U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2000.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________________
TO ____________________.
Nicole Industries, Inc.
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(Name of Small Business Issuer as specified in its charter)
NEVADA 000-27079 68-0422343
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(State or other jurisdiction of SEC File (I.R.S. incorporation or
organization) Number Employer I.D. No.)
83-888 Ave. 51
Coachella, CA 92236
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(Address of Principal Executive Office)
Issuer's Telephone Number, including Area Code: (760) 398-9700
Indicate by check mark whether the Registrant (i) 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 (of for such shorter period
that the Registrant was required to file such reports) and (ii) has been
subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as of the latest practicable date.
Common Stock $0.001 par value 1,993,039
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No Exhibits Included.
General
The condensed consolidated financial statements of Nicole Industries,
Inc. included herein, have been prepared without audit pursuant to the
rules and regulations of the Securities and Exchange Commission. Although
certain information normally included in financial statements prepared
in accordance with generally accepted accounting principles has been
condensed or omitted, Nicole Industries, Inc.'s management believes
that the disclosures are adequate to make the information presented not
misleading. The condensed financial statements for the three and six months
ended June 30, 2000 should be read in conjunction with the financial
statements and notes thereto included in this report and Nicole Industries,
Inc.'s Form 10-KSB with attached financials of 12-31-1999.
The condensed financial statements included herein reflect all normal
recurring adjustments that, in the opinion of management, are necessary
for a fair presentation. The results for the interim period are not
necessarily indicative of trends or results to be expected for a full
year.
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
The Company has not commenced operations and has no working capital.
Item 3. Agreement and Plan of Reorganization (Subsequent Events)
In an 8K filed August 4, 2000, the company announced that on July 21,
2000 the company agreed to issue 93,000,000 shares of its common stock to Aluko
USA, a Delaware Corporation, against the delivery of 31,627,075 shares of
common stock of Aluminum Korea Co. Ltd., a corporation organized under the
laws of Korea "Aluko Korea".
The shares of the common stock of Aluko Korea owned by the company represent
50.01% of the issued and outstanding voting stock of Aluko Korea. As a result
of the company's stock issuance, Aluka USA will own 93% of the outstanding
stock of the company.
After the issuances of stock on July 21, 2000 in this plan of reorganization,
there is 100,000,000 shares of common stock issued and outstanding.
Aluko Korea was founded in 1986 and is the largest manufacturer in Korea of
etched and formed aluminum foils in electrolytic capacitors. Etched and
formed aluminum foil is an essential raw material for electrolytic
capacitors.
On July 21, 2000 , and in connection with the company's issuance of the
shares of common stock to Aluka USA, Dempsey K. Mork and Randall A. Baker,
the two existing officers and directors appointed the successor officers and
directors and then resigned. The newly appointed directors of the company
are Ju Young Park and Min-Kyung Park.
Mr. Ju Young Park is President and Chief Executive Officer of the company.
Mr. Park is a founder and the President of Aluko Korea. He received his
Bachelor of Science degree in mechanical engineering from Hanyang University
in South Korea. Prior to founding Aluko Korea, Mr. Park worked for seventeen
years with Daewo Electronics Corporation. Prior to leaving Daewo Electronics,
Mr. Park was General Manager and in charge of its Research and Development.
Ms. Min-Kyung Park is the Chief Financial Officer and Secretary of the
company. She joined Aluko Korea in 1999. She graduated from Iwho Women's
University in Korea and studied at Oregon State University.
SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934, the
Registrant has caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized.
Nicole Industries, Inc.
Date: 8/04/2000 By: /s/ Ju Young Park
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Ju Young Park, President
and President
NICOLE INDUSTRIES, INC.
BALANCE SHEETS
June 30, 2000 and December 31, 1999
06/30 12/31
2000 1999
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ASSETS
CURRENT ASSETS
Cash in Bank 1.274 1,349
PROPERTY AND EQUIPMENT -0- -0-
OTHER ASSETS -0- -0-
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TOTAL ASSETS 1,274 1,349
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
CURRENT LIABILITIES -0- -0-
LONG TERM LIABILITIES/
NOTE PAYABLE RELATED PARTY 50,000 40,000
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TOTAL LIABILITIES 50,000 40,000
SHAREHOLDERS' EQUITY
COMMON STOCK 1,385 1,385
RETAINED EARNINGS (50,111) (40,036)
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TOTAL SHAREHOLDERS' EQUITY
(48,726) (38,651)
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 1,274 1,349
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The accompanying notes are an integral part of these financial statements.
-2-
NICOLE INDUSTRIES, INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
For the three and six months ended 6/30/2000 and 6/30/1999
3 Months 3 Months 6 Months 6 Months
6/30/00 6/30/99 6/30/00 6/30/99
------- ------- ------- -------
REVENUES -0- -0- -0- -0-
EXPENSES
Bank Service Charges 75 -0- 75 20
Administrative Support -0- -0- 10,000 (4) -0-
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INCOME BEFORE INCOME TAXES (75) -0- (10,075) (20)
INCOME TAXES -0- -0- -0- -0-
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NET INCOME (75) -0- (10,075) (20)
BEGINNING RETAINED
EARNINGS (50,036) -0- (40,036) (16)
DIVIDENDS -0- -0- -0- -0-
------ ------ ------ -------
ENDING RETAINED EARNINGS (50,111) -0- (50,111) (36)
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The accompanying notes are an integral part of these financial statements
-3-
NICOLE INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
For the three and six months ended 6/30/00 and 6/30/99.
3 months 3 months 6 Months 6 Months
6/30/00 6/30/99 6/30/00 6/30/99
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CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME (75) -0- (10,075) (20)
ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY OPERATING
ACTIVITIES (1st qtr prior yr adj) -0- -0- 10,000 -0-
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NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (75) -0- (75) (20)
CASH FLOWS FROM INVESTING ACTIVITIES
-0- -0 -0- -0-
CASH FLOWS FROM FINANCING ACTIVITIES
ISSUE CAPITAL STOCK -0- -0- -0- -0-
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NET INCREASE (DECREASE) IN CASH (75) -0- (75) (20)
CASH AT BEGINNING OF PERIOD 1349 1349 1349 1369
CASH AT END OF PERIOD 1274 1349 1274 1349
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SUPPLEMENTAL DISCLOSURES
INTEREST PAID -0- -0- -0- -0-
INCOME TAXES PAID -0- -0- -0- -0-
The accompanying notes are an integral part of these financial statements
-4-
NICOLE INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
Nicole Industries, Inc. was organized under the laws of the State of Nevada
on January 3, 1996 under the name of Nicole Industries, Inc. The company was
incorporated to engage in any lawful activity.
NOTE 2 STOCK TRANSACTIONS
The Articles of Incorporation initially authorized the Company to issue up to
25,000 shares of common stock with no par value.
The Articles of Incorporation were amended on October 22, 1998 authorizing
up to 100,000,000 shares with a par value of $.001
On December 15, 1998, the Board of Directors agreed to sell up to 1,369,000
shares of its common stock at the stated par value of $.001.
As of September 30, 1999, the Company had issued a total of 1,993,039
shares of common stock.
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NICOLE INDUSTRIES, INC.
Notes to Financial Statements
NOTE 3 RELATED PARTY TRANSACTIONS
On May 15, 1996, the company issued a total of 624,039 shares of capital
stock to individuals in return for services rendered. These individuals
include officers of the company.
