<PAGE>
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 March 31, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to____________
Commission File No. 033-02441-D
Draco Holding Corp.
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(Name of Small Business Issuer in its Charter)
NEVADA 87-0638750
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(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
4843 Wallace Lane
Salt Lake City, Utah 84117
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(Address of Principal Executive offices)
Issuer's Telephone Number: (801) 209-0545
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
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Not applicable.
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 21, 2000
2,034,751
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 of
the following page, together with Related Notes. In the opinion of management,
the Financial Statements fairly present the financial condition of the
Registrant.
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DRACO CORP.
(A Development Stage Company)
FINANCIAL STATEMENTS
March 31, 1999 and December 31, 1998
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<TABLE>
DRACO CORP.
(A Development Stage Company)
Balance Sheets
ASSETS
<CAPTION>
March 31, December 31,
1999 1998
(Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash $ - $ -
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 250 $ 250
Total Liabilities 250 250
STOCKHOLDERS EQUITY (DEFICIT)
Common stock authorized 500,000,000
shares at $0.001 par value; 9,347,500
and 9,347,500 shares issued and
outstanding, respectively 9,348 9,348
Additional paid-in capital 71,482 71,482
Deficit accumulated during the development
stage (81,080) (81,080)
Total Stockholders Equity (Deficit) (250) (250)
TOTAL LIABILITIES AND STOCKHOLDERS
EQUITY (DEFICIT) $ - $ -
</TABLE>
<TABLE>
DRACO CORP.
(A Development Stage Company)
Statements of Operations
(Unaudited)
<CAPTION>
From
Inception on
For the December 17,
Three Months Ended 1985 Through
March 31, March 31,
1999 1998 1999
<S> <C> <C> <C>
REVENUES $ - $ - $ -
EXPENSES - - 81,080
NET LOSS $ - $ - (81,080)
BASIC LOSS PER SHARE $ (0.00) $ (0.00)
BASIC WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 9,347,500 9,347,500
</TABLE>
<TABLE>
DRACO CORP.
(A Development Stage Company)
Statements of Stockholders Equity (Deficit)
From Inception on December 17, 1985 through March 31, 1999
<CAPTION>
Deficit
Accumulated
Additional During the
Common Stock Paid-in Development
Shares Amount Capital Stage
<S> <C> <C> <C> <C>
Balance at inception on
December 17, 1985 - $ - $ - $ -
Common stock issued for cash
at $0.02 4,000,000 4,000 4,000 -
Common stock issued for cash
at $0.20 per share 5,347,500 5,348 101,602 -
Stock offering costs - - (34,220) -
Net loss from inception on
December 17, 1985 through
December 31, 1996 - - - (80,830)
Balance, December 31, 1996 9,347,500 9,348 71,382 (80,830)
Contributed capital for expenses - - 100 -
Net loss for the year ended
December 31, 1997 - - - (100)
Balance, December 31, 1997 9,347,500 9,348 71,482 (80,930)
Net loss for the year ended
December 31, 1998 - - - (150)
Balance, December 31, 1998 9,347,500 $ 9,348 $71,482 $ (81,080)
Balance, March 31, 1999
(unaudited) 9,347,500 $ 9,348 $71,482 $ (81,080)
</TABLE>
DRACO CORP.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
From
Inception on
For the December 17,
Three Months Ended 1985 Through
March 31, March 31,
1999 1998 1999
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss $ - $ - $ (81,080)
Adjustments to reconcile
net loss to net cash used
by operating activities:
Contributed capital for
expenses - - 100
Increase (decrease) in
accounts payable - - 250
Net Cash Used by Operating
Activities - - (80,730)
CASH FLOWS FROM INVESTING
ACTIVITIES: - - -
CASH FLOWS FROM FINANCING
ACTIVITIES:
Stock offering costs - - (34,220)
Issuance of common stock for
cash - - 114,950
Net Cash Provided by Financing
Activities - - 80,730
NET INCREASE (DECREASE)
IN CASH - - -
CASH AT BEGINNING OF PERIOD - - -
CASH AT END OF PERIOD $ - $ - $ -
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION
Cash paid for:
Interest $ - $ - $ -
Income taxes $ - $ - $ -
</TABLE>
DRACO CORP.
(A Development Stage Company)
Notes to the Financial Statements
March 31, 1999 and December 31, 1998
NOTE 1 -CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company
without audit. In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows at March 31, 1999 and 1998 and
for all periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Company s December 31, 1998
audited financial statements. The results of operations for periods
ended March 31, 1999 and 1998 are not necessarily indicative of the operating
results for the full years.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None; not applicable.
Item 2. Changes in Securities.
None; not applicable.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5. Other Information.
None; not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
Financial Data Schedule.
(b) Reports on Form 8-K.
None.
<PAGE>
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.
DRACO HOLDING CORP.
4-14-00 /s/ Lane Clisssold
Date:__________ By:_________________
Lane Clissold
Director and
President
4-14-00 /s/ Steven D. Moulton
Date:__________ By:_________________
Steven D. Moulton
Director and
Secretary/Treasurer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000787251
<NAME> DRACO HOLDING CORP.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 250
<BONDS> 0
0
0
<COMMON> 9,348
<OTHER-SE> (9,598)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
