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, 1998
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 August 27, 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, 1998 and the results of its operations and changes
in its financial position from September 30, 1988 through June 30, 1998 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,
1998 1997
(unaudited)
OTHER ASSETS
Computer System (less accumulated
depreciation of $ 5,940 & $5,457) 478 961
TOTAL ASSETS $ 478 961
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 4,435 $ 4,435
Interest Payable 396 87
Notes Payable 5,127 5,127
Taxes Payable 609 348
Total Current Liabilities 10,567 9,997
STOCKHOLDERS' EQUITY
Common Stock 26,000,001 shares
authorized at $.001 par value;
22,590,800 shares issued and outstanding 412,711 412,711
Capital in Excess of Par Value (126,569) (126,569)
Deficit Accumulated During Development Stage (296,231) (295,178)
Total Stockholders' Equity (10,089) (9,036)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 478 $ 961
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,
1998 1997 1998 1997 1998
REVENUE
Gain on
Extinguishment
of Debt
$ - $ - $ - $ - $224,283
EXPENSES
Depreciation 161 161 483 484 5,940
Interest 103 - 309 - 396
Dues and Fees - - - - 12,767
Total
Expenses 264 161 792 484 19,103
NET INCOME
(LOSS) -
Before
Taxes $(264) $(161) $(792) $(484) $205,180
Taxes 87 87 261 261 3,354
INCOME
(LOSS $(351) $(249) $ (1,053) $(745) $201,826
Loss Per
Common
Share $ - $ - $ - $ - $ .02
Average
Outstanding
Share 22,590,800 16,640,800 22,590,800 16,640,800 12,292,080
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,
1998 1997 1998
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (1,053) $ (745) $201,826
Depreciation 483 484 5,940
Extinguishment from Debt - - (224,283)
Increase (Decrease)
in Accounts Payable/
Interest Payable 309 - 2,781
Taxes Payable (261) (6,801) 609
Expenses paid by Stock - - 500
- - (12,627)
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of Assets - - (6,418)
- - (6,418)
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of Common Stock for
Debt (Net) - - 5,450
Issuance of Note Payable - - 5,127
10,577
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - - (8,468)
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD - - 8,468
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ - $ -
CASH PAID DURING THE PERIOD FOR:
Interest $ - $ - $ -
Income Taxes (Including
Interest & Penalties) $ - $ 6,801 $ 6,801
NTC HOLDINGS, INC.
(A Development Stage Company)
Notes to the Financial Statements
June 30, 1998
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended June 30, 1998 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 $(10,567)
as operating capital at June 30, 1998, compared to $(12,273) 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, 1998, the registrant had net loss of $(351), compared to net
loss of $ (249) for the same period last year. The registrant had net loss of
$(1,053) for the nine months ended June 30, 1998, compared to $ (745) 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 August 27, 1998
NTC Holdings, Inc.
/s/ Dean Becker
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> JUN-30-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 6,418
<DEPRECIATION> 5,940
<TOTAL-ASSETS> 478
<CURRENT-LIABILITIES> 10,567
<BONDS> 0
0
0
<COMMON> 286,142
<OTHER-SE> (296,231)
<TOTAL-LIABILITY-AND-EQUITY> 478
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 483
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 309
<INCOME-PRETAX> (792)
<INCOME-TAX> 261
<INCOME-CONTINUING> (1,053)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,053)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
