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Previous: BIO AQUA SYSTEMS INC, NT 10-Q, 2000-08-15 |
Next: ALTEON WEBSYSTEMS INC, 10-K405, 2000-08-15 |
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: June 30, 2000
Commission file number: 000-28169
Electrical Generation Technology Corporation
-------------------------------------------------------
(exact name of registrant as specified in its charter)
Utah 75-2184926
---------------------- --------------
(State of Incorporation) (IRS ID No.)
806 S. St. Paul, Dallas, Texas 75206
--------------------------------------------- ----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 214-742-1167
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [ ] No [ ].
Shares of common stock outstanding at June 30, 2000:
11,892,670
<PAGE>
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page Number
Item 1. Financial Statements 1 - 4
Item 2. Managements's Discussion and Analysis
of Financial Condition and Results of
Operations 5 - 6
PART II - OTHER INFORMATION 7
<PAGE>
<TABLE>
<CAPTION>
ELECTRICAL GENERATION TECHNOLOGY CORPORATION
BALANCE SHEETS
June 30, 2000 and December 31, 1999
ASSETS
June 30, 2000 Dec 31, 1999
---------------- -----------------
<S> <C> <C>
CURRENT ASSETS:
Cash $0 $0
Advances 2,750
---------------- -----------------
Total current assets 2,750 0
---------------- -----------------
TOTAL ASSETS $2,750 $0
================ =================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Cash overdraft 7,502 5,000
Accounts payable and accrued expenses 14,162
Accounts payable - related party 9,954
Short term notes payable 50,000
Advances from shareholders 228,831
---------------- -----------------
Total Current Liabilities $71,664 $243,785
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 8,432,670 and 11,892,670
shares issued and outstanding at June 30, 2000 and
December 31, 1999 respectively 11,893 8,433
Additional paid-in-capital 451,041 150,516
Accumulated Deficit (531,848) (402,734)
---------------- -----------------
Total Stockholders' Equity (68,914) (243,785)
---------------- -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 2,750 0
================ =================
</TABLE>
See accompanying notes
1
<PAGE>
<TABLE>
<CAPTION>
ELECTRICAL GENERATION TECHNOLOGY CORPORATION
STATEMENT OF OPERATIONS
Three Months Ended June 30, 2000 and 1999
Three months Three months
ended ended
June 30, 2000 June 30, 1999
---------------- -----------------
<S> <C> <C>
REVENUE: $ -0- $ -0-
OPERATING EXPENSE:
Amortization 14
General & administrative 60,627
---------------- -----------------
Total Operating Expense 60,627 14
---------------- -----------------
NET LOSS ($60,627) ($14)
================ =================
Weighted average shares outstanding 11,892,670 8,082,670
================ =================
LOSS PER SHARE ($0.01) ($0.00)
================ =================
</TABLE>
See accompanying notes
2
<PAGE>
<TABLE>
<CAPTION>
ELECTRICAL GENERATION TECHNOLOGY CORPORATION
STATEMENT OF STOCKHOLDERS' EQUITY AND ACCUMULATED DEFICIT
Period from December 31, 1998 to June 30, 2000
Common Paid In Accumulated
Shares Amount Capital Deficit Total
----------------------------- --------------------------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1998 8,082,670 $8,083 $143,866 ($389,208) ($237,259)
Shares issued for services
October 1, 1999 350,000 350 6,650 $7,000
Net Loss - 1999 (13,526) ($13,526)
----------------------------- --------------------------------- -----------------
Balance, December 31, 1999 8,432,670 $8,433 $150,516 ($402,734) ($243,785)
================================================================== =================
Shares issued for services
March 31, 2000 3,260,000 3,260 61,940 $65,200
Shares issued for debt
March 31, 2000 200,000 200 238,585 $238,785
Net Loss - three months
ended March 31, 2000 (68,487) ($68,487)
Net Loss - three months
ended June 30, 2000 (60,627) ($60,627)
----------------------------- --------------------------------- -----------------
Balance, June 30, 2000 11,892,670 $11,893 $451,041 ($531,848) ($68,914)
================================================================== =================
</TABLE>
See accompanying notes
3
<PAGE>
<TABLE>
<CAPTION>
ELECTRICAL GENERATION TECHNOLOGY CORPORATION
STATEMENT OF CASH FLOWS
Three Months Ended June 30, 2000 and 1999
Three months Three months
ended ended
June 30, 2000 June 30, 1999
---------------- -----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($60,627) ($14)
Adjustments to reconcile net loss to net
cash (used) by operating activities:
Amortization 14
Current assets (1,750)
Current liabilities 8,133
---------------- -----------------
NET CASH (USED) BY OPERATING ACTIVITIES: (54,244) 0
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in notes payable - short term 35,000 0
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of common stock 0
---------------- -----------------
NET INCREASE IN CASH ($19,244) $0
CASH, BEGINNING OF PERIOD 11,742 0
---------------- -----------------
CASH, END OF PERIOD ($7,502) $0
================ =================
</TABLE>
See accompanying notes
4
<PAGE>
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
The Company has been trying to capitalize after laying the groundwork
for acquisitions as outlined in previous reports and filings.
Currently, the Company has a negative cash balance of $7,502 compared
with no cash the same period the prior year. The prior year there were no
operations and the Company is raising capital by issuing convertible notes
through a private placement it started in April of 2000. The notes accrue
interest at ten percent. The Company believes that the money it raises in this
private placement will give it sufficient capital to allow it to start its plan
of operations and get into a revenue generating position and a positive cash
flow.
The Company has started operations of its health personnel placement
service and expects revenue from those operations to start in the third quarter.
As of this filing, the Company employs three paid employees in its health
personnel placement division.
5
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not involved in any legal proceedings.
Item 2. Changes in Securities.
Registrant has made no changes in its securities.
Item 3. Defaults Upon Senior Securities.
Registrant has no senior securities and accordingly no
defaults.
Item 4. Submission of Matters to a Vote of Security Holders.
Registrant submitted no matters to a vote of security holders.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
None.
6
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Electrical Generation Technology Corporation
(Registrant)
BY: /s/ Gary L. Cain
---------------------------------------
Gary L. Cain
Its: President
DATE: August 15, 2000
Dallas, Texas
7
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