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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 fiscal year ended May 31, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No.: 0-7900
I.G.E., INC.
(Name of small business issuer in its charter)
Massachusetts 14-2488828
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 222, Hwy 77North, P/R 478 , Hillsboro, Texas 76645
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (254) 582-2669
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 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]
The number of shares of Common Stock, par value $.01 per share, outstanding as
of May 31, 1999, is 9,948,324 shares.
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I.G.E., INC.
BALANCE SHEETS
ASSETS
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<CAPTION>
MAY 31
1999 1998
<S> <C> <C>
RECEIVABLE FROM AFFILIATED
ENTITY $ 30,111 $ 30,111
LIABILITIES AND STOCKHOLDERS DEFICIT
CURRENT LIABILITIES:
Accounts payable $ 25,500 $ 24,000
Payable to a stockholder $ 83,676 $ 75,000
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Total current liabilities $ 109,176 $ 99,000
STOCKHOLDERS' DEFICIT:
Common stock, $.01 par value;
10,000,000 shares authorized and
9,948,324 shares issued and
outstanding $ 99,483 $ 99,483
Additional Capital $ 4,213,168 $ 4,213,168
Accumulated deficit $( 4,391,176) $(4,381,540)
Total stockholders' deficit $( 79,065 $( 68,889)
$ 30,111 $ 30,111
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I.G.E., INC
STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
MAY 31
1999 1998
REVENUES $ NONE $ NONE
GENERAL AND ADMINISTRATIVE
EXPENSES $ 10,176 $ 6,500
NET LOSS ( 10,176) ( 6,500)
ACCUMULATED DEFICIT at beginning of year ( 4,381,540) (4,375,040)
ACCUMULATED DEFICIT at end of year ( 4,391,716) (4,381,540)
Net basic and diluted loss per share ( .0010) ( .0006)
Weighted average shares outstanding 9,948,324 9,948,324
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I.G.E., INC.
STATEMENT OF CASH FLOWS
MAY 31
1999 1998
Net loss $ ( 10,176) $ ( 6,500)
Adjustments to reconcile
Net loss to net cash:
Increase in liabilities:
Accounts payable 1,500 1,500
Payable to stockholder 8,676 5,000
No change in cash during year -0- -0-
Cash at beginning of year -0- -0-
Cash at year end -0- -0-
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I.G.E., INC.
(A development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - FINANCIAL STATEMENTS:
The accompanying Unaudited financial statements of I.G.E., Inc., (the
"Company"), have been prepared in accordance with the instructions to form 10-
QSB. In the opinion of the Company, the accompanying unaudited financial
statements contain all adjustments (consisting of only normal recurring
adjustments) necessary to present fairly the financial position as of May 31,
1999 and the results of operations and cash flows for the three and six months
ending May 31, 1999, and 1998 and from the date of inception to May 31, 1999.
While the Company believes that the disclosures presented are adequate to make
the information contained therein not misleading, it is suggested that these
financial statements be read in conjunction with the financial statements and
notes thereto included in the Company's Form 10-KSB for the year ended February
28, 1999.
The results for the three months ending May 31, 1999 are not
necessarily indicative of the results to be expected for the full year.
NOTE 2 - CASH AND CASH EQUIVALENTS:
Cash and cash equivalents consist of $ 00.00.
NOTE 3 - INCOME TAXES:
No income on taxes.
NOTE 4 - CHANGES IN STOCKHOLDERS EQUITY:
No changes in Stockholders Equity.
NOTE 5 - THE COMPANY:
The Company was organized in Massachusetts on May 1971. Operations
were discontinued in 1983. The Corporation was desolved by the state laws. On
January 28, 1999, The Commonwealth of Massachusetts issued a "Revival
Certificate" to reinstate the Company as a valid Corporation.
NOTE 6 - MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS:
The Company engages in research, either by itself and /or through the
use of independent consultants ( who may have to receive stock of the Company in
payment for their services in lieu of cash) to determine what type of business
can be established by a new venture which could have potentially high profits.
Results in Operations
The Company has no source of revenue currently.
General and administrative expenses during the three months ended May 31,
1999, were $00.00.
Management believes that inflation and changing prices will have minimal
effect on operations.
Liquidity and Capital Resources
The Company has had no material operations and as of May 31, 1999, the
Company had no capital. The Company extended the $30,111.00 receivable from an
affiliated from July 31, 1999 to December 10, 1999. The Company had liabilities
of $109,176.00 as of May 31, 1999.
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The Company has no present outside source of liquidity. In the Event
the Company determines that its present capital is not adequate for a future
acquisition, the Company may arrange for outside financing and/or may do a
public offering of private placement of its securities.
The Company's operations are not effected by the Y2K problem.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: December 13, 1999
I.G.E., INC.
/s/ BOB ROYAL
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Bob Royal, President
and Chairman of the Board
of Directors
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities on the dates indicated.
Name Titles Date
/s/ BOB ROYAL
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Bob Royal President, Chairman December 13, 1999
of the Board of Directors
(Chief Executive Officer)
/s/ STEPHEN D. CHANSLOR
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Stephen D. Chanslor Chief Financial Officer December 13, 1999
Director
