FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 2-96392-A
TRIANGLE IMAGING GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
Florida 59-2493183
State or other jurisdiction of I.R.S. Employer
incorporation or organization Identification No.
12 South Penataquit Avenue, Bay Shore, New York 11706
(Address of Principal Executive Office) (Zip Code)
516-666-6890
(Registrant's telephone number including area code)
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 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
The number of shares of registrant's Common Stock, $.0007 par value,
outstanding as of March 31, 1996 was 3,757,165 shares.
<PAGE>
TRIANGLE IMAGING GROUP, INC.
INDEX
Page
Number
PART I - FINANCIAL INFORMATION:
Item 1. Financial Statements
Balance Sheet - March 31, 1996 and December 31, 1995............ 1
Statement of Operations - For the Three Months Ended
March 31, 1996 and 1995......................................... 2
Statement of Cash Flows - For the Three Months Ended
March 31, 1996 and 1995......................................... 3
Notes to Financial Statements................................... 4
Item 2. Management's Discussion and Analysis............................ 5
PART II - OTHER INFORMATION................................................ 6
SIGNATURES ................................................................ 7
<PAGE>
TRIANGLE IMAGING GROUP, INC.
BALANCE SHEET
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
---------- ----------
<S> <C> <C>
ASSETS:
Cash $ 64 $ 1,371
---------- ----------
</TABLE>
LIABILITIES AND DEFICIT IN ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
CURRENT LIABILITIES:
Accrued expenses $ 36,349 $ 32,211
Due to stockholders 15,000 15,000
---------- ----------
51,349 47,211
---------- ----------
DEFICIT IN ASSETS:
Preferred stock, no par,
authorized 1,000,000 shares: 100,000 shares
issued and outstanding 10,000 10,000
Common stock, $.0007 par value,
authorized 10,000,000 shares: 3,757,165 and 797,126
issued and outstanding 2,631 2,445
Paid-in capital 1,494,840 1,481,774
Accumulated deficit (1,546,641) (1,527,944)
Treasury stock - at cost (12,115) (12,115)
---------- ----------
TOTAL DEFICIT IN ASSETS (51,285) (45,840)
---------- ----------
$ 64 $ 1,371
---------- ----------
</TABLE>
See notes to financial statements.
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<PAGE>
TRIANGLE IMAGING GROUP, INC. THE TRIANGLE GROUP, INC.
STATEMENT OF OPERATIONS
(Unaudited) (Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
1996 1995
---------- ----------
<S> <C> <C>
REVENUES $ - $ -
---------- ----------
EXPENSES:
Non-cash imputed compensation (Note 3) 13,250 352,500
Operating 5,447 4,864
---------- ----------
18,697 357,364
---------- ----------
NET (LOSS) $ (18,697) $ (357,364)
---------- ----------
NET (LOSS) PER SHARE $ (0.01) $ (0.50)
---------- ----------
AVERAGE SHARES OUTSTANDING 3,580,498 713,376
---------- ----------
</TABLE>
See notes to financial statements.
-2-
<PAGE>
TRIANGLE IMAGING GROUP, INC. See notes to financial statements.
STATEMENT OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1996 1995
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (18,697) $ (357,364)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Non-cash imputed compensation 13,250 352,500
CHANGES IN ASSETS AND LIABILITIES:
Increase (decrease) in due to shareholders - 7,783
Increase (decrease) in accrued expenses 4,140 4,700
---------- ----------
NET INCREASE (DECREASE) IN CASH (1,307) 7,619
CASH - BEGINNING OF PERIOD 1,371 -
---------- ----------
CASH - END OF PERIOD $ 64 $ 7,619
---------- ----------
</TABLE>
See notes to financial statements.
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<PAGE>
TRIANGLE IMAGING GROUP, INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying financial statements reflect all adjustments which,
in the opinion of management, are necessary for a fair presentation of the
financial position for the interim period presented.
Certain financial information which is normally included in financial
statements prepared in accordance with generally accepted accounting
principles, but which is not required for interim reporting purposes has
been condensed or omitted. The accompanying financial statements should be
read in conjunction with the financial statements and notes thereto as of
December 31, 1995 contained in the Company's Annual Report on Form 10- KSB
2. EARNING (LOSS) PER SHARE
Per share information is computed based on the weighted average number
of shares outstanding during the period.
3. NON-CASH IMPUTED COMPENSATION EXPENSE
A total of 265,000 shares and 105,000 shares of common stock were
issued for services during the quarters ended March 31, 1996, and 1995,
respectively. Such shares have been valued at their market value (bid
price) on the date of issuance resulting in non-cash charges to income of
$13,250 and $352,500, respectively.
4. REVERSE STOCK SPLIT
On April 7, 1995 the Company declared a one for ten reverse stock
split.
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<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
Results of Operations
A total of 265,000 shares and 105,000 shares of common stock were
issued for services during the quarters ended March 31, 1996 and 1995,
respectively. Such shares have been valued at their market value (bid
price) on the date of issuance.
During the three months ended March 31, 1996, the Company incurred a
net loss of $18,697 which consisted of $13,250 of non-cash imputed
compensation and $5,447 of general and administrative expenses. During the
three months ended March 31, 1995, the Company incurred a net loss of
$357,364 which consisted of $352,500 of non-cash imputed compensation and
$4,864 of general and administrative expenses.
Liquidity and Capital Resources
As of March 31, 1996, the Company had $64 in cash.
-5-
<PAGE>
PART II - Other Information
Item 6. Exhibit and Reports on form 8-K
A. Exhibits
None.
B. Report on Form 8-K
None.
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<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
TRIANGLE IMAGING GROUP, INC.
Date
By:
Vito Bellezza
President
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