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: May 31, 1996
[ ]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 [ ]
37,640,000 shares of Common Stock, $.0001 par value, outstanding on
May 31, 1996
<PAGE>
Sunlite Technologies Corp.
Table of Contents
Page
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet
at May 31, 1996 3
Statements of Operations-
For Three Months Ended May 31,1996
For Three Months Ended May 31,1995
For Six Months Ended May 31, 1996
For six months ended May 31, 1995 4
Statements of Cash Flows
For six months ended May 31, 1996
For six months ended May 31, 1995 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)
(UNAUDITED)
BALANCE SHEETS
May 31, 1996
ASSETS
Current assets:
Cash $ 42
Accounts receivable related
Royalty receivable 4,010
-----
Total current assets 4,052
Property, plant and equipment:
Equipment and fixtures 21,629
Less accumulated depreciation 8,963
------
Property, Plant & Equipment 12,666
Intangible assets:
Patents at cost 62,030
Less accumulated amortization 30,600
------
Patents, Net 31,430
Other assets:
Royalties receivable - long term 40,688
------
$ 88,836
======
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable $ 20,150
Accrued rent (related parties) 17,256
Payroll taxes payable 2,737
Notes payable 204,385
Notes payable (related parties) 78,649
-------
Total current liabilities 323,177
Stockholder's equity (deficiency):
Common stock $.0001 par value;
500,000,000 shares authorized;
37,640,000 issued and outstanding
At May 31, 1996 3,764
Additional paid in capital 569,756
Deficit accumulated during
development stage (807,861)
-------
(234,341)
-------
$ 88,836
======
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
STATEMENT OF OPERATIONS
(UNAUDITED)
3 months ended: 6 months ended:
May 31th. May 31th.
1996 1995 1996 1995
Revenues:
Sales $ 1,275 $ - $ 2,596 $ -
Royalty income 1,124 2,547
----- ------ ----- -----
2,399 5,143 -
Cost and expenses:
Cost of sales - - - -
------- ------ ----- -----
Selling, and administrative
expenses 16,800 10,076 32,766 20,053
Loss from Operations (14,401) (10,076) (27,623) (20,053)
Net income (loss) (14,401) $ (10,076) (27,623) $ (20,053)
Net (loss) per share nil nil nil nil
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
STATEMENT OF CASH FLOWS
(UNAUDITED)
6 months ended: 6 months ended:
May 31, 1996 May 31, 1995
Cash flows from
operating activities:
Net (Loss) $ (27,623) $ (20,053)
Adjustments to reconcile net
income (loss) to cash flows
from operating activities:
Depreciation & amortization 4,732 2,586
(Increase) decrease in current
assets:
Accounts receivable 3,789 207
Royalty receivable 2,512
Equipment (13,917)
Increase (decrease) in current
liabilities:
Accounts payable - (2,670)
Accrued interest - 2,901
Notes payable 11,667 10,360
Notes payable related 3,745 3.474
Accrued rent related parties 3,612 3,000
Cash Used by
operating activities (11,483) (195)
Cash used in investing activities
Cash used in financing activities:
Proceeds from private sale 11,500
Cash provided (used)
financing activities
------ ------
Increase (decrease) in cash
and cash equivalents 17 (195)
Cash and cash equivalents,
beginning 25 (107)
----- -----
Cash and cash equivalents,
ending 42 (302)
===== =====
<PAGE>
Sunlite Technologies Corp.
(a development stage company)
(NOTES TO CONDENSED FINANCIAL STATEMENTS)
May 31, 1996
(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 six months ended May 31, 1996 are not
necessarily indicative of results that may be expected for the year ending
November 30, 1996. 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, 1995.
<PAGE>
ITEM 2: Management's Discussion and Analysis of Financial Conditions and
Results of Operations:
Results of Operations:
The Company had gross sales of $2,399 for the three months ending May
31, 1996 as compared to no sales revenues for the three months ending May
31 1995. Gross sales for the six month period ended May 31 1996 were
$5,143 as compared to no sales revenues for the six months ended May 31,
1995.
The Company's net loss for the quarter ending May 31, 1996 was
$14,401 as compared to $10,076 for the same quarter ending May 31, 1995.
The Company had accrued interest expense of $7,706 (or 53% of the loss for
the period) which represented interest due on its outstanding loans. The
six month loss was $27,623 as compared to $20,053 for the same six month
period ending May 31, 1995. Interest expense was $15,412 for the period
(or 55% of the loss for this period).
The total liabilities at May 31, 1996 were $323,177, which consisted
of notes and interest due on the notes to non related and related parties
in the principal amount of $283,034. The Company is in default on all its
notes payable.
Liquidity and Capital Resources:
The only source of funds have been the minimum royalty payments, and
the online revenue from its Bulletin Board Service. The Company has raised
an additional $11,500 through private sales of its common stock. Management
hopes to increase its revenue from its online service subscriptions over
the balance of the fiscal year. The Company is exploring other ways to
increase the sales of the online subscriptions.
<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
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> MAY-31-1996
<CASH> 42
<SECURITIES> 0
<RECEIVABLES> 4010
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4052
<PP&E> 21629
<DEPRECIATION> 8963
<TOTAL-ASSETS> 88836
<CURRENT-LIABILITIES> 323177
<BONDS> 0
0
0
<COMMON> 3764
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> (557518)
<SALES> 1275
<TOTAL-REVENUES> 2399
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 16800
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7706
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (14401)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
