Form 10Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ended: Nov. 30, 2000
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Commission File Number: 0-11050
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Mammatech Corporation
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(Exact name of registrant as specified in its charter)
Florida 59-2181303
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
930 N.W. 8th Avenue, Gainesville, Florida 32601
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(Address of principal executive offices) (Zip Code)
(904) 375-0607
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(Registrant's telephone number, including area code)
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 ninety days. Yes_______No___X____
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
Number of shares outstanding on
Nov. 30, 2000
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100,352,500 shares of which
6,208,500 are treasury shares
TITLE OF EACH CLASS
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Common stock $.0001 par value
The total number of pages of this report is 12.
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Mammatech Corporation
INDEX
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PART I.
FINANCIAL INFORMATION PAGE NO.
Item 1. Financial Statements
Statements of Operations for Three Months
Ended Nov. 30, 2000 and Nov. 30, 1999....................3
Balance Sheets for Nov. 30, 2000 and
August 31, 2000........................................4-5
Statement of Cash Flow for the Quarter
Ended Nov. 30, 2000......................................6
Statement of Cash Flow for the Quarter
Ended Nov. 30, 1999......................................7
Notes to Financial Statements for the Quarter
Ended Nov. 30, 2000..........................................8
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of Operations...............9
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...............10
SIGNATURES................................................. 11
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Mammatech Corporation
Statements of Operations
(Unaudited)
Three Months Ended
November, 2000 November, 1999
Sales, net $ 136,927 $ 133,434
Cost of sales $ 32,190 $ 33,548
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Gross Profit $ 104,737 $ 99,886
Selling, general and
administrative expense $ 115,617 $ 107,443
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Operating Income (Loss) $ (10,880) $ (7,557)
Other income
(expense)
Reimbursement (SBIR Grant) 38,555 37,205
Interest & Dividend Income 7,944 7,462
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46,499 44.667
Net Income before taxes $ 35,619 37,110
Provision for income taxes -0- -0-
Net Income 35,619 37,110
NET INCOME (LOSS) 35,619 37,110
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Net income (loss) per share .0003 .0004
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Weighted average shares 100,352,500 100,352,500
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The accompanying notes are an integral part of the financial statements.
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Mammatech Corporation
Balance Sheets
Nov. 30, 2000 Aug. 31, 2000
(Unaudited) (Audited)
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ASSETS
Cash and Cash Equivalents $ 616,434 $ 541,855
Available for sale:
securities 174,074 174,074
Accounts receivable:
Trade 51,043 82,436
Other -0- 3,548
Inventory 124,801 141,685
Deferred tax asset-
current portion 5,223 3,400
Other current assets
Total Current Assets 971,575 946,998
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Property and equipment 29,097 22,803
Deferred tax asset-
Non current portion 163,977 165,800
Other assets:
Other investments
Patents, trademarks, and
other intangibles, net of
accumulated amortization
of $66,955 and $64,675
respectively 10,461 11,899
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Total other assets 203,535 200,502
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TOTAL ASSETS $1,175,110 $1,147,500
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The accompanying notes are an integral part of the financial statements.
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Mammatech Corporation
Balance Sheets
As of August 31, 2000
and Nov. 30, 2000
(continued)
Nov.2000 Aug 2000
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long term debt 6,736 6,736
Accounts payable-trade $ 1,928 $ 29,438
Customer deposits -0- -0-
Accrued payable-officer 6,630 6,630
Accrued salaries 325,096 298,410
Accrued royalties 59,021 59,021
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TOTAL CURRENT LIABILITIES 399,411 400,235
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COMMITMENTS
Long term debt -0- -0-
Stockholders' equity:
Common stock, par value $.0001;
200,000,000 shares authorized;
100,352,500 shares issued
and outstanding $ 10,046 $ 10,046
Additional paid-in capital 2,811,183 2,811,183
Accumulated deficit (1,875,026) (1,903,460)
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946,203 917,769
Valuation allowance: mkt. sec (22,463) (22,463)
Treasury stock at cost,
6,208,500 shares ( 148,051) ( 148,051)
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775,699 747,265
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 1,175,110 $ 1,147,500
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The accompanying notes are an integral part of these statements.
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Statements of Cash Flows
November 2000
Net income (loss) $ 35,619
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization 4,500
Common stock issued for services 0
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 31,393
(Increase) decrease in available for sale securities 0
(Increase) decrease in inventory 16,884
(Increase) decrease in other assets (1,428)
(Increase) decrease in deferred tax asset 0
Increase (decrease) in accounts payable (27,510)
Increase (decrease) in accrued expenses 26,686
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Total adjustments 50,525
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Net cash provided by
operating activities 86,144
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Cash flows from investing activities:
Acquisition of property and equipment (11,565)
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Net cash (used in) investing activities (11,565)
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Cash flows from financing activities:
Repayment of note payable 0
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Net cash (used in)
financing activities 0
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Increase (decrease) in cash 74,579
Cash and cash equivalents,
beginning of period 541,855
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Cash and cash equivalents,
end of period $ 616,434
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See accompanying notes to financial statements.
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Mammatech Corporation
Statement of Cash Flow
For the Three Months Ending
Nov. 30, 1999
Net cash flow from operating activities $ 63,379
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Investing Activities:
Purchase of fixed assets 558
Financing activities:
Issuance of treasury shares -0-
Net increase (decrease) in cash 63,937
Beginning cash 342,740
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Ending cash $406,677
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The accompanying notes are an integral part of the financial statements.
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Mammatech Corporation
Notes to Financial Statements
Nov. 30, 2000
Note 1. In the opinion of the Company, the accompanying unaudited financial
statements contain all adjustments (consisting of only normal recurring
accruals) necessary to present fairly the financial position as of Nov. 30,
2000, and the results of operations and changes in financial position for
the three months ended Nov. 30, 2000.
Note 2. Loss per share is based on the weighted average number of shares
outstanding during each period.
Note 3. Gives effect to the Company's repurchasing 7,558,500 shares of stock
from shareholders for treasury stock.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITIONS AND RESULTS OF OPERATION FOR MAMMATECH CORPORATION
Net sales for the first quarter of Fiscal 2001 increased 2.6% from the previous
quarter and 32% compared to the first quarter of 2000. Operating costs of
$115,617 represent a 28.3% decrease 44% relative to the previous quarter but
increased 7.6% in comparison to the same period last year. Part of the decrease
in operating costs compared to the fourth quarter of 1999 is the result of
accruals charged to that period during the audit. The net income for the quarter
was 4.01% below that of the first quarter of 1999 but, because of the accruals,
cannot be meaningfully compared to the net income of the previous quarter.
During the quarter, the Company began supplying MammaCare Personal Learning
Systems to the Department of Health of the State of Florida. This purchase was
funded by a grant to the State from the Centers for Disease Control Breast and
Cervical Cancer Detection Program. These Learning Systems will be delivered to
health care professionals throughout the State, marking the first widespread
distribution of the Company's entry level product to this professional
community. The Health Department of the State of Kentucky continued to pursue
its goal of having MammaCare in every county. Sales to U.S. military medical
facilities remained stable. Sales to our German distributor increased slightly
over the previous periods.
The Company sought and received a no-cost extension of its Phase II SBIR project
funded by the National Cancer Institute. This will allow the Company to complete
development of the adaptive versions of the MammaCare Personal Learning Systems
for women who are blind or visually impaired and for women who are deaf or
hard-of-hearing.
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With the exception of a small note to an unaffiliated supplier for a
manufacturing facility, the Company remains debt free and has no immediate
liquidity problems. It continues to seek a relationship with a larger health
care organization.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a.) Exhibits - None
(b.) There were no reports filed on Form 8-K during the three months ending
Nov. 30, 2000.
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<PAGE>
10-Q
For the three months ended Nov. 30, 2000
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MAMMATECH CORPORATION
DATE: 01-16-01 BY: /s/ Henry S. Pennypacker
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Henry S. Pennypacker
President and Director
BY: /s/ Mary Sellers
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Mary Sellers, Treasurer
and Chief Financial Officer
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