SECURITIES AND EXCHANGE COMISSION
Washington, D.C. 20549
FORM 10-QSB-A/1
[Mark One]
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the quarterly period ended SEPTEMBER 30, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 for the transition period from _______ to ________
Commission file number: 0-25203
OMNICOMM SYSTEMS, INC.
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(Name of small business issuer in its charter)
Delaware 11-3349762
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(State of incorporation) (IRS employer Ident. No.)
3250 Mary Street, #402, Miami, FL 33133
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(Address of principal office) (Zip Code)
Registrant's telephone number: (305) 448-4700
Indicate by check mark whether the Registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the 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 [ ]
The number of shares outstanding of each of the issuer's classes of
equity as of September 30, 2000: 7,304,729 common stock $.001 par value,
4,356,948 preferred stock no par value.
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NOTE 11: INCOME TAXES
Income taxes are accrued at statutory US and state income tax rates.
Income tax expense is as follows:
9/30/00 9/30/99
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Current tax expense (benefit):
Income tax at statutory rates $ -0- $ -0-
Deferred tax expense (benefit):
Amortization of goodwill and
Covenant (72,458) (25,038)
Operating loss carryforward (1,792,607) (10,154)
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1,865,065 35,192
Valuation allowance (1,865,065) (35,192)
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Total tax expense (benefit) -0- -0-
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The tax effect of significant temporary differences, which comprise the
deferred tax assets are as follows:
9/30/00 12/31/99
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Deferred tax assets:
Amortization of intangibles $ 226,120 $ 153,662
Operating loss carryforwards 2,716,356 923,749
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Gross deferred tax assets 2,942,476 1,077,411
Valuation allowance (2,942,476) (1,077,411)
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Net deferred tax asset -0- -0-
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The Company has net operating loss (NOL) carryforwards for income tax purposes
of approximately $5,800,000. This loss is allowed to be offset against future
income until the year 2020 when the NOL's will expire. Other timing differences
relate to depreciation and amortization for the stock acquisition of EdNav (Note
2). The tax benefits relating to all timing differences have been fully reserved
for in the valuation allowance account due to the lack of operating history and
substantial losses.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
OMNICOMM SYSTEMS, INC.
Registrant
Date: December 28, 2000
/s/ David Ginsberg, D.O.
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David Ginsberg,D.O.
President and
Chief Executive Officer
/s/ Ronald T. Linares
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Ronald T. Linares
Vice President and
Chief Financial and
Chief Accounting Officer
