FORM 10-QSB
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(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, 1997
[ ] 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[ ]
37,890,000 shares of Common Stock, $.0001 par value,
outstanding on February 28, 1997.
</PAGE>
Sunlite Technologies Corp.
Table of Contents
Page
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet at Feb. 28, 1997 3
Statements of Operations
For Three Months Ended Feb. 28,1997
For Three Months Ended Feb. 29,1996 4
Statements of Cash Flows
For Three Months Ended Feb. 28, 1997
For Three Months Ended Feb. 29, 1996 5
Statement of Stockholders Equity (Deficiency)
Balance as of Feb. 28, 1997 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis
of Financial Condition and results of
Operations. 8
PART II -- OTHER INFORMATION 9
SIGNATURES 10
</PAGE>
Sunlite Technologies Corp.
(a development stage company)
BALANCE SHEET
FEBRUARY 28 1997
(UNAUDITED)
ASSETS
Current assets:
Cash $ 671
Accounts receivable 250
____
Total current assets 921
Property, plant and equipment:
Equipment and fixtures 21,135
Less accumulated depreciation 9,375
______
Property, Plant & Equip net 11.760
Intangible assets:
Patents at cost 62,030
Less accumulated amortization 34,179
______
Patents, Net 27,851
______
$ 40,532
======
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable $ 15,956
Accrued rent (related parties) 17,570
Payroll taxes payable 2,737
Notes payable 241,950
Notes payable (related parties) 84,455
_______
Total current liabilities 362,668
Stockholder's equity (deficiency):
Common stock $.0001 par value;
500,000,000 shares authorized;
37,890,000 issued and outstanding
As of February 28 1997 3,789
Additional paid in capital 575,981
Deficit accumulated during
development stage (901,906)
_______
(322,136)
_______
$ 40,532
======
</PAGE>
Sunlite Technologies Corp.
(a development stage company)
STATEMENT OF OPERATIONS
(UNAUDITED)
3 months ended: 3 months ended:
Feb. 28th. Feb. 29th.
1997 1996
-------------- ---------------
Income:
Internet subscriptions $ 1,716 $ 1,321
Royalty income - 1,423
Radio advertising 2,000 -
3,716 2,744
Cost and expenses:
Internet expenses 2,709 -
Radio show expenses 6,200 -
------- ------
8,909 -
General and administrative
expenses 17,066 15,966
------ ------
Income (loss) before taxes
from operations (22,259) (13,222)
Net income (loss) $(22,259) $ (13,222)
====== ======
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, 1997 Feb. 29, 1996
Cash flows from
operating activities:
Net Income (loss) $(22,259) $ (13,222)
Adjustments to reconcile net
income (loss) to cash flows
from operating activities:
Depreciation & amortization 3,243 2,136
(Increase) decrease in current
assets:
Accounts receivable - 3,789
Royalty receivable - 576
Equipment - (8,644)
Increase (decrease) in current
liabilities:
Accounts payable 1,258 -
Notes payable 8,282 5,834
Notes payable related 2,060 1,873
Accrued rent related parties (500) 2,112
------ -----
Cash Used by
operating activities (7,916) (5,546)
Cash flows from financing activities:
Proceeds from private sale 5,000 10,000
______ ______
Increase (decrease) in cash
and cash equivalents (2,916) 4,454
Cash and cash equivalents,
beginning 3,587 25
_____ _____
Cash and cash equivalents,
ending 671 4,479
===== =====
</PAGE>
Sunlite Technologies Corp.
(a development stage company)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
(UNAUDITED)
Common Add'l Paid Accumulated
Stock in Capital Deficit
________ ___________ _________
November 30, 1996 $ 3,769 $ 571,001 $ (879,647)
Feb. 10, 1997 in a
private placement
issued 200,000 shares 20 4,980
Net (loss) for period (22,259)
________ ________ ______
Balance at:
Feb 28, 1997 $ 3,789 $ 575,981 $ (901,906)
====== ======= =======
</PAGE>
Sunlite Technologies Corp.
(a development stage company)
(NOTES TO CONDENSED FINANCIAL STATEMENTS)
February 28, 1997
(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, 1997 are not necessarily indicative of results that
may be expected for the year ending November 30, 1997. 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, 1996.
Note B- Stockholders Equity
On February 10, 1997 the Company sold in a private transaction 200,000
shares of stock to a private individual at $.025 per share for a total of
$5000. This money was added to the general working fund. This has increased
the outstanding shares to 37,890,000 from the year end of 37,690,000 issued
and outstanding.
ITEM 2: Management's Discussion and Analysis of Financial Conditions and
Results of Operations:
Results of Operations:
Gross Income was $3,716 for the quarter ending February 28, 1997 compared
to Gross Income of $2,744 for the same quarter ending 1996.
The loss for the quarter ending February 28, 1997 was $22,259 compared to
$13,222 for the same period ending 1996. The company had not received any
royalty Income from the licensee of the "SRB" technology due to the canceling
of the contract on January 6, 1997.
The loss of $22,259 for the quarter ending February 28, 1997 was made up
of the following; Internet expenses $2,709, Radio show expenses $6,200,
interest expense on notes due $9,092, amortization & depreciation $3,243, and
general and administrative expenses of $4,731,
The Company has been running an on-line service or Bulletin Board Service
since December 1995 that allows Internet connectivity for its users. The
Internet access is sold on a month to month subscription basis. The Company
charges a minimal amount for unlimited monthly access and plans to increase the
monthly access fee it charges.
Liquidity and Capital Resources:
The total liabilities at February 28, 1997 were $362,668 of which $326,405
is due on notes due related and non related parties all of which are in default.
The Company's has been able to seek private placements and borrow funds when
needed. However, there can be no assurance that they will be able to in the
future. The Company is exploring the idea of entering into another license
agreement for its "SRB" technology or the possible sale of its patents. The
income from the on-line business has now been able to generate enough cash
flow to cover its expenses. The Company's radio show has not been able to
generate enough cash flow to pay its expense. The Company will continue to
seek additional funding for further expansion of its on-line business and
radio show production.
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
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Sunlite Technologies Corp.
by /s/Lewis Scala
Lewis Scala
President
Dated: March 24, 1997
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