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 February 28, 1995
[ ]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 33-14066-NY
Sunlite Technologies Corp.
(Exact name of small business issuer as specified in its charter)
Delaware 06-1221388
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
P.O. Box 620723
Douglaston, NY 11362
(Address of principal executive offices)
(718)423-6741
(Issuer's telephone number)
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 registrant
was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [x] No[ ]
37,000,000 shares of Common Stock, $.0001 par value, outstanding on
February 28, 1995.
<PAGE>
Sunlite Technologies Corp.
Table of Contents
Page
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet at Feb. 28, 1995 3
Statements of Operations
For Three Months Ended Feb. 28,1995
For Three Months Ended Feb. 28,1994 4
Statements of Cash Flows
For Three Months Ended Feb. 28, 1995
For Three Months Ended Feb. 28, 1994 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
PART II -- OTHER INFORMATION 8
SIGNATURES 9
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
BALANCE SHEET
FEBRUARY 28 1995
ASSETS
Current assets:
Cash $ 421
-----
Total current assets 421
Property, plant and equipment:
Equipment and fixtures 6,500
Less accumulated depreciation 6,075
-----
Property, Plant & Equip net 425
Intangible assets:
Patents at cost 62,030
Less accumulated amortization 24,635
------
Patents, Net 37,395
------
$ 38,241
======
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable $ 17,481
Accrued rent (related parties) 9,144
Accrued int. Payroll taxes 2,841
Payroll taxes payable 2,737
Notes payable 177,177
Notes payable (related parties) 71,225
-------
Total current liabilities 280,605
Stockholder's equity (deficiency):
Common stock $.0001 par value;
500,000,000 shares authorized;
37,000,000 issued and outstanding
At February 28 1995 3,700
Additional paid in capital 553,820
Deficit accumulated during
development stage (799,884)
--------
(242,364)
--------
$ 38,241
=======
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
STATEMENT OF OPERATIONS
(UNAUDITED)
3 months ended: 3 months ended:
Feb. 28th. Feb. 28th.
1995 1994
Revenues:
Sales $ - $ -
- -
Cost and expenses:
Cost of sales - -
------ ------
- -
Selling and administrative
expenses 9,977 11,214
------ ------
Income (loss) before taxes
from operations ( 9,977) (11,214)
Net income (loss) $( 9,977) $ (11,214)
====== ======
Net (loss) per share nil nil
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
STATEMENT OF CASH FLOWS
(UNAUDITED)
3 months ended: 3 months ended:
Feb. 28, 1995 Feb. 28, 1994
Cash flows from
operating activities:
Net Income (loss) $( 9,977) $ (11,214)
Adjustments to reconcile net
income (loss) to cash flows
from operating activities:
Depreciation & amortization 1,293 1,231
(Increase) decrease in current
assets:
Accounts receivable 207 -
Increase (decrease) in current
liabilities:
Accrued interest exp - 7,471
Accrued int payroll taxes 2,841 -
Accounts payable (2,253) 696
Notes payable 5,180 500
Notes payable related 1,737 -
Accrued rent related parties 1,500 1,500
------ ------
Cash Used by
operating activities 528 184
Cash used in investing activities
Cash flows from financing activities:
Proceeds from private sale - -
Cash provided by
financing activities
------ -------
Cash provided (Used)
by financing activities - -
Increase (decrease) in cash
and cash equivalents - -
Cash and cash equivalents,
beginning (107) 19
------ -----
Cash and cash equivalents,
ending 421 203
====== =====
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
(NOTES TO CONDENSED FINANCIAL STATEMENTS)
February 28, 1995
(Unaudited)
Note A- BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements presented in
accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-QSB and item 310
under subpart A-Regulation S-B. Accordingly, they do not include all
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments considered necessary for a fair presentation have been
included. Operating results for the three months ended February 28, 1995
are not necessarily indicative of results that may be expected for the year
ending November 30, 1995. For further information, refer to the
consolidated financial statements and footnotes, thereto included in the
Company's annual report on form 10-KSB for the year ended November 30, 1994.
<PAGE>
ITEM 2: Management's Discussion and Analysis of Financial Conditions and
Results of Operations:
Results of Operations:
The Company had no sales for the quarter ending Feb. 28, 1995 vs. no
sales for the quarter ending Feb. 28, 1994.
The Company's net loss for the quarter ending Feb. 28, 1995 was $9,977
vs. $10,112 for the same quarter ending Feb. 28, 1994.
The Company was inactive during the first quarter of 1995 and was
seeking capital to continue its operations.
The total liabilities at Feb. 28, 1995 were $280,605 which is broken
down as follows; $17,481 accounts payable. Notes and interest due non
related parties of $177,177 and notes and interest payable to related
parties, $71,225. The Company is in default on all its notes due.
Liquidity and Capital Resources:
The only source of funds has come from the Company's ability to seek
private placements and borrow funds when needed.
Management continues to borrow the necessary funds to finance its
ongoing business and future plans. However, there is no assurance that
Management can continue to borrow any needed funds to continue its ongoing
operations.
<PAGE>
OTHER INFORMATION
Item 1. Legal Procedures
None
Item 2. Change in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information
None
Item 6. Exhibits and Reports of Form 8-K
None
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 of 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be
signed in its behalf by the undersigned, thereunto duly authorized.
Sunlite Technologies Corp.
by /s/Lewis Scala
Lewis Scala
President
Dated: August 5,1996
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<NAME> SUNLITE TECHNOLOGIES
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<PERIOD-END> FEB-28-1995
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