United States
Securities and Exchange Commission
Washington, DC 20549
FORM 10Q SB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE
EXCHANGE ACT
Commission file Number 0 - 22678
RF TECHNOLOGY, INC.
(Formerly PM Management Systems, Inc.)
Exact name of small business issuer as specified in its charter
Colorado 84 - 1193941
(State or other jurisdiction of I.R.S. Employer Identification No
incorporation or organization)
610 9th Street East, Kalispell, MT 59903
(Address of principal executive office)
(406) 752-5533
Issuers telephone number
PM Management Systems, Inc., 404 Scott Point Drive, Salt
Spring Island, BC V8K 2R2
(Former name, former address and former fiscal year, if
changed since last report)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PAST FIVE YEARS
Check whether the registrant filed all documents and reports
required
To be filed by Section 12, 13 or 15 (d) of the Exchange Act
after the distribution of
Securities under a plan confirmed by a court. Yes ____ No
____
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the
Issuers
common equity as of the last practicable date: 7,060,000
shares
Transitional Small Business Disclosure Format (check one)
Yes ___ No X
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
The unaudited financial statements for the quarter ended
June 30, 2000 are attached hereto as Exhibit A
Item 2. Managements Discussion and Analysis or Plan of
Operation.
(a) Plan of Operation.
RF Technology, Inc. (formerly PM Management Systems, Inc.)
executed a contract with Mr. R. E. Surran, of Scottsdale Arizona,
to acquire the exclusive world-wide rights to a plastic sniffing
device used to locate buried plastic. This device was developed
initially to locate buried plastic natural gas lines. It is
currently being refined and configured to locating buried anti-
personnel land mines. A report on Form 8K dated February 10,
2000 was filed with The Securities and Exchange Commission.
Management plans to continue the development of this product and
to continue to seek other products and companies, in an effort to
increase the Companys asset base and improve shareholder value.
Several financing sources are being investigated, including
funding requiring the Company to file a Registration Statement
with the Securities and Exchange Commission. No commitments have
been received as of this date.
(b) Managements discussion and analysis of Financial Condition
and Results of Operations.
Liquidity and Capital Resources
The Registrant is a development stage company and has not had any
revenues for the past year. A shareholder of the Company
advanced $20,000 in May, 2000 to pay consulting, filing and
accounting fees and working capital.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
On January 10, 2000 a General Meeting of Stockholders
endorsed a management proposal to forward split the Companys
common stock on a 3-1 basis. The stockholders also voted to
cancel 1000,000 shares of preferred stock. The complete
Proxy Statement and Solicitation and the results of the
meeting are contained in the Form 8K filed with The
Securities and Exchange Commission February 8, 2000.
Item 3. Defaults Upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Securities Holders
Item 6. Exhibits and Reports on
Form 8K
None
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
RF TECHNOLOGY, INC.
Dated August 4, 2000
/S/ Ronald Lambrecht
Ronald Lambrecht, President and Director
RF TECHNOLOGY, INC.
(Formerly PM Management Systems, Inc.)
FINANCIAL STATEMENTS
For the three months ended June 30, 2000
RF TECHNOLOGY, INC.
(Formerly PM Management Systems, Inc.)
(A development stage company)
BALANCE SHEETS
AS AT JUNE 30, 2000 AND 1999
ASSETS
2000 1999
CURRENT ASSETS
CASH $ 733 $ 0
FIXED ASSETS
EQUIPMENT 2,200 0
QTHER ASSETS
RIGHTS, TITLE TO PLASTIC
SNIFFING TECHNOLOGY 20,000 0
TOTAL ASSETS 22,933 0
RF TECHNOLOGY, INC.
(Formerly PM Management Systems, Inc.)
(A development stage company)
BALANCE SHEETS
AS AT JUNE 30, 2000 AND 1999
LIABILITIES AND STOCKHOLDERS EQUITY
2000 1999
CURRENT LIABILITIES:
Due to a related party $ 34,350 $ 0
STOCKHOLDERS EQUITY:
Common Stock no par value per share,
Authorized shares,
Issued and outstanding 7,060,000 and 2,020,000
94,150 74,150
Preferred Stock, no par value,
Authorized, Issued and Outstanding
O and 1,000,000 0 1,000
SUBTOTAL:
94,150 75,150
Deficit accumulated during
the development stage (105,417) (75,000)
Treasury Stock ( 150) (150)
TOTAL STOCKHOLDERS EQUITY 11,417 0
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY 22,933 0
RF TECHNOLOGY, INC.
(Formerly P.M. Management Systems, Inc.)
(A development stage company)
STATEMENTS 0F OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
2000 1999
REVENUES: $ 0 $ 0
OPERATING EXPENSES:
( 27,067) 0
OTHER INCOME:
CANCELLATION OF 1,000,000
PREFERRED SHARES 1,000 0
NET (LOSS) FOR THE PERIOD (26,067) 0
NET (LOSS) PER COMMON SHARE: N/A N/A
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING 7,060,000 2,020,000
RF TECHNOLOGY, INC.
(FORMERLY pm Management Systems, Inc.)
(A development stage company)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
2000 1999
CASH PROVIDE BY (USED FOR)
OPERATING ACTIVITIES:
(LOSS) for the period $(26,067) $ 0
Net increase in Accounts Payable 30,000 0
3,933 0
NET CASH PROVIDED BY
FINANCING ACTIVITIES:
Issuance of common stock 20,000 0
Cancellation of preferred stock 1,000 0
19,000 0
NET CASH USED FOR
INVESTING ACTIVITIES:
Purchase of equipment ( 2,200) 0
Purchase of technology (20,000) 0
22,200) 0
NET DECREASE IN CASH: 5,449 0
CASH, beginning of the period: 6,382 0
CASH, end of the period 733 0
RF TECHNOLOGY, INC.
(Formerly PM Management Systems, Inc.)
(A development stage company)
STATEMENTS OF STOCKHOLDERS EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
Deficit
Accumulated
Number of Number of During The
Shares Shares Amount Amount Treasury Development
Common Preferred Common Preferred Stock Stage Total
<S> <C> <C> <C> <C> <C> <C> <C>
Balance
January 1,
1996 10000000 1000000 1999150 1000 (150) (75000) 1925000
Cancellation
Of purchase
Of Ad-A-Cab
America, LLC
&cancellation
of 7,980,000
common shares
25
January 1996 (7980000) 0 (1925000) 0 0 0 (1925000)
Net loss
For the
Year ended
12/31/96 0 0 0 0 0 0 0
Balance
12/31/96 2020000 1000000 74150 1000 (150) (75000) 0
Net Loss
For year
Ended
12/31/97 0 0 0 0 0 0 0
Balance
12/31/97 2020000 1000000 74150 1000 (150) (75000) 0
Net Loss
For year
Ended
12/31/98 0 0 0 0 0 0 0
December 31,
1998 2020000 1000000 74150 1000 (150) (75000) 0
Net Loss for
the year
ended 1999 0 0 0 0 0 (4350) (4350)
December 31,
1999
Carried
Forward 2020000 1000000 74150 1000 (150) (79350) (4350)
</TABLE>
RF TECHNOLOGY, INC.
(Formerly PM Management Systems, Inc.)
(A development stage company)
STATEMENTS OF STOCKHOLDERS EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
Deficit
Accumulated
Number of Number of During The
Shares Share Amount Amount Treasury Development
Common Preferred Common Preferred Stock Stage Total
<S> <C> <C> <C> <C> <C> <C> <C>
December 31,
1999
Brought
Forward 2020000 1000000 74150 1000 (150) ($79350) (4350)
3 for 1
Stock
Split 7060000 0 0 0 0 0 0
Cancelation
Of Preffered
Shares 0 (1000000) 0 (1000) 0 0 (1000)
Stock Issued
For Techno-
Ology 1000000 0 20000 0 0 0 20000
Net Loss
For The
Period 0 0 0 0 0 (12418) (12418)
Balances,
March 31,
2000 7060000 0 94150 0 (150) (105,417) (11,417)
</TABLE>
RF TECHNOLOGY, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The accompanying financial statements have been prepared in
accordance with US Securities and Exchange Commission
(SEC)requirements for interim financial statements. Therefore,
they do not include all of the information and footnotes required
by generally accepted accounting principles for complete
financial statements. The financial statements should be read in
conjunction with the year ended December 31, 1999 financial
statements of RF Technology, Inc. (Registrant) included in the
Form 10K SB filed with the SEC by the Registrant.
The results of operations for the interim period shown in this report
are not necessarily indicative of the results to be expected for
the full year. In the opinion of management, the information
contained herein reflects all adjustments necessary to make the
results of operations for the interim periods a fair statement of
such operation. All such adjustments are of a normal recurring
nature.
NOTE 2 - RELATED PARTY TRANSACTIONS
Due to related parties at June 30, 2000
Advances payable to an officer and shareholder
of Registrant represent advances, unsecured,
bearing no interest and due on demand $4,350
Advance payable to a shareholder of Registrant
represent an advance, unsecured, bearing no
interest and due on demand $30,000
Due to related parties $34,350
