FORM 10-QSB
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 December 31, 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
Not Applicable
Former Address,if changed since last report
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 December 31, 1995, registrant had 9,006,600 shares of
common stock, no par value per share, issued and
outstanding.
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 December 31, 1995, and the results of its operations from
June 30, 1995, through December 31, 1995, and from October
1, 1995, through December 31, 1995, and changes in its
financial position from inception through December 31, 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 December 31,
1995, Registrant had cash of $16,981 compared to cash of
$10,049 as of June 30, 1995. Cash increased because of
increases in operations. Total current assets were $72,104
and total assets were $158,583 compared to $10,049 and
$86,465 as of June 30, 1995. As of December 31, 1995
Registrant had total liabilities of $119,129 and
shareholders' equity of $39,454 compared to total current
liabilities of $167,977 and total shareholders' deficit as
of June 30, 1995. Inventory increased from zero to
$55,123 as the Company commenced to manufacture its
Automatic Fingerprint Identification Machine. Registrant
performed consulting services. As of December 31, 1995, the
ratio of current assets to current liabilities was
approximately one to two. As of June 30, 1995, the
Company was technically insolvent because liabilities
exceeded assets.
Results of Operation. For the quarter ended December
31, 1995, Registrant had revenuesof $91,214 compared to
total revenues of $1,500 for the same period a year earlier.
For the quarter ended December 31, 1995, Registrant had
expenses of $143,566 compared to expenses of $50,771 for the
same period a year earlier. The increase in income reflects
funds received for consulting services. For the quarter
ended December 31, 1995, Registrant had net loss of
$(52,352) compared to a net loss of $(49,271) for the
same period a year earlier. The increase in net loss is
attributable to the increase in general and administrative
expenses.
For the six month period ended December 31, 1995, the
Company had total revenues of $91,214 compared to $1,500 for
the same period a year earlier.
The Company received $67,059 for consulting services and had
sales of $24,155. For the six month period ended December
31, 1995, total expenses were $143,566 compared to $50,771
for the period a year earlier. General and administrative
expenses for the period increased from $22,072 to $143,239.
These expenses increased because the operations and
activities of the Company expanded in connection with the
manufacturing of the Company's product. Net loss for the
period was $(52,352) compare to net loss a year earlier of
$(49,271). The net loss per share for the period was
$(.00581) compared to $(.00553) a year earlier.
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.
Financial Data Summary.
B. Reports on Form 8-K.
None.
Signatures
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
INTERNATIONAL AUTOMATED SYSTEMS
(A Development Stage Company)
STATEMENT OF OPERATIONS
Six Months Ending Dec 1995 & Six Months Ending Dec 1994
Unaudited
Six Months Six Months
December December
1994 1995
Revenues 40,520 0
Sales 171,233 0
Consulting Services 0 0
Equipment Lease Income 0 3,000
Total Revenue 211,753 3,000
Expenses
General and Administrative 186,068 52,464
Interest on Notes 27 0
Total Expenses 186,395 52,464
NET LOSS 25,358 (49,464)
Net Income Per Common Share - 0.00282
Net Loss Per Common Share 0.00555 -
Average Share Outstanding 9006600 8906600
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