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 31,1997
[ ] 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 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: As of June 15, 1999, there were 4,740,000 shares issued of
which a total of 4,740,000 were outstanding.
Transitional Small Business Disclosure Format (check one);
Yes __ No _X__
<PAGE>
TELE-OPTICS, INC.
Form 10-QSB Index
March 31, 1997
Page
Part I: Financial Information
Item 1. Financial Statements..................... 3
Balance Sheet Unaudited at March 31, 1997........... 4
Statements of Operations (Unaudited) for the
Three Month Periods ended March 31, 1997
and March 31, 1996.................................. 5
Statements of Cash Flow (Unaudited) for the
Three Month Periods Ended March 31, 1997
and March 31, 1996.................................. 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>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
TELE-OPTICS, INC.
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
------------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
$ - $ -
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities $ - $ -
----------- ------------
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) (1,704,354) (1,704,354)
---------- ----------
175,088 175,088
Less: Treasury stock, 50,000
shares at cost 175,088 175,088
---------- ----------
Total Shareholders' Equity (deficit) - -
---------- ----------
$ - $ -
========== ==========
</TABLE>
See notes to condensed financial statements.
<PAGE>
TELE-OPTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1997 1996
------------- ------------
<S> <C> <C>
Revenues $ - $ -
----------- ------------
Costs and Expenses - -
----------- ------------
Net income (loss) $ - $ -
=========== ============
Net income (loss) per share $ - $ -
=========== ============
Average number of shares outstanding 1,640,000 1,640,000
=========== ============
</TABLE>
See notes to condensed financial statements.
<PAGE>
TELEOPTICS, INC.
CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY
(UNAUDITED)
<TABLE> Addt'l Retained Treasury
<CAPTION> Common Stock Paid-In Earnings Stock
# of Shares Amount Capital (Deficit) 50,000 Shares Total
----------- -------- ---------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1996 1,690,000 $ 16,900 $1,862,542 $ (1,704,354) $ (175,088) $ -
Net loss for the year ended
December 31, 1996 ----------- -------- ---------- ------------- ------------- --------
Balance at December 31, 1996 1,690,000 $ 16,900 $1,862,542 $ (1,704,354) $ (175,088) $ -
Income (loss) for the three months
ended March 31, 1997 ----------- -------- ---------- ------------- ------------- --------
Balance at March 31, 1997 1,690,000 $ 16,900 $1,862,542 $ (1,704,354) $ (175,088) $ -
=========== ======== ========== ============= ============= ========
</TABLE>
See notes to condensed financial statements.
<PAGE>
TELE-OPTICS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31, March 31,
1997 1996
------------- ------------
<S> <C> <C>
Cash provided (used) In:
Operating Activities $ - $ -
Investing Activities: - -
Financing Activities: - -
------------ ------------
Decrease in Cash - -
Cash balance, beginning - -
------------ ------------
Cash balance, end $ - $ -
============ ============
</TABLE>
See notes to condensed financial statements.
<PAGE>
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, 1997, and for the
period ended March 31, 1997 and 1996, 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>
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>
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>
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
<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-31-1996
<PERIOD-END> MAR-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 16,400
<OTHER-SE> 0
<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>
