Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended March 31, 1997, for Ultronics Corporation (a development stage company incorporated in Nevada). The filing text references "Citrotech Inc." in metadata, but the document content explicitly identifies the registrant as Ultronics Corporation. The company has no operational history, has not engaged in any business, and has not identified any assets or acquisition opportunities. It is currently a shell company seeking a merger or acquisition.
Key Financial Metrics
- Revenue: $0 (No net sales reported for the quarter or since inception).
- Net Income/Loss: $0 for the quarter ended March 31, 1997. Cumulative deficit since inception is $1,000.
- Cash Flow: Net cash used by operating activities was $0. Net cash provided by financing activities was $0 for the quarter.
- Liquidity: Cash and cash equivalents at the end of the period were $0. Management states the company has no liquidity or available capital resources.
- Debt: No formal debt or accounts payable reported on the balance sheet.
- Equity: 1,000,000 shares of Class A Common Stock ($0.001 par value) issued and outstanding. Total stockholders' equity is $0 due to an accumulated deficit of $1,000 offsetting the $1,000 in common stock.
Material Changes
There were no material changes in financial position or results of operations compared to the prior period (December 31, 1996). The balance sheet and income statement figures remained static at zero for the quarter, with the cumulative deficit remaining at $1,000 since the company's inception in 1990.
Outlook, Risks, and Management Commentary
- Business Strategy: The company intends to investigate potential merger and acquisition candidates. Management believes its public status may enhance its ability to locate ventures.
- Liquidity Risk: The company has no cash. If a merger or acquisition is not successful, the company may be dissolved by the State of Nevada for failing to file reports.
- Contingency: Officers, directors, and major shareholders have made an oral undertaking to provide interest-free loans to cover filing fees and reporting obligations. These loans are intended to be repaid only if funds are received from a future acquisition.
- Shareholder Risk: If management abandons acquisition activities, the shares may become worthless.
- Guidance: No financial guidance is provided as the company has no operations.
Investor Verification Checklist
- Verify the discrepancy between the metadata name ("Citrotech Inc.") and the filing registrant ("Ultronics Corporation").
- Confirm the validity and enforceability of the "oral undertaking" by insiders to fund the company's reporting obligations.
- Check for any subsequent filings or news regarding a merger or acquisition, as the company has no independent business value.
- Review the company's compliance status with the State of Nevada to assess the risk of administrative dissolution.