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, 1994
[ ]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, 1994.
<PAGE>
Sunlite Technologies Corp.
Table of Contents
Page
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet at Feb 28, 1994 3
Statements of Operations
For Three Months Ended Feb. 28,1994
For Three Months Ended Feb. 28,1993 4
Statements of Cash Flows
For Three Months Ended Feb. 28, 1994
For Three Months Ended Feb. 28, 1993 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 SHEETS
ASSETS
Feb. 28, 1994
Current assets:
Cash $ 203
---
Total current assets 203
Property, plant and equipment:
Equipment and fixtures 6,500
Less accumulated depreciation 4,869
-----
Property, Plant & Equip net 1,631
Intangible assets:
Patents at cost 62,030
Less accumulated amortization 19,707
------
Patents, Net 42,323
------
$ 44,157
======
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable $ 14,533
Accrued interest 50,342
Accrued interest (related parties) 13,958
Accrued rent (related parties) 3,144
Payroll taxes payable 2,737
Notes payable 108,634
Notes payable (related parties) 51,296
-------
Total current liabilities 244,644
Stockholder's equity (deficiency):
Common stock $.0001 par value;
500,000,000 shares authorized;
37,000,000 issued and outstanding
At February 28, 1994 3,700
Additional paid in capital 553,820
Deficit accumulated during
development stage (758,007)
-------
(200,487)
-------
$ 44,157
======
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
STATEMENT OF OPERATIONS
(UNAUDITED)
3 months ended: 3 months ended:
Feb. 28th. Feb. 28th.
1994 1993
Revenues $ - $ -
Cost of sales
Gross profit - -
Selling, general and
administrative
expenses 11,214 10,112
Loss from Operations (11,214) (10,112)
Net income (loss) $(11,214) $ (10,112)
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, 1994 Feb. 29, 1993
Cash flows from
operating activities:
Net (Loss) $(11,214) $ (10,112)
Adjustments to reconcile net
income (loss) to cash flows
from operating activities:
Depreciation & amortization 1,231 1,460
(Increase) decrease in current
assets:
Accounts receivable - 1,176
Prepaid expenses - 1,286
Increase (decrease) in current
liabilities:
Accrued interest expense 7,471 4,892
Accounts payable 696 (7,889)
Notes payable 500 (3,723)
Accrued rent related parties 1,500
Cash Used by
operating activities 184 (12,910)
Cash used in investing activities
Cash flows from financing activities:
Proceeds from private sale - 15,000
Cash provided by
financing activities
Cash provided (Used)
by financing activities - 15,000
Increase (decrease) in cash
and cash equivalents - 2,090
Cash and cash equivalents,
beginning 19 -
Cash and cash equivalents,
ending 203 2,090
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
(NOTES TO CONDENSED FINANCIAL STATEMENTS)
February 28, 1994
(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, 1994 are not necessarily
indicative of results that may be expected for the year ending November 30,
1994. For further information, refer to the consolidated financial
statements and footnotes, thereto included in the Company's annual report on
form 10-K for the year ended November 30, 1993.
<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, 1994 vs. no
sales for the quarter ending Feb. 28, 1993.
The Company's net loss for the quarter ending Feb. 29, 1994 was $11,214
vs. $10,112 for the same quarter ending Feb. 28, 1993.
During fiscal year ended November 30, 1993 the Company had no sales. The
Company was inactive during the first quarter of 1994 and was seeking capital
to continue its operations.
The total liabilities at Feb. 28, 1994 were $244,644 which is broken
down as follows; $14,533 accounts payable, $50,342 accrued interest payable,
which is due on the notes payable to non related parties, $13,958 accrued
interest payable, which is due on the notes payable to related parties. Notes
payable of $108,634 due to non related parties, and notes payable of $51,296
due to related parties. 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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