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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 November 30 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 January 10, 2000, is 497,416 shares.
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I.G.E., INC.
BALANCE SHEETS
ASSETS
NOVEMBER 30
1999 1998
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
------------ -----------
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
NOVEMBER 30
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
NOVEMBER 30
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 November
30, 1999 and the results of operations and cash flows for the three and nine
months ending November 30, 1999, and 1998 and from the date of inception to
November 30, 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 November 30, 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 November
30, 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 November 30, 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 November 30, 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 held a Special Stockholders Meeting November 30, 1999. Motions
were approved at the Meeting to reverse split the Company's Common Stock 1 share
20 shares, from 9,948,324 to 497,416 shares. The authorized and par value
remained the same. To change IGE's name to any other name and to change the
state of incorporation to in other state. To acquire assets or stock of
companies by issuing up to 9,500,000 shares of IGE Common, post split, Stock. To
ratify the elections of the Directors and Officers. A majority of the Stock
voted for the above and all motions were passed.
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: January 10, 2000
I.G.E., INC.
/s/ BOB ROYAL
__________________
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
- -------------
Bob Royal President, Chairman January 10, 2000
of the Board of Directors
(Chief Executive Officer)
/s/ STEPHEN D. CHANSLOR
- ------------------------
Stephen D. Chanslor Chief Financial Officer January 10, 2000
Director
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<PAGE>
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1999
<PERIOD-END> FEB-28-2000
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 30,111
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 30,111
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 30,111
<CURRENT-LIABILITIES> 109,176
<BONDS> 0
0
0
<COMMON> 9,948,324
<OTHER-SE> (79,065)
<TOTAL-LIABILITY-AND-EQUITY> 30,111
<SALES> 0
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<CGS> 0
<TOTAL-COSTS> 0
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<INTEREST-EXPENSE> 0
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<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
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