UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-QSB
--------------------------------------------------------------------------------
(Mark one)
XX QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
--------- EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2000
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
--------- OF 1934
For the transition period from ____________ to ___________
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Commission File Number: 0-28557
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Humatech, Inc.
(Exact name of small business issuer as specified in its charter)
Illinois 36-3559839
------------------------------ ------------------------
(State of incorporation) (IRS Employer ID Number)
1718 Fry Road, Suite 450, Houston TX 77084
------------------------------------------
(Address of principal executive offices)
(281) 828-2500
----------------
(Issuer's telephone number)
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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
--- ---
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: September 14, 2000: 8,482,892
Transitional Small Business Disclosure Format (check one): YES NO X
--- ---
<PAGE>
Humatech, Inc.
Form 10-QSB for the Quarter ended July 31, 2000
Table of Contents
Page
----
Part I - Financial Information
Item 1 Financial Statements 3
Item 2 Management's Discussion and Analysis or Plan of Operation 13
Part II - Other Information
Item 1 Legal Proceedings 14
Item 2 Changes in Securities 14
Item 3 Defaults Upon Senior Securities 14
Item 4 Submission of Matters to a Vote of Security Holders 15
Item 5 Other Information 15
Item 6 Exhibits and Reports on Form 8-K 15
Signatures 15
2
<PAGE>
Item 1 - Part 1 - Financial Statements
Humatech, Inc.
Balance Sheets
July 31, 2000 and 1999
(Unaudited)
July 31, July 31,
2000 1999
--------- ---------
ASSETS
------
Current Assets
Cash on hand and in bank $ 1,500 $ 18,842
Accounts receivable - trade,
net of allowance for doubtful accounts
of $-0- and $-0-, respectively 385,282 36,029
Inventories 170,468 89,992
--------- ---------
Total current assets 557,250 144,863
--------- ---------
Property and Equipment - at cost
Transportation equipment 252,758 141,996
Manufacturing and processing equipment 183,644 86,453
Office furniture and fixtures 19,012 10,955
--------- ---------
455,414 239,404
Accumulated depreciation (189,475) (139,270)
--------- ---------
Net property and equipment 265,939 100,134
--------- ---------
Other assets 395 360
--------- ---------
Total Assets $ 823,584 $ 245,357
========= =========
- Continued -
The financial information presented herein has been prepared by management
without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
Humatech, Inc.
Balance Sheets - Continued
July 31, 2000 and 1999
(Unaudited)
July 31, July 31,
2000 1999
----------- -----------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities
Cash overdraft $ 43,306 $ --
Notes payable to banks and finance companies 84,500 76,414
Notes and leases payable to affiliates -- 56,746
Customer deposits 8,800 10,500
Accounts payable - trade 118,649 70,071
Accrued interest payable 83,837 22,350
Due to officers 900,638 713,363
----------- -----------
Total current liabilities 1,239,730 949,444
----------- -----------
Long-term Liabilities
Long-term notes payable, net of current maturities 114,370 --
Notes and commitments payable to affiliates 922,327 423,077
----------- -----------
Total liabilities 2,276,427 1,372,521
----------- -----------
Commitments and Contingencies
Stockholders' Equity
Common stock - no par value
25,000,000 shares authorized
8,482,892 and 8,455,114 shares
issued and outstanding 148,157 123,157
Accumulated deficit (1,601,000) (1,250,321)
----------- -----------
Total stockholders' equity (1,452,843) (1,127,164)
----------- -----------
Total Liabilities and Stockholders' Equity $ 523,584 $ 245,357
=========== ===========
</TABLE>
The financial information presented herein has been prepared by management
without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
Humatech, Inc.
Statements of Operations and Comprehensive Income
Three months ended July 31, 2000 and 1999
(Unaudited)
Three months Three months
ended ended
July 31, July 31,
2000 1999
----------- -----------
<S> <C> <C>
Revenues
Sales, net of discounts, returns and allowances
of $-0- and $2,291, respectively
Domestic $ 87,860 $ 74,015
Related Party
Foreign, principally United Kingdom -- --
----------- -----------
Net revenues 87,860 74,015
Cost of Sales 28,390 26,860
----------- -----------
Gross Profit 59,470 47,155
----------- -----------
Operating Expenses
Research and development expenses 2,500 2,740
Commissions and other sales and marketing expenses 12,579 16,925
Officer compensation 75,000 75,000
Other operating expenses 70,482 56,493
Interest expense 20,071 3,784
Depreciation expense 14,660 7,007
----------- -----------
Total operating expenses 195,292 161,949
----------- -----------
Loss from operations (135,822) (114,794)
Provision for income taxes -- --
----------- -----------
Net Loss (135,822) (114,794)
Other Comprehensive Income -- --
----------- -----------
Comprehensive Income $ (135,822) $ (114,794)
=========== ===========
Net loss per weighted-average
share of common stock
outstanding, calculated on
Net Loss - basic and fully diluted $ (0.02) $ (0.01)
=========== ===========
Weighted-average number of shares
of common stock outstanding 8,466,889 8,455,114
=========== ===========
</TABLE>
The financial information presented herein has been prepared by management
without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
Humatech, Inc.
Statements of Cash Flows
Three months ended July 31, 2000 and 1999
(Unaudited)
Three months Three months
ended ended
July 31, July 31,
2000 1999
--------- ---------
Cash Flows from Operating Activities
Net loss for the period $(135,822) $(114,794)
Adjustments to reconcile net loss to
net cash provided by operating activities
Depreciation 14,660 7,007
(Increase) Decrease in
Accounts receivable - trade (16,513) (31,408)
Inventory (23,117) (673)
Increase (Decrease) in
Accounts payable - trade 38,374 (14,880)
Accrued interest payable 17,445 --
Due to officers 46,281 83,603
--------- ---------
Cash flows provided by (used in) operating activities (58,692) (71,145)
--------- ---------
Cash Flows from Investing Activities
Purchase of property and equipment (15,525) --
--------- ---------
Cash flows used in investing activities (15,525) --
--------- ---------
Cash Flows from Financing Activities
Increase (Decrease) in cash overdraft 43,306 (1,819)
Proceeds from sale of common stock 25,000 --
Proceeds from loans payable to affiliates -- 100,000
Principal payments on loans payable (19,399) (8,194)
--------- ---------
Cash flows provided by (used in) financing activities 48,907 89,987
--------- ---------
Increase (Decrease) in Cash and Cash Equivalents (25,310) 18,842
Cash and cash equivalents at beginning of year 26,810 --
--------- ---------
Cash and cash equivalents at end of period $ 1,500 $ 18,842
========= =========
Supplemental Disclosure of
Interest and Income Taxes Paid
Interest paid for the period $ 2,626 $ 3,784
========= =========
Income taxes paid for the period $ -- $ --
========= =========
The financial information presented herein has been prepared by management
without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
Humatech, Inc.
Notes to Financial Statements
NOTE A - Organization and Description of Business
Humatech, Inc. (Company) was incorporated on February 2, 1988 under the laws of
the State of Illinois. Due to the April 16, 1997 acquisition of a significant
business operation, the Company changed its operating year-end to April 30 and
changed its corporate name to Humatech, Inc.
On April 16, 1997, the Company acquired the assets and certain liabilities of
International Humate Fertilizer Co. (IHFC), a Nevada corporation incorporated on
February 21, 1996 under the laws of the State of Nevada. IHFC was initially
capitalized with the transfer of certain assets and assumption of all
outstanding liabilities of a Texas sole proprietorship of the same name,
effective July 1, 1996. With the acquisition of IHFC, the Company became engaged
in the development, manufacture and sale of carbon-based humate products for use
in the commercial agriculture, animal feed and home horticulture markets.
For segment reporting purposes, the Company operated in only one industry
segment during the periods represented in the accompanying financial statements
and makes all operating decisions and allocates resources based on the best
benefit to the Company as a whole.
During interim periods, the Company follows the accounting policies set forth in
its Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act
of 1934 on Form 10-KSB filed with the U. S. Securities and Exchange Commission.
The information presented herein may not include all disclosures required by
generally accepted accounting principles and the users of financial information
provided for interim periods should refer to the annual financial information
and footnotes contained in its Annual Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934 on Form 10-KSB when reviewing the interim
financial results presented herein.
In the opinion of management, the accompanying interim financial statements,
prepared in accordance with the instructions for Form 10-QSB, are unaudited and
contain all material adjustments, consisting only of normal recurring
adjustments necessary to present fairly the financial condition, results of
operations and cash flows of the Company for the respective interim periods
presented. The current period results of operations are not necessarily
indicative of results which ultimately will be reported for the full fiscal year
ending April 30, 2001.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
NOTE B - Going Concern Uncertainty
The Company has incurred cumulative net operating losses of approximately
$(1,465,000) and has used cumulative cash in operating activities of
approximately $(544,000) during the period from May 1, 1997 through April 30,
2000. Further, in prior periods, the Company was irregular in making scheduled
payments on notes payable to banks and other financing entities. Accordingly,
the lender(s) could have, at their sole discretion, declare the then outstanding
indebtedness to be immediately due and payable. The lender could have then
foreclose on a significant portion of the Company's assets, which could have a
material adverse effect on the Company's financial condition and operations.
7
<PAGE>
Humatech, Inc.
Notes to Financial Statements - Continued
NOTE B - Going Concern Uncertainty - Continued
Management is of the opinion that current sales trends and foreign demand for
the Company's products will provide sufficient cash to support the Company's
day-to-day liquidity requirements as well as retire outstanding debt and
delinquent trade payables.
The Company's continued existence is dependent upon its ability to generate
sufficient cash flows from operations to support its daily operations as well as
provide sufficient resources to retire existing liabilities and obligations on a
timely basis.
NOTE C - Summary of Significant Accounting Policies
1. Cash and cash equivalents
-------------------------
The Company considers all cash on hand and in banks, including accounts in
book overdraft positions, certificates of deposit and other highly-liquid
investments with maturities of three months or less, when purchased, to be
cash and cash equivalents.
2. Accounts receivable and revenue recognition
-------------------------------------------
In the normal course of business, the Company periodically extends
unsecured credit to unrelated customers, principally located in Texas and
Arizona, and to a related party account domiciled in the United Kingdom.
Because of the credit risk involved, management has provided an allowance
for doubtful accounts which reflects its opinion of amounts which will
eventually become uncollectible. In the event of complete non-
performance, the maximum exposure to the Company is the recorded amount of
trade accounts receivable shown on the balance sheet at the date of
non-performance.
Revenue is recognized at the time materials are shipped to the Company's
customers.
3. Inventory
---------
Inventory consists of finished goods, raw materials and related packaging
materials necessary to manufacture humate-based fertilizer products. These
items are carried at the lower of cost or market using the first-in,
first-out method.
4. Property, plant and equipment
-----------------------------
Property and equipment are recorded at historical cost. These costs are
depreciated over the estimated useful lives of the individual assets,
generally 4 to 10 years, using the straight-line method.
Gains and losses from disposition of property and equipment are recognized
as incurred and are included in operations.
5. Research and development expenses
---------------------------------
Research and development expenses are charged to operations as incurred.
8
<PAGE>
Humatech, Inc.
Notes to Financial Statements - Continued
NOTE C - Summary of Significant Accounting Policies - Continued
6. Advertising expenses
--------------------
Advertising and marketing expenses are charged to operations as incurred.
7. Income taxes
------------
The Company utilizes the asset and liability method of accounting for
income taxes. At July 31, 2000 and 1999, respectively, the deferred tax
asset and deferred tax liability accounts, as recorded when material,
consist entirely the result of temporary differences. Temporary
differences represent differences in the recognition of assets and
liabilities for tax and financial reporting purposes, primarily allowance
for doubtful accounts and accumulated depreciation.
8. Loss per share
--------------
Basic earnings (loss) per share is computed by dividing the net income
(loss) by the weighted-average number of shares of common stock and common
stock equivalents (primarily outstanding options and warrants). Common
stock equivalents represent the dilutive effect of the assumed exercise of
the outstanding stock options and warrants, using the treasury stock
method. The calculation of fully diluted earnings (loss) per share assumes
the dilutive effect of the exercise of outstanding options and warrants at
either the beginning of the respective period presented or the date of
issuance, whichever is later. As of July 31, 2000 and 1999, the Company's
outstanding warrants and/or options are antidilutive due to the Company's
net operating losses.
NOTE D - Fair Value of Financial Instruments
The carrying amount of cash, accounts receivable, accounts payable and notes
payable, as applicable, approximates fair value due to the short term nature of
these items and/or the current interest rates payable in relation to current
market conditions.
NOTE E - Due to Officers
The Company has a license agreement with the Company's President and controlling
shareholder for the use of all copyrights, trademarks, patents, trade secrets,
product formulas, customer lists and other proprietary information owned by IHFC
by virtue of the incorporation of the predecessor sole proprietorship. The
agreement requires a payment of 1.0% of the total gross sales of the Company.
For the periods ended July 31, 2000 and 1999, respectively, the Company paid or
accrued approximately $881 and $740 for royalties under this agreement.
The Company entered into an employment agreement with an individual to serve as
the Company's President and Chief Executive Officer. The agreement covers the
term from July 1, 1996 through June 30, 2001 and automatically renews for
successive two (2) year terms unless either the President or the Company gives
sixty (60) days written notice to the other. The agreement requires annual
compensation payments of $128,000 for the first year of the agreement term;
$150,000 for the second year of the agreement term and $175,000 for all
successive years of the agreement term.
9
<PAGE>
Humatech, Inc.
Notes to Financial Statements - Continued
NOTE E - Due to Officers - Continued
The Company entered into an employment agreement with an individual to serve as
the Company's Executive Vice President and Chief Financial Officer. The
agreement covers the term from July 1, 1996 through June30, 2001 and
automatically renews for successive two (2) year terms unless either the
Executive Vice President or the Company gives sixty (60) days written notice to
the other. The agreement requires annual compensation payments of $80,000 for
the first year of the agreement term; $100,000 for the second year of the
agreement term and $125,000 for all successive years of the agreement term.
As of July 31, 2000 and 1999, total cumulative amounts unpaid under these
agreements are as follows:
2000 1999
-------- --------
Officer compensation $900,638 $713,363
Royalty fees - -
-------- --------
$900,638 $713,363
======== ========
Future amounts due under the employment agreements are as follows:
Year ending
April 30, Amount
----------- --------
2001 $300,000
2002 50,000
--------
Totals $350,000
========
NOTE F - Income Taxes
The components of income tax (benefit) expense for the periods ended July 31,
2000 and 1999, respectively, are as follows:
2000 1999
----------- -----------
Federal:
Current $ - $ -
Deferred - -
----------- -----------
- -
----------- -----------
State:
Current - -
Deferred - -
----------- -----------
- -
----------- -----------
Total $ - $ -
=========== ===========
As of April 30, 2000, the Company has a net operating loss carryforward of
approximately $1,130,000 to offset future taxable income. Subject to current
regulations, this carryforward will begin to expire in 2012.
10
<PAGE>
<TABLE>
<CAPTION>
Humatech, Inc.
Notes to Financial Statements - Continued
NOTE F - Income Taxes - Continued
The Company's income tax expense for the years ended July 31, 2000 and 1999,
respectively, differed from the statutory federal rate of 34 percent as follows:
2000 1999
-------- --------
<S> <C> <C>
Statutory rate applied to earnings (loss) before income taxes $(46,179) $(39,030)
Increase (decrease) in income taxes resulting from:
State income taxes - -
Other including reserve for deferred tax asset 46,179 39,030
-------- --------
Income tax expense $ - $ -
======== ========
The deferred current tax asset on July 31, 2000 and 1999, respectively, balance
sheet consists of the following:
2000 1999
-------- --------
Current deferred tax asset $384,200 $263,800
Reserve (384,200) (263,800)
-------- --------
Net current tax asset $ - $ -
======== ========
</TABLE>
The current deferred tax asset results from the availability of the Company's
net operating loss carryforward to offset future taxable income. The Company has
fully reserved its deferred tax asset related to its net operating loss
carryforward due to the uncertainty of future usage. During the year ended April
30, 1999 and 1998, the reserve for the deferred current tax asset increased by
approximately $125,000 and 138,800, respectively.
NOTE G - Common Stock Transactions
On June 19, 2000, the Company entered into a Stock Purchase Agreement for the
purchase of 77,778 shares of restricted, unregistered common stock at a price of
$0.90 per share. As of July 31, 2000, the Company had received approximately
$25,000 under this Agreement for approximately 27,778 shares. The sales price of
the common stock is equal to approximately 50.0% of the closing price of the
Company's common stock on the respective date of the July 2000 stock issuance.
NOTE H - Commitments
On May 1, 2000, the Company entered into a Consulting Agreement with an
individual to assist in the general development of the Company's business plan.
This Agreement requires the issuance of 200,000 options to purchase an
equivalent number of shares of the Company's common stock at an exercise price
of $1.25 per share. The options fully vested upon the execution of this
Agreement. This Agreement has an initial term of 3 years and may be terminated
by either party after 90 days with 30 days notice in writing.
11
<PAGE>
Humatech, Inc.
Notes to Financial Statements - Continued
NOTE I - Subsequent Events
On August 8, 2000, the Company issued a total of 44,000 shares of stock and a
warrant to purchase up to 10,000 shares of common stock at a price of $3.00 per
share. These shares and warrant were issued to various individuals and/or
entities for various administrative services, financial consulting services and
product design and engineering services. The Company will recognize a gross
charge to operations of approximately $37,400, which is equal to 50.0% of the
closing price of the Company's common stock on the date of the settlement of
these transactions. Any difference between the "fair value" of the shares issued
pursuant to the warrants and the actual cash proceeds received will be charged
to operations on the date of each respective exercise.
On September 7, 2000, the Company sold 77.500 shares of restricted, unregistered
common stock for total proceeds of approximately $50,000 under a Stock Purchase
Agreement with an unrelated third party.
(The remainder of this page left blank intentionally)
12
<PAGE>
Part I - Item 2
Management's Discussion and Analysis of Financial Condition and Results of
Operations
(1) Caution Regarding Forward-Looking Information
This quarterly report contains certain forward-looking statements and
information relating to the Company that are based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to the Company or management. When used in this document, the words
"anticipate," "believe," "estimate," "expect" and "intend" and similar
expressions, as they relate to the Company or its management, are intended to
identify forward-looking statements. Such statements reflect the current view of
the Company regarding future events and are subject to certain risks,
uncertainties and assumptions, including the risks and uncertainties noted.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended. In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.
(2) Results of Operations
During the first quarter of Fiscal 2001 (period ended July 31, 2000) as compared
to the first quarter of Fiscal 2000, the Company experienced net revenues of
approximately $87,860 and $74,015, respectively. These revenues were principally
derived from domestic sources. The first quarter of the Company's fiscal year
experiences traditionally slower sales as this period is subsequent to the
Spring planting seasons and Fall harvesting seasons for the commercial
agricultural market. The Company remains diligent in developing both the
consumer agricultural market segment and animal feed segment to assist in
reducing the seasonality of the Company's business operations.
Costs of sales for the quarters ended July 31, 2000 and 1999 were approximately
$28,390 (32.31%) and approximately $26,860 (36.29%). The respective gross profit
margins remain relatively constant due to management's control of variable
expenses during the lower product demand periods.
The Company incurred general and administrative expenses totaling approximately
$195,300 and $162,000, respectively, for the quarters ended July 31, 2000 and
1999. The largest items in this category are officers compensation, which is
subject to long-term employment agreements, sales and marketing expenses,
payroll and various travel related expenses related to product development,
general administration and product marketing.
Overall, the Company incurred a net operating loss of approximately $(135,800)
and $(114,800) during the first quarter ended July 31, 2000 and 1999,
respectively, for a net loss per share of approximately $(0.02) and $0.01) per
share, respectively.
(3) Liquidity and Capital Resources
Due to the Company's net operating loss position, liquidity has been provided
through principal advances on loans from related parties and/or the sale of
restricted securities. The Company has had and continues to have a negative
working capital position and may be subject to the suspension of credit by
various vendors and suppliers. Any disruption in the availability of credit for
the acquisition of necessary goods and services could have an adverse effect on
the financial and operating condition of the Company.
No significant capital requirements have been identified for the near term.
Future requirements are dependent upon business activity levels, the
availability of internally generated resources and/or the continued availability
of credit from related and unrelated parties.
13
<PAGE>
(4) Year 2000 Considerations
The Year 2000 (Y2K) date change was believed to affect virtually all computers
and organizations. The Company undertook a comprehensive review of its
information systems, including personal computers, software and peripheral
devices, and its general communications systems during 1999. The Company has no
direct electronic links with any customer or supplier.
The costs associated with the Y2K date change compliance did not have a material
effect on the Company's financial position or its results of operations.
However, as the Year 2000 progresses, there can be no assurance that all of the
Company's systems, and the systems of its suppliers, shippers, customers or
other external business partners will continue to function adequately.
Part II - Other Information
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
On June 19, 2000, the Company entered into a Stock Purchase Agreement with White
Mountain Capital Group, LLC, a Utah corporation, for the purchase of 77,778
shares of restricted, unregistered common stock at a price of $0.90 per share.
As of July 31, 2000, the Company had received approximately $25,000 under this
Agreement for approximately 27,778 shares. The sales price of the common stock
is equal to approximately 50.0% of the closing price of the Company's common
stock on the respective date of the July 2000 stock issuance.
On August 8, 2000, the Company issued an aggregate total of 44,000 shares of
stock and a warrant to purchase up to 10,000 shares of common stock at a price
of $3.00 per share, as follows:
Mark Kuehn 3,000 shares for product design and development.
Eric Hooper 15,000 shares for administrative services
Gerry Hooper 1,000 shares for administrative services
deJong & Associates 25,000 shares and for financial consulting
75,000 warrants services (1)
Phillip Cate 200,000 warrants for general business consulting
Vector Marketing 10,000 warrants for product consulting services
(1) - The underlying contract for these shares and warrants was canceled by
mutual consent in September 2000 canceling the 75,000 warrants.
These shares and warrant were issued to various individuals and/or entities for
various administrative services, financial consulting services and product
design and engineering services. The Company will recognize a gross charge to
operations of approximately $37,400, which is equal to 50.0% of the closing
price of the Company's common stock on the date of the settlement of these
transactions. Any difference between the "fair value" of the shares issued
pursuant to the warrants and the actual cash proceeds received will be charged
to operations on the date of each respective exercise.
On September 7, 2000, the Company sold 77.500 shares of restricted, unregistered
common stock to Ron Isaacson, an unrelated individual, for total proceeds of
approximately $50,000 under a Stock Purchase Agreement.
Item 3 - Defaults on Senior Securities
None
14
<PAGE>
Item 4 - Submission of Matters to a Vote of Security Holders
The Company has held no regularly scheduled, called or special meetings of
shareholders during the reporting period.
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
None
--------------------------------------------------------------------------------
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.
Humatech, Inc.
March 23 , 2000 /s/ David G. Williams
-------- ------------------------------------
David G. Williams
President and Director
March 23 , 2000 /s/ John D. Rottweiler
-------- ------------------------------------
John D. Rottweiler
Chief Financial Officer and Director
15
