UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark one)
XX QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
- ---------- ACT OF 1934
For the quarterly period ended September 30, 1994
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF
- ---------- 1934
For the transition period from ______________ to _____________
Commission File Number: ___________
SAFETEK INTERNATIONAL, INC.
(Exact name of small business issuer as specified in its charter)
Delaware 75-2226896
- ------------------------ ------------------------
(State of incorporation) (IRS Employer ID Number)
1075 American Pacific Drive - Suite A, Henderson NV 89014
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(Address of principal executive offices)
(702) 558-8202
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(Issuer's telephone number)
4340 Fortune Place, West Melbourne, FL 32904
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(Former name, former address and former fiscal year, if changed since last
report)
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 NO X
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State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: April 3, 2000 - 36,145,694 shares.
Transitional Small Business Disclosure Format (check one): YES NO X
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<PAGE>
Safetek International, Inc.
Form 10-QSB for the Quarter ended September 30, 1994
Table of Contents
Page
----
Part I - Financial Information
Item 1 Financial Statements 3
Item 2 Management's Discussion and Analysis or Plan of Operation 8
Part II - Other Information
Item 1 Legal Proceedings 9
Item 2 Changes in Securities 9
Item 3 Defaults Upon Senior Securities 9
Item 4 Submission of Matters to a Vote of Security Holders 9
Item 5 Other Information 9
Item 6 Exhibits and Reports on Form 8-K 9
Signatures 9
<PAGE>
<TABLE>
<CAPTION>
Part 1 - Item 1 - Financial Statements
SAFETEK INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Assets
------
September 30,1994 December 31, 1993
----------------- -----------------
<S> <C> <C>
Current assets:
Cash and cash equivalents 2,179 693
Due from stockholders $ 9,997 -
Other current assets 2,478 2,106
----------------- -----------------
Total current assets 14,654 2,799
Property and equipment, net 47,915 62,945
----------------- -----------------
Total assets $ 62,569 65,744
================= =================
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Accounts payable and accrued expenses $ 283,817 225,355
Notes payable 769,542 675,792
Due to stockholders 548,747 523,304
----------------- -----------------
Total current liabilities 1,602,106 1,424,451
Redeemable preferred stock - 593,575 and 562,300 shares 624,850 562,300
Stockholders' equity:
Common stock - 21,623,026 and 10,911,470 shares 216 109
Additional paid in capital 1,469,595 1,373,050
Accumulated deficit (3,609,575) (3,269,543)
Treasury stock (24,623) (24,623)
----------------- -----------------
Total stockholders' deficit (2,164,387) (1,921,007)
Total liabilities and stockholders' equity $ 62,569 65,744
================= =================
</TABLE>
The accompanying notes are an integral part of these financial statements. The
financial information presented herein has been prepared by management without
audit by independent certified public accountants.
<PAGE>
<TABLE>
<CAPTION>
SAFETEK INTERNATIONAL, INC.
AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
1993 1994 1993 1994
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues:
Net sales 55,186 63,985 165,558 191,955
----------- ----------- ----------- -----------
Costs and expenses:
Cost of goods sold 48,328 54,118 144,984 162,354
Selling, general and administrative 183,771 103,374 551,313 310,122
----------- ----------- ----------- -----------
232,099 157,492 696,297 472,476
----------- ----------- ----------- -----------
Operating loss (176,913) (93,507) (530,739) (280,521)
Other income (expense) 55,072 (19,837) 165,216 (59,511)
----------- ----------- ----------- -----------
Net loss (121,841) (113,344) (365,523) (340,032)
=========== =========== =========== ===========
Net loss per share (0.012) (0.005) (0.059) (0.021)
=========== =========== =========== ===========
Weighted average number of shares outstanding 10,504,159 23,257,196 6,192,265 16,059,937
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
The accompanying notes are an integral part of these financial statements. The
financial information presented herein has been prepared by management without
audit by independent certified public accountants.
<PAGE>
<TABLE>
<CAPTION>
SAFETEK INTERNATIONAL, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
1993 1994
(Unaudited) (Unaudited)
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net loss $(365,523) (340,032)
Adjustments to reconcile net income to net cash
provide by operating activities:
Depreciation 21,951 17,817
Common stock issued for services 52,467 45,000
Changes in operating assets and liabilities:
Due from stockholders 91,929 25,443
Other current assets 110,250 (372)
Accounts payable and accrued expenses (171,984) 33,633
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Net cash provided by (used in)
operating activities (260,910) (218,511)
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Cash flows from investing activities:
Sale of property and equipment -- 12,043
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Cash flows from financing activities:
Proceeds from issuance of preferred stock -- 62,550
Proceeds from issuance of common stock 21,654 51,654
Proceeds from issuance of notes payable 236,424 93,750
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Net cash provided by financing activities 258,078 207,954
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(Decrease) in cash and cash equivalents (2,832) 1,486
Cash and cash equivalents - beginning of period 1,419 693
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Cash and cash equivalents - end of period $ (1,413) $ 2,179
========= =========
</TABLE>
See accompanying notes to financial statements.
The accompanying notes are an integral part of these financial statements. The
financial information presented herein has been prepared by management without
audit by independent certified public accountants.
<PAGE>
Notes to Financial Statements
Presentation of Unaudited Financial Statements
The unaudited financial statements have been prepared in accordance with rules
of the Securities and Exchange Commission and, therefore, do not include all
information and footnotes necessary for a fair presentation of financial
position, results of operations and cash flows, in conformity with generally
accepted accounting principles. The information furnished, in the opinion of
management, reflects all adjustments (consisting only of normal recurring
accruals) necessary to present fairly the financial positions and results of
operations and cash flows as of the dates indicated. The results of operations
are not necessarily indicative of results which may be expected for any other
interim period, or for the year as a whole.
<PAGE>
Part I - Item 2
Management's Discussion and Analysis of Financial Condition and Results of
Operations
(1) Caution Regarding Forward-Looking Information
This quarterly report contains certain forward-looking statements and
information relating to the Company that are based on the beliefs of the Company
or management as well as assumptions made by and information currently available
to the Company or management. When used in this document, the words
"anticipate," "believe," "estimate," "expect" and "intend" and similar
expressions, as they relate to the Company or its management, are intended to
identify forward-looking statements. Such statements reflect the current view of
the Company regarding future events and are subject to certain risks,
uncertainties and assumptions, including the risks and uncertainties noted.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended. In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.
(2) Results of Operations, Liquidity and Capital Resources
As of the date of this filing, the Company has limited operations, and assets.
Its liabilities substantially exceed its assets.. Accordingly, the Company is
dependent upon management's efforts to raise operating funds through private
placement of its securities and/or significant shareholders to provide
sufficient working capital to preserve the integrity of the corporate entity at
this time
(Remainder of this page left blank intentionally)
<PAGE>
Part II - Other Information
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
None
Item 3 - Defaults on Senior Securities
None
Item 4 - Submission of Matters to a Vote of Security Holders
The Company has held no regularly scheduled, called or special meetings
of shareholders during the reporting period.
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
Exhibit 27 - Financial Data Schedule
Reports on 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.
Safetek International, Inc.
April 3, 2000
/s/ Jack Fawcett
---------------------------
Jack Fawcett
President and Director
