U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-26347
FUTURE TECHNOLOGIES, INC.
(Exact name of small business issuer as specified in its charter)
Minnesota 41-0985135
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
11900 Wayzata Blvd., Suite 100, Hopkins, MN 55305
(Address of principal executive offices)
(612) 541-1155
(Issuer's telephone number)
Not Applicable
(Former name, address and fiscal year, if changed since last
report)
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 issuer
was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [ ] No [X]
APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
1,352,512 shares of common stock.
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FORM 10-QSB
FUTURE TECHNOLOGIES, INC.
INDEX
Page
PART I. Financial Information
Item 1. Financial Statements
Balance Sheet - June 30, 1999 (unaudited) 3
Statements of Operations - Three Months
Ended June 31, 1999 and 1998 (unaudited) 4
Statements of Operations - Nine Months
Ended June 31, 1999 and 1998, and Inception
(January 2, 1990) through June 30, 1999
(unaudited) 5
Statements of Cash Flows - Nine Months
Ended June 30, 1999 and 1998, (unaudited) 6
Notes to Financial Statements 7
Item 2. Management's Discussion and
Analysis of Financial Condition or Plan of
Operation 10
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 11
PART I.
Financial Information
Item 1. Financial Statements
In the opinion of management, the accompanying unaudited
financial statements included in this Form 10-QSB reflect all
adjustments (consisting only of normal recurring accruals)
necessary for a fair presentation of the results of operations
for the periods presented. The results of operations for the
periods presented are not necessarily indicative of the results
to be expected for the full year.
2
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FUTURE TECHNOLOGIES, INC.
(A Development Stage Company)
BALANCE SHEET
June 30, 1999
ASSETS
CURRENT ASSETS
Cash in bank $ 1,502
Total Current Assets 1,502
OTHER ASSETS
Organization costs 6,800
________
Total Assets $ 8,302
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES $ 0
STOCKHOLDERS' EQUITY
Preferred stock, unstated par value, 5,000,000
shares authorized, none issued 0
Common stock, $.01 par value, 45,000,000 shares
authorized, 1,352,512 shares issued and outstanding 13,525
Additional paid in capital 49,361
Retained earnings (deficit) (54,584)
Total Stockholders' Equity 8,302
________
Total Liabilities and Stockholders Equity $ 8,302
See notes to financial statements
3
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FUTURE TECHNOLOGIES, INC.
(A Development Stage Company)
STATEMENTS OF INCOME (LOSS)
For the Three Months Ended June 30, 1999 and 1998
1999 1998
REVENUES $ 0 $ 0
EXPENSES
General and administrative expenses 776 0
Total Expenses 776 0
_________ _________
NET INCOME (LOSS) $ (776) $ 0
See notes to financial statements
4
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FUTURE TECHNOLOGIES, INC.
(A Development Stage Company)
STATEMENTS OF INCOME (LOSS)
For the Nine Months Ended June 30, 1999 and 1998
From Inception
as a
Nine Months Nine Months Development
Ended June Ended June Stage Company
30, 1999 30, 1998 on January 2,
1990 through
June 30, 1999
REVENUES $ 0 $ 0 $ 0
EXPENSES
General and administrative expenses 1,698 0 1,698
Total Expenses 1,698 0 1,698
_________ ________ _________
NET INCOME (LOSS) $ (1,698) $ 0 $ (1,698)
See notes to financial statements
5
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FUTURE TECHNOLOGIES, INC
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Nine Months Ended June 30, 1999 and 1998
Nine months ended From
June 30 Inception as a
_______________ Development
1999 1998 Stage
Company on
January 2, 1990
through
June 30, 1999
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss from operations $ (1,698) $ 0 $ (1,698)
Total Provided (Used in) Operating 1,698 0 1,698
Activities
CASH FLOW FROM INVESTING ACTIVITIES:
Increase in organization costs 6,800 0 6,800
Total Provided (Used in) Investing
Activities 6,800 0 6,800
CASH FLOW FROM FINANCING ACTIVITIES:
Cash from stock investment 10,000 0 10,000
Total Provided (Used in) Financing
Activities 10,000 0 10,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,502 0 1,502
CASH AND CASH EQUIVALENTS AT BEGINNING OF
YEAR 0 0 0
______ ______ ______
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,502 $ 0 $ 1,502
DISCLOSURE OF ACCOUTING POLICY:
For purposes of the statement of cash flows, the company
considers all highly liquid debt instruments purchased with
original maturities of three months or less to be cash
equivalents.
See notes to financial statements
6
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FUTURE TECHNOLOGIES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1999
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
The Company is a publicly held corporation presently in a dormant
status (see Note B below). It is anticipated by management that
the Company can be used as a shell for the future acquisition of
a technology oriented company.
Use of Estimates
Management uses estimates and assumptions in preparing financial
statements. Those estimates and assumptions affect the reported
amounts of assets and liabilities, the disclosure of contingent
assets and liabilities, and the reported revenues and expenses.
NOTE B - THE CORPORATION HISTORY
Future Technologies, Inc., (the Company) was incorporated as
"Land Corporation of America, Inc." on June 20, 1972. In an
Offering Circular dated November 7, 1973, 160,000 shares of the
Company's stock were offered to the public at $2.50 per share.
Previous to the offering, 184,950 shares had been issued for
cash, property and services rendered. The Company started out in
the business of purchasing land, developing it, and selling the
developed parcels to mobile and/or prefabricated home owners.
On November 30, 1977, the Company changed its name to "Future
Homes, Inc.," and operated successfully for several years. As of
the Company's fiscal year ended September 30, 1983, there were
528,360 shares outstanding at a par value of $.10 per share. In
the late 1980's the Company's source of financing dissolved and
the Company was forced to liquidate its assets and discontinue
business. As of December 31, 1989, operations were suspended and
a final income tax return was filed on January 23, 1990. The
Company's balance sheet on December 31, 1989, the date of the
suspension in operations, had the following, unaudited
information:
Assets $ 0
Liabilities $ 0
Equity:
Common stock $ 52,836
Paid in capital 491,959
Retained earnings (deficit) (544,795)
Total equity $ 0
7
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FUTURE TECHNOLOGIES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1999
NOTE B - THE CORPORATIONS HISTORY (continued)
In 1994, a former stockholder was elected Director and an
unsuccessful attempt was made to acquire a small airline by the
name of "Capital Air, Inc." In 1995 the same Director and
stockholder, in as Asset Purchase Agreement dated October 18,
1995, attempted to acquire a company by the name of Tandem
Systems, Inc. The success of the Agreement was contingent upon
the Company being able to obtain $200,000 in new equity capital
from existing and new investors. The Company was unsuccessful
and Tandem Systems, Inc., rescinded the Agreement on March16,
1996.
During the negotiating process with Tandem Systems, Inc., the
stockholders of the Company met on November 14, 1995 and agreed
to a reverse stock split. As a result of this split, the 528,860
shares outstanding were reduced to 264,430. In addition, 85,570
shares were issued to the Director noted above for promotional
efforts, and at that time, there was a 2,512 share bookkeeping
correction agreed to by the Board. During the course of an
accounting during that period, the Company decided to absorb the
Paid in Capital account in to the Retained Earnings deficit.
On February 8, 1999, the Company conducted a Special Meeting of
Shareholders whereby a new Director was named. In addition, the
Company stockholder's agreed to amend and restate the Articles of
Incorporation and Bylaws to effect a change in the name to
"Future Technologies, Inc." and to change the authorized number
of shares to fortyfive million common add five million shares of
preferred stock. Also, the par value of the common stock was
changed to $0.01 per share.
NOTE C - COMMITMENTS AND CONTINGENCIES
The Company has made no provisions for losses relating to the
potential year 2000 problem. Although the Company has none of
this type of equipment at this time, computers and other data
processing equipment which may be used in operations and that of
vendors, vendee's and related parties may not be date sensitive
and thus not be able to decipher the year 2000 from other years
ending in "00". This may create unforeseen problems, costs and
losses. Management is of the opinion that these costs and losses
are not determinable, may not exist in their case, and are thus
not identifiable and recordable.
8
<PAGE>
FUTURE TECHNOLOGIES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1999
NOTE C - COMMITMENT AND CONTIGENCIES (continued)
As mentioned in Note A, the Company plans to use the corporation
as a shell for future acquisitions. There are no potential
acquisitions or operations at the present time and there is thus,
no guarantee that any of the goals of management will be
accomplished or that the Company, its officer, directors and
shareholders will succeed at these endeavors.
9
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
or Plan of Operation
Results of Operations - Nine Month periods Ended June 30, 1999 and 1998
The Company had no revenue for the nine-month periods ended
June 30, 1999 and 1998.
General and administrative expenses for the nine month
period ended June 30, 1999, in the amount of $1,698, consisted of
general corporate administration, legal and professional
expenses, and accounting and auditing costs. The Company has no
expenses during the same period in 1998.
As a result of the foregoing factors, the Company realized a
net loss of $1,698 for the nine months ended June 30, 1999, as
compared to a net loss of $0 for the same period in 1998.
Liquidity and Capital Resources
At June 30, 1999, the Company had working capital of
approximately $1,502, as compared to $0 at September 30, 1998.
Working capital as of June 30, 1999, consisted solely of cash.
Management believes that the Company has sufficient cash to
meet the anticipated needs of the Company's operations through at
least the next 12 months. However, there can be no assurances to
that effect, as the Company has no significant revenues and the
Company's need for capital may change dramatically if it acquires
an interest in a business opportunity during that period. The
Company's current operating plan is to (i) handle the
administrative and reporting requirements of a public company,
and (ii) search for potential businesses, products, technologies
and companies for acquisition. At present, the Company has no
understandings, commitments or agreements with respect to the
acquisition of any business venture, and there can be no
assurance that the Company will identify a business venture
suitable for acquisition in the future. Further, there can be no
assurance that the Company would be successful in consummating
any acquisition on favorable terms or that it will be able to
profitably manage any business venture it acquires.
Forward-Looking Statements
This Form 10-QSB includes, without limitation, certain
statements containing the words "believes", "anticipates",
"estimates", and words of a similar nature, constitute "forward-
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. This Act provides a "safe harbor"
for forward-looking statements to encourage companies to provide
prospective information about themselves so long as they identify
these statements as forward looking and provide meaningful,
cautionary statements identifying important factors that could
cause actual results to differ from the projected results. All
statements other than statements of historical fact made in this
Form 10-QSB are forward-looking. In particular, the statements
herein regarding industry prospects and future results of
operations or financial position are forward-looking statements.
Forward-looking statements reflect management's current
expectations and are inherently uncertain. The Company's actual
results may differ significantly from management's expectations.
10
<PAGE>
PART II.
Other Information
Item 6. Exhibits and Reports on Form 8-K
Exhibits: Included only with the electronic filing of this
report is the Financial Data Schedule for the period ended June
30, 1999 (Exhibit Ref. No. 27).
Reports on Form 8-K: None
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FUTURE TECHNOLOGIES, INC.
Date: September 9, 1999 By: /s/ Craig Laughlin, President
11
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<ALLOWANCES> 0
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0
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,698)
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