U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal quarter ended June 30, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 33-11324-LA
NETUSA, INC.
(Name of small business issuer in its charter)
Colorado 84-1035751
(State or other (IRS Employer
jurisdiction Identification)
of incorporation or
organization)
201 San Antonio Cir., C250, Mountain View, CA 94040
(Address of principal executive offices)
Issuer's telephone number: (650) 948-6200
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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__ No__X
Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.__X
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
<TABLE>
<CAPTION>
NETUSA, INC.
Condensed Financial Statements
at June 30, 1996
<S> <C>
Assets . . . . . . . . . . . . . . . . . 6/30/96
===== ---------
Current Assets
Cash and Cash Equivalents . . . . . . $ 580,590.60
Accounts Receivable . . . . . . . . . 349,591.45
Inventory 5,051.75
Prepaid Expenses 8,947.54
----------------
Total Current Assets. . . . . . . . . $ 994,181.34
Property and Equipment, Net. . . . . . . $ 79,601.20
Other Assets
Investment at Cost. . . . . . . . . . $ 50,000.00
Other Assets 528.74
---------------
Total Other Assets $ 50,528.74
Total Assets. . . . . . . . . . . . . $ 1,074,311.28
Liabilities and Stockholders' Equity
=========================
Current Liabilities
Accounts Payable . . . . . . . . . . . $ 197,657.88
Payroll Payable. . . . . . . . . . . . 2,485.75
-----------------
Total Current Liabilities $ 200,143.63
<PAGE>
Long-Term Liabilities
---------------------------
Note Payable . . . . . . . . . . . . . $ 254,424.44
Loan from Shareholders . . . . . . . . 70,787.58
----------------
Total Long-Term Liabilities 325,212.02
Stockholders' Equity
-------------------------
Common Stock . . . . . . . . . . . . . $ 3,911.92
Additional Paid-In Capital . . . . . . 3,108,120.16
Current Deficit. . . . . . . . . . . . (14,010.62)
Retained Deficit . . . . . . . . . . . (2,422,065.83)
-----------------
Total Stockholders' Equity . . . . . . $ 548,955.63
Total Liabilities and
Stockholders's Equity . . . . . . . $ 1,074,311.28
Revenues and Expenses
=================
Sales. . . . . . . . . . . . . . . . . $ 338,376.80
Cost of Sales. . . . . . . . . . . . . 257,137.86
-------------------
Operating Income . . . . . . . . . . . $ 81,238.94
Other Income . . . . . . . . . . . . . 5,200.09
-------------------
Total Revenues . . . . . . . . . . . . $ 86,439.03
Salaries and Wages . . . . . . . . . . $ 70,827.16
Employee Benefits. . . . . . . . . . . 13,345.50
Administrative & General Expenses. . . 105,384.87
Marketing Expense. . . . . . . . . . . 41, 714.06
-------------------
Total Operating Expenses . . . . . . . $ 239,233.58
Income (Loss)before Taxes. . . . . . . (152,794.55)
-------------------
Net Income (Loss)for the year
After Tax. . . . . . . . . . . . . . . $ (152,794.55)
</TABLE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION
As discussed in Issuer's Form 8-K, dated February 16, 1996, and filed on
January 9, 1998, on February 16, 1996, the company acquired Pacific
Microelectronics, Inc. of Mountain View, Calif. (hereinafter Pacific Micro).
Pacific Micro, at the time, was a company developing PC software and
telecommunications solutions The acquisition was by the means of a stock swap.
3 shares of TMMI stock was given to Pacific Micro shareholders per 10 shares
of Pacific Micro stock held, 1 for a total of 3,000,000 shares granted (for
the 10,000,000 Pacific Microstock). Pacific Micro also transferred all of its
assets to NetUSA. At the time of Pacific Micro's acquisition, Pacific Micro
was controlled by its president, Dr. Wun C. Chiou, who simultaneously became
NetUSA's president.
The company's name was changed to NetUSA, Inc.,and its headquarters were moved
to Mountain View, Calif., to the headquarters of the former Pacific Micro.
Please see the current Form 10-KSB for the period ended September 30, 1997,
filed concurrently herewith, for Management's Discussion and Analysis and Plan
of Operation.
PART II: OTHER INFORMATION
===========================
Item 6: Exhibits and Reports on Form 8-K
There are no exhibits to be attached for this form, and no Form 8-K was filed
during this quarter.
SIGNATURES
In accordance with the requirements of the Exchange Act, Registrant has caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
NetUSA, INC.
Dated: May 4, 1998 /s/ Wun C. Chiou, President
and Chairman of the Board
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> JUN-30-1996
<CASH> 580,591
<SECURITIES> 0
<RECEIVABLES> 349,591
<ALLOWANCES> 0
<INVENTORY> 5,052
<CURRENT-ASSETS> 994,181
<PP&E> 79,601
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,074,311
<CURRENT-LIABILITIES> 200,144
<BONDS> 325,212
0
0
<COMMON> 3,912
<OTHER-SE> 3,108,120
<TOTAL-LIABILITY-AND-EQUITY> 548,956
<SALES> 338,377
<TOTAL-REVENUES> 86,439
<CGS> 257,138
<TOTAL-COSTS> 257,138
<OTHER-EXPENSES> 239,234
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,042
<INCOME-PRETAX> 152,795
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 152,795
<EPS-PRIMARY> .04
<EPS-DILUTED> .04
</TABLE>
