SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
[ ] 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 0-24368
NANOTECH CORPORATION
(Exact Name of Registrant as specified in its Charter)
Delaware 33-0651758
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
1500 Quail Street, Suite 550, Newport Beach, California 92660
(Address of Principal Executive Offices) (Zip Code)
(714) 660-1500
(Registrant's Telephone Number, including Area Code)
Indicate by check mark whether the Registrant (i) 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 (of for such shorter period that the
Registrant was required to file such reports) and (ii) has been subject to such
filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as of the latest practicable date.
Common Stock, $.001 par value 424,600
- ---------------------------------- --------------------
Title of Class Number of Shares outstanding
at September 30, 1997
No exhibits included.
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NANOTECH CORPORATION
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
March 31, September 30,
1997 1997
CURRENT ASSETS - CASH $
OTHER ASSETS
Organization costs, net of accumulated
amortization of $266 and $280 14
TOTAL ASSETS $ 14 $
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES - Accounts payable $ 2,252 $ 2,282
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 1,000,000 shares
authorized; no shares issued and outstanding
Common Stock, $.001 par value; 20,000,000 shares
authorized; 424,600 shares issued and outstanding 425 425
Additional paid-in Capital 821 821
Accumulated deficit during the development stage (3,484) ( 3,528)
TOTAL STOCKHOLDERS' EQUITY (2,238) (2,282)
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ $
The accompanying notes are an integral part of
the financial statements.
2
NANOTECH CORPORATION
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
CUMULATIVE
FOR THE SIX MONTHS FOR THE THREE FROM INCEPTION
ENDED MONTHS ENDED (June 11, 1992)
September 30, September 30, TO
1997 1996 1997 1996 September 30, 1997
REVENUES $ -0- $ -0- $ -0- $ -0- $ -0-
OPERATING EXPENSES
General and Administrative 30 15 3,248
Amortization 14 30 14 15 280
TOTAL OPERATING EXPENSES 44 30 29 15 3,528
NET (LOSS) $ (44) (30) (29) $ (15) $ (3,528)
NET (LOSS) PER SHARE $ (Nil) $ (Nil) $ (Nil) $ (Nil) $ (.01)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 424,000 424,600 424,600 424,000 420,214
See accompanying Notes to Financial Statements.
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NANOTECH CORPORATION
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
CUMULATIVE
FOR THE SIX MONTHS FOR THE THREE FROM INCEPTION
ENDED MONTHS ENDED (June 11, 1992)
September 30, September 30, TO
1997 1996 1997 1996 September 30, 1997
CASH FLOWS FROM OPERATING
ACTIVITIES
Net (Loss) $ (44) $ (30) $ (29) $ (15) $ (3,528)
Add item not requiring the
use of cash 14 30 14 15 280
Increase (decrease) in accounts
payable 30 15 2,282
Net cash flows from operating
activities (966)
CASH FLOWS FROM INVESTING ACTIVITIES
Organizational Costs (263)
CASH FLOWS FROM FINANCING
ACTIVITIES
Contribution to Capital 500
Sale of Common Stock 746
Net Cash flows from financing
activities 1,246
NET INCREASE (DECREASE) IN CASH (763)
CASH BALANCE AT BEGINNING
OF PERIOD 763
CASH BALANCE AT END OF
PERIOD $ $ $ $ $
See accompanying Notes to Financial Statements.
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NANOTECH CORPORATION
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
September 30, 1997
1. Comments
The accompanying financial statements are unaudited, but in the opinion
of the management of the Company, contain all adjustments, consisting
of only normal recurring accruals, necessary to present fairly the
financial position at September 30, 1997, the results of operations for
the three and six months ended September 30, 1997 and 1996, and the
cash flows for the three and six months ended September 30, 1997 and
1996.
Reference is made to the Company's Form 10-KSB for the year ended March
31, 1997. The results of operations for the three months ended
September 30, 1997 are not necessarily indicative of the results of
operations to be expected for the full fiscal year ending March 31,
1998.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL
CONDITION
The Company has limited working capital and no activities.
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS - None
Item 2. CHANGES IN SECURITIES - None
Item 3. DEFAULTS UPON SENIOR SECURITIES - None
Item 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS - None
Item 5. OTHER INFORMATION - None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits--None
Reports on Form 8-K--None.
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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.
NANOTECH CORPORATION
Date: December 1, 1997 By: /s/ Jehu Hand
-------------
Jehu Hand,
President and Chief Financial
Officer (chief financial officer
and accounting officer and duly
authorized officer)
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