-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LIuXs2f4Y7k3D/ElxG/PxQs1XQLIEM2VXTjshCIducy8cMd/PCfXJoE66B64FRZ3 Yendegw6faVrsBbBfCSUxA== 0001105241-02-000023.txt : 20020625 0001105241-02-000023.hdr.sgml : 20020625 20020625151208 ACCESSION NUMBER: 0001105241-02-000023 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020531 FILED AS OF DATE: 20020625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RESCON TECHNOLOGY CORP CENTRAL INDEX KEY: 0000769591 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 830210455 STATE OF INCORPORATION: WY FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-13822 FILM NUMBER: 02686442 BUSINESS ADDRESS: STREET 1: 5525 SOUTH 900 EAST SUITE 110 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 BUSINESS PHONE: 8012628844 10QSB 1 qsbmay02.txt RESCON MAY 02 10QSB U. S. Securities and Exchange Commission Washington, D. C. 20549 FORM 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2002 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to -------------- ------------------ Commission File No. ----------- 000-13822 RESCON TECHNOLOGY CORP. ------------------------------------- (Name of Small Business Issuer in its Charter) NEVADA 83-0210455 -------- ------------ (State or Other Jurisdiction of (I.R.S. Employer I.D. No.) incorporation or organization) 5525 South 900 East, Suite 110 Salt Lake City, Utah 84117 (Address of Principal Executive Offices) Issuer's Telephone Number: (801)262-8844 None, Not Applicable; ----------- (Former Name or Former Address, if changed since last Report) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 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. (1) Yes X No (2) Yes X No ---- ---- ---- ---- APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS None, Not Applicable; APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: May 31, 2002 3,861,084 PART I - FINANCIAL INFORMATION Item 1.Financial Statements. The Financial Statements of the Registrant required to be filed with this 10-QSB Quarterly Report were prepared by management and commence on the following page, together with related Notes. In the opinion of management, the Financial Statements fairly present the financial condition of the Registrant.
RESCON TECHNOLOGY CORP. BALANCE SHEETS As of May 31, 2002 and August 31, 2001 05/31/2002 08/31/2001 -------------- ---------- [Unaudited] ASSETS Assets $ 0 $ 0 -------------- ---------- Total Assets $ 0 $ 0 ============== ========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Loans from stockholders $ 4,797 $ 2,692 Accounts Payable 0 0 Income Taxes Payable 0 0 -------------- ---------- Total Current Liabilities 4,797 2,692 Total Liabilities 4,797 2,692 -------------- ---------- Stockholders' Deficit: Common Stock, $.0001 par value; authorized 50,000,000 shares; issued and outstanding, 3,861,084 shares 386 386 Paid-in Capital 4,486,972 4,486,972 Accumulated Deficit (4,492,155) (4,490,050) -------------- ---------- Total Stockholders' Deficit (4,797) (2,692) -------------- ---------- Total Liabilities and Stockholders' Deficit $ 0 $ 0 ============== ==========
RESCON TECHNOLOGY CORP. STATEMENTS OF OPERATIONS For the Three and Nine Month Periods Ended May 31, 2002 and 2001 Three Three Nine Nine Months Months Months Months Reactivation (July Ended Ended Ended Ended 14, 1999) through 05/31/2002 05/31/2001 05/31/2002 05/31/2001 May 31, 2002 -------------- ------------- ---------- ----------------- --------------------- [Unaudited] [Unaudited] [Unaudited] [Unaudited] REVENUE Income $ 0 $ 0 $ 0 $ 0 $ 0 -------------- ------------- ---------- ----------------- ----------------- NET REVENUE 0 0 0 0 0 Operating Expenses Operating Expenses 358 228 2,105 2,224 24,546 -------------- ------------- ---------- ----------------- ----------------- Total Operating Expenses 358 228 2,105 2,224 24,546 -------------- ------------- ---------- ----------------- ----------------- Net Income Before Taxes $ (358)$ (228)$ (2,105)$ (2,224) (24,546) ============== ============= ========== ================= ================= Income/Franchise taxes 0 0 0 0 Net loss (358) (228) (2,105) (2,224) (24,546) Loss Per Share $ (0.01)$ 0 $ (0.01)$ (0.01) $ (0.01) ============== ============= ========== ================= ================= Weighted Average Shares Outstanding 3,861,084 3,861,084 3,861,084 3,861,084 3,165,010 ============== ============= ========== ================= =================
RESCON TECHNOLOGY CORP. STATEMENTS OF CASH FLOWS For the Three and Nine Month Periods Ended May 31, 2002 and 2001 Three Three Nine Months Nine Months Months Months Reactivation (July Ended Ended Ended Ended 14, 1999) through 05/31/2002 05/31/2001 05/31/2002 05/31/2001 May 31, 2002 ------------ ------------- ------------ ------------- --------------------- [Unaudited] [Unaudited] [Unaudited] [Unaudited] Cash Flows Used For Operating Activities - ----------------------------------------- Net Loss $ (358)$ (228)$ (2,105) $ (2,224) $ (24,546) Adjustments to reconcile net loss to net cash used in operating activities: Loss from discountinued operations 0 0 0 0 0 Shares issued for forgiveness of debt 0 0 0 0 19,749 Increase/(Decrease) in loans from 358 228 2,105 2,224 4,797 shareholder ------------ ------------- ------------ ------------- -------------------- Net Cash Used For Operating Activities 0 0 0 0 0 ============ ============= ============ ============= ==================== Cash Flows Provided by Financing 0 0 0 0 0 Activities - -------------------------------------------- Net Increase In Cash 0 0 0 0 0 Beginning Cash Balance 0 0 0 0 0 Ending Cash Balance $ 0$ 0$ 0$ 0 0 ------------ ------------- ------------ ------------- --------------------
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the periods. The May 31, 2002 balance sheet has been derived from the audited financial statements. These interim financial statements conform with the requirements for interim financial statements and consequently do not include all the disclosures normally required by generally accepted accounting principles. Item 2.Management's Discussion and Analysis or Plan of Operation. Plan of Operation. The Company has not engaged in any material operations in the period ending May 31, 2002, or since before approximately 1994. The Company intends to continue to seek out the acquisition of assets, property or business that may be beneficial to the Company and its stockholders. The Company's only foreseeable cash requirements during the next 12 months will relate to maintaining the Company in good standing in the State of Nevada, keeping its reports "current" with the Securities and Exchange Commission or the payment of expenses associated with reviewing or investigating any potential business venture. Management does not anticipate that the Company will have to raise additional funds during the next 12 months, however, if additional moneys are needed, they may be advanced by management or principal stockholders as loans to the Company. Because the Company has not identified any such venture as of the date of this Report, it is impossible to predict the amont of any such loan. However, any such loan will not exceed $25,000 and will be on terms no less favorable to the Company than would be available from a commercial lender in an arm's length transaction. As of the date of this Report, the Company has not begun seeking any acquisition. Results of Operations. The Company has had no operations during the quarterly period ended May 31, 2002, or since on or before approximately 1994. During the quarterly period covered by this Report, the Company received no revenue and incurred expenses of $358, stemming from general and administrative expenses. Liquidity At May 31, 2002, the Company had total current assets of $0 and total liabilities of $4,797. PART II - OTHER INFORMATION Item 1.Legal Proceedings. None; not applicable. Item 2.Changes in Securities. None; not applicable Item 3.Defaults Upon Senior Securities. None; not applicable. Item 4.Submission of Matters to a Vote of Security Holders. None; not applicable Item 5.Other Information. The Company is in disussions for the exchange of shares of Rescon Technology Corp., for all of the issued and outstanding shares of GTI Securities Corp., ("GTI Securities") a Nevada corporation. As of the date of this Report, the Company has not issued any stock or granted any options or warrants to GTI Securities, and the Company has not entered into a Plan of Reorganization or any other binding agreement with GTI Securities. If the Company does enter into any such agreement the Company will file a Form 8-K disclosing the terms of the agreement. Item 6.Exhibits and Reports on Form 8-K. None; not applicable (b)Reports on Form 8-K. None; Not Applicable. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. RESCON TECHNOLOGY CORP. Date:06/25/02 /S/VICTORIA JENSON Victoria Jenson, Vice President and Director -----END PRIVACY-ENHANCED MESSAGE-----