UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-23512
BIOCORAL INC.
(Exact name of Small Business Issuer as specified in its charter)
Delaware 33-0601504
------------------------------- -----------------------
(State or other jurisdiction of (IRS Employer I.D. No.)
incorporation or organization)
38 rue Anatole France, Levallois-Perret, FRANCE
(Address of principal executive offices)
011-3314-757-9843
(Issuer's telephone number, including area code)
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 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 |_|
APPLICABLE ONLY TO CORPORATE ISSUERS
The number of shares of common stock outstanding as of June 30, 2000 was
19,235,260
<PAGE>
PART I
Item 1. Financial Statements. Attached.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Results of Operations for the Six Months Ended June 30, 2000
Compared to the Six Months Ended June 30, 1999
Net sales, which are solely attributable to Inoteb, SA ("Inoteb"), the Company's
wholly owned French subsidiary, totaled $222,400 for the six months ended June
30, 2000; an increase of $57,100 from $165,300 for the six months ended June 30,
1999 or 35%. This increase is primarily the result of the Company's concerted
effort to expand its customer base and its more rigorous marketing efforts in
view of the completion of certain research and development projects.
Operating expenses decreased to approximately $695,000 or approximately $327,000
during the six months ended June 30, 2000 from approximately $1,022,000 or 32%
for the six months ended June 30, 1999. This decrease is primarily attributable
to decreases in expenditures for research and development, amortization expense,
and other operating expenses.
Research and development expenses decreased approximately $123,000 or 47% to
approximately $138,000 during the six months ended June 30, 2000 as compared to
approximately $260,000 during the six months ended June 30, 1999. This decrease
resulted from the completion of several research projects in the latter half of
fiscal 1999, as well as the Company's shift of focus from research and
development to marketing, as discussed above.
Amortization expense totaled approximately $11,000 during the six months ended
June 30, 2000; a decrease of approximately $55,000 or 83% from approximately
$66,000 during the six months ended June 30, 1999. Goodwill which was originally
recorded in connection with the Company's increased ownership interest in
Inoteb's outstanding capital stock during 1998 was written off over thirteen
months. As such, goodwill became fully amortized during January 2000.
Other operating expenses totaled approximately $220,000 during the six months
ended June 30, 2000, a decrease of approximately $163,000 or 43% from
approximately $384,000. This decrease was the result of a $75,800 or 29%
decrease in Inoteb's delivery and selling expenses from $263,500 in the six
months ended June 30, 1999 to $187,700 in the six months ended June 30, 2000. In
addition, during the six months ended June 30, 1999, the Company incurred
approximately $90,000 of expenses associated with rent guarantees in connection
with the previous sale of its real estate operations. There were no such
expenses in the six months ended June 30, 2000.
As a result of the increase in sales and a decrease in operating expenses, the
Company's net loss for the six months ended June 30, 2000 totaled $424,261 or
$.02 per share compared to a net loss of $802,611 or $.10 per share in the six
months ended June 30, 1999. These losses per share were based on weighted
average common shares outstanding of 19,235,260 and 7,924,149 for the six months
ended June 30, 2000 and 1999, respectively.
Results of Operations for the Three Months Ended June 30, 2000
Compared to the Three Months Ended June 30, 1999
Net sales, which are solely attributable to Inoteb, totaled $123,600 for the
three months ended June 30, 2000; an increase of $39,000 from $84,600 for the
three months ended June 30, 1999 or 39%. This increase is primarily the result
of the Company's continuous effort to expand its customer base and its intensive
marketing efforts in view of the completion of certain research and development
projects.
Operating expenses totaled approximately $399,000 for the three months ended
June 30, 2000; an increase of approximately $4,000 or 1% from approximately
$395,000 for the three months ended June 30, 1999. This slight increase is
primarily the result of increases in cost of sales and consulting and
professional fees, which were mitigated by decreases in amortization of goodwill
and other operating expenses.
Cost of sales increased approximately $31,000 to $40,700 during the three months
ended June 30, 2000 from $9,700 in the three months ended June 30, 1999. This
increase is primarily the result of the increased sales revenues.
<PAGE>
Consulting and professional fees totaled approximately $96,000 during the three
months ended June 30, 2000, an increase of approximately $34,000 or 54% from
$62,000 during the three months ended June 30, 1999. This increase is related to
certain accounting and legal services in connection with the formation of Bio
Holdings International, Ltd., a newly formed subsidiary.
Amortization expense totaled approximately $33,000 during the three months ended
June 30, 1999. There was no such charge for amortization in the three months
ended June 30, 2000. As discussed previously, goodwill, which was recorded in
connection with the increased ownership of Inoteb, became fully amortized in
January 2000.
Other operating expenses totaled approximately $128,000 during the three months
ended June 30, 2000; a decrease of approximately $32,000 or 20% from
approximately $160,000 during the three months ended June 30, 1999. The decrease
is the result of a $36,000 or 26% decrease in Inoteb's delivery and selling
expenses from $140,000 in the three months ended June 30, 1999 to $104,000 in
the three months ended June 30, 2000.
As a result of the increase in sales and the nominal increase in operating
expenses, the Company's net loss for the three months ended June 30, 2000
totaled $256,533 or $.01 per share compared to a net loss of $289,294 or $.04
per share in the three months ended June 30, 1999. These losses per share were
based on weighted average common shared outstanding of 19,235,260 and 7,924,149
for the three months ended June 30, 2000 and 1999, respectively.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2000, the Company had working capital of $2,227,629, which
increased by $2,580,475 from a working capital deficiency of $352,846 as of
December 31, 1999. The Company's unrestricted cash balances totaled $1,592,013
as of June 30, 2000, which increased $1,150,175 from $441,838 as of December 31,
1999. In addition, the Company had $1,500,000 deposited in escrow as of June 30,
2000 in connection with the sale of convertible notes payable as discussed
below.
The Company used $449,090 of cash for operating activities primarily to fund its
net loss and to decrease accounts payable and accrued expenses. The Company's
net loss of $424,261 increased its total stockholders' deficiency to $1,525,465
at June 30, 2000. However, during the six months ended June 30, 2000, the
Company received net proceeds of $500,000 in connection with the sale of
11,111,111 shares of common stock as more fully set forth in the Company's
Annual Report of Form 10-KSB. Additionally, during the six months ended June 30,
2000, the Company completed a private offering (the "Offering") of 6%
convertible promissory notes payable (the "Notes") due December 31, 2002. The
notes are convertible at any time at the holder's option, subject to Company
approval, at the rate of $.045 per share. Interest is payable annually, at the
Company's option, either in cash or in shares of the Company's common stock.
During the six months ended June 30, 2000, the Company sold notes in the
aggregate principal amount of $3,000,000 to "accredited investors" which
represents the maximum number of units available under the Offering. Proceeds
totaling $1,500,000 have been deposited in escrow and are anticipated to be
released during the third quarter ending September 30, 2000.
The Company also used $347,015 to repay related party loans in the six months
ended June 30, 2000 as well as making capital expenditures in the amount of
$13,820. The Company does not presently have commitments to make material
capital expenditures during the next twelve months.
The Company believes, but cannot assure, that its current sources of liquidity
and cash are sufficient to satisfy its cash needs through at least the next
twelve months.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PAGE
----
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2000 AND DECEMBER 31, 1999 F-2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SIX AND THREE MONTHS ENDED JUNE 30, 2000 AND 1999 F-3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
SIX MONTHS ENDED JUNE 30, 2000 F-4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2000 AND 1999 F-5
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS F-6/10
* * *
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, 2000 (Unaudited) AND DECEMBER 31, 1999
<TABLE>
<CAPTION>
June December
ASSETS 30, 2000 31, 1999
------ ------------ ------------
(See Note 1)
<S> <C> <C>
Current assets:
Cash $ 1,592,013 $ 441,838
Cash held in escrow 1,500,000
Accounts receivable 77,800 112,900
Inventories 164,100 191,900
Common stock subscription receivable 500,000
Other current assets 34,800 14,500
------------ ------------
Total current assets 3,368,713 1,261,138
Property and equipment, net of accumulated depreciation of
$284,992 and $267,630 63,900 67,442
Goodwill, net of accumulated amortization of $143,571 and
$132,538 11,033
Other assets 158,606 159,267
------------ ------------
Totals $ 3,591,219 $ 1,498,880
============ ============
<CAPTION>
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
----------------------------------------
<S> <C> <C>
Current liabilities:
Current portion of long-term debt $ 402,400 $ 431,800
Notes payable to related parties 347,015
Accounts payable and accrued liabilities 738,684 835,169
------------ ------------
Total current liabilities 1,141,084 1,613,984
Long-term debt, net of current portion 3,975,600 986,100
------------ ------------
Total liabilities 5,116,684 2,600,084
------------ ------------
Commitments and contingencies
Stockholders' deficiency:
Preferred stock, par value $.001 per share; 1,000,000
shares authorized; none issued -- --
Common stock, par value $.001 per share; 20,000,000
shares authorized; 19,235,260 issued and outstanding 19,235 19,235
Additional paid-in capital 13,589,355 13,589,355
Accumulated deficit (15,134,055) (14,709,794)
------------ ------------
Total stockholders' deficiency (1,525,465) (1,101,204)
------------ ------------
Totals $ 3,591,219 $ 1,498,880
============ ============
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
SIX AND THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
<TABLE>
<CAPTION>
Six Months Three Months
Ended June 30, Ended June 30,
---------------------------- ----------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues:
Net sales $ 222,400 $ 165,300 $ 123,600 $ 84,600
Other income 48,131 53,793 18,601 21,285
------------ ------------ ------------ ------------
Totals 270,531 219,093 142,201 105,885
------------ ------------ ------------ ------------
Operating expenses:
Cost of sales 54,000 43,400 40,700 9,700
Research and development 137,958 260,863 68,401 58,300
Interest 89,910 98,848 60,360 57,369
Depreciation of property and
equipment 17,362 23,900 5,462 14,000
Amortization of goodwill 11,033 66,264 33,132
Consulting and professional fees 163,753 144,385 95,536 62,147
Other operating expenses 220,776 384,044 128,275 160,531
------------ ------------ ------------ ------------
Totals 694,792 1,021,704 398,734 395,179
------------ ------------ ------------ ------------
Net loss $ (424,261) $ (802,611) $ (256,533) $ (289,294)
============ ============ ============ ============
Basic net loss per common share $ (.02) $ (.10) $ (.01) $ (.04)
============ ============ ============ ============
Basic weighted average common
shares outstanding 19,235,260 7,924,149 19,235,260 7,924,149
============ ============ ============ ============
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY
SIX MONTHS ENDED JUNE 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stock
---------------------
Number Additional Total
of Paid-in Accumulated Stockholders'
Shares Amount Capital Deficit Deficiency
---------- ------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Balance, January 1, 2000 19,235,260 $19,235 $13,589,355 $(14,709,794) $(1,101,204)
Net loss (424,261) (424,261)
---------- ------- ----------- ------------ -----------
Balance, June 30, 2000 19,235,260 $19,235 $13,589,355 $(15,134,055) $(1,525,465)
========== ======= =========== ============ ===========
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
----------- -----------
<S> <C> <C>
Operating activities:
Net loss $ (424,261) $ (802,611)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation of property and equipment 17,362 23,900
Amortization of other assets 11,033 66,264
Changes in operating assets and liabilities:
Accounts receivable 35,100 45,000
Inventories 27,800 9,600
Other current assets (20,300) 54,300
Other assets 661 901
Accounts payable and accrued liabilities (96,485) (1,452)
----------- -----------
Net cash used in operating activities (449,090) (604,098)
----------- -----------
Investing activities:
Capital expenditures (13,820) (6,105)
Net proceeds from disposal of discontinued real estate
operations 230,639
----------- -----------
Net cash provided by (used in) investing activities (13,820) 224,534
----------- -----------
Financing activities:
Principal payments on notes payable to related parties (347,015)
Proceeds from long-term obligations 1,500,000
Principal payments on long-term obligations (39,900) (148,000)
Proceeds from sale of common stock 500,000
----------- -----------
Net cash provided by (used in) financing activities 1,613,085 (148,000)
----------- -----------
Net increase (decrease) in cash 1,150,175 (527,564)
Cash, beginning of period 441,838 1,344,608
----------- -----------
Cash, end of period $ 1,592,013 $ 817,044
=========== ===========
Supplemental disclosure of cash flow data:
Interest paid $ 39,805 $ 38,331
=========== ===========
</TABLE>
See Notes to Condensed Consolidated Financial Statements.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Unaudited interim financial statements:
In the opinion of management, the accompanying unaudited condensed
consolidated financial statements reflect all adjustments,
consisting of normal recurring accruals, necessary to present fairly
the financial position of BioCoral, Inc. and its subsidiaries (the
"Company") as of June 30, 2000, and the Company's results of
operations for the six and three months ended June 30, 2000 and
1999, changes in stockholders' deficiency for the six months ended
June 30, 2000 and cash flows for the six months ended June 30, 2000
and 1999. Information included in the consolidated balance sheet as
of December 31, 1999 has been derived from, and certain terms used
herein are defined in, the audited financial statements of the
Company as of December 31, 1999 and for the years ended December 31,
1999 and 1998 (the "Audited Financial Statements") included in the
Company's Annual Report on Form 10-KSB (the "10-KSB") for the year
ended December 31, 1999 that was previously filed with the United
States Securities and Exchange Commission (the "SEC"). Pursuant to
the rules and regulations of the SEC, certain information and
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted from these financial statements unless
significant changes have taken place since the end of the most
recent fiscal year. Accordingly, these unaudited condensed
consolidated financial statements should be read in conjunction with
the Audited Financial Statements and the other information also
included in the 10-KSB.
The results of the Company's operations for the six and three months
ended June 30, 2000 are not necessarily indicative of the results of
operations for the full year ending December 31, 2000.
Note 2 - Earnings (loss) per common share:
As further explained in Note 1 of the notes to the Audited Financial
Statements, the Company presents basic earnings (loss) per share
and, if appropriate, diluted earnings per share in accordance with
the provisions of Statement of Financial Accounting Standards No.
128, "Earnings per Share" ("SFAS 128"). Diluted per share amounts
have not been presented in the accompanying unaudited consolidated
statements of operations because the Company had a net loss for the
six and three months ended June 30, 2000 and 1999 and, accordingly,
the assumed effects of the exercise of all of the Company's
outstanding stock options and the application of the treasury stock
method and the conversion of the Company's convertible notes would
have been anti-dilutive.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 3 - Income taxes:
As of June 30, 2000, the Company had net operating loss
carryforwards of approximately $8,800,000 available to reduce future
Federal taxable income which, if not used, will expire at various
dates through 2020. The Company had no other material temporary
differences as of that date. Due to the uncertainties related to,
among other things, the changes in the ownership of the Company,
which could subject those loss carryforwards to substantial annual
limitations, and the extent and timing of its future taxable income,
the Company offset the deferred tax assets attributable to the
potential benefits of approximately $3,000,000 from the utilization
of those net operating loss carryforwards by an equivalent valuation
allowance as of June 30, 2000.
The Company had also offset the potential benefits from net
operating loss carryforwards by equivalent valuation allowances
during 1999. As a result of the increases in the valuation allowance
of $147,000 and $252,000 during the six months ended June 30, 2000
and 1999, respectively, and $100,000 and $89,000 during the three
months ended June 30, 2000 and 1999, respectively, no credits for
income taxes are included in the accompanying condensed consolidated
statements of operations.
Note 4 - Short-term notes payable to related parties:
At December 31, 1999, the Company had outstanding notes payable to
related parties with an aggregate principal balance of $347,015 that
were due on demand and bore interest at 10%. The notes were secured
by 5,221 shares of common stock of Inoteb SA, the Company's
wholly-owned French subsidiary (see Note 7). The noteholders had the
option to convert the notes at any time into a total of
approximately 405,000 shares of common stock of the Company (which
was equivalent to a conversion rate of $.8576 per share). During the
six months ended June 30, 2000, the outstanding principal balances
were paid in full. Interest on such borrowings totaled approximately
$6,500 and $22,000 in the six months ended June 30, 2000 and 1999,
respectively, and $11,000 in the three months ended June 30,1999
(interest for the three months ended June 30, 2000 was immaterial).
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 5 - Long-term debt:
Long-term debt at June 30, 2000 and December 31, 1999 consisted of
the following:
<TABLE>
<CAPTION>
June December
30, 2000 31, 1999
---------- ----------
<S> <C> <C>
Term loans payable monthly in varying installments, including
interest at rates ranging from 7.75% to
8.06%, through December 2001 (A) $ 294,500 $ 310,500
Noninterest bearing advances initially scheduled
to be paid in monthly installments through
2002 (B) 283,500 307,400
8% callable convertible promissory notes pay-
able (C) 800,000 800,000
6% convertible promissory notes payable (D) 3,000,000
---------- ----------
4,378,000 1,417,900
Less current portion 402,400 431,800
---------- ----------
Long-term debt $3,975,600 $ 986,100
========== ==========
</TABLE>
(A) The loans were secured by equipment with a net carrying value
of approximately $64,000 at June 30, 2000.
(B) The advances were made to Inoteb by ANVAR, an agency of the
French government that finances or subsidizes certain
"credible" research and development projects. If the research
does not result in a commercially feasible product and certain
other conditions are met, Inoteb will not have to pay some or
all of the advances. The Company did not receive any material
subsidies during the six months ended June 30, 2000 and 1999.
(C) The 8% callable convertible promissory notes payable (the "8%
Notes") are due on December 31, 2001 and are convertible at
any time at the holder's option at the rate of $3.50 per
share. Interest on the 8% Notes is payable annually, at the
Company's option, either in cash or shares of the Company's
common stock. The Company sold the 8% Notes to "accredited
investors" during 1998 through a private placement intended to
be exempt from registration pursuant to the provisions of
Regulation D of the Securities Act of 1933 (the "Act").
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 5 - Long-term debt (concluded):
(D) The 6% convertible promissory notes payable (the "6% Notes")
are due on December 31, 2002 and are convertible at any time
at the holder's option, subject to Company approval, at the
rate of $.045 per share. Interest on the 6% Notes is payable
annually, at the Company's option, either in cash or shares of
the Company's common stock. The Company sold 6% Notes in the
aggregate principal amount of $3,000,000 to "accredited
investors" during the period from January 1, 2000 to June 30,
2000 through a private placement intended to be exempt from
registration pursuant to the provisions of Regulation D of the
Act. Proceeds of $1,500,000 received effective as of June 30,
2000 from the sale of 6% Notes were temporarily restricted
pursuant to agreements with the purchasers of the notes and,
accordingly, have been included in cash held in escrow in the
accompanying condensed consolidated balance sheet as of that
date. In addition, the sale of those 6% Notes is not reflected
in the accompanying condensed consolidated statement of cash
flows for the six months ended June 30, 2000.
Principal payment requirements on long-term obligations in each of
the years subsequent to June 30, 2000 are as follows:
Year Ending
June 30, Amount
-------------- ---------
2001 $ 402,400
2002 887,900
2003 3,087,700
Management of the Company believes that the term loans, the
noninterest bearing advances, the 8% Notes and the 6% Notes had
carrying values that approximated their fair values as of June 30,
2000 because the interest rates and other relevant terms of such
financial instruments were the equivalent of those that the Company
could have obtained for new loans as of that date.
Note 6 - Stock option plan:
As further explained in Note 8 in the 10-KSB, on May 4, 1992, the
Company adopted a stock option plan (the "Plan") pursuant to which
options to purchase an aggregate of up to 2,000,000 shares of common
stock may be issued. As of December 31, 1999, the Company had
granted options for the purchase of 800,000 shares of common stock
at a weighted average exercise price of $.125 per share. No options
were granted, exercised or cancelled during the six months ended
June 30, 2000.
<PAGE>
BIOCORAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 7 - Segment and geographic information:
Pursuant to the provisions of Statement of Financial Accounting
Standards No. 131, "Disclosures about Segments of an Enterprise and
Related Information" ("SFAS 131"), the Company is reporting segment
information in the same format reviewed by the Company's management
(the "management approach"). The Company operates principally in one
industry segment which includes the development, manufacture and
sale of biomedical materials used in medical products. The Company
conducts operations outside of the United States, principally in
France.
Information about the Company's operations in different geographic
locations for the six months ended June 30, 2000 and 1999 is shown
below:
United
States France Other Consolidated
--------- --------- -------- ------------
2000
----
Revenues:
Net sales $ 222,400 $ 222,400
Other income $ 15,003 33,128 48,131
--------- --------- ---------
Totals $ 15,003 $ 255,528 $ 270,531
========= ========= =========
Net loss $(267,416) $(156,845) $ -- $(424,261)
========= ========= ======== =========
1999
----
Revenues:
Net sales $ 165,300 $ 165,300
Other income $ 21,764 32,029 53,793
--------- --------- ---------
Totals $ 21,764 $ 197,329 $ 219,093
========= ========= =========
Net loss $(386,639) $(408,900) $ (7,072) $(802,611)
========= ========= ======== =========
The Company had total assets of $3,591,219 as of June 30, 2000, of which
$2,758,750, $723,700 and $108,769 represented the total assets of the Company's
operations in the United States, France and other locations, respectively.
<PAGE>
PART II
Item 1. Legal Proceedings. None
Item 2. Changes in Securities. There are no reportable events relating to this
item.
Item 3. Defaults Upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security Holders. There are no
reportable events relating to this item.
Item 5. Other Information. There are no reportable events relating to this item.
Item 6. Exhibits and Reports on Form 8-K.
(A) Not applicable.
(B) None.
<PAGE>
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 hereunto duly authorized.
BIOCORAL, INC.
Date: August 11, 2000 /s/ Nasser Nassiri
------------------------
Nasser Nassiri, Chairman
