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Previous: OPPENHEIMER GLOBAL EMERGING GROWTH FUND, 485B24E, 1997-01-22 |
Next: NUVEEN TAX EXEMPT UNIT TRUST SERIES 481, 485BPOS, 1997-01-22 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
[ X ] Quarterly report under to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended October 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 No: 0-17414
ADVANTAGE LIFE PRODUCTS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-0213733
- ------------------------------- --------------------------------
(State or jurisdiction of (IRS Employer Identification No.)
Incorporation or Organization)
13902 N. Dale Mabry Highway, Suite 119
Tampa, Florida 33618
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(813) 969-2002
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Securities registered under Section 12(b) of the Exchange Act:
Name of each Exchange
Title of Each Class on Which Registered
- ------------------------------- -------------------------
Securities registered under Section 12(g) of the Exchange Act:
Common Stock
- --------------------------------------------------------------------------------
(Title of Class)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
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
------- -------
<PAGE> 2
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant filed all documents and reports
required to be filed by Section 12, 13, or 15(d) of the Exchange Act of 1934
subsequent to the distribution of securities under a plan confirmed by a court.
Yes X No
--------- ---------
APPLICABLE ONLY TO CORPORATE ISSUERS
The number of shares oustanding of the issuer's common stock, as of
January 17, 1997 was 1,598,497 shares.
<PAGE> 3
INDEX
<TABLE>
<CAPTION>
PAGE
PART # ITEM # DESCRIPTION NUMBER
- -------- -------- ----------------------------------------------- ------
<S> <C> <C> <C>
I FINANCIAL INFORMATION
1 Financial Statements:
Consolidated Balance Sheets as of October 1
31, 1996 (Unaudited) and April 30, 1996.
Consolidated Statements of Operations, for the
three months ended October 31, 1996 (Unaudited) 2
and the year ended April 30, 1996.
Consolidated Statements of Cash Flows, for the
six months ended October 31, 1996 (Unaudited)
and the year ended April 30, 1996. 3
Notes to Consolidated Financial Statements.
(No significant changes since the 10-K)
2 Management's Discussion and Analysis of
Financial Conditions and Results of Operations.
(No significant changes since the 10-K)
II OTHER INFORMATION
1 Legal Proceedings.
(No significant changes since the 10-K)
2 Changes in Securities.
(None)
3 Defaults Upon Senior Securities.
(None)
4 Submission of Matters to a Vote of Security Holders.
(None)
5 Other Information.
(None)
6 Exhibits and Reports on Form 8-K.
Exhibits
27 Financial Data Schedule (for SEC use only)
Reports on Form 8-K
(None)
SIGNATURES
</TABLE>
<PAGE> 4
ADVANTAGE LIFE PRODUCTS, INC., SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
(Unaudited)
ASSETS April 30, 1996 October 31, 1996
-------------- ----------------
<S> <C> <C>
Current Assets:
Cash $ 204,171 $ 200,489
Accounts Receivable, less allowance for uncollectible
accounts of $175,179 in 1996, $175,179 at October 31, 1996 220,082 247,082
Income tax receivable 87,214 87,214
Note receivable from stockholder, net of allowance of $185,000 25,000 25,000
Inventory 34,274 34,293
Other current assets 40,557 43,579
----------- -----------
Total current assets 611,298 637,657
----------- -----------
Property & Equipment:
Property & equipment, net of accumulated
depreciation of $318,693 in 1996, $390,447 in second quarter 582,423 481,010
----------- -----------
Other Assets:
Goodwill, net of accumulated amortization 1,975,691 572,751
Intangible assets, net of amortization 845,734
Covenent not to compete net of amortization 255,000
Note receivable 415,000
Note receivable, related party 15,000 28,000
Deferred compensation 900,000 900,000
Other 3,563 ---
----------- -----------
Total other assets 2,894,254 3,016,485
----------- -----------
$ 4,087,975 $ 4,135,152
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities :
Notes payable $ 376,625 $ 376,625
Accounts payable 1,375,407 1,908,369
Accrued product returns --- 20,224
Taxes payable --- 19,468
Other accrued expenses 793,787 164,610
Note payable, current portion 22,400 22,400
----------- -----------
Total current liabilities 2,568,219 2,511,696
----------- -----------
Non-current Liabilities:
Note Payable, long-term 33,816 33,260
Due to stockholder 7,942
----------- -----------
Total long term debt 33,816 41,202
----------- -----------
2,602,035 2,552,898
----------- -----------
Stockholder's Equity:
Common stock, $0.16 par value, 25,000,000 shares authorized;
issued and outstanding, 296,476 in 1996 and 1,327,989 at October 31, 1996 47,437 207,437
Additional paid-in capital 12,165,455 12,505,455
Accumulated deficit (7,951,952) (8,355,638)
----------- -----------
Subtotal 4,260,940 4,357,254
Less Common stock subscribed (2,775,000) (2,775,000)
----------- -----------
Total Stockholder's equity 1,485,940 1,582,254
----------- -----------
$ 4,087,975 $ 4,135,152
=========== ===========
</TABLE>
-1-
<PAGE> 5
ADVANTAGE LIFE PRODUCTS, INC. SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
(Unaudited)
Quarter
Year ended Ended
April 30, 1996 October 31, 1996
-------------- ----------------
<S> <C> <C>
REVENUES:
Sales $ 5,530,245 $ 0
Returns and allowances (807,042) 0
------------ ----------
Total Revenues 4,723,203 0
------------ ----------
COSTS AND EXPENSES:
Cost of goods sold 2,894,693 0
Selling, general, and administrative 4,963,715 237,993
------------ ----------
Total costs and expenses 7,858,408 237,993
------------ ----------
LOSS FROM OPERATIONS (3,135,205) (237,993)
------------ ----------
OTHER INCOME (EXPENSE):
Loss on disposition of assets 0
Other income (1,099,892)
Write-off of goodwill (1,000,000)
------------ ----------
Total other income (expense) (2,099,892) 0
------------ ----------
LOSS BEFORE INCOME TAXES (5,235,097) (237,993)
INCOME TAX PROVISION 800
------------ ----------
NET LOSS $ (5,235,897) $ (237,993)
============ ==========
LOSS PER COMMON SHARE $ (21.30) $ (0.28)
============ ==========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 245,807 838,859
============ ==========
</TABLE>
-2-
<PAGE> 6
ADVANTAGE LIFE PRODUCTS, INC SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Year For the Quarter
Ended Ended
April 30, 1996 October 31, 1996
-------------- ----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (5,235,097) $ (403,686)
Adjustments to reconcile net
loss to net cash used
in operating activities:
Depreciation and amortization 1,224,471 391,922
Provision (benefit) for allowance
for uncollectible 248,025
Non-cash charges & other 5,132,027
Changes in operating assets and liabilities:
Accounts receivable (139,243) (27,000)
Inventory 146,575 (19)
Prepaid expenses and other (60,962) 541
Other accrued expenses 17,209 (589,485)
Note payable (370,000)
Accounts payable (895,296) 532,962
------------ ----------
Net cash provided by (used in) operating activities 67,709 (94,765)
------------ ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Note receivable from stockholder 15,000 (13,000)
Cash received from sale of stock 200,000 85,000
Capital expenditures (152,233)
------------ ----------
Net cash provided by investing activities 62,767 72,000
------------ ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payment on note payable (49,899) (556)
Disposition of equipment 11,697
Due to stockholder 7,942
Issuance of note payable 40,056
------------ ----------
Net cash provided by financing activities (9,843) 19,083
------------ ----------
NET CHANGE IN CASH 120,633 (3,682)
CASH, BEGINNING OF YEAR, QUARTER 83,538 204,171
------------ ----------
CASH, END OF YEAR, QUARTER $ 204,171 $ 200,489
============ ==========
</TABLE>
-3-
<PAGE> 7
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this Report to be signed on its behalf by the undersigned. thereunto
duly authorized.
ADVANTAGE LIFE PRODUCTS, INC.
Dated: 01/17/97 By: /s/ Alan S. Lipstein
-------------- -------------------------------------
Alan S. Lipstein, President
In accordance with the Exchange Act, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
<TABLE>
<CAPTION>
Signatures Capacity Date
- ------------------------ -------------------------- --------
<S> <C> <C>
/s/ Alan S. Lipstein President, Chief Executive 01/17/97
- ------------------------ Officer, Chief Financial --------
Alan S. Lipstein and Accounting Officer and
Director
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1996
<PERIOD-END> OCT-31-1996
<CASH> 200,489
<SECURITIES> 0
<RECEIVABLES> 359,296
<ALLOWANCES> 0
<INVENTORY> 34,293
<CURRENT-ASSETS> 637,657
<PP&E> 799,703
<DEPRECIATION> 318,693
<TOTAL-ASSETS> 4,135,152
<CURRENT-LIABILITIES> 2,511,696
<BONDS> 0
0
0
<COMMON> 207,437
<OTHER-SE> 12,505,455
<TOTAL-LIABILITY-AND-EQUITY> 4,135,152
<SALES> 87,428
<TOTAL-REVENUES> 87,428
<CGS> 34,694
<TOTAL-COSTS> 34,694
<OTHER-EXPENSES> 455,291
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (402,557)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (405,284)
<EPS-PRIMARY> (0.28)
<EPS-DILUTED> 0
</TABLE>
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