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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the period ended: August 31, 1999
Commission File No. 0-26057
IDAHO TECHNICAL, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Idaho 82-0507874
- - ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
6352 Almquist Ave., P.O. Box 396, Murray, Idaho 83874
---------------------------------------------------------
(Address of principal executive offices)
(208) 263-8179
----------------------------------------------------
(Registrant's telephone number, including area code)
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
such filing requirements for the past 90 days.
[ X ] Yes [ ] No
As of August 31, 1999, Registrant had 2,797,130 shares of common stock
outstanding.
Title of Class
<PAGE>
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item I. Financial Statements
Balance Sheets, February 28, 1999 and August 31, 1999
(Unaudited) 4
Statements of Operations, Six Months Ended August 31, 1998 and
Six Months Ended August 31, 1999 (Unaudited) and from
August 1, 1968 (Date of Inception) through August 31, 1999
(Unaudited) 5
Statements of Stockholders' Equity, From August 1, 1968
(Date of Inception) through August 31, 1999 (Unaudited) 6
Statements of Cash Flows, Six Months Ended August 31, 1998
and Six Months ended August 31, 1999 (Unaudited) and
from August 1, 1968 (Date of Inception) through
August 31, 1999 (Unaudited) 7
Notes to Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial
Conditions and Results of Operations 8
PART II. OTHER INFORMATION 8
Item 1. Index to Exhibits 8
a. Reports on Form 8-K
b. Signatures 8
c. Exhibit 27 - Financial Data Schedule 9
<PAGE>
IDAHO TECHNICAL, INC.
BALANCE SHEET
<TABLE>
August 31,
February 28, 1999
1999 (unaudited)
------------ -------------
<C> <S> <S>
Assets $ - $ -
------------ -------------
$ - $ -
============ =============
Liabilities
Accounts payable $ - $ 1,715
Stockholders' Equity
Common stock - 60,000,000 shares,
$.005 par value, authorized:
2,797,130 shares issued and outstanding 13,986 13,986
Additional paid-in capital 80,871 86,871
Deficit accumulated during the development stage (94,857) (96,572)
------------ -------------
Total stockholders' equity - (1,715)
------------ -------------
$ - $ -
============ =============
</TABLE>
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENTS OF OPERATIONS
<TABLE>
Period from August (Unaudited)
1, 1968 (Date of Six Months Ended
Inception) to Aug 31, Aug 31,
February 28, 1999 1998 1999
----------------- -------- --------
<C> <S> <S> <S>
Revenues $ - $ - $ -
Expenses 5,500 500 1,715
----------------- --------- --------
Net Loss From
Operations (5,500) (500) (1,715)
Loss From Discontinued
Operations (89,357) - -
----------------- --------- --------
Net Loss $ (94,857) $ (500) $ (1,715)
================= ========= ========
</TABLE>
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENT OF STOCKHOLDERS' EQUITY
Period from August 1, 1968 (Date of inception) to August 31, 1999
<TABLE>
Deficit
Accumulated
Additional During the
Common Paid-in Development
Stock Capital Stage Total
---------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
At Inception, August 1, 1968 $ - $ - $ - $ -
Add (Deduct):
1969-14,130 shares issued
for services for $.05
per share 71 631 - 702
1970-1,405,000 shares issued
for mining rights for $.05
per share 7,025 63,225 - 70,250
1970-55,500 shares issued
for services for $.05
per share 278 2,497 - 2,775
1973-10,000 shares issued
for services for $.05
per share 50 450 - 500
1976-500 shares issued
for services for $.05
per share 3 22 - 25
1978-12,000 shares issued
for services for $.05
per share 60 540 - 600
1980-225,000 shares issued
for services for $.05
per share 1,125 10,125 - 11,250
1984-20,000 shares issued
for services for $.05
per share 100 900 - 1,000
1986-10,000 shares issued
for services for $.05
per share 50 450 - 500
1990 - 10,000 shares issued
for services for $.05
per share 50 450 - 500
1993-25,000 shares issued
for services for $.05
per share 125 1,125 - 1,250
Net loss from inception
through February 28, 1997 - - (89,357) (89,357)
---------- ----------- ------------- -----------
Balances, February 28, 1997 8,936 80,421 (89,357) -
Deduct:
Net loss for the year
ended February 28, 1998 - - - -
---------- ----------- ------------- -----------
Balances, February 28, 1998 $ 8,936 $ 80,421 $ (89,357) $ -
</TABLE>
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
Period from August 1, 1968 (Date of inception) to August 31, 1999
<TABLE>
Deficit
Accumulated
Additional During the
Common Paid-in Development
Stock Capital Stage Total
---------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Balance forward $ 8,936 $ 80,421 $ (89,357) $ -
Add (Deduct):
1999-10,000 shares issued for
services for $.05 per share
in April 1998 50 450 - 500
1999-1,000,000 shares issued for
services for $.005 per share
in January 1999 5,000 - - 5,000
Net loss for the year ended
February 28, 1999 - - (5,500) (5,500)
---------- ----------- ------------- -----------
Balances, February 28, 1999 $ 13,986 $ 80,871 $ (94,857) $ -
Add (Deduct):
Net loss for the six months
ended August 31, 1999 - - (1,715) (1,715)
(unaudited) ---------- ----------- ------------- -----------
Balances, August 31, 1999
(unaudited) $ 13,986 $ 80,871 $ (96,572) $ (1,715)
========== =========== ============= ===========
</TABLE>
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENTS OF CASH FLOWS
<TABLE>
Period from August (Unaudited)
1, 1968 (Date of Six Months Ended
Inception) to Aug 31, Aug 31,
February 28, 1999 1998 1999
----------------- -------- --------
<S> <C> <C> <C>
Cash Flows From Operating
Activities
Net loss $ (94,857) $ (500) $ (1,715)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Issuance of common
Stock for services
rendered and claims 94,857 (500) -
Increase in accounts
Payable - - 1,715
---------------- -------- --------
Net cash provided by
operating activities - - -
Net Increase in Cash
Cash, Beginning of
Year/Period - - -
----------------- -------- --------
Cash, End of Year/Period $ - $ - $ -
================= ======== ========
</TABLE>
<PAGE>
IDAHO TECHNICAL, INC.
NOTES TO FINANCIAL STATEMENTS
The unaudited interim financial statements for the six months ended August 31,
1998 and 1999 have been prepared on the same basis as the audited financial
statements and, in the opinion of management, include all adjustments
necessary to present fairly the information set forth therein, in accordance
with generally accepted accounting principles.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS
The Company was formed in 1968 and obtained certain mining claims and rights.
Those rights were subsequently abandoned and the Company has conducted no
business since 1993. The Company has never generated any revenue in its
history. The Company is currently pursuing registration as a public company.
The Company's ability to continue in business is dependent upon obtaining
sufficient financing or attaining future profitable options.
PART II. OTHER INFORMATION
Item 1. Exhibits and reports on Form 8-K
a. Reports on Form 8-K
b. Signatures
c. Exhibit 27 - Financial Data Schedule
(a) There have been no reports on Form 8-K for the six months ending
August 31, 1999.
(b) Signatures
Pursuant to the requirements of Section 12 of the Securities Exchange Act
of 1934, the Registrant has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized.
IDAHO TECHNICAL, INC.
(Registrant)
Date: October 19, 1999 /s/ Dale F. Miller
------------------------------
Dale F. Miller, President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Balance Sheet for Idaho Technical, Inc. at August 30, 1999 and the
Statement of Operations for the year ended August 30, 1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-28-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,715
<BONDS> 0
0
0
<COMMON> 13,986
<OTHER-SE> (90,572)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,715
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,715)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,715)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,715)
<EPS-BASIC> 0.00
<EPS-DILUTED> 0.00
</TABLE>
