UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________________ to _______________
Commission File No. 33-55254-22
TRINON, INC.
(Exact name of small business issuer as specified in its charter)
NEVADA 87-0438633
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
1800 East Sahara Avenue, Suite 107 Las Vegas, Nevada 89104
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (702) 693-5786
Indicate by check mark whether the issuer (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 the past 90 days. [X] Yes [ ] No
Indicate the number of shares outstanding of each of the Issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding as of June 30, 1998
- ------------------------------------ -------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK 320,999 SHARES
1
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements.
BASIS OF PRESENTATION
General
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and, therefore, do not include
all information and footnotes necessary for a complete presentation of financial
position, results of operations, and cash flows in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature. Operating results for the six months ended June 30, 1998, are
not necessarily indicative of the results that can be expected for the year
ending December 31, 1998.
Item 2. Management's Discussion and Analysis or Plan of Operations
The Company has had little operational history and has yet to engage in
business of any kind, other than through two subsidiaries. The transaction to
acquire the subsidiaries was rescinded on November 4, 1997. Net loss for the six
months ended June 30, 1998 was $43,037. General and administrative expenses were
$43,037 and related to trying to develop viable operations. All risks inherent
in new and inexperienced enterprises are inherent in the Company's business. The
Company has not made a formal study of the economic potential of any business.
At the present, the Company is identifying assets and other business
opportunities for acquisition. The Company has liquidity and presently has
available capital resources, such as credit lines, and debentures, etc.
Based on current economic and regulatory conditions, Management
believes that it is possible, if not probable, for a company like the Company,
without many assets or many liabilities, to negotiate a merger or acquisition
with a viable private company. The opportunity arises principally because of the
high legal and accounting fees and the length of time associated with the
registration process of "going public". However, should any of these conditions
change, it is very possible that there would be little or no economic value for
anyone taking over control of the Company.
Item 5. Other Information
The Company intends to file Form 15 in the near future. This form will
allow the Company to stop filing quarterly and annual reports with the SEC.
Management feels its status as a non-reporting company will better allow it to
raise working capital and find a viable business opportunity. Management intends
to again become a reporting company as soon as possible.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
99.1 Financial Statements as of June 30, 1998
27 Financial Data Schedule
(b) Reports on Form 8-K
None
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
TRINON, INC.
Dated: July 30, 1998
Craig Hurst, President and Director
3
<PAGE>
TRINON, INC.
(A Development Stage Company)
BALANCE SHEET
<TABLE>
<CAPTION>
6/30/98
(Unaudited)
-----------------
ASSETS
CURRENT ASSETS
<S> <C>
Cash in bank $ 354
Prepaid expenses 5,000
-----------------
TOTAL CURRENT ASSETS 5,354
-----------------
$ 5,354
=================
LIABILITIES & DEFICIT
CURRENT LIABILITIES
Accounts payable $ 6,407
-----------------
TOTAL CURRENT LIABILITIES 6,407
STOCKHOLDERS' DEFICIT
Common Stock $.001 par value:
Authorized - 100,000,000 shares
Issued and outstanding 320,999 shares 321
Additional paid-in capital 379,856
Stock subscription receivable (3,000)
Deficit accumulated during the development stage (378,230)
-----------------
TOTAL STOCKHOLDERS' DEFICIT (1,053)
-----------------
$ 5,354
=================
</TABLE>
F-1
<PAGE>
TRINON, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
5/2/86
Three Months Ended Six Months Ended (Date of
June 30, June 30, inception) to
1998 1997 1998 1997 6/30/98
------------------ ------------------ ----------------- ----------------- ------------------
<S> <C> <C> <C> <C> <C>
Net sales $ 0 $ 0 $ 0 $ 0 $ 0
Cost of sales 0 0 0 0 0
------------------ ------------------ ----------------- ----------------- ------------------
GROSS PROFIT 0 0 0 0 0
Bad debt 0 0 0 0 25,000
General and administrative
expenses 15,819 0 43,037 0 132,796
------------------ ------------------ ----------------- ----------------- ------------------
15,819 0 43,037 0 157,796
------------------ ------------------ ----------------- ----------------- ------------------
Net loss before
discontinued operations (15,819) 0 (43,037) 0 (157,796)
Discontinued operations:
Operations of subsidiaries
which were terminated
as subsidiaries on
11/4/97 0 0 0 0 (220,434)
------------------ ------------------ ----------------- ----------------- ------------------
NET LOSS $ (15,819) $ 0 $ (43,037) $ 0 $ (378,230)
================== ================== ================= ================= ==================
Net income (loss) per weighted
average share $ (.17) $ .00 $ (.69) $ .00
================== ================== ================= =================
Weighted average number of
common shares used to
compute net income (loss)
per weighted average share 95,556 6,250 62,332 6,250
================== ================== ================= =================
</TABLE>
F-2
<PAGE>
TRINON, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
4/16/86
Six months (Date of
Ended June 30, Inception) to
1998 1997 6/30/98
--------------- --------------- ----------------
OPERATING ACTIVITIES
<S> <C> <C> <C>
Net (loss) $ (43,037) $ 0 $ (378,230)
Adjustments to reconcile net (loss) to cash used
by operating activities:
Stock issued for expenses 3,892 0 19,077
Amortization 0 0 50
Changes in assets and liabilties:
Prepaid expenses 4,915 0 (2,000)
Accounts payable (4,106) 0 6,407
--------------- --------------- ----------------
NET CASH USED
BY OPERATING ACTIVITIES (38,336) 0 (354,696)
INVESTING ACTIVITIES
Organization costs 0 0 (50)
--------------- --------------- ----------------
NET CASH (USED)
BY INVESTING ACTIVITIES 0 0 (50)
FINANCING ACTIVITIES
Proceeds from sale of common stock 23,000 0 355,100
--------------- --------------- ----------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 23,000 0 355,100
--------------- --------------- ----------------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (15,336) 0 354
Cash and cash equivalents at beginning of year 15,690 0 0
--------------- --------------- ----------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 354 $ 0 $ 354
=============== =============== ================
</TABLE>
F-3
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted
from Trinon, Inc. June 30, 1998 financial statements and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000894531
<NAME> Trinon Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 354
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 5,354
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 354
<CURRENT-LIABILITIES> 6,407
<BONDS> 0
0
0
<COMMON> 321
<OTHER-SE> (1,374)
<TOTAL-LIABILITY-AND-EQUITY> 5,354
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 43,037
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (43,037)
<INCOME-TAX> 0
<INCOME-CONTINUING> (43,037)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (43,037)
<EPS-PRIMARY> (.69)
<EPS-DILUTED> (.69)
</TABLE>
