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, 2000
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
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 May 4, 2000)
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by
the Company, pursuant to the rules and regulations of the Securities and
Exchange Commission.
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, 2000 and the results of its operations and changes
in its financial position from September 30, 1999 through March 31, 2000 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.
To the Stockholders
of NTC Holdings, Inc.
We have reviewed the accompanying balance sheet of NTC Holdings, Inc. as of
March 31, 2000 and the related statements of income and retained earnings, and
cash flows for the three months then ended, in accordance with Statements on
Standards for Accounting and Review Services issued by the American Institute
of Certified Public Accountants. All information included in these financial
statements is the representation of the owners of NTC Holdings, Inc.
A review consists principally of inquiries of Company personnel and analytical
procedures applied to financial data. It is substantially less in scope than
an audit in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements in order for them to
be in conformity with generally accepted accounting principles.
The accompanying balance sheet as of September 30, 1999 was audited by us and
we expressed an unqualified opinion on it in our report dated January 20, 2000.
The accompanying statement of operations and cash flows for the three month
and six month period ended March 31, 1999 and the three months ended December
31, 1999 were not audited by us and, accordingly, we do not express an
opinion on them.
May 4, 2000
Salt Lake City, Utah
NTC HOLDINGS, INC.
Balance Sheet
ASSETS
March 31, September 30,
2000 1999
(Reviewed) (Audited)
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 5,108 $ 5,108
Taxes Payable 300 300
Interest Payable 1,115 909
Notes Payable 5,127 5,127
Total Current Liabilities 11,650 11,444
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 (297,792) (297,586)
Total Stockholders' Equity (11,650) (11,444)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ - -
NTC HOLDINGS, INC.
Statements of Operations
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,
2000 1999 2000 1999
(Reviewed) (Unaudited) (Unaudited) (Unaudited)
REVENUE $ - $ - $- $-
EXPENSES
Depreciation - 159 - 319
Dues and Fees - - - -
Interest 103 103 206 206
Total Expenses 103 262 206 525
NET INCOME
(LOSS) - Before Taxes $(103) $ (262) $ ( 206 $(525)
Taxes - -
- -
INCOME (LOSS) (103) (262) (206) (525)
Loss Per Common
Share $ - $ -
$ - $ -
Average Outstanding
Shares 22,590,800 22,590,800 22,590,800 22,590,800
NTC HOLDINGS, INC.
Statements of Stockholders' Equity
March 31, 2000
Capital in
Common Common Excess of Accumulated
Shares Stock Par Value Deficit
Balance, September 30, 1998
(Audited) 22,590,800 22,591 263,551 (296,555)
Loss for the Year - - - (1,031)
Balance, September 30, 1999
(Audited) 22,590,800 22,591 263,551 (297,586)
Loss, March 31, 2000 - - - (206)
Balance, March 31, 2000
(Unaudited) 22,590,800 22,591 263,551 (297,792)
NTC HOLDINGS, INC.
Statements of Cash Flows
(unaudited)
For the Six For the Six
Months Ended Months Ended
March 31, March 31,
2000 1999
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ (206) $ (525)
Depreciation - 319
Increase (Decrease)
in Accounts Payable/Interest Payable 206 531
Increase in Taxes Payable - (325)
- -
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, 2000
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Organization and Business - The Company was organized in May 1983 in the
State of New York under the name of "National Thoroughbred Corporation."
Subsequently, the name was changed to "NTC Holdings, Inc." Although
originally formed to engage in purchasing, breeding and selling Thoroughbred
horses, the company's management anticipates merging with an as yet
unidentified on-going business in the future.
NOTE 2 -INCOME TAXES
The Company adopted Statement of Financial Standards No. 109 "Accounting
for Income taxes" in the fiscal year ended September 30, 1999 and was applied
retroactively.
Statement of Financial Accounting Standards No. 109 " Accounting for
Income Taxes" requires an asset and liability approach for financial
accounting and reporting for income tax purposes. This statement recognizes
(a) the amount of taxes payable or refundable for the current year and (b)
deferred tax liabilities and assets for future tax consequences of events
that have been recognized in the financial statements or tax returns.
Deferred income taxes result from temporary differences in the
recognition of accounting transactions for tax and financial reporting
purposes. There were no temporary differences at September 30, 1999 and
earlier years; accordingly, no deferred tax liabilities have been
recognized for all years.
The Company has cumulative net operating loss carryforwards of
approximately $290,000 at September 30, 1999. No effect has been shown in the
financial statements for the net operating loss carryforwards as the likelihood
of future tax benefit from such net operating loss carryforwards is not
presently determinable. Accordingly, the potential tax benefits of
the net operating loss carryforwards, estimated based upon current tax
rates at September 30, 1999 have been offset by valuation reserves of the same
amount.
The Company has available approximately $290,000 in net operating loss
carryforwards that will begin to expire in the year 2003. The Company has
accrued $300 per year minimum state income taxes.
NOTE 3 - NOTES PAYABLE
In 1997, DHM Enterprises advanced $5,127 in funds for company operations.
The board of directors approved a convertible debenture instrument for the
accounts payable to 5,000,000 shares of common stock. The debenture is due
on July 14, 2000 and has an interest rate of 8%. The conversion feature is at
the option of the bond holder.
NTC HOLDINGS, INC.
Notes to the Financial Statements
March 31, 2000
NOTE 4 - USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements and revenues and expenses during the reporting period. In these
financial statements, assets, liabilities and earnings involve extensive
reliance on management's estimates. Actual results could differ from
those estimates.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately
$(11,650) as operating capital at March 31, 2000, compared to $(10,938) 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, 2000, the registrant had net loss of $(103), compared to net
loss of $(262) for the same period last year. The registrant had net loss of
(206) for the six months ended March 31, 2000, compared to net loss of
$(525) 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 May 4, 2000
NTC Holdings, Inc.
/s/ Dean Becker
