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 September 30, 2000
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[] 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
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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 Identification
incorporation or organization) Number)
4348 Butternut Road, Salt Lake City, Utah 84124
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(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 September 30, 2000
------------------------------------ -------------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK 6,000,000 SHARES
1
<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 nine
months ended September 30, 2000, are not necessarily indicative of the results
that can be expected for the year ending December 31, 2000.
2
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
September 30,
2000
----------------------
ASSETS
CURRENT ASSETS
<S> <C>
Cash in bank $ 10,952
----------------------
TOTAL CURRENT ASSETS $ 10,952
======================
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts payable $ 437
----------------------
TOTAL CURRENT LIABILITIES
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 (15,485)
----------------------
TOTAL STOCKHOLDERS' EQUITY 10,515
----------------------
$ 10,952
======================
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
3/14/90
Three Months Ended Nine Months Ended (Date of
September 30, September 30, inception) to
2000 1999 2000 1999 9/30/00
------------------ ------------------ ----------------- ----------------- ------------------
<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
General and administrative
expenses 687 410 3,133 2,748 15,485
------------------ ------------------ ----------------- ----------------- ------------------
NET LOSS $ (687) $ (410) $ (3,133) $ (2,748) $ (15,485)
================== ================== ================= ================= ==================
BASIC AND DILUTED
(LOSS) PER SHARE
Net income (loss) per weighted
average share $ (.00) $ (.00) $ (.00) $ (.00)
================== ================== ================= =================
Weighted average number of
common shares used to
compute net income
(loss) per weighted
average share 6,000,000 6,000,000 6,000,000 6,000,000
================== ================== ================= =================
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
3/14/90
Three Months Ended Nine Months Ended (Date of
September 30, September 30, inception) to
2000 1999 2000 1999 9/30/00
------------------ ------------------ ----------------- ----------------- ------------------
OPERATING ACTIVITIES
<S> <C> <C> <C> <C> <C>
Net (loss) $ (687) $ (410) $ (3,133) $ (2,748) $ (15,485)
Adjustments to reconcile net
(loss) to cash used by
operating activities:
Accounts payable 437 0 437 0 437
------------------ ------------------ ----------------- ----------------- ------------------
NET CASH
USED BY OPERATING
ACTIVITIES (250) (410) (2,696) (2,748) (15,048)
INVESTING
ACTIVITIES 0 0 0 0 0
------------------ ------------------ ----------------- ----------------- ------------------
NET CASH
PROVIDED (USED) BY
INVESTING ACTIVITIES 0 0 0 0 0
FINANCING ACTIVITIES
Proceeds from sale of
common stock 0 0 0 0 26,000
------------------ ------------------ ----------------- ----------------- ------------------
NET CASH
PROVIDED BY
FINANCING ACTIVITIES 0 0 0 0 26,000
------------------ ------------------ ----------------- ----------------- ------------------
INCREASE (DECREASE)
IN CASH
AND
CASH EQUIVALENTS (250) (410) (2,696) (2,748) 10,952
Cash and cash equivalents
at beginning of period 11,202 15,305 13,648 17,643 0
------------------ ------------------ ----------------- ----------------- ------------------
CASH AND CASH
EQUIVALENTS
AT END OF PERIOD $ 10,952 $ 14,895 $ 10,952 $ 14,895 $ 10,952
================== ================== ================= ================= ==================
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
ULTRONICS CORPORATION
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Basis of Presentation
The accompanying financial statements have been prepared in accordance
with generally accepted accounting principles ("GAAP") for interim
financial information. Accordingly, they do not include all of the
information and footnotes required by generally accepted auditing
principles for complete financial statements. The unaudited financial
statements should, therefore, be read in conjunction with the financial
statements and notes thereto in the Report on Form 10KSB for the year
ended December 31, 1999. In the opinion of management, all adjustments
(consisting of normal and recurring adjustments) considered necessary
for a fair presentation, have been included. The results of operations
for the three and nine-month periods ended September 30, 2000 are not
necessarily indicative of the results that may be expected for the
entire fiscal year.
6
<PAGE>
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 $687 during the quarter ended September 30,
2000 and $3,133 for the nine months ended September 30, 2000 are related to the
costs of regulatory filings to maintain the Company's status as an 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 many 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
27 Financial Data Schedule
(b) Reports on Form 8-K
None.
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: November 14, 2000 /s/ W. Reed Jensen
-------------------- --------------------------------------
W. Reed Jensen, President and Director
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