FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For Quarter Ended June 30, 1990
Commission File Number 2-94704-NY
NTC HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
NEW YORK 11-2647209
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
4505 SOUTH WASATCH BOULEVARD # 330
SALT LAKE CITY, UTAH 84124
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 274-8600
265 Hempstead Turnpike, Elmont, New York 11003
Former Address, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13
or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12
months (or such shorter period
that the registrant was required to file such reports)
Yes X No
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
22,590,800
(Number of shares of common
stock the registrant had
outstanding as of April 1, 1998)
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by
the Company,
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission.
Certain information and footnote disclosures normally included in financial
statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted pursuant
to such rules and regulations, although the Company believes that the
disclosures are adequate to
make the information presented not misleading.
In the opinion of the Company, all adjustments,
consisting of only normal recurring
adjustments, necessary to present fairly the financial position of the Company
as of June 30, 1990 and
the results of its operations and changes in its financial position from
September 30, 1988 through
June 30, 1990 have been made. The results of its operations for such interim
period is not necessarily
indicative of the results to be expected for the entire year.
NTC HOLDINGS, INC.
( A Development Stage Company)
Balance Sheet
ASSETS
June 30,
September 30,
1990 1989
(unaudited)
OTHER ASSETS
Computer System (less accumulated
depreciation of $807 & $321) 5,611
6,097
TOTAL ASSETS $ 5,611 $ 6,097
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Taxes Payable $ 2,208 $
1,620
Total Current Liabilities
2,208 1,620
STOCKHOLDERS' EQUITY
Common Stock 15,000,000 shares
authorized at $.001 par value;
4,069,000 shares issued and outstanding 406,761
406,761
Capital in Excess of Par Value
(126,569) (126,569)
Deficit Accumulated During Development Stage (276,789)
(275,715)
Total Stockholders' Equity 3,403
4,477
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,611
$ 6,097
NTC HOLDINGS, INC.
(A Development Stage Company)
Statements of Operations
(unaudited)
From Beginning
of Development
Stage on
For the Three For the Three For the Nine
For the Nine September 30,
Months Ended Months Ended Months Ended
Months Ended 1988 through
June 30, June 30, June 30,
June 30, June 30,
1990 1989
1990 1989 1990
REVENUE
Gain on Extinguishment
of Debt $ - $ - $- $224,283 $224,283
EXPENSES
Depreciation 162 80 486 240 807
Dues and Fees 115 343 345
1,029 1,715
Total Expenses 277 423 831 1,269 2,522
NET INCOME
(LOSS) - Before Taxes $( 277) $(423) $(831) $223,014
$221,761
Taxes 81 62
243 186 493
INCOME (LOSS) $ (358) $ (488) $
(1,074 ) $ 222,828 $ 221,268
Loss Per Common
Share $ - $ - $
- - $ .05 $ .05
Average Outstanding Shares 4,069,000 4,069,000 4069,000
4,069,000 4,069,000
NTC HOLDINGS, INC.
(A Development Stage Company)
Statements of Cash Flows
(unaudited)
For the
Period
From beginning
For the Nine For the
Nine of Development Stage
Months Ended Months Ended
on September 30,1988
June 30, June 30, to
June 30,
1990 1989
1990
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (1,074) $ 222,828 $221,268
Depreciation 486 240 807
Extinguishment from Debt - (224,283) (224,283)
Increase (Decrease)
in Accounts Payable - (2,050) (2,050)
Increase in Taxes Payable 588
1,215 2,208
(2,050) (2,050)
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of Assets - (6,418)
(6,418)
- (6,418) (6,418)
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of Common Stock (Net) - - -
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - (8,468) (8,468)
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD - 8,468
8,468
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ -
$ -
CASH PAID DURING THE PERIOD FOR:
Interest $ - $ - $ -
Income Taxes $ - $ - $ -
NTC HOLDINGS, INC.
(A Development Stage Company)
Notes to the Financial Statements
June 30, 1990
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements
ended June 30, 1990 but has made all the necessary adjustments to
present an accurate
financial statements for the nine months presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately $(2,208)
as operating capital at June
30, 1989, compared to $(1,215) for the same period last year. The Registrant
intends to raise additional funds
as needed through private placements with
accredited and sophisticated investors.
Results of Operation. Due to the lack of operations during the quarter
ended June 30, 1989, the
registrant had net loss of $(358), compared to net loss of $(488) for the same
period last year. The registrant
had net loss of $(1,074) for the nine months ended June 30, 1990, compared to
net income of $222,828 for the
same period last year.
Plan of Operations. The Company is currently in the process of looking
for business opportunities to
acquire or merge with. There is no guarantee that management will be
successful in finding such an
opportunity. The Company is also in the process of bringing all of its
periodic reports current for filing with
the Securities and Exchange Commission. During this process, the Company
intends to raise operational capital
through private placements.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings. None
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. None
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 authorized officer.
Dated April 1, 1998
NTC Holdings, Inc.
/s/ Dean Becker
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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0
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<NET-INCOME> (358)
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