SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2000
Commission File Number 33-3385
EARTH PRODUCTS AND TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Nevada 87-0430816
(State of incorporation) (I.R.S. Employer
Identification Number)
525 South 300 East
Salt Lake City, Utah 84111
(801) 323-2395
(Address and telephone number of principal executive
officer and principal place of business)
ENVIRONMENTAL PLASMA ARC TECHNOLOGY, INC.
(Former name, changed since 1998 10-K report)
Indicate by check mark whether the issuer (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 [ ]
As of March 31, 2000, Earth Products and Technologies, Inc. had a total
of 26,281,004 shares of common voting stock issued and outstanding.
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TABLE OF CONTENTS
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements 1
Item 2. Management's Discussion and Analysis or Plan of Operations 8
PART II: OTHER INFORMATION
Item 6. Exhibits and Reports Filed on Form 8-K 9
Signatures 9
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PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Earth Products and Technologies, Inc.
Financial Statements
March 31, 2000
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CROUCH, BIERWOLF & CHISHOLM
Certified Public Accountants
50 West Broadway, Suite 1130
Salt Lake City, Utah 84101
Office (801) 363-1175
Fax (801) 363-0615
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors and Stockholders of
Earth Products and Technologies, Inc.
Salt Lake City, Utah
We have reviewed the accompanying condensed balance sheet of Earth Products
and Technologies, Inc. as of March 31, 2000 and the related condensed
statements of income and cash flows for the period then ended. These
financial statements are the responsibility of the company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the condensed financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet as of December 31, 1999, and the related
statements of income, retained earnings, and cash flows for the year then
ended (not presented herein); and in our report dated March 27, 2000, we
expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying condensed balance sheet
as of March 31, 2000, is fairly stated, in all material respects, in relation
to the balance sheet from which it has been derived.
The accompanying statements of operations and cash flows for the period ended
March 31, 1999 were not audited by us and, accordingly, we do not express an
opinion on them.
/s/ Crouch, Bierwolf & Chisholm
Crouch, Bierwolf & Chisholm
May 10, 2000
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Earth Products and Technologies, Inc.
Balance Sheets
ASSETS
March 31 December 31
2000 1999
------------- -------------
(unaudited)
CURRENT ASSETS (unaudited)
Cash and Cash Equivalents $ 12,731 $ 13,168
------------- -------------
Total Current Assets 12,731 13,168
------------- -------------
TOTAL ASSETS $ 12,731 $ 13,168
------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ - $ 250
------------- -------------
Total Liabilities - 250
------------- -------------
STOCKHOLDERS' EQUITY
Common stock, $.001 Par Value, Authorized
50,000,000 Shares; issued and outstanding
26,281,000 and 26,281,000 shares,
respectively 26,281 26,281
Additional Paid-In Capital 3,866,126 3,866,126
Retained earnings (3,879,676) (3,879,489)
------------- -------------
Total Stockholders' Equity 12,731 12,918
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 12,731 $ 13,168
============= =============
The accompanying notes are an integral part of these financial statements.
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Earth Products and Technologies, Inc.
Statements of Operations
For the three For the three
months ended months ended
March 31 March 31
2000 1999
--------------- ---------------
SALES $ - $ -
COST OF GOODS SOLD - -
--------------- ---------------
GROSS PROFIT - -
OPERATING EXPENSES
General And Administrative Expenses 186 1,407
--------------- ---------------
TOTAL OPERATING EXPENSES 186 1,407
--------------- ---------------
OPERATING INCOME (LOSS) (186) (1,407)
--------------- ---------------
OTHER INCOME AND (EXPENSES)
Interest Expense - -
--------------- ---------------
Total Other Income/(Expense) - -
--------------- ---------------
NET LOSS $ (186) $ (1,407)
=============== ===============
WEIGHTED AVERAGE LOSS PER SHARE $ (.00) $ (.00)
=============== ===============
WEIGHTED AVERAGE SHARES OUTSTANDING 26,281,000 26,281,000
=============== ===============
The accompanying notes are an integral part of these financial statements.
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Earth Products and Technologies, Inc.
Statements of Cash Flows
For the Three For the Three
months ended months ended
March 31 March 31
2000 1999
------------- -------------
Cash Flows From Operating Activities
Net income (loss) $ (186) $ (1,407)
Adjustments to Reconcile Net Income (Loss) to
Net Cash Used in Operating Activities:
Change in Assets and Liabilities
Increase/(decrease) in:
Accounts Payable (250) -
------------- -------------
Net Cash Provided (Used) by Operating Activities (436) (1,407)
------------- -------------
Cash Flows from Investing Activities
Cash paid for Notes Receivable - (2,205)
------------- -------------
Net Cash Provided (Used) by Investing Activities - (2,205)
------------- -------------
Cash Flows from Financing Activities
Proceeds from debt financing - 2,000
------------- -------------
Net Cash Provided (Used) by Financing Activities - 2,000
------------- -------------
Net Increase (Decrease) in Cash and
Cash Equivalents (436) (1,612)
------------- -------------
Cash and Cash Equivalents
Beginning 13,167 2,483
------------- -------------
Ending $ 12,731 $ 871
============= =============
Supplemental Disclosures of Cash Flow Information:
Cash payments for interest $ - $ -
Cash payments for income taxes $ - $ -
Supplemental Schedule of Noncash Investing and Financing Activities
Conversion of Debt to equity $ - $ -
The accompanying notes are an integral part of these financial statements.
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Earth Products and Technologies, Inc.
Notes to the Financial Statements
March 31, 2000
GENERAL
Earth Products and Technologies, Inc. (the Company) has elected to omit
substantially all footnotes to the financial statements for the three months
ended March 31, 2000 since there have been no material changes (other than
indicated in other footnotes) to the information previously reported by the
Company in their Annual Report filed on the Form 10-KSB for the fiscal year
ended December 31, 1999.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustment
which are, in the opinion of management, necessary to properly reflect the
results of the interim period presented. The information presented is not
necessarily indicative of the results from operations expected for the full
fiscal year.
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CROUCH, BIERWOLF & CHISHOLM
Certified Public Accountants
50 West Broadway, Suite 1150
Salt Lake City, Utah 84101
Office (801) 363-1175
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
We hereby consent to the use of our report, dated May 10, 2000, in
this quarterly report on Form 10-Q for Earth Products and Technologies, Inc.
/s/ Crouch, Bierwolf & Chisholm
Crouch, Bierwolf & Chisholm
Salt Lake City, Utah
May 10, 2000
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In this quarterly report references to "Earth Products," "we," "us," and
"our" refer to Earth Products and Technologies, Inc.
FORWARD LOOKING STATEMENTS
This Form 10-QSB contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. For this
purpose any statements contained in this Form 10-QSB that are not statements
of historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or comparable terminology are intended
to identify forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
Earth Products's control. These factors include but are not limited to
economic conditions generally and in the industries in which Earth Products
may participate; competition within Earth Product's chosen industry,
including competition from much larger competitors; technological advances and
failure by Earth Products to successfully develop business relationships.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
Plan of Operations.
------------------
For the three months ended March 31, 2000 we have had no business
operations and had no full time employees. Since our inception, we have funded
our cash requirements through debt and equity transactions. These funds have
been used for working capital, subsidiary acquisitions and development of
technology. For the next twelve months we plan to seek, investigate and, if
warranted, acquire one or more properties or businesses.
As of March 31, 2000, we had $12,731 cash on hand with no liabilities. We
have no material commitments for the next twelve months and management
believes that our current cash needs can be met with the cash on hand and
loans from management or shareholders for at least twelve months. However,
should we obtain a business opportunity, it may be necessary to raise
additional capital. This may be accomplished by selling our common stock or
debt financing. If common stock is issued it will be issued pursuant to
available exemptions provided by federal and state securities laws.
At the present time we have not identified any business opportunity that
we plan to pursue, nor have we reached any agreement or definitive
understanding with any person concerning an acquisition. In addition, there
can be no assurance that we will be successful in finding a desirable business
opportunity. We expect to encounter substantial competition in our efforts to
locate attractive opportunities, primarily from business development
companies, venture capital partnerships and corporations, venture capital
affiliates of large industrial and financial companies, small investments
companies, and wealthy individuals.
Potential investors must recognize that because of our limited capital
available for investigation and management's limited experience in business
analysis, we may not discover or adequately evaluate adverse facts about the
business opportunity to be acquired. Also, we intend to concentrate our
acquisition efforts on properties or businesses that we believe to be
undervalued or that we believe may realize a substantial benefit from being
publicly owned. Investors should expect that any acquisition candidate may
have little or no operating history, or a history of losses or low
profitability.
It is emphasized that our management may effect transactions having a
potentially adverse impact upon our shareholders pursuant to the authority and
discretion of our management to complete acquisitions without submitting any
proposal to the stockholders for their consideration.
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PART II. OTHER INFORMATION
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
(a) Part I Exhibits.
Exhibit Description
-------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K.
None
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report be signed on its behalf by the undersigned, duly
authorized.
DATED this 1st day of August, 2000.
EARTH PRODUCTS AND TECHNOLOGIES, INC.
/s/ John W. Peters
By:_______________________________________
John W. Peters, President and Director
/s/ Anita Patterson
By ________________________________________
Anita Patterson, Secretary/Treasurer, Director
