SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For Quarter Ended: September 30, 1997; or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period _________ to __________
Commission File Number: 33-55254-21
NOHIV, INC.
----------------------------------------------------
(Exact name of Registrant as specified in its charter)
33-55254-21 87-0438453
- ------------------------ ------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
1508 Brookhollow Drive, Suite 354, Santa Ana, California 92705
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(714) 429-1041
----------------------------------------------------
(Registrant's telephone number, including area code)
Bonito Industries, Inc., 3098 South Highland Dr. #460, Salt Lake City, UT 84106
- -------------------------------------------------------------------------------
(Former name or 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 preceding 12 months (or for such shorter period that a
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ X ] No [ ]
On September 30, 1997, there were 4,000,000 shares of the registrant's
Common Stock, $0.001 par value, outstanding.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The condensed financial statements included herein have been prepared by
the Company, without audit pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote disclosure
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 September 30, 1997 and the results of its operations and changes
in its financial position from inception through September 30, 1997 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.
Page 2
<PAGE>
NOHIV, INC.
(formerly Bonito Industries, Inc.)
(A Development Stage Company)
Balance Sheets
<TABLE>
<CAPTION>
September 30, Dec. 31,
1997 1996
------------ ----------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash in bank $ 0 $ 0
----------- -----------
TOTAL CURRENT ASSETS 0 0
OTHER ASSETS
Organization costs 0 0
License 600,000 0
----------- -----------
600,000 0
----------- -----------
$ 600,000 0
=========== ===========
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable $ 0 $ 0
----------- -----------
TOTAL CURRENT LIABILITIES 0 0
STOCKHOLDERS' EQUITY Common Stock $.001 par value:
Authorized - 100,000,000 shares
Issued & outstanding
4,000,000 shares (1,000,000 at 1996) 4,000 1,000
Additional paid-in capital 598,000 1,000
Deficit accumulated during
the development stage (2,000) (2,000)
----------- ----------
TOTAL STOCKHOLDERS' EQUITY 600,000 0
=========== -----------
$ 600,000 $ 0
=========== ===========
</TABLE>
Page 3
<PAGE>
NOHIV, INC.
(formerly Bonito Industries, Inc..)
(A Development Stage Company)
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
4/16/86
For the three months For the Nine months (Date of
ended September 30 ended September 30 inception)
1997 1996 1997 1996 to 9/30/97
Unaudited Unaudited Unaudited
-------------------- ------------------- ----------
<S> <C> <C> <C> <C> <C>
Net Sale $ 0 $ 0 $ 0 $ 0 $ 0
Cost of sales 0 0 0 0 0
-------- -------- -------- --------- ----------
GROSS PROFIT (LOSS) 0 0 0 0 0
General and
Administrative expenses 0 0 0 0 2,000
-------- -------- -------- --------- ----------
NET INCOME (LOSS) $ 0 $ 0 $ 0 $ 0 $ (2,000)
-------- -------- -------- --------- ----------
Net income (loss)
per weighted $ .00 $ .00 $ .00 $ .00
Average common shares -------- -------- -------- --------- ----------
Weighted average number
common shares used
to compute net
income (loss) 2,271,739 1,000,000 1,428,571 1,000,000
--------- --------- --------- ---------
</TABLE>
Page 4
<PAGE>
NOHIV, INC.
(formerly Bonito Industries, Inc..)
(A Development Stage Company)
Statements of Changes in Stockholders' Equity
(Unaudited)
<TABLE>
<CAPTION>
Common Stock Additional
Par Value $.001 Paid-in Retained
Shares Amount Capital Deficit
--------------------- ---------------------
<S> <C> <C> <C> <C>
Balances at 4/16/86
(Date of inception) -0- $ -0- $ -0- $ -0-
Issuance of common stock
(restricted) At $.002
per share at 5/29/86 1,000,000 1,000 1,000
Net loss for period (1,950)
--------- --------- --------- ---------
Balances at 12/31/86 1,000,000 1,000 1,000 (1,950)
Net income for the year ( 10)
--------- --------- --------- ---------
Balances at 12/31/87 1,000,000 1,000 1,000 (1,960)
Net income for the year ( 10)
--------- --------- --------- ---------
Balances at 12/31/88 1,000,000 1,000 1,000 (1,970)
Net income for the year ( 10)
--------- --------- --------- ---------
Balances at 12/31/89 1,000,000 1,000 1,000 (1,980)
Net income for the year ( 10)
--------- --------- --------- ---------
Balances at 12/31/90 1,000,000 1,000 1,000 (1,990)
Net income for the year ( 10)
--------- --------- --------- ---------
Balances at 12/31/91 1,000,000 1,000 1,000 (2,000)
Net income for the year -0-
--------- --------- --------- ---------
Balances at 12/31/92 1,000,000 1,000 1,000 (2,000)
Net income for the year -0-
--------- --------- --------- ---------
Balances at 12/31/93 1,000,000 1,000 1,000 (2,000)
Net income for the year -0-
--------- --------- --------- ---------
Balances at 12/31/94 1,000,000 1,000 1,000 (2,000)
Net income for the year -0-
--------- --------- --------- ---------
Balances at 12/31/95 1,000,000 1,000 1,000 (2,000)
Net income for the year -0-
--------- --------- --------- ---------
Balances at 12/31/96 1,000,000 1,000 1,000 (2,000)
Issuance of common stock
(Restricted) at $.20 per
share for license at
8/22/97 3,000,000 3,000 597,000
Net income for the period -0-
--------- --------- --------- ---------
Balances at 9/30/97 4,000,000 $ 4,000 $598,000 $ (2,000)
========= ========= ========= =========
</TABLE>
Page 5
<PAGE>
NOHIV, INC.
(formerly Bonito Industries, Inc..)
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
4/16/86
For the Nine months (Date of
ended September 30 inception)
1997 1996 to 9/30/97
Unaudited Unaudited
------------------- -----------
<S> <C> <C> <C>
OPERATING ACTIVITIES
Net income (loss) $ -0- -0- $ (2,000)
Adjustments to reconcile
net income (loss) to cash
used by operating activities:
Amortization -0- -0- 50
-------- --------- -----------
NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES $ -0- -0- $ (1,950)
INVESTING ACTIVITIES
Organization Costs -0- -0- (50)
-------- --------- -----------
NET CASH USED BY
INVESTING ACTIVITIES -0- -0- (50)
FINANCING ACTIVITIES
Proceeds from sale of
common stock -0- -0- 2,000
-------- --------- -----------
NET CASH USED BY
FINANCING ACTIVITIES -0- -0- 2,000
-------- --------- -----------
INCREASE IN CASH
AND CASH EQUIVALENTS -0- -0- -0-
Cash and cash equivalents
at beginning of year -0- -0- -0-
-------- --------- -----------
CASH & CASH EQUIVALENTS
AT END OF PERIOD -0- -0- -0-
======== ========= ===========
</TABLE>
SUPPLEMENTAL INVESTING ACTIVITIES
During the quarter ended September 30, 1997, the Company issued
3,000,000 shares of its restricted common stock to acquire a license
valued at $600,000. The license was previously carried on the seller's
financial statements at $600,000 and management feels $600,000 is the
current value.
Page 6
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
At the present time there are no legal proceedings against the Company and
the Company is unaware of any unasserted claim or assessment which will have a
material effect on the financial position or future operations of the Company.
Item 2. Changes in Securities.
Not required.
Item 3. Defaults Upon Senior Securities.
Not required.
Item 4. Submission of Matters to a Vote of Security Holders.
Not required.
Item 5. Other Information.
Not required.
Item 6. Exhibits and Reports on Form 8-K.
(a) No exhibits have been filed with this Form 10-Q.
(b) On August 27, 1997, the Registrant filed a Current Report on Form 8-K
reflecting that acquisition of certain distribution rights from Euro-American
GMBH.
Concurrently herewith the Registrant has filed a Current Report on Form 8-K
setting forth the amendment to the acquisition agreement and clarifying certain
terms of the acquisition agreement and distribution agreement.
Page 7
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
NOVIC, INC.
(Registrant)
Date: November 14, 1997 /S/ Axel J. Kutscher
--------------------
By: Axel J. Kutscher
Its: President, Secretary and
Chief Financial Officer
Page 8
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 4,000
<OTHER-SE> 596,000
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
