U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2000
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 0-3125
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General Devices, Inc.
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(Exact name of small business issuer as specified in its charter)
New Jersey 21-0661726
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
376 Main Street, P.O. Box 74, Bedminster, NJ 07921
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(Address of principal executive offices)
(908) 234-1881
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(Issuer's telephone number)
215 W. Church Road, Room 300, King of Prussia, PA 19406
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(Former name, former address and former fiscal year,
if changed since last report)
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 issuer 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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State the number of shares outstanding of each of the issuer's classes of
common stock: As of July 31, 2000, the issuer had 9,980,074 shares of its common
stock, par value $.01 per share, outstanding.
Transitional Small Business Disclosure Format (check one).
Yes No X
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<PAGE>
Part I - FINANCIAL INFORMATION
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Item 1 - Financial Statements
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GENERAL DEVICES, INC.
BALANCE SHEET
(UNAUDITED)
June 30,
2000
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Assets
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Current assets:
Cash $ 4,522
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Total current assets $ 4,522
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Liabilities and Shareholders' Deficit
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Current liabilities:
Accrued expenses $ 9,059
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Total liabilities 9,059
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Shareholders' deficit:
Common stock $.01 par value 10,000,000
shares authorized; 9,980,074 outstanding 99,801
Capital in excess of par value 2,022,031
Accumulated deficit (2,126,369)
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Total shareholders' deficit ( 4,537)
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Total liabilities and shareholders'
deficit $ 4,522
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See accompanying note to financial statements.
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GENERAL DEVICES, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30,
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2000 1999
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Revenues $ - $ -
General and
administrative expenses 24,056 10,619
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Loss before income taxes ( 24,056) ( 10,619)
Income taxes - -
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Net loss ($ 24,056) ($ 10,619)
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Basic and diluted net loss per share ($ .002) ($ .001)
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Weighted average number of
shares outstanding 9,980,074 9,980,074
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See accompanying note to financial statements.
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<PAGE>
GENERAL DEVICES, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
Six Months Ended
June 30,
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2000 1999
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Revenues $ - $ -
General and
administrative expenses 33,245 16,667
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Loss before income taxes ( 33,245) ( 16,667)
Income taxes 240 200
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Net loss ($ 33,485) ($ 16,867)
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Basic and diluted net loss per share ($ .003) ($ .002)
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Weighted average number of
shares outstanding 9,980,074 8,867,339
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See accompanying note to financial statements.
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<PAGE>
GENERAL DEVICES, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
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2000 1999
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Cash flows from operating activities:
Net loss ($ 33,485) ($ 16,867)
Decrease in accrued liabilities ( 25,684) -
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Net cash used in operating activities ( 59,169) ( 16,867)
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Cash flows from financing activities-
Issuance of common stock - 100,712
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Net increase (decrease) in cash
and cash equivalents ( 59,169) 83,845
Cash at beginning of period 63,691 7,237
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Cash at end of period $ 4,522 $ 91,082
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Supplemental disclosures of cash flow information:
Cash paid during the period for-
Income taxes $ 240 $ 200
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See accompanying note to financial statements.
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<PAGE>
GENERAL DEVICES, INC.
NOTE TO FINANCIAL STATEMENTS
JUNE 30, 2000 AND 1999
(UNAUDITED)
1. Basis of Presentation
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The accompanying unaudited financial statements of General Devices, Inc.
(the "Company") as of June 30, 2000 and for the three and six month periods
ended June 30, 2000 and 1999 reflect all material adjustments consisting of only
normal recurring adjustments which, in the opinion of management, are necessary
for a fair presentation of results for the interim periods. Certain information
and footnote disclosures required under generally accepted accounting principles
have been condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission, although the Company believes that the
disclosures are adequate to make the information presented not misleading. These
financial statements should be read in conjunction with the financial statements
and notes thereto included in the Company's Annual Report on Form 10-KSB for the
year ended December 31, 1999, as filed with the Securities and Exchange
Commission.
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 amount of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
Certain reclassifications have been made to the prior years' financial
statements to conform to the current year's presentation.
The results of operations for the three and six month periods ended June
30, 2000 and 1999 are not necessarily indicative of the results to be expected
for the entire year or for any other period.
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<PAGE>
Item 2 - Management's Discussion and Analysis of Financial
------ Condition and Results of Operations
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Results of Operations
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Since 1993 the Company has essentially been inactive. Prior to that time
the Company was primarily engaged in the temporary placement of technical,
clerical and computer personnel. The Company has liquidated the assets of its
former business and is actively seeking an acquisition with the goal of becoming
an operating business.
General and administrative expenses in all periods presented were
principally comprised of consulting, legal and transfer agent fees and general
office expenses.
Liquidity and Capital Resources
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At June 30, 2000 the Company had cash of $4,522. Current cash requirements
will not be met unless additional financing is provided to the Company.
Management is currently reviewing additional sources of financing.
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<PAGE>
Item 6. - Exhibits and Reports on Form 8-K
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(a) Exhibits
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(27) Financial Data Schedule for the six months ended
June 30, 2000.
(b) Reports on Form 8-K
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On June 8, 2000, the Company filed an 8-K reporting that the Board
of Directors of the Company retained Bederson & Company, LLP,
Certified Public Accountants, as its certifying accountant for the
fiscal year ended December 31, 2000, replacing Cogen Sklar LLP.
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<PAGE>
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.
GENERAL DEVICES, INC.
Dated: August 10, 2000 By: /s/ Theodore A. Raymond
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Theodore A. Raymond
President
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