<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
FOR THE TRANSITION PERIOD FROM ______________ TO ________________
COMMISSION FILE NUMBER: 0-24857
POWER TECHNOLOGY, INC.
(EXACT NAME OF SMALL BUSINESS ISSUER AS
SPECIFIED IN ITS CHARTER)
NEVADA 88-0395816
------ ----------
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
100 W. BONANZA ROAD, LAS VEGAS, NEVADA 89106
--------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(702) 382-3385
---------------------------
(ISSUER'S TELEPHONE NUMBER)
NOT APPLICABLE
--------------------------------------------------------------------------------
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT)
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
CHECK WHETHER THE REGISTRANT FILED ALL DOCUMENTS AND REPORTS
REQUIRED TO BE FILED BY SECTION 12, 13 OR 15(d) OF THE EXCHANGE ACT AFTER THE
DISTRIBUTION OF SECURITIES UNDER A PLAN CONFIRMED BY A COURT. YES NO
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS
STATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S
CLASSES OF COMMON EQUITY, AS OF THE LAST PRACTICABLE DATE: 18,876,805
SHARES.
TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT (CHECK ONE): YES NO X
--- ---
<PAGE>
Item 1.
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Consolidated Balance Sheets
<TABLE>
<CAPTION>
ASSETS
October 31, January 31,
2000 2000
(Unaudited) (Audited)
------------------ --------------------
<S> <C> <C> <C>
Current Assets
Cash $ 131,716 $ 76,015
Accounts receivable 1,000 -
------------------ --------------------
Total current assets 132,716 76,015
Property & Equipment, Net (Note 3) 20,199 12,831
------------------ --------------------
Other Assets
Prepaid expenses 20,000 20,000
Organizational costs (Note 1) 1,250 5,000
Patents (Note 8) 78,500 65,000
------------------ --------------------
99,750 90,000
------------------ --------------------
$ 252,665 $ 178,846
================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable - trade $ - $ 5,184
Advances from MicroDri (Note 6) 73,417 86,067
Accrued expenses 10,200 16,469
Loan payable (Note 6) 165,036 110,000
------------------- -------------------
Total current liabilities 248,653 217,720
Convertible debt (Note 7) 600,760 65,515
------------------ --------------------
849,413 283,235
Common stock, $.001 par value;
25,000,000 shares authorized;
17,972,500 and 16,817,500 shares
issued and outstanding as of
10/31/00 and 1/31/00, respectively 17,973 16,818
Additional paid-in capital 2,257,178 1,659,458
Deficit accumulated during the
development stage (2,871,899) (1,800,665)
Prior period adjustment (Note 8) - 20,000
------------------- -------------------
(596,748) (104,389)
------------------- -------------------
$ 252,665 $ 178,846
=================== ===================
</TABLE>
<PAGE>
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Consolidated Statements of Operations
<TABLE>
<CAPTION>
Nine months ended Nine months ended
October 31, October 31,
2000 1999
(Unaudited) (Unaudited)
------------------ -------------------
<S> <C> <C>
Revenues $ - $ -
Expenses
General & Administrative 797,519 705,859
Research & Development 293,715 84,599
------------------ -------------------
Net Operating Loss (1,091,234) (790,458)
------------------ -------------------
Net loss $(1,091,234) $ (790,458)
================== ===================
Weighted average shares outstanding 17,972,500 15,783,500
================== ===================
Loss per share $ (.06) $ (.03)
================== ===================
</TABLE>
<PAGE>
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
Nine months Nine months
ended ended
October 31, October 31,
2000 1999
(Unaudited) (Unaudited)
--------------- ---------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(1,091,234) $(790,458)
Depreciation and amortization expense 1,250 3,750
(Increase) decrease in accounts receivable (1,000) 3,500
Increase (decrease) in accounts payable (5,184) 247,895
Increase (decrease) in accrued expenses (6,269) -
---------------------------------- -----------------
NET CASH USED BY OPERATING ACTIVITIES (1,102,437) (535,313)
---------------------------------- -----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Equipment (2,057) (3,719)
Cash paid for patent (13,500) -
Advances from (repayments to) MicroDri (12,650) -
Issuance of convertible debt 535,245 -
Loan payable - related party 52,225 -
---------------------------------- -----------------
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES 559,263 (3,719)
---------------------------------- -----------------
CASH FLOWS FROM FINANCING ACTIVITIES
Cash from issuance of stock 598,875 619,549
---------------------------------- -----------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 598,875 619,549
---------------------------------- -----------------
INCREASE IN CASH 55,701 80,517
Cash at Beginning of Period 76,015 60,499
---------------------------------- -----------------
Cash at End of Period $ 131,716 $ 141,016
================================== =================
Supplemental Non-Cash Financing Transactions:
Interest $ - $ -
Income taxes $ - $ -
</TABLE>
<PAGE>
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Notes to Consolidated Financial Statements
NOTE 1 - Summary Of Significant Accounting Policies
a. Organization
The Company was incorporated under the name of Zeppelin
Production Corporation on June 3, 1996 under the laws of the State of
Nevada. The Company was organized to provide aerial photography and
advertising promotion through the use of helium filled remote control
blimps, however, operations were never secured.
Pursuant to a plan of reorganization and acquisition agreement
dated February 15, 1998, the Company acquired PowerTek Technology, Inc.
(PowerTek) and changed its name to Power Technology, Inc. Because the
management and operations of PowerTek became the management and
operations of Zeppelin, this business combination has been recorded as
a reverse acquisition.
PowerTek was incorporated under the laws of the State of
Nevada on January 19, 1996. The Company was organized primarily for the
purpose of developing an advanced battery technology for use in the
growing electric car industry. As of the date of these statements, the
Company has been able to advance the battery technology to a proof of
principle stage and is currently seeking additional capital to finance
the development of the technology to a preliminary prototype stage.
b. Recognition of Revenue
The Company recognizes income and expense on the accrual basis
of accounting.
c. Earnings (Loss) Per Share
The computation of earnings per share of common stock is based
on the weighted average number of shares outstanding at the date of the
financial statements.
d. Cash and Cash Equivalents
The Company considers all highly liquid investments with
maturities of three months or less to be cash equivalents.
e. Provision for Income Taxes
No provision for income taxes have been recorded due to net
operating loss carry-forwards totaling approximately $2,871,899 that
will be offset against future taxable income. These NOL carry-forwards
will begin to expire in the year 2012. No tax benefit has been reported
in the financial statements because the Company believes there is a 50%
or greater chance the carryforward will expire unused.
<PAGE>
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Notes to Consolidated Financial Statements
NOTE 1 - Summary Of Significant Accounting Policies (continued)
f. Principles of Consolidation
These financial statements include the books of Power
Technology, Inc (formerly Zeppelin) and its wholly owned subsidiary
PowerTek Technologies, Inc. All intercompany transactions and balances
have been eliminated in the consolidation.
g. Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and expenses during the reporting
period. In these financial statements, assets, liabilities and expenses
involve extensive reliance on management's estimates. Actual results
could differ from those estimates.
h. Organizational Costs
Organizational costs are amortized over a period of 60 months.
Amortization expense for the year ended December 31, 1999 is $2,500.
NOTE 2 - Going Concern
The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. The Company
has had recurring operating losses for the past several years and is
dependent upon financing to continue operations. The financial
statements do not include any adjustments that might result from the
outcome of this uncertainty. It is the intent of management to obtain
additional working capital and a profitable level of operations.
NOTE 3 - Property and Equipment
Property and equipment consists of the following at October 31, 2000
and January 31, 2000:
<TABLE>
<CAPTION>
October 31, January 31,
2000 2000
---------------- --------------
<S> <C> <C>
Office equipment $ 18,141 $ 10,773
Manufacturing equipment 4,076 4,076
Leasehold improvements 2,164 2,164
---------------- --------------
Accumulated depreciation (4,182) (4,182)
---------------- --------------
Net property & equipment $ 20,199 $ 12,831
================ ==============
</TABLE>
Depreciation expense for the period ended October 31, 2000 and January
31, 2000 is $0 and $2,272, respectively.
<PAGE>
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Notes to Consolidated Financial Statements
NOTE 4 - Capitalization
Prior to the reverse acquisition of Power Technology, Inc.
(formerly Zepplin Production Corp.) and PowerTek Technology, Inc.
(PowerTek) the Company authorized 2,500,000 shares at a par value of
$.01 and had 2,500,000 issued and outstanding. The par value in these
financial statements have been retroactively restated to show the new
par value $0.001.
In the reverse acquisition, the 2,500,000 shares of PowerTek
were exchanged for 5,000,000 shares of Power Technology, Inc. (formerly
Zepplin Production Corp.). The total number of post-acquisition shares
authorized are 25,000,000 at a par value of $.001. Total number of
post-acquisition shares issued and outstanding were 5,300,000 shares.
During June 1998, the Company issued 200,000 shares of Common
Stock for patents valued at $20,000.
During November 1998, the Company issued 134,700 shares of
Common Stock in exchange for services valued at $134,700.
On December 22, 1999, the Company issued 1,034,000 shares of
restricted Common Stock at $.25 per share to Mr. Lee A. Balak, the
President and a director of the Company, in exchange for cancellation
of a $258,500 note, including accrued interest.
During the year ended January 31, 1999, the Company issued
6,900,000 shares of Common Stock for cash of $690,000.
During the year ended January 31, 2000, the Company issued
2,900,000 shares of Common Stock for cash of $290,000.
During the year ended January 31, 2000, the Company issued
548,800 shares of Common Stock in exchange for services valued at
$329,550.
During the nine months ended October 31, 2000, the Company
issued 1,155,000 of Common Stock for cash in the amount of $598,875.
On December 7, 2000, the Company amended its Articles of
Incorporation to increase the number of authorized shares of Common
Stock from 25,000,000 shares to 100,000,000 shares, and to establish
a new class of 1,000,000 shares of preferred stock, $.01 par value.
NOTE 5 - Development Stage Company
The Company is a development stage company as defined in
Financial Accounting Standards Board Statement No. 7. It is
concentrating substantially all of its efforts in raising capital in
order to generate significant operations.
NOTE 6 - Accounts and Loans Payable - Related Party
The Company had $65,515 of research and development fees paid
for by a majority shareholder. The balance was non-interest bearing
through January 31, 1999. For the year ended January 31, 2000, the
balance was interest bearing at 10% per annum. The Company intends to
repay the balance within one year.
<PAGE>
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Notes to Consolidated Financial Statements
NOTE 6 - Accounts and Loans Payable - Related Party (continued)
The Company had $73,417 of research and development fees
advanced by MicroDri, L.P., a related entity with common shareholders
and management. The Company will continue to perform research and
development procedures which will be invoiced against the fee
advancements.
Mr. Lee A. Balak, the President and a director of the Company,
loaned and advanced approximately $258,500 to the Company as of
December 22, 1999, for research and development fees. The research and
development fees were paid by the Company to consultants, including
Neo-Dyne Research, Inc. ("Neo-Dyne"), a research and development
company owned by Alvin A. Snaper, also a director, Vice President,
Secretary and Treasurer of the Company. Consultants and Neo-Dyne have
conducted substantially all of the research and development activities
regarding the principal products of the Company, including its
batteries, pipeline connection technology, and its allow sensor
technology. On December 22, 1999, the Company authorized the issuance
of 1,034,000 shares of restricted Common Stock at $.25 per share to Mr.
Balak in exchange for the cancellation of the $258,500 debt, including
accrued interest.
Mr. Lee A. Balak, the President and a director of the Company,
loaned $110,000 to the Company. The note is due on demand, and the
balance is non-interest bearing through January 31, 2000.
The Company rents a facility in Las Vegas, Nevada from Bonanza
West Properties, a partnership 50% owned by Alvin A. Snaper, a director
and Vice President of the Company. Rents for the year ended 1/31/00
totaled approximately $24,000.
NOTE 7 - Series A Convertible Notes
The Company has issued $600,000 of its Series A Convertible
Notes (the "Notes"). The Notes are convertible into the Common Stock of
the Company at $.50 per share for a total of 1,200,000 shares of Common
Stock upon full conversion, with interest at the rate of 10% per annum
payable in Common Stock of the Company at $.50 per share.
NOTE 8 - Patents
On June 9, 1998, the Company acquired patent number 4,107,997
issued by the U.S. Patent office in 1978. The Company paid $45,000 and
100,000 shares of Common Stock valued at $10,000 for the patent. The
patent is for an alloy sensor which generates a current when in contact
with water or other aqueous composition.
Also during 1998, the Company acquired patent number 5,442,846
for 100,000 shares of Common Stock valued at $10,000. This patent is a
procedure and apparatus for cold joining of metallic pipes.
<PAGE>
POWER TECHNOLOGY, INC.
(A Development Stage Company)
Notes to Consolidated Financial Statements
NOTE 9 - Prior Period Adjustment
An adjustment in the amount of $20,000 has been recorded on
the books as of January 31, 2000. The adjustment is due to an
over-reported shareholders' equity amount in the prior year ended
January 31, 1999. The entry has been recorded to reduce additional
paid-in capital and to offset the overstated expense in the prior year.
NOTE 10 - Commitments
In connection with the acquisition of patent number 5,442,846,
the Company is committed to a 3% royalty on gross sales.
NOTE 11 - Subsequent Events
The Company entered into an Investment Agreement dated April
17, 2000 (the "AGREEMENT") with Swartz Private Equity, LLC of
Roswell, Georgia ("SPE"). The Agreement provides for SPE to commit
to purchase up to an aggregate of $35,000,000 of the Common Stock
of he Company, not to exceed 9.9% of the then total issued and
outstanding shares of Common Stock of the Company, as requested
from time to time by the Company as its equity capital needs arise
during the term of the Agreement. Upon written notice from the
Company, SPE is committed to purchase Common Stock of the Company
at a purchase price equal to the lesser of the (i) then current
market price minus $.25, or (ii) 91% of the then current market
price. Market price is defined to mean the lowest bid price for
Common Stock on the last business day during a pricing period (the
date following the notice from the Company and ending on the 20th
day thereafter). Unless the Company specifically requests SPE to
purchase its Common Stock by written notification to SPE, SPE has
no right to acquire any securities of the Company and the Company
has no obligation to offer and sell its securities to SPE. Under
the terms of the Agreement, the Company will be issuing to SPE a
warrant to purchase 490,000 shares of the Common Stock of the
Company at an exercise price of $.8125 per share, payable in cash
or in a cashless exercise based upon a formula adjusted by such
exercise price and the average closing price for five trading days
prior to the exercise date, (with price reset provisions) during a
term of five years. The Company will be issuing additional warrants
to SPE to purchase a number of shares equal to 10% of each purchase
of shares made by SPE during the term of the Agreement. The shares
of Common Stock and warrants of the Company to be issued to SPE are
covered by a Registration Rights Agreement requiring the Company to
file a registration statement with the U.S. Securities and Exchange
Commission to register such securities under the Securities Act of
1933.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
GENERAL
Power Technology, Inc. (the "Company), a Nevada corporation, was
incorporated on June 3, 1996. However the Company did not conduct any
significant operations until March 1998 when it acquired all of the issued
and outstanding capital stock and assets of PowerTek Technology Corporation,
Inc. (formerly called Power Technology, Inc.) which is presently a
wholly-owned subsidiary of the Company. The Company changed its corporate
name from "Zepplin Production Corp." to Power Technology, Inc. during March
1998 to reflect the change in the purposes and nature of its business.
The Company is a research and development company. It is presently
engaged in research and development activities regarding: (1) batteries for
the automotive and electric car industries, (2) electronic sensors, and (3)
pipeline connection technology.
RESULTS OF OPERATIONS
The following table sets forth certain operating information
regarding the Company:
<TABLE>
<CAPTION>
NINE MONTHS ENDED
OCTOBER 31
------------------------------------------
2000 1999
------------------- -------------------
(unaudited)
<S> <C> <C>
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . $ -0- $ -0-
General and administrative expenses. . . . . . . . . . . . . $ 797,519 $ 705,859
Research and Development . . . . . . . . . . . . . . . . . . $ 293,715 $ 84,599
Net income (loss). . . . . . . . . . . . . . . . . . . . . . $ (1,091,234) $ (790,458)
Net income (loss) per share. . . . . . . . . . . . . . . . . $ $
</TABLE>
NINE MONTHS ENDED OCTOBER 31, 2000 COMPARED WITH NINE MONTHS ENDED OCTOBER 31,
1999
REVENUES. The Company had no revenues during the first nine months
of 2000 and 1999, and is in the development stage.
GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative
expenses increased approximately 13% to $797,519 in the nine month period
ended October 31, 2000, from $705,859 in 1999. This increase is principally
attributable to increased activity in its research and development activities.
RESEARCH AND DEVELOPMENT COSTS. Research and development costs
increased approximately 347% during the first nine months of fiscal 2000 to
$293,715, compared to the first nine months of 1999 from $84,599.
<PAGE>
ACCOUNTS PAYABLE - RELATED PARTY. Accounts payable to a related
party increased from $ -0- at October 31, 1999, to $52,225 at October 31,
2000. This increase arose from additional cash loans to the Company by an
affiliated company owned by Lee A. Balak, a director and President of the
Company which were expended primarily for research and development fees and
costs.
RESULTS OF OPERATIONS. The net loss of the Company increased to
$1,091,234 during the nine month period ended October 31, 2000, as compared
with a loss of $790,458 during the same period of 1999, an increase of
approximately 38%, and was due primarily to the increase in its research and
development activities and lack of revenues.
CAPITAL EXPENDITURES, CAPITAL RESOURCES AND LIQUIDITY
The following summary table (unaudited) presents comparative cash
flows of the Company for the periods indicated.
<TABLE>
<CAPTION>
NINE MONTHS ENDED
OCTOBER 31
-----------------------------------------
2000 1999
------------------ ----------------
<S> <C> <C>
Net cash used in operating activities $ (1,102,437) $ (535,313)
Net cash used in investing activities $ 559,263 $ (3,719)
Net cash provided by financing activities $ 598,875 $ 619,549
</TABLE>
CAPITAL EXPENDITURES. The Company did not incur any material capital
expenditures for office equipment, office furniture or other fixed assets
during the nine month periods ended October 31, 2000 and 1999, respectively.
LIQUIDITY AND CAPITAL RESOURCES. The Company's capital resources
have historically been provided by the sale of its Common Stock, the exercise
of warrants and options, and by short term loans.
The Company intends to raise additional capital through an offering
of its Common Stock or other securities to provide additional working capital
to fund future operations.
Power Technology, Inc. (the "Company") entered into an Investment
Agreement dated April 17, 2000 (the "Agreement") with Swartz Private Equity,
L.L.C. of Roswell, Georgia ("SPE").
The Agreement provides for SPE to commit to purchase up to an
aggregate of $35,000,000 of the Common Stock of the Company, subject to
certain volume limitations and other conditions, as requested from time to
time by the Company as its equity capital needs arise during the term of the
Agreement.
Upon written notice from the Company, SPE is committed to purchase
Common Stock of the Company at a purchase price equal to the lesser of the
(i) then current market price minus $.25, or (ii) 91% of the then current
market price. Market price is defined to mean the lowest bid price for the
Common Stock on the last business day during a pricing period beginning on
(the date
<PAGE>
following the notice from the Company and ending on the 20th day thereafter).
Unless the Company specifically requests SPE to purchase its Common
Stock by written notification to SPE, SPE has no right to acquire any
securities of the Company and the Company has no obligation to offer and sell
its securities to SPE.
Under the terms of the Agreement, the Company will be issuing to SPE
a warrant to purchase 490,000 shares of the Common Stock of the Company at an
exercise price of $.8125 per share, payable in cash or in a cashless exercise
based upon a formula adjusted by such exercise price and the average closing
price for five trading days prior to the exercise date, (with price reset
provisions) during a term of five years. The Company will be issuing
additional warrants to SPE to purchase a number of shares equal to 10% of
each purchase of shares made by SPE during the term of the Agreement.
The shares of Common Stock and warrants of the Company to be issued
to SPE are covered by a Registration Rights Agreement requiring the Company
to file a registration statement with the U.S. Securities and Exchange
Commission to register such securities under the Securities Act of 1933.
At October 31, 2000, the Company had current assets of $132,716 and
current liabilities of $849,413, resulting in a working capital deficit of
$716,697, as compared to a working capital deficit of $207,220 at January 31,
2000.
Net cash used in operating activities increased to $1,102,437 for
the nine months ended October 31, 2000, from $535,313 for the nine months
ended October 31, 1999, a difference of $567,124. The increase in net cash
used in operating activities was primarily attributable to the increase in
its research and development costs regarding its battery technology.
PART II - OTHER INFORMATION
ITEM L. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Company held its Annual Meeting of Shareholders on September 14,
2000, in Las Vegas, Nevada.
The following persons were elected at the annual meeting to be
directors of the Company:
<PAGE>
Lee A. Balak, Alvin A. Snaper, William E. McNerney, F. Bryson Farrill, and
Hugo P. Pomrehn. The shareholders also approved the following proposals: (1)
the adoption of the Company's 2000 Stock Option, SAR and Stock Bonus Plan;
(2) the amendment to the Articles of Incorporation to increase the authorized
number of shares of Common Stock from 25,000,000 to 100,000,000 shares of
Common Stock and established a new class of 1,000,000 shares of Preferred
Stock; and ratified the selection of G. Brad Beckstead, CPA, as the
independent auditor of the Company for the fiscal year ending January 31,
2001.
ITEM 5. OTHER INFORMATION.
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) EXHIBITS.
Exhibit No. 27 Financial Data Schedule
(b) REPORTS ON FORM 8-K.
No reports on Form 8-K were filed by the Company during the
fiscal quarter ended October 31, 2000.
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
POWER TECHNOLOGY, INC.
Date: December 20, 2000 By: /s/ Lee A. Balak
--------------------------------------
Lee A. Balak, President, Chief Financial
Officer, and Principal Accounting Officer
