United States
Securities and Exchange Commission
Washington, DC 20549
FORM 10-QSB/A
Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter Ended Commission File Number
November 30, 2002 000-13822
RESCON TECHNOLOGY CORPORATION
-------------------------------
(Exact name of registrant as specified in its charter)
NEVADA
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(State or other jurisdiction of incorporation or organization
83-0210455
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(I.R.S. Employer Identification No.)
25 Fairchild Avenue, Suite 500, Plainview, New York 11803
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(Address of principal executive offices)
(516) 576-0600
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(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12 (b) of the Act: None
----
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
----- -----
State the number of shares outstanding of each of the registrants classes
of common equity, as of the latest practicable date.
Common stock, par value $.0001; 11,258,091 shares outstanding
as of January 10, 2003
Purpose of Amendment
This Amended Quarterly Report of ResCon Technology Corporation, (the
"Company") amends the Quarterly Report of the Company for the quarter ended
November 30, 2002, filed on January 14, 2003, and incorporated herein by
this reference. Except as set forth herein, this amendment does not alter
the information contained in the Quarterly Report and such information, to
the best knowledge of the Company continues to be true, accurate and
complete.
It was recently discovered by the Company that certain expenses
incurred during the quarter ended November 30, 2002, inadvertently were not
included in the financial statements of the Company for that quarter.
Included in these expenses, were amounts payable to shareholders of the
Company and accrued liabilities for unpaid salaries to employees.
Therefore, the financial statements of the Company for the quarter ended
November 30, 2002, are hereby amended by the following attached financial
statements.
[This space intentionally left blank.]
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
RESCON TECHNOLOGY CORPORATION
Condensed Balance Sheet
(Unaudited)
<Table>
<Caption>
ASSETS
-------
November 30,
2002
------------
Current Assets
Prepaid professional fees $ 63,567
------------
Total Current Assets 63,567
Investment in GIT Securities Corp 65,945
------------
Total Assets $ 129,512
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LIABILITIES AND STOCKHOLDERS' DEFICIT
-------------------------------------
Liabilities
Accounts payable $ 989
Payable to shareholders 25,000
Accrued liabilities 30,000
Bank overdraft balance 3,266
------------
Total Current Liabilities 59,255
------------
Total Liabilities 59,255
Stockholders' Deficit
Common stock 1,126
Additional paid in capital 4,648,995
Accumulated deficit prior to development stage (4,467,609)
Accumulated income during the development stage (112,255)
------------
Total Stockholders' Deficit 70,257
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 129,512
------------
</Table>
See accompanying notes
3
RESCON TECHNOLOGY CORPORATION
Condensed Statements of Operations
(Unaudited)
<Table>
<Caption>
For the
Development
For the Three For the Three Stage
Months Ended Months Ended Through
November 30, November 30, November 30,
2002 2001 2002
------------- ------------- -------------
Revenues $ 0 $ 0 $ 0
General & Administrative Expenses 85,386 601 135,482
------------- ------------- -------------
Operating Income (Loss) (85,386) (601) (135,482)
Other Income and Expense
Income from forgiveness of debt 0 0 5,345
Income (Loss) on investment in GIT 26,266 0 17,882
------------- ------------- -------------
Net Income (Loss) Before Taxes (59,120) (601) (112,255)
Current Year Provision for Income Taxes 0 0 0
------------- ------------- -------------
Net Income (Loss) $ (59,120) $ (601) $ (112,255)
------------- ------------- -------------
Income Per Share $ (0.01) $ (0.01) $ (0.03)
------------- ------------- -------------
Weighted Average Number of
Shares Outstanding 11,258,091 3,860,869 4,351,012
------------- ------------- -------------
</Table>
See accompanying notes
4
RESCON TECHNOLOGY CORPORATION
Condensed Statements of Cash Flows
(Unaudited)
<Table>
<Caption>
For the
Development
For the Three For the Three Stage
Months Ended Months Ended Through
November 30, November 30, November 30,
2002 2001 2002
------------- ------------- -------------
Cash Flows from Operating Activities:
Net Income (Loss) $ (59,120) $ (601) $ (112,255)
Adjustments to reconcile net loss to
net cash used for operating activities:
Income from investment in GIT (26,266) 0 (17,882)
Income from forgiveness of debt 0 0 (5,345)
Issued common stock for service or
expenses 0 0 44,682
Increase in accrued liabilities 33,266 0 33,266
Increase in accounts payable 920 0 989
Decrease in prepaid expenses 26,200 0 26,200
Expenses paid by shareholders 0 601 5,345
------------- ------------- -------------
Net Cash from operating Activities (25,000) 0 (25,000)
Cash Flows from Financing Activities:
Loan proceeds 25,000 0 25,000
Net Increase/(Decrease) in Cash 0 0 0
Beginning Cash Balance 0 0 0
------------- ------------- -------------
Ending Cash Balance 0 0 0
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest $ 0 $ 0 $ 0
Cash paid during the year for income
taxes $ 0 $ 0 $ 0
Issued stock for investment in GIT $ 0 $ 0 $ 48,063
Issued stock for professional fees
contracts $ 0 $ 0 $ 98,500
</Table>
See accompanying notes
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RESCON TECHNOLOGY CORPORATION
Notes to Condensed Financial Statements
October 31, 2002
PRELIMINARY NOTE
----------------
The accompanying condensed financial statements have been prepared
without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and notes thereto
included in the Company's Annual Report on Form 10-KSB for the year
ended August 31, 2002.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(A) Reports on Form 8-K
None.
(B) Exhibits. The following exhibits are included as part of this
report:
Exhibit 99.1 Certification Pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this to be signed on its behalf by the
undersigned thereunto duly authorized.
ResCon Technology Corporation,
a Nevada corporation
Dated: May 6, 2003 By: /S/ Christian Nigohossian
____________________________________
Christian Nigohossian, CEO
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CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
AND PRINCIPAL FINANCIAL OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Christian Nigohossian, certify that:
(1) I have reviewed this amended quarterly report on Form 10-QSB of
ResCon Technology Corporation, (the "Company");
(2) Based on my knowledge, this amended quarterly report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the
period covered by this amended quarterly report;
(3) Based on my knowledge, the financial statements, and other
financial information included in this amended quarterly report, fairly
present in all material respects the financial condition, results of
operations and cash flows of the Company as of, and for, the periods
presented in this amended quarterly report;
(4) I am responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-
14) for the Company and have:
(a) designed such disclosure controls and procedures to ensure
that material information relating to the Company is made known
to me by others within those entities, particularly during the
period in which this quarterly report is being prepared;
(b) evaluated the effectiveness of the Company's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this quarterly report (the "Evaluation Date"); and
(c) presented in this amended quarterly report our conclusions
about the effectiveness of the disclosure controls and procedures
based on my evaluation as of the Evaluation Date;
(5) I have disclosed, based on my most recent evaluation, to the
Company's auditors and the audit committee of the Company's board of
directors (or persons fulfilling the equivalent function):
(a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the Company's
ability to record, process, summarize and report financial data
and have identified for the Company's auditors any material
weaknesses in internal controls; and
(b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company's
internal controls; and
(6) I have indicated in this amended quarterly report whether or not
there were significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent to the date of
the most recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
Date: May 6, 2003 By: /S/ Christian Nigohossian
___________________________________________
Christian Nigohossian
Chief Executive Officer and
Chief Financial Officer
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