-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GRMS7JxZHVKDJ3gaprLRn5eYBfzgpwc8fG92ycgI6qnXEjnvK2XjtwIewEm0a67M zHlWgcA1qAxZbFsYa6Zg7A== 0000950147-02-000004.txt : 20020413 0000950147-02-000004.hdr.sgml : 20020413 ACCESSION NUMBER: 0000950147-02-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010930 FILED AS OF DATE: 20020103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERTECH CORP CENTRAL INDEX KEY: 0001120961 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 431889792 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-43998 FILM NUMBER: 2500859 BUSINESS ADDRESS: STREET 1: 759 CEDAR FIELD COURT CITY: TOWN & COUNTRY STATE: MO ZIP: 63017 10-Q 1 e-7919.txt QUARTERLY REPORT FOR THE QTR ENDED 9/30/01 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001 Commission File Number 333-67230 INTERTECH CORPORATION (Exact name of Registrant as specified in its charter) DELAWARE 43-1889792 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 759 CEDAR FIELD COURT, TOWN & COUNTRY, MISSOURI 63017 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (800) 574-2752 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. 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. Class Outstanding at December 26, 2001 - ----------------------------- -------------------------------- Common stock: $.001 par value 6,279,000 shares INTERTECH CORPORATION FORM 10-Q INDEX PART I - FINANCIAL INFORMATION ITEM 1. Financial Statements Page ---- Balance Sheet as of September 30, 2001 (Unaudited)......................................................... 3 Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2000 and 2001 (Unaudited).......... 4 Statement of Changes in Stockholders' Equity........................ 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2000 and 2001 (Unaudited).......... 6 Notes to Unaudited Condensed Consolidated Financial Statements................................................ 7 2 INTERTECH CORPORATION CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2001 AND JUNE 30, 2001 ASSETS UNAUDITED SEP. 30, 2001 JUN. 30, 2001 --------- --------- CASH $ 55,571 $ 71,702 INVENTORY 5,000 -0- DUE FROM AFFILIATES - NOTE 2 -0- 3,936 DUE FROM STOCKHOLDER 20,245 3,850 --------- --------- TOTAL ASSETS $ 80,816 $ 79,488 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY ACCOUNTS PAYABLE $ 18,542 $ 7,699 --------- --------- STOCKHOLDERS' EQUITY Preferred stock, 5,000,000 authorized with no shares issued; Common stock, $0.001 par value; 45,000,000 Shares authorized; 6,279,000 issued and outstanding $ 6,279 4,249 Paid in capital 100,346 89,126 Retained earnings (deficit) (44,351) (21,586) --------- --------- Total Stockholders' Equity 62,274 71,789 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 80,816 $ 79,488 ========= ========= See accompanying notes and accountants' review report. 3 INTERTECH CORPORATION STATEMENT OF INCOME AND EXPENSES FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2001 AND 2000 2001 2000 -------- -------- INVESTMENT INCOME Interest income $ 319 $ 1,265 -------- -------- COSTS AND EXPENSES Office and postage -0- 30 Professional fees 22,456 11,000 Taxes and licenses 53 500 Travel 575 -0- -------- -------- Total expenses 23,084 11,530 -------- -------- NET (LOSS) $(22,765) $(10,265) ======== ======== BASIC NET LOSS PER SHARE $ (.004) $ (.005) ======== ======== See accompanying notes and accountants' review report. 4 INTERTECH CORPORATION STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2001
COMMON STOCK ADDITIONAL -------------------------- PAID IN RETAINED SHARES AMOUNT CAPITAL EARNINGS ---------- ---------- ---------- ---------- BALANCE - JUNE 30, 2000 4,198,000 $ 4,198 $ 70,052 $ 161 ISSUANCE OF STOCK 51,000 51 19,074 -- NET (LOSS) (21,747) ---------- ---------- ---------- ---------- BALANCE - JUNE 30, 2001 4,249,000 $ 4,249 $ 89,126 $ (21,586) ISSUANCE OF STOCK 2,030,000 2,030 11,220 -- NET (LOSS) (22,765) ---------- ---------- ---------- ---------- BALANCE - SEPTEMBER 30, 2001 6,279,000 $ 6,279 $ 100,346 $ (44,351) ========== ========== ========== ==========
See accompanying notes and accountants' review report. 5 INTERTECH CORPORATION STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2001 AND 2000 2001 2000 -------- -------- CASH FLOW FROM OPERATING ACTIVITIES Net loss $(22,765) $(10,265) -------- -------- Adjustments to reconcile net income to net cash Decrease in receivable from affiliates $ 3,936 -0- Increase in receivable from stockholder (16,395) -0- Increase in inventory (5,000) -0- Increase in accounts payable 10,843 -0- -------- -------- (6,616) -0- -------- -------- Net cash used by operating activities (29,381) (10,265) -------- -------- CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issuance of common stock 13,250 19,125 -------- -------- NET INCREASE (DECREASE) IN CASH (16,131) 8,860 CASH - BEGINNING OF PERIOD 71,702 74,411 -------- -------- CASH - END OF PERIOD $ 55,571 $ 83,271 ======== ======== See accompanying notes and accountants' review report. 6 INTERTECH CORPORATION NOTES TO FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2001 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS Intertech Corporation (The Company) is a newly formed Delaware corporation. The Company was organized on April 7, 2000. On July 28, 2001 the Company acquired 100% of the outstanding stock, the inventory of $5,000 and liabilities of $8,265 of Wholesale Merchandisers, Inc. d/b/a Load Toter Manufacturing Co. BASIS OF PRESENTATION The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The results of operations of any interim period are not necessarily indicative of the results of operations for the fiscal year. BASIS OF ACCOUNTING The Company uses the accrual method of accounting. CONSOLIDATION The consolidated financial statements include the accounts of Intertech Corporation and its wholly owned subsidiary Wholesale merchandisers, Inc., d/b/a Load Toter Manufacturing Co. 7 INTERTECH CORPORATION NOTES TO FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2001 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) RECOGNITION OF REVENUE AND COST Revenue and expenses are recognized in the period in which they are earned or incurred, using the accrual basis of accounting. USE OF ESTIMATES The preparation of financial statements inconformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CASH For purposes of the Statement of Cash Flows, cash is defined as demand deposits including checking and savings accounts. INCOME TAXES SFAS 109 (Accounting for Income Taxes) requires recognition of future tax benefits attributable to tax net loss carryforward and deductible temporary differences between financial statement and income tax bases of assets and liabilities. As of June 30, 2001 the Company has set up a valuation allowance of $3,238 to offset the deferred tax assets. EARNINGS (LOSS) PER SHARE Basic loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding during the year. 8 RECENTLY ISSUED ACCOUNTING STANDARDS Statement of Financial Accounting Standards (SFAS) No. 138 "Accounting for Certain Derivative Instruments and Certain Hedging Activities - and Amendment to SFAS No. 133" was recently issued. Adopting this standard will not have a significant impact on the company's financial position, results of operations or cash flows. NOTE 2. RELATED PARTY TRANSACTIONS The Company has advanced funds to a major stockholder; the money is to be repaid during fiscal year ending June 30, 2002. NOTE 3. ISSUANCE OF COMMON SHARES During fiscal year ending June 30, 2001, the Company issued an additional 51,000 shares of common stock. During the three months ending September 30, 2001 the Company issued an additional 2,030,000 shares of common stock. 9 ITEM 2. PLAN OF OPERATION The following discussion of our financial condition and results of operations should be read together with the financial statements and related notes included in this Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in those forward-looking statements as a result of certain factors, including but not limited to, those contained in the discussion on forward-looking statements that follows this section. The following discussion includes the operations of Wholesale Merchandisers, which we acquired through a share exchange on July 28, 2001. While Intertech Corporation (the "Company") plans to exploit a product known as the LoadToter, the ability to do so is subject to obtaining additional financing. Without the creation of a trading market, the Company shall not be able to raise the necessary funds. To date, the Company has not conducted any material business operations. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a. EXHIBITS None b. REPORTS ON FORM 8-K There were no Form 8-K filings during the quarter ended September 30, 2001. 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. INTERTECH CORPORATION BY: /s/ Hershey Moss ------------------------------------ Hershey Moss President Dated: January 3, 2002 10 -----END PRIVACY-ENHANCED MESSAGE-----