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Previous: BINDLEY WESTERN INDUSTRIES INC, 10-Q, 1997-08-14 |
Next: CASTLE BANCGROUP INC, 10-Q, 1997-08-14 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(b)
of the Securities Exchange Act of 1934
For Quarter Ended: June 30, 1997
Commission File Number: 0-13670
TELETRAK ADVANCED TECHNOLOGY SYSTEMS, INC.
------------------------------------------
(Exact name of registrant as specified in character)
Delaware 13-3187778
- ---------- --------------
State or other jurisdiction of IRS Employer
Incoporation or organization Identification No.
537 Steamboat Road
Greenwhich, Connecticut 06830
203-629-1400
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrants (1) has
filed all reports required to be filed by section 13
of 15(d) of the Securities Exchange Act of 1934 during the
preceding 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 |_|
At August 12, 1997, there were 30,229,268 shares of the
Company's common stock outstanding.
Page 1 of 9
<PAGE> 2
INDEX PAGE
----
PART I. Financial Information
Item 1. Consolidated Financial Statements
Consolidated Balance Sheet as of
June 30, 1997 3
Consolidated Statements of Operations
for the Three Months Ended
June 30, 1997 and June 30, 1996. 4
Consolidated Statements of Operations
for the Six Months Ended
June 30, 1997 and June 30, 1996. 5
Consolidated Statements of Cash Flows
For the Six Months Ended
June 30, 1997 and June 30, 1996 6
Notes to Consolidated Financial
Statements 7
Item 2. Management's Discussion and
Analysis of Financial Condition and
Results of Operation 8
Page 2 of 9
<PAGE> 3
TELETRAK ADVANCED TECHNOLOGY SYSTEMS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
June 30, 1997
ASSETS
ASSETS $ --
-----------
LIABIITIES AND STOCKHOLDER'S DEFICIENCY
LIABILITIES --
-----------
STOCKHOLDER'S DEFICIENCY:
Preferred Stock
$ .01 par value shares; 20,000,000
shares authorized --
Common Stock, $.01 par value
80,000,000; share authorized;
30,229,268 shares issued and
outstanding 302,293
Additional paid-in capital 7,058,550
Deficit (7,360,843)
-----------
TOTAL STOCKHOLDER'S DEFICIENCY --
-----------
$ --
-----------
See accompanying notes to consolidated financial statements
Page 3 of 9
<PAGE> 4
TELETRAK ADVANCED TECHNOLOGY SYSTEMS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
June 30, 1997
-------------
1997 1996
---- ----
REVENUES $ -- $ --
------------ -----------
EXPENSES:
General and Administrative 900 4,150
Interest expense (affiliates) -- 2,750
------------ -----------
Total expenses 900 6,900
------------ -----------
NET LOSS $ (900) $ (6, 900)
------------ -----------
LOSS PER SHARE $ -- $ --
------------ -----------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 21,647,000 21,737,000
------------ -----------
See accompanying notes to consolidated financial statements
Page 4 of 9
<PAGE> 5
TELETRAK ADVANCED TECHNOLOGY SYSTEMS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Six months ended
June 30, 1997
-------------
1997 1996
---- ----
REVENUES $ -- $ --
------------ ------------
EXPENSES:
General and Administrative 5,050 8,300
Interest expense (affiliates) 2,750 5,500
------------ ------------
Total expenses 7,800 13,800
------------ ------------
NET LOSS $ (7,800) $ (13,800)
------------ ------------
LOSS PER SHARE $ -- $ --
------------ ------------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 21,647,000 21,737,0000
------------ ------------
See accompanying notes to consolidated financial statements
Page 5 of 9
<PAGE> 6
TELETRAK ADVANCED TECHNOLOGY SYSTEMS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30, 1997
-------------
1997 1996
---- ----
Net cash provided (used)
by operating activities $ -- $ (137)
Cash and cash equivalents at
beginning of period $ -- $ 296
------- -------
Cash and cash equivalents at
end of period $ -- $ 159
------- -------
See accompanying notes to consolidated financial statements
Page 6 of 9
<PAGE> 7
TELETRAK ADVANCED TECHNOLOGY SYSTEMS, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1) The accompanying consolidated financial statements are unaudited, but in the
opinion of the Company's management, include all judgements (consisting of
normal recurring accurals) necessary for a fair presentation of financial
position and results of operations.
2) As of June 30, 1997, the Company was indebted to Helm Resources, Inc. in the
amount of $895,567 for which Helm agreed to accept 3,582,268 shares of common
stock valued at $.25 per share in full settlement and the 1,000,000 1991 Series
A preferred shares held by Helm were converted into 5,000,000 common shares at
the conversion price of $.20. Helm also agreed to indemnify the Company for any
existing liabilities.
3) Helm Resources Inc. is the owner of 57% of the Company's common stock. In
addition, Helm holds warrants to purchase 2,500,000 shares of common stock at
$.20 per share which expire in December 1999.
Page 7 of 9
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
At the present time, the Company has no operating assets or operations.
Management is engaged in efforts to locate additional businesses or operations
in related or unrelated enterprises which could be merged into or acquired by
the Company. No assurance can be given, however, that management will be
successful in these efforts.
Page 8 of 9
<PAGE> 9
SIGNATURES
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 thereunto duly authorized.
TELETRAK ADVANCED TECHNOLOGY
SYSTEMS, INC.
Date: August 12, 1997 By: Joseph J. Farley
----------------
Joseph J. Farley,
President
Date: August 12, 1997 By: Scott Altman
----------------
Scott Altman, Treasurer
Chief Accountant and
Principal Financial
Officer
Page 9 of 9
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 302,293
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,050
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,750
<INCOME-PRETAX> (7,800)
<INCOME-TAX> 0
<INCOME-CONTINUING> (7,800)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (7,800)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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