U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-KSB
(Mark One)
X Annual report under Section 13 or 15(d) of
------- the Securities Exchange Act of 1934
For the fiscal year ended December 31, 1996
or
_______ Transition report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from ________ to ________
Commission File Number: 0-28836
PARADIGM ADVANCED TECHNOLOGIES, INC.
(Name of Small Business Issuer in Its Charter)
Delaware 33-0692466
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
5140 Yonge Street
Suite 1525
North York, Ontario
Canada M2N 6L7
(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code: (416) 222-9629
Securities Registered Pursuant to Section 12(b) of the Act: None
Securities Registered Pursuant to Section 12(g) of the Act:
Name of Each Exchange
Title of Each Class: on which Registered:
Common Stock, par value None
$0.0001 per share
<PAGE>
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 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 __
Check if there is no disclosure of delinquent filers pursuant to Item 405
of Regulation S-B contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB[ ].
The issuer's revenues for its most recent fiscal year were $55,689.
The aggregate market value of the voting stock held by non-affiliates
computed by reference to the price at which the stock was sold, or the average
bid and asked prices of such stock, as of April 9, 1997 is $2,007,258.
The number of shares outstanding of the Registrant's Common Stock, as of
March 31, 1997 was 15,440,445 shares of Common Stock.
<PAGE>
Item 13. Exhibits, List and Reports on Form 8-K
(a) Index to Financial Statements (each item was previously filed with
the SEC as part of the Company's Form 10-KSB for the period ended
December 31, 1997 and is not included in this amendement.)
Report of Independent Auditors, page F1
Financial Statements
Balance Sheets - December 31, 1996, September 30, 1996 and
June 30, 1996, page F2
Statement of Income for the year ended December 31, 1996
(from inception) and the fiscal quarter ended December 31,
1996, page F5
Statement of Share Capital from Inception (January 12, 1996
through December 31, 1996), page F7
Statements of Cash Flows for the year ended December 31, 1996
Notes to Financial Statements, page F9
Exhibits
3.1* Certificate of Incorporation of the Company.
3.2* By-Laws of the Company.
4.1* Stock Option Plan.
10.1* Distributor Agreement with Alpha Systems Lab, Inc.,
dated November 29, 1995, together with Amending Agreement,
dated January 24, 1996.
10.2* Consulting Agreement with Jack Y.L. Lee, dated
February 1, 1996.
10.3* Consulting Agreement with David Kerzner, dated
February 1, 1996.
10.4* Consulting Agreement with Industry Marketing Service,
dated January 1, 1996.
10.5* Agreement with Sarah Casse, dated January 12, 1996.
23.1** Consent of Bromberg & Associate.
27.0 Financial Data Schedule (filed electronically herewith)
- ----------
* Previously filed with the SEC as Exhibits to, and incorporated herein by
reference from, the Company's Registration Statement on Form 10-SB, as
amended filed with the SEC on August 1, 1996.
** Previously filed with the SEC as Exhibits to, and incorporated herein by
reference from, the Company's Registration Statement on Form SB-2, as
amended, filed with the SEC on December 31, 1996, as amended.
(b) No reports on Form 8-K were filed during the fiscal year 1996.
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act of 1934, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
PARADIGM ADVANCED TECHNOLOGIES, INC.
By: /s/ Jack Y.L. Lee
Jack Y. L. Lee
Chief Executive Officer and
Chief Financial Officer
By: /s/ David Kerzner
David Kerzner
President
Pursuant to the requirements of the Exchange Act, this Report has been
signed below by the following persons on behalf of the Company in the capacities
and on the date indicated.
Signature Title Date
/s/ Jack Lee President, Chief Executive April 18, 1997
Jack Lee Officer, Chief Financial
Officer and Director
/s/ David Kerzner President and April 18, 1997
David Kerzner a Director
/s/ Jacob Kerzner Director April 18, 1997
Jacob Kerzner
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheets and statements of operations found in the Company's Form 10-KSB for the
year ended December 31, 1996, and is qualified in its entirety by reference to
such financial statements
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<CASH> 154,702
<SECURITIES> 0
<RECEIVABLES> 69,162
<ALLOWANCES> 0
<INVENTORY> 286,593
<CURRENT-ASSETS> 732,872
<PP&E> 49,000
<DEPRECIATION> 10,977
<TOTAL-ASSETS> 781,872
<CURRENT-LIABILITIES> 68,989
<BONDS> 0
0
0
<COMMON> 1,412
<OTHER-SE> 316,471
<TOTAL-LIABILITY-AND-EQUITY> 781,872
<SALES> 55,689
<TOTAL-REVENUES> 55,689
<CGS> 47,883
<TOTAL-COSTS> 47,883
<OTHER-EXPENSES> 457,537
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (449,731)
<INCOME-TAX> 0
<INCOME-CONTINUING> (449,731)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (449,731)
<EPS-PRIMARY> (0.12)
<EPS-DILUTED> (0.11)
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