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, 1992
[ ] 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
December 31, 1998, there were 5,000,000 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, 1992
Page
Part I: Financial Information
Item 1. Financial Statements..................... 3
Balance Sheet Unaudited at March 31, 1992........... 4
Statements of Operations (Unaudited) for the
Three Month Periods ended March 31, 1992
and March 31, 1991.................................. 5
Statements of Cash Flow (Unaudited) for the
Three Month Periods Ended March 31, 1992
and March 31, 1991.................................. 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
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS
March 31, December 31,
1992 1991
___________ ____________
<S> <C> <C>
Current Assets:
Cash $ - $ 199,363
___________ ____________
Other Assets:
Note receivable - 211,861
Deposits 1,557 1,557
----------- ------------
Total Other Assets 1,557 213,418
----------- ------------
$ 1,557 $ 412,781
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 170 $ 199,533
----------- -----------
Shareholders' Equity:
Common stock, par value, $.01
per share; authorized,
5,000,000 shares; issued,
1,690,000; outstanding,
1,640,000 shares 16,400 16,400
Additional paid-in capital 1,863,042 1,863,042
Retained earnings (deficit) (1,702,967) (1,491,106)
----------- -----------
176,475 388,336
Less: Treasury stock, 50,000
shares at cost 175,088 175,088
----------- -----------
1,387 213,248
----------- -----------
$ 1557 $ 412,781
=========== ===========
</TABLE>
See notes to condensed financial statements.
<PAGE> 2
TELE-OPTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1992 1991
---------- ----------
<S> <C> <C>
Revenues $ - $ -
---------- ----------
Costs and Expenses:
Loss on default of note 211,861 -
Interest - 28,501
---------- ----------
Loss before discontinued operations ( 211,861) ( 28,501)
Loss on discontinued operations - ( 414,126)
---------- ----------
Net Loss $ 211,861 $ 442,627
========== ==========
Loss per share, continuing operations $( .13) $( .02)
Loss per share, discontinued operations - ( .25)
---------- ----------
Net loss per share $( .13) $( .27)
========== ==========
Average number of shares outstanding 1,640,000 1,640,000
========== ==========
</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,
1992 1991
---------- ----------
<S> <C> <C>
Cash provided (used) In:
Operating Activities $( 199,363) $( 82,877)
---------- ----------
Investing Activities:
Purchases of property, plant and equipment - ( 30,461)
Advances to officers and employees - ( 4,143)
---------- ----------
Total Investing Activities - ( 34,604)
---------- ----------
Financing Activities:
Payments on notes payable and capital
lease obligations - ( 78,078)
---------- ----------
Decrease in Cash ( 199,363) ( 195,559)
Cash balance, beginning 199,363 836,895
---------- ----------
Cash balance, end $ - $ 641,336
========== ==========
</TABLE>
See notes to condensed financial statements.
<PAGE> 4
TELE-OPTICS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation:
Tele-Optics, Inc. (the Company) was incorporated on December
31, 1986 and on that date and in early 1987, issued a total of
1,000,000 shares of its $0.01 par value common stock as
follows: (a). 100,000 shares at incorporation, (b). 101,216
shares to its founder and 21,000 shares to others for the
rights to certain property and technology, (c). 33,500 shares
in consideration of services rendered to the Company and (d).
744,284 shares in exchange for all outstanding stock of Lenzar
Optics Corporation (Lenzar).
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, 1992, and for the
period ended March 31, 1992 and 1991, 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 and 1997, 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: June 30, 1999 John P. Little,
President & Director
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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 1, Item I of this Form 10-Q and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1991
<PERIOD-END> MAR-31-1992
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1557
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,557
<CURRENT-LIABILITIES> 170
<BONDS> 0
0
0
<COMMON> 16,400
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,557
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (211,861)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (211,861)
<EPS-BASIC> (.13)
<EPS-DILUTED> 0
</TABLE>
