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Previous: ORBIS INC, DEFR14C, 1996-11-14 |
Next: CAPITAL REALTY INVESTORS TAX EXEMPT FUND LTD PARTNERSHIP, 10-Q, 1996-11-14 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal quarter ended Commission File
September 30, 1996 Number 0-15520
ORBIS, INC.
(Exact name of registrant as specified in charter)
RHODE ISLAND 05-0396504
(State or other jurisdiction of (IRS - Employer Identification No.)
incorporation or organization)
2 Charles Street
Providence, RI 02904
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (401) 861-4228
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock,
$.01 par value
Preferred Stock,
$1.00 par value
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 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 _____
Number of shares of Common Stock outstanding at September 30, 1996:
9,450,000 (does not include 80,468 shares of treasury stock)
Number of shares of Preferred Stock outstanding at September 30, 1996:
None
TABLE OF CONTENTS
ORBIS, INC.
PART I - FINANCIAL INFORMATION
Balance Sheet
at September 30, 1996 and March 31, 1996 - - - - - - - - - - - - - - - - -
Statements of Operations
for the three months ended September 30, 1996 and 1995 and six months ended
September 30, 1996 and 1995
Statements of Cash Flows
for the six months ended September 30, 1996 and 1995 - - - - - - - - -
Notes to Financial Statements - - - - - - - - - - - - - - - - - - - - - - -
Management's Discussion of Analysis of Financial Condition and
Results of Operations - - - - - - - - - - - - - - - - - - - - - - - - - - -
PART II - OTHER INFORMATION
ORBIS, INC.
CONSOLIDATED BALANCE SHEETS
at September 30, 1996 and March 31, 1996
<TABLE>
<CAPTION>
Sept. 30 March 31
1996 1996
----------- ----------
ASSETS (unaudited) (audited)
<S> <C> <C>
Current Assets:
Cash ............................................. $ 324 $ 303
Receivables ............................... 126,466 126,466
Allowance for doubtful accounts ........... (126,466) (126,466)
Prepaid expenses .......................... 100 100
------------- ------------
Total current assets ........................... $ 424 $ 403
Equipment and fixtures, at cost (Net of
accumulated depreciation of $ 585,031 in
September 1996, and $ 585,031 in March 1996) 0 0
Other assets ................................ 0 0
------------- ------------
Total Assets ............................... $ 424 $ 403
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt ................ $ 0 $ 0
Other current liabilities ................. 2,300 0
------------- ------------
Total current liabilities ...................... $ 2,300 $ 0
Long-term debt ............................... 0 0
------------- ------------
Total Liabilities .......................... $ 2,300 $ 0
------------- ------------
Stockholders' Equity
Common stock and additional
paid-in capital .................................. $ 3,339,634 $ 3,339,634
Preferred Stock ............................. 0 0
Retained earnings (deficit).................. (3,287,218) (3,284,939)
Treasury stock .............................. (54,292) (54,292)
------------- ------------
Net stockholders' equity ....................... $ (1,876) $ 403
------------- ------------
Total Liabilities and Stockholders' Equity . $ 424 $ 403
============= ============
</TABLE>
ORBIS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Quarter Ended Six Months Ended
-------------------------- --------------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1996 1995 1996 1995
-------------- -------------- -------------- --------------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Professional Services ...................... $ 0 $ 0 $ 0 $ 0
Licenses, facilities management,
packages and VAR sales ................... 0 0 0 0
-------------- -------------- -------------- --------------
Gross Income ............................... 0 0 0 0
Cost of Goods Sold ......................... 0 0 0
-------------- -------------- -------------- --------------
Gross Profit ............................... 0 0 0 0
Operating Expenses ......................... 1,096 2,582 2,279 5,926
-------------- -------------- -------------- --------------
Income (Loss) From Operations .............. (1,096) (2,582) (2,279) (5,926)
-------------- -------------- -------------- --------------
Other Income (Expense): ....................
Net gain (loss) on disposition of assets . 0 0 0 0
Interest income .......................... 0 0 0 0
Interest expense ......................... 0 0 0 0
Miscellaneous income (expense)............ 0 0 0 0
-------------- -------------- -------------- --------------
Total other income (expense) net ....... 0 0 0 0
Net Income (loss) (1,096) (2,582) (2,279) (5,926)
============== ============== ============== ==============
Earnings (loss) per share .................. ($0.0001) ($0.0004) ($0.0002) ($0.0009)
Shares used in computing net income (loss)
per share................................. 9,450,000 6,318,782 9,450,000 6,318,782
</TABLE>
<TABLE>
<CAPTION>
ORBIS INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
- ------------------------------------------------------------------------------
<S> <C> <C>
1996 1995
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net gain (loss)..................................... $ (2,279) $ ($5,926)
------------ -------------
Adjustments to reconcile net income to cash used for
operating activities:
Depreciation and amortization ....................
(Gain) loss on disposition of assets .............
Provision for uncollectible accounts .............
Changes in assets and liabilities:
Accounts receivable ............................
Investments ......................................
Prepaid expenses and deposits .................. 1,615
Trade notes receivable .........................
Accounts payable ............................... 2,300 7,560
Accrued expenses ............................... (500)
------------ -------------
Total adjustments .................................. 2,300 8,675
------------ -------------
NET CASH USED FOR OPERATING ACTIVITIES ............. 21 2,749
------------ -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets .......................
------------ -------------
NET CASH PROVIDED BY INVESTING ACTIVITIES .......... 0 0
------------ -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Reduction of long-term debt ........................
Conversion of long term debt to equity .............
Proceeds from long-term debt .......................
Repayment of line-of-credit borrowings .............
------------ -------------
NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 0 0
------------ -------------
NET INCREASE (DECREASE) IN CASH .................... 21 2,749
CASH AND CASH EQUIVALENTS, APRIL 1 ................. 303 96
------------ -------------
CASH AND CASH EQUIVALENTS, SEPTEMBER 30 ............ $324 $2,845
============ =============
</TABLE>
See supplemental disclosures to statements of cash flows.
ORBIS INC. AND SUBSIDIARY
SUPPLEMENTAL DISCLOSURES - STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED SEPTEMBER 30, 1996 AND 1995
- ------------------------------------------------------------------------------
1996 1995
---- ----
CASH PAID DURING THE PERIOD FOR:
Interest ............................................ $ 0 $ 0
Income taxes ........................................ 0 0
NOTES TO FINANCIAL STATEMENTS
ORBIS, INC.
(UNAUDITED)
1. In management's opinion, the accompanying financial statements reflect all
adjustments which are necessary to present fairly the Company's financial
positions as of September 30, 1996 and the results of its operations and changes
in its financial position for the interim periods ended September 30, 1996 and
September 30, 1995.
PART I
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANAYLSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ORBIS, INC.
RESULTS OF OPERATIONS
The net loss before taxes for the three month period ending September 30, 1996
was $1,096 which compares with a loss of $2,582 over the corresponding period
one year ago. The net loss before taxes for the six month period ending
September 30, 1996 was $2,279 which compares with a loss of $5,926 for the first
six months of last year.
The Company did not have any new sales for the period nor does the Company have
any full-time employees at the present time. The officers and directors of the
Company continue to work on a part-time basis without compensation in an effort
to curtail expenses.
LIQUIDITY AND CAPITAL RESOURCES
An Information Statement was filed with the Securities and Exchange Commission
on July 12, 1996 and is hereby incorporated by reference and is presently being
amended. The Company expects that the meeting of stockholders will be held
during early December 1996.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings: Not applicable
Item 2. Changes in Securities: Not applicable
Item 3. Defaults upon Senior Securities: Not applicable
Item 4. Submission of Matters to a
Vote of Security: Not applicable
Item 5. Other information: Not applicable
Item 6. Exhibits and Reports on FORM 8-K: None
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
ORBIS, INC.
---------------------
Registrant
November 6, 1996 By: /s/ Pasquale Ruggieri
----------------------
Pasquale Ruggieri, Chief Executive Officer,
President, Director
and on behalf of the Registrant
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-Mos
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Sep-30-1996
<CASH> 324
<SECURITIES> 0
<RECEIVABLES> 126,466
<ALLOWANCES> 126,466
<INVENTORY> 0
<CURRENT-ASSETS> 424
<PP&E> 585,031
<DEPRECIATION> 585,031
<TOTAL-ASSETS> 424
<CURRENT-LIABILITIES> 2,300
<BONDS> 0
0
0
<COMMON> 9,450,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 424
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,096
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,096)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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