BACTROL TECHNOLOGIES, INC.
FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
INDEPENDENT AUDITOR'S REPORT
To The Stockholders of
Bactrol Technologies, Inc.
We have audited the accompanying balance sheets of Bactrol Technologies, Inc.
as of December 31, 1998 and 1997 and the related statements of income,
stockholder's deficit and cash flows for the years then ended.
These financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonably assurance about Whether the financial statements are free
of material misstatements. An audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bactrol Technologies,
Inc. as of December 31, 1998 and 1997 and the results of its operations and
cash flows for the years then ended, in conformity with generally accepted
accounting principles.
/S/
Puritz & Weintraub, LLP
Plantation, FL
February 9, 1999
Bactrol Technologies, Inc.
Balance Sheets
December 31,
ASSETS 1998 1997
Note receivable $1,500 $1,500
Liabilities and stockholders' deficit:
Current liabilities:
Accounts payable and other liabilities $11,430 $10,480
Corporate taxes payable 11,310 7,411
Total Current Liabilities 22,740 17,891
Stockholders' deficit
Common stock, $.0.0001 par value, 50,000,000
shares authorized, 11,800,000 shares issued
and outstanding 1,180 1,180
Additional paid in capital 4,072 4,072
Retained deficit (26,492) (21,643)
Total stockholders' deficit (21,240) (16,391)
Total liabilities and stockholders' deficit $1,500 $1,500
The accompanying notes are in integral part of these financial statements.
Bactrol Technologies, Inc.
Statements of operations
For the years ended
December 31,
1998 1997
Income $0 $0
Expenses
Interest 1,902 0
Penalties 1,672 0
Professional fees 950 6,000
State corporate charter tax 325 385
Net loss $4,849 $6,385
The accompanying notes are in integral part of these financial statements.
Bactrol Technologies, Inc.
Statements of Stockholders' deficit
For the years ended December 31, 1998 and 1997
Additional
Common stock Paid in Retained
Shares Amount Capital Deficit
Balance at December 31, 1996 11,800,000 1,180 $4,072 ($15,258)
1997 net loss 0 0 0 (6,385)
Balance at December 31, 1997 11,800,000 $1,180 $4,072 ($21,643)
1998 net loss 0 0 0 (4,849)
Balance at December 31, 1998 11,800,000 $1,180 $4,072 ($26,492)
The accompanying notes are in integral part of these financial statements.
Bactrol Technologies, Inc.
Statements of Cash Flows
For the years ended
December 31,
1999 1998
Net loss ($4,849) ($6,385)
Adjustments to reconcile net income
to cash provided by operating
activities:
Increase in corporate taxes payable 3,899 385
Increase in accounts payable and
other liabilities 950 6,000
Cash provided by (used in) operating activities 0 0
Cash at beginning of year 0 0
Cash at the end of year $0 $0
The accompanying notes are in integral part of these financial statements.
BACTROL TECHNOLOGIES, INC.
NOTES TO FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies
Business Activities
The company was incorporated in 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 of $4,480. The intent was to raise
additional capital for potential acquisitions.
The company has been inactive sine November 1984.
2. Note Receivable
The company has a non-interest bearing demand note receivable from Bionic
Financial Corporation at December 31, 1998 and 1997.
3. Corporate Tax Payable
The company has 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 has been awaiting the company's reinstatement.
Management has estimated that it owes New York State $11,310 and $7,411 at
December 31, 1998 and 1998 to reinstate.
4. Other Matters
The Company is a former reporting company with the Securities and Exchange
Commission and has been delinquent with its filing requirements since 1984.
It is in the process of bringing its reports and filing requirements up to
date, and has incurred professional fees of approximately $7,000. Management
is presently seeking to acquire an asset in the form of an operating company
with good prospects. In connection therewith, there may be a change in
management and control.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
1999 1998
OPERATING ACTIVITIES:
Net (loss) $ (51) $(1,213)
Adjustments to reconcile net (loss) to
cash (used in) operating activities:
Increase (decrease) in corporate taxes
payable (11,310) 975
Increase (decrease) in accounts
payable and other liabilities (8,650) 238
Increase in loan payable 20,011 0
Cash provided by (used in) operating 0 0
activities
Cash, beginning of the year 0 0
Cash, end of the year $0 $0
Notes to financial statements are an integral part of this statement.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
1999 1998
Revenue $0 $0
Expenses:
Interest 0 476
Penalties 0 418
Professional fees 0 238
State corporate charter 51 81
Total expenses 51 1,213
Net (Loss) $(51) $(1,213)
Notes to financial statements are an integral part of this statement.
BACTROL TECHNOLOGIES, INC.
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
Notes Receivable $1,500 $1,500
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payables and other
liabilities $2,780 $11,430
Corporate taxes payable 0 11,310
Loans payable 20,011 0
Total curent liabilites 22,791 22,740
STOCKHOLDERS' EQUITY
Common stock , $0.0001 par value,
50,000,000 shares authorized,
11,800,000 shares issued and
outstanding 1,180 1,180
Additional paid-in capital 4,072 4,072
Deficit (26,543) (26,492)
Total stockholders' deficit (21,291) (21,240)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,500 $1,500
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, 1999
(Unaudited)
Additional
Common Stock Paid-in
Shares Amount Capital Deficit
Balance at December 31, 1997 11,800,000 $1,180 $4,072 $21,643)
1998 net loss 0 0 0 (4,849)
Balance at December 31, 1998 11,800,000 1,180 4,072 (26,492)
March 31, 1999 net loss 0 0 0 (51)
Balance at March 31, 1999 11,800,000 $1,180 $4,072 $(26,543)
Notes to financial statements are an integral part of this statement.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Six month ended
June 30, June 30,
1999 1998 1999 1998
Revenue $0 $0 $0 $0
Expenses:
Interest 0 476 0 951
Penalties 0 418 0 836
Professional fees 5,600 238 5,600 476
State corporate charter 0 81 51 162
Total expenses 5,600 1,213 5,651 2,425
Net (Loss) $5,600 $1,213 $5,651 $2,425
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 foot note
disclosures normally included in the financial statements prepared in
accordance with the 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, 1998. The results of operations of the three months
ended March 31, 1999 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 in 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 of $4,480. The intent was to raise
additional capital for potential acquisitions.
The company has been inactive sine November 1984.
3. Note Receivable
The company has a non-interest bearing demand note receivable from Bionic
Financial Corporation at June 30, 1999 and December 31, 1998.
4. Corporate Tax Payable
The company has 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 has been reinstated.
5. Other Matters
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 its securities traded.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
1999 1998
OPERATING ACTIVITIES:
Net (loss) $(5,651) $(2,425)
Adjustments to reconcile net (loss) to
Cash (used in) operating activities:
Increase (decrease)in corporate taxes
payable (11,310) 1,951
Increase (decrease) in accounts
payable and other liabilities (8,050) 476
Increase in loan payable 25,011 0
Cash provided by (used in) operating 0 0
activities
Cash, beginning of the year 0 0
Cash, end of the year $0 $0
Notes to financial statements are an integral part of this statement.
BACTROL TECHNOLOGIES, INC.
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1999 1998
Notes Receivable $1,500 $1,500
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payables and other
liabilities $3,380 $11,430
Corporate taxes payable 0 11,310
Loan payable 25,011 0
Total current liabilities 28,391 22,740
STOCKHOLDERS' EQUITY
Common stock , $0.0001 par value, 50,000,000
shares authorized, 11,800,000 shares issued
and outstanding 1,180 1,180
Additional paid-in capital 4,072 4,072
Deficit (32,143) (26,492)
Total stockholders' deficit (26,891) (21,240)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $1,500 $1,500
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
six months ended June 30, 1999
(Unaudited)
Additional
Common Stock Paid-in
Shares Amount Capital Deficit
Balance at December 31, 1997 11,800,000 $1,180 $4,072 $(21,643)
1998 net loss 0 0 0 (4,849)
Balance at December 31, 1998 11,800,000 1,180 4,072 26,492)
June 30, 1999 net loss 0 0 0 (5,651)
Balance at June 30, 1999 11,800,000 $1,180 $4,072 $(32,143)
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 foot note disclosures normally
included in the financial statements prepared in accordance with the
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,
1998. The results of operations of the six months ended June 30, 1999 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 in 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 theCompany 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 of $4,480. The intent was to raise
additional capital for potential acquisitions.
The company has been inactive sine November 1984.
3. Note Receivable
The company has a non-interest bearing demand note receivable from Bionic
Financial Corporation at June 30, 1999 and December 31, 1998.
4. Corporate Tax Payable
The company has 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 has been reinstated.
5. Other Matters
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 its securities traded.
