SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarter year ended September 30, 2000
Commission File Number: 000-28481
DIGITAL VIDEO DISPLAY TECHNOLOGY CORP.
(Exact name of registrant as specified in its charter)
Nevada 86-0891931
(State of organization) (I.R.S. Employer Identification No.)
590 Madison Avenue- 21st Floor
New York New York 10022
(Address of principal executive offices)
Company's telephone number, including area code: (212) 521-4075
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months and (2) has been
subject to such filing requirements for the past 90 days. Yes /x/
Securities registered under Section 12(g) of the Exchange Act:
There are 23,250,000 shares of common stock outstanding as of September 30,
2000. The shares are traded on the OTC Bulletin Board, under the symbol "DVDT".
<PAGE>
TABLE OF CONTENTS
-------------------
PART I FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS
ITEM 2 MANAGEMENT'S DISCUSSION OF OPERATIONS AND FINANCIAL
CONDITION
PART II OTHER INFORMATION
ITEM 6 EXHIBITS AND REPORTS ON FORMS 8-K
ITEM 7 SIGNATURES
<PAGE>
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A DEVELOPMENT STAGE COMPANY)
FINANCIAL STATEMENTS
FOR THE NINE MONTHS
AND THE THREE MONTHS ENDED
SEPTEMBER 30, 2000,
WITH
REVIEW REPORT OF
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
TABLE OF CONTENTS
Accountants' Review Report.....................................................2
Balance Sheet..................................................................3
Statements of Operations.......................................................4
Statements of Stockholders' Equity.............................................5
Statements of Cash Flows.......................................................6
Notes to Financial Statements..................................................8
<PAGE>
MARK BAILEY & CO. LTD.
Certified Public Accountants
Management Consultants
OFFICE ADDRESS: MAILING ADDRESS:
1495 Ridgeview Drive, Ste. 200 Phone: 775/332.4200 P.O. Box 6060
Reno, Nevada 89509-6634 Fax: 775/332.4210 Reno, Nevada 89513
November 7, 2000
Board of Directors
Digital Video Display Technology Corporation
We have reviewed the accompanying balance sheet of Digital Video Display
Technology Corporation (a Company in the development stage) as of September 30,
2000, and the related statements of operations and stockholders' equity for the
nine months and the three months then ended, and the statements of cash flows
for the nine months then ended, in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of Certified
Public Accountants. All information included in these financial statements is
the representation of the management of Digital Video Display Technology
Corporation.
A review consists principally of inquiries of Company personnel and analytical
procedures applied to financial data. It is substantially less in scope than an
audit 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, with the exception of the matter described in the following
paragraph, we are not aware of any material modifications that should be made to
the accompanying financial statements in order for them to be in conformity with
generally accepted accounting principles.
The Company declined to present a statement of cash flows for the three months
ended June 30, 2000. Presentation of such a statement summarizing the Company's
operating, investing and financing activities is required by generally accepted
accounting principles.
As discussed in Note 1, certain conditions indicate that the Company may be
unable to continue as a going concern. The accompanying financial statements do
not include any adjustments to the financial statements that might be necessary
should the Company be unable to continue as a going concern.
Mark Bailey & Co., Ltd.
Reno, Nevada
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<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
BALANCE SHEET
September 30, 2000
<TABLE>
<CAPTION>
ASSETS
September 30, 2000
------------------
Fixed Assets
------------
<S> <C>
Computers $ 65,203
Accumulated depreciation (6,713)
---------------------
Total fixed assets 58,490
---------------------
Other Assets
------------
Deposits 600
Deferred tax asset (net of valuation allowance
of $568,352) -
---------------------
Total other assets 600
---------------------
Total assets $ 59,090
=====================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Line of credit $ 494,425
Accounts payable 462,188
Related party payable 302,888
Wages payable 122,314
Accrued expenses 50,379
Overdraft payable 27,887
---------------------
Total current and total liabilities 1,460,081
---------------------
Commitments and Contingencies
Shareholders' Equity
Common stock, $.001 par value, 100,000,000 shares
authorized, 21,348,000 shares issued and outstanding 21,348
Additional paid-in capital 249,287
Deficit accumulated during the development stage (1,671,626)
---------------------
Total shareholders' equity (1,400,991)
---------------------
Total liabilities and shareholders' equity $ 59,090
=====================
The Accompanying Notes are an Integral Part of These Financial Statements.
</TABLE>
-3-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
For the Nine Months and the Three Months Ended September 30, 2000
<TABLE>
<CAPTION>
Nine Three Three
Cumulative During Months Ended Months Ended Months Ended Cumulative
Development Stage September 30, 2000 September 30, 2000 March 31, 2000 until 12/31/99
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Revenue $ - $ - $ - $ - $ -
-------
Operating Costs and Expenses
----------------------------
Consulting (611,161) (405,958) (30,000) (75,000) (205,203)
Research and development (179,027) (20,000) - - (159,027)
Legal and Accounting (177,346) (177,346) (121,975) (10,000)
Wages (157,365) (157,365) (28,272) - -
Operating and administrative expense (568,115) (205,022) (45,730) (6,595) (363,093)
Depreciation and amortization expense (23,213) (6,713) (3,454) (4,500) (16,500)
Interest expense (57,215) (38,153) (14,955) (8,406) (19,062)
----------------- ----------------- ----------------- ----------------- ------------
Total operating costs and expense(1,773,442) (1,010,557) (244,386) (104,501) (762,885)
Non-operating Income
--------------------
Dividend income 1,212 951 - 539 261
Gain on cancellation of contracts 100,604 90,604 - - 10,000
----------------- ----------------- ----------------- ----------------- ------------
Total non-operating income 101,816 91,555 - 539 10,261
Net loss $ (1,671,627) $ (919,003) $(244,386) $ (103,962) $ (752,624)
================= ================= ================= ================= ============
Loss per share (0.0792) (0.0432) (0.0114) (0.0045) (0.0328)
================= ================= ================= ================= ============
The Accompanying Notes are an Integral Part of These Financial Statements.
</TABLE>
-4-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
STATEMENTS OF STOCKHOLDERS' EQUITY
For the nine Months and the Three Months Ended September 30, 2000
<TABLE>
<CAPTION>
Accumulated
Common Stock Additional Deficit During
------------- Paid-in Development Total
Shares Amount Capital Stage Equity
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1999 23,250,000 23,250 193,885 (752,624) (535,489)
Cancellation of shares in February 2000 (2,000,000) (2,000) (18,000) - (20,000)
Net loss - - - (103,962) (103,962)
--------------------------------------------------------------------------------
Balance at March 31, 2000 21,250,000 21,250 175,885 (856,586) (659,451)
Shares issued June 13, 2000 98,000 98 73,402 73,500
Net loss (570,654) (570,654)
--------------------------------------------------------------------------------
Balance at June 30, 2000 21,348,000 21,348 249,287 $ (1,427,240) $(1,156,605)
Net loss (244,386) (244,386)
--------------------------------------------------------------------------------
Balance at September 30, 2000 21,348,000 21,348 249,287 (1,671,626) $(1,400,991)
================================================================================
The Accompanying Notes are an Integral Part of These Financial Statements.
</TABLE>
-5-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2000
<TABLE>
<CAPTION>
Cumulative During Nine Months Ended Year Ended
Development Stage September 30, 2000 December 31, 1999
----------------------------------------------------- -------------------------
Cash Flows from Operating Activities
<S> <C> <C> <C>
Net loss $ (1,671,626) $ (919,002) $ (717,113)
Adjustments to reconcile net loss to net
cash used in operating activities
Amortization and depreciation expense 23,213 6,713 16,500
Gain on write off on capital asset and -
related debt (16,500) (16,500)
Increase in interest receivable - 11 (11)
Increase in deferred tax asset (568,352) (312,461) (243,818)
Increase in accounts payable 462,188 255,735 181,453
Increase in related party payable 302,888 195,388 107,500
Increase in interest payable 50,379 38,153 12,226
Increase in wages payable 101,788 101,788 -
Increase in payroll tax payable 20,526 20,526 -
Increase in deferred tax valuation allowance 568,352 312,461 243,818
Deposits used for expenses 14,325 14,325 -
Expenses paid by issuance of
common stock 76,000 73,500 2,500
----------------- ------------------------- -------------------------
Net cash used in operating activities (636,819) (229,363) (406,945)
----------------- ------------------------- -------------------------
Cash Flows from Investing Activities
Deposit paid (14,925) (14,325) (600)
Purchase of fixed assets (65,203) (65,203) -
----------------- ------------------------- -------------------------
Net cash used in investing activities (80,128) (79,528) (600)
----------------- ------------------------- -------------------------
Cash Flows from Financing Activities
Proceeds received from issuance of stock 194,635 - -
Proceeds from bank overdraft 27,887 27,887 -
Proceeds received from line of credit 494,425 278,925 215,500
----------------- ------------------------- -------------------------
Net cash provided by financing activities 716,947 306,812 220,365
----------------- ------------------------- -------------------------
Net increase (decrease) in cash - (2,079) (187,180)
Cash at December 31, 1999
and August 1, 1997 - 2,079 189,259
----------------- ------------------------- -------------------------
Cash at September 30, 2000 $ - $ - $ 2,079
================= ========================= =========================
The Accompanying Notes are an Integral Part of These Financial Statements
</TABLE>
-6-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
For the Nine Months and the Three Months Ended September 30, 2000
SUPPLEMENTARY INFORMATION
In February 1999, the Company issued 2,000,000 shares of common stock, with a
fair market value of $20,000, in exchange for patent rights to Digital Video
Display computer technology. In addition, the Company incurred a patent right
payable in the amount of $250,000. In February 2000, these shares of common
stock and the agreement were cancelled.
In June 2000, the Company issued 98,000 shares of common stock, with a fair
market value of $73,500, for consulting services.
No amounts were actually paid for either interest or income taxes for the nine
months ended September 30, 2000.
-7-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
1 ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Company was incorporated in the State of Nevada on August 1, 1997,
under the name Meximed Industries, Inc. The Company is in the
development stage as its operations principally involve research and
development, market analysis, and other business planning activities,
and no revenue has been generated from its business activities. In
January 1999, the Company changed its name to Digital Video Display
Technology Corporation. The Company intends to create a Digital Video
Display jukebox system for distribution in Canada and the United
States.
These financial statements have been prepared assuming that the Company
will continue as a going concern. The Company is currently in the
development stage, and existing cash and available credit are
insufficient to fund the Company's cash flow needs for the next year.
As discussed in Note 3, on April 15, 1999, an unrelated third party
extended the Company a line of credit, which is due in March 2001. The
Company plans to raise additional capital in the near future through
private placements, ranging from $6,000,000 to $8,000,000.
The preparation of financial statements for the three-month and
nine-month periods ended September 30, 2000, have been prepared by the
Company without audit by the Company's independent auditors. In the
opinion of the Company's management, all adjustments necessary to
present fairly the financial position, results of operations, and cash
flows of the Company as of September 30, 2000 and for the periods then
ended have been made. Those adjustments consist only of normal and
recurring adjustments.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
-8-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
CASH AND CASH EQUIVALENTS
For purposes of the statement of cash flows, the Company considers all
highly liquid debt instruments purchased with a maturity of three
months or less to be cash equivalents. As of September 30, 2000, the
Company held no cash equivalents.
FIXED ASSETS
Depreciation expense is provided for on a straight-line basis over the
estimated useful lives of owned assets.
RENT EXPENSE
For the nine months and the three months ended September 30, 2000, the
total rent expense was $51,670 and $21,225, respectively.
RESEARCH AND DEVELOPMENT COSTS
Research and development costs are expensed as incurred. Such costs
were $20,000 and $0 for the nine months and the three months ended
September 30, 2000.
EARNINGS PER SHARE
Basic earnings per share for each period is computed by dividing net
loss by the weighted average number of shares of common stock
outstanding during the period.
2. FEDERAL INCOME TAXES
The Company recognizes deferred tax liabilities and benefits for the
expected future tax impact of transactions that have been accounted for
differently for book and tax purposes.
Deferred tax benefits and liabilities are calculated using enacted tax
rates in effect for the year in which the differences are expected to
reverse. A valuation allowance has been provided to reduce the asset to
the amount of tax benefit management believes it will realize.
-9-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
2. FEDERAL INCOME TAXES (CONTINUED)
The following is a schedule of the composition of the provision for
income taxes:
September 30, 2000
------------------
Deferred noncurrent tax asset $568,352
Valuation allowance (568,352)
---------
Total provision for income taxes $ -0-
=========
The net change in the valuation account was $312,461 and $83,092 for
the nine months and the three months ended September 30, 2000,
respectively.
Deferred federal and state income taxes consist of future tax benefits
attributed to loss carryforwards of $919,002 and $244,386 for the nine
months and the three months ended September 30, 2000. At September 30,
2000, the Company had the following unused net operating losses for
regular income tax purposes:
EXPIRES NET OPERATING LOSS
------- ------------------
2017 $ 998
2018 34,513
2019 717,313
2020 $ 919,002
3. LINE OF CREDIT
During the year ended December 31, 1999, an unrelated third party
issued the Company an unsecured $500,000 line of credit. The line of
credit carries interest at 12% per annum and is due in March 2001. The
balance outstanding at September 30, 2000, was $494,425.
4. RELATED PARTY TRANSACTIONS
In March 1999, the Company issued an option to purchase 500,000 shares
of common stock at $2.50 per share to the President, CEO and Director
of the Company. The option
-10-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
4. RELATED PARTY TRANSACTIONS (CONTINUED)
expires March 31, 2001 (see Note 7). In March 1999, the Company entered
into a consulting agreement with the President. Included in operating
and administrative expenses for the three months and nine months ended
September 30, 2000, are consulting fees and reimbursable expenses paid
and payable of $1,626 and $91,626, respectively. As of July, 2000, the
President and CEO resigned from the company. At that time the stock
options were cancelled.
The Company has expensed $76,615 and $36,615 in consulting fees and
reimbursable expenses paid to the Chief Operating Officer, a Director
of the Company, for the nine months and the three months ended
September 30, 2000, respectively. The company also expensed $84,647 and
$47,147 in legal fees paid and payable to a Director of the Company for
the nine months and the three months ended September 30, 2000,
respectively.
In April 1999, the Company issued an option to purchase 500,000 shares
of common stock at $4.00 per share to a Director of the Company. The
option expires April 30, 2009, (see Note 7).
5. FAIR VALUE OF FINANCIAL INSTRUMENTS
Financial Accounting Standards Board ("FASB") Statement No. 107,
"Disclosure About Fair Value of Financial Instruments" is a part of a
continuing process by the FASB to improve information on financial
statements. The following methods and assumptions were used by the
Company in estimating its fair value disclosures for such financial
instruments as defined by the Statement.
The carrying amounts reported in the balance sheets for accounts
payable approximate fair value at September 30, 2000, as the payables
mature in less than one year.
-11-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
5. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
The estimated fair values of the line of credit are not materially
different from the carrying values for financial statement purposes at
September 30, 2000.
6. STOCKHOLDERS' EQUITY
In February 1999, the Company issued 2,000,000 shares of common stock,
with a fair market value of $20,000 for the patent rights to a jukebox
entertainment system. In February 2000, the Company cancelled the
2,000,000 shares of common stock previously issued for the patent
rights.
In June 2000, the Company issued and delivered 98,000 shares of common
stock to an unrelated third party at $0.75 per share, for a total of
$73,500. The value of the shares was determined by taking an average of
the closing share price, on the (over-the-counter) exchange, over the
previous five days per the agreement.
7. STOCK OPTIONS
The Company issued an option to purchase 500,000 shares of common stock
at $2.50 per share, to the President and CEO. The option was originally
set to expire March 31, 2001, but was cancelled in July when the
President and CEO resigned (see Note 4). The Company also issued an
option to purchase 500,000 shares of common stock at $4.00 per share,
to a Director. The option expires April 30, 2009 (see Note 4).
The Company issued an option to purchase 150,000 shares of common stock
at $2.50 per share to an unrelated third party in exchange for
consulting services. The options expired unexercised on April 1, 2000.
The option price for all stock options exceeded the fair market value
of the stock at the grant date; accordingly, no compensation costs have
been recognized. The are not marketable.
-12-
<PAGE>
DIGITAL VIDEO DISPLAY TECHNOLOGY CORPORATION
(A Company in the Development Stage)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
7. STOCK OPTIONS (CONTINUED)
In March and April 2000, the Company entered into several employment
agreements that include stock options for certain directors and
employees. These options have been granted at $5.00 per share of the
Company's common stock and will become exercisable at specific times
according to a plan to be created by the Compensation Committee.
-13-
<PAGE>
PART 1 FINANCIAL INFORMATION
ITEM 2 MANAGEMENT DISCUSSION AND ANALYSES
======================================
Forward-Looking Statements
--------------------------
This Form 10-QSB contains forward-looking statements that involve risks and
uncertainties. The statements contained in this document that are not purely
historical are forward-looking statements, including without limitation,
statements regarding the Company's expectations, beliefs, plans, intentions,
projections or strategies regarding the future. All forward-looking statements
included in this document are based on information available to the Company on
the date hereof, and the Company assumes no obligation to update any such
forward-looking statements. The Company's actual results may differ materially
as a result of certain factors, including those set forth elsewhere in this
document. These forward-looking statements are made under the safe-harbor
provisions of applicable securities laws, rules and regulations.
Selected Consolidated Financial Data
---------------------------------------
The following historical financial data for the period from inception through
September 30, 2000 was derived from the historical consolidated financial
statements of Company that have been audited by Mark Bailey & Co., Ltd.,
Certified Public Accountants and independent auditors (the Financial
Statements).
BALANCE SHEET DATA:
------------------
Current Assets 9-30-00 12-31-99
-------------- ========== ==========
Cash $ 0 $ 2,079
Interest receivable $ 0 $ 11
Fixed assets $ 58,490 $ -
---------- ----------
$ 58,490 $ 2,090
Other Assets
------------
Deposits $ 600 $ 600
Other assets (net of accumulated
Amortization of $21,000 and $16,500)
$ 0 $ 253,500
---------- ---------
Total assets $ 59,090 $ 256,190
========== =========
Current Liabilities
-------------------
Accounts payable $ 462,188 $ 206,453
Related party payable $ 302,888 $ 107,500
Interest payable $ 0 $ 12,226
Line of credit $ 494,425 $ 215,500
Overdraft payable $ 27,887 $ 0
Wages payable $ 122,314 $ 0
Accrued expenses $ 50,379 $ 0
Patient right payable $ 0 $ 250,000
---------- ---------
Total liabilities $1,460,081 $ 791,679
---------- ---------
Total shareholders'
equity $(1,400,991) $ (535,489)
<PAGE>
STATEMENTS OF OPERATIONS DATA:
------------------------------
From Nine Mos. Three Mos.
Inception to Ended Ended
Sept 30, Sept 30, Sept 30,
2000 2000 2000
------------- --------- -----------
Revenue $ - $ - $ -
-------
Costs and Expenses
------------------
Operating and
Administrative expense (1,693,014) (965,691) (225,977)
Amortization expense (23,213) (6,713) (3,454)
Interest Expense (57,215) (38,153) (14,955)
----------- ---------- ------------
Total Operating cost (1,773,442) (1,010,557) (244,386)
And expenses
Non Operating Income 101,816 91,555 -
----------- ---------- ------------
Net Loss $(1,671,627) $(919,003) $ (244,386)
=========== ========== ============
Loss per share $ (0.0792) $ (0.0432) $ (0.0114)
=========== ========== ============
Results of Operations
-----------------------
Limited Operating History; Accumulated Deficit; Need for Additional Capital
There is limited historical financial information about the Company upon which
to base an evaluation of the Company's performance or to make a decision
regarding an investment in shares of the Company's Common Stock. The Company has
an accumulated deficit of $1,671,627 through September 30, 2000. The Company's
cash decreased from $2,079 at December 31, 1999 to $0 at September 30, 2000.
Three Months Ended September 30, 2000 Compared to Three Months Ended
September 30, 1999
The Company has not yet realized any revenue from its business operations.
Operating and administrative expenses from inception to the nine months ended
September 30, 2000 were $1,773,442, and represent the majority of the Company's
net loss to date.
Net cash provided by financing activities increased from $215,500 for the nine
months ended September 30, 1999 to $494,425 for the period ended September 30,
2000, as a result of proceeds in the amount of $278,925 received from Line of
Credit.
The Company's net loss for the period from inception to September 30, 2000 was a
deficit of $1,671,627, or a deficit of $.0792 per share, based on 21,348,000
weighted average shares outstanding at September 30, 2000. Since there have been
no revenues realized since inception, no comparison of net loss is made.
Liquidity and Capital Resources
----------------------------------
Due to the infant stage of its operations, substantial ongoing investment in
software development, and expenditures required to build the appropriate
infrastructure to support expected future growth, The Company has been
substantially dependent on private placements of its equity securities and a
bank line of credit to fund its cash requirements.
Net cash used in operating activities increased $229,363 for the nine month
period ending September 30,200 to $636,819 for the period from inception to
September 30, 2000.
As of September 30, 2000, the Company had total assets of $59,090 and total
liabilities of $1,460,081.
PART II OTHER INFORMATION
ITEM 6 EXHIBITS AND REPORTS ON FORMS 8-K
(a) The exhibits required by Item 601 of Regulation S-B are attached
hereto.
(b) The registrant filed a report on Form 8-KSB on August 11,
2000, reporting the rescission of the merger agreement
between the registrant and eMedia3, Inc., and the change
in control of the registrant from Randy Moss to Lee Edmondson,
all pursuant to Items 1 and 2 of Form 8-KSB.
<PAGE>
ITEM 7 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.
DIGITAL VIDEO DISPLAY TECHNOLOGY CORP.
Date: November 10, 2000 /s/ R.A. Moss
------------------------- ------------------------------------
R.A. Moss, Chief Operating Officer
