<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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: 33-17264-NY
PATCO INDUSTRIES, LTD.
(Exact name of registrant as specified in its charter)
Delaware 11-2856146
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
333 Granite Street, Ashland, Oregon 97520
(Address of principal executive offices) (Zip Code)
(541) 482-5757
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to section 12(g) of the Act: None
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities 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 filing requirements for the past 90 days. Yes [_]
No [X]
There were 178,562,500 shares of common stock outstanding on November 19, 1999.
Transitional Small Business Disclosure Format (check one): Yes [_] No [X]
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PART I
ITEM 1. FINANCIAL STATEMENTS.
Patco Industries, Ltd.
Balance Sheet
March 31, 1999
(Amounts expressed in United States dollars unless otherwise stated)
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<S> <C>
ASSETS
Current Assets 0
Other Assets:
Organizational Costs $13,432
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Total Other Assets $13,432
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Total Assets $13,432
=======
LIABILITIES & EQUITY
Liabilities:
Demand Note $ 6,262
Professional Fees Payable 6,412
Accrued Interest 579
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Total Liabilities $13,253
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Shareholder's Equity:
Common Stock--300,000,000 shares authorized;
178,562,500 issued and outstanding 179
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Total Shareholder's Equity 179
-------
Total Liabilities & Equity $13,432
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NOTE TO FINANCIAL STATEMENTS
The Company is not a going business concern, therefore, none of the related
statements apply. The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial statements. Certain information and footnote disclosures required by
generally accepted accounting principles for complete financial statements have
been condensed or omitted. The balance sheet was prepared on the assumption that
the Company has no continuing operations or plans for future operations.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
This quarterly report contains forward-looking statements within the meaning of
the federal securities laws. These include statements about our expectations,
beliefs, intentions or strategies for the future, which we indicate by words or
phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe,"
"the Company believes," "management believes" and similar language. The forward-
looking statements are based on our current expectations and are subject to
certain risks, uncertainties and assumptions. Our actual results may differ
materially from results anticipated in these forward-looking statements. We base
our forward-looking statements on information currently available to us, and we
assume no obligation to update them.
The Company is a shell corporation with no operations or income. The
Company is exploring the possibility of engaging in a reverse merger with a
private company that has current operations. There can be no assurance that the
Company will be successful at consummating such a transaction.
PART II
ITEM 1. LEGAL PROCEEDINGS.
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K: none
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SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
PATCO INDUSTRIES, LTD.
Date: November 19, 1999 By: /s/ William C. Patridge
-------------------------
William C. Patridge
Chief Executive Officer
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INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- ----------- -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S FINANCIAL STATEMENTS AS OF AND FOR THE THREE MONTHS ENDED MARCH 31,
1999 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,432
<CURRENT-LIABILITIES> 13,253
<BONDS> 0
0
0
<COMMON> 179
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 179
<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
<EPS-DILUTED> 0
</TABLE>
