U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB-A
Amendment No. 1
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from _______________ to _____________
Commission File No. 0-25281
LOG POINT TECHNOLOGIES, INC.
- --------------------------------------------------------------------------------
(Name of Small Business Issuer in Its Charter)
Colorado 84-1360787
- -------------------------------- -----------------
(State of Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
465 Fairchild Drive, Suite 111, Mountain View, CA 94043
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(650) 967-3974
- --------------------------------------------------------------------------------
(Issuer's Telephone Number, Including Area Code)
N/A
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last year.)
<PAGE>
Check whether the issuer: (1) 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 ______
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of September 30, 1999 Log Point
Technologies, Inc. had 11,058,383 shares of Common Stock outstanding, no par
value.
<PAGE>
<TABLE>
<CAPTION>
LOG POINT Technologies, Inc.
(a development stage company)
BALANCE SHEETS
(Unaudited)
Sep 30, 1999 Sep 30, 1998
============ ============
ASSETS
<S> <C> <C>
CURRENT ASSETS
Cash & Cash Equivalents $ 695 $ 435,925
Accounts Receivable 1,200 --
----------- -----------
Total Current Assets 1,895 435,925
----------- -----------
EQUIPMENT & FURNITURE
Office Equipment & Furniture (net of Depreciation) 36,976 39,495
----------- -----------
OTHER ASSETS
Product Technology License (net of Amortization) 117,250 131,250
Receivable from officers -- 102,703
Receivable from others -- 9,979
Deposits 4,281 3,771
----------- -----------
Total Other Assets 121,531 247,703
----------- -----------
TOTAL ASSETS $ 160,402 $ 723,123
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of capitalized lease obligations $ 12,410 $ 8,461
Accounts Payable 157,644 36,099
----------- -----------
Total Current Liabilities 170,054 44,560
----------- -----------
LONG-TERM DEBT
Due on product license 162,983 163,981
Loans from Officers 42,494 --
Capitalized lease obligations less current portion 9,714 16,250
----------- -----------
Total Long-Term Debt 215,191 180,231
----------- -----------
OTHER LIABILITIES
Deferred salaries & wages, and related payroll taxes 974,278 656,411
----------- -----------
Total Liabilities 1,359,523 881,202
----------- -----------
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock - No par value; 5,000,000 shares
authorized; no shares issued
Common stock - No Par Value; 50,000,000 shares
authorized;shares issued
and outstanding 11,058,383 1,029,194 1,322,630
Retained Earnings (deficit) (2,228,315) (1,480,709)
----------- -----------
(1,199,121) (158,079)
Less stock receivable -- --
----------- -----------
Total Stockholders' Equity (Deficit) (1,199,121) (158,079)
----------- -----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 160,402 $ 723,123
=========== ===========
See Notes to Financial Statements.
<PAGE>
LOG POINT Technologies, Inc.
(a development stage company)
STATEMENT OF OPERATIONS
For the Three Months Ended September 30, 1999 & 1998 and
since Inception (February 1993 to September 30, 1999
(Unaudited)
3 Months 3 Months Since
Sep 30, 1999 Sep 30, 1998 Inception
------------ ------------ ---------
SALES $ 1,200 None $ 71,680
------------ ------------
COST OF SALES None None None
OPERATING EXPENSES:
General and Administrative 58,024 $ 61,413 574,556
Research and development 59,770 106,519 1,409,469
Depreciation and Amortization 6,118 5,656 124,467
------------ ------------ ------------
Total Operating Expenses 123,912 173,588 2,108,492
------------ ------------ ------------
LOSS BEFORE OTHER ITEMS (122,712) (173,588) (2,036,812)
OTHER INCOME & EXPENSE
Interest expense (18,057) (10,405) (204,310)
Interest Income -- 8,124 12,807
------------ ------------ ------------
NET LOSS $ (140,769) $ (175,869) $ (2,228,315)
============ ============ ============
Loss Per Share $ (0.013) $ (0.016)
------------ ------------
Weighted average number of shares 10,757,403 11,058,383
------------ ------------
See Notes to Financial Statements.
<PAGE>
LOG POINT Technologies, Inc.
(a development stage company)
STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 1998 and 1997
3 Months 3 Months Since
Sep 30, 1999 Sep 30, 1998 Inception
------------ ------------ ---------
CASH FLOWS FROM (TO) OPERATING ACTIVITIES:
Net Income(Loss) From Operations: $ (140,769) $ (175,869) $(2,228,315)
Add: Non-Cash Items
Depreciation and Amortization 6,118 5,656 124,467
Deferred salaries, related taxes and interest 91,709 51,194 974,278
Payment of expenses & loans with stock -- -- 166,060
Changes in Assets and Liabilities
Accounts Receivables (1,200) -- (1,200)
Prepaid Expenses -- 2,500 --
Receivable & payables from officers-net 35,733 (5,506) 42,494
Receivable & payables from others-net -- (9,979) --
Deposits -- -- (4,281)
Accounts payable 8,996 31,309 157,644
Stock Receivable -- --
----------- ----------- -----------
Net Cash From(To) Operating Activities 587 (100,695) (768,853)
----------- ----------- -----------
CASH FLOWS FROM(TO) INVESTING ACTIVITIES:
Acquisition of Equipment -- (9,508) (68,694)
----------- ----------- -----------
Net Cash From(To) Investing Activities -- (9,508) (68,694)
----------- ----------- -----------
CASH FLOWS FROM(TO) FINANCING ACTIVITIES:
Proceeds from capitalized leases -- -- 45,049
Repayment of Debt (358) (9,909) (69,941)
Sale of Common Stock -- -- 1,308,570
Purchases of Common Stock -- (152,000) (445,436)
----------- ----------- -----------
Net Cash From(To) Financing Activities (358) (161,909) 838,242
----------- ----------- -----------
Increase(Decrease) in Cash 229 (272,112) 695
Cash Balance, Beginning 466 708,037 --
----------- ----------- -----------
Cash Balance, Ending 695 435,925 695
=========== =========== ===========
See Notes to Financial Statements.
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
During the first quarter ended September 30, 1999 and 1998, the Company incurred
losses of $140,769 and $176,869, respectively.
Log Point is a development stage company that incurred losses of $140,769 and
$176,869 for the quarter ended September 30, 1999 and 1998, respectively. Since
inception the Company has incurred losses totaling $2,087,546, all of which has
been audited except the first quarter ended September 30, 1999.
Currently, Log Point is dependent upon borrowings to fund its development stage
operations, and at a minimum, management believes that its borrowings will be
adequate to fund its minimum requirements for the twelve-month period ending
September 30, 2000. Log Point does not expect any significant revenues during
the twelve-month period ending September 30, 2000.
When Log Point emerges from its development stage, additional financing will be
needed. Log Point is completing negotiations for a major debt financing. These
additional funds will be used to increase sales and marketing efforts and to
accelerate production of hardware chips from the Company's hardware designs.
The Company will require substantial additional financing in future years. The
additional financing would be obtained through loans, secondary public
offerings, private placements, and/or mergers. There can be no assurance that
such funds will be sufficient in the near term or that conditions and
circumstances described herein may not result in subsequent cash requirements by
the Company in the immediate future just to sustain operation. In the event of
such developments, attaining financing under such conditions may not be
possible, or even if additional capital may be otherwise available, the terms on
which such capital may be available may not be commercially feasible or
advantageous. If future funding is not obtained, Log Point would expect to
continue to receive loans until revenue from product licensing and sales become
adequate to sustain the companies operations.
Log Point will not conduct any significant research and development during the
twelve months ending September 30, 2000.
Log Point has no plans to purchase any plant or significant equipment during the
twelve months ending September 30, 2000.
The Company does not anticipate any significant changes in its number of
employees during the twelve months ending September 30, 2000.
<PAGE>
SIGNATURE
In accordance with the requirements of the Exchange Act, the Registrant caused
this 10-QSB report to be signed on its behalf by the undersigned thereunto duly
authorized.
LOG POINT TECHNOLOGIES, INC.
Date: January 18, 2000 By: /s/ Samuel P. Shanks
---------------- -------------------------------
Samuel P. Shanks, President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10Q
SEPTEMBER 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> JUN-30-1999 JUN-30-1998
<PERIOD-END> SEP-30-1999 SEP-30-1998
<CASH> 695 435,925
<SECURITIES> 0 0
<RECEIVABLES> 1,200 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 1,895 435,925
<PP&E> 158,507 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 160,402 723,123
<CURRENT-LIABILITIES> 170,054 44,560
<BONDS> 0 0
0 0
0 0
<COMMON> 1,029,194 1,322,630
<OTHER-SE> (2,228,194)<F1> (1,480,709)
<TOTAL-LIABILITY-AND-EQUITY> 160,403 723,123
<SALES> 1,200 0
<TOTAL-REVENUES> 1,200 0
<CGS> 0 0
<TOTAL-COSTS> 123,712 173,588
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> (122,712) (173,588)
<INTEREST-EXPENSE> (18,057) (2,281)
<INCOME-PRETAX> (140,769)<F2> (175,869)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (140,769) (175,869)
<EPS-BASIC> (.001) (.002)
<EPS-DILUTED> (.001) (.003)
<FN>
<F1>Retained Earnings
<F2>Loss
</FN>
</TABLE>
