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Previous: CLAIRE TECHNOLOGIES INC, NT 10-Q, 1998-05-14 |
Next: PERIPHERAL CONNECTIONS INC, 10QSB, 1998-05-14 |
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 March 31, 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. 33-55254-38
ULTRONICS, CORPORATION
(Exact name of Small Business Issuer as specified in its charter)
NEVADA 87-0485313
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
4348 Butternut Road, Salt Lake City, Utah 84124
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (801) 272-2432
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 Issuer
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 March 31, 1998
- ------------------------------------- ------------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK 6,000,000 SHARES
<PAGE>
PART 1 - FINANCIAL INFORMATION
Item 1. Financial Statements.
BASIS OF REPRESENTATION
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, cash flows and stockholders' equity 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 quarter
ended March 31, 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 of Financial Condition and Results
of Operations
The Company has had no operational history and has yet to engage in
business of any kind. Expenses of $2,012 during the quarter ended March 31, 1998
are related to the costs of regulatory filings to maintain the Company's status
as a SEC reporting entity. These costs were borne by another entity prior to
December, 1997. 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 has not
identified any assets or business opportunities for acquisition.
The Company has limited liquidity and available capital resources, such
as credit lines, guarantees, etc. and should a merger or acquisition prove
unsuccessful, it is possible that the Company may be dissolved by the State of
Nevada for failing to file reports. Should management decide not to further
pursue its acquisition activities, management may abandon its activities and the
shares of the Company would become worthless.
Based on current economic and regulatory conditions, Management
believes that it is possible, if not probable, for a company like the Company,
without assets or 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.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
99.1 Financial Statements as of March 31, 1998
27 Financial Data Schedule
(b) Reports on Form 8-K
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Issuer has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ULTRONICS CORPORATION
Dated: May 14, 1998 /s/ W. Reed Jensen
W. Reed Jensen, President and Director
<PAGE>
SMITH & COMPANY
A PROFESSIONAL CORPORATION OF
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS OF: 10 WEST 100 SOUTH, SUITE 700
AMERICAN INSTITUTE OF SALT LAKE CITY, UTAH 84101
CERTIFIED PUBLIC ACCOUNTANTS TELEPHONE: (801) 575-8297
UTAH ASSOCIATION OF FACSIMILE: (801) 575-8306
CERTIFIED PUBLIC ACCOUNTANTS E-MAIL: [email protected]
- --------------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
The Board of Directors and Shareholders
Ultronics Corporation
The accompanying balance sheet of Ultronics Corporation as of March 31, 1998,
and the related statements of operations, and cash flows for the three months
ended March 31,1 998 and 1997 were not audited by us and, accordingly, we do not
express an opinion on them.
/s/ Smith & Company
CERTIFIED PUBLIC ACCOUNTANTS
Salt Lake City, Utah
May 11, 1998
F-1
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
March 31,
1998
----------------------
ASSETS
CURRENT ASSETS
<S> <C>
Cash in bank $ 21,365
----------------------
TOTAL CURRENT ASSETS $ 21,365
======================
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,000
----------------------
TOTAL CURRENT LIABILITIES 1,000
STOCKHOLDERS' EQUITY
Common Stock $.001 par value:
Authorized - 100,000,000 shares
Issued and outstanding
6,000,000 shares 6,000
Additional paid-in capital 20,000
Deficit accumulated during the
development stage (5,632)
----------------------
TOTAL STOCKHOLDERS' EQUITY 20,365
----------------------
$ 21,365
======================
</TABLE>
F-2
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
3/14/90
Three Months Ended (Date of
March 31, inception) to
1998 1997 3/31/98
----------------- ----------------- -----------------------
<S> <C> <C> <C>
Net sales $ 0 $ 0 $ 0
Cost of sales 0 0 0
----------------- ----------------- -----------------------
GROSS PROFIT 0 0 0
General and administrative expenses 2,012 0 5,635
----------------- ----------------- -----------------------
NET LOSS $ (2,012) $ 0 $ (5,635)
================= ================= =======================
Net income (loss) per weighted
average share $ .00 $ .00
================= =================
Weighted average number of common
shares used to compute net income
(loss) per weighted average share 6,000,000 1,000,000
================= =================
</TABLE>
F-3
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Deficit
Accumulated
Common Stock Additional During
Par Value $0.001 Paid-in Development
Shares Amount Capital Stage
-------------- -------------- ----------------- --------------
Balances at 5/14/90
<S> <C> <C> <C> <C>
(Date of inception) 0 $ 0 $ 0 $ 0
Issuance of common
stock (restricted)
at $.001 per share
at 3/14/90 1,000,000 1,000
Net loss for period (1,000)
-------------- -------------- ----------------- --------------
Balances at 12/31/90 1,000,000 1,000 (1,000)
Net loss for year 0
-------------- -------------- ----------------- --------------
Balances at 12/31/91 1,000,000 1,000 (1,000)
Net loss for year 0
-------------- -------------- ----------------- --------------
Balances at 12/31/92 1,000,000 1,000 (1,000)
Net loss for year 0
-------------- -------------- ----------------- --------------
Balances at 12/31/93 1,000,000 1,000 (1,000)
Net loss for year 0
-------------- -------------- ----------------- --------------
Balances at 12/31/94 1,000,000 1,000 (1,000)
Net loss for year 0
-------------- -------------- ----------------- --------------
Balances at 12/31/95 1,000,000 1,000 (1,000)
Net income for year 0
-------------- -------------- ----------------- --------------
Balances at 12/31/96 1,000,000 1,000 (1,000)
Issuance of common stock
at $.005 per share at
12/12/97 5,000,000 5,000 20,000
Net income for year (2,623)
-------------- -------------- ----------------- ---------------
Balances at 12/31/97 6,000,000 6,000 20,000 (3,623)
Net income for period (2,012)
-------------- -------------- ----------------- ---------------
Balances at 3/31/98 6,000,000 $ 6,000 $ 20,000 $ (5,635)
============== ============== ================= ==============
</TABLE>
F-4
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
3/14/90
(Date of
Three Months Ended March 31, Inception) to
1998 1997 3/31/98
--------------- --------------- ----------------
OPERATING ACTIVITIES
<S> <C> <C> <C>
Net (loss) $ (2,012) $ 0 $ (5,635)
Adjustments to reconcile net (loss) to cash used
by operating activities:
Increase (decrease) in accounts payable (1,623) 0 1,000
--------------- --------------- ----------------
NET CASH USED
BY OPERATING ACTIVITIES (3,635) 0 (1,950)
INVESTING ACTIVITIES 0 0 0
--------------- --------------- ----------------
NET CASH PROVIDED (USED)
BY INVESTING ACTIVITIES 0 0 0
FINANCING ACTIVITIES
Proceeds from sale of common stock 0 0 26,000
--------------- --------------- ----------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 0 0 26,000
--------------- --------------- ----------------
INCREASE IN CASH
AND CASH EQUIVALENTS (3,635) 0 21,365
Cash and cash equivalents at beginning of year 25,000 0 0
--------------- --------------- ----------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 21,365 $ 0 $ 21,365
=============== =============== ================
</TABLE>
F-5
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted
from Ultronics Corporation March 31, 1998 financial statements
and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000894556
<NAME> Ultronics Corporation
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 21,365
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 21,365
<CURRENT-LIABILITIES> 1,000
<BONDS> 0
0
0
<COMMON> 6,000
<OTHER-SE> 14,365
<TOTAL-LIABILITY-AND-EQUITY> 21,365
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 2,012
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,012)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,012)
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
</TABLE>
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