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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997 or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition period from ________________ to ________________
Commission file number 0-9951
ADVANCED OXYGEN TECHNOLOGIES, INC.
(Exact name of small business issuer as specified in its charter)
Delaware 91-1143622
(State of Incorporation) (I.R.S. Employer Identification No.)
300 Tice Boulevard
Woodcliff Lake, NJ 07675
(Address of principal executive offices)
201-930-8900
(Issuer's telephone number)
Check whether the issuer (1) has 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
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The number of shares of common stock outstanding as of September 30, 1996 was
4,796,252.
Transitional Small Business Disclosure Format (check one):
Yes No X
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ADVANCED OXYGEN TECHNOLOGIES, INC.
INDEX
Page
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Balance sheet as of September 30, 1997 1
Statement of income for the three month period ended
September 30, 1997 2
Statement of cash flows for the three month period
ended September 30, 1997 3
Item 2. Management's discussion and analysis of
financial condition and results of operations 4
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 4
SIGNATURE
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Advanced Oxygen Technologies, Inc.
BALANCE SHEET
SEPTEMBER 30, 1997
ASSETS
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<TABLE>
<S> <C> <C> <C>
CURRENT ASSETS
CASH $ 398
TOTAL CURRENT ASSETS $ 398*
OTHER ASSETS
DEPOSITS 524
TOTAL OTHER ASSETS 524*
TOTAL ASSETS $922*
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
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<S> <C> <C> <C>
CURRENT LIABILITIES
ACCOUNTS PAYABLE-TRADE $ 2,000
DUE TO DIRECTORS 275,000
ACCRUED LIABILITIES 71,375
TOTAL CURRENT LIABILITIES $ 348,375*
STOCKHOLDERS' EQUITY
CAPITAL STOCK 47,963
PREFERRED STOCK 1,770
ADDITIONAL PAID IN CAPTAL 19,797,051
RETAINED EARNINGS (20,187,361)
NET INCOME/LOSS (6,875)
TOTAL STOCKHOLDERS' EQUITY (347,453)*
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $922*
</TABLE>
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Advanced Oxygen Technologies, Inc.
INCOME STATEMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
--- Year to Date ---
Actual Percent
====================
<S> <C> <C>
OPERATING EXPENSES
INTEREST $ 6,875 0.0
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* TOTAL OPERATING EXPENSES 6,875 0.0
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* INCOME FROM OPERATIONS (6,875) 0.0
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* OTHER INCOME/(EXPENSE) (6,875) 0.0
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* NET INCOME BEFORE TAXES (6,875) 0.0
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* NET INCOME AFTER TAXES $(6,875) 0.0
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</TABLE>
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Advanced Oxygen Technologies, Inc.
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Current Year to Date
<S> <C> <C>
CASH FLOWS-OPERATIONS
NET INCOME (LOSS-) $(6,875) $(6,875)
NET CHANGE ACCRUED EXPENSES 6,875 6,875
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TOTAL CASH FLOWS-OPERATIONS 0 0
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NET CHANGE IN CASH $ 0 $ 0
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CASH AT BEGINNING OF PERIOD $ 398 $ 398
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CASH AT END OF PERIOD $ 398 $ 398
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Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
PLAN OF OPERATIONS
The Company has ceased operations since the sale of its technology to W.R.
Grace. Several offers to acquire the shell have been examined and deemed
inadequate. The Company continues to explore potential mergers with companies
desiring to go public by acquiring its shell. If these efforts fail, the
Company will most likely implement its Contingent Plan of Liquidation and form a
Liquidating Trust to receive and ultimately distribute royalties (if any) from
the use of its former technology by W.R. Grace. Royalties would first be paid
to debt holders and then to preferred stockholders and finally to common
stockholders. To this date, no royalties have been forthcoming from W.R. Grace.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) No exhibits
(b) No report on Form 8-K was filed during the quarter for which this
report is filed.
SIGNATURE
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.
Date: December 15, 1997 /s/ Harry Edelson
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Harry Edelson, Chairman of the Board and Chief
Executive Officer and Principal Financial Officer
