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 September 30, 1993
[ ] 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
September 30, 1993
Page
Part I: Financial Information
Item 1. Financial Statements..................... 3
Balance Sheet Unaudited at September 30, 1993....... 4
Statements of Operations (Unaudited) for the
Three Month Periods ended September 30, 1993
and September 30, 1992 and the Nine Month
Periods Ended September 30, 1993 and
September 30, 1992.................................. 5
Statements of Cash Flow (Unaudited) for the
Nine Month Periods Ended September 30, 1993
and September 30, 1992.............................. 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>
September 30, December 31,
1993 1992
------------- ------------
<S> <C> <C>
ASSETS
Current Assets:
Cash $ 20 $ 187
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 170 $ 170
----------- ------------
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) (1,704,509) (1,704,337)
---------- ----------
174,933 175,105
Less: Treasury stock, 50,000
shares at cost 175,088 175,088
---------- ----------
Total Shareholders' Equity (deficit) ( 150) 17
---------- ----------
$ 20 $ 187
========== ==========
</TABLE>
See notes to condensed financial statements.
<PAGE>
TELE-OPTICS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1993 1992 1993 1992
<S> <C> <C> <C> <C>
Revenues:
Miscellaneous $ 50 $ - $ 175 $ -
----------- ------------ ------------ -----------
Costs and Expenses:
Administrative 40 40,993 342 40,993
Loss on default of note - - - 211,861
----------- ------------ ------------ -----------
Total Costs and Expenses 40 40,993 342 252,854
----------- ------------ ------------ -----------
Income (loss) before income tax 10 ( 40,993) ( 167) ( 252,854)
Income tax (refund) - ( 78,684) - ( 78,684)
----------- ------------ ------------ -----------
Net Loss $ 10 $ 37,691 $( 167) $( 174,170)
=========== ============ ============ ==========
Net loss per share $ - $ .02 $ - $( .11)
=========== ============ ============ ==========
Average number of
shares outstanding 1,640,000 1,640,000 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>
Nine Months Ended
September 30,
1993 1992
------------ ------------
<S> <C> <C>
Cash provided (used) In:
Operating Activities $( 167) $ ( 160,115)
Investing Activities: - -
Financing Activities: - -
----------- ----------
Decrease in Cash ( 167) ( 160,115)
Cash balance, beginning 187 199,363
----------- ----------
Cash balance, end $ 20 $ 39,248
=========== ==========
</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 September 30, 1993, and for the period ended
September 30, 1993 and 1992, 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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1992
<PERIOD-END> SEP-30-1993
<CASH> 20
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 20
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 20
<CURRENT-LIABILITIES> 170
<BONDS> 0
0
0
<COMMON> 16,400
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 20
<SALES> 0
<TOTAL-REVENUES> 175
<CGS> 0
<TOTAL-COSTS> 342
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (167)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (167)
<EPS-BASIC> 0.00
<EPS-DILUTED> 0.00
</TABLE>
