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Previous: CHINA RESOURCES DEVELOPMENT INC, NT 10-Q, 1997-05-15 |
Next: FIRST INVESTORS HIGH YIELD FUND INC /NY/, 485BPOS, 1997-05-15 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
FORM 10-QSB
--------------------
CURRENT REPORT
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 1997
[ ] 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 33-28214
MICRO HOLDING CORP.
(Exact name of registrant as specified in its charter)
New York 11-2714923
(State or other jurisdiction of (I.R.S. Employer
corporation or organization) Identification Number)
90 Adams Avenue, Hauppauge, New York 11788
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (516) 231-2000
1952 Jericho Turnpike, East Northport, New York 11731
Former name, former address and former fiscal year,
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 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 ___
As of the close of business on March 31, 1997, there were 438,425 shares of the
Registrant's Common Stock outstanding.
<PAGE>
MICRO HOLDING CORP.
UNAUDITED CONSOLIDATED BALANCE SHEETS
March 31, 1997 September 30, 1996
---------------- ------------------
ASSETS
Cash $ 1,020 $ 216
Accounts receivable 1,000 --
---------------- ----------------
Total current assets $ 2,020 $ 216
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Loans payable 500 5,500
---------------- ----------------
Stockholders' equity
Common stock (50,000,000 shares
authorized, par $.001, 438,425
shares issued and outstanding) 438 21,691
Surplus - Paid In 296,249 282,996
Treasury stock -- (21,000)
---------------- ----------------
Outstanding stock 296,687 283,687
---------------- ----------------
Retained Earning/Deficit Beginning (288,971) (283,687)
Current Earnings (Loss) (6,196) (5,284)
---------------- ----------------
Retained Earning/Deficit End (295,167) (288,971)
Stockholders equity (deficit) 1,520 (5,284)
---------------- ----------------
Liabilities & Stockholders' Equity $ 2,020 $ 216
================ ================
<PAGE>
MICRO HOLDING CORP.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31,
1997 1996
---------- ----------
No Activity
General and administrative expenses $ 6,196 --
---------- ----------
Net Loss $ 6,196 $ 0
========== ==========
<PAGE>
MICRO HOLDING CORP.
UNAUDITED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED MARCH 31,
1997 1996
---------- ----------
No Activity
Cash used in operating activities $ 12,196 --
Cash flows from financing activities:
Issuance of common stock for cash and
retirement of loans 13,000 --
---------- ----------
Net cash provided by financing activities 13,000 --
---------- ----------
Net increase in cash 804
Cash - Beginning of period 216
---------- ----------
Cash - End of period $ 1,020
========== ==========
<PAGE>
MICRO HOLDING CORP.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
FOR THE THREE YEARS ENDED SEPTEMBER 30, 1994, 1995 AND
SIX MONTHS ENDED MARCH 31, 1997
<TABLE>
<CAPTION>
Common Value Additional Treasury Retained Total
Shares Common Paid-In Stock Earnings Stockholders'
Issued Stock Capital (Deficit) Equity
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balance at October 1, 1993 182,584 $ 21,691 $ 282,996 ($ 21,000) ($ 283,687) $ 0
1994 - NO ACTIVITY -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Balance at September 30, 1994 182,584 21,691 282,996 (21,000) (283,687) 0
1995 - NO ACTIVITY -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Balance at September 30, 1995 182,584 21,691 282,996 (21,000) (283,687) 0
Net Loss for the Year Ended September 30, 1996 -- -- -- -- (5,284) (5,284)
---------- ---------- ---------- ---------- ---------- ----------
Balance at September 30, 1996 182,584 21,691 282,996 (21,000) (288,971) (5,284)
Reclass for Reverse Split -- (21,509) 21,509 -- -- 0
Common Stock Issued for Cash 260,000 260 12,740 -- -- 13,000
Retirement of Treasury Stock (4,159) (4) (20,996) 21,000 -- 0
Net Loss for the Six Months Ended March 31, 1997 -- -- -- -- (6,196) (6,196)
---------- ---------- ---------- ---------- ---------- ----------
Balance at March 31, 1997 438,425 $ 438 $ 296,249 $ 0 ($ 295,167) $ 1,520
========== ========== ========== ========== ========== ==========
</TABLE>
Notes:
(1) 50,000,000 shares of common stock, par value $.001 are authorized.
(2) Shares outstanding have been adjusted for a 1 to 100 stock split (reverse).
(3) Treasury stock of 4,159 common shares.
<PAGE>
MICRO HOLDING CORP.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
Note 1-Summary of Significant Accounting Policies
A. The Company:
Micro Holding Corp. (formerly Micro Care, Inc.) was incorporated in the State of
New York on November 14, 1984. The Company was engaged in the repair and service
of personal computers and computer peripherals principally through the sale and
renewal of maintenance contracts. As of July 31, 1991, the Company ceased all
operations.
B. Unaudited Information:
In the opinion of management, all adjustments, consisting only of normal
recurring adjustments, necessary for a fair presentation of financial position,
results of operations and cash flows have been included in the financial
statements.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Micro Holding Corp. (The "Company") was engaged in the business of
servicing and repairing microcomputers and peripheral equipment principally
through the sale and renewal of maintenance contracts. On July 31, 1991, the
company ceased operations.
The Company was incorporated under the laws of the State of New York on
November 14, 1984. The Company operated its business under the unregistered
trademark "Micro Care." Its offices are located at 90 Adams Avenue, Hauppauge,
New York 11788. Its telephone number is (516) 231-2000.
<PAGE>
Micro Holding Corp.
Other Information
March 31, 1997
PART II
Item 6. Exhibits and Reports on form 8-k
a) Exhibits - none
b) Reports on Form 8-K:
The following reports on Form 8K were filed by the Company during the
quarter ended March 31, 1997
NONE
<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.
MICRO HOLDING CORP.
(REGISTRANT)
By: /s/ James J. Charles
------------------------------
James J. Charles, President
Dated: May 15, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,020
<SECURITIES> 0
<RECEIVABLES> 1,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,020
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,020
<CURRENT-LIABILITIES> 500
<BONDS> 0
0
0
<COMMON> 438
<OTHER-SE> 1,520
<TOTAL-LIABILITY-AND-EQUITY> 2,020
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,196
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (6,196)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,196)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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