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Previous: REGI U S INC, 10QSB, EX-27, 2000-09-13 |
Next: BAOA INC, SC 13D, 2000-09-13 |
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
CURRENT REPORT
Date of Report: June 30, 2000
IWI HOLDING LIMITED
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Oakmont Centre, 1010 Executive Court, #300, Westmont, IL 60559
---------------------------------------------------------------
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (630) 887-2388
BVI 0-25108 None
--------------------------- ---------------------- -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
------- ------
(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
------ ------
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- .)
-----------
<PAGE>
IWI HOLDING LIMITED
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
June 30, December 31,
---------------- -------------
2000 1999
---------------- -------------
ASSETS:
Current assets $ 39 $ 82
Cash
Accounts receivable, less allowances
for doubtful accounts of $423 in 2000
and $625 in 1999 1,782 2,839
Inventories 5,648 4,800
Prepaid expenses 126 104
------------ --------------
Total current assets 7,595 7,825
------------ --------------
Property and equipment 2,875 2,862
Less accumulated depreciation (2,114) (1,974)
------------ --------------
Property and equipment - net 761 888
------------ --------------
Total assets $ 8,356 $ 8,713
============ ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Line of credit $ 1,601 $ 2,319
Notes payable 15 60
Accounts payable trade 2,448 1,858
Accounts payable to affiliated company 1,588 1,786
Accrued advertising 398 373
Accrued liabilities 826 845
------------ --------------
Total current liabilities 6,876 7,241
------------ --------------
Shareholder's equity:
Preferred stock, $1 par value;
5,000,000 shares authorized;
3,644,880 shares issued
and outstanding 3,645 3,645
Common stock, no par value; 10,000,000
shares authorized; 2,554,700 shares
issued and outstanding
Additional paid-in capital 12,446 12,446
Retained earnings (deficit) (14,611) (14,619)
------------ --------------
Total shareholders' equity 1,480 1,472
------------ --------------
Total liabilities and shareholders' equity $ 8,356 $ 8,713
============ ==============
<PAGE>
IWI HOLDING LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
<TABLE>
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ---------------------------
2000 1999 2000 1999
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales $ 4,031 $ 2,886 $ 8,742 $ 5,705
Cost of sales 2,917 2,003 6,272 4,024
------------- ------------ ------------ ------------
Gross profit (loss) 1,114 883 2,470 1,681
Selling, general & administrative
expenses 1,150 1,071 2,329 2,149
------------- ------------ ------------ ------------
Income (loss) from operations (36) (188) 141 (468)
Interest expense 65 38 133 79
------------- ------------ ------------ ------------
Income (loss) before income taxes (101) (226) 8 (547)
Income taxes (benefit) - - - -
------------- ------------ ------------ ------------
Net income (loss) $ (101) $ (226) $ 8 $ (547)
============= ============ ============ ============
Net income (loss) per common share $ (0.04) $ (0.09) $ - $ (0.21)
============= ============ ============ ============
Weighted average number of common shares
outstanding 2,554,700 2,554,700 2,554,700 2,554,700
============= ============ ============ ============
</TABLE>
<PAGE>
IWI HOLDING, LTD.
Consolidated Statement of Cash Flows
(In Thousands)
(Unaudited)
<TABLE>
Six Months Ended Twelve Months Ended
----------------- ---------------------
June 30, 2000 December 31, 1999
----------------- ---------------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 8 $ 57
Adjustment to reconcile net income loss
to net cash used on operating activities:
Depreciation and amortization 140 297
Loss on sale of assets - -
Provision for doubtful accounts (202) 125
Changes in operating assets and liabilities:
Accounts receivable 1,259 (1,215)
Accounts receivable from affiliated companies - -
Inventories (848) (1,114)
Prepaid expenses (21) 3
Accounts payable trade 588 203
Accounts payable trade affiliated companies (197) 363
Accrued liabilities 6 484
--------------- ----------------
Net cash provided by (used in) operating activities: 733 (797)
--------------- ----------------
Investing activities:
Purchase of property and equipment (13) (240)
Proceeds from sale of equipment - -
Proceeds form sale of assets held for disposal - -
--------------- ----------------
Net cash generated (used in) investing activities (13) (240)
--------------- ----------------
Cash flows from financing activities
Borrowing from notes payable to employees (45) (65)
Proceeds from (payments on) lines of credit, net (718) 1,102
Payments on notes payable to shareholders and payable to
affiliates - -
Repurchase of common stock - -
--------------- ----------------
Net cash provided by (used in) financing activities (763) 1,037
--------------- ----------------
Net increase (decrease) in cash (43) -
Cash at beginning of year/period 82 82
--------------- ----------------
Cash at end of period $ 39 $ 82
=============== ================
</TABLE>
<PAGE>
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 hereunto duly authorized.
IWI HOLDINGS LIMITED
/s/ Joseph K. Lau
-----------------------------------
Joseph K. Lau
President & Chief Executive Officer
Date: September 13, 2000
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