SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Annual Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File No.
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June 30, 2000 0-23879
THE FINANCIAL GROUP CONNECTION, INC.
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(Exact name of registrant as specified in its charter)
Nevada 88-0228665
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1100 Williams Street #207
Carson City, Nevada 89701
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(Address of Principal Executive Offices)
Registrant's telephone number including area code: (775) 841-0644
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Former name, former address, and former fiscal
year end, if changed since last report.
Indicate by checkmark 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 in the past 90 days:
Yes X No
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Indicate the number of shares outstanding for each of the issuer's
classes of Common Stock as of the last practical date:
Common Stock, Par Value $0.001 Per Share, 1,000,000 Shares Outstanding
at June 30, 2000.
THE FINANCIAL GROUP CONNECTION, INC.
TABLE OF CONTENTS
PART I FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . .3
Statement of Operations . . . . . . . . . . . . . . . . . .4
Statement of Cash Flows . . . . . . . . . . . . . . . . . .5
Note to Financial Statements. . . . . . . . . . . . . . . .6
ITEM 2 MANAGEMENT DISCUSSION AND FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
PART II OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . .7
SIGNATURES . . . . . . . . . . . . . . . . . . . . .8
The Financial Group Connection, Inc.
(A Development Stage Company)
Balance Sheet
June 30, 2000 (Unaudited) and December 31, 1999
(Unaudited)
June December
30, 2000 31, 1999
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Assets
Current Assets $ - $ -
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Total Current Assets $ - $ -
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Liabilities & Stockholders' Equity
Current Liabilities
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Accounts Payable $ 24,314 $ 24,314
Stockholders' Equity
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Common Stock Authorized 25,000,000 Shares,
$0.001 Par Value; 1,000,000 Shares Issued &
Outstanding 1,000 1,000
Paid In Capital 1,160 1,160
Deficit in Retained Earnings (26,474) (26,474)
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Total Stockholders' Equity (24,314) (24,314)
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Total Liabilities &
Stockholders' Equity $ - $ -
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See accompanying notes
The Financial Group Connection, Inc.
(A Development Stage Company)
Statements of Operations (Unaudited)
For the Three Months Periods Ended June 30, 2000 & 1999
For the Six Months Periods Ended June 30, 2000 & 1999
For the Three For the Six
Months Ended Months Ended
June June June June
30, 2000 30, 1999 30, 2000 30, 1999
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Revenues $ - $ - $ - $ -
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Expenses
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Filing Fees - 200 - 200
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Total Expenses - 200 - 200
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Net Loss $ - $ (200) $ - $ (200)
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Net Loss Per Share of
Common Stock $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted Average Number
Of Shares Outstanding
During Period 1,000,000 1,000,000 1,000,000 1,000,000
See accompanying notes
The Financial Group Connection, Inc.
(A Development Stage Company)
Statement of Cash Flows (Unaudited)
For the Three Months Period Ended June 30, 2000 & 1999
2000 1999
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Cash Flows from Operating Expenses
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Net (Loss) $ - $ (200)
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Net Cash (Used) by Operating Expenses - (200)
Cash Flows from Investing Activities
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Net Cash Flows from
Investing Activities - -
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Cash Flows from Financing Activities
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Increase in Contributed Capital - 200
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Net Cash Provided (Used) by
Financing Activities - 200
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Increase (Decrease) in Cash - -
Cash at Beginning of Period - -
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Cash at End of Period $ - $ -
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Disclosures for Operating Activities
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Interest $ - $ -
Taxes - -
See accompanying notes
The Financial Group Connection, Inc.
(A Development Stage Company)
Notes to Financial Statements
NOTE 1 - Corporate History
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The Company was organized on July 24, 1987, under the laws of the state of
Nevada, using the name The Financial Connection, Inc. On October 22, 1997, the
Company requested reinstatement but the name "The Financial Connection, Inc."
was not available. A Certificate amending its Articles of Incorporation was
filed changing the name to The Financial Group Connection, Inc. The voting
common stock authorized was changed to 25,000,000 with a $0.001 per share par
value.
The purposes for which the Corporation was organized are to manufacture,
purchase, or otherwise acquire, own, mortgage, pledge, sell assign and transfer
or otherwise dispose of, to invent, trade, deal in and deal with, goods, wares
and merchandise and real and personal property of every class and description,
and all other acts authorized by law.
The Company has not engaged in any activities to produce significant revenues
and remains a development stage company.
NOTE 2 - Significant Accounting Policies
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A. The Company uses the accrual method of accounting.
B. Revenues and directly related expenses are recognized in the period when
the goods are shipped to the customer.
C. The Company considers all short term, highly liquid investments that are
readily convertible, within three months, to known amounts as cash
equivalents. The Company currently has no cash equivalents.
D. Primary Earnings Per Share amounts are based on the weighted average number
of shares outstanding at the dates of the financial statements. Fully
Diluted Earnings Per Shares shall be shown on stock options and other
convertible issues that may be exercised within ten years of the financial
statement dates.
E. Inventories: Inventories are stated at the lower of cost, determined by
the FIFO method or market.
F. Depreciation: The cost of property and equipment is depreciated over the
estimated useful lives of the related assets. The cost of leasehold
improvements is depreciated (amortized) over the lesser of the length of
the related assets or the estimated lives of the assets. Depreciation is
computed on the straight line method for reporting purposes and for tax
purposes.
G. Estimates: The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.
ITEM II
Management's Discussion and Analysis of Financial Condition and Results of
Operation
The Company has not commenced business activities and has no assets or
operations. The Company is dependent upon its officers to meet any minimal
costs which may occur.
PART II
OTHER INFORMATION
Item 1 Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . . .None
Item 2 Changes in the Rights of the Company's Security Holders . . . . .None
Item 3 Defaults by the Company on its Senior Securities . . . . . . . . .None
Item 4 Results of Votes of Security Holders . . . . . . . . . . . . . . .None
Item 5 Other Information. . . . . . . . . . . . . . . . . . . . . . . . .None
Item 6 Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . .None
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.
The Financial Group Connection, Inc.
Date: March 30, 2001 By:/S/ Edward W. Babic
Edward W. Babic
President