TYPE: 10QSB
SEQUENCE: 1
DESCRIPTION: SEPT 2000 - 10QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
[ ] 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 0-22934
Ovvio Better Life, Inc.
(Exact Name of Small Business Issuer as specified in its Charter)
Washington 91-1268870
(State or other Jurisdiction of I.R.S. Employer
Incorporation or Organization Identification Number
83-888 Ave. 51, Coachella, CA 92236
(Address of principal executive offices) (Zip Code)
(760) 398-9700
(Issuer's telephone number)
Check whether the Issuer (1) 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
Indicate the number of shares outstanding of each of the
issuer's classes of Common Equity, as of the latest practicable date.
Common Stock, no par value 1,422,687
Title of Class Number of Shares Outstanding
at September 30, 2000
No exhibits included.
GENERAL
The condenced consolidated financial statements of Ovvio Better Life, Inc.
included herein, have been prepared without audit pursuant to the rules and
regulations of the Securities and Exchange Commission. Although certain
information normally included in financial statements prepared in accordance
with generally accepted accounting principles has been condenced or omitted,
Ovvio Better Life's management believes that the disclosures are adequate to
make the information presented not misleading. The condenced financial
statements for the three an nine months ended September 30, 2000 should be
read in conjunction with the financial statements and notes thereto included
in this report and Ovvio Better Life's annual report on form 10-KSB for the
fiscal year end December 31, 1999, and the 10QSB for March 31, 2000, and for
June 30, 2000.
The condenced financial statements included herein reflect all normal
recurring adjustments that, in the opinion of management, are necessary for
a fair presentation. The result of the interim period are not neccessarily
indicative of trends or of results to be expected for a full year.
Item 2. MANAGEMENTS DISSCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION.
The company will continue its international search for merchant banking
investment opportunities as well as its pursuit of a suitable private
company to acquire, invest, or partnership with.
Ovvio Better Life, Inc.
CONSOLIDATED BALANCE SHEET
Assets
Sept 30, December 31,
2000 1999
Current assets:
Cash (1,373) $ (193)
Loan Receivable ------- -------
Ovvio Italy 126,024 126,024
Total current assets 124,651 125,831
INVESTMENTS, Net 4,019,960 4,133,960
PROPERTY & EQUIPMENT, less Accum.
Deprec. $9,755 & $7,955 3,342 5,142
OTHER ASSETS - -
---------- -----------
TOTAL ASSETS $4,147,953 $4,264,933
========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Investment Margin Account (Note5) $ 401,538 $ 503,343
Accounts payable 5,747 18,398
Other accrued liabilities 45,725 42,000
Notes Payable Officers/Directors
(Note 3) 630,000 540,000
----------- -----------
TOTAL LIABILITIES $ 1,183,010 $ 1,103,741
___________ __________
MINORITY INTEREST
2,000 2,000
Shareholders' equity:
Common Stock, no par value; 50,000,000
shares authorized; 1,422,6878 &
842,542 shares issued and outstanding
respectively, Note 8 12,480,251 12,480,251
Foreign currency translation (Note 6)
( 222,372) ( 216,036)
Retained (deficit) (9,417,308) (9,105,023)
Total shareholders' equity
3,078,943 3,159,192
Total Liabilities and Equity
$4,147,953 $ 4,264,933
=========== ===========
The accompanying notes are an integral part of these financial statements
Ovvio Better Life, Inc.
CONSOLIDATED STATEMENT OF OPERATIONS
For the Three and Nine Months Ended September 30, 2000 and 1999
Three Months Ended Six Months Ended
Sept 30, Sept 30,
2000 1999 2000 1999
Revenues:
Income (Note 1) $ 31,923 $ 46,994 $ 108,924 $ 129,360
---------- ------- ------- -------
Total revenues $ 31,923 46,994 108,924 129,360
General and administrative expense
Note 4 $ 85,279 91,378 273,227 269,9191
--------- ------- ------- --------
INCOME (LOSS) FROM OPERATIONS
(53,356) (44,384) (164,303) (140,559)
---------- ------- -------- -------
Other income (expense):
Interest expense 0 (5,279) ( 750) (24,718)
Settlement Income (IMA) 0 16,666 0 33,332
Foreign Currency Transaction
(Loss) (75,114) ( 0) (79,201) (3,000)
(Loss) Sale of Investment ( 0) 0 (58,409) 0
------- ------- ------- -------
Total Other (Expense) (75,114) 11,387 (138,460) (5,614)
Note 2
Gain (loss) from
Continuing operations (128,470) (32,997) (302,663) (134,945)
Gain (loss) from
Discontinued operations 0 0 0 0
------- -------- -------- --------
Net income (loss) $ (128,470) $ (32,997) (302,663) (134,945)
======== ======= ======= =======
Per share information:
Basic (loss) per common share:
Continuing operations
$ (0.09) $ (0.02) $ (0.21) $ (0.11)
Discontinued operations 0 0 0 0
Basic Weighted average
number of common stock
shares outstanding 1,422,687 1,458,187 1,422,687 1,247,057
========= ========= ========= =========
Diluted (loss) per
common share:
Continuing operations
$ (0.09) $ (0.04) $ (0.21) $ (0.11)
Discontinued operations
$ (0.00) $ (0.00) $ (0.00) $ (0.00)
Diluted weighted average
number of common stock
shares outstanding
1,422,687 844,074 1,422,687 844,074
========= ========= ========= ========
The accompanying notes are an integral part of these financial statements
Ovvio Better Life, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three and Nine Month Periods Ended September 30, 2000 and 1999
Three Months Ended Six Months Ended
Sept 30, Sept 30,
2000 1999 2000 1999
Operating Activities:
Net income (loss)
$ (128,470) (32,997) (302,663) $ (134,945)
Transactions not
requiring cash:
Depreciation
and amortization 600 600 1,800 1,800
Changes in current assets
Receivable, marketable
securities and other
current assets
(Increases)/Decreases 0 159 114,000 269,628
Changes in current and
Other accrued
liabilities and
investment margin
(Decreases)/Increases (97,666) (47,682) (30,353) (279,404)
NET CASH (USED) PROVIDED BY
OPERATING ACTIVITIES (225,536) (15,444) (217,216) (142,921)
NET CASH (USED) PROVIDED IN
INVESTING ACTIVITIES 0 0 0 (232,224)
FINANCING ACTIVITIES/SALE
OF COMMON STOCK 0 0 0 333,854
LIQUDATION OF PREFFERED
STOCK 0 0 0 (1,500)
TRANSLATION (INCREASE)
ADJUSTMENT CHANGES TO
CASH (Note 6) 222,372 (164) 216,036 54,818
------- ------- ------- ------
INCREASE (DECREASE) IN CASH ( 3,164) 15,280 (1,180) 12,027
CASH, BEGINNING OF PERIOD 1,791 5,084 (193) 8,337
CASH, END OF PERIOD $ (1,373) $ 20,364 (1,373) 20,364
The accompanying notes are an integral part of these financial statements
Ovvio Better Life, Inc.
CONSOLIDATED FINANCIAL NOTES
PERIOD ENDING THREE AND NINE MONTHS SEPTEMBER 30, 2000
General
Note 1 - Revenue Income - Current year 2000 and prior year 1999 Income reflects
receipt of interest payments from Guychar, Inc. Also included in year to date
2000 and 1999 is the receipt of the annual dividend income on the SFP stock
investment account.
Note 2 - Other Expense for the nine months includes the recognition of
$58,049 loss on the sale/disposition of the SFP Preferred stock which were on
our books at a cost basis of $114,000 and the closing out of the foreign
currency balance sheet translation account.
Note 3 - Notes Payable- Directors and Officers - During the current quarter
and nine months of 1999 and 2000, the increase is due to regular quarterly
accruals of $30,000 for Officers/Directors salaries/fees.
Note 4 - General and Administrative Expenses - Third quarter expenses for
2000 are lower than prior year levels due to lower operating expenses.
Note 5 - Investment Margin Liability Account - This account represents the
quarter ending balance in the stock margin accounts on the SFP Bank Stock
Purchases in Geneva.
Note 6 - Cumulative Translation Balance Sheet Adjustment Account - This account
was closed out during the third quarter of 2000.
Note 7 - Cash Flow Statement for the third quarter and nine months year to date
2000 shows a slight decrease/cash usage.
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.
Date: November 13, 2000 By: /s/
Dempsey K. Mork
(Chief accounting and financial officer
and duly authorized officer)
