-----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, QKiAN9UcpIWzKKErC8j7bagMnQQ3ftjJjwRpI+RK08izV6f91vFEEcGBzaNsQPeA tsSTkEMutiiRJl6WUNjtpA== 0001016295-96-000049.txt : 19961024 0001016295-96-000049.hdr.sgml : 19961024 ACCESSION NUMBER: 0001016295-96-000049 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961023 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICRO ECONOMICS INC CENTRAL INDEX KEY: 0000894552 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 870485314 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 033-55254-36 FILM NUMBER: 96646637 BUSINESS ADDRESS: STREET 1: 3098 S HIGHLAND DRIVE STREET 2: SUITE 460 CITY: SALT LAKE CITY STATE: UT ZIP: 84106 BUSINESS PHONE: 8012729283 MAIL ADDRESS: STREET 1: 3098 S HIGHLAND DR STE 460 CITY: SALT LAKE CITY STATE: UT ZIP: 84106 10QSB 1 SEPTEMBER QUARTERLY REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1996 -------------------------------- OR [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 33-55254-36 MICRO-ECONOMICS, INC. (Exact name of registrant as specified in its charter) NEVADA 87-0485314 (State or other jurisdiction of incorporation (IRS Employer Identification or organization) Number) 1204 THIRD AVENUE, SUITE 172 NEW YORK, NY 10021 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 988-0394 Indicate by check mark whether the registrant (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 Class Outstanding as of September 30, 1996 - -------------------------- -------------------------------------- CLASS A COMMON STOCK 1,020,000 shares Par Value $0.001 1 PART I - 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-Q. 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 September 30, 1996, are not necessarily indicative of the results that can be expected for the year ending December 31, 1996. - ------------------------------------------------------------------------------- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - ------------------------------------------------------------------------------- Results of Operations The Company has not received any income nor incurred any expenses other than accounting fees as of the period ended September 30, 1996, and has had limited operational history. Since the acquisition of the cash, the Company is now in a position to establish a business plan which shall include marketing, promoting and developing products and services of network marketing companies and opportunities. The Company presently has no sources of revenue. The Company is in the process of investigating potential technology companies, products and opportunities through the business contacts, clients and associates of its officers and directors. Should management be unsuccessful in its marketing, promoting and developing endeavors, management may abandon its activities and the shares of the Company could become worthless. Based on current economic conditions and business contacts, management believes that it is possible for the Company, with limited assets, to negotiate successful and profitable opportunities within the technology field. 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 this venture. Liquidity and Capital Resources Current assets at September 30, 1996 were $100,000 as compared to current assets at December 31, 1995 of $0. The increase in current assets was due to an increase in cash of $100,000 from the sale of 20,000 shares of the Company's common stock at $5.00 per share. 2 MICRO-ECONOMICS, INC. (A Development Stage Company) BALANCE SHEETS
ASSETS 9/30/96 (Unaudited) 12/31/95 ----------- -------- CURRENT ASSETS Cash $ 100,000 $ 0 ----------------- ----------------- TOTAL CURRENT ASSETS $ 100,000 $ 0 ================= ================= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 305 $ 0 ----------------- ----------------- TOTAL CURRENT LIABILITIES 305 0 SHAREHOLDERS' EQUITY Common stock par value $.001: 25,000,000 shares authorized; 1,020,000 shares issued (1,000,000 at 1995) 1,020 1,000 Additional paid-in capital 99,980 0 (Deficit) accumulated during development stage (1,305) (1,000) ----------------- ----------------- TOTAL SHAREHOLDERS' EQUITY 99,695 0 ----------------- ----------------- $ 100,000 $ 0 ================= =================
See Selected Notes to Financial Statements. F-1 MICRO-ECONOMICS, INC. (A Development Stage Company) STATEMENTS OF OPERATIONS (UNAUDITED)
Period from 3/14/90 (date Three Months Ended Nine Months Ended of inception) 9/30/96 9/30/95 9/30/96 9/30/95 to 9/30/96 ------- ------- ------- ------- ---------- Income $ 0 $ 0 $ 0 $ 0 $ 0 General and administrative expenses 305 0 305 0 1,305 ------------- ------------- ------------- ------------- ------------- 305 0 305 0 1,305 ------------- ------------- ------------- ------------- ------------- INCOME (LOSS) BEFORE INCOME TAXES (305) 0 (305) 0 (1,305) PROVISION FOR INCOME TAXES 0 0 0 0 0 ------------- ------------- ------------- ------------- ------------- NET INCOME (LOSS) $ (305) $ 0 $ (305) $ 0 $ (1,305) ============= ============= ============= ============= ============= INCOME PER COMMON SHARE Net income per weighted average common share outstanding $ 0 $ 0 $ 0 $ 0 ============= ============= ============= ============= Weighted average number of common shares outstanding 1,020,000 1,000,000 1,018,333 1,000,000 ============= ============= ============= =============
See Selected Notes to Financial Statements. F-2 MICRO-ECONOMICS, INC. (A Development Stage Company) STATEMENTS OF SHAREHOLDERS' EQUITY Period from March 14, 1990 (Date of Inception) to September 30, 1996 (UNAUDITED)
Deficit Accumulated Stock Additional During Common Stock Subscription Paid-in Development Shares Amount Receivable Capital Stage ------ ------ ---------- ------- ----- Balances at 3/14/90 (Date of Inception) 0 $ 0 $ 0 $ 0 $ 0 Issuance of common stock (restricted) at $.001 per share at 3/14/90 1,000,000 1,000 1,000 Net loss for period 0 ------------ ------------- ------------- ---------------- ----------------- Balances at 12/31/90 1,000,000 1,000 (1,000) 0 0 Receipt of Stock Subscription 1,000 Net loss for year (1,000) Balances at 12/31/91 1,000,000 1,000 0 0 (1,000) Net income for year 0 ------------- ------------- ------------- ----------------- ----------------- Balances at 12/31/92 1,000,000 1,000 0 0 (1,000) Net income for year 0 ------------- ------------- ------------- ----------------- ----------------- Balances at 12/31/93 1,000,000 1,000 0 0 (1,000) Net income for year 0 ------------- ------------- ------------- ----------------- ----------------- Balances at 12/31/94 1,000,000 1,000 0 0 (1,000) Net income for year 0 ------------- ------------- ------------- ----------------- ----------------- Balances at 12/31/95 1,000,000 1,000 0 0 (1,000) Stock sold (restricted) at $5.00 per share at 1/10/96 20,000 20 99,980 Net loss for period (305) ------------- ------------- ------------- ----------------- ----------------- Balances at 9/30/96 1,020,000 $ 1,020 $ 0 $ 99,980 $ (1,305) ============= ============= ============= ================= =================
See Selected Notes to Financial Statements. F-3 MICRO-ECONOMICS, INC. (A Development Stage Company) STATEMENTS OF CASH FLOWS (UNAUDITED)
Period from 3/14/90 (date Three Months Ended Nine Months Ended of inception) 9/30/96 9/30/95 9/30/96 9/30/95 to 9/30/96 ------- ------- ------- ------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (305) $ 0 $ (305) $ 0 $ (1,305) Adjustments to reconcile net (loss) to net cash required by operating activities: 0 0 0 0 0 Change in accounts payable 305 0 305 0 305 ------------- ------------- ------------- ------------- ------------- 305 0 305 0 305 ------------- ------------- ------------- ------------- ------------- NET CASH REQUIRED BY OPERATING ACTIVITIES 0 0 0 0 (1,000) CASH FLOWS FROM INVESTING ACTIVITIES 0 0 0 0 0 ------------- ------------- ------------- ------------- ------------- NET CASH PROVIDED BY INVESTING ACTIVITIES 0 0 0 0 0 CASH FLOWS FROM FINANCING ACTIVITIES Stock sold 0 0 100,000 0 101,000 ------------- ------------- ------------- ------------- ------------- NET CASH PROVIDED BY FINANCING ACTIVITIES 0 0 100,000 0 101,000 ------------- ------------- ------------- ------------- ------------- NET INCREASE IN CASH 0 0 100,000 0 100,000 CASH AT BEGINNING OF PERIOD 100,000 0 0 0 0 ------------- ------------- ------------- ------------- ------------- CASH AT END OF PERIOD $ 100,000 $ 0 $ 100,000 $ 0 $ 100,000 ============= ============= ============= ============= =============
See Selected Notes to Financial Statements. F-4 MICRO-ECONOMICS, INC. (A Development Stage Company) SELECTED NOTES TO FINANCIAL STATEMENTS September 30, 1996 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Method The Company recognizes income and expense based on the accrual method of accounting. Dividend Policy The Company has not yet adopted a policy regarding payment of dividends. Income Taxes The Company records the income tax effect of transactions in the same year that the transactions enter into the determination of income, regardless of when the transactions are recognized for tax purposes. Tax credits are recorded in the year realized. Since the Company has not yet realized income as of the date of this report, no provision for income taxes has been made. The Company utilizes the liability method of accounting for income taxes as set forth in Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS 109). Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized. At September 30, 1996 a deferred tax asset has not been recorded due to the Company's lack of operations to provide income to use the net operating loss carryover of $1,000 which will expire December 31, 2006. NOTE 2: DEVELOPMENT STAGE COMPANY The Company was incorporated under laws of the State of Nevada on March 14, 1990 and has been in the developmental stage since incorporation. NOTE 3: CAPITALIZATION On the date of incorporation, the Company sold 1,000,000 shares of its common stock to Capital General Corporation for $1,000 cash for an average consideration of $.001 per share. On January 10, 1996, the Company sold 20,000 shares of its common stock for $100,000 cash for an average consideration of $5.00 per share. The Company's authorized stock includes 25,000,000 shares of common stock at $.001 par value. NOTE 4: RELATED PARTY TRANSACTIONS The Company owns no properties and utilizes space on a rent-free basis in the office of its principal shareholder, Chancellor Australia Pty Ltd. This arrangement is expected to continue until such time as the Company becomes involved in a business venture which necessitates its relocation, as to which no assurance can be given. The Company has no agreements with respect to the maintenance or future acquisition of office facilities, however, if a successful merger/acquisition is negotiated, it is anticipated that the office of the Company will be moved to that of the acquired company. F-5 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 hereunto duly authorized. MICRO-ECONOMICS, INC. (Registrant) By: s/ Neil Alan Green Neil Alan Green, President Dated: October 22, 1996 3 EX-27 2 FDS --
5 This schedule contains summary financial information extracted from Micro-Economics, Inc. September 30, 1996 financial statements and is qualifiedd in its entirety by reference to such financial statements. 0000894552 MICRO ECONOMICS INC 9-MOS DEC-31-1996 SEP-30-1996 100,000 0 0 0 0 100,000 0 0 100,000 305 0 0 0 1,020 98,675 100,000 0 0 0 0 305 0 0 (305) 0 (305) 0 0 0 (305) .00 .00
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