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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
--- OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
OR
TRANSITION REPORT UNDER SECTION 13 OR 15(d)
--- OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-21738
ON-POINT TECHNOLOGY SYSTEMS, INC.
(Name of small business issuer in its charter)
Nevada 33-0423037
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1370 W. SAN MARCOS BLVD. SUITE 100, SAN MARCOS, CALIFORNIA 92069
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (760) 510-4900
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the preceding twelve months, and (2) has
been subject to such filing requirements for the past 90 days. Yes X No
--- ---
As of July 28, 2000, there were 10,716,401 shares of Common Stock ($.01 par
value) outstanding.
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YEAR 2000 COMPLIANCE As is the case with most other companies using
computers in their operations, the Company addressed in prior periods the year
2000 problem. In 1997 the Company set up a committee to review its computer
software and hardware, fax machines and telephone systems for year 2000
compliance.
The Company's primary accounting and operational software provided has
received year 2000 certification from the Information Technology Association of
America. The Company believes that it is now year 2000 compliant with respect to
its existing computer hardware, software and fax equipment and, therefore,
believes that potential risks, including any potential third party risks,
relating to year 2000 issue to be minimal.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to the legal proceedings section of Note 11 of Notes
to Consolidated Financial Statements in the Company's Annual Report on Form
10-KSB for the year ended December 31, 1999 and the legal proceedings section of
the Form. There have been no significant developments in the litigation
described in the 1999 Form 10-KSB since the date of that report except as noted
below.
During the second quarter, three separate shareholder class actions
were filed against the Company, certain of the Company's directors and officers,
and the Company's auditors in U. S. District Court, Southern District of
California seeking unspecified damages on behalf of all similarly situated
shareholders, and alleging violations of federal securities laws as a result of
the restatement of the Company's financial statements in prior periods. A
settlement of these actions involving the Company and it's directors and
officers was agreed upon by attorneys for the plaintiff's and the Company's
attorneys in connection with the Company's discussions with GTECH Corporation
concerning a restructured acquisition agreement. The settlement is terminable if
an acquisition of the Company by GTECH does not occur. As disclosed by the
Company in a press release on July 28, 2000, discussions with GTECH regarding an
acquisition have been discontinued. As a result, the Company is in the process
of terminating the settlement and will be vigorously defending these claims.
As disclosed in the 1999 Form 10-QSB, on April 21, 2000, an action was
filed against the Company in U.S. District Court, Southern District of Ohio, by
Interlott Technologies, Inc. (ILI). The action alleges that On-point breached a
Settlement Agreement and Mutual Release dated May 30, 1991 with ILI in that
On-Point was using elements of ILI's technology in On-Point's new PlayPoint
technology. We believe ILI's suit is without merit. On-Point has filed an answer
to the complaint and is contesting the claims vigorously.
ITEM 2. CHANGES IN SECURITIES
(a) None
(b) None
(c) None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
N/A
ITEM 5. OTHER INFORMATION
The financial statements for the quarter ending June 30, 2000
have not yet been reviewed by an outside accounting firm. The
Company is in the process of replacing its previous outside
accounting firm.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
None
(b) REPORTS ON FORM 8-K
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SIGNATURES
In accordance with the requirements of the exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereto duly
authorized.
ON-POINT TECHNOLOGY SYSTEMS, INC.
Date: August 23, 2000 /s/ Jose Rodriguez
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As Principal Financial Officer on behalf
of Registrant
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