TYPE: 10QSB
SEQUENCE: 1
DESCRIPTION: JUNE 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 June 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 June 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 six months ended June 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.
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
June 30, December 31,
2000 1999
Current assets:
Cash 1,791 $ (193)
Loan Receivable
Ovvio Italy 126,024 126,024
Total current assets 127,815 125,831
INVESTMENTS, Net 4,019,960 4,133,960
PROPERTY & EQUIPMENT, less Accum.
Deprec. $9,155 & $7,955 3,942 5,142
OTHER ASSETS - -
---------- -----------
TOTAL ASSETS $4,151,717 $4,264,933
========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Investment Margin Account (Note5) $ 534,313 $ 503,343
Accounts payable 17,137 18,398
Other accrued liabilities 29,225 42,000
Notes Payable Officers/Directors
(Note 3) 600,000 540,000
----------- -----------
TOTAL LIABILITIES $ 1,180,675 $ 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)
( 222,372) ( 216,036)
Retained (deficit) (9,288,837) (9,105,023)
Total shareholders' equity
2,969,042 3,159,192
Total Liabilities and Equity
$4,151,717 $ 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 Six Months Ended Juneh 30, 2000 and 1999
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues:
Income (Note 1) $ 66,629 $ 46,598 $ 77,002 $ 83,366
---------- ------- ------- -------
Total revenues $ 66,629 46,598 77,002 83,366
General and administrative expense (Note 4)
$122,457 98,122 187,948 179,541
--------- ------- ------- --------
INCOME (LOSS) FROM OPERATIONS
(55,828) (51,524) (110,946) (96,175)
---------- ------- -------- -------
Other income (expense):
Interest expense (Note 2) 0 (8,405) ( 750) (19,439)
Settlement Income (IMA) 0 16,666 0 16,666
Foreign Currency Transaction
(Loss) (4,087) (3,000) (4,087) (3,000)
(Loss) Sale of Investment (58,409) 0 (58,409) 0
------- ------- ------- -------
Total Other (Expense) (62,496) 5,261 (63,246) (5,773)
Gain (loss) from
Continuing operations (118,324) (46,263) (174,192) (101,948)
Gain (loss) from
Discontinued operations 0 0 0 0
------- -------- -------- --------
Net income (loss) $ (118,324) $ (46,263) (174,192) (101,948)
======== ======= ======= =======
Per share information:
Basic (loss) per common share:
Continuing operations
$ (0.08) $ (0.03) $ (0.12) $ (0.09)
Discontinued operations 0 0 0 0
Basic Weighted average
number of common stock
shares outstanding 1,422,687 1,340,927 1,422,687 1,176,840
========= ========= ========= =========
Diluted (loss) per
common share:
Continuing operations
$ (0.08) $ (0.04) $ (0.12) $ (0.08)
Discontinued operations
$ (0.00) $ (0.00) $ (0.00) $ (0.00)
Diluted weighted average
number of common stock
shares outstanding
1,422,687 1,176,840 1,422,687 1,340,927
========= ========= ========= ========
The accompanying notes are an integral part of these financial statements
Ovvio Better Life, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three and Six Month Periods Ended June 30, 2000 and 1999
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Operating Activities:
Net income (loss)
$ (118,324) (46,263) (183,814) $ (101,948)
Transactions not
requiring cash:
Depreciation
and amortization 600 600 1,200 1,200
Changes in current assets and
current liabilities:
Receivable, marketable
securities and other
current assets
(Increases)/Decreases 114,000 269,469 114,000 269,469
Other accrued
liabilities and
investment margin
(Decreases)/Increases (2,751) (346,184) (76,934) (327,086)
NET CASH (USED) PROVIDED BY
OPERATING ACTIVITIES (6,475) (122,378) 8,320 (158,365)
NET CASH (USED) PROVIDED IN
INVESTING ACTIVITIES 0 (232,224) 0 (232,224)
FINANCING ACTIVITIES/SALE
OF COMMON STOCK 0 332,354 0 333,854
LIQUDATION OF PREFFERED
STOCK 0 0 0 1,500
TRANSLATION (INCREASE)
ADJUSTMENT CHANGES TO
CASH (Note 4) (6,456) 19,350 (6,336) 54,982
------- ------- ------- ------
INCREASE (DECREASE) IN CASH (12,931) (2,898) 1,984 (3,253)
CASH, BEGINNING OF PERIOD 14,722 7,982 (193) 8,337
CASH, END OF PERIOD $ 1,791 $ 5,084 1,791 5,084
The accompanying notes are an integral part of these financial statements
Ovvio Better Life, Inc.
CONSOLIDATED FINANCIAL NOTES
PERIOD ENDING THREE AND SIX MONTHS JUNE 30, 2000
General
Note 1 - Revenue Income - Current year 2000 and prior year 1999 Income reflects
receipt of one (1) interest payment from Guychar, Inc. Also included in
second quarter 2000 is the receipt of $34,176 of the annual dividend income
on the SFP stock investment account.
Note 2 - Other Expense for the second quarter 2000 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.
Note 3 - Notes Payable- Directors and Officers - During the first six months
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 - Second quarter expenses for
2000 and YTD June 30, 2000 are higher than prior years levels due to
higher bank fees on SFP margin accounts in Geneva Switzerland.
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 an increase of $6,456 during the 2nd quarter of 2000.
Note 7 - Cash Flow Statement for the second quarter 2000 was favorably
impacted by the liquidation of the SFP Preferred stocks.
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: August 16, 2000 By: /s/
Dempsey K. Mork
(Chief accounting and financial officer
and duly authorized officer)
