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.
June 30, 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
June 30, 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
June 30, 1998 and December 31, 1997
<TABLE>
<CAPTION>
(Unaudited)
June December
30, 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 June 30, 1998 & 1997
and the Six Months Periods Ended June 30, 1998 & 1997
<TABLE>
<CAPTION>
For the Three For the Six
Months Ended Months Ended
June June June June
30, 1998 30, 1997 30, 1998 30, 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues $ -0- $ -0- $ -0- $ -0-
- -------- ---------- ---------- ---------- ----------
Expenses
- --------
Professional Fees -0- -0- 22,014 -0-
---------- ---------- ---------- ----------
Total Expenses -0- -0- 22,014 -0-
---------- ---------- ---------- ----------
Net Loss $ -0- $ -0- ($ 22,014) $ -0-
========== ========== ========== ==========
Net Loss Per Share of
Common Stock ($ .00) ($ .00) ($ .02) ($ .00)
Weighted Average Number
Of Shares Outstanding
During Period 1,000,000 1,000,000 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)
June 30, 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 21,914 100
------------ ------------
Net Cash (Used) by Operating Expenses ( 100) -0-
Cash Flows from Investing Activities -0- -0-
- ------------------------------------ ------------ ------------
Cash Flows from Financing Activities
- ------------------------------------
Increase in Contributed Capital 100 -0-
------------ ------------
Net Cash Provided (Used) by
Financing Activities 100 -0-
------------ ------------
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 six month
period ending June 30, 1998, 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.
Date: /S/ March 17, 1999 By: /S/ Edward W. Babic
------------------- -------------------
March 17, 1999 Edward W. Babic
President
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001057114
<NAME> THE FINANCIAL GROUP CONNECTION, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<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> 0
<OTHER-EXPENSES> 22,014
<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>
