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Previous: FIRST TRUST GNMA SERIES 68, 24F-2NT, 1997-02-20 |
Next: DELAFIELD FUND INC, 24F-2NT, 1997-02-20 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
AMENDMENT NO. 1
TO
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended December 31, 1996
----------------------------------------------
Commission File Number: 0-22520
----------------------------
AVIC GROUP INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 52-1989122
------------------------------ ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
599 Lexington Avenue, 44th Floor
New York, New York 10022
------------------------
(Address of principal executive offices)
(212) 319-9160
--------------
(Registrant's telephone number)
Check whether the registrant (1) has 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 X No
---- ----
Class Outstanding as of February 19, 1997
- ----------------------- ------------------------------------
Common Stock, par value $.001 per share 30,925,785
Transitional Small Business Format (Check one): Yes No X
---- ----
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of the QUARTERLY REPORT ON FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1996, as set forth in the pages
attached hereto:
1. PART ONE, ITEM 1 - Financial Statements (Consolidated Balance Sheets).
<PAGE>
AVIC GROUP INTERNATIONAL, INC.
CONSILODATED BALANCE SHEETS
A Development Stage Company
(Unaudited)
<TABLE>
<CAPTION>
December 31 March 31
1996 1996
---- ----
<S> <C> <C>
ASSETS
Current Assets:
Cash $6,271,672 $185,889
Accounts receivable 21,310,966
Prepaid expenses and other current assets 10,360 60,678
------------- -------------
Total Current assets 27,592,998 246,567
Equipment, net of accumulated depreciation 437,392 76,233
Construction in progress 0
Joint venture deposit 0 1,170,000
Investment in Netmatics 60,281
Non-refundable equipment purchase deposit 4,572,536 4,572,536
Deferred expenses 5,853
Other assets 141,500 167,200
------------- -------------
Total Assets $32,810,560 $6,232,536
------------- -------------
------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $11,107,708 $866,990
Other accrued expenses 760,538
Accrued interest 748,441 651,063
Other Liabilities
Loans payable - stockholders (unsecured, interest
at 8.5% per annum) 2,613,553 2,563,553
Long term loans 11,979,336
------------- -------------
Total Liabilities 27,209,576 4,081,606
------------- -------------
Minority Interest 1,483,019
-------------
Stockholders' equity
Preferred stock: $.001 par value, authorized 10,000,000
shares; issued and outstanding 1,524,178 1,524 1,524
Preferred stock: $.001 par value, authorized 10,000,000
shares; issued and outstanding 100 1
Common stock: $.001 par value, authorized 100,000,000
shares; issued and outstanding 28,451,982
and 30,962,190 Dec. 31 and March 31, 1996 30,962 28,437
Additional paid-in capital 23,575,064 18,648,620
Deficit accumulated during the development stage (19,488,954) (16,527,651)
Foreign currency translation (632)
------------- -------------
Total stockholders' equity 4,117,965 2,150,930
------------- -------------
Total liabilities and stockholders' equity $32,810,560 $6,232,536
------------- -------------
------------- -------------
</TABLE>
The accompanying notes are an integral part of these financial statements
2
<PAGE>
<TABLE>
<CAPTION>
Nine months ended Dec. 31 Quarter ended Dec. 31
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUE
Net sales 686,076 $ 37,790
EXPENSES
Cost of sales 360,638 27,291
Selling, general, and administrative 2,863,128 2,679,766 $ 999,947 686,874
Research and development 1,287,629 348,272
------------ ------------ ------------ ------------
Total expenses 2,863,128 4,328,033 999,947 1,062,437
------------ ------------ ------------ ------------
Loss from operations (2,863,128) (3,641,957) (999,947) (1,024,647)
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSE)
Consulting income
Gain from sale of assets
Loss from abandoned assets
Interest expense (535,523) (206,210) (503,353) (82,663)
Equity in losses of unconsolidated
subsidiary
Other (147,835) 8,319 (115,061) 6,500
Income taxes (2,629) (1,600) (800) 0
------------ ------------ ------------ ------------
LOSS BEFORE MINORITY INTEREST (3,549,115) (3,841,448) (1,619,161) (1,100,780)
------------ ------------ ------------ ------------
MINORITY INTEREST IN LOSS OF SUBSIDIARIES 587,812 423,361
------------ ------------ ------------ ------------
NET LOSS ($2,961,303) ($3,841,448) ($1,195,800) ($1,100,780)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
NET LOSS PER SHARE ($0.10) ($0.15) ($0.04) ($0.04)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 28,779,625 25,331,249 29,433,510 25,491,626
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
<CAPTION>
March 27, 1992
(Inception) to
Dec. 31,
1996
----
<S> <C>
REVENUE
Net sales $1,223,894
EXPENSES
Cost of sales $1,061,435
Selling, general, and administrative $12,226,753
Research and development $5,731,612
------------
Total expenses 19,019,800
------------
Loss from operations (17,795,906)
------------
OTHER INCOME (EXPENSE)
Consulting income 150,000
Gain from sale of assets 31,880
Loss from abandoned assets (130,840)
Interest expense (909,818)
Equity in losses of unconsolidated
subsidiary (500,000)
Other 35,726
Income taxes 2,629
------------
------------
LOSS BEFORE MINORITY INTEREST (19,116,327)
------------
MINORITY INTEREST IN LOSS OF SUBSIDIARIES 587,812
------------
NET LOSS ($18,528,515)
------------
------------
NET LOSS PER SHARE ($1.36)
------------
------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 13,638,700
------------
------------
</TABLE>
The accompanying notes are an integral part of these financial statements
3
<PAGE>
<TABLE>
<CAPTION>
March 27,
1992
(Inception) to Nine months ended
Dec. 31, Dec. 31,
1996 1996 1995
---- ---- ----
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss ($19,488,954) ($2,961,303) ($1,463,961)
Adjustments to reconcile net loss to net cash
used in operating activities:
Issuance of common stock for services 180,862 180,862
Amortization of capitalized software development costs 450,000 84,375
Depreciation 876,309 14,312 97,371
Loss from abandoned assets 130,840
Gain from sale of assets (31,880)
Equity in losses of unconsolidated subsidiary 500,000
(Increase) decrease in:
Accounts receivable (16,814,992) (16,811,203) (91,772)
Inventories (564,451) (32,632)
Prepaid expenses and other current assets 1,518,086 1,635,322 (33,545)
Other assets (93,036) 74,164 (169,372)
Increase (decrease)in:
Accounts payable and accrued expenses 11,873,514 10,053,224 201,656
Accrued interest 1,251,096 600,033 60,355
Deposit 850,000 0
------------ ------------ ------------
Net cash used in operating activities (19,362,536) (7,214,589) (1,347,525)
------------ ------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of machinery and equipment (1,701,223) (115,622) (102,332)
Subsidiary cash acquired (Note 2) 7,719,703 7,719,703
Joint venture deposit (1,170,000)
Investment in Netmatics (60,281) (60,281)
Proceeds from sale of assets 250,000
Increase in capitalized computer software development
costs (675,000)
------------ ------------ ------------
Net cash Provided by/(used in) investing activities 4,363,199 7,543,800 (102,332)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in loans payable-stockholders, net 10,190,273 1,011,472 361,104
Receipt of common stock subscription receivable 1,536,303 (50,000)
Sale of preferred stock 2,500,000 2,500,000
Sale of common stock 7,047,440 2,248,107
Foreign Exchange Loss (3,007) (3,007)
------------ ------------ ------------
Net cash provided by financing activities 21,271,009 5,756,572 311,104
------------ ------------ ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,271,672 6,085,783 (1,138,753)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 0 185,889 1,178,898
------------ ------------ ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $6,271,672 $6,271,672 $40,145
------------ ------------ ------------
------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these financial statements
4
<PAGE>
SIGNATURES
In accordance with the requirements of the Securities and Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: February 19, 1997 AVIC Group International, Inc.
By: /s/ Joseph R. Wright, Jr.
-------------------------------
Joseph R. Wright, Jr.
Chief Executive Officer
By: /s/ Michael J. Lim
-------------------------------
Michael J. Lim
Chief Financial Officer
5
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