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Previous: T SF COMMUNICATIONS CORP, SC 13D/A, 1997-08-21 |
Next: ALLIED WASTE INDUSTRIES INC, 10-K/A, 1997-08-21 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1997
OR
[ ] 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: 0-17878
VISION TEN, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 33-0340338
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
180 Broad St., Carlstadt, NJ 07072
(Address of principal executive office) (Zip Code)
(201) 935-3000
(Registrant's telephone number including area code)
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 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
The number of shares of registrant's Common Stock, $.01 par value, outstanding
as of August 15, 1997 was 15,303,796 shares.
<PAGE>
VISION TEN, INC.
INDEX
Page
Number
----------
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
Balance Sheets 1
Statements of Operations 2
Statement of Stockholders' Deficit 3
Statements of Cash Flows 4
Notes to Financial Statements 5
Item 2 - Management's Discussion and Analysis or
Plan of Operation 6
PART II - OTHER INFORMATION 7
SIGNATURE 8
<PAGE>
VISION TEN, INC.
<TABLE>
<CAPTION>
BALANCE SHEETS
June 30, December 31,
1997 1996
------------------ ------------------
(Unaudited)
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash $ 429 $ 34,004
Accounts receivable, net of allowance for
doubtful accounts 127,718 119,710
Other receivables 32,200 32,200
Inventories 387,364 317,507
------------------ ------------------
TOTAL CURRENT ASSETS 547,711 503,421
PROPERTY AND EQUIPMENT, net of
accumulated depreciation 3,482 8,035
------------------ ------------------
$ 551,193 $ 511,456
================== ==================
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable $ 44,218 $ 56,757
Advance form affiliate 153,677 68,481
Accrued expenses 72,804 72,804
------------------ ------------------
TOTAL CURRENT LIABILITIES 270,699 198,042
------------------ ------------------
NOTE PAYABLE TO STOCKHOLDER 650,000 650,000
------------------ ------------------
STOCKHOLDERS' DEFICIT:
Common stock, $.01 par value, 20,000,000 shares authorized,
15,303,796 issued and outstanding 152,310 152,310
Additional paid-in-capital 7,848,269 7,848,269
Accumulated deficit (8,370,085) (8,337,165)
------------------ ------------------
TOTAL STOCKHOLDERS' DEFICIT (369,506) (336,586)
------------------ ------------------
$ 551,193 $ 511,456
================== ==================
See notes to financial statements.
-1-
</TABLE>
<PAGE>
VISION TEN, INC.
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months ended June 30, Six Months Ended June 30,
---------------------------------------------------------------------------------------------
1997 1996 1997 1996
--------------------- --------------------- --------------------- -------------------
<S> <C> <C> <C> <C>
REVENUES $ 2,875 $ 98,745 $ 39,153 $ 409,762
COST OF GOODS SOLD 2,156 58,508 29,365 307,322
--------------------- --------------------- --------------------- -------------------
GROSS PROFIT 719 40,237 9,788 102,440
--------------------- --------------------- --------------------- -------------------
OPERATING EXPENSES:
Selling and marketing expenses 1,372 22,546 4,681 39,942
General and administrative expenses 5,079 4,596 17,027 37,916
Product development 15,000 21,000 21,000 21,000
------------------- --------------------- --------------------- --------------------
TOTAL OPERATING EXPENSES 21,451 48,142 42,708 98,858
------------------- --------------------- --------------------- -------------------
INCOME (LOSS) FROM OPERATIONS (20,732) (7,905) (32,920) 3,582
------------------- --------------------- --------------------- -------------------
NET INCOME (LOSS) $ (20,732) $ (7,905)$ (32,920) $ 3,582
===================== ===================== ===================== ===================
NET INCOME (LOSS) PER COMMON
SHARE $ ** $ ** $ ** $ **
===================== ===================== ===================== ===================
AVERAGE COMMON SHARES
OUTSTANDING 15,303,796 14,357,763 15,303,796 14,357,763
===================== ===================== ===================== ===================
** represents less than $.01 per share
See notes to financial statements.
-2-
</TABLE>
<PAGE>
VISION TEN, INC.
<TABLE>
<CAPTION>
STATEMENT OF STOCKHOLDERS' DEFICIT
(Unaudited)
Common Stock Additional
----------------------------------- Paid-in Accumulated
Shares Amount Capital Deficit Total
--------------- ---------------- ---------------- ----------------- ---------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1996 15,303,796 $ 152,310 $ 7,848,269 $ (8,337,165) $ (336,586)
Net loss - - - (32,920) (32,920)
--------------- ---------------- ---------------- ----------------- ---------------
Balance at June 30, 1997
(Unaudited) 15,303,796 $ 152,310 $ 7,848,269 $ (8,370,085) $ (369,506)
=============== ================ ================ ================= ===============
See notes to financial statements.
-3-
</TABLE>
<PAGE>
VISION TEN, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (32,920) $ 3,582
--------------- --------------
Adjustments to reconcile
net income (loss) to net cash
used in operating activities:
Depreciation 4,553 2,063
Issuance of common stock - 75,000
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (8,008) (83,330)
(Increase) decrease in inventories (69,857) 42,804
(Increase) decrease in prepaid expenses and
other current assets - (1,657)
Increase (decrease) in accounts payable (12,539) (94,653)
Increase (decrease) in advance from affiliate 85,196 (6,412)
Increase (decrease) in accrued expenses - 60,590
------------ --------------
TOTAL ADJUSTMENTS (655) (5,595)
------------ --------------
NET CASH USED IN OPERATING ACTIVITIES (33,575) (2,013)
----------- --------------
NET DECREASE IN CASH (33,575) (2,013)
CASH, beginning of period 34,004 2,736
----------- --------------
CASH, end of period $ 429 $ 723
=========== ===============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the year
for interest $ - $ -
Cash paid during the year ============= ================
for income taxes $ - $ -
============= ================
See notes to financial statements.
-4-
<PAGE>
VISION TEN, INC.
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1997
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying financial statements as of June 30, 1997 and for the
six months ended June 30, 1997 and 1996 have not been audited by
independent auditors, but in the opinion of management, such unaudited
statements include all adjustments consisting of normal recurring
accruals necessary for a fair presentation of the financial position,
the results of operations and cash flows for the six months ended June
30, 1997.
The financial statements should be read in conjunction with the
financial statements and related notes concerning the Company's
accounting policies and other matters contained in the Company's annual
report on Form 10-KSB, for the year ended December 31, 1996. The
results for the six months ended June 30, 1997 are not necessarily
indicative of the results expected for the full year ending December
31, 1997. Certain prior year amounts have been reclassified to conform
with the current year's presentation.
-5-
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OR
PLAN OF OPERATION
GENERAL COMMENTS
This Management's Discussion and Analysis or Plan of Operation contains forward
looking statements as defined in the private securities litigation reform act of
1995. Such statements relating to future events and financial performance are
forward looking statements that involve risk and uncertainty, detailed from time
to time in the Company's securities and exchange commission filings.
RESULTS OF OPERATIONS
The net loss was $32,920 for the six months ended June 30, 1997 as compared to a
profit of $3,582 for the six months ended June 30, 1996. Net loss was $20,732
for the three months ended June 30, 1997 as compared to a net loss of $7,905 for
the three months ended June 30, 1996.
Sales for the six months ended June 30, 1997 were $39,153 as compared to
$409,762 for the six months ended June 30, 1996. The 90% or $370,609 decrease
was the result of primarily one customer having placed a large order during the
three months ended March 31, 1996 which satisfied their long term requirements
for the Company's products and did not place any orders during the six months
ended June 30, 1997. Management anticipates receiving such orders in the future
quarters, however there is no assurance that these orders will be placed.
Selling and marketing expenses during the six months ended June 30, 1997 were
$4,681 and $39,942 for the year ago period, a decrease of $35,261. The decrease
is due to a reduction in sales personnel in 1997.
General and administrative expenses for the six months ended June 30, 1997 were
$17,027 as compared to $37,916 for the six months ended June 30, 1996. The
decrease is primarily due to the termination of leased operations in Los
Angeles, California in December 1996 and the elimination of the related
expenses.
Product development costs during the six months ended June 30, 1997 remained
constant as compared to the year ago period.
LIQUIDITY AND CAPITAL RESOURCES
The Company's operating activities utilized approximately $34,000 during the six
months ended June 30, 1997. Accounts receivable increased by $8,000 from
December 31, 1996 to June 30, 1997. Management anticipates that such receivable
balances will be collected in due course in the Company's next two fiscal
quarters. In addition, accounts payable decreased during this period by
approximately $13,000. Inventories increased by approximately $70,000 during
this period.
-6-
<PAGE>
The Company's chief executive officer, who holds a $650,000 note from the
Company, has agreed not to demand repayment of the note within twelve months.
Accordingly, the note has been reflected as a long term liability at June 30,
1997.
The Company's largest shareholder has agreed to fund working capital needs,
should they arise during the remainder of 1997. Management believes that these
sources of working capital will adequately meet the Company's needs through the
end of 1997.
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS - NONE
-----------------
Item 2. CHANGES 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
-----------------
-7-
<PAGE>
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.
VISION TEN, INC..
_____ /s/ Dr. Alfred Thumim________
Dr. Alfred Thumim
Chief Executive Officer
_______/s/ Thomas A. Carpenter_____
Thomas A. Carpenter
Controller and Chief Accounting
Officer
Dated : August 19, 1997
-8-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 0000848101
<NAME> VISION TEN
<MULTIPLIER> 1
<CURRENCY> DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 429
<SECURITIES> 0
<RECEIVABLES> 127,718
<ALLOWANCES> 0
<INVENTORY> 387,364
<CURRENT-ASSETS> 547,711
<PP&E> 53,031
<DEPRECIATION> 49,549
<TOTAL-ASSETS> 551,193
<CURRENT-LIABILITIES> 270,699
<BONDS> 650,000
0
0
<COMMON> 8,000,579
<OTHER-SE> (8,370,085)
<TOTAL-LIABILITY-AND-EQUITY> 551,193
<SALES> 39,153
<TOTAL-REVENUES> 39,153
<CGS> 29,365
<TOTAL-COSTS> 29,365
<OTHER-EXPENSES> 42,708
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (32,920)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (32,920)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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