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 31,1994
[ ] 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, 1994
Page
Part I: Financial Information
Item 1. Financial Statements..................... 3
Balance Sheet Unaudited at March 31, 1994........... 4
Statements of Operations (Unaudited) for the
Three Month Periods ended March 31, 1994
and March 31, 1993.................................. 5
Statements of Cash Flow (Unaudited) for the
Three Month Periods Ended March 31, 1994
and March 31, 1993.................................. 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
(UNAUDITED)
<TABLE>
<CAPTION>
March 31, December 31,
1994 1993
------------- ------------
<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,
1994 1993
------------- ------------
<S> <C> <C>
Revenues:
Miscellaneous $ - $ -
----------- ------------
Costs and Expenses:
Administrative - 172
----------- ------------
Net Loss $ - $ 172
============ ============
Net loss per share $ - $ -
=========== ============
Average number of shares outstanding 1,640,000 1,640,000
=========== ============
</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,
1994 1993
------------- ------------
<S> <C> <C>
Cash provided (used) In:
Operating Activities $ $ ( 172)
Investing Activities: - -
Financing Activities: - -
------------ ------------
Decrease in Cash - ( 172)
Cash balance, beginning - 187
------------ ------------
Cash balance, end $ - $ 17
============ ============
</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, 1994, and for the period ended
March 31, 1994 and 1993, 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
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 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-31-1993
<PERIOD-END> MAR-31-1994
<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>
