TYPE: 10QSB
SEQUENCE: 1
DESCRIPTION: MARCH 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 March 31, 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 No X
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 March 31, 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 months ended March 31, 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
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.
In March of 1999 the company signed a purchase contract, did a reverse split,
appointed new directors, and changed its name from Imatel Holdings Inc. to
Ovvio Better Life, Inc. to reflect its entrance into the furniture business
with a very well established European name, The Semeraro Group. In April
2000 the transaction was completely rescinded.
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
March 31, December 31,
2000 1999
Current assets:
Cash 14,722 $ (193)
Loan Receivable
Ovvio Italy 126,024 126,024
Total current assets 140,746 125,831
INVESTMENTS, Net 4,133,960 4,133,960
PROPERTY & EQUIPMENT, less Accum.
Deprec. $8,555 & $7,955 4,542 5,142
OTHER ASSETS - -
---------- -----------
TOTAL ASSETS $4,279,248 $4,264,933
========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Investment Margin Account (Note5) $ 537,289 $ 503,343
Accounts payable 25,637 18,398
Other accrued liabilities 50,500 42,000
Notes Payable Officers/Directors
(Note 3) 570,000 540,000
----------- -----------
TOTAL LIABILITIES $ 1,183,426 $ 1,103,741
___________ __________
MINORITY INTEREST
2,000 2,000
Shareholders' equity:
Common Stock, no par value; 50,000,000
shares authorized; 4,894,668 &
3,370,168 shares issued and outstanding
respectively, Note 8 12,480,251 12,480,251
Foreign currency translation (Note 6)
( 215,916) ( 216,036)
Retained (deficit) (9,170,513) (9,105,023)
Total shareholders' equity
3,093,822 3,159,192
Total Liabilities and Equity
$4,279,248 $ 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 Months Ended March 31, 2000 and 1999
Three Months Ended
March 31,
2000 1999
Revenues:
Commissions and consulting fees
$ -- $ -
Income (Note 1) 10,373 35,768
---------- ---------
Total revenues $ 10,373 35,768
General and administrative expense (Note 4)
$ 65,491 80,419
INCOME (LOSS) FROM OPERATIONS
(55,118) (44,651)
---------- ---------
Other income (expense):
Interest expense (Note 2 ( 750) (11,034)
Total Other (Expense)
(750) (11,034)
Gain (loss) from Continuing operations
(55,868) (55,685)
Gain (loss) from Discontinued operations
0 0
Net income (loss)
$ (55,868) $ (55,685)
Per share information:
Basic (loss) per common share:
Continuing operations
$ (0.04) $ (0.05)
-------- ----------
Discontinued operations
$ (0.00) $ (0.00)
Basic Weighted average number of
common stock shares outstanding
1,422,687 1,223,667
========= =========
(Note 8 for period 3/31/99 only)
Diluted (loss) per common share:
Continuing operations
$ (0.00) $ (0.00)
Discontinued operations
$ (0.00) $ (0.00)
Diluted weighted average number of
common stock shares outstanding
1,422,687 1,223,667
(Note 8 for period 3/31/99 only)
The accompanying notes are an integral part of these financial statements
Ovvio Better Life, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Month Periods Ended March 31, 2000 and 1999
Three Months Ended
March 31,
2000 1999
Operating Activities:
Net income (loss)
$ (65,491) $ (55,685)
Transactions not requiring cash:
Depreciation and amortization
600 600
Foreign currency transaction (gain) loss
-- --
Changes in current assets and current liabilities:
Receivable, marketable securities and other
current assets (Increases)/Decreases
-- --
Other accrued liabilities and investment margin
(Decreases)/Increases
79,686 19,098
NET CASH (USED) PROVIDED BY
OPERATING ACTIVITIES
14,795 (35,987)
-------- ----------
NET CASH (USED) PROVIDED IN
INVESTING ACTIVITIES
14,795 --
--------- -----------
TRANSLATION (INCREASE) ADJUSTMENT
CHANGES TO CASH (Note 4)
120 35,632
INCREASE (DECREASE) IN CASH
14,915 (355)
CASH, BEGINNING OF PERIOD
(193) 8,337
CASH, END OF PERIOD $ 14,722 $ 7,982
The accompanying notes are an integral part of these financial statements
Ovvio Better Life, Inc.
CONSOLIDATED FINANCIAL NOTES
PERIOD ENDING THREE MONTHS MARCH 31, 1000
General
Note 1 - Revenue Income - Current year 2000 and prior year 1999Income reflects
receipt of one (1) interest payment in 2000 versus three (3) monthly payments
in 1999 of interest from Guychar, Inc.
Note 2 - Other Income/ Expense - Interest expense for both periods is
attributable to the bank service charges (interest and fees) on the investment
margin accounts in Geneva. (See Note 5 on the Investment Margin Liability
Account - SFP Bank stock Purchases)
Note 3 - Notes Payable- Directors and Officers - During the first quarters
of 1999 and 2000, the increase is due to regular quarterly accruals of 30,000
fo Officers/Directors salaries/fees.
Note 4 - General and Administrative Expenses - First quarter expenses of $
65,491 are lower than prior year's first quarter levels of $80,419 on lower
expenses at the Coachella Corporate Offices due to downsizing and expense
reductions.
Note 5 - Investment Margin Liability Account - This account represent the stock
margin accounts on the SFP Bank Stock Purchases in Geneva.
Note 6 - Cumulative Translation Balance Sheet Adjustment Account - This account
reflected a reduction of $35,632 during the first quarter of 1999 due to the
restatement of the prior year end closing conversion rates which utilized an
overall average for all of fiscal 1998. At the start of each fiscal year, the
beginning balance of each foreign currency account must be recalculated at the
new conversion rate for the first quarter. This is primarily a timing adjustment
and has no P&L effect for the start of the new fiscal year. This approach has
been consistently followed for the prior accounting periods.
Note 7 - Cash Flow Statement for the first quarter of 2000 was $ 79,686
as compared to $ 19,088 for the first quarter of 1999.
Note 8 - Preferred Stock Shares Issued and Outstanding at the end of the fiscal
year 12/31/1998 were canceled and exchanged for 1,500,000 shares of Common Stock
on 3/20/1999. The Balance Sheet reflects this exchange in the first quarter of
1999; the Income Statement per share calculation for the first quarter of 1999
also includes this exchange. There is no cash effect for the first quarter
1999 or for 2000 for these transactions.
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: May 24, 2000 By: /s/
Dempsey K. Mork
(Chief accounting and financial officer
and duly authorized officer)
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<NAME> OVVIO BETTER LIFE, INC.
<S> <C>
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<PERIOD-END> MAR-31-2000
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<SECURITIES> 4,133,960
<RECEIVABLES> 126,024
<ALLOWANCES> 0
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<PP&E> 13,097
<DEPRECIATION> (8,555)
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<CURRENT-LIABILITIES> 1,183,426
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<COMMON> 12,480,251
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<INCOME-PRETAX> (55,868)
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<INCOME-CONTINUING> (55,868)
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<NET-INCOME> (55,868)
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