U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 31, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
-------------- ------------------
Commission File No. 2-97869-D
TECON, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-0419571
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
455 East 5th South
Hermes Bldg., Suite 200
Salt Lake City, UT 84101
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 363-7411
None; Not Applicable
(Former name or Former Address, if changed since last Report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes X No
---- ---- ---- ----
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS)
Check whether the Issuer has filed all documents and reports required to be
filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a Plan confirmed by a court. Yes_____ No ______
None; not Applicable.
<PAGE>
(APPLICABLE ONLY TO CORPORATE ISSUERS)
Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest practicable date:
March 8, 1999
Common Voting Stock
1,199,962
DOCUMENTS INCORPORATED BY REFERENCE
A description of any "Documents Incorporated by Reference" is contained in
Item 6 of this Report.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with this
10-QSB Quarterly Report were prepared by management and commence on the
following pages, together with related Notes. In the opinion of management, the
Financial Statements fairly present the financial condition of the Registrant.
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in any material operations in the period ending
December 31, 1998, or for the past five calendar years. The Company intends to
continue to seek out the acquisition of assets, property or business that may be
beneficial to the Company and its stockholders.
The Company only foreseeable cash requirements are being advanced by a
shareholder.
<PAGE>
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
- ------------------------
None; not applicable.
Item 2.Changes in Securities.
- -----------------------------
See Part I, Results of Operations.
Item 3.Defaults Upon Senior Securities.
- ---------------------------------------
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
- -----------------------------------------------------------
No matter was submitted to a vote of security holders of the Company during
the period covered by this Report. For additional information see the 10KSB for
the period ending December 31, 1998, Part I, Item 1.
Item 5.Other Information.
- -------------------------
None; not applicable.
Item 6.Exhibits and Reports on Form 8-K.
- ----------------------------------------
(a)Exhibits.*
None; not applicable.
(b)Reports on Form 8-K.
The Company filed with the Securities and Exchange Commission a report on
Form 8-K, as filed on March 27, 1992, which is incorporated herein by this
reference.*
(c) Documents Incorporated by Reference
Form 10-KSB for the period ending 3-31-98**
Form 8-K, as filed on March 27, 1992**
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
**These documents have been previously filed with the Securities and
Exchange Commission and are incorporated herein by this reference.
<PAGE>
<TABLE>
<CAPTION>
TECON, INC.
BALANCE SHEETS
December 31, 1998 and March 31, 1998
12/30/98 3/31/98
---------------- ----------------
[Unaudited]
<S> <C> <C> <C> <C>
ASSETS
Assets $ 0 $ 0
---------------- ----------------
Total Assets $ 0 $ 0
================ ================
LIABILITIES & STOCKHOLDERS' DEFECIT
Current Liabilities:
Loans from Stockholders $ 4,807 $ 1,962
---------------- ----------------
Total Liabilities $ 4,807 $ 1,962
================ ================
Stockholders' Deficit
Capital Stock--300,000,000 shares authorized
having a par value of $0.001 per share;
1,199,962 shares issued and outstanding 1,200 1,200
Additional Paid-in Capital 2,114,138 2,114,138
Accumulated Deficit (2,120,145) (2,117,300)
---------------- ----------------
Total Stockholders' Defecit (4,807) (1,962)
---------------- ----------------
Total Liabilities and Stockholders Defecit $ 0 $ 0
================ ================
</TABLE>
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the periods. The March 31, 1998 balance sheet has
been derived from the audited financial statements. These interim financial
statements conform with the requirements for interim financial statements and
consequently do not include all the disclosures normally required by generally
accepted accounting principles.
<PAGE>
<TABLE>
<CAPTION>
TECON, INC.
STATEMENTS OF OPERATIONS
For the Three and Nine Month Periods Ended December 31, 1998 and 1997
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
12/31/98 12/31/97 12/31/98 12/31/97
------------------- ------------------- ------------------- -------------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUE
Revenue from Operations $ 0 $ 0 $ 0 $ 0
------------------- ------------------- ------------------- -------------------
Total Revenue 0 0 0 0
General and Administrative Expenses 493 869 2,516 1,334
------------------- ------------------- ------------------- -------------------
Net Income Before Taxes $ (493) $ (869) $ (2,516) $ (1,334)
=================== =================== =================== ===================
Income/Franchise Taxes 149 0 149 0
Net Loss $ (642) $ (869) $ (2,665) $ (1,334)
Loss Per Share $ (0.01) $ (0.01) $ (0.01) $ (0.01)
=================== =================== =================== ===================
Weighted Average Shares Outstanding 1,199,962 899,962 1,199,962 899,962
=================== =================== =================== ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TECON, INC.
STATEMENTS OF CASH FLOWS
For the Three and Nine Month Periods Ended December 31, 1998 and 1997
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
12/31/98 12/31/97 12/31/98 12/31/98
--------------- ---------------- ---------------- --------------
[Unaudited] [Unaudited] [Unaudited] [Unaudited]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
Net Loss $ (642) $ (869) $ (2,665) $ (1,334)
Adjustments to reconcile net loss to net cash
used in operating activities:
Issued stock to directors 0 0 0 300
Increase/(Decrease) in Loans from Shareholder 642 869 2,665 1,034
------------- ------------- ------------- -------------
Net Cash used for Operating Activities 0 0 0 0
============= ============= ============= =============
Cash Flows Provided by Financing Activities
Net Increase in Cash 0 0 0 0
Beginning Cash Balance 0 0 0 0
Ending Cash Balance 0 0 0 0
============= ============= ============= =============
</TABLE>
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 thereunto duly authorized.
TECON, INC.
Date: 4/14/99 /S/ SHERYL ROSS
Sheryl Ross, Director and President
Date: 4/14/99 /S/ SHELLEY GOFF
Shelley Goff, Director and Secretary/Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000769592
<NAME> Tecon, Inc.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 4,807
<BONDS> 0
0
0
<COMMON> 1,200
<OTHER-SE> (6,007)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 493
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 149
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (642)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> (0.00)
</TABLE>
