FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF
1934
For the Quarter ended March 31, 2000
Commission File Number: 1-14791
SOLAR ENERGY LIMITED
(formerly Salvage World, Inc. )
(originally Taurus Enterprises, Inc.)
Delaware 76-0418364
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
112 C Longview Drive, Los Alamos, New Mexico 87544
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (505) 672-2000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: 3/30/99 13,153,911
Yes[x] No[] (Indicate by check mark whether the Registrant (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
Registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.)
As of March 31, 2000 the number of shares outstanding of
the Registrant's Common Stock was 13,153,911
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INTRODUCTION
Our 1934 Securities Exchange Act registration of our common stock has
become effective during 1999, but has not yet cleared final comments by the
Staff of the Securities and Exchange Commission.
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PART I: FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS.
Attached hereto and incorporated herein by this reference are consolidated
unaudited financial statements under cover of Exhibit 00QF-1 for the three
months ended March 31, 2000.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION FOR THE NEXT TWELVE MONTHS.
CASH REQUIREMENTS AND OF NEED FOR ADDITIONAL FUNDS, TWELVE MONTHS. This Issuer
has had no revenues since inception. It has been funded by investors. Virtually
all of the funding/working capital raised to date has been allocated for
research and development of our several prototype projects. We have minimally
sufficient funds to continue for the next 12 months. Each of our projects is
sufficiently partially or fully funded, sufficiently for the next 12 months. Our
minimally sufficient funds are not deemed adequate for the optimal requirements
of our Corporation. Due to the large number of potentially viable projects, we
are exploring methods of maximizing our potential by additional capital
formation. We are looking at converting one or more of our projects into its own
subsidiary, and preparing one or more initial public offerings. In any such
program, we would either retain majority control of the resulting pubic company
or companies; or we would distribute the shares of the new company to our
shareholders, pro-rata, in connection with a registered public offering of
shares. We estimate that we need a million dollars optimally. We are also
exploring raising funds in an additional limited offering and/or private
placement to highly sophisticated accredited investors. We have not yet
determined what capital program is in the best interests of our shareholders.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
We are a development stage company. Our activities to date consist entirely of
research and development.
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PART II: OTHER INFORMATION
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ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGE IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
None
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ITEM 5. OTHER INFORMATION
None
ITEM 6. REPORTS ON FORM 8-K
None
EXHIBITS
Attached hereto and incorporated herein by this reference are consolidated
unaudited financial statements under cover of Exhibit 00QF-1 for the three
months ended March 31, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-QSB Report for the Quarter ended March 31, 2000, has been signed below
by the following person on behalf of the Registrant and in the capacity and on
the date indicated.
Dated: March 31, 2000
SOLAR ENERGY LIMITED
(formerly Salvage World, Inc. )
(originally Taurus Enterprises, Inc.)
/s/ /s/
Dr. Melvin L. Prueitt Joel S. Dumaresq
Chairman/Director President/Director
/s/ /s/ /s/
Norman Wareham Dr. Reed Jensen David M. Jones
Secretary/Treasurer Director Director
/Director
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EXHIBIT 00QF-1
UN-AUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2000
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SOLAR ENERGY LIMITED
Consolidated Financial Statements
March 31, 2000
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INDEPENDENT AUDITOR S REPORT
To the Board of Directors and Stockholders of
Solar Energy Limited
We have reviewed the accompanying condensed consolidated balance sheet of Solar
Energy Limited and subsidiary as of March 31, 2000 and the related condensed
consolidated statements of income and cash flows for the period then ended.
These financial statements are the responsibility of the company s management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 1999, and the
related consolidated statements of income, retained earnings, and cash flows for
the year then ended (not presented herein); and in our report dated March 7,
2000, we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying condensed balance sheet
as of December 31, 1999, is fairly stated, in all material respects, in relation
to the consolidated balance sheet from which it has been derived.
The accompanying statements of operations and cash flows for the period ended
March 31, 1999 were not audited or reviewed by us and, accordingly, we do not
express an opinion on them.
/s/
Crouch, Bierwolf & Chisholm
May 10, 2000
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SOLAR ENERGY LIMITED
Consolidated Balance Sheets
ASSETS
March 31 December 31
2000 1999
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Current Assets (unaudited)
Cash and Cash Equivalents $209,435 $263,371
Total Current Assets 209,435 263,371
Property and Equipment, net 24,497 25,297
Other Assets
Patent Costs 32,349 33,549
Goodwill 430,740 445,908
Deposits 4,537 4,537
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Total Other Assets 467,626 483,994
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Total Assets $701,558 $772,662
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LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Accounts Payable $63,752 $58,973
Accrued Expenses 4,484 16,183
Notes Payable-related party 595,168 428,639
Total Current Liabilities 663,404 503,795
Stockholders Equity
Common Stock, authorized 50,000,000 shares of $.0001
par value, issued and outstanding 13,153,911 shares 1,315 1,315
Paid in Capital 1,617,197 1,617,197
Retained Deficit (1,580,358) (1,349,645)
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Total Stockholders Equity (38,154) 268,867
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Total Liabilities and Stockholders Equity $701,558 $772,662
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The accomanying notes are an integral part of these financial statements.
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SOLAR ENERGY LIMITED
Consolidated Statements of Operations
For the three For the three
months ended months ended
March 31 March 31
2000 1999
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SALES $0 $0
COST OF GOODS SOLD 0 0
GROSS PROFIT 0 0
OPERATING EXPENSES
General And Administrative Expenses 24,341 8,405
Research and Development 207,880 114,018
TOTAL OPERATING EXPENSES 232,221 122,423
OPERATING INCOME (LOSS) (232,221) (122,423)
OTHER INCOME AND (EXPENSES)
Interest Income 1,508 2,050
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Total Other Income and (Expenses) 1,508 2,050
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NET INCOME (LOSS) $ (230,713) $ (120,373)
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NET INCOME (LOSS) PER SHARE $ (.02) $ (.01)
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WEIGHTED AVERAGE NUMBER OF COMMON SHARES 13,153,911 12,137,244
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The accompanying notes are an integral part of these financial statements.
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SOLAR ENERGY LIMITED
Consolidated Statements of Cash Flows
For the three For the three
months ended months ended
March 31 March 31
2000 1999
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Cash Flows From Operating Activities
Net income (loss) $(230,713) $(122,423)
Adjustments to Reconcile Net Income (Loss) to
Net Cash Used in Operating Activities:
Depreciation & Amortization 17,167 0
Change in Assets and Liabilities
Increase/(decrease) in:
Accounts Payable 4,779 (5,237)
Accrued Expenses (11,699) (1,762)
Net Cash Provided (Used) by Operating Activities
(220,466) (129,422)
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Cash Flows from Investing Activities
Purchase of Property and Equipment 0 (1,845)
Cash acquired in acquisition 0 42,733
Net Cash Provided (Used) by Investing Activities 0 40,888
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Cash Flows from Financing Activities
Proceeds from debt financing 166,530 290,000
Principal payments on debt financing 0 (120,000)
Net Cash Provided (Used) by Financing Activities 166,530 170,000
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Net Increase (Decrease) in
Cash and Cash Equivalents (53,936) 81,466
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Cash and Cash Equivalents
Beginning 263,371 286,627
Ending $209,435 $368,093
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Supplemental Disclosures of Cash Flow Information:
Cash payments for interest $0 $0
Cash payments for income taxes $0 $0
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Supplemental Schedule of Noncash Investing and Financing Activities
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Common shares issued for services $0 $0
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The accompanying notes are an integral part of these financial statements.
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SOLAR ENERGY LIMITED
March 31, 2000
NOTES TO FINANCIAL STATEMENTS
Solar Energy Limited (the Company ) has elected to omit substantially all
footnotes to the financial statements for the three months ended March 31, 2000,
since there have been no material changes (other than indicated in other
footnotes) to the information previously reported by the Company in their Annual
Report filed on Form 10-KSB for the Fiscal year ended December 31, 1999.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to properly reflect the results of
the period presented. The information presented is not necessarily indicative
of the results from operations expected for the full fiscal year.
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CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
We hereby consent to the use of our report, dated May 10, 2000, in this
quarterly report on Form 10-Q for Solar Energy Limited
/s/
Crouch, Bierwolf & Chisholm
Salt Lake City, Utah
May 10, 2000
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