--------------------------------------------------------------------------------
Kirt W. James
PRESIDENT
MIVI Biomedical Technologies, Inc.
24843 Del Prado, #318
Dana Point, CA 92629
(Name and Address of Person Authorized to Receive Notices
and Communications on Behalf of the Person Filing Statement)
--------------------------------------------------------------------------------
WITH A COPY TO:
KARL E. RODRIGUEZ, ESQ
34700 Pacific Coast Highway, Suite 303
Capistrano Beach, CA 92624
(949) 248-9561
fax (949) 248-1688
--------------------------------------------------------------------------------
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
AND
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-60567
For the Quarter ended September 30, 2000
MIVI Biomedical Technologies, Inc.
(formerly and to be restored to Last Company Clothing, Inc.)
Nevada 88-0422308
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
24843 Del Prado, Suite 318, Dana Point CA 92626
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949)248-8933
The Common Stock registered pursuant to Section 12(g)of the Act: Common Stock
4,896,800
Yes [X] No [ ] (Indicate by check mark whether the Registrant (1) has filed
all report 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 September 30, 2000, the number of shares outstanding of the Registrant's
Common Stock was 4,896,800.
1
ITEM 1. FINANCIAL STATEMENTS.
Attached hereto and incorporated herein by this reference are the following
financial statements:
--------------------------------------------------------------------------------
Exhibit FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
00-QF3 Un-Audited Financial Statements for the three months and nine months
ended September 30, 2000
--------------------------------------------------------------------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION FOR THE NEXT TWELVE MONTHS. None at this time. Please
see Part II, Item 5. Management is reviewing the feasibility or reinstating our
original business plan. No decision has been made in this respect. Accordingly,
we may now be deemed to be a blank check company as defined in Rule 419;
namely, a company seeking a business or business combination. As of the date of
filing this report, no plan has been formulated.
(1) CASH REQUIREMENTS AND OF NEED FOR ADDITIONAL FUNDS, TWELVE MONTHS.
None at this time. Our accounts payable are legal and professional fees capable
of deferment without prejudice.
(2) SUMMARY OF PRODUCT RESEARCH AND DEVELOPMENT. None.
(3) EXPECTED PURCHASE OR SALE OF PLANT AND SIGNIFICANT EQUIPMENT. None.
(4) EXPECTED SIGNIFICANT CHANGE IN THE NUMBER OF EMPLOYEES. None.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Information from the last quarter is provided for reference.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Balance Sheet . . . 9/30/00 6/30/00 12/31/99
--------------------------------------------------
Cash. . . . . . . . $ 2,779 $ 2,779 $ 8,979
Accounts Receivable 0 0 0
--------------------------------------------------
Total Assets. . . . 2,779 2,779 8,979
Accounts Payable. . 26,622 7,268 0
Other Liabilities . 0 0 0
--------------------------------------------------
Total Liabilities . 26,622 7,268 0
==================================================
</TABLE>
Our Accounts payable consist primarily of legal and professional fees.
2
Inception Inception
March 26, March 26,
1999 1999
to to
Operations. April 1 to June 30 June 30, Sept 30,
2000 1999 2000 2000
-----------------------------------------------------------------------
Revenues:. . $ 0 $ 0 $ 0 $ 1,000
(Expenses):. (13,468) (41,749) (116,717) (137,071)
Net (Loss) . (13,468) (41,749) (116,717) (136,071)
-----------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Operations . July 1 to September 30 January 1 to September 30
2000 1999 2000 1999
--------------------------------------------------------------------------------------
Revenues:. . $ 1,000 $ 0 $ 1,000 $ 0
(Expenses):. (20,354) (0) (33,822) (0)
Net (Loss) . (19,354) 0 (32,822) 0
</TABLE>
Our expenses consist primarily of legal and professional fees. We enjoyed
some incidental non-recurring revenues not considered indicative of future
results.
PART II: OTHER INFORMATION
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
(a) On July 5, shareholders approved the following:
(1) increase the number of directors to a maximum of 15;
(2) effect an increase in the authorized capital of the Corporation, from
the present 50,000,000 shares, to 100,000,000 shares of common stock, AND effect
a forward split of the issuer's common stock, every one share to become two
shares on the record date of July 20, 2000;
(3) effect an acquisition of M-I Vascular Innovations, Inc., a Delaware
Corporation, in exchange for the issuance of common shares on a one-to-one
basis, not to exceed 20,000,000 post-split shares;
3
(4) effect a change of the name of the corporation to become MIVI
Biomedical Technologies, Inc., or its substantially similar equivalent; and
(5) elect the following persons as directors to take office upon closing of
acquisition of MIVI Biomedical Technologies, Inc., or similar name: (1) Dr.
Robert Ian Gordon Brown; (2) Dr. Jean-Francois Marquis; (3) James D. Davidson;
(4) Alan P. Lindsay; (5) Zhi-Yong (John) Ma; (6) Ronald L. Handford; (7) Kita
Tosetti; (8) Peter K. Jensen; (9) Michael Smith; and (10) Stephen Walters.
(b) On October 12, 2000, the acquisition having failed, majority shareholders
approved the following:
To restore the corporate name to its former name, Last Company Clothing,
Inc.
ITEM 5. OTHER INFORMATION
(A) NO ACQUISITION. The possible acquisition (previously announced) of M-I
Vascular Innovations, Inc., in exchange for the issuance of common shares on a
one-to-one basis, not to exceed 20,000,000 post-split shares, has been cancelled
and will not take place.
(B) NO CHANGE OF MANAGEMENT. The following persons shall not become officers or
directors of this corporation: (5.1) Dr. Robert Ian Gordon Brown, (5.2) Dr.
Jean-Francois Marquis, (5.3) James D. Davidson, (5.4) Alan P. Lindsay, (5.5)
Zhi-Yong (John) Ma, (5.6) Ronald L. Handford, (5.7) Kita Tosetti, (5.8) Peter K.
Jensen, (5.9) Michael Smorch, and (5.10) Stephen Walters.
Kirt W. James and Pete Chandler continue as our Officers/Directors.
(C) FORMER BUSINESS PLAN. Management is reviewing the feasibility or
reinstating our original business plan. No decision has been made in this
respect. Accordingly, we may now be deemed to be a blank check company as
defined in Rule 419; namely, a company seeking a business or business
combination.
(D) AFFILIATE SHARES. It is the view of the Staff of the Commission that, both
before and after the business combination or transaction with an operating
entity or other person, the promoters or affiliates of blank check companies, as
well as their transferee are `underwriters' of the securities issued.
Accordingly, we are also of the view that the securities involved can only be
resold through registration under the Securities Act. Similarly Rule 144 would
not be available for resale transactions in this situation. Reference is made to
Rule 145. It is accordingly the opinion of our Special Securities Counsel that
the (pre-split) 2,200,000, (post-split) 4,400,000, affiliate-owned shares are
not entitled to rely on Rule 144 or 4(1) of the Securities Act of 1933, for
resale. These shares are unregistered securities which cannot be resold without
registration.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) On or about July 20, 2000, we announced the possible acquisition of M-I
Vascular Innovations, Inc., and a forward split of the issuer's common stock,
every one share to become two shares, including the increase of authorized
capital from 50,000,000 to 100,000,000 shares, and a name change to MIVI
Biomedical Technologies, Inc.
(b) On or about August 15, 2000 (subsequent event to this Quarter) we
announced that the acquisition had not taken place and indicated doubt that it
would.
(c) In fact, as reported herein, that acquisition will not take place.
4
EXHIBIT INDEX
--------------------------------------------------------------------------------
FINANCIAL STATEMENTS AND DOCUMENTS
--------------------------------------------------------------------------------
Exhibit FINANCIAL STATEMENTS
00-QF3 Un-Audited Financial Statements for the three months and nine months
ended September 30, 2000
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-Q Report for the Quarter ended September 30, 2000, has been signed below
by the following person on behalf of the Registrant and in the capacity and on
the date indicated.
Dated: October 16, 2000
MIVI BIOMEDICAL TECHNOLOGIES, INC.
by
/S/Kirt W. James /s/Pete Chandler
Kirt W. James Pete Chandler
president/director secretary/director
5
--------------------------------------------------------------------------------
EXHIBIT 00-QF3
UN-AUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS AND NINE MONTHS
ENDED SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
6
MIVI BIOMEDICAL TECHNOLOGIES, INC.
BALANCE SHEET (UNAUDITED)
For the fiscal year ended December 31, 1999
And the nine month period ended September 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, December 31,
2,000 1999
(Unaudited)
------------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,779 $ 8,979
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . 2,779 8,979
------------------------------------------------------------------------------------------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . $ 2,779 $ 8,979
==========================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable . . . . . . . . . . . . . . . . . . . $ 26,622 $ 0
------------------------------------------------------------------------------------------
TOTAL LIABILITIES. . . . . . . . . . . . . . . . . . . $ 26,622 $ 0
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 4,896,800 shares,
and 4,896,800 shares respectively . . . . . . . . . 4,897 4,897
Additional Paid-In Capital . . . . . . . . . . . . . . 107,331 109,560
Accumulater Equity (Deficit) . . . . . . . . . . . . . (136,071) (103,249)
------------------------------------------------------------------------------------------
Total Stockholders' Equity . . . . . . . . . . . . . . (23,843) 11,208
------------------------------------------------------------------------------------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY . . . . . . . $ 2,779 $ 11,208
==========================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
MIVI BIOMEDICAL TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
September 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
From
Inception on
From July From July From January From January March 26,
1, 2000 to. 1, 1999 to 1, 2000 to 1, 1999 to 1999 through
September 30, September 30, September 30, September 30, September 30,
2000 1999 2000 1999 2000
Revenues. . . . . . . . . $ 1,000 -0- $ 1,000 -0- $ 1,000
-------------------------------------------------------------------------------------------------------------
Net Loss from Operations. 20,354 -0- 33,822 -0- 137,071
Net Income (Loss) . . . . ($19,354) -0- ($32,822) -0- ($136,071)
=============================================================================================================
Loss per Share. . . . . . $ 0.00395 -0- $ 0.00670 -0- $ 0.02785
=============================================================================================================
Weighted Average
Shares Outstanding. . 4,896,800 4,848,400 4,896,800 4,456,800 4,886,324
=============================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
MIVI BIOMEDICAL TECHNOLOGIES, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)(UNAUDITED)
For the period from inception of the Development Stage
On March 26, 1999, through December 31, 1999
And for the nine months ended September 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Additional Accumulated Total Stock-
Common Par Paid-In Equity holders' Equity
Stock Value Capital (Deficit) (Deficit)
Common Stock issued at inception, 4,456,800 4,457 (2,229) 0 2,228
March 26, 1999
Common Stock sold for cash at
$0.50 per share . . . . . . . 440,000 440 109,560 0 0
Net Loss during the period
ended December 31, 1999 . . . 0 0 0 (103,249) 0
---------- ----------- ------------- --------- ----------------
Balances at December 31, 1999 . . 4,896,800 4,897 107,331 (103,249) 8,979
Net Loss during the period
ended September 30, 2000. . . 0 0 0 (32,822) 0
---------- ----------- ------------- --------- ----------------
Balances at September 30, 2000. . 4,896,800 4,897 107,331 (136,071) (23,843)
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
MIVI BIOMEDICAL TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOW (UNAUDITED)
For the periods ended September 30, 1999 and 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
From
Inception on
March 26,
For the periods 1999 through
ended September 30, September 30,
2000 1999 2000
------------------------------------------------------------------------------------------
Operating Activities
Net Income (Loss). . . . . . . . . . . . . . . ($32,822) ($41,749) ($136,071)
Less items not effecting cash:
shares issued for services . . . . . . . . 0 0 2,228
increase in accounts payable . . . . . . . 26,622 0 26,622
---------------------------------------------------------------------------------------
Net Cash from Operations . . . . . . . . . . . (6,200) (41,749) (107,221)
Cash Increase (Decrease) sale of Common Stock. 0 110,000 110,000
---------------------------------------------------------------------------------------
Net increase (decrease) in cash. . . . . . . . (6,200) 68,251 2,779
Beginning Cash . . . . . . . . . . . . . . . . 8,979 -0- 0
Cash as of Statement Date. . . . . . . . . . . $ 2,779 $ 68,251 $ 2,779
=======================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
MIVI BIOMEDICAL TECHNOLOGIES, INC.
NOTES TO FINANCIAL STATEMENTS
for the fiscal year ended December 31, 1999
and for the periods ended September 30, 1999 and 2000
NOTES TO FINANCIAL STATEMENTS
MIVI Biomedical Technologies, Inc ("the Company") has elected to omit
substantially all footnotes to the financial statements for the nine months
ended September 30, 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.
STOCKHOLDERS' EQUITY STATEMENT
In July, 2000, the Shareholders of the Company elected to forward split the
Company's common stock on the basis of two new shares for each one existing
share. The Statements of Stockholders' Equity have been prepared to present the
forward split as if it had been in effect since inception.
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.
11
