registrant's telephone number including area code: (702) 883-8484
_______________
Former name, former address, and former fiscal
year end, if changed since last report.
Indicate by checkmark 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 such
filing requirements in the past 90 days:
Yes X No
_______ _______
Indicate the number of shares outstanding for each of the issuer's classes
of Common Stock as of the last practical date:
Common Stock, Par Value $0.001 Per Share, 1,000,000 Shares Outstanding at
March 31, 1998. <PAGE>
THE FINANCIAL GROUP CONNECTION, INC.
TABLE OF CONTENTS
PART I FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . .3
Statement of Operations . . . . . . . . . . . . . . . . . .4
Statement of Cash Flows . . . . . . . . . . . . . . . . . .5
Note to Financial Statements. . . . . . . . . . . . . . . .6
ITEM 2 MANAGEMENT DISCUSSION AND FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
PART II OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . .7
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . .8
<PAGE>
The Financial Group Connection, Inc.
(A Development Stage Company)
Balance Sheet
March 31, 1998 and December 31, 1997
<TABLE>
<CAPTION>
(Unaudited)
March December
31, 1998 31, 1997
------------ ------------
<S> <C> <C>
ASSETS
-------
Current Assets $ -0- $ -0-
- -------------- ------------ ------------
Total Current Assets $ -0- $ -0-
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
-----------------------------------
Current Liabilities
- -------------------
Accounts Payable $ 22,014 $ 100
---------------- ------------ ------------
Stockholders' Equity
- --------------------
Common Stock Authorized 25,000,000 Shares,
$0.001 Par Value; 1,000,000 Shares Issued &
Outstanding 1,000 1,000
Paid In Capital 960 860
Deficit in Retained Earnings ( 23,974) ( 1,960)
------------ ------------
Total Stockholders' Equity ( 22,014) ( 100)
------------ ------------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ -0- $ -0-
============ ============
</TABLE>
See Accompanying Note
<PAGE>
The Financial Group Connection, Inc.
(A Development Stage Company)
Statements of Operations (Unaudited)
For the Three Months Period Ended March 31, 1998 & 1997
<TABLE>
<CAPTION>
For the Three Months Ended
March March
31, 1998 31, 1997
------------ ------------
<S> <C> <C>
Revenues $ -0- $ -0-
- -------- ------------ ------------
Expenses
- --------
Administrative Cost -0- 100
Professional Fees 22,014 -0-
------------ ------------
Total Expenses 22,014 -0-
------------ ------------
Net Loss ($ 22,014) ($ 100)
============ ============
Net Loss Per Share of
Common Stock ($ .02) ($ .00)
Weighted Average Number
Of Shares Outstanding
During Period 1,000,000 1,000,000
</TABLE>
See Accompanying Note
<PAGE>
The Financial Group Connection, Inc.
(A Development Stage Company)
Statement of Cash Flows (Unaudited)
March 31, 1998 & 1997
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
Cash Flows from Operating Expenses
- ----------------------------------
Net (Loss) ($ 22,014) ($ 100)
Changes in Operating Assets & Liabilities
Increase in Accounts Payable 22,014 -0-
------------ ------------
Net Cash (Used) by Operating Expenses -0- ( 100)
Cash Flows from Investing Activities -0- -0-
- ------------------------------------ ------------ ------------
Cash Flows from Financing Activities
- ------------------------------------
Contributed Capital -0- 100
------------ ------------
Net Cash Provided (Used) by
Financing Activities -0- 100
------------ ------------
Increase (Decrease) in Cash -0- -0-
Cash at Beginning of Period -0- -0-
------------ ------------
Cash at End of Period $ -0- $ -0-
============ ============
</TABLE>
See Accompanying Note
<PAGE>
The Financial Group Connection, Inc.
(A Development Stage Company)
Note to Financial Statements (Unaudited)
ITEM I
NOTE #1 - Basis of Presentation
- -------------------------------
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-Q and Rule 10-01 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the three month period ending March 31, 1997
are not necessarily indicative of the results that may be expected for the year
ended December 31, 1998. For further information, refer to the financial
statements and footnotes thereto included in the Company's annual report on
Form 10-SB for the year ended December 31, 1997.
ITEM II
Management's Discussion and Analysis of Financial Condition and Results of
Operation
- --------------------------------------------------------------------------
The Company has not commenced business activities and has no assets or
operations. The Company is dependent upon its officers to meet any de minimis
costs which may occur.
<PAGE>
PART II
OTHER INFORMATION
Item 1 Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . .None
Item 2 Changes in the Rights of the Company's Security Holders . . . . . .None
Item 3 Defaults by the Company on its Senior Securities. . . . . . . . . .None
Item 4 Results of Votes of Security Holders. . . . . . . . . . . . . . . .None
Item 5 Other Information . . . . . . . . . . . . . . . . . . . . . . . . .None
Item 6 Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . . . .None
<PAGE>
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.
The Financial Group Connection, Inc.
/S/ Edward W. Babic
Date:-------------- By: ----------------------
June 26, 1998 Edward W. Babic
President
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001057114
<NAME> THE FINANCIAL GROUP CONNECTION, INC.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 22,014
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (23,014)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 22,014
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (22,014)
<INCOME-TAX> 0
<INCOME-CONTINUING> (22,014)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (22,014)
<EPS-PRIMARY> (.02)
<EPS-DILUTED> 0
</TABLE>
