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 March 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from
COMMISSION FILE NUMBER: 0-17878
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VISION TEN, INC.
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(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
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(Address of principal executive office) (Zip Code)
(201) 935-3000
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(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
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The number of shares of registrant's Common Stock, $.01 par value, outstanding
as of , 2000 was 15,303,796 shares.
<PAGE>
VISION TEN, INC.
BALANCE SHEET
MARCH 31, 2000
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash $ 3,084
Accounts receivable, less allowance for
doubtful accounts of $163,000 10,315
Inventories 57,506
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TOTAL CURRENT ASSETS 70,905
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LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 54,796
Advance from affiliate 201,068
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TOTAL CURRENT LIABILITIES 255,864
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NOTE PAYABLE TO STOCKHOLDER 650,000
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STOCKHOLDERS' DEFICIT:
Common Stock, $.01 par value, authorized 20,000,000
shares, 15,303,796 issued and outstanding 152,310
Additional paid-in-capital 7,848,269
Accumulated deficit (8,835,538)
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TOTAL STOCKHOLDERS' DEFICIT (834,959)
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$ 70,905
===============
See notes to financial statements.
<PAGE>
VISION TEN, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
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2000 1999
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REVENUES $ 325 $ 40,997
COST OF GOODS SOLD 60,412 41,623
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GROSS LOSS (60,087) (626)
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OPERATING EXPENSES:
Selling and marketing expenses 10,024 10,280
General and administrative expenses 17 1,118
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41 11,398
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TOTAL OPERATING EXPENSES 10,041 11,398
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LOSS FROM OPERATIONS (70,128) (12,024)
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NET LOSS $ (70,128) $ (12,024)
=============== ===============
NET LOSS PER COMMON SHARE:
Net loss per common share - basic $ - $ -
=============== ===============
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 15,303,796 15,303,796
=============== ===============
See notes to financial statements.
<PAGE>
VISION TEN, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
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2000 1999
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<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (70,128) $ (12,024)
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Changes in operating assets and liabilities:
Decrease in accounts receivable 11,338 6,154
Decrease in inventories 60,206 23,447
Decrease in accounts payable and accrued expenses (7,811) (19,361)
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TOTAL ADJUSTMENTS (63,733) 10,240
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NET CASH USED IN OPERATING ACTIVITIES (6,395) (1,784)
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CASH FLOW FROM FINANCING ACTIVITIES:
Advances from affiliates 2,000 -
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NET DECREASE IN CASH (4,395) (1,784)
CASH, beginning of period 7,479 8,760
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CASH, end of period $ 3,084 $ 6,976
=============== ================
</TABLE>
See notes to financial statements.
<PAGE>
VISION TEN, INC.
NOTES TO FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2000
(UNAUDITED)
1. BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial statements and with the instructions to Form 10-QSB.
Accordingly, they do not include all of the information and disclosures
required for annual financial statements. These financial statements
should be read in conjunction with the financial statements and related
footnotes for the year ended December 31, 1999 included in the Form
10-KSB for the year then ended.
In the opinion of the Company's management, all adjustments (consisting
of normal recurring accruals) necessary to present fairly the Company's
financial position as of March 31, 2000, and the results of operations
and cash flows for the three-month periods ended March 31, 2000, and
1999 have been included.
The results of operations for the three-month period ended March 31,
2000, are not necessarily indicative of the results to be expected for
the full fiscal year. For further information, refer to the financial
statements and footnotes thereto included in the Company's Form 10-KSB
as filed with the Securities and Exchange Commission for the year ended
December 31, 1999
.
<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 $70,128 for the three months ended March 31, 2000 as compared
to a loss of $12,024 for the three months ended March 31, 1999.
The gross loss for the three months ended March 31, 2000 was $60,087, as
compared to $626 for the three months ended March 31, 1999. The increase in loss
was primarily due to a reserve for inventory resulting from a decline in
activity from existing customers
Sales for the three months ended March 31, 2000 were $325 as compared to $40,997
for the three months ended March 31, 1999. The $40,672, decrease was the result
of declining activity from existing customers for the Company's medical film
digitizing products.
Selling and marketing expenses during the three months ended March 31, 2000 were
$10,024 and $10,280 for the three months ended March 31, 1999, a decrease of
$56.
General and administrative expenses for the three months ended March 31, 2000
were $17 as compared to $1,118 for the three months ended March 31, 1999.
LIQUIDITY AND CAPITAL RESOURCES
The Company's operating activities utilized approximately $6,400 during the
three months ended March 31, 2000. Accounts receivable decreased by $11,338 from
December 31, 1999 to March 31, 2000. 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 $7,811. Inventories decreased by approximately $60,206 during this
period.
<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 March 31,
2000.
The Company's largest shareholder has agreed to fund working capital needs,
should they arise during the remainder of 2000. Management believes that these
sources of working capital will adequately meet the Company's needs through the
end of 2000.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS - NONE
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ITEM 2. CHANGES IN SECURITIES - NONE
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ITEM 3. DEFAULTS UPON SENIOR SECURITIES - NONE
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ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - NONE
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ITEM 5. OTHER INFORMATION - NONE
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------
(a) Exhibits:
NUMBER DESCRIPTION
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter
ended March 31, 2000.
<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
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Dr. Alfred Thumim
Chief Executive Officer
/S/ THOMAS A. CARPENTER
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Thomas A. Carpenter
Controller and
Chief Accounting Officer
Dated : September 29, 2000
