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Online Business Income and Expenses Form and Bankruptcy

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Online Business Income and Expenses Form and Bankruptcy Powered By Docstoc
					Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE1
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE1
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   |X|  ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
   OF 1934. For the fiscal year ended December 31, 1999


   TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
   ACT OF 1934. For the transition period from                      to
   -----------------------------------------------------------------------------------------------------------------------------------------------------

   Commission File Number: 0-16052

   QUADRAX CORPORATION
   (Name of Small Business Issuer in Its Charter)


   DELAWARE                        05-0420158
   (State or other jurisdiction of       (IRS Employer
   INCORPORATION OR ORGANIZATION)                    IDENTIFICATION NO.)

   618 MAIN STREET
   WEST WARWICK, RHODE ISLAND                                                      02893-0901
   (Address of PrincipalExecutive Offices)                                   (Zip Code)


   (401) 821-1700
   (Issuer's Telephone Number, Including Area Code)
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE2
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

                                                  Common Stock                Class C Warrants
                                                  --------------------------- ------------------------------
                                     High Bid     Low Bid                     High Bid
   Fiscal 2000:

   Quarter Ended March 31, 2000      $     3.75                       0.02 Not Available

   Fiscal 1999:
   Quarter Ended March 31, 1999      $     0.02                       0.02   Not Available
   Quarter Ended June 30, 1999             0.02                       0.02   Not Available
   Quarter Ended September 30,1999         0.02                       0.02   Not Available
   Quarter Ended December 31,1999          0.02                       0.02   Not Available


   Fiscal 1998:
   Quarter Ended March 31, 1998      $     0.13    $                  0.03   $0.1875
   Quarter Ended June 30, 1998             0.13                       0.02   0.1563
   Quarter Ended September 30,1998         0.03                       0.02   Not Available
   Quarter Ended December 31,1998          0.02                       0.02   Not Available
Low Bid




$    0.03
     0.03
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE3
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000


                                                    ( Dollars in thousands, except per share data)
                                                                          Year Ended
                                                --------------------------------------------------------------------

   STATEMENT OF OPERATIONS DATA:                December 31, 1999
                                                ---------------------------------
   Sales                                         $                     14,536
   Cost of sales                                                       13,959
                                                ---------------------------------
   Gross profit                                                            577

   Selling, general & administrative costs                              (2,365)
                                                ---------------------------------
   Income (loss) from operations                                        (1,788)
   Interest expense, net                                                  (511)
   Amortization of loan discount                                          (497)
                                                ---------------------------------
   Loss on continuing operations                                        (2,796)
   Loss on discontinued operations                                        (307)
   Loss on disposal of assets                   -0-

   Gain on discharge of indebtedness                                     4,276
                                                ---------------------------------

   Net income (loss)                             $             1,173
                                                ===================
   Net income (loss) per common share            $              0.25
                                                ===================
   Weighted average common shares outstanding                  4,702
                                                ===================

                                                                         December 31,
                                                --------------------------------------------------------------------
                                                                           1999
   BALANCE SHEET DATA:
   Working capital, (deficit)                    $                       (490)
   Total assets                                                         8,480
   Long term liabilities                                                4,673
   Total stockholders' equity (deficit)                                (2,729)
n thousands, except per share data)
         Year Ended
---------------------------------------------------

                 December 31, 1998
                 ---------------------------------
                  $                     17,309
                                        16,051
                 ---------------------------------
                                          1,258

                                         (2,407)
                 ---------------------------------
                                         (1,149)
                                           (431)
                 -0-
                 ---------------------------------
                                         (1,580)
                                         (1,720)
                                         (1,710)
                                             -
                 -0-
                 ---------------------------------

                  $            (5,010)
                 ===================
                  $             (4.51)
                 ===================
                                1,111
                 ===================

        December 31,
---------------------------------------------------
                                            1998

                  $                         872
                                          7,842
                                          4,289
                                         (7,790)
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
NAME_AND_TITLE
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000


   Name                                       Age               Position
   ------------------------------------------ ----------------- ----------------------------------------------------------
   Thomas V. Desmond                                       44 Chief Executive Officer

   James J. Palermo (1)                                   63 Chairman, CEO, President and
                                                             Director

   Paul F. Jakoboski (2)                                  48 Vice President

   Donald R. Wolfgang (1)                                 51 Secretary/Treasurer and Director

   Abraham Backenroth                                     48 Director

   David Bistricer                                        51 Director

   Nachum Stein                                           52 Director
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
COMPENSATION_TABLE
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

                                                                  SUMMARY COMPENSATION TABLE

   The following table                              sets forth             certain                       information
             compensation paid to the other current                        executive                             officers of the Company whose
   salary and bonus for fiscal                                     1999 exceeded                         $100,000 on an
                       (collectively, the "Named Executive Officers"):
   Fiscal                                                                                                Other Annual
   ------------------------------------------------                                                      ----------------------------
   Name                                             Year                   Salary                        Bonus
   ------------------------------------------------ ---------------------- ---------------------------   ----------------------------
   James J. Palermo (5)                                            1999 $                 192,995                               -
   Chief Executive Officer                                         1998 $                 210,978                               -
   and President                                                   1997 $                 267,112                               -


   Paul Jakoboski (6)                                              1999 $                  99,416                               -
   Vice President and                                              1998 $                  81,223                               -
   President Victor                                                1997 $                  70,955                               -
   Subsidiary


   John V. Palermo(4)                                              1999 $                 164,189                               -
   Chief Executive Officer                                         1998 $                 244,270                               -
   and President Victor                                            1997 $                 125,629                               -
   Subsidiary
               with respect to the
fficers of the Company whose
               annualized basis

              All Other
              --------------------------------
              Compensation (1)                 Compensation (2)
              -------------------------------- ------------------------------
               $                     9,600 $-0-
               $                     9,600 $-0-
               $                    17,870 $                       53,160


              $-0-                            $-0-
              $-0-                            $-0-
              $-0-                            $-0-



               $                    4,787 $                         6,186
               $                   17,289 $-0-
               $                    4,900 $32,434(3)
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
BENEFICIAL_OWNERS
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

                                         Amount and Nature of                          % of
   Name (2)                              Beneficial Ownership (1)                      Class
   ------------------------------------- -------------------------------------------   ---------------
   Thomas V. Desmond                     -0-                                           *

   Abraham Backenroth                   -0-                                            *

   David Bistricer (3)                                              12,024,683              49.05%

   Nachum Stein (3)                                                 12,024,683              49.05%


   All officers and
   directors as a group

   (4 persons)                                                      12,024,683              49.05%

   ---------------------------------------------------------------------------------
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE4
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   EXHIBIT
   NO.               DESCRIPTION
   ----------------- ---------------------------------

             2.10 Stock Purchase
                                                                    Capital L.P. dated May 7, 1997 (4)

             3.10                                            Certificate of Incorporation, as amended (5)

             3.20                                              By-laws of the Company, as amended (3)

             4.10                                              Specimen Common Share Certificate (2)

           10.10                            Form of Proprietary Information and Invention Agreement executed by
                                                            certain employees of the Company (1)

           10.20                         Equipment Sales Agreement between the Company and Phillips Petroleum
                                                         Company dated September 9, 1992 (4)

           10.30                        License Agreement between the Company and Phillips Petroleum Company
                                                             dated September 8, 1992 (4)

           10.40 Loan and Security
                                                                     Financial dated May 7, 1997 (7)

           10.50                          Lease between CRW Real Estate Partnership, as amended, and Victor
                                                      Corporation dated as of October 31, 1995 (7)

           10.60                               Chapter 11 Plan or Reorganization filed jointly by E.B. Acquisition
                     LLC and Quadrax
                                                   Bankruptcy Court of Rhode Island on October 21, 1999. (8)

            21.10                                                   List of Subsidiary Corporations (5)
   -------------------------------------------------------------------------------------------------------------------------------------------------------------
             1.00                           Incorporated by reference from the Company's Registration Statement
                                                        on Form S-1, File No. 33-14275, filed May 19, 1987.

             2.00 Incorporated
                                             Registration Statement on Form S-1, File No. 33-14275, filed July 1,
                     1987.

             3.00 Incorporated
                                                                 fiscal year ended December 31, 1989.
4.00 Incorporated
     Registration
                                             September 23, 1992.

5.00                Incorporated by reference from the Company's Amendment No. 1 to Form
                       10-K/A for the fiscal year ended December 31, 1994, filed April 25,
       1995.

6.00                Incorporated by reference from the Company's Amendment No. 1 to Form
                       10-KSB for the fiscal year ended December 31, 1996, filed October
       24, 1997.

7.00 Incorporated
                                           dated as of May 7, 1997.

8.00 Incorporated
                         fiscal year ended December 31, 1998, filed February 25, 2000.
nc.




                 Agreement between Quadrax Corporation and Exeter
                        Capital L.P. dated May 7, 1997 (4)

                       Certificate of Incorporation, as amended (5)

                         By-laws of the Company, as amended (3)

                         Specimen Common Share Certificate (2)

      Form of Proprietary Information and Invention Agreement executed by
                      certain employees of the Company (1)

   Equipment Sales Agreement between the Company and Phillips Petroleum
                   Company dated September 9, 1992 (4)

  License Agreement between the Company and Phillips Petroleum Company
                       dated September 8, 1992 (4)

                 Agreement between Victor Corporation and Congress
                          Financial dated May 7, 1997 (7)

      Lease between CRW Real Estate Partnership, as amended, and Victor
                  Corporation dated as of October 31, 1995 (7)

         Chapter 11 Plan or Reorganization filed jointly by E.B. Acquisition
              Corporation confirmed by the United States
           Bankruptcy Court of Rhode Island on October 21, 1999. (8)

                              List of Subsidiary Corporations (5)
--------------------------------------------------------------------------------------------------------------------------
      Incorporated by reference from the Company's Registration Statement
                  on Form S-1, File No. 33-14275, filed May 19, 1987.

               by reference from Amendment No. 1 to the Company's
        Registration Statement on Form S-1, File No. 33-14275, filed July 1,


                 by reference from the Company's Form 10-K for the
                        fiscal year ended December 31, 1989.
         by reference from Amendment No. 3 to the Company's
         Statement on Form S-3, File No. 33-48998, filed
                         September 23, 1992.

Incorporated by reference from the Company's Amendment No. 1 to Form
   10-K/A for the fiscal year ended December 31, 1994, filed April 25,


Incorporated by reference from the Company's Amendment No. 1 to Form
   10-KSB for the fiscal year ended December 31, 1996, filed October


         by reference from the Company's Form 8-K/A Number 1
                       dated as of May 7, 1997.

          by reference from the Company's Form 10-KSB for the
     fiscal year ended December 31, 1998, filed February 25, 2000.
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE5
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

                                MAYER RISPLER & COMPANY, P.C.

   MAYER RISPLER, C.P.A.        18 HEYWARD STREET
   MICHAEL FRIEDMAN, C.P.A.     BROOKLYN, NEW YORK
   JOSEPH SCHWARTZ, C.P.A.      (718) 852-9200
                                FAX (718) 596-3968

                                INDEPENDENT AUDITORS' REPORT
                                ---------------------------------------------------------------------

   To The Stockholders:
   Quadrax Corporation
   West Warwick, Rhode Island
11211
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
BALANCE_SHEET
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   QUADRAX CORPORATION
   CONSOLIDATED BALANCE SHEETS

   ASSETS
   -------------------------------------------------------------------------------------------

                                                                                                                          1999
                                                                                                 --------------------------------
   Current Assets
   -------------------------------------------------------------------------------------------
   Cash                                                                                         $                    72,567
   Accounts receivable, less allowances of $129,518
   and $113,805 in 1999 and 1998, respectively                                                                   2,256,486
   Inventories                                                                                                   2,315,918
   Attorneys escrow                                                                                                  40,460
   Unamortized loan premium                                                                                      1,242,698
   Other current assets                                                                                            117,818
                                                                                               --------------------------------

   Total Current Assets                                                                           $               6,045,947

   Property, plant and equipment - net                                                                            2,319,941

   Other assets                                                                                                      114,317
                                                                                                 --------------------------------

   TOTAL ASSETS                                                                                   $        8,480,205
                                                                                                 ==================
   LIABILITIES & STOCKHOLDERS' EQUITY
   -------------------------------------------------------------------------------------------

                                                                                                                          1999
                                                                                                 --------------------------------
   Current Liabilities Not Subject to Compromise
   -------------------------------------------------------------------------------------------
   Accounts payable                                                                             $                2,705,493
   Accrued expenses                                                                                                608,835
   Current portion of long term debt                                                                             3,222,052
                                                                                               --------------------------------
   Total Current Liabilities                                                                    $                6,536,380

   Liabilities subject to compromise                                                             -0-

   Long-term debt, less current portion                                                                           4,672,967
                                                                                              --------------------------------
TOTAL LIABILITIES                                                                              $              11,209,347
                                                                                              --------------------------------
Stockholders' Equity
-------------------------------------------------------------------------------------------

Common stock                                                                                   $                        221
Additional paid-in capital                                                                                    77,055,257
Accumulated deficit                                                                                          (78,058,071)
                                                                                              --------------------------------
                                                                                                               (1,002,593)
Less: treasury stock, at cost 16 shares of
original convertible preferred stock at December
31, 1999 and 1998 and 27,271 shares of
common stock at December 31, 1999 and 1998                                                                     (1,726,549)
                                                                                              --------------------------------

TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                                                           $               (2,729,142)
                                                                                              --------------------------------

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                                                       $        8,480,205
                                                                                              ==================
December 31,
                         1998
--------------------------------


 $                   44,805

                 2,105,556
                 1,492,933
                 1,000,184
-0-
                    566,386
--------------------------------

 $               5,209,864

                 2,497,098

                    134,957
--------------------------------

 $        7,841,919
==================


December 31,
                         1998
--------------------------------


 $                3,608,858
                    522,017
                    206,920
--------------------------------
 $                4,337,795

                 7,004,642

                 4,289,027
--------------------------------
 $              15,631,464
--------------------------------



 $                        414
                73,167,449
               (79,230,859)
--------------------------------
                 (6,062,996)



                 (1,726,549)
--------------------------------

 $               (7,789,545)
--------------------------------

 $        7,841,919
==================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
INCOME_STATEMENT
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   QUADRAX CORPORATION

   CONSOLIDATED STATEMENTS OF OPERATIONS

   YEARS ENDED DECEMBER 31,


   Net sales

   Cost of goods sold


   Gross Profit

   Operating Expenses
   ----------------------------------------------------------------------------------------------------------------

   Selling, general and administrative


   Loss From Operations

   Other Expenses
   ----------------------------------------------------------------------------------------------------------------

   Interest expense
   Amortization - loan premium


   Loss From Continuing Operations

   Loss from discontinued operations

   Loss from disposal of assets

   Gain on debt discharge pursuant
   to bankruptcy reorganization


   Net INCOME (LOSS)

   Basic Gain (Loss) Per Common Share
   ----------------------------------------------------------------------------------------------------------------
Continuing operations                        $(
Discontinued operations
Debt discharge




WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
                        1999                                1998
------------------------------      ------------------------------
 $            14,535,819             $            17,308,846

              13,958,803                          16,050,607
------------------------------      ------------------------------

                  577,016                          1,258,239




                2,364,663                           2,407,662
------------------------------      ------------------------------

              (1,787,647)                         (1,149,423)




                 (510,811)                           (430,947)
                 (497,079)          -0-
------------------------------ -----------------------------------

              (2,795,537)                         (1,580,370)

                 (306,782)                        (1,719,664)

-0-                                               (1,709,960)


                4,275,107           -0-
------------------------------      ------------------------------

 $       1,172,788                   $       (5,009,994)
=================                   =================
0.59)                          $( 1.42)(a)
                      (0.07)        (3.09)(a)
                       0.91         -0-
------------------------------ -----------------------------------

 $            0.25 $( 4.51)(a)
=================     =================

         4,701,710                  1,111,333 (a)
=================                   =================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
STOCKHOLDERS_EQUITY
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   QUADRAX CORPORATION
   CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY




   Balances, December 31, 1997
   Adjustment for common stock never issued

   Net loss


   Balances, December 31, 1998

   Reduction of outstanding shares effected
   by forty for one reverse stock split
   Common shares issued pursuant to
   bankruptcy reorganization
   Net income


   Balance, December 31, 1999
                                 Common Shares                    Common                 Additional Paid
Issued                           Outstanding                      Stock                  In Capital
-------------------------------- -------------------------------- --------------------   ------------------------------
                45,819,757                       44,728,914 $                   417       $            73,881,994
                   (275,580)                        (275,580)                      (3)                    (714,545)
-------------------------------- -------------------------------- --------------------   ------------------------------



               45,544,177                       44,453,334        $             414      $             73,167,449


              (44,405,573)                     (43,342,001)                    (404)

               23,401,566                       23,401,566                      211                     3,887,808

-------------------------------- -------------------------------- -------------------- ------------------------------

         24,540,170         24,512,899 $            221 $          77,055,257
================== ================== -------------------- =================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE6
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

                                                                               Retained
                                                                               Treasury
                                              (Deficit)                        Stock
                                              -------------------------------- ------------------------------
   Balances, December 31, 1997                 $             (74,220,865) $                   (1,726,549)
   Adjustment for common stock never issued
   Net loss                                                    (5,009,994)
                                              -------------------------------- ------------------------------

   Balances, December 31, 1998                 $            (79,230,859) $                   (1,726,549)

   Reduction of outstanding shares effected
   by forty for one reverse stock split
   Common shares issued pursuant to
   bankruptcy reorganization
   Net income                                                   1,172,788
                                              -------------------------------- ------------------------------

   Balance, December 31, 1999                  $       (78,058,071) $     (1,726,549)
                                              ================== =================
Total
------------------------------
 $             (2,065,003)
                 (714,548)
               (5,009,994)
------------------------------

 $            (7,789,545)


                       (404)

                3,888,019
                1,172,788
------------------------------

 $       (2,729,142)
=================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
CASH_FLOW
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   QUADRAX CORPORATION
   CONSOLIDATED STATEMENTS OF CASH FLOWS
   YEARS ENDED DECEMBER 31,


   Cash Flows From Operating Activities
   --------------------------------------------------------------------------------------------------------------------------------------------
   Net gain (loss)

   Adjustments to reconcile net income to net cash used in operating activities:

   Depreciation
   Amortization of intangibles
   Amortization of loan premium
   Common stock issued for pre petition payables
   Common stock issued for loan premium
   Net asset changes on disposition of assets
   Reduction for common stock not issued

   Effect on cash flows of changes in assets and liabilities:

   Accounts receivable
   Inventories
   Prepaid expenses and other
   Accounts payable and accrued expenses


   Net Cash Used in Operating Activities

   Cash Flows From Investing Activities
   --------------------------------------------------------------------------------------------------------------------------------------------
   Capital expenditures

   Cash Flows From Financing Activities
   --------------------------------------------------------------------------------------------------------------------------------------------
   Issuance of debt instruments
   Borrowings
   Contributed capital
   Repayment of debt


   Net Cash Provided by Financing Activities
NET INCREASE (DECREASE) IN CASH

CASH - BEGINNING OF PERIOD


CASH - END OF PERIOD


Supplemental Disclosures of Cash Flow Information
--------------------------------------------------------------------------------------------------------------------------------------------

Cash Paid For:

Interest

Supplemental Schedule of Significant Noncash Transactions
--------------------------------------------------------------------------------------------------------------------------------------------
                        1999                           1998
------------------------------ ------------------------------


$              1,172,788        $             (5,009,994)



                 476,337                         595,105
                  20,640                          21,815
                 497,079 - 0 -
               2,047,941 - 0 -
               1,739,674 - 0 -
-0-                                           2,016,928
-0-                                            (714,548)



                 (150,930)                       241,325
                 (822,985)                       915,257
                 (331,485)                    (1,170,650)
               (7,821,189)                     2,447,924
------------------------------ ------------------------------

               (3,172,130)                      (656,838)
------------------------------ ------------------------------


                 (299,180)                        (26,610)
------------------------------ ------------------------------


                2,654,369                      1,550,000
                  789,101 - 0 -
                  100,000 - 0 -
                   (44,398)                     (874,789)
------------------------------ ------------------------------

                3,499,072                        675,211
------------------------------ ------------------------------
                   27,762                          (8,237)

                    44,805                         53,042
------------------------------ ------------------------------

 $          72,567 $          44,805
================= =================




$                 382,589       $                430,947
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE7
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   NOTE 4 - INVENTORIES

   Inventories consist of the following:
                                                                        December 31,
                                                                 1999                         1998
                                           ---------------------------- ----------------------------

   Raw materials                            $               424,534        $               460,136
   Work in progress                                         910,776                        442,185
   Finished goods                                           980,608                        590,612
                                           ----------------------------   ----------------------------
                                            $            2,315,918         $            1,492,933
                                           ================               ================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE8
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   NOTE 6 - PROPERTY AND EQUIPMENT

   Property and equipment consists of:
                                                                           December 31,
                                                                    1999                         1998
                                              ---------------------------- ----------------------------

   Machinery and equipment                    $             3,251,191 $                  3,272,001
   Furniture, fixtures and office equipment                    858,625                      547,073
   Leasehold improvements                                      128,693                      120,255
                                              ---------------------------- ----------------------------

                                              $             4,238,509       $            3,939,329

   Less: Accumulated depreciation                           1,918,568                    1,442,231
                                              ---------------------------- ----------------------------

                                               $      2,319,941 $      2,497,098
                                              ================ ================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE9
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   NOTE 8 - DEBT

   Long-term debt consists of the following:


                                                                               1999
                                                       ------------------------------

   Note payable - bank revolver (a)                    $               3,033,712
   Note payable - bank term loans (a)                                    696,090
   Notes payable - private investor group (b)                          4,064,369
   Equipment notes payable, secured by the equipment                     100,848
                                                       ------------------------------
                                                        $              7,895,019
   Less: Current maturities                                           (3,222,052)
                                                       ------------------------------
                                                        $              4,672,967
                                                       =================
December 31,
                      1998
----------------------------

$             2,244,611
                701,336
              1,550,000
-0-
----------------------------
 $            4,495,947
                (206,920)
----------------------------
 $            4,289,027
================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE10
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

                                                QUADRAX CORPORATION

                                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                                       (CONTINUED)

   NOTE 10 - COMMITMENTS AND CONTINGENCIES

   A)                      RENT - The Company is obligated under a real property operating lease,
        expiring on December                31              2,001
        Warwick, Rhode Island.

                             Minimum future annual rental payments excluding payments, for real
                                         estate tax and other costs, are as follows:

        December 31,

                                 2000
                                 2001
AX CORPORATION

DATED FINANCIAL STATEMENTS

CONTINUED)



ated under a real property operating lease,
             for the premises it occupies in West


al payments excluding payments, for real
 other costs, are as follows:



              $                                     250,000
                                                    250,000
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE11
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

                                December 31,
                                                        1999                           1998
                                ------------------------------ ------------------------------
   Deferred tax assets:

   Net loss                     $             29,663,000 $                   30,077,000
   Less valuation allowance                   29,362,000                     29,776,000
                                ------------------------------ ------------------------------

   Total deferred tax assets                      301,000                        301,000

   Deferred tax liabilities:

   Other                                         (301,000)                      (301,000)
                                ------------------------------ ------------------------------

   Net deferred taxes           $- 0 -            $- 0 -
                                ================= =================
Created by EDGAR Online, Inc.

TTCM CHINA, INC.
TABLE12
Form Type: 10KSB
Period End: Dec 31, 1999
Date Filed: Aug 15, 2000

   NOTE 12 - DISCONTINUED OPERATIONS

            The Company ceased certain operations of its Quadrax                (Composite) division
                                                                       Information
   during 1998 and disposed of certain of its assets.                              attributable to
        loss from these discontinued operations is summarized as follows:


                                                                                December 31,
                                                                                                    1999
                                                                                ---------------------------
   Loss from discontinued operations:

   Sales


   Cost of goods sold
   Selling, general and administrative                                           $             306,782
   Depreciation and amortization
                                                                                ---------------------------

   Total costs                                                                                 306,782
                                                                                ---------------------------

   Loss from discontinued operations                                             $      (306,782)
                                                                                ===============

           The loss from disposal of assets is summarized as follows:

   Carrying value of assets disposed
   Less: Net proceeds


   Loss from disposal of assets
                        1998
------------------------------


 $                  95,802
------------------------------

                  945,601
                  657,667
                  212,198
------------------------------

                1,815,466
------------------------------

 $       (1,719,664)
=================



 $              2,103,826
                  393,866
------------------------------

 $       (1,709,960)
=================

				
DOCUMENT INFO
Description: Online Business Income and Expenses Form and Bankruptcy document sample