U.S. Securities and Exchange Commission
Washington, DC 20549
Form 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31,1999
[ ] 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 0-161470
TELE-OPTICS, INC.
(Exact name of small business issuer as specified in its charter)
Delaware 65-0008442
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
21218 St. Andrews Boulevard, Suite 642, Boca Raton, FL 33433
(Address of principal executive office and zip code)
(561) 360-4951
(Issuer's telephone number)
(Former name, former address, and former fiscal year,
if changed since last report)
Check whether the Issuer (1) filed all reports required to
be filed by Section 13 or 15 (d) of the Exchange Act of 1934
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 at least the past 90
days. Yes ___ No _X_
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable
date: On September 30, 1999, there were 4,740,000 shares of the
Registrant's Common Stock outstanding.
Transitional Small Business Disclosure Format (check one);
Yes __ No _X__
<PAGE>
TELE-OPTICS, INC.
Form 10-QSB Index
March 31, 1999
Page
Part I: Financial Information
Item 1. Financial Statements........................................ 3
Balance Sheet at June 30, 1999 (Unaudited)
and December 31, 1998.................................................. 4
Statements of Operations (Unaudited) for the
Three Month Periods ended June 30, 1999
and June 30, 1998 and the Six Month Periods
Ended June 30, 1999 and June 30, 1998.................................. 5
Statements of Cash Flow (Unaudited) for the
Three Month Periods Ended June 30, 1999
and June 30, 1998...................................................... 6
Notes to Financial Statements.......................................... 7
Item 2. Management's Discussion and Analysis
or Plan of Operation ........................................... 8
Part II: Other Information
Item 1. Legal Proceedings .............................................. 9
Item 2. Changes in Securities........................................... 9
Item 3. Defaults Upon Senior Securities................................. 9
Item 4. Submission of Matters to a Vote
of Security Holders............................................. 9
Item 5. Other Information............................................... 9
Item 6. Exhibits and Reports on Form 8-K................................ 9
Signatures................................................................ 9
<PAGE> 1
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
TELE-OPTICS, INC.
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
----------- -----------
(Unaudited)
<S> <C> <C>
ASSETS
Current Assets:
Cash $ 27,040 $ 28,145
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities: $ - $ -
------------- -------------
Shareholders' Equity:
Common stock, par value,
$.01 per share; authorized,
5,000,000 shares; issued,
4,790,000; outstanding,
4,740,000 shares 47,400 47,400
Additional paid-in capital 1,863,042 1,863,042
Retained earnings (deficit) (1,708,314) (1,707,209)
------------- ------------
202,128 203,233
Less: Treasury stock,
50,000 shares at cost 175,088 175,088
------------- ------------
Total Shareholders' Equity 27,040 28,145
------------- ------------
$ 27,040 $ 28,145
============= ============
</TABLE>
See notes to condensed financial statements.
<PAGE> 2
TELE-OPTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1999 1998
---------- ---------
<S> <C> <C>
Revenues $ - $ -
---------- ---------
Costs and Expenses:
Administrative 1,105 2,000
---------- ---------
Net income (loss) $( 1,105) $( 2,000)
========== =========
Income (loss) per share $ - $ -
========== =========
Average number of shares outstanding 4,740,000 4,740,000
========== =========
</TABLE>
See notes to condensed financial statements.
<PAGE> 3
TELE-OPTICS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
1999 1998
--------- ---------
<S> <C> <C>
Cash Flows From:
Operating Activities $( 1,105) $( 2,000)
Investing Activities - -
Financing Activities - -
--------- ---------
Decrease in Cash ( 1,105) ( 2,000)
Cash balance, beginning 28,145 34,000
--------- ---------
Cash balance, end $ 27,040 $ 32,000
========= =========
</TABLE>
See notes to condensed financial statements.
<PAGE> 4
TELE-OPTICS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Activity:
The Company, a Delaware corporation, has its present administrative
office now located in Florida. At the present time, the Company has
no current operations and is actively attempting to acquire a
business operation, or obtain one through merger with a privately-
held company seeking public status.
NOTE 2: UNAUDITED FINANCIAL STATEMENTS
The financial statements as of March 31, 1999, and for the period
ended March 31, 1999 and 1998, included herein are unaudited;
however, such information reflects all adjustments consisting of
normal recurring adjustments, which are, in the opinion of
management, necessary for a fair presentation of the information
for such periods. In addition, the results of operations for the
interim period are not necessarily indicative of results for the
entire year. The accompanying financial statements are in
condensed form and should be read in conjunction with the
Company's annual report filed on Form 10KSB.
<PAGE> 5
Item 2. Management's Discussion and Analysis or Plan of Operation.
(a) Plan of Operation
The Registrant is presently a development stage company conducting
virtually no business operations. The Company is engaged in efforts to
bring its delinquent period reporting obligations under the Securities
Exchange Act of 1934 up to date through the preparation and filing of
quarterly and annual reports on Forms 10-QSB and 10-KSB, respectively,
and to pay certain obligations of the Company, including certain past
due and current accounting and legal fees, stock transfer agent fees,
franchise taxes, state and federal taxes, and other expenses. After
becoming current in its reporting obligations, the Company plans to
attempt to effect a merger, exchange of capital stock, asset
acquisition or other similar business combination (a "Business
Combination") with an operating or development stage business which
the Registrant may consider to have significant growth potential.
As a result, the Company has filed certain disclosure documents with
the Commission, including Annual Reports on Form 10-KSB for the
years ended December 31, 1991, 1992, 1993, 1994, 1995, 1996, 1997
and 1998, and Quarterly Reports on Form 10-QSB for the three month
periods ended March 31, June 30, and September 30, 1992, 1993, 1994,
1995, 1996, 1997 and 1998. Since 1991, the Company has neither
identified nor engaged in any commercial operations nor generated any
revenues. To date, moreover, the Company has neither identified any
Business Combination opportunity nor engaged in any definitive
activities in connection with any such transaction or transactions.
In late 1997, current management and others purchased
approximately sixty-eight (68%) percent of the ownership interest of
the Company, from the Company, for approximately $34,000 in cash and
cash equivalent which the Company received as paid-in capital. At
present those funds are supporting the Company's efforts at
preparation and filing of its delinquent and current periodic reporting
and other similar activities as described above. The Registrant
anticipates that no additional capital infusions will be required prior
to effectuating a Business Combination. Until such time as the
Registrant effectuates a Business Combination, with the exception of
certain other professional fees and costs for such a transaction, the
Registrant expects that it will incur minimal operating costs.
No officer or director of the Registrant is paid any compensation
by the Registrant and presently, there are no arrangements or
anticipated arrangements to compensate any officer or director in the
near future. The Registrant expects that it will meet its cash
requirements until such time as a Business Combination occurs.
<PAGE> 6
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
No legal proceedings are pending in which the registrant is a party.
Item 2. Change in Securities
Not Applicable
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 5. Other Information
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) No reports on Form 8-K were filed during the period.
<PAGE> 7
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TELE-OPTICS, INC.
Registrant
BY:/S/John P. Little
Dated: September 30, 1999 John P. Little,
President & Director
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Balance
Sheet, Statement of Operations, Statements of Cash Flows and Notes thereto
incorporated in Part I, Item 1. of this Form 10-QSB and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1999
<CASH> 27,040
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 27,040
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 27,040
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 47,400
<OTHER-SE> 27,040
<TOTAL-LIABILITY-AND-EQUITY> 27,040
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,105
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,105)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,105)
<EPS-BASIC> 0.00
<EPS-DILUTED> 0.00
</TABLE>
