UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1996
Commission file Number 0-9519
REGENT TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter.)
Colorado 84-0807913
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8080 N. Central, Suite 400, Dallas Texas 75206
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(214) 369 9055
Indicate by check mark whether the registrant(1) has filed
all reports 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.
YES [X] NO [ ]
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practical
date:
Common Stock, $0.01 Par Value - 9,310,203 shares as of
August 19, 1996
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<TABLE>
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
REGENT TECHNOLOGIES, INC.
STATEMENTS OF LOSS AND ACCUMULATED DEFICIT
FOR THE THREE MONTHS AND SIX MONTHS
ENDED JUNE 30, 1996 AND 1995
(Unaudited)
(Amounts in thousands, except per share data)
<CAPTION>
Three months ended Six months ended
June 30 June 30
__________________ _________________
1996 1995 1996 1995
______ ______ ______ ______
<S> <C> <C> <C> <C>
Environmental services $ 14 $ 123 $ 15 $ 132
Oil and gas sales -- 2 -- 5
Interest income 2 -- 2 --
______ ______ ______ ______
Total Revenues 16 125 17 138
Cost of environmental services 9 70 9 80
Selling, general and
administrative expenses 25 32 48 60
______ ______ ______ ______
Operating Gain (Loss) (18) 23 (40) (2)
Depreciation, depletion and
amortization 2 4 4 9
Interest Expense - 1 - 1
______ ______ ______ ______
2 5 4 10
Net Gain (Loss) (20) 18 (44) (12)
Extraordinary Item -
Forgiveness Of Debt -- -- 46 --
Net Earnings (Loss)
Applicable to Common Stock (20) 18 2 (12)
Loss per share $(.002) $ .002 $ - $(.001)
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
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<TABLE>
REGENT TECHNOLOGIES, INC.
BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share data)
<CAPTION>
June 1996 December 1995
______________ ______________
<S> <C> <C>
ASSETS
Current Assets
Cash $ 2 $ 9
Costs and estimated earnings in
excess of billings 4 16
Accounts receivable and retainage 68 40
Notes receivable - current portion -- 2
Prepaid expenses - deposit -- 25
Other current assets 2 10
______ ______
Total Current Assets 76 101
Net oil and gas properties, using the
full cost method of accounting 29 29
Furniture and fixtures 4 4
Less accumulated depreciation 3 2
______ ______
30 31
Other Assets, Net 95 100
______ ______
TOTAL ASSETS (NOTE 3) 201 232
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
Current Liabilities
Accounts payable and
accrued liabilities $ 68 $ 72
Accrued Compensation 9 --
Notes payable to affiliates 10 10
______ ______
Total Current Liabilities 87 82
Notes Payable To Affiliate, less
current portion -- 44
Stockholder's Equity (Deficiency)
Common stock par value $0.01 per share
Authorized 100,000,000 shares
Issued and outstanding -
9,210,203 and 8,974,201 shares 92 90
Capital in excess of par value 2,232 2,228
Accumulated deficit (2,210) (2,212)
_______ _______
Total Stockholders' Equity $ 114 $ 106
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 201 $ 232
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
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<TABLE>
REGENT TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
(Amounts in thousands)
<CAPTION>
1996 1995
<S> <C> <C>
Cash Flow From Operating Activities:
Net Earnings (Loss) $ 2 $ (12)
Adjustments To Reconcile Net
Earnings (Loss) to Net Cash Provided
(Used) by Operating Activities:
Forgiveness of Debt (46) --
Depreciation 4 9
(Increase) Decrease In
Accounts receivables (23) (15)
Prepaid expenses 34 --
Other assets 14 (21)
Increase (Decrease) In
Accounts payable and
accrued liabilities (4) 16
Accrued compensation 9 --
_______ _______
Net Cash Used In Operating Activities $ (10) $ (23)
_______ _______
Cash Flow From Investing Activities:
Proceeds from sale of assets $ -- $ 37
Net Cash Provided In
Investing Activities $ -- $ 37
Cash Flow From Financing Activities:
Payment On Long-Term Debt $ -- $ (3)
Payment On Note To Stockholder -- 10
New Borrowings -- (11)
Issuance Of Common Stock 8 --
_______ _______
Net Cash Provided (Used) From
Financing Activities $ 8 $ (4)
_______ _______
Decrease in Cash (2) 10
Cash at Beginning of Year $ 9 $ 25
_______ _______
Cash at End of Period $ 7 $ 35
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
REGENT TECHNOLOGIES, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
Note 1. Summary of Significant Accounting Policies
The accompanying financial statements, which should be read
in conjunction with the financial statements of Regent Technologies,
Inc. ("the Company") included in the 1995 Annual Report filed on Form
10-KSB, are unaudited but have been prepared in the ordinary course
of business for the purpose of providing information with respect
to the interim period. The Company believes that all adjustments
(none of which were other than normal recurring accruals)
necessary for a fair presentation for such periods have been
included.
Note 2. Subsequent Events
On August 16, 1996, the Board of Directors of the Company approved
an agreement in principle under which the Company will license the
technologies necessary to offer dialup access to the Internet. The
agreement is under negotiation and will result in new restricted
stock being issued to a third party company for Internet access and
technical support.
<PAGE>
Item 2.
REGENT TECHNOLOGIES, INC.
MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
June 30, 1996
Liquidity and Capital Resources
At June 30, 1996, the Company had a working capital deficit of
$10,778. The Company has no amortization requirements under any
term loan agreements. The Company is delinquent on certain accounts
payable. The Company continues to raise monies as needed through
sale proceeds from the Company's authorized, unissued and restricted
stock. During the first and second quarters of 1996, the Company
raised $7,500 by selling new, restricted previously unissued
common stock for an average price of $.033 per share.
Results of Operations
The Company's environmental sales and services opertions are centered
in the state of New York and dependent on state and municipal funds
which have been frozen for 1996. Revenues generated for 1996 are the
result of environmental consulting activities and are not tied to
the Company's backlog as of December 31, 1995 of $192,995 which
represents a contract with the Town of Hague, New York. Activity
under this contract is presently being delayed by the Town of Hague.
Management believes that acquisitions will continue to be the primary
avenue for growth and the Company is seeking a business combination
in 1996 as a major contribution for long-term growth.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
B. Reports on Form 8-K
No reports have been filed on Form 8-K during this
quarter.
<PAGE>
REGENT TECHNOLOGIES, INC.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the registrant has duly cause this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Regent Technologies, Inc.
Registrant
August 14, 1996 David A. Nelson
Date Principal Executive and Financial Officer
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