U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
Quarterly Report Under
the Securities Exchange Act of 1934
For the Quarter Ended: December 31, 1996
Commission File Number 2-72849
N G T ENTERPRISES, INC.
-----------------------------------------------------
(Exact name of registrant as specified in its charter
Delaware
----------------------------------------------
(State of other jurisdiction of incorporation)
11-2558192
------------------------------------
(I.R.S. Employer Identification No.)
100 Garden City Plaza Suite 200
Garden City, New York
---------------------------------------
(Address of principal executive offices)
11350
----------
(Zip Code)
(516) 747-3354
---------------------------
(Issuer's Telephone Number)
Check whether the issuer (1) filed all reports required to be filed by
section 13 or 15(d) of the Securities Exchange Act of 1934 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. ____
The number of shares of the registrant's only class of common stock issued
and outstanding, as of December 31, 1996, was4,257,199.
<PAGE>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
The condensed financial statements for the period ended December 31, 1996
included herein have been prepared by N G T Enterprises, Inc., (the "Company")
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission (the "Commission"). In the opinion of management, the
statements include all adjustments necessary to present fairly the financial
position of the Company as of December 31, 1996, and the results of operations
and cash flows for the three-month periods ended December 31, 1995 and 1996.
The Company's results of operations during the three months of the
Company's fiscal year are not necessarily indicative of the results to be
expected for the full fiscal year.
The financial statements included in this report should be read in
conjunction with the financial statements and notes thereto in the Company's
Annual Report on Form 10-KSB for the fiscal years ended September 30, 1995 and
1996.
2
<PAGE>
N G T ENTERPRISES, INC.
(A Development Stage Company)
BALANCE SHEET
<TABLE>
<CAPTION>
December 31,
September 30, 1996
1996 Unaudited
------------- ------------
<S> <C> <C>
Assets
Cash $-0- $-0-
Total assets $-0- $-0-
==== ====
</TABLE>
<TABLE>
<CAPTION>
Liabilities and Stockholders Equity
<S> <C> <C>
Current liabilities
Officer loan payable $-0- $ 1,500
----- ------
Total liabilities 1,500
Capital stock
Common stock- $.0001, par value each
authorized 12,000,000 shares.
The number of shares outstanding
at September 30, 1995 and
December 31, 1996, was 4,257,199. 426 426
Additional paid in capital 16,867 16,867
Deficit accumulated during
development stage (17,293) (18,793)
-------- -------
Total stockholders equity -0- (1,500)
------ -------
Total liabilities and stockholders equity $-0- $-0-
====== =======
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
N G T ENTERPRISES, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
For the period from
For the three
For the three reorganization
For the year For the year months ended
months ended December 1, 1992
ended ended December 31,
December 31, to December 31,
September 30, September 30, 1995
1996 1996
1995 1996 Unaudited
Unaudited Unaudited
------------- ------------- ------------
- -------------- ------------------
<S> <C> <C> <C>
<C> <C>
Income $-0- $-0- $-0-
$-0- $-0-
Operations:
General and administration -0- 16,900 -0-
1,500 18,400
Amortization -0- -0- -0-
-0- -0-
--- --- ---
----- -----
Total expense -0- 16,900 -0-
1,500 18,400
Net Profit (Loss) from operations $-0- $(16,900) $-0-
$(1,500) $(18,400)
==== ==== ====
======== =========
Net income per share $-0- $-0- $-0-
$-0- $-0-
==== ==== ====
==== ====
Total number of shares outstanding 4,257,199 4,257,199 4,257,199
4,257,199 4,257,199
========= ========= =========
========= =========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
N G T ENTERPRISES, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
For the three
For the three For the period from
months ended
months ended reorganization
For the year For the year December 31,
December 31, December 1, 1992
ended September ended September 1995
1996 to December 31,
30, 1995 30, 1996 Unaudited
Unaudited 1996
--------------- --------------- -------------
- ------------ ------------------
<S> <C> <C> <C>
<C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net profit (loss) $-0- $-0- $-0-
$ (1,500) $(18,400)
Amortization -0- -0- -0-
-0- -0-
---- ----- -----
-------- --------
(13,415) (18,400)
Accounts payable
1,500 1,500
-------- --------
TOTAL CASH FLOWS FROM
OPERATIONS -0- -0- -0-
-0- (16,900)
CASH FLOWS FROM FINANCING
ACTIVITIES
Sale of Common Stock -0- -0- -0-
-0- 16,900
--- --- ---
--- ------
TOTAL CASH FLOWS FROM
FINANCING ACTIVITIES -0- -0- -0-
-0- 16,900
NET INCREASE (DECREASE)
IN CASH -0- -0- -0-
-0- -0-
CASH BALANCE BEGINNING OF
PERIOD -0- -0- -0-
-0- -0-
---- ---- ----
---- ----
CASH BALANCE END OF
PERIOD $-0- $-0- $-0-
$-0- $-0-
==== ==== ====
==== ====
</TABLE>
See accompanying notes to financial statements
5
<PAGE>
N G T ENTERPRISES, INC.
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
Deficit
Accumulated
Additional During
Common Common Paid-in Development
Date Stock Stock Capital Stage Total
---- ------ ------ -------- --------- -----
<S> <C> <C> <C> <C> <C>
10-01-1993 3,930,926 $393 $-0- $(393) $-0-
09-30-1994 273
--------- ---- --- ----- ---
09-30-1994 3,931,199 393 -0- (393) -0-
========= === === ===== ===
09-30-1995 3,931,199 393 -0- (393) -0-
09-30-1996 326,000 33 16,867 16,900
09-30-1996 Net loss (16,900) (16,900)
-------- ---- ------ -------- --------
09-30-1996 4,257,199 $426 $16,867 $(17,293) $ -0-
Unaudited
---------
12-31-1996 Net loss (1,500) (1,500)
-------- ---- ------ -------- --------
12-31-1996 4,257,199 $426 $16,867 $ (18,793) $(1,500)
========= ==== ==== ======== ========
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
N G T ENTERPRISES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 1996
NOTE A--BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted principles for interim financial information
as set forth in Article 10 of Regulation S-B. Accordingly, they do not include
all of the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
necessary adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results of N G T
Enterprises, Inc. (the "Company") for the three month periods ended December 31,
1995 and 1996 are not necessarily indicative of the results that may be expected
for the fiscal year ending September 30, 1996.
NOTE B--EARNINGS PER SHARE
Earnings per share have been computed on the basis of total number of
shares outstanding. The total number of shares outstanding at September 30, 1995
and 1996 and December 31, 1996 was 4,257,199.
NOTE C--COMMITMENTS
The Company had no lawsuits or liabilities pending at September 30, 1995
and 1996 and December 31, 1995 and 1996.
NOTE D--CONTINGENT LIABILITY
a. Leased Office Space
The Company occupies office space at 100 Garden City Plaza Suite 200 Garden
City, New York 11530 in premises leased by an affiliate of its president on a
month to month basis at a rent of $500 per month .
7
<PAGE>
Item 2. Management's Discussion and Analysis of Plan of Operation
Results of Operations
---------------------
The following discussion should be read in conjunction with the Financial
Statements and notes thereto included herein
For the three months ended December 31, 1996 as compared to the three
months ended December 31, 1995.
The Company generated no revenues during the three month period ending
December 31, 1996. Management of the Company anticipates that the Company will
not generate any significant revenues until the Company accomplishes its
business objective of developing a business purpose merging with or acquiring
assets from a nonaffiliated entity. The Company has remained inoperative. Sales,
costs of goods sold and gross profit were $-0- for the three months ended
December 31, 1995 and 1996. Operating expenses and net loss were $1,500 for the
three months ended December 31, 1996 as compared to $-0- in general and
administrative expense for the three months ended December 31, 1995. The
activities of the Company during for the three months ended December 31, 1995
and 1996 consisted preparing and filing corporate income tax returns and filings
for the Securities and Exchange Commission.
Liquidity And Capital Resource
-------------------------------
As of December 31, 1995 and 1996, the Company's working capital was a $-0-.
The Company's president has provided the necessary funds to sustain the
Company's existence until a new business purpose can be developed or target
company located and it or its assets acquired.
8
<PAGE>
PART II
OTHER INFORMATION
Item 1. Legal Proceedings.
No legal proceedings are pending against the Company.
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 -
(a) Exhibits
None
(b) Reports on Form 8-K
None
9
<PAGE>
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
N G T ENTERPRISES, INC.
(Registrant)
s/ William J. Mueger
--------------------
William J. Mueger,
President and Principal
Executive Officer and
Principal Financial Officer
Dated: February 10, 1997
10
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Data Schedule for 10QSB - 12-31-96 for NGT Enterprises, Inc.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,500
<BONDS> 0
0
0
<COMMON> 426
<OTHER-SE> 16,867
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,500
<LOSS-PROVISION> (1,500)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (15,000)
<EPS-PRIMARY> (.00)
<EPS-DILUTED> (.00)
</TABLE>
