Form 10-QSB
[X] QUARTERLY REPORT
OR
[ ] TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 2000
Commission File No.: 000-26463
-----------------
BACTROL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
----------------
New York 11-2665282
State of other jurisdiction (IRS Employer ID No.)
Incorporation or organization
C/o Associates Investment Corporation, Inc.
1109 North 21st Avenue, Suite 120
Hollywood, Florida
(Address of Principal Executive Offices) (Zip Code)
(954) 923-6002
(Registrant's telephone number, including area code)
OWL CAPITAL CORP
350 Veterans Memorial Highway
Commack, NY 11725
(516) 543-1781
(Former name and address)
Check whether the registrant (1) filed all reports
required to be filed by Section 13 and 15 (d) of the Exchange
Act during the past 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 __
As of March 31, 2000: 593,500 shares of common stock were
outstanding.
ITEM 1. FINANCIAL STATEMENTS
BACTROL TECHNOLOGIES, INC.
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31
2000 1999
Notes Receivable $ 1,500 $ 1 ,500
LIABILITIES AND STOCKHOLDRS' DEFICIT
CURRENT LIABILITIES
Accounts payables and other
liabilities $ 3,680 $ 3,680
Corporate taxes payable 0
Loan payable 27,511 0
Total current liabilities 31,191 31,191
STOCKHOLDERS EQUITY
Common stock, $0.0001 par value, 50,000.000
Shares authorized, 593,500 shares issued
and outstanding at March 31, 2000 and
December 31, respectively 59 59
Additional paid in capital 16,193 16,193
Deficit (45,943) (45,943)
Total stockholders' deficit (29,691) (29,691)
TOTAL LIABILITIES AND STOCKHOLDRS'
DEFICIT $ 1,500 $ 1,500
Notes to financial statements are an integral part of this
statement.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31, 2000 1999
Revenue $0 $ 0
Expenses:
Interest 0 0
Penalties 0 0
Professional fees 0 0
State Corporate charter 0 51
Total Expenses: $0 $51
Net (Loss) $0 ($51)
Net (Loss) per common
Share (basic diluted) $0 $(0.01)
Average shares outstanding 593,500 593,500
Notes to financial statements are an integral part of this
statement.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF STOCKHOLDERS' DEFICIT
For the year ended December 31, 1998 and
three months ended March 31, 2000
(Unaudited)
Additional
Common Stock Paid-in
Shares Amount Capital Deficit
Balance at
December 31, 1998 590,000 $59 $5,193 ($26,492)
Sale of common stock 3,500 - 11,000 0
December 31, 1999 net
loss 0 0 0 (19,451)
Balance as of
December 31, 1999 593,500 59 16,193 (45,943)
March 31, 2000 net loss 0 0 0 0
Balance at March 31,
2000 593,500 $59 $16,193 ($45,943)
Notes to financial statements are an integral part of this
statement.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months ended
March 31
2000 1999
OPERATING ACTIVITIES
Net (loss) $ 0 $51
Adjustments to reconcile net (loss to
cash (used in) operating activities:
Increase (decrease) in corporate taxes 0 (11,310)
Increase (decrease) in accounts
payable and other liabilities 0 (8,650)
Cash provided by (used in) operating
activities 0 (20,011)
Cash was provided by financing activities 0 20,011
FINANCING ACTIVITIES:
Proceeds from loan 0 20,011
Cash was provided by financing activities 0 20,011
Net Increase (decrease) in cash 0 0
Cash, at beginning of year 0 0
Cash, at end of the year $ 0 $ 0
Notes to financial statements are an integral part of this
statement.
BACTROL TECHNOLOGIES, INC.
NOTES TO FINANCIAL STATEMENTS
1. Condensed Financial Statements
In the opinion of the Company, the accompanying unaudited
condensed financial statements include all adjustments
(consisting only of normal recurring accruals) which are
necessary for a fair presentation of the results for the
periods presented. Certain information and footnote
disclosures normally included in the financial statements
prepared in accordance with generally accepted accounting
principles have been condensed and omitted. It is
suggested that these condensed financial statements be
read in conjunction with the Company's Annual Report
for the year ended December 31, 2000. The results of
operations for the nine months ended March 31,2000 are
not necessarily indicative of the results to be
expected for the full year.
2. Summary of Significant Accounting Policies
Business Activities
The Company was incorporated August 31, 1983, under the
laws of the State of New York, as Owl Capital Corp., for
the purpose of providing financial consulting services.
On May 16, 1988 the Company changed its name to
Bactrol Technologies, Inc.
In 1989 the Company attempted to bring its stock to the
public market and incurred printing and professional fees.
The intent was to raise additional capital for potential
acquisitions.
The Company has been inactive since November 1984.
2. Note Receivable
The Company has a non-interest bearing demand note
receivable from Bionic Financial Corporation at March
31, 2000 and December 31, 1999.
3. Corporate Tax Payable
The Company had not filed its annual New York State
taxes since 1984 and had its corporate status
dissolved. During January 1999, management filed all
of the delinquent tax returns and is awaiting the Company's
reinstatement.
4. Other Matters
During 1999, the Company entered into a plan and agreement
of merger with Military Resale Group, Inc. The merger is
dependent upon Bactrol Technologies, Inc. becoming listed
on the NASD Bulletin Board at which time the merger comes
into full force and effect concurrent with that listing.
The Company is a former reporting company with the Securities
and Exchange Commission and is currently in the process of
updating all required SEC filings so that it can have it's
securities traded.
On October 4, 1999, the Board of Directors approved a 20 to
1 reverse stock split of its issued and outstanding common
stock. These financial statements reflect its retroactive
effect of the reverse split.
ITEM 2. PLAN OF OPERATION
General
The Company does not, at this moment, have any business and
is seeking to merge with an existing, operating business. The
Company entered into a plan and agreement of merger with
Military Resale Group, Inc. The merger is dependent upon
Bactrol Technologies, Inc. becoming listed on the NASD
Bulletin Board at which time the merger comes into full force
and effect concurrent with that listing.
Liquidity and Capital Resources
Since its inception, the Company has had virtually no revenues
from operations and has relied almost exclusively on shareholder
loans, limited distribution deposits and sale of securities
to raise working capital to fund operations. At March 31, 2000
the company had no cash and $20,011 in notes receivables.
If the company is unable to obtain needed funds, it could be
forced to curtail or case its activities.
The company has, in the past, issued shares of common stock to
various parties as payment for services rendered. The company
intends to continue this practice.
ITEM 3. - FORWARD LOOKING STATEMENTS
When used in this report and in future filings by the company with
the Commission in the Registrants' press release or other public or stockholder
communications, and in oral statements made with the
approval of an authorized executive officer, the words or phrases
"will likely result", "are expected to", "will continue", "is
anticipated", "estimate", "project" or similar expressions are
intended to identify "forward looking statements" within the
earning of the Private Securities Litigation Reform Act of 1955.
Such statements are subject to certain risks and uncertainties,
including the Company's liquidity constraints, potential
increases in costs and delays, pending litigation, availability
of raw materials, competition, demand for the product and other
proprietary products and delays in the distribution process that
could cause actual results to differ materially from those
presently anticipated or projected. The company wishes to caution
readers not to place undue reliance on any such forward-looking
statements which speak only as of the date made. The company
wishes to advise readers that actual results for future periods
to differ materially from any opinions or statements expressed
with respect to future periods in any current statements.
The company does not undertake - and specifically, declines any
obligation - to publicly release the result of any revisions
which may be made to any forward-looking statements to reflect
the occurrence of anticipated or unanticipated events.
Any potential investor in the Company's securities should
understand that at this time the company is not engaged in
any business.
Part II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
On October 4, 1999, the Board of Directors approved a
20 to 1 reverse stock split of its issued and outstanding common
stock. As of today's date the company has not had a shareholder's
meeting to ratify this change in the outstanding common stock,
nor has an amendment reflecting this change to the Articles of
Incorporation been filed with the New York Division of
Corporations.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
During 1999, the Company entered into a plan and
agreement of merger with Military Resale Group, Inc. The merger
is dependent upon Bactrol Technologies, Inc. becoming listed on
the NASD Bulletin Board at which time the merger comes into full
force and effect concurrent with that listing.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
None
SIGNATURES
In accordance with the requirements of the exchange act,
the registrant caused this report to signed on its behalf by the
undersigned, thereunto duly authorized.
BACTROL TECHNOLOGIES, INC.
__/S/ Guy Galluccio, Sr.____
GUY GALLUCCIO, SR., President and
Chairman of the Board
/S/ Alan Finfer
ALAN FINFER, Secretary, Treasurer
Director and Chief Financial Officer
DATED: June 11, 2000
