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Previous: RDC INTERNATIONAL INC, 8-K/A, 2000-09-29 |
Next: QUINTEK TECHNOLOGIES INC, NT 10-K, 2000-09-29 |
WASHINGTON, D.C. 20549
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITTIES
EXCHANGE
ACT OF 1934
FOR THE PERIOD ENDED: JULY 31, 2000
COMMISSION FILE NO: 000-29663
RADIANT ENERGY CORPORATION
(EXACT NAME OF SMALL BUISINESS ISSUER AS SPECIFIED IN ITS CHARTER)
CANADA
(STATE OR OTHER JURISDICTION OF INCORPORATION)
N\A
(IRS EMPLOYER IDENTIFICATION NUMBER)
40 CENTRE DRIVE, ORCHARD PARK, NY 14127
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(716) 662-0022
(ISSUER'S TELEPHONE NUMBER)
STATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE
ISSUER'S CLASSES OF COMMON EQUITY, AS OF THE
(LATEST PRACTICABLE DATE) AUGUST 24, 2000
VOTING COMMON STOCK: 14,026,600
TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT: (CHECK ONE):YES_; NO X
JULY 31, OCTOBER 31,
2000 1999
ASSETS
Current
Cash and term deposits 2,034,611 1,981,232
Accounts receivable 1,003 -
Inventory 13,912 13,912
Deposits and prepaid expenses 86,146 1,203,316
Total current assets 2,135,672 3,198,460
Deferred charges - 67,809
Patents 336,797 357,634
Capital 574,817 663,336
3,047,286 4,287,239
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities 497,095 815,021
Current portion of long-term debt 60,900 68,484
Total current liabilities 557,995 883,505
Deferred income taxes 4,402 4,402
Long-term debt 61,029 871,808
Shareholders' equity
Share capital 10,426,627 8,721,039
Cumulative comprehensive income 5,380 5,380
Deficit (8,008,147) (6,198,895)
Total shareholders' equity 2,423,860 2,527,524
3,047,286 4,287,239
JULY 31, JULY 31,
2000 1999
REVENUE
Sales 3,428,117 350
Operating expenses, exclusive of depreciation and amortization
shown separately below 3,281,943 2,439
Gross margin 146,174 (2,089)
Interest income 101,622 -
247,796 (2,089)
EXPENSES
Marketing 724,700 236,914
General and administrative 971,416 391,633
Research and product development 223,550 121,237
Depreciation and amortization 132,172 116,937
Interest 5,210 31,730
2,057,048 898,451
Loss for the period (1,809,252) (900,540)
Deficit, beginning of period (6,198,895) (4,827,339)
Deficit, end of period (8,008,147) (5,727,879)
Basic loss per common share (0.14) (0.10)
Weighted average number of shares 13,068,440 8,703,397
JULY 31, JULY 31,
2000 1999
REVENUE
Sales - -
Operating expenses, exclusive of depreciation and amortization
shown separately below 142,275 -
Gross margin (142,275) -
Interest income 35,324 -
(106,951) -
EXPENSES
Marketing 304,703 82,566
General and administrative 326,282 133,335
Research and product development 70,691 38,823
Depreciation and amortization 15,912 7,131
Interest 475 15,884
718,063 277,739
Loss for the period (825,014) (277,739)
Deficit, beginning of period (7,183,133) (5,450,140)
Deficit, end of period (8,008,147) (5,727,879)
Basic loss per common share (0.06) (0.03)
Weighted average number of shares 13,812,442 9,782,099
JULY 31, JULY 31,
2000 1999
OPERATING ACTIVITIES
Loss for the period (1,809,252) (900,540)
Add items not affecting cash
Depreciation and amortization 132,172 116,937
Deferred taxes - (8,118)
Gain on disposal of capital assets (947) -
(1,678,027) (791,721)
Net change in non-cash working capital items relating to
operating activities
Accounts receivable (1,003) 30,796
Inventory - 339
Deposits and prepaid expenses 1,116,949 (127,866)
Accounts payable and accrued liabilities (317,090) (100,459)
Cash used in operating activities (879,171) (988,911)
INVESTING ACTIVITIES
Purchase of capital assets (35,867) (21,234)
Proceeds on disposal of capital assets 19,450 -
Cash used in investing activities (16,417) (21,234)
FINANCING ACTIVITIES
Issuance (repayment) of long-term debt (817,960) 593,250
(Increase) decrease in deferred charges 62,357 (81,038)
Issuance of common shares 1,705,588 3,274,342
Cash provided by financing activities 949,985 3,786,554
Effect of exchange rate changes on cash and equivalents (1,018) (72,847)
Net increase in cash and term deposits 53,379 2,703,562
Cash (overdraft) and term deposits, beginning of period 1,981,232 (4,578)
Cash and term deposits, end of period 2,034,611 2,698,984
Cash interest paid 28,602 21,702
JULY 31, JULY 31,
2000 1999
OPERATING ACTIVITIES
Loss for the period (825,014) (277,739)
Add items not affecting cash
Depreciation and amortization 15,912 3,137
Deferred taxes - (16,020)
Gain on disposal of capital assets (947) -
(810,049) (290,622)
Net change in non-cash working capital items relating to
operating activities
Accounts receivable 34,173 796
Inventory - 339
Deposits and prepaid expenses (61,955) (151,251)
Accounts payable and accrued liabilities (121,722) (235,516)
Cash used in operating activities (959,553) (676,254)
INVESTING ACTIVITIES
Purchase of capital assets (7,833) (5,791)
Proceeds on disposal of capital assets 19,450 -
Cash provided by (used in) investing activities 11,617 (5,791)
FINANCING ACTIVITIES
Issuance (repayment) of long-term debt (287,435) 316,374
(Increase) decrease in deferred charges 22,928 (81,038)
Issuance of common shares 391,670 3,155,124
Cash provided by financing activities 127,163 3,390,460
Effect of exchange rate changes on cash and equivalents (1,018) (20,672)
Net decrease in cash and term deposits (821,791) (2,687,743)
Cash and term deposits, beginning of period 2,856,402 11,241
Cash and term deposits, end of period 2,034,611 2,698,984
Cash interest paid 1,513 21,402
Accumulated
other
Common Comprehensive comprehensive Retained
stock income income Earnings Total
$ $ $ $ $
Balance, October 31, 1998 5,243,320 9,922 (4,827,339) 425,903
Net loss - (1,371,556) - (1,371,556) (1,371,556)
Foreign currency translation, net of tax - (4,542) (4,542) - (4,542)
Comprehensive income - (1,376,098) - - -
Proceeds on issue of shares 3,477,719 - - - 3,477,719
Balance, October 31, 1999 8,721,039 5,380 (6,198,895) 2,527,524
Net loss - (1,809,252) - (1,809,252) (1,809,252)
Foreign currency translation, net of tax - - - - -
Comprehensive income - (1,809,252) - - -
Proceeds on issue of shares 1,705,588 - - - 1,705,588
Balance, July 31, 2000 10,426,627 5,380 (8,008,147) 2,423,860
The accompanying unaudited consolidated condensed financial statements of Radiant Energy Corporation (the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation of the results for the interim period ended July 31, 2000, have been included. Operating results for the nine-month period ended July 31, 2000, are not necessarily indicative of the results that may be expected for the full year. All capitalized terms used in these notes to consolidated condensed financial statements that are not defined herein have the meanings given to them in the consolidated condensed financial statements and notes to consolidated condensed financial statements contained in the Company's registration statement on Form 10-SB filed with the SEC on February 24, 2000.
These financial statements have been prepared in accordance with U.S. generally accepted accounting principles.
All material intercompany balances and transactions have been eliminated.
The company has historically measured and presented its financial statements in Canadian dollars. Effective October 31, 1999, as a result of the company's increased economic activity in the U.S. as demonstrated by its increasingly high level of sales activity in U.S. dollars and significance of U.S. dollar denominated assets to the company's operations, the U.S. dollar has become the functional currency of the company's operations. Effective the same date, the U.S. dollar has been adopted as the reporting currency.
On December 20, 1999 the Company sold it's Newark Facility to a wholly owned subsidiary of Boeing Capital, MDFC, for $3,383,700. The facility cost $2,914,000 to construct. Contemporaneously with the sale, the Company leased the Facility for a period of seven years at a monthly rental of approximately $49,000 plus 10% of the monthly deicing revenue.
Shares authorized
Unlimited number of common shares
Issued and outstanding Number Stated
of shares capital
$
Outstanding at October 31, 1999 12,027,934 8,721,039
Issued upon conversion of 7% debentures - net of costs 951,932 682,158
Issued upon conversion of stock options 539,075 642,355
Issued upon conversion of stock options - Boeing Capital Services Corporation 415,579 381,075
1,906,586 1,705,588
Outstanding at July 31, 2000 13,934,520 10,426,627
Following, is information about the computation of earnings per share data for the periods ended July 31, 2000 and July 31, 1999.
Per-Share
Numerator Denominator Amounts
Nine months ended July 31, 2000
Net loss $ (1,809,252)
Basic earnings per share,
income available to common shareholders $ (1,809,252) 13,068,440 $(0.14)
Nine months ended July 31, 1999
Net loss $ (900,540)
Basic earnings per share,
income available to common shareholders $ (900,540) 8,703,397 $(0.10)
At July 31, 2000 options for the purchase of 976,261 shares were outstanding. At July 31, 1999 options to purchase 1,827,478 were outstanding and at July 31, 1999 the Company had 6% secured convertible debentures outstanding that were convertible to 105,840 shares and at July 31, 1999 the Company had 7% secured convertible debentures outstanding that were convertible to 1,103,652 shares. Diluted earnings per share for July 31, 2000 and July 31, 1999 have not be presented. The options and shares to be issued on conversion of convertible debentures would have an anti-dilutive impact as a result of losses being reported for these periods.
This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. For this purpose, any statements that are not statements relating to historical facts may be considered forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", and similar expressions are intended to identify forward-looking statements. In addition, forward looking statements include, but are not limited to, statements regarding future financing needs, future revenues, future profitability and factors affecting future liquidity. A number of important factors could cause the Company's actual results to differ materially from those indicated in the forward-looking statements in this discussion. Reference is made to the information under the heading "Risk Factors and Investment Considerations" under "Item 1. Description of Business" contained in the Company's Registration Statement on Form 10-SB filed with the Securities and Exchange Commission on February 24, 2000, which information is incorporated herein by reference. The forward-looking statements contained in this discussion represent the Company's judgement to update these forward-looking statements.
The following discussion and analysis presents a review of the consolidated condensed operating results and financial condition of Radiant Energy Corporation (the "Company") and its subsidiary Radiant Aviation Services, Inc. ("RAS") for the nine month period ended July 31, 2000 and 1999. This discussion and analysis should be read in conjunction with the Consolidated Condensed Financial Statements and Notes thereto contained in the Company's Registration Statement on Form 10-SB filed with the SEC on February 24, 2000.
All dollar amounts referred to in the following discussion are based on the July 31, 2000 Canadian dollar exchange rate of $1.4870 per U.S. dollar where applicable.
Reference is made to the discussions under "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Company's Registration Statement on Form 10-SB As filed with the SEC on February 24, 2000 which is incorporated herein by reference. The following discussion reflects changes since that discussion.
During the nine month period ended July 31, 2000, the Company's working capital decreased from $2,315,000 to $1,578,000, primarily as a result of continuing operating losses that were partially offset by financing activities. During that period, deposits and prepaid expenses decreased from $1,203,316 to $86,146. Deposit and prepaid expenses at October 31, 1999 included deposits with suppliers of $1,152,000, which decreased to nil as a result of the completion of the InfraTek® 2000 System at the Newark International Airport and without the commencement of any new installations.
Management expects that cash on hand will be sufficient to meet reasonably foreseeable minimum working capital, capital expenditures and rental requirements until January 2001. There is no assurance that assumed levels of revenues and expenses will prove to be accurate. Unless the Company is able to secure additional sales during the period, the Company will need to secure additional financing in order to fund its continuing operations beyond January 2001. Based on the Company's low sales and revenues to date, it currently anticipates that it will need to raise substantial additional funds in order to continue to develop its business.
The Company is considering raising funds by selling additional securities; there can be no assurance that any such efforts to raise funds will succeed.
In the event the Company is unable to generate sales or raise funds selling securities, the Company may be forced to reduce its level of operations and postpone planned development.
The Company's ability to open new de-icing installations is dependent upon its ability to finance their construction. Currently, the Company has an arrangement with Boeing Capital, which could provide financing to a maximum of $10 million. However, Boeing Capital is under no obligation to provide any financing. In the event that Boeing Capital does not provide financing, the Company will be required to secure financing from other sources. There can be no assurance that the Company will be able to obtain any such financing.
During the nine month period ended July 31, 2000, the Company issued common stock as a result of conversion of its 7% convertible subordinated debentures, exercises of incentive stock options by employees, directors and consultants, and exercise of stock options by Boeing Capital Services Corporation. In summary, capital stock was changed by these transactions as follows:
Number Stated
of shares capital
$
Outstanding at October 31, 1999 12,027,934 8,721,039
Issued upon conversion of 7% debentures - net of costs 951,932 682,158
Issued upon conversion of stock options 539,075 642,355
Issued upon conversion of stock options - Boeing Capital Services Corporation 415,579 381,075
1,906,586 1,705,588
Outstanding at July 31, 2000 13,934,520 10,426,627
After giving effect to these transactions, there were the following options outstanding as of July 31, 2000:
During the nine months ended July 31, 2000, the Company installed an InfraTek System 2000 at the Newark International Airport. On December 20, 1999, the system was turned over to the operator, Continental Airlines, Inc. ("Continental") to commence training and to start the process of system integration into their de-icing operations. By the end of January, having treated over 20 aircraft, the training and integration phase was substantially completed. Integrated operations began on February 3, 2000. By April 30, 2000, Continental had treated over 60 aircraft at the facility.
For the nine months ended revenues and the costs of sales related to revenues were as follows:
Deicing
System service centre Maintenance
sales operations services Total
$ $ $ $
REVENUE
Sales 3,383,700 25,217 19,200 3,428,117
Cost of sales
Installation cost 2,914,074 - - 2,914,074
Rent - 352,315 - 352,315
Revenue participation - 2,529 - 2,529
Other cost of sales - 11,790 1,235 13,025
Gross margin 469,626 (341,417) 17,965 146,174
During the nine month period ended July 31, 2000, RAS received $3,383,700 from the sale of the InfraTek 2000 System installed at Newark International Airport to MDFC Equipment Leasing Corporation (“MDFC”). RAS entered into an agreement to lease the facility back from MDFC. The lease provides for monthly rental payments of approximately $49,000 per month for eighty four months commencing January 20, 2000 in arrears plus 10% of deicing revenues. The Newark Facility was placed in operation on December 20, 1999 and generated $25,217 in revenue during the period. The Company also received $19,200 in maintenance revenue from the InfraTek system at Rhinelander Airport in Wisconsin. The Company’s sales or revenues during the nine month period ended July 31, 1999 were $350.
Interest income in the first nine months was $101,622 in 2000 compared to nil in 1999. The Company received interest income on its daily cash balances and from low risk term deposits.
During the nine month period, the Company continued to expand its marketing efforts. Marketing expenses in the period were $724,700 compared to $236,914 in 1999. For the same period ended July, 31 1999, the Company incurred costs related to one sales person for seven months and limited expenditures on general market activities such as advertising, travel and trade shows. As at July 31, 2000 the Company’s marketing department consisted of six individuals and incurred costs during the nine months ended July 31, 2000 related to new sales material, advertising, travel and trade shows.
General and administrative expenses for the first nine months increased to $971,416 in 2000 from $391,633 in 1999. Staffing levels remained constant between 2000 and 1999. The Company incurred higher legal and accounting expenses related to the registration of its Shares under The Securities Exchange Act of 1934. During the nine month period ended July 31, 2000, the Company incurred additional administrative expenses for consulting fees in connection with the Boeing financing, for consulting fees related to investor relations and for executive search costs related to the recruitment of senior executives.
For the nine month period ended July 31, 2000 research and development costs increased to $223,550 from $121,237 in the corresponding period during 1999. The increase in research and development costs in the current period resulted from the engagement of an independent aviation consultant to conduct comparative tests of the InfraTek treatment with conventional deicing methods with respect to refreezing on aerodynamically quiet areas of aircraft wings and increased engineering personnel. The Company also continued research on optional equipment that could be incorporated into the system.
Interest expense for the nine months ended July 31, 2000 decreased to $5,210 from $31,730 in 1999. Interest expense in 1999 related to the 6% debentures, which were converted to common shares during October 1999, the 9% secured loan that was retired in May 1999 and the 7% debentures issued during May 1999, which were converted to common shares by July 31, 2000.
Depreciation and amortization for the nine month ended July 31, 2000 increased to $132,172 from $116,937 in 1999. The increase primarily resulted from amortization of the costs related to the issuance of the 7% debenture.
At October 31, 1999, the Company had Canadian non-capital losses of approximately $424,000 and net operating losses of approximately $5,930,000 for tax purposes in the United States. For the nine months ended July 31, 2000 the Canadian non-capital losses incurred in the period were approximately $233,000 and the net operating losses incurred in the United States in the period were approximately $1,558,000. These losses may be carried forward to reduce taxable income in future years. The future benefit of these tax losses have not been recorded in the financial statements.
If not utilized, the Company's cumulative Canadian losses as of July 31, 2000 will expire as follows:
2002 120,000
2003 18,000
2005 154,000
2006 132,000
2007 233,000
If not utilized, the Company's cumulative United States losses as of July 31, 2000 will expire as follows:
2009 3,000
2010 686,000
2011 1,441,000
2012 1,178,000
2018 1,686,000
2019 936,000
2020 1,558,000
In addition, the Company has approximately $87,000 of cumulative costs relating to the issues of Shares, which are deductible over the next three years. The potential income tax benefits relating to these accumulated losses have not been recorded in the Company's accounts.
None
The following chart sets forth the securities sold by the Company during the period covered by this report without registration of the sales under the Securities Act of 1933.
The convertible 7% Debentures referred to in the chart were sold to existing shareholders of the Company on May 28, 1999 in accordance with the requirements of SEC Rule 903 and Regulation S. The issuer is a Canadian corporation. The 7% Debentures were sold pursuant to a rights offering that was made exclusively to shareholders of the Company who were not U.S. persons. At the time the offering was commenced, the Company reasonably believed that there was no substantial U.S. market interest in either the 7% Debentures or the common stock they were convertible into. When the 7% Debentures were converted, they were exchanged for common shares exclusively with existing security holders of the Company and no commission or other remuneration was paid or given directly or indirectly for soliciting the exchange, in accordance with Section 3(a)(9) of the Securities Act.
The options indicated below as granted under the Company's stock option plan were granted either (a) to persons who were directors of the Company in private transactions that were exempt under Section 4(2) of the Securities Act, or (b) exclusively in Canada to non U.S. persons at a time when the Company reasonably believed that there was no substantial U.S. market interest in either the options or the common stock the options were convertible into. The Company advised each option holder of the restricted nature under the Securities Act of the common stock purchasable on exercise of the options. For the foregoing reasons, the exercise of the options granted under the Company’s stock option plan was exempt from registration under Section 4(2) of the Securities Act. Both the grant and exercise of the options under the stock option plan were also exempt under SEC Rule 701. The options were issued under the Company’s written stock option plan, the aggregate exercise price of those options did not exceed $1,000,000 during any consecutive 12 month period, and the persons to whom options were granted were given copies of the option plan and of the options granted to them. The options exercised by Boeing Capital Corporation were issued to it in a privately negotiated transaction with a single accredited investor.
Date Number and Class Method of Sale Securities Act
of Securities Sold Exemption
May 1, 2000 1,043 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 2, 2000 6,000 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 2, 2000 10,000 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 10, 2000 110,840 Common shares at Exercise of options by Section 4 (2)
$.90 (Cdn $1.35 per share) Boeing Capital Services
Corporation
May 15, 2000 10,000 Common shares at
$2.30 (Cdn $3.45 per share) Exercise of options by Section 4 (2)
granted under Company Rule 701
Stock Option Plan
May 18, 2000 6,956 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 22, 2000 3,652 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 25, 2000 26,088 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 25, 2000 2,869 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 27, 2000 6,000 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 27, 2000 26,001 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 14,957 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 173 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 106,352 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 44,784 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 260 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 14,261 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 3,652 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 70,002 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
May 30, 2000 3,478 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.78 (Cdn $1.15 per share)
June 6, 2000 19,450 Common shares at Exercise of options Section 4 (2)
$.94 (Cdn $1.40 per share) granted under Company Rule 701
Stock Option Plan
July 15, 2000 2,344 Common shares at Conversion of 7% debenture Section 3 (a) (9)
$.98 (Cdn $1.45 per share)
None.
None.
None.
(a) Exhibits. The following exhibits are filed as part of this report.
2. Plan of acquisition, re-organization, etc. - N/A
3.(i)(a)Articles of Incorporation dated October 21, 1994; Articles of Amendment dated October 5, 1995 - (1)
3.(i)(b)Certificate of Amalgamation dated February 21, 1996; Certificate of Continuance dated February 21, 1996 - (1)
3.(i)(c)Articles of Amendment dated May 24, 2000 - (2)
3.(ii) By-laws - (1)
4. Instruments defining the rights of security holders - N/A
10. Material Contracts:
10.1 Agreement dated June 30, 1999, among and between Boeing Capital Services Corporation, Charles John Chew and others - (1)
10.2 Agreement dated June 30, 1999 between the Company and Boeing Capital Services Corporation - (1)
10.3 Agreement dated June 24, 1999 between Radiant Aviation Services, Inc. and Continental Airlines Inc. - (1)
10.4 Agreement dated May 10, 1999 between the Company and Lufthansa Engineering and Operational Services GMBH - (1)
10.5 Agreement between the Company and C. John Chew dated October 30, 1998 - (1)
10.6 Agreement between the Company and Timothy P. Seel dated November 1, 1999 - (1) *
10.7 Agreement between the Company and Robert D. Maier dated November 30, 1998 - (1) *
10.8 Agreement between the Company and Colin V.F. Digout dated February 2, 1999 - (1) *
10.8 Agreement between the Company and Timothy P. Seel dated July 31, 1998 - (1)*
10.9 Lease Agreement dated December 20, 1999 between Radiant Aviation Services, Inc. and MDFC Equipment Leasing Corporation - (1)
10.10 Company Stock Option Plan, as amended April 3, 1998 - (1)*
10.11 Patent Royalty Agreement between Messrs. Chew and Seel and the Company dated January 29, 1995 - (1)
11.0 Statement of Computation of Per Share Earnings - N/A
15.0 Letter on Unaudited Interim Financial Information - N/A
18.0 Letter re change in accounting principles - N/A
19.0 Reports furnished to security holders - N/A
22.0 Published report re matters submitted to vote - N/A
23.0 Consent of experts and Counsel - N/A
24.0 Power of attorney - N/A
27.0 Financial Data Schedule - filed herewith.
_______________________
* Compensation plan or arrangement
(1) Filed with the Commission on February 24, 2000 as an exhibit to the Registration Statement on
Form 10-SB of the registrant and incorporated herein by reference.
(2) Filed with the Commission on June 13, 2000 as an exhibit to the Form 10-QSB report of the
registrant and incorporated herein by reference.
In accordance with the requirements of the Exchange Act , the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RADIANT ENERGY CORPORATION
DATED: September 29, 2000 BY: /s/ Colin V.F. Digout
Name: Colin V.F. Digout
Title: Chief Financial Officer
CHIEF FINANCIAL OFFICER:
DATED: September 29, 2000 /s/ Colin V.F. Digout
Colin V.F. Digout
Chief Financial Officer
FINANCIAL DATA SCHEDULE
5-02 (1) Cash and cash items 2,034,611
5-02 (2) Marketable securities -
5-02 (3) (a) (1) Notes and accounts receivable-trade 1,003
5-02 (4) Allowances for doubtful accounts -
5-02 (6) Inventory 13,912
5-02 (9) Total current assets 2,135,672
5-02 (13) Property, plant and equipment 921,451
5-02 (14) Accumulated depreciation 346,634
5-02 (18) Total assets 3,047,286
5-02 (21) Total current liabilities 557,995
5-02 (22) Bonds, mortgages and similar debt 121,929
5-02 (28) Preferred stock-mandatory redemption -
5-02 (29) Preferred stock-no mandatory redemption -
5-02 (30) Common stock 10,426,627
5-02 (31) Other stockholders' equity (8,002,767)
5-02 (32) Total liabilities and stockholders' equity 3,047,286
5-03 (b) 1 (a) Net sales of tangible products 3,383,700
5-03 (b) 1 Total revenue 3,428,117
5-03 (b) 2 (a) Cost of tangible goods sold 2,914,074
5-03 (b) 2 Total costs and expenses applicable to sales and revenues 3,281,943
5-03 (b) 3 Other costs and expenses 2,057,048
5-03 (b) 5 Provision for doubtful accounts and notes -
5-03 (b) (8) Interest and amortization of debt discounts 5,210
5-03 (b) (10) Income before taxes and other items (1,809,252)
5-03 (b) (11) Income tax expense -
5-03 (b) (14) Income/loss continuing operations (1,809,252)
5-03 (b) (15) Discontinued operations -
5-03 (b) (17) Extraordinary items -
5-03 (b) (18) Cumulative effect-changes in accounting principles -
5-03 (b) (19) Net income or loss (1,809,252)
5-03 (b) (20) Earnings per share-primary (0.14)
5-03 (b) (20) Earnings per share-fully diluted (0.14)
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