<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended May 31, 2000
Commission file number 0-29373
Seychelle Environmental Technologies, Inc.
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(Exact Name of Small Business Issuer as specified in its charter)
32921 Calle Perfecto
San Juan Capistrano, California 92675
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(Address of principal executive offices and zip code)
Nevada 33-0836954
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(State or other jurisdiction (IRS Employer File Number)
of incorporation)
(949) 234-1999
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(Registrant's telephone number, including area code)
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Indicate by check mark whether the issuer (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 issuer 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: 8,777,341 shares of Common
Stock, $.001 par value per share, outstanding as of June 30, 2000.
<PAGE> 2
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
FORM 10-QSB QUARTERLY REPORT FOR THE QUARTER ENDED May 31, 2000
TABLE OF CONTENTS
Part I - Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets - May 31, 2000.
Condensed Consolidated Statements of Operations for the Three Months
ended May 31, 2000 and 1999
Condensed Consolidated Statements of Cash Flows for the Three Months
ended May 31, 2000 and 1999
Notes to Condensed Consolidated Financial Statements - May 31, 2000
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Part II - Other Information
Item 1. Legal Proceedings
Item 3. Defaults on Senior Securities
Item 6. Exhibits and Reports on Form 8-K
<PAGE> 3
PART I - Item 1
Consolidated Interim Financial Statements
Seychelle Environmental Technologies, Inc.
For the Three Months Ended May 31, 2000 and 1999
<PAGE> 4
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
INDEX TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
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FINANCIAL STATEMENTS
Consolidated Balance Sheet (Unaudited) F-2 to F-3
Consolidated Statements of Operations (Unaudited) F-4
Consolidated Statements of Cash Flows (Unaudited) F-5 to F-6
Notes to Consolidated Interim Financial Statements F-7 to F-10
F-1
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
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<TABLE>
<CAPTION>
May 31, 2000
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<S> <C>
ASSETS
CURRENT ASSETS
Cash $ 176,463
Trade receivables, net 89,765
Inventories, net 367,382
Other current assets 9,300
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Total current assets 642,910
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Property and equipment, net 172,694
Intangible assets, net 13,258
Other assets 22,587
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Total non-current assets 208,539
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TOTAL ASSETS $ 851,449
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</TABLE>
See accompanying notes to consolidated interim financial statements
F-2
<PAGE> 6
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEET (CONTINUED)
(UNAUDITED)
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<TABLE>
<CAPTION>
May 31, 2000
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<S> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 88,792
Accrued expenses 380,420
Customer deposits 7,206
Stockholders advances 37,038
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Total current liabilities 513,456
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value - 1,000,000 shares authorized,
991,983 unissued
Series "A", non-voting, cumulative, convertible preferred stock,
17 shares authorized, issued and outstanding --
Series "AAA", preferred stock, 8,000 shares authorized, issued
and outstanding 80
Common stock, $.001 par value - 50,000,000 shares authorized;
8,777,341 shares issued and outstanding 8,777
Additional paid-in capital 2,929,040
Accumulated deficit (2,467,516)
Unearned compensation (132,388)
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Total stockholders' equity 337,993
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 851,449
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</TABLE>
See accompanying notes to consolidated interim financial statements.
F-3
<PAGE> 7
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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<TABLE>
<CAPTION>
For the three months ended MAY 31, 2000 May 31, 1999
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<S> <C> <C>
SALES $ 349,726 $612,200
COST OF SALES 163,303 204,528
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GROSS PROFIT 186,423 407,672
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Operating Expenses:
Selling 73,006 61,707
General and administrative 251,795 198,140
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TOTAL EXPENSES 324,801 259,847
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PROFIT (LOSS) FROM OPERATIONS (138,378) 147,825
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Other Expenses:
Interest expense -- --
Miscellaneous expense -- --
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TOTAL OTHER INCOME (EXPENSE) -- --
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PROFIT (LOSS) BEFORE PROVISION FOR INCOME TAXES (138,378) 147,825
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PROVISION FOR INCOME TAXES -- --
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Net Profit (Loss) $(138,378) $147,825
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BASIC AND DILUTED PROFIT (LOSS) PER SHARE $ (0.02) $ 0.01
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</TABLE>
See accompanying notes to consolidated interim financial statements.
F-4
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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<TABLE>
<CAPTION>
For the three months ended MAY 31, 2000 May 31, 1999
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<S> <C> <C>
OPERATING ACTIVITIES:
Net profit (loss) $(138,378) $147,825
Adjustments to reconcile net profit (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization 25,458 18,716
Provision for doubtful accounts (3,475) 5,435
Stock issued for services 12,812 --
Fair market value of stock options issued for
services 35,625 --
Contributed executive services 18,000 18,000
Increase (decrease) resulting from changes in:
Trade receivables (48,672) 62,272
Inventory (10,940) (109,083)
Other current assets (15,617) 2,000
Receivable from stockholders -- (1,578)
Intangible and other assets (855) (255)
Accounts payable (21,609) (3,027)
Accrued expenses 85,718 7,272
Customer deposits -- 79,016
Income taxes payable (1,600) --
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Net cash (used in) provided by operating activities (63,533) 226,593
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INVESTING ACTIVITIES:
Purchase of property and equipment (15,795) (8,859)
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Net cash used in investing activities (15,795) (8,859)
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</TABLE>
F-5
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(UNAUDITED)
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<TABLE>
<CAPTION>
For the three months ended MAY 31, 2000 May 31, 1999
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<S> <C> <C>
FINANCING ACTIVITIES:
Sale of common stock $200,000 $ --
Proceeds from stockholder advances 20,000 --
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Net cash provided by financing activities 220,000 --
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Net change in cash and cash equivalents 140,672 217,734
Cash and cash equivalents, beginning of period 35,791 52,431
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Cash and cash equivalents, end of period $176,463 $270,165
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
CASH PAID DURING THE YEAR FOR:
Interest $ -- $ --
Income Taxes $ -- $ --
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Stock issued for services $145,200 $ --
Contributed executive services $ 18,000 $ 18,000
Stock options issued for services $ 35,625 $ --
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</TABLE>
See accompanying notes to consolidated interim financial statements.
F-6
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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1. ORGANIZATION AND DESCRIPTION OF BUSINESS
Organization
Seychelle Environmental Technologies, Inc. ("SET"), was incorporated under the
laws of the State of Nevada on January 23, 1998 as a change of domicile to Royal
Net, Inc., a Utah corporation that was originally incorporated on January 24,
1986. Royal Net, Inc. changed its state of domicile to Nevada and its name to
Seychelle Environmental Technologies, Inc. effective in January, 1998.
Description of Business
SET develops, manufactures and sells water filtration products through retailers
and multilevel marketing programs. The Company sells its products throughout the
United States and abroad, including Europe and Asia.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unaudited Interim Financial Information
The accompanying interim consolidated balance sheet as of May 31, 2000 and the
consolidated statements of operations and cash flows for the three months ended
May 31, 2000 and 1999, together with the related notes are unaudited, and, in
the opinion of management, include all normal recurring adjustments that the
Company considers necessary. Certain information and note disclosures normally
included in the financial statements prepared in accordance with generally
accepted accounting principles have been omitted. Inventories and cost of goods
sold have been estimated based on the purchases and sales from the most recent
physical inventory. Results for the three months ended May 31, 2000 and 1999 are
not necessarily indicative of results for an entire year. A more complete
description of accounting policies and disclosures is included in the Company's
annual report on Form 10 KSB.
Management's Estimates
The preparation of consolidated financial statements in conformity 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 assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
F-7
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of SET
and its wholly-owned subsidiary, SWT (collectively, the "Company"). All
significant intercompany transactions and balances have been eliminated.
Revenue Recognition
Sales are recognized upon shipment of product.
Profit (Loss) Per Common Share
Basic net profit (loss) per common share is computed by dividing net loss by the
weighted average number of outstanding common shares during the periods
presented. Basic loss per share and diluted loss per share are the same amount
because the impact of additional common shares that might have been issued under
the Company's stock option plan, warrants and convertible debt would be
anti-dilutive.
Issuance of Stock for Services
Shares of the Company's common stock issued for services are recorded in
accordance with SFAS No. 123, "Accounting for Stock-Based Compensation", at the
fair market value of the stock issued or the fair market value of the services
provided, whichever value is the more clearly evident.
Stock Compensation
The Company accounts for stock-based compensation using the intrinsic value
method prescribed in APBO No. 25, "Accounting for Stock Issued to Employees,"
and related interpretations. Accordingly, compensation cost for stock options is
measured as the excess, if any, of the quoted market price of the Company's
stock at the date of the grant over the amount an employee must pay to acquire
the stock.
F-8
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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3. CAPITAL STRUCTURE AND MAJOR CONTRACTS
Sale of Common Stock
The Company sold 235,295 shares of common stock to an investor for $200,000. The
Company also issued this investor a stock option to purchase an additional
235,295 shares at $0.85 per share, expiring in September 2000.
Contributed Executive Services
Contributed executive services of $18,000 were recorded for both quarters ended
May 31, 2000 and 1999 and represent an estimate of the fair value of services
donated by the President of the Company.
Celebrity Endorsement Contract
During the quarter ended May 31, 2000, the Company entered into a celebrity
consulting and endorsement contract which calls for the issuance of 110,000
shares of common stock for services to be performed during the term of the
contract, which ends December 31, 2002. The shares were issued and recorded to
contributed capital at fair market value of $145,200 and the related expense is
amortized over the life of the contract, with a contra equity account of
$132,388 representing unearned compensation at May 31, 2000. Additionally,
commission payments are to be made for 2.5% of gross revenue derived by the
Company from sales of the Company's products in which the consultant directly
participates. No such sales occurred during the three months ended May 31, 2000.
Consulting Agreement
In April 2000, the Company entered into a one year consulting agreement with an
individual who will provide marketing and consulting services for the Company.
The agreement can be extended one year by the Company. As consideration for
services to be rendered, the consultant received a stock option agreement to
purchase 250,000 restricted shares of the Company's common stock at $1.125 per
share.
The options expire after three years, and vest one third per year based on
performance benchmarks to be achieved according to the contract. The first third
vested on the effective date of the agreement as an enticement to enter into the
agreement. The fair market value of the options earned during the three months
ended May 31, 2000 was estimated at $35,625 and recorded to expense with an
offset to additional paid in capital.
F-9
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SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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4. LITIGATION
On June 6, 2000, the Company was served with a lawsuit filed by a former
customer. The lawsuit alleges trade disparagement, interference with prospective
business advantage, and unfair business practices and seeks unspecified damages
and injunctive relief. The Company has not filed an answer in this lawsuit but
believes the suit to be without merit and intends to file an answer and
cross-complaint and to otherwise vigorously defend. At this time, the potential
impact, if any, to the Company's financial position cannot be determined;
accordingly, no adjustment has been made to the accompanying financial
statements for this contingency.
5. SUBSEQUENT EVENT
The Company has decided to adopt a stock compensation plan (the "2000
Compensation Plan I" or the "Plan") to be effective as of July 1, 2000 and
terminating after 10 years or when the last common stock under the Plan has been
allocated, whichever is the earliest. The terms of the Plan are in the process
of being finalized. 300,000 authorized but unissued shares are reserved under
the Plan and are available to be issued to consultants, advisors or employees
under granting of stock options. Options will be issued with an exercise price
at least equal to the fair market value at the time of grant as determined by
the Board of Directors. Options granted under this Plan will be exercisable over
five years (or after three months of approved retirement, 6 months after leaving
employment due to disability, or at the date of termination in other cases.) The
Company intends to register the Plan and its underlying shares on Form S-8.
F-10
<PAGE> 14
PART I - ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
References in this document to "us," "we," or "the Company" refer to Seychelle
Environmental Technologies, Inc., its predecessor, and its subsidiary.
The following information should be read in conjunction with the consolidated
condensed financial statements and attached notes included in Item 1 of this
Quarterly Report, and the financial statements and attached notes and
Management's Discussion and Analysis of Financial Condition and Results of
Operations contained our Annual Report on Form 10-KSB for the year ended
February 29, 2000.
RESULTS OF OPERATIONS
Forward-Looking Statements
The following discussion contains forward-looking statements regarding our
Company, our business, prospects and results of operations that are subject to
certain risks and uncertainties posed by many factors and events that could
cause our actual business, prospects and results of operations to differ
materially from those that may be anticipated by such forward-looking
statements. Factors that may affect such forward-looking statements include,
without limitation: our ability to successfully develop new products for new
markets, the impact of competition on our revenues, changes in law or regulatory
requirements that adversely affect or preclude customers from using our products
for certain applications, delays in our introduction of new products or
services, and our failure to keep pace with emerging technologies.
When used in this discussion, words such as "believes," "anticipates,"
"expects," "intends" and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this
document. We undertake no obligation to revise any forward-looking statements in
order to reflect events or circumstances that may subsequently arise. Readers
are urged to carefully review and consider the various disclosures made by us in
this document and other reports filed with the Securities and Exchange
Commission that attempt to advise interested parties of the risks and factors
that may affect our business.
Results of Operations
Our revenues for the first quarter ended May 31, 2000 were $349,726, which were
significantly lower than the revenues of $612,200 in the first quarter ended
May 31, 1999. The primary reason for the decline in revenues from the previous
fiscal year can be attributed to a significant change in our marketing structure
implemented in the first fiscal quarter of this year.
We have discontinued supplying key markets through Original Equipment
Manufacturers. Our Company feels that our best strategy is to assume the role of
distribution directly into specific key markets, which we believe will
positively affect our sales and gross profit margins. Our revenue performance in
the first fiscal quarter reflected this shift. We will continue to see an impact
in the second fiscal quarter. However, we believe that the transition will be
complete by the end of the third fiscal quarter.
<PAGE> 15
It should be noted that we improved our revenues from the fourth quarter of
fiscal year 2000 by approximately $89,000. We are still unprofitable for the
first fiscal quarter ended May 31, 2000, as well as for the fiscal year ended
February 29, 2000. However, the fiscal year ended February 29, 2000 was the best
operational year we have had in the three year history of our Company.
Nevertheless, we continue to expand the market for our products. We believe that
the overall revenue growth experienced during the fiscal year ended February 29,
2000 actually demonstrated increased acceptance of our products from consumers.
We believe that the key to our success will be our new marketing focus.
Costs of sales include all costs incurred in the manufacturing process. The
major components of direct costs are direct labor and associated benefits,
materials and freight. The major components of indirect job costs are indirect
labor costs and associated benefits and depreciation of production equipment.
For the three months ended May 31, 2000, our costs of sales as a percentage of
revenue were 47 %, which compares to 33 % for the same three months in 1999. We
continue to strive for better control over our costs of sales and should
continue to see additional economies of scale in our manufacturing process in
the future.
Gross profit from operations for the three months ended May 31, 2000 was
$186,423 or 53 % of revenue. This is a decrease in gross profit compared to
$407,672 , or 67 % of revenue for the three months ended May 31, 1999. We
believe that the prior year's first quarter increased revenues and margin came
as a result of several non-recurring transactions. It should be noted that the
53% margin is more in line with the overall 52% margin experienced in the fiscal
year ended February 29, 2000.
Our general and administrative expenses were $251,793 for the three months ended
May 31, 2000, compared to $198,140 for the three months ended May 31, 1999. We
continue to reduce a number of controllable expenses and will continue to look
for opportunities to do so in the future. However, we do not expect to see a
further substantial reduction in expenses since most of our remaining fixed
expenses cannot be further reduced. Nevertheless, we are pleased that our
expenses, and particularly our general and administrative expenses, are now in
line for us to potentially generate an operational profit in the future.
The major components of general and administrative expenses are office salaries
and associated payroll costs, general and health insurance costs, rent,
telephone, accounting and legal expenses.
We believe that we may finally achieve profitability in the second or third
quarter of the fiscal year, although we are not in a position to make such a
prediction at this point.
<PAGE> 16
Liquidity and Capital Resources
Our operating activities used $63,533 for the three months ended May 31, 2000
compared to generating $226,593 for the three months ended May 31, 1999. We
believe that our decreased cash flows from operations result from our lower
revenues and higher general and administrative expenses. Our cash flows from
operating activities provided a net $ 22,982 during the year ended February 29,
2000, compared to using $684,237 during the year ended February 28, 1999.
Our investing activities used $15,795 for the three months ended May 31, 2000,
compared to $15,795 for the three months ended May 31, 1999. All investing
activities were directed toward the purchase of property and equipment. Our
investing activities used $46,160 during the year ended February 29, 2000,
compared to $123,447 for the year ended February 28, 1999.
We had cash flows of $220,000 from financing activities for the three months
ended May 31, 2000, compared to $-0- for the three months ended May 31, 1999.
For the three months ended May 31, 2000, we raised $200,000 in a private
placement, used $20,000 advanced from stockholders and issued stock and options
to pay for services. Financing activities provided $6,538 for the year ended
February 29, 2000 compared to February 28, 1999 of $286,532. These activities in
1999 were essentially related to our private placements of securities. During
the fiscal year ended February 29, 2000, we obtained advances from shareholders
and issued stock to settle litigation, and other claims and to pay for services
incurred in the prior year.
Our net cash and cash equivalents at May 31, 2000 were $176,463, compared to
$270,165 at May 31, 1999. Cash at the end of this quarter relates to funds
recently received in the private placement transaction mentioned above, while
the cash available at the end of the fiscal year related to the funds generated
from operations. Our net cash and cash equivalents decreased $16,640 to $35,791
at February 29, 2000 from $52,431 at February 28, 1999.
Accounts receivable were higher at $89,765 at May 31, 2000, compared to $37,618
at February 29, 2000. This results from the Company moving to larger sales
subject to terms as opposed to smaller credit card sales.
Inventories increased to $367,382 at May 31, 2000, compared to $356,439 at
February 29, 2000.
Accounts payable decreased by $21,609 to $88,792 in the three months ended
May 31, 2000, compared to an decrease in the prior fiscal year of $3,027 to
$101,436 for the three months ended May 31, 1999.
We believe that our financial situation will improve as we redirect our
marketing efforts. Our main goal at this point is to increase our revenues. If
we are successful in doing so, we expect to see our financial situation become
healthier. We still believe that we are slightly undercapitalized for the
activities which we plan to undertake in the next twelve months. Nevertheless,
we believe that a combination of profitable operations, prudent management, and
new products will permit us to show positive earnings and increasing revenues
for the next twelve months.
<PAGE> 17
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
On or about June 2, 2000, we were served with a lawsuit filed by Safe Water
Anywhere, Inc. This lawsuit was filed in State Superior Court in Orange County,
California. Our Company and Mr. Carl Palmer were named as defendants. The
lawsuit alleges trade disparagement, interference with prospective business
advantage, and unfair business practices and seeks unspecified damages and
injunctive relief. We have not yet filed an answer in this action but believe
the suit is without merit and intend to file and answer and cross-complaint in
this action and to otherwise vigorously defend.
Otherwise, no legal proceedings of a material nature to which we are a party are
pending, and we know of no legal proceedings of a material nature pending or
threatened or judgments entered against any of our directors or officers in his
capacity as such.
ITEM 3 - DEFAULTS ON SENIOR SECURITIES
Not Applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
27 - Financial Data Schedule
b. No reports on Form 8-K
<PAGE> 18
SIGNATURE
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 hereunto duly authorized.
Dated: July 19, 2000 SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
/s/ Carl Palmer
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Carl Palmer, President and Chief Executive
Officer (Principal Executive Officer)
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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27 Financial Data Schedule
