FORM 10QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Under Section 13 or 15(d)
Of the Securities Exchange Act of 1934
For Quarter Ended September 30, 1995
Commission File Number 33-16531-D
INTERNATIONAL AUTOMATED SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
UTAH 87-0447580
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification
No.)
512 South 860 East
American Fork, Utah 84003
(Address of principal executive offices)
Registrant's telephone number including area code
(801)763-9965
Former Address, if changed since last report
Not Applicable
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 proceeding 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 No x
As of September 30, 1995, registrant had 9,006,600
shares of common stock, no par value per share, issued and
outstanding.
<PAGE>
PART I
ITEM I - FINANCIAL STATEMENTS
The condensed financial statements included herein have
been prepared by International Automated Systems, Inc. (the
"Company" or the "Registrant"), without audit, pursuant to
the rules and regulations of the Securities and Exchange
Commission.
Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed
or omitted pursuant to such rules and regulations, although
the Company believes that the disclosures are adequate to
make the information presented not misleading.
In the opinion of the Company, all adjustments,
consisting of only normal recurring adjustments, necessary
to present fairly the financial position of the Company as
of September 30, 1995 and the results of its operations from
June 30, 1995, through September 30, 1995, and changes in
its financial position from inception through September 30,
1995, have been made. The results of its operations for such
interim period is not necessarily indicative of the results
to be expected for the entire year.
ITEM 2 - MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources. As of September 30,
1995, Registrant had cash of $8,793. Cash declined because
of increase in plant and equipment and inventory
acquisitions.
Registrant's has total liabilities of $111,230 and
shareholders' equity of $91,806. During the quarter the
obligation to a related party in the amount of $134,029 as
shown on the balance sheet dated June 30, 1995, was paid.
As of June 30, 1995, Registrant had cash and total current
assets of $10,049 and had current liabilities of $153,964
and shareholders' equity of $(81,512). During the quarter
Registrant was hired by its president to perform research
and development. As of September 30, 1995, the ratio of
current assets to current liabilities is approximately one.
Results of Operation. For the quarter ended September
30, 1995, Registrant had revenues of $120,539 compared to
total revenues of $1,500 for the same period a year earlier.
For the quarter ended September 30, 1995, Registrant had
expenses of $48,829 compared to expenses of $30,392 for the
same period a year earlier. The increase in income reflects
funds received for consulting services. For the quarter
ended September 30, 1995, Registrant had net income of
$77,710 compared to a net loss of $(28,892) for
the same period a year earlier. The increase in income is
attributable primarily to the performance of consulting
services. Net income per share was $0.00863 compare to a
loss of $(00324) for the same period in 1994.
Part II.
Item 1. Legal Proceedings.
None.
Item 2. Changes in Securities.
None.
Item 3. Defaults upon Senior Securities.
None.
Item 4. Matters Submitted to a Vote of the
Company's Shareholders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits, Financial Statements, Schedules
and Reports on Form 8-K.
A. Exhibits.
Ex. 27 Financial Data Summary.
B. Reports on Form 8-K.
None
Signatures
NELDON JOHNSON
Title: President, and
Chief Executive Officer
(Principal Executive Officer)
Date:
INA JOHNSON
Title: Chief Financial Officer
(Principal Financial Officer)
Date:
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
Date
International Automated Systems, Inc.
By
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<S><C>
<PERIOD-TYPE> 9- MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> SEP-31-1995
<CASH> 8,793
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 10,709
<CURRENT-ASSETS> 19,502
<PP&E> 73,951
<DEPRECIATION> 0
<TOTAL-ASSETS> 111,230
<CURRENT-LIABILITIES> 19,424
<BONDS> 0
0
0
<COMMON> 369,274
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 111,230
<SALES> 16,365
<TOTAL-REVENUES> 120,539
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 42, 829
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 77,710
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 77,710
<EPS-PRIMARY> (.009)
<EPS-DILUTED> 0
</TABLE>
