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
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Commission File No.
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000-13822
RESCON TECHNOLOGY CORP.
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(Name of Small Business Issuer in its Charter)
NEVADA 83-0210455
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(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;
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(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
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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
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[Unaudited]
ASSETS
Assets $ 0 $ 0
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Total Assets $ 0 $ 0
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Loans from stockholders $ 4,797 $ 2,692
Accounts Payable 0 0
Income Taxes Payable 0 0
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Total Current Liabilities 4,797 2,692
Total Liabilities 4,797 2,692
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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)
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Total Stockholders' Deficit (4,797) (2,692)
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Total Liabilities and Stockholders' Deficit $ 0 $ 0
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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
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[Unaudited] [Unaudited] [Unaudited] [Unaudited]
REVENUE
Income $ 0 $ 0 $ 0 $ 0 $ 0
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NET REVENUE 0 0 0 0 0
Operating Expenses
Operating Expenses 358 228 2,105 2,224 24,546
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Total Operating Expenses 358 228 2,105 2,224 24,546
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Net Income Before Taxes $ (358)$ (228)$ (2,105)$ (2,224) (24,546)
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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)
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Weighted Average Shares Outstanding 3,861,084 3,861,084 3,861,084 3,861,084 3,165,010
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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
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[Unaudited] [Unaudited] [Unaudited] [Unaudited]
Cash Flows Used For Operating
Activities
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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
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Net Cash Used For Operating Activities 0 0 0 0 0
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Cash Flows Provided by Financing 0 0 0 0 0
Activities
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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
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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