U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 333-52721
MICRO INTERCONNECT TECHNOLOGY, INC.
(Name of Small Business Issuer as specified in its charter)
Nevada 72-0497440
(State of other jurisdiction of (I.R.S. employer
Incorporation or organization) identification No.)
70 HORIZON DRIVE, BEDFORD, NEW HAMPSHIRE 03110
(Address of principal executive offices)
603-666-0206
(Registrants telephone no., including area code)
NO CHANGE
(Former name, former address, and former fiscal year, if changed since
last report.)
Securities registered pursuant to Section 12(b) of the Exchange Act: NONE
Securities registered pursuant to Section 12(g) of the Exchange Act: NONE
Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 for the past
90 days.
Yes X No
Common Stock outstanding at June 30, 1999 1,150,000 shares of $.001 par
value Common Stock.
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[ A Development Stage Company ]
INDEX
PART I Financial Information
Item I Unaudited Condensed Balance Sheets,
June 30, 1999 and December 31, 1998 2
Unaudited Condensed Statements of Operations,
for the three months ended June 30,1999 and
1998, for the six months ended June 30,1999
and from inception on February 11, 1998
through June 30, 1998 and 1999 3
Unaudited Condensed Statements of Cash Flows,
for the six months ended June 30, 1999 and
from inception on February 11, 1998 through
June 30, 1998 and 1999 4
Notes to Unaudited Condensed Financial Statements 5
Item 2 Management's Plan of Operations 10
PART II Other Information
Item 1 Legal Proceedings 14
Item 2 Changes in Securities 14
Item 3 Defaults upon Senior Securities 14
Item 4 Submission of Matters to a vote of
Security Holders 14
Item 5 Other Information 14
Item 6 Exhibits and Reports on Form 8-K 14
Signature page 14
ii
<PAGE>
PART I FINANCIAL INFORMATION
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
UNAUDITED CONDENSED BALANCE SHEETS
ASSETS
June 30, December 31,
1999 1998
___________ ___________
CURRENT ASSETS:
Cash in bank $ 268,290 $ 6,200
Accounts receivable 1,258 -
___________ ___________
Total Current Assets 269,548 6,200
___________ ___________
PROPERTY, PLANT AND EQUIPMENT, net 3,259 -
___________ ___________
OTHER ASSETS:
Organizational costs, net 356 405
Deferred stock offering costs - 5,037
Refundable asset 800 -
___________ ___________
Total Other Assets 1,156 5,442
___________ ___________
$ 273,963 $ 11,642
___________ ___________
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ - $ 2,312
Accounts payable - related party 13 486
Accrued payroll and payroll taxes 6,142 -
___________ ___________
Total Current Liabilities 6,155 2,798
___________ ___________
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value,
10,000,000 shares authorized,
no shares issued and outstanding - -
Common stock, $.001 par value,
50,000,000 shares authorized,
1,150,000 and 1,000,000 shares
issued and outstanding,
respectively 1,150 1,000
Capital in excess of par value 278,664 9,000
Deficit accumulated during the
development stage (12,006) (1,156)
___________ ___________
Total Stockholders' Equity 267,808 8,844
___________ ___________
$ 273,963 $ 11,642
___________ ___________
NOTE: The balance sheet at December 31, 1998 was taken from the audited
financial statements at that date and condensed.
The accompanying notes are an integral part of these financial statements.
-2-
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
For the Three From Inception on
Months Ended For the Six February 11, 1998
June 30, Months Ended Through June 30,
___________________ June 30, ___________________
1999 1998 1999 1998 1999
_________ _________ ___________ _________ _________
REVENUE, net $ 1,258 $ - $ 1,258 $ - $ 1,258
_________ _________ ___________ _________ _________
EXPENSES:
General and
administrative 12,949 1,199 14,457 1,216 15,725
_________ _________ ___________ _________ _________
LOSS FROM
OPERATIONS (11,691) (1,199) (13,199) (1,216) (14,467)
OTHER INCOME
(EXPENSE):
Interest income 2,342 - 2,388 - 2,500
Interest expense (39) - (39) - (39)
_________ _________ ___________ _________ _________
2,303 - 2,349 - 2,461
LOSS BEFORE
INCOME TAXES (9,388) (1,199) (10,850) (1,216) (12,006)
CURRENT TAX
EXPENSE - - - - -
DEFERRED TAX
EXPENSE - - - - -
_________ _________ ___________ _________ _________
NET LOSS $ (9,388) $ (1,199) $ (10,850) $(1,216) $(12,006)
_________ _________ ___________ _________ _________
LOSS PER COMMON
SHARE $ (.01) $ (.00) $ (.01) $ (.00) $ (.01)
_________ _________ ___________ _________ _________
The accompanying notes are an integral part of these financial statements.
-3-
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
From Inception on
For the Six February 11, 1998
Months Ended Through June 30,
June 30, _____________________
1999 1998 1999
______________ __________ __________
Cash Flows Provided by Operating
Activities:
Net loss $(10,850) $ (1,216) $(12,006)
Adjustments to reconcile net
loss to net cash used by
operating activities:
Amortization expense 49 29 130
Depreciation expense 30 - 30
Changes in assets and liabilities:
(Increase) in accounts receivable (1,258) - (1,258)
Increase (decrease) in accounts
payable (2,312) 1,175 -
Increase (decrease) in accounts
payable - related party (473) 486 13
Increase in accrued payroll and
payroll taxes 6,142 - 6,142
______________ __________ __________
Net Cash Provided (Used) by
Operating Activities (8,672) 474 (6,949)
______________ __________ __________
Cash Flows Provided by Investing
Activities:
Payments for organization costs - (486) (486)
Payments for property, plant and
equipment (3,289) - (3,289)
Payments for refundable asset (800) - (800)
______________ __________ __________
Net Cash (Used) by Investing
Activities (4,089) (486) (4,575)
______________ __________ __________
Cash Flows Provided by Financing
Activities:
Proceeds from common stock issuance 300,000 10,000 310,000
Payment of stock offering costs (25,149) - (30,186)
______________ __________ __________
Net Cash Provided by Financing
Activities 274,851 10,000 279,814
______________ __________ __________
Net Increase in Cash 262,090 9,988 268,290
Cash at Beginning of Period 6,200 - -
______________ __________ __________
Cash at End of Period $268,290 $ 9,988 $268,290
______________ __________ __________
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $ - $ - $ -
Income taxes $ - $ - $ -
Supplemental Schedule of Noncash Investing and Financing Activities:
For the Period Ended June 30, 1999
None
For the Period Ended June 30, 1998
The Company accrued $486 for organization costs which where paid by a
related party.
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization - Micro Interconnect Technology, Inc. (the Company) was organized
under the laws of the State of Nevada on February 11, 1998. The Company has
not yet generated significant revenues from its planned principal operations
and is considered a development stage company as defined in SFAS No. 7. The
Company is planning to engage in the business of developing proprietary
technology to make electronic devices that link electronic components together
smaller and to operate at higher speeds.
Condensed Financial Statements - The accompanying financial statements have
been prepared by the Company without audit. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations and cash flows at
June 30, 1999 and for all the periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's December 31, 1998
audited financial statements. The results of operations for the periods ended
June 30, 1999 are not necessarily indicative of the operating results for the
full year.
Property and Equipment - Property and equipment are stated at cost.
Expenditures for major renewals and betterments that extend the useful lives
of property and maintenance and repairs are charged to expense as incurred.
Depreciation is computed for financial statement purposes on a straight-line
method over the estimated useful lives of the assets.
Organization Costs - The Company is amortizing its organization costs, which
reflect amounts expended to organize the Company, over sixty [60] months using
the straight line method. Amortization expenses for the six months ended June
30, 1999 totaled $49.
Loss Per Share - The computation of loss per share is based on the weighted
average number of shares outstanding during the period presented in accordance
with Statement of Financial Accounting Standards No. 128, "Earnings Per
Share". [See Note 6]
Cash and Cash Equivalents - For purposes of the statement of cash flows, the
Company considers all highly liquid debt investments purchased with a maturity
of three months or less to be cash equivalents.
Accounting Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosures of contingent assets and liabilities at the date
of the financial statements, and the reported amount of revenues and expenses
during the reported period. Actual results could differ from those estimated.
-5-
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 2 - PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment consisted of the following at June 30, 1999:
Office equipment $3,289
Less accumulated depreciation (30)
________
$3,259
________
During the period ended June 30, 1999 depreciation expense amounted to $30.
NOTE 3 - CAPITAL STOCK
Stock Options - On June 15, 1999, the Company granted 30,000 stock options
under the 1998 Stock Option Plan (the Plan). The Company has adopted Statement
of Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation." The market value of the Company's common stock was the same as
the exercise price of the options on the date of grant, accordingly, no
compensation cost has been recognized for the stock options.
Stock Option Plan - On February 17, 1998, the Board of Directors of the
Company adopted and the stockholders at that time approved, the 1998 Stock
Option Plan (the Plan). The plan provides for the granting of awards of up to
1,000,000 shares of common stock to sales representatives, officers,
directors, consultants and employees. The awards can consist of stock
options, restricted stock awards, deferred stock awards, stock appreciation
rights and other stock-based awards as described in the plan. Awards under
the plan will be granted as determined by the board of directors. At June 30,
1999, total options available to be granted under the plan amounted to
970,000.
A summary of the status of the options granted under the Company's stock
option plan at June 30, 1999 is presented below:
June 30, 1999
___________________________
Weighted Average
Shares Exercise Price
_________ ________________
Outstanding at beginning of period - $ -
Granted 30,000 $ 2.00
Exercised - $ -
Forfeited - $ -
Expired - $ -
_________ ________________
Outstanding at end of Period 30,000 $ 2.00
_________ ________________
Weighted average fair value of
options granted during the year 30,000 $ 2.00
_________ ________________
-6-
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 3 - CAPITAL STOCK [Continued]
A summary of the status of the options outstanding under the Company's stock
option plan at June 30, 1999 is presented below:
Options Outstanding Options Exercisable
_______________________________________ ________________________________
Average Weighted-
Range of Remaining Average
Exercise Number Weighted-Average Exercise Number Exercise
Prices Outstanding Contractual Life Price Exercisable Price
________ ____________ _________________ ________ _____________ _________
$2.00 30,000 7.0 years $2.00 - $2.00
________ ____________ _________________ ________ _____________ _________
Common Stock - During February, 1998, in connection with its organization, the
Company issued 1,000,000 shares of its previously authorized, but unissued
common stock. Total proceeds from the sale of stock amounted to $10,000 (or
$.01 per share).
During May 1998 the Company made a public stock offering and issued 150,000
units of its previously authorized, but unissued common stock. Each unit
consists of one share of common stock and two redeemable common stock purchase
warrants. Each warrant allows the holder to purchase one share of common
stock for $2.50; the warrants are subject to adjustment in certain events and
are exercisable for a period of one year from the date of the offering. The
Company may redeem the warrants at a price of $.01 per warrant, at any time
beginning six months after the date of the offering upon not less than 30 days
prior written notice, if the closing bid price of the Company's common stock
on the Nasdaq Bulletin Board is at least $3.00 per share for twenty
consecutive trading days, ending not earlier than five days before the
warrants are called for redemption. Gross proceeds from the sale of stock
amounted to $300,000 (or $2 per share). Stock offering costs of $30,186 were
offset against the proceeds of the offering in capital in excess of par value.
Preferred Stock - The Company has authorized 10,000,000 shares of preferred
stock, $.001 par value, with such rights, preferences and designations and to
be issued in such series as determined by the Board of Directors. No shares
are issued and outstanding at June 30, 1999.
NOTE 4 - RELATED PARTY TRANSACTIONS
Management Compensation - As of May 31, 1999, the Company had not paid any
compensation to its officers and directors. Starting June 1, 1999 the
president is being compensated by the Company.
Payable to Related Party - During the six months ended June 30, 1999, the
Company reimbursed an officer/shareholder $486 for organization costs advanced
by him in the previous fiscal year.
-7-
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 4 - RELATED PARTY TRANSACTIONS [Continued]
License Agreement - The Company entered into an exclusive licensing agreement
with the officer and shareholder of the Company for the exclusive rights for
patents covering electronic interconnection manufacturing technologies for the
United States and it's territories and possessions. The agreement expires
March 31, 2007. The Company will pay a 1% royalty of gross sales and receipts
for the right beginning January 1999. As of June 30, 1999, royalties payable
to the officer/shareholder totaled $13.
Rent Agreement - Beginning June 1, 1999, the Company entered into a one year
lease for office space with a related party. Monthly rent is $800 [See Note
7].
NOTE 5 - INCOME TAXES
The Company accounts for income taxes in accordance with Statement of
Financial Accounting Standards No. 109 "Accounting for Income Taxes". FASB
109 requires the Company to provide a net deferred tax asset/liability equal
to the expected future tax benefit/expense of temporary reporting differences
between book and tax accounting methods and any available operating loss or
tax credit carryforwards. At June 30, 1999, the Company has available unused
operating loss carryforwards of approximately $12,000, which may be applied
against future taxable income and which expire in 2018 through 2019.
The amount of and ultimate realization of the benefits from the operating loss
carryforwards for income tax purposes is dependent, in part, upon the tax laws
in effect, the future earnings of the Company, and other future events, the
effects of which cannot be determined. Because of the uncertainty surrounding
the realization of the loss carryforwards the Company has established a
valuation allowance equal to the tax effect of the loss carryforwards and,
therefore, no deferred tax asset has been recognized for the loss
carryforwards. The net deferred tax assets are approximately $4,000 and $400
as of June 30, 1999 and December 31, 1998, respectively, with an offsetting
valuation allowance at each period end of the same amount resulting in a
change in the valuation allowance of approximately $3,600 for the six months
ended June 30, 1999.
-8-
<PAGE>
MICRO INTERCONNECT TECHNOLOGY, INC.
[A Development Stage Company]
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 6 - LOSS PER SHARE
The following data show the amounts used in computing loss per share for the
periods ended June 30, 1999 and 1998:
For the Three From Inception on
Months Ended For the Six February 11, 1998
June 30, Months Ended Through June 30,
___________________ June 30, ___________________
1999 1998 1999 1998 1999
_________ _________ ___________ _________ _________
Loss from continuing
operations available
to common shareholders
(numerator) $ (9,388) $ (1,199) $ (10,850) $ (1,216) $(12,006)
_________ _________ ___________ _________ _________
Weighted average number
of common shares
outstanding used in
loss per share for the
period (denominator) 1,098,901 1,000,000 1,049,724 1,000,000 1,017,857
_________ _________ ___________ _________ _________
NOTE 7 - OPERATNG LEASE
Beginning June 1, 1999, the Company entered into a one year lease for office
space with a related party. Monthly rent is $800. Rent expense for the
period ended June 30, 1999 totaled $800. A security deposit of $800 was also
paid during the period ended June 30, 1999.
-9-
<PAGE>
ITEM 2 Management's Plan of Operation.
Micro Interconnect Technology (the "Company") was
incorporated under the laws of the State of Nevada on February
11, 1998. The Company has now commenced planned principal
business operations and is considered a development stage
company. The Company has now begun active product development
operations. To date, activities have been organizational
matters, beginning research on an imaging workstation and
further work on the corporate business plan. The purpose of the
Company's formation is to, initially, engage in the business of
trying to reduce, to industrial production, the proprietary
technology contained in one of four issued patents and two,
recently filed, patent applications exclusively licensed to the
Company. If successful, the Company will use this proprietary
technology initially to develop and manufacture an imaging
workstation that can be used to make high-density electronic
component interconnections that are utilized in the growing
trend to make electronics run at higher speeds, be smaller and
lighter, less expensive and more reliable.
The Company has allocated the use of approximately $228,620
(94% of the net proceeds of this Offering) for research and
development (salaries, parts and supplies) of this imaging
workstation and the remaining $14,600(6% of the net proceeds of
this Offering) for office, sales and travel expenses. The
majority of the cost in developing the imaging workstation will
be in the form of labor to reduce, to industrial production, the
basic concepts of the proprietary technology contained in the
Company's exclusively licensed patents and patent applications.
Management recognizes that this will be the most difficult and
hazardous aspect involved in the production of the imaging
workstation. Management expects a development period of at
least 12 months, barring any unexpected delays or challenges,
before a fully functional imaging workstation could be produced.
The Company will utilize and sell and lease its products.
Consideration will be given for the imaging workstation
initially be set up as a nucleus to image circuit substrates and
develop the production capability of producing Printed Circuit
Boards ("PCBs") utilizing industry known processes for the non
image critical parts of the manufacturing operation. Once that
ability is perfected the imaging workstation will be refined to
provide imaged substrates for Multi-Chip Module ("MCM")
manufacturing.
-10-
<PAGE>
The domestic markets will be pursued until appropriate
opportunities for foreign sales arise.
If the Company is unsuccessful in developing and profitably
marketing or utilizing the imaging workstation, it will, more
than likely, be unable to continue operations. The Company, if
able to generate sufficient revenues from the future sales of a
developed imaging workstation or in utilizing the imaging
workstation in the manufacturing of electronic interconnects
(PCBs) or to obtain some other suitable form of financing, will
begin developing, one at a time, using the Company's other
licensed proprietary technology patents, a electroplating work
station a drilling workstation and a chemical processing
workstation. These workstations, if successfully developed,
would also be marketed and sold by the Company. If the Company
can successfully develop and profitably produce these four
workstations it would then try to incorporate them together to
create a total (complete) flexible manufacturing cell (factory)
for producing high density electronic interconnects, which the
Company itself would sell to the manufacturers and suppliers of
electronic components and devices. The Company estimates that
there exists at least a 3-12 month development period for each
of these other workstations and expects that it could take up to
three years before possibly reaching the phase for trying to
develop and produce a flexible manufacturing cell (factory).
There are no guarantees that the Company will be able
successfully to fund, develop, manufacture and profitably market
these additional workstations or create the flexible
manufacturing cell (factory) for producing higher density
electronic interconnects. The risk of failure is high, because
the Company may find it more difficult than anticipated to
reduce the basic concepts of the patents to industrial
production. And since the technology covered by these patents
does not cover all the phases of the process of making high
density electronic interconnects, there is a high probability
that the Company may not be able to develop and manufacture any
of these workstations. There can be no guarantees that the
market will give financial support to these products when and if
they are developed and manufactured.
Because of the successful completion of this Initial Public
Offering, the Company expects to spend the following 12 months
trying to develop an imaging workstation that can produce insitu
masks that will have high resolution, accurate alignment, and
can be computer compensated for manufacturing defects. First,
the Company must complete the design of the imaging
-11-
<PAGE>
workstation's overall system. The research and development
activities of the project primarily consist of labor to reduce
to, industrial production, the concepts of the patents. Next
would be the development of the exposing system where the
electro-mechanical and optical concepts would need to be
finalized, a prototype produced and debugged. The run-time and
other software must be designed and coded and debugged. There
can be no guarantees that the Company will be able to
successfully complete any of these steps within the 12-month
period. If the Company is not able to develop the imaging
workstation on a timely basis because of design set backs, non-
delivery of parts, uncompleted testing, software failures, lack
of funding or other risks inherent with the development of new
technological products, or if the imaging workstation does not
achieve market acceptance, the Company's business, operation
results and financial condition will be materially adversely
affected.
The Company is presently using its directors as part-time
consultants. It is contemplated that the Company's directors
will not receive any compensation other than stock options and
their out-of-pocket expenses incurred when consulting with the
Company. An outside consultant whose background is PCB (Printed
Circuit Board) production has been engaged for compensation of
$20.00 per hour when needed. This consultant will also provide
outside services of PCB production when needed.
The Company presently has leased office facilities owned by
the wife of N. Edward Berg, its president. The Company has
entered into an agreement for leasing approximately 1200 square
feet of executive and manufacturing space. The manufacturing
space has two computers and software support systems, furniture,
and manufacturing type tools needed for fabrication support.
The Company has entered into employment agreements with N.
Edward Berg to serve as president and William Freeman to serve
as engineering manager. Both Berg and Freeman will each receive
salaries of $50,000 per annum. Mr. Freeman has been granted a
stock option for 30,000 shares of common stock exercisable over
a seven-year period.
Inasmuch as there is no assurance that with the proceeds of
the completed Public Offering the Company will be able to
acquire all the materials and equipment, develop a potential
customer base, to commence operations. There is also no
assurance that the Company will be successful in its effort to
develop or produce the workstations, electronic interconnects or
-12-
<PAGE>
any other equipment that will enable the Company to generate
enough business to operate profitably.
The Company has reviewed the Year 2000 issue, where, if not
corrected, many computer applications could fail or create
erroneous results before or at the Year 2000. Management feels
that there are presently no anticipated potential costs or
uncertainties related to any of the Company's developing
products surrounding its software and hardware. No software
programs presently anticipated by the Company will be written
with code that would cause a Year 2000 stoppage on time critical
operations. The only uncertainties, of which the Company cannot
give any assurance that could or could not develop, would be if
the Company's suppliers and the future purchasers of the
Company's imaging workstation would be unable to resolve any
Year 2000 issues that could aversely affect their operations.
If this was to be the case, it could cause delays in the
development, production and sales of the imaging workstation,
which would have a material adverse effect on the continued
development and growth of the business.
Management believes that the proceeds of this Offering
might be adequate to meet its working capital requirements for
the next 12 months. Thereafter the Company anticipates that, it
would need additional financing to meet its current plan for the
development of additional workstations and a flexible
manufacturing cell. The Company presently anticipates that
future sales of the imaging workstation, if successfully
developed, and interconnects produced by utilizing the imaging
workstation and the prevalent industry methods, will provide the
needed financial resources. No assurance can be given of the
Company's ability to obtain sufficient revenues from the sales
of its imaging workstation and associated products or obtain
outside financing on favorable terms, if at all. If the Company
is unable to obtain additional financing, its ability to meet
its current plan for the development of additional workstations
and a flexible manufacturing cell could be materially adversely
affected.
At June 30, 1999 the Company's assets consist primarily of
cash from the issuance of common stock. The Company did
generate a single small receivable for printed circuits for
which it generated the imaging to produce the circuits. The
remainder of the work on the circuits was subcontracted and the
printed circuits thusly produced were delivered to the customer.
The Company has no other resources.
-13-
<PAGE>
PART II OTHER INFORMATION
ITEM 1 Legal Proceedings
None
ITEM 2 Changes in Securities
None
ITEM 3 Defaults on Senior Securities
None
ITEM 4 Submission of Matters to a Vote of Security Holders
None
ITEM 5 Other Information
None
ITEM 6 Exhibits and Reports on Form 8-K
a) Exhibits
None
b) Reports on Form 8-K
None
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.
MICRO INTERCONNECT TECHNOLOGY, INC.
/S/ N. Edward Berg 8/02/99
- ------------------------- -----------
N. Edward Berg, President Date
-14-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
financial statements for the six month period ended June 30, 1999, and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 268,290
<SECURITIES> 0
<RECEIVABLES> 1,258
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 269,548
<PP&E> 3,259
<DEPRECIATION> 0
<TOTAL-ASSETS> 273,963
<CURRENT-LIABILITIES> 6,155
<BONDS> 0
0
0
<COMMON> 1,150
<OTHER-SE> 266,658
<TOTAL-LIABILITY-AND-EQUITY> 273,963
<SALES> 1,258
<TOTAL-REVENUES> 1,258
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 14,457
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 39
<INCOME-PRETAX> (10,850)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (10,850)
<EPS-BASIC> (.01)
<EPS-DILUTED> (.01)
</TABLE>
