<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended MARCH 31, 2000.
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from ________________ to _________________
Commission file number 0-30252
BIOLABS, INC.
(Name of small business issuer in its charter)
NEW YORK 98-0163232
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1A-3033 KING GEORGE HIGHWAY, SURREY B.C. CANADA V4P 1B8
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (604) 542-0820
_________________________________________________________________________
Former name, former address and former fiscal year, if changed since last
report)
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 (or for such shorter
period that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
CLASS OUTSTANDING AT APRIL 21, 2000
Common Stock, par value $0.0001 10,243,075
<PAGE>
BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
PART I - FINANCIAL INFORMATION
Item 1 Financial Statements............................................ 3
Item 2 Management's Discussion and Analysis or Plan of Operation....... 9
PART II - OTHER INFORMATION
Item 1 Legal Proceedings............................................... 11
Item 2 Changes in Securities........................................... 11
Item 3 Defaults Upon Senior Securities................................. 11
Item 4 Submission of Matters to a Vote of Security Holders............. 11
Item 5 Other Information............................................... 11
Item 6 Exhibits and Reports on Form 8-K................................ 11
SIGNATURES .............................................................. 12
</TABLE>
SAFE HARBOR
This report contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including statements made
with respect to the result of operations and businesses of the Company. Words
such as "may", "should", "believe", "anticipate", "estimate", "expect",
"intend", "plan", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are based upon
management's current plans, expectations, estimates and assumptions and are
subject to a number of risks and uncertainties that could significantly
affect current plans, anticipated actions and the Company's financial
condition and results of operations. Factors that may cause actual results to
differ materially from those discussed in such forward-looking statements
include, among others, the following possibilities: (i) fluctuations in
foreign currency exchange rates; (ii) heightened competition; (iii) the
inability to carry out development plans or to do so without delays; (iv) the
loss of key executives; and (v) general economic and business conditions. The
Company does not intend to update these cautionary statements.
Page 2
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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PART I
ITEM 1 FINANCIAL STATEMENTS
BIOLABS, INC.
(a New York Corporation)
(a development stage company)
BALANCE SHEETS
(Unaudited)
(U.S.$)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 511,033 $ 411,272
Accounts receivable 17,369 19,540
Prepaid expenses 9,545 30,929
- ---------------------------------------------------------------------------------------------------
537,947 461,741
DEPOSIT ON PURCHASE 50,000 50,000
INVESTMENT IN I.D. CERTIFY, INC. - Preferred shares 800,160 800,160
LONG-TERM INVESTMENT IN:
Biomedical Diagnostics, LLC 2,736,145 2,809,814
Biotherapies Incorporated - shares (12.6%; 1999-11.1%) 1,735,000 1,335,000
OFFICE EQUIPMENT, net 17,571 17,814
- ---------------------------------------------------------------------------------------------------
$ 5,876,823 $ 5,474,529
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 327,139 $ 371,470
Promissory notes payable - related parties 40,132 40,132
- ---------------------------------------------------------------------------------------------------
367,271 411,602
- ---------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value.
Authorized 100,000,000 shares;
Issued: 2000 - 1,885,750; 1999 - 2,000,000 189 200
Common stock, $.0001 par value.
Authorized 100,000,000 shares;
Issued: 2000 - 8,458,197; 1999 - 8,178,997 846 818
Additional paid-in capital 8,835,765 7,922,442
Accumulated deficit (3,327,248) (2,860,533)
- ----------------------------------------------------------------------------------------------------
5,509,552 5,062,927
- ---------------------------------------------------------------------------------------------------
$ 5,876,823 $ 5,474,529
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 3
<PAGE>
BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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BIOLABS, INC.
(a New York Corporation)
(a development stage company)
STATEMENT OF OPERATIONS
(Unaudited)
(U.S.$)
<TABLE>
<CAPTION>
TOTAL FROM
INCEPTION
(SEPTEMBER 19,
1994) TO
MARCH 31,
FOR THE THREE MONTHS ENDED MARCH 31, 2000 1999 2000
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REVENUE $ - $ - $ -
- -------------------------------------------------------------------------------------------------------------------------
EXPENSES
Automobile 1,200 1,485 46,068
Depreciation and amortization 1,532 2,571 16,238
Interest and bank charges 543 1,934 18,682
Investor relations 79,195 61,129 202,524
Legal and accounting 85,719 24,738 371,112
Listing and share transfer fees 7,262 3,280 92,857
Management and consulting fees 110,453 79,037 1,578,344
Office and miscellaneous 39,516 26,480 143,488
Rent and occupancy costs 7,425 7,290 37,965
Salaries and benefits 7,424 3,127 30,205
Telephone 5,451 3,150 41,086
Travel and promotion 48,875 26,168 494,124
- -----------------------------------------------------------------------------------------------------------------------
394,595 240,389 3,072,693
- -----------------------------------------------------------------------------------------------------------------------
LOSS BEFORE OTHER ITEMS (394,595) (240,389) (3,072,693)
Interest and miscellaneous income 1,549 738 9,300
Equity in loss of Biomedical Diagnostics, LLC (73,669) - (263,855)
- ------------------------------------------------------------------------------------------------------------------------
NET LOSS $ (466,715) $ (239,651) $(3,327,248)
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 8,319,006 7,487,064
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
LOSS PER COMMON SHARE $ 0.06 $ 0.03
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 4
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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BIOLABS, INC.
(a New York Corporation)
(a development stage company)
STATEMENT OF STOCKHOLDERS' EQUITY
(Unaudited)
(U.S.$)
<TABLE>
<CAPTION>
MARCH 31, 2000
- -------------------------------------------------------------------------------------------------------------------------------
Common stock Preferred shares
------------------ ---------------- Additional Total
Number Number paid-in Accumulated stockholders'
of shares Amount of shares Amount capital deficit equity
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1999 8,178,997 $818 2,000,000 $200 $7,922,442 $(2,860,533) $5,062,927
Issue of common stock for settlement of debt 5,000 1 - - 34,999 - 35,000
Stock options exercised 10,000 1 - - 35,999 - 36,000
Issue of common stock for cash 140,950 14 - - 779,326 - 779,340
Stock purchase warrants exercised 9,000 1 - - 62,999 - 63,000
Preferred stock converted to common 114,250 11 (114,250) (11) - - -
Net loss - - - - - (466,715) -
- -------------------------------------------------------------------------------------------------------------------------------
Balance, March 31, 2000 8,458,197 $846 1,885,750 $189 $8,835,765 $(3,327,248) $5,976,267
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 5
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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BIOLABS, INC.
(a New York Corporation)
(a development stage company)
STATEMENT OF CASH FLOWS
(Unaudited)
(U.S.$)
<TABLE>
<CAPTION>
TOTAL FROM
INCEPTION
(SEPTEMBER 19,
1994) TO
MARCH 31,
FOR THE THREE MONTHS ENDED MARCH 31, 2000 1999 2000
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(466,715) $ (239,651) $(3,327,248)
Adjustment to reconcile net loss to cash used in
operating activities:
Depreciation and amortization 1,532 2,571 16,238
Equity in loss of Biomedical Diagnostics LLC 73,669 - 263,855
Expenses paid by issuance of stock - - 60,000
Changes in operating assets and liabilities:
Accounts receivable 2,171 (14,295) (17,369)
Prepaid expenses 21,384 (23,871) (9,545)
Promissory notes payable - - 387,527
Accounts payable (9,331) 131,992 1,354,639
- ------------------------------------------------------------------------------------------------------------------------
(377,290) (143,254) (1,271,903)
- ------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures on equipment (1,289) (11,441) (24,992)
Purchase of shares of Biotherapies Inc. (400,000) - (1,495,000)
Investment in Biomedical Diagnostics LLC - (500,000) (3,000,000)
Investment in I.D. Certify, Inc. - - (800,160)
Deposit on purchase - - (50,000)
- ------------------------------------------------------------------------------------------------------------------------
(401,289) (511,441) (5,370,152)
- ------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Common stock issued for cash 878,340 - 1,587,177
Preferred stock subscriptions - (414,000) -
Preferred stock issued for cash - 1,645,437 5,565,911
- ------------------------------------------------------------------------------------------------------------------------
878,340 1,231,437 7,153,088
- ------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN CASH 99,761 576,742 511,033
CASH, BEGINNING 411,272 82,153 -
- ------------------------------------------------------------------------------------------------------------------------
CASH, ENDING $ 511,033 $ 658,895 $ 511,033
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Common stock issued to settle debt $ 35,000 $ 872,500 $ 1,374,895
Common stock issued for shares of Biotherapies Inc. $ - $ - $ 240,000
Common stock issued for services $ - $ - $ 60,000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 6
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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BIOLABS, INC.
(a New York Corporation)
(a development stage company)
NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
(U.S.$)
MARCH 31, 2000
- -------------------------------------------------------------------------------
1. UNAUDITED FINANCIAL STATEMENTS
The accompanying unaudited condensed financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with instructions for Form 10-QSB and Item 310 of
Regulation S-B. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring adjustments) considered necessary for a fair
presentation of results of operations have been included in the financial
statements. Results of operations for the three months ended March 31, 2000
are not necessarily indicative of the results that may be expected for the
fiscal year ended December 31, 2000.
The balance sheet at December 31, 1999 has been derived from audited
financial statements at that date but does not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. A summary of the Company's
significant accounting policies and other information necessary to
understand the consolidated financial statements is included in the
Company's audited financial statements for the year ended December 31, 1999
and 1998 as contained in the Company's Form 10-KSB for its year ended
December 31,1999. Such financial statements should be read in connection
with these financial statements.
2. INCOME TAXES
The Company has reviewed its net deferred tax asset for the three month
period ended March 31, 2000, together with net operating loss carryforwards,
and has decided to forego recognition of potential tax benefits arising
therefrom. In making this determination, the Company has considered the
Company's history of tax losses incurred since inception and the fact that
the Company is still within the development stage. As a result, the
Company's net deferred tax has been fully reserved.
3. NEW ACCOUNTING STANDARD
In June 1998, the Financial Standards Board issued Statement of Financial
Accounting Standards No. 133, "Accounting for Derivative Instruments and
Hedging Activities" (SFAS 133) which established accounting and reporting
standards for derivative instruments and hedging activities. Effective for
all fiscal quarters in years beginning after June 15, 2000. SFAS 133
requires the Company to recognize all derivative instruments as either
assets or liabilities in the statement of financial position and measure
those instruments at fair value on an on-going basis. The Company is
considering the effect of adopting SFAS 133 on its financial statements and
has preliminarily determined that it will have no effect on the Company's
financial condition or results of operations. The Company plans to adopt the
statement on July 1, 2000.
4. RECLASSIFICATION
Certain reclassifications of prior year balances have been made to conform
to current year classifications.
Page 7
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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BIOLABS, INC.
(a New York Corporation)
(a development stage company)
NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
(U.S.$)
MARCH 31, 2000
- -------------------------------------------------------------------------------
5. SECURITIES TRANSACTIONS
During the quarter ended March 31, 2000, the Company completed private
placements of additional securities to six purchasers, three of whom were
pre-existing shareholders of the Company. Net proceeds from these placements
totalled $779,340. The securities were sold in units. Each unit consisted of
one common share and a one-half share purchase warrant. Each share purchase
warrant entitles the holder to purchase a common share of the Company at
prices ranging from $7.00 to $11.125. A total of 140,950 units were involved
in the transactions.
Also during the quarter ended March 31, 2000, stock options at $3.60 per
share to purchase 10,000 Common Shares were exercised by two option holders,
and stock purchase warrants at $7.00 per share to purchase 9,000 shares were
exercised by one warrant holder. The Company realized $99,000 from the
option and warrants exercised.
Page 8
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
GENERAL
BioLabs, Inc., (the "Company" or "BioLabs") is a development stage company
formed to manufacture and market certain cancer therapy tests developed by
others. The Company entered into a joint venture agreement dated as of November
4, 1998 with an unrelated entity, Biotherapies Incorporated ("Biotherapies") to
develop and commercialize a Mammastin Serum Assay (the "MSA") diagnostic. The
joint venture operates as a Michigan Limited Liability corporation. The name of
such entity is Biomedical Diagnostics, LLC (the "Joint Venture"). The Company
also owns a 12.6% minority interest in Biotherapies.
As of December 31, 1999, March 31, 2000, and currently, BioLabs holds a 50%
equity interest in the Joint Venture with Biotherapies. The Joint Venture holds
the exclusive worldwide rights to manufacture, market and distribute the MSA
diagnostic for breast cancer. The MSA is presently undergoing Phase I Clinical
Trials which are designed to provide sufficient data to seek Pre-Market Approval
("PMA") from the U.S. Food and Drug Administration ("FDA"). FDA determination
for MSA is anticipated by the first quarter of 2001.
As noted, in addition, the Company holds a 12.6% equity interest in
Biotherapies. Biotherapies is a privately held biotechnology company
specializing in the development of innovative cancer diagnostic and therapeutic
products. Biotherapies holds the exclusive rights, through the University of
Michigan, to patent applications for the use of Mammastatin as a diagnostic and
therapeutic for breast cancer. On June 15, 1999, with the financial support of
BioLabs, Biotherapies began Phase I/II of Clinical Trials utilizing Mammastatin
to treat Stage IV breast cancer, at the M.D. Anderson Cancer Center, Department
of Breast Medical Oncology, at the University of Texas. Clinical trials are
expected to end by mid 2000.
The Company intends to seek additional collaborative relationships to locate and
develop cancer inhibitor proteins associated with other common forms of cancer,
as well as continuing to fund existing research projects with Biotherapies to
discover other related proteins that perform similar growth inhibitory functions
in other frequently cancerous tissues, such as the prostate, ovary, colon and
lung.
PLAN OF OPERATION/CAPITAL REQUIREMENTS
The Company has no revenue from operations, is in the start-up phase with its
existing assets and has no significant assets, tangible or intangible, other
than the opportunities for the Joint Venture described herein. There is no
assurance that the Company will ever earn revenue, operate profitability or
provide a return on investment to its security holders. The Company's activities
to date have consisted primarily of efforts to raise funds, establish a joint
venture relationship with Biotherapies for the manufacture and sale of the MSA
test, and acquire an equity interest in Biotherapies. As currently structured,
the Company proposes to derive all its revenue from its 50% partnership in the
Joint Venture. A critical part of the Company's business plan requires the
Company to fund 50% of the costs to develop, manufacture, market and distribute
the MSA test.
Critical features of the MSA test (certain antibodies) are currently being
developed by the Joint Venture for use in clinical trials. The results of these
trials will be submitted in an application to the FDA for approval of the MSA
test as a medical device. It is anticipated that this application will be
submitted by the end of the second quarter of 2000 with FDA action with respect
to the application expected during the fourth quarter of 2000. Based on such
timetable, the MSA test is not expected to be launched in North America until
the first quarter of 2001, at the earliest.
Final product development manufacturing, marketing, sales and distribution of
the MSA test is expected to require a significant amount of additional capital.
Under the terms of the Joint Venture Agreement, each member of the Joint Venture
is obligated to fund its 50% portion of additional capital requirements. The
Company intends to finance its portion of these expenses through the proceeds of
the sales of securities by future private placements of securities or registered
public offering transactions.
At the current time, the Company's only sources for additional capital are
through transactions relating to prospective participations (licensing or other
affiliations) in its development stage assets and rights, or additional
placements of the Company's securities. In order to raise the capital required
for its future activities, until such time as the Joint
Page 9
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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Venture can generate revenues from operations, the Company anticipates
placing additional securities with investors in registered offerings or
exempt transactions.
Although the Company is also exploring licensing opportunities which would, if
consummated, enable it to pay such sums to Biotherapies, when due, without
future capital raise-ups, there can be no assurance thereof. The potential
insufficiency of funds is a significant risk factor. The Company is unable to
assure that sufficient funds will be available, when necessary, to meet its
obligations to Biotherapies, or that such funds, if available, will be available
on terms and conditions which are favourable to pre-existing investors in the
Company. The failure of the Company to meeting its obligations to Biotherapies,
when due, can result in a dilution of the Company's interest in the Joint
Venture.
LIQUIDITY
Based on the current state of affairs, Management believes that the Company has
adequate current cash resources, if appropriately allocated, to continue current
operations as is, for approximately 12 months or such sooner date, if sooner,
that the MSA test is launched as a commercial product. The Company's viability
is dependent on the achievement of certain commercialization goals and
milestones by the Joint Venture within that time period, and, even then,
continued viability may be dependent at least for some undetermined period, on
the Company's ability to attract additional investment capital. There can be no
assurance that the Company will be able to successfully raise the capital
required, when required, to meet its proportionate costs in the future. The
potential insufficiency of funds is a significant risk factor.
None of the Company's current officers are employed directly by the Company.
Although such officers are engaged substantially full-time for the Company, in
accordance with Canadian practice, they are employed by the Company through a
personal services holding company. The Company has three full-time persons
engaged through the holding Company, and two other administrative employees,
employed directly.
ADDITIONAL CAPITAL REQUIREMENTS OF THE JOINT VENTURE
In the event that additional capital is required by the Joint Venture, each
member of the Joint Venture is obligated to funds its 50% portion of the total
requirements. As noted, the Company is not aware whether Biotherapies has the
financial capacity to pay its portion of the Joint Venture expenses. Should
either member of the Joint Venture fail to fund the shortfall within 60 days of
the due date, the other member has the option to fund the shortfall and
correspondingly dilute the non-funding member's ownership interest in the Joint
Venture. The Company currently has no way of raising its portion of the Joint
Venture capital otherwise than through the sale of securities by future private
placements or registered public offering transactions.
PROPOSED TRANSACTIONS
As of March 31, 2000, the Company owned a 12.6% limited stock interest in
Biotherapies. The Company proposes to further increase its stock interest in
Biotherapies. In 1999, the Company acquired 800,000 Series C preferred shares of
I.D. Certify for $800,160. The Company proposes to exchange the 800,000 Series C
preferred shares and issue 1,100,000 BioLabs Common Shares, subject to
finalization, for 100,000 Biotherapies' shares owned by an unrelated seller,
Dynamed, Inc., a Washington State privately owned corporation, plus Dynamed's
interest in a separate joint venture with Biotherapies relating to a test for
prostrate cancer. The Company has paid a non-refundable $50,000 deposit to
Dynamed Inc. There is no assurance that the transaction will be completed, or
that if completed, it will prove to be beneficial to the Company or its security
holders. If the transaction is completed, it will increase the Company's equity
interest in Biotherapies to approximately 27%, and heighten the Company's
dependence upon the uncertain future progress of Biotherapies.
Page 10
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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PART II
ITEM 1 LEGAL PROCEEDINGS
None
ITEM 2 CHANGES IN SECURITIES
During the fiscal quarter ended March 31, 2000, the Company issued additional
Common Stock and other securities for cash and received $878,340.
The securities issuances consisted of private placements of additional Common
Stock and warrants to six purchasers, three of whom were pre-existing securities
holders of the Company. The proceeds from these placements totaled $779,340. The
securities were sold in units consisting of one Common Share and a one-half
share purchase warrant. Each share purchase warrant entitles the holder to
purchase a common share of the Company at prices ranging from $7.00 to $11.125
per share. A total of 140,950 units were involved in the transactions.
Also during the quarter ended March 31, 2000, stock options at $3.60 per share
to purchase 10,000 Common Shares were exercised by two option holders, and stock
purchase warrants at $7.00 per share to purchase 9,000 shares were exercised by
one warrant holder. The Company realized $99,000 from the option and warrants
exercised.
The units issuances, and the options and warrant exercises, did not involve an
underwriter or other placement agent. The Company received 100% of the purchase
price/exercise price of such securities. The Company relied under Section 4(2)
of the Securities Act of 1993 for its exemption from the registration
requirements with respect to such placements.
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 SUBMISSION OF MATTERS OF A VOTE OF SECURITY HOLDERS
None
ITEM 5 OTHER INFORMATION
None
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
There were no reports on Form 8-K filed by the Company during the quarter.
The following exhibits are filed herewith:
Financial Data Schedule
Page 11
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BIOLABS, INC. - FORM 10QSB - QUARTERLY REPORT
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SIGNATURES
In accordance with the requirements of the Securities Exchange Act, the
registrant caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
BIOLABS, INC.
(Registrant)
Dated May 11, 2000 /s/ E. Greg McCartney
--------------------------------------------
E. Greg McCartney
President, Chief Executive Officer
and Chairman
Dated May 11, 2000 /s/ Lawrence J. Pasemko
--------------------------------------------
Lawrence J. Pasemko
Chief Financial Officer
Page 12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEETS AND STATEMENTS OF OPERATIONS OF BIOLABS, INC. FOR THE QUARTER ENDED MARCH
31, 2000, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 511,033
<SECURITIES> 0
<RECEIVABLES> 17,369
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 537,947
<PP&E> 24,992
<DEPRECIATION> (7,421)
<TOTAL-ASSETS> 5,876,823
<CURRENT-LIABILITIES> 367,271
<BONDS> 0
0
189
<COMMON> 846
<OTHER-SE> (3,327,248)
<TOTAL-LIABILITY-AND-EQUITY> 5,876,823
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 466,715
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (466,715)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (466,715)
<EPS-BASIC> (0.06)
<EPS-DILUTED> (0.06)
</TABLE>
