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 June 30, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission File No. 33-2249-FW
TRIPLE CHIP SYSTEMS, INC.
(Name of Small Business Issuer in its Charter)
DELAWARE 75-2072206
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
1787 East Ft. Union Blvd., #106
Salt Lake City, Utah 84121
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801) 942-7722
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 No X (2) Yes X No
---- ---- ---- ----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Check whether the Issuer has filed all documents and reports required to be
filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a Plan confirmed by a court. Yes_____ No X
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:
AUGUST 1, 1996
416,465*
*Reflects a 200 for 1 reverse split of the outstanding voting securities
effective June 10, 1996, while retaining the authorized capital at $50,000
divided into 500,000,000 shares of one mill ($0.0001) par value common voting
stock, and with appropriate adjustments in the stated capital and capital
surplus accounts of the Company.
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.
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
September 30, 1995, or since December 31, 1988. 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 Delaware
and keeping its reports "current" with the Securities and Exchange Commission.
Management does not anticipate that the Company will have to raise additional
funds during the next 12 months.
Results of operations.
- ----------------------
The Company has had no operations since December 31, 1988. During the
quarterly period covered by this Report, the Company received no revenue and had
no expenses.
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.
- -----------------------------------------------------------
No matter was submitted to a vote of security holders of the Company during
the period covered by this Report, whether through the solicitation of proxies
or otherwise.
Item 5.Other Information.
- -------------------------
None; not applicable.
Item 6.Exhibits and Reports on Form 8-K.
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(a)Exhibits.*
None.
(b)Reports on Form 8-K.
None.
*A summary of any Exhibit is modified in its entirety by reference to the
actual Exhibit.
SINGLE CHIP SYSTEMS INTERNATIONAL, INC.
[Formerly Longhorn Development Company, Inc.]
BALANCE SHEETS
June 30, 1995 and December 31, 1994
6/30/95 12/31/94
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[Unaudited]
ASSETS
Total Current Assets $ 0 $ 0
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TOTAL ASSETS $ 0 $ 0
=========== ===========
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Loans from stockholders $ 60,500 60,500
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Total Current Liabilities 60,500 60,500
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----------- -----------
TOTAL LIABILITIES 60,500 60,500
EQUITY
Common Stock 3,333 3,333
Paid-in Capital 180,056 180,056
Accumulated Deficit During Development (243,889) (243,889)
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TOTAL EQUITY (60,500) (60,500)
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TOTAL LIABILITIES & EQUITY $ 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 1987 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.
SINGLE CHIP SYSTEMS INTERNATIONAL, INC.
[Formerly Longhorn Development Company, Inc.]
STATEMENTS OF OPERATIONS
For the Three-Month Periods Ended March 31, 1996 and 1995
Inception
Three Months Three Months Nine Months Nine Months [11/12/85]
Ended Ended Ended Ended through
9/30/95 9/30/94 9/30/95 9/30/94 9/30/95
------------ ------------ ----------- ---------- -----------
[Unaudited] [Unaudited] [Unaudited] [Unaudited] [Unaudited]
REVENUE
Interest Income $ 0 $ 0 $ 0 $ 0 $ 3,618
------------ ------------ ---------- ---------- ----------
NET REVENUE 0 0 0 0 3,168
OPERATING EXPENSES
Directors Fees 0 0 0 0 1,200
Franchise Tax 0 0 0 0 913
Legal & Accounting 0 0 0 0 12,617
Fees 0 0 0 0 190
Travel 0 0 0 0 1,856
Payroll 0 0 0 0 7,000
Office Expense 0 0 0 0 3,279
Bank Charges 0 0 0 0 284
Transfer Fees 0 0 0 0 2,981
Other Expenses 0 0 0 0 116,663
------------ ------------ ---------- ---------- ---------
TOTAL OPERATING EXPENSES 0 0 0 0 146,953
------------ ------------ ---------- ---------- ----------
NET INCOME/(LOSS) FROM OPERATIONS 0 0 0 0 (143,335)
============ ============ ========== ========== ==========
OTHER EXPENSES:
Write-off Technology License Asset 0 0 0 0 100,000
Write-off Symetrix Corp. Investment 0 0 0 0 350
Income Tax Expense 0 0 0 0 204
------------ ------------ ---------- ---------- ----------
TOTAL OTHER EXPENSES 0 0 0 0 100,554
------------ ------------ ---------- ---------- ----------
NET INCOME/(LOSS) $ 0 $ 0 $ 0 $ 0 $ (243,889)
============ ============ ========== ========== ==========
NET LOSS PER SHARE $ (0.01) $ 0.00 $ 0.00 $ 0.00 $ (0.01)
============ ============ ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 33,333,334 33,333,334 33,333,334 33,333,334 28,793,104
============ ============ ========== =========== ==========
SINGLE CHIP SYSTEMS INTERNATIONAL, INC.
[Formerly Longhorn Development Company, Inc.]
STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS
Ended September 30, 1995 and 1994
Inception
Three Months Nine Months [11/12/85]
Ended Ended through
9/30/95 9/30/94 9/30/95
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[Unaudited] [Unaudited] [Unaudited
Cash Flows Used For Operating Activities
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Net Loss $ 0 $ 0 $ (143,539)
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Net Cash Used For Operating Activities 0 0 (143,539)
============== ============== ============
Cash Flows from Investing Activities
- ------------------------------------
Increase in Technology license agreement 0 0 (100,000)
Increase in investment - Symetrix Corporation 0 0 (350)
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Net Cash Used for Investing Activities 0 0 (100,350)
Cash Flows Provided by Financing Activities
- -------------------------------------------------------
Loans payable to shareholders 0 0 60,500
Issuance of common stock 0 0 183,389
------------ -------------- ------------
Net Cash provided by Financing Activities 0 0 243,889
Net Increase In Cash 0 0 0
Beginning Cash Balance 0 0 0
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Ending Cash Balance $ 0 $ 0 $ 0
============== ============== ============
Supplemental Disclosure of Cash Flow Information
- ------------------------------------------------
Noncash Investing Activities:
Write-off technology license agreement $ 0 $ 0 $ 100,000
Write-off technology Symetrix Corp. $ 0 $ 0 $ 350
Cash paid for income tax $ 0 $ 0 $ 204
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.
TRIPLE CHIP SYSTEMS, INC.
Date: August 7, 1996 By________________________________________
Jeffrey D. Jenson, Director and President
Date: August 7, 1996 By________________________________________
Richell V. Jenson, Director and Vice President
Date: August 7, 1996 By________________________________________
Harold T. Jenson, Director and Secretary