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 September, 1999
Commission File No.: 000-26463
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BACTROL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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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 ___ No _X_
As of September 30, 1999: 11,800,000 shares of common stock were outstanding.
ITEM 1. FINANCIAL STATEMENTS
BACTROL TECHNOLOGIES, INC.
BALANCE SHEETS
(Unaudited)
ASSETS
September 30 December 31
1999 1998
Notes Receivable $ 1,500 $ 1 ,500
LIABILITIES AND STOCKHOLDRS' 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 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 Nine months ended
September 30, September 30,
1999 1998 1999 1998
Revenue $0 $ 0 $ 0 $ 0
Expenses:
Interest 0 476 0 1,428
Penalties 0 418 0 1,254
Professional fees 0 238 5,600 714
State Corporate charter 0 _ 81__ 51 243
Total Expenses: $0 $1,213 $5,651 $3,639
Net (Loss) $0 $1,213 $5,651 $3,639
Net (Loss) per common
Share (basic diluted) $0 $(0.01) $(0.01) $(0.01)
Average shares outstanding 11,800,00 11,800,00 11,800,00 11,800,00
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
Nine months ended September 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)
September 30, 1999 net loss 0 0 0 (5,651)
Balance at June 30, 1999 11,800,000 $ 1,180 $ 4,702 (32,143)
Notes to financial statements are an integral part of this statement.
BACTROL TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30
1998 1999
OPERATING ACTIVITIES
Net (loss) $ ( 5,651) $ (3,639)
Adjustments to reconcile net (loss to
cash (used in) operating activities:
Increase (decrease) in corporate taxes (11,310) 2,925
Increase (decrease) in accounts
payable and other liabilities ( 8,050) 714
Cash provided by (used in) operating activities 0 0
FINANCING ACTIVITIES:
Proceeds from loan 25,011 0
Cash was provided by financing activities 25,011 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, 1998. The
results of operations for the nine months ended September 20, 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 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 September 30, 1999 and December 31, 1998.
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
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.
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.
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 September 30, 1999 the company had no cash and $1,500 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
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
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: May 25, 2000
