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 March 31, 1999
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.)
6975 SOUTH UNION PARK CENTER # 600
SALT LAKE CITY, UTAH 84047
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 256-9600
4505 South Wasatch Blvd #300, Salt Lake City, Utah 84124
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 January 24, 2000)
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 March 31, 1999 and the results of its operations and changes
in its financial position from September 30, 1988 through March 31, 1999 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.
Balance Sheet
ASSETS
March 31, September 30,
1999 1998
(unaudited)
OTHER ASSETS
Computer System (less accumulated
depreciation of $6,418 & $6,099) - 319
TOTAL ASSETS $ - $ 319
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 5,108 $ 4,783
Taxes Payable - 325
Interest Payable 703 497
Notes Payable 5,127 5,127
Total Current Liabilities 10,938 10,732
STOCKHOLDERS' EQUITY
Common Stock 26,000,001 shares
authorized at $.001 par value;
22,590,800 shares issued and outstanding 22,591 22,591
Capital in Excess of Par Value 263,551 263,551
Retained Deficit (297,080) (296,555)
Total Stockholders' Equity (10,938) (10,413)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - $ 319
NTC HOLDINGS, INC.
Statements of Operations
(unaudited)
For the Three For the Three For the Six For the Six
Months Ended Months Ended Months Ended Months Ended
March 31, March 31, March 31, March 31,
1999 1998 1999 1998
REVENUE
Gain on Extinguishment
of Debt $ - $ - $- $-
EXPENSES
Depreciation 159 161 319 322
Dues and Fees - - - -
Interest 103 103 206 206
Total Expenses 262 264 525 528
NET INCOME
(LOSS) - Before Taxes $(262) $ (264) $ ( 525 $(528)
Taxes - 87 - 174
INCOME (LOSS) $ (262) $ (351) $ (525) $ (702)
Loss Per Common
Share $ - $ - $ - $ -
Average Outstanding
Shares 22,590,800 22,590,800 22,590,800 22,590,800
NTC HOLDINGS, INC.
Statements of Cash Flows
(unaudited)
For the Six For the Six
Months Ended Months Ended
March 31, March 31,
1999 1998
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (525) $ (702)
Depreciation 319 322
Increase (Decrease)
in Accounts Payable/Interest Payable 103 206
Increase in Taxes Payable -
174
- -
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of Assets - -
- -
CASH FLOWS FROM
FINANCING ACTIVITIES
Issuance of Common Stock for Debt - -
Issuance of Note Payable - -
- -
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - -
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD - -
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ -
CASH PAID DURING THE PERIOD FOR:
Interest $ - $ -
Income Taxes (Including
Interest & Penalties) $ - $ -
NTC HOLDINGS, INC.
Notes to the Financial Statements
March 31, 1999
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended March 31, 1999 but has made all the necessary
adjustments to present an accurate financial statements for the six months
presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately $(10,938)
as operating capital at March 31, 1999, compared to $(10,377) 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 March 31, 1999, the registrant had net loss of $(262), compared to net
loss of $(351) for the same period last year. The registrant had net loss of
$(525) for the six months ended March 31, 1999, compared to net loss of
$(702) 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 February 1, 2000
NTC Holdings, Inc.
/s/ Dean Becker
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