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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: May 31, 2000
Commission File No. 0-26057
IDAHO TECHNICAL, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 82-0507874
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
6253 Almquist Ave., Murray, Id. 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 May 31, 2000, Registrant had 3,797,330 shares of common stock
outstanding.
Title of Class
<PAGE>
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item I. Financial Statements
Balance Sheets, February 29, 2000 and May 31, 2000 3
(Unaudited)
Statements of Operations, Three Months Ended May 31, 1999 and
Three Months Ended May 31, 2000 (Unaudited) and from
August 1, 1968 (Date of Inception) through May 31, 2000 4
(Unaudited)
Statements of Stockholders' Equity, From August 1, 1968
(Date of Inception) through May 31, 2000 (Unaudited) 5
Statements of Cash Flows, Three Months Ended May 31, 1999
and Three Months ended May 31, 2000 (Unaudited) and
from August 1, 1968 (Date of Inception) through
May 31, 2000 (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
Item 1. Index to Exhibits
a. Reports on Form 8-K 9
b. Signatures 9
c. Exhibit 27 - Financial Data Schedule 10
<PAGE>
IDAHO TECHNICAL, INC.
BALANCE SHEET
<TABLE>
May 31,
February 29 2000
2000 (unaudited)
------------ -------------
<S> <C> <C>
Assets $ - $ -
------------ -------------
$ - $ -
============ =============
Liabilities
Accounts payable $ - $ 2,000
Stockholders' Equity
Common stock - 60,000,000 shares,
$.005 par value, authorized:
3,797,330 shares issued and outstanding 18,987 18,987
Additional paid-in capital 80,871 80,871
Deficit accumulated during the development stage (99,858) (101,858)
------------ -------------
Total stockholders' equity - (2,000)
------------ -------------
$ - $ -
============ =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENTS OF OPERATIONS
<TABLE>
Period from August (Unaudited)
1, 1968 (Date of Three Months Ended
Inception) to May 31, May 31,
May 31, 2000 1999 2000
<S> <C> <C> <C>
Expenses 12,501 2,000
----------------- --------- --------
Net Loss From
Operations (12,501) - (2,000)
Loss From Discontinued
Operations (89,357) - -
----------------- --------- --------
Net Loss $ (101,858) $ - $ (2,000)
================= ========= ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENT OF STOCKHOLDERS' EQUITY
Period from August 1, 1968 (Date of inception) to May 31,2000
<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 70 637 - 707
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, 1998 - - (89,357) (89,357)
---------- ----------- ------------- -----------
Balances, February 28, 1998 8,936 80,421 (89,357) -
Deduct:
</TABLE>
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
Period from August 1, 1968 (Date of inception) to May 31, 2000
<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):
2000 1,000,200 shares issued for services
for $ .005 per share in Feb 2000
$ 5,001 $ 5,001
Net loss for the year ended February 29, 2000 (5,001) (5,001)
BALANCES, FEBRUARY 29,2000 $18,987 $80,871 $(99,858) -
---------- ----------- ------------- -----------
Add (Deduct):
Net loss for the three months
ended may 31, 2000 - - (2,000) -
---------- ----------- ------------- -----------
Balances, May 31, 2000 18,987 80,871 $ (101,858) $ (2,000)
========== =========== ============= ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
IDAHO TECHNICAL, INC.
STATEMENTS OF CASH FLOWS
<TABLE>
Period from August (Unaudited)
1, 1968 (Date of Three Months Ended
Inception) to May 31, May31,
May 31, 2000 1999 2000
----------------- -------- --------
<S> <C> <C> <C>
Cash Flows From Operating
Activities
Net loss adjustments to reconcile $(101,858) - $ (2,000)
net loss to net cash
provided by operating
activities:
Issuance of common
Stock for services $ 99,858 - $ -
rendered and claims
Increase in accounts
Payable 2,000 - 2,000
---------------- -------- --------
Net cash provided by
operating activities - - -
Net Increase in Cash
Cash, Beginning of
Year/Period - - -
----------------- -------- --------
Cash, End of Year/Period $ - $ - $ -
================= ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
IDAHO TECHNICAL, INC.
NOTES TO FINANCIAL STATEMENTS
The unaudited interim financial statements for the three months ended May 31,
1999 and 2000 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 three months ending
May 31, 2000
(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: May 31, 2000 /s/ Dale F. Miller
------------------------------
Dale F. Miller, President
