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0001169567-12-000011.txt : 20121106 0001169567-12-000011.hdr.sgml : 20121106 20121106115510 ACCESSION NUMBER: 0001169567-12-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121106 DATE AS OF CHANGE: 20121106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OXFORD TECHNOLOGIES INC CENTRAL INDEX KEY: 0001169567 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 043615974 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-49854 FILM NUMBER: 121182286 BUSINESS ADDRESS: STREET 1: 80 WALL STREET, SUITE 818 CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2128091200 MAIL ADDRESS: STREET 1: 80 WALL STREET, SUITE 818 CITY: NEW YORK STATE: NY ZIP: 10005 10-Q 1 oxford10q09302012.htm FORM 10-Q, SEPTEMBER 30, 2012 Converted by EDGARwiz

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 0-49854

OXFORD TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

DELAWARE 04-3615974

(State or other jurisdiction of incorporation or organization (I.R.S. Employer Identification No.)

80 WALL STREET, SUITE 818, NEW YORK, NEW YORK 10005

(Address of principal executive offices) (Zip Code)

(212) 809-1200

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

COMMON STOCK, $.0001 PAR VALUE

(Title of Class)

Indicate by check mark whether the Registrant (1) has 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 by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) Yes [X] No [ ]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non- accelerated filer or a smaller reporting company. See definition of "large accelerated filer”, “accelerated filer" and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ] Accelerated filer [ ] Non-Accelerated filer [ ] Smaller Reporting Company [X]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

Applicable Only to Corporate Issuers

Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 18,564,002 shares of common stock as of October 31, 2012.

OXFORD TECHNOLOGIES, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2012

TABLE OF CONTENTS


PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Consolidated Balance Sheets as of September 30, 2012 (unaudited) and December 31, 2011	3
	Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2012 and 2011 (unaudited)	4
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2012 and 2011 (unaudited)	5
	Notes to Consolidated Financial Statements (unaudited)	6
Item 2.	Management’s Discussion and Analysis of Plan of Operations	9
Item 3.	Quantitative and Qualitative Disclosure about Market Risk	12
Item 4.	Controls and Procedures	12
PART II – OTHER INFORMATION
Item 1	Legal Proceedings	12
Item 1A	Risk Factors	12
Item 2	Unregistered Sales of Equity and Securities and Use of Proceeds	13
Item 3	Defaults Upon Senior Securities	13
Item 4	Mine Safety Disclosures	13
Item 5	Other Information	13
Item 6.	Exhibits	13
SIGNATURES		13

Item 1.

Financial Statements

OXFORD TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


			September 30,	December 31,
			2012	2011
			US $'000	US $'000
			(Unaudited)
	ASSETS
Current Assets:
	Cash and cash equivalents		2,914	2,557
	Accounts receivable, net of allowance of $88 and $0		10,361	6,898
	Inventory, net		9,633	7,144
	Other current assets		434	323
		Total Current Assets	23,342	16,922

	Property and equipment, net of accumulated depreciation
	of $27,634 and $25,911		9,163	8,407

	Deferred tax assets - net non current		1,159	1,114
	Security deposits		45	43

		Total Assets	33,709	26,486

	LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
	Accounts payable		7,039	4,964
	Accounts payable, related party		1,122	999
	Taxes payable		1,087	987
	Line of credit		1,934	1,025
	Accrued liabilities - current		1,306	1,345
	Capital Leases - current portion		249	365
	Note payable - related party		1,407	1,353
	Deferred revenue		2,142	1,824
		Total Current Liabilities	16,282	12,862

Long-term Liabilities
	Capital leases, non-current portion		25	145
		Total Long-term Liabilities	25	145
		Total Liabilities	16,307	13,007

Stockholders' Equity
	Preferred stock, $.0001 par value, 20,000,000 shares authorized,
	none issued and outstanding		-	-
	Common stock, $.0001 par value, 80,000,000 shares authorized,
	18,564,002 shares issued and outstanding		2	2
	Additional paid in capital		33,478	33,478
	Accumulated other comprehensive income		(2,820)	(3,577)
	Accumulated deficit		(13,258)	(16,424)
		Total Stockholders' Equity	17,402	13,479
		Total Liabilities and Stockholders' Equity	33,709	26,486

See accompanying notes to the unaudited condensed consolidated financial statements

OXFORD TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)


				Three-Months Ended Sept. 30,		Nine-Months Ended Sept. 30,
				2012	2011	2012	2011
				US $'000	US $'000	US $'000	US $'000

Net Sales				12,727	8,509	34,533	23,855
Cost of Goods Sold				(10,926)	(6,958)	(27,824)	(19,891)
			Gross Profit	1,801	1,551	6,709	3,964

Operating Expenses
	Selling, general and administrative			1,470	1,221	4,145	3,419
			Operating Income / (Loss)	331	330	2,564	545

Other Non-Operating Income and Expenses
	Rental income			199	248	697	732
	Interest income			1	1	3	3
	Interest expense			(28)	(49)	(98)	(155)
	Net Income / (Loss) before Income Tax Benefit			503	530	3,166	1,125

Income tax benefit / (expense)				-	-	-	-
		Net Income / (Loss)		503	530	3,166	1,125

Other Comprehensive Income / (Loss)
	Foreign currency translation and transaction adjustment, net of tax			496	(384)	757	(30)

Comprehensive Income / (Loss), net of tax				999	146	3,923	1,095

Basic and Diluted Earnings / (Loss) Income
per Common Share				0.03	0.03	0.17	0.06

Weighted Average Common Shares Outstanding				18,564,002	18,564,002	18,564,002	18,564,002

See accompanying notes to the unaudited condensed consolidated financial statements

OXFORD TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		Nine-months Ended
		September 30,	September 30,
		2012	2011
		US $'000	US $'000
Cash Flows from Operating Activities:
	Net Income	3,166	1,125
	Adjustments to reconcile net income to net
	cash provided by (used in) operating activities:
	Depreciation and amortization	795	616
	Changes in operating assets and liabilities:
	Accounts receivable	(3,126)	(1,154)
	Inventory	(2,160)	(2,941)
	Other current asset	(98)	28
	Accounts payable	1,841	(561)
	Taxes payable	60	362
	Accrued liabilities and other payables	(70)	(562)
	Interest payable - related party	(20)	(49)
	Deferred revenue	239	1,268
	Cash provided by (used in) operating activities	627	(1,868)

Cash Flows from Investing Activities:
	Purchase of property and equipment	(1,075)	(147)
	Cash used in investing activities	(1,075)	(147)

Cash Flows from Financing Activities:
	Proceeds from line of credit	847	2,796
	Proceeds from related party	100	100
	Principal payment on capital lease	(251)	(316)
	Cash provided by financing activities	696	2,580

Effect of foreign currency translation on cash		109	(18)

Net increase in cash and cash equivalents		357	547

Cash and Cash Equivalents, Beginning		2,557	2,456

Cash and Cash Equivalents, Ending		2,914	3,003

Supplemental Cash Flow Information:
	Cash Payments For:
	Interest	-	-

	Taxes	-	-

See accompanying notes to the unaudited condensed consolidated financial statements

OXFORD TECHNOLOGIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

SEPTEMBER 30, 2012

1. NATURE OF OPERATIONS

Oxford Technologies, Inc. (“the Company”) and its subsidiary, Axiom Manufacturing Services Limited (“Axiom”) provide electronic manufacturing services (EMS) to third parties in the following market sectors: computers and related products, industrial control equipment, testing and instrumentation products and medical devices. Axiom offers its customers a comprehensive integrated design and manufacturing service from initial design to volume production, direct order fulfilment and aftermarket support. The Company’s customer base is primarily in the United Kingdom.

The Company was incorporated in the State of Delaware on March 8, 2002. On February 12, 2003, the Company acquired Axiom by issuing 13,564,002 shares of its common stock in exchange for all issued and outstanding capital shares of Axiom owned by Great Admirer Limited (“Great Admirer”), a Hong Kong Corporation. The Company as the legal acquirer was the registrant on that date and remains the registrant with the Securities and Exchange Commission. The merger was accounted for as a reverse acquisition under accounting principles generally accepted in the United States of America. As a result of the acquisition, Axiom became the Company’s wholly-owned subsidiary and Great Admirer became the controlling shareholder of the Company. The continuing operations of the Company will reflect the consolidated operations of Oxford and its wholly-owned subsidiary, Axiom.

At the time Great Admirer acquired Axiom in 2002, Great Admirer was a non-operating shell company and incurred minimal costs to acquire Axiom. Therefore no costs incurred by Axiom were recorded in the accounts of Axiom.

Axiom was incorporated in South Wales, United Kingdom on September 3, 1980, under the name of Aiwa (UK) Limited, with the Company subsequently being renamed Axiom Manufacturing Services Limited on April 10, 2002.

The Company established Axiom MS Limited (“AMS”) on July 29, 2008. AMS was incorporated on July 29, 2008 to seek new business opportunities.

Axiom’s principal office and manufacturing facility is located at Technology Park, Newbridge, South Wales, United Kingdom. AMS is the owner of the above mentioned facility.

In January 2011 the Company transferred all of its 13,564,002 shares in Axiom Manufacturing Services Limited to Axiom MS Limited. In exchange Axiom MS Limited issued 700 shares of its common stock to Oxford Technologies, Inc.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statements Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for full year financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These financial statements and notes included herein should be read in conjunction with the Company’s audited consolidated financial statements and

the notes thereto that are included in the Company’s annual report on Form 10-K for the year ended December 31, 2011.

Net Income / (Loss) Per Common Share

Basic net income/ (loss) per share of common stock is calculated by dividing the net income/ (loss) by the weighted average number of shares of common stock outstanding during the period.

Foreign Currency Translation

The functional currency of the Company's operations in the UK is the British Pound Sterling. The financial statements of the Company were translated to US dollars using quarter-end exchange rates for the balance sheets and weighted average exchange rates for the statements of operations and statements of cash flows. Equity transactions were translated using historical rates. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the statements of stockholders’ equity in total comprehensive income or loss.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition

Sales revenues are generally recognized when the products are shipped to the customers or services are rendered, net of discounts, returns and allowances. All revenues generated and the associated cost of sales incurred relate to the EMS service offering (manufacturing of OEM customer products) in 2012, with 99% of revenues coming from this source and the remaining percentage of revenue and cost of sales relating to the provision of a market return and repair service.

Trade Receivables

Trade receivables are stated at net realisable value. This value includes an appropriate estimated allowance for uncollectible accounts. The allowance is calculated based upon an evaluation of the level of past due accounts and the relationship with the financial status of our customers.

Inventory

Inventories are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. Inventory quantities on hand are regularly reviewed and where necessary, reserves for excess and unusable inventories recorded.


	September 30, 2012	December 31, 2011
	US $'000	US $'000

Raw Materials	5,527	4,588
Work in Progress	3,355	2,228
Finished Goods	751	328

	9,633	7,144

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight line basis over estimated useful lives of various asset classes as follows:

Building and building improvements

20 to 45 years

Machinery and equipment

5 to 10 years

Fixtures and fittings

3 to 8 years

Upon retirement or sales, the costs and related depreciation of the asset disposed of, are removed from the accounts and any resulting gain or loss is included in the determination of income. Repairs and maintenance costs are expensed as incurred. The Company reviews its property and equipment annually for impairment, and accordingly will write down those assets to their estimated fair value.

Income Taxes

Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognised for deductible temporary differences and operating loss carry forwards and deferred tax liabilities are recognised for taxable temporary differences.

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial instruments, which include cash, accounts receivable, accounts payable and accrued expenses are representative of their fair values due to the short-term maturity of these instruments.

Funding Arrangements

The Company has an invoice discounting facility provided by its bankers under which the bank advances up to 80% of the value of qualifying invoices on presentation. This is repaid when the customer settles the invoice with the remaining 20% released to the Company less bank charges at this time. The Company is responsible for collecting the debt. Security for the advances under this facility is provided by a charge over the accounts receivable of the Company. The amount held at this facility is shown in Line of Credit on the balance sheet. Axiom Manufacturing Services accounts for this as a transfer of receivables as a secured borrowing with pledge of collateral. Management believes that this treatment complies with guidance provided in FASB ASC 860-30-25-3.

Borrowings on this facility as at September 30, 2012 were $0.03 million as compared to borrowings amounting to $1.3 million as at September 30, 2011. Borrowings are included within ‘Line of Credit ’ under the liability section of the balance sheet.

Charges incurred amounted to $0.09 million to September 30, 2012 as compared to $0.08 million for the same period of the previous year. Interest amounted to $0.008 million a decrease of 80% on the same period of the previous year, the decrease is to the facility being used less. Charges are included within ‘Operating Expenses’ in the statement of operations and comprehensive income and interest charged on this facility is included within interest expense under ‘Other Income and Expenses’.

Line of Credit

The components of this balance sheet account are shown below:


	September 30, 2012	December 31, 2011
	US $'000	US $'000

Current Account	2,653	251
Deposit Account	49	47
Invoice Finance	(26)	(1,315)
Unpresented Checks	(4,606)	(8)

Total	(1,930)	(1,025)

Recently Issued Accounting Pronouncements

We have reviewed recent accounting pronouncements and determined they will have no present or future impact on our business. Accounting standards updates have been issued through 2012-07.

3. CAPITAL LEASE

At the end of each lease the Company will have the option to purchase the equipment. The leases are a mixture of 3 and 5 year terms.

Future principal lease payments are as follows (in US$’000):


	Year ended December 31,

2013	249
2014	21
2015	4
Total	274
Less current portion	(249)
Long term portion	25

These assets are being depreciated over their estimated useful economic lives and are included in the depreciation expenses for the nine-months ended September 30, 2012 and 2011.

4. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued. Per our evaluation we noted no significant subsequent event that requires disclosure.

ITEM 2. MANAGEMENT’S DISCUSSION & ANALYSIS OR PLAN OF OPERATIONS

Forward-Looking Statements

The discussion in this quarterly report on Form 10-Q contains forward-looking statements. Such statements are based upon beliefs of management as well as assumptions made by and information currently available to management of the Company as of the date of this report. These forward looking statements can be identified by the use of such verbs as “expect”, “anticipate”, “believe” or similar verbs or conjugations of such verbs. If any of these assumptions prove incorrect or should unanticipated circumstances arise, the actual results of the Company could materially differ from those anticipated by such forward-looking statements. The Company assumes no obligation to update any such forward-looking statements.

Overview

The Company was incorporated in the State of Delaware on March 8, 2002 as a blank check company. On February 12, 2003, the Company acquired 100% of the outstanding securities of Axiom Manufacturing Services Limited (“Axiom”) with the issuance and exchange of 13,564,002 shares of the Company’s common stock (“the Merger”). Although the Company is the legal survivor in the Merger and remains the registrant with the SEC, under accounting principles generally accepted in the United States, the Merger was accounted for as a reverse acquisition, whereby Axiom is considered the “accounting acquirer” for financial reporting purposes as its shareholders controlled more than 50% of the post transaction combined company. Among other matters, this requires us to present all financial statements, prior historical financial statements and other information of Axiom and requires a retroactive restatement of Axiom historical shareholders investment for the equivalent number of shares of common stock received in the Merger. Accordingly, the Company’s consolidated financial statements present the results of the operations of Axiom for the year ended December 31, 2002, and reflect the acquisition of the Company on February 12, 2003 under pooling method of accounting. Subsequent to February 12, 2003, the Company’s operations reflect the combined operations of Oxford and all of former Axiom.

The Company conducts its business through its subsidiary Axiom Manufacturing Services Limited. Prior to its acquisition by Great Admirer in April 2002, Axiom was a wholly-owned subsidiary of Aiwa Europe Limited, which in turn was a wholly-owned subsidiary of the Aiwa Company of Japan (note that the Aiwa business was acquired by the Sony Corporation on October 1, 2002). As the sole original equipment manufacturer of Aiwa's own-brand products in Europe, Axiom was responsible for producing consumer electronics products (primarily audio and visual equipment) on behalf of the Aiwa Company of Japan, for distribution in the UK, France, Germany, Poland and the Netherlands. In December 2000, due to gradually declining profit margins, Axiom started to provide electronic manufacturing services (EMS) for third parties. In July 2001 production of Aiwa branded products was terminated and Axiom became solely an EMS provider offering its customers a comprehensive and integrated design and manufacturing service, from initial product design through to volume production and aftermarket support. On July 29, 2008, the Company established Axiom MS Limited (“AMS”) to seek new business opportunities. In January 2011, the Company transferred all of its shares in Axiom to AMS. In exchange AMS issued 700 shares of its common stock to The Company.

The Company provides electronics manufacturing services in the business to business or business to industry sectors and to original equipment manufacturers in the following market sectors:

Medical devices

Industrial control equipment

Domestic appliances

Computer and related products

Testing and instrumentation products

Ministry of Defence products

As a result of efficiently managing costs and assets, Axiom is able to offer its customers an outsourcing solution that represents a lower total cost of acquisition than that typically provided by the OEM’s own manufacturing operation. OEM’s contract with Axiom to build their products or to obtain services related to product development and prototyping, volume manufacturing or aftermarket support. In many cases Axiom builds products that carry the brand name of its customers and substantially all of Axiom’s manufacturing services are provided on a turnkey basis where Axiom purchases customer specific components from suppliers, assembles the components onto printed circuit boards, performs post production testing and provides the customer with production process and test documentation. Axiom also provides manufacturing services on a consignment basis where material is free issued by the customer for Axiom to build into finished printed circuit boards or product. Axiom offers its customers flexible just-in-time delivery programs which allow product shipments to be closely coordinated with the customers’ inventory requirements. Additionally Axiom completes the assembly of final product for its customers by integrating the manufactured printed circuit boards into the customers’ finished products.

RESULTS OF OPERATIONS

Three-month periods ending September 30, 2012 and 2011

Revenues

Revenues for the three month period ended September 30, 2012 were $12.7 million, an increase of 50% as compared to the same period of the previous year. The increase in revenue is due to an increase in sales orders and new customers.

Cost of Sales

Cost of sales consists of the material cost of goods sold, direct overhead, direct wages, direct utilities and direct depreciation expenses. For the three months ended September 30, 2012 cost of sales were $10.9 million, an increase of 57% as compared to the three months ended September 30, 2011. The increase is in line with the increase in sales.

Nine-month periods ending September 30, 2012 and 2011

Revenues

Revenues for the nine month period ended September 30, 2012 were $34.5 million, an increase of 45% or $10.7 million as compared to the same period of the previous year. The increase in revenue is due to an increase in sales orders and new customers.

Cost of Sales

Cost of sales consists of the material cost of goods sold, direct overhead, direct wages, direct utilities and direct depreciation expenses. For the nine months ended September 30, 2012 cost of sales were $27.8 million, an increase of $7.9 million as compared to the nine months ended September 30, 2011. Cost of sales as a percentage of sales is 81% as compared to 83% for the same period of the previous year. The lower percentage is due to higher margins achieved on some products.

Operating Expenses

Operating expenses consist of selling, general and administrative expenses. For the nine months ended September 30, 2012 operating expenses were $4.1 million an increase of 21% compared to the same period of the previous year. The increase is mainly due to extra expenditure in the following: training, recruitment, wages, equipment hire, marketing, stationery and consumables.

Rental Income

For the nine months ended September 30, 2012 rental income was $0.697 million as compared to $0.732 million for the same period of the previous year. The decrease was due to the tenant vacating part of the property.

Interest Expense

Interest expense for the nine months ended September 30, 2012 amounted to $0.098 million as compared to $0.155 million for the same period of the previous year. The decrease is due to the interest on the discounting facility decreasing as the facility was used less.

Net Income / (Loss)

For the nine months ended September 30, 2012 net income was $3.2 million as compared to $1.1 million for the nine months ended September 30, 2011. This resulted in a basic income per share of $0.17 on weighted average common shares outstanding of 18,564,002 for the nine months ended September 30, 2012 as compared to $0.06 for the same period of the previous year.

Liquidity and Capital Resources

The Company’s primary source of capital is cash provided by operations and borrowings under its credit facilities. As of September 30, 2012 the Company had cash and cash equivalents of around $2.9 million.

For the nine months ended September 30, 2012 net cash provided by operating activities was $0.6 million as compared to net cash used in operating activities of $1.9 million for the same period of the previous year. Much of the increase in cash provided is due to increased net income, partially offset by an increase in inventories and an increase in accounts receivable.

For the nine months ended September 30, 2012 net cash used in investing activities was $1.1 million as compared to $0.1 million for the same period of the previous year. The increase is due to the purchase of fixed assets.

For the nine months ended September 30, 2012 net cash provided by financing activities was $0.7 million as compared to $2.6 million for the same period of the previous year. This amount is due to a smaller increase in proceeds from line of credit than what we have seen in the past.

For the nine months ended September 30, 2012 short-term capital needs were met by invoice discounting, finance lease arrangements, inter-company and bank loans. The Company’s banking facilities comprise an invoice discounting facility with a maximum advance limit of $3.2 million subject to the level of qualifying sales invoiced and a bank overdraft limit of $0.2 million. Interest rates are calculated with reference to bank base rates. At September 30, 2012 interest on invoice discounting facility was charged at 2% above Base and interest on the bank overdraft at 2% above Base. The inter-company loan interest rate is 5%, the finance lease agreements have varying interest rates ranging from 6% to 7.5% and the note payable demands an interest rate of 6%. The accounts receivable of the Company is collateral for this arrangement.

The following summarizes our debt and other contractual obligations at September 30, 2012:


	Amount
Description	$'000	Term
Invoice discounting	26	Ongoing until facility terminated.
Note Payable	1,407	Payable in full on December 31, 2013
Inter-company loan	1,216
Finance lease agreements	180	Mix of 3 & 10 yr term commencing August 2005 to December 2010

	2,829

The inter-company loans are not eliminated on consolidation, as the loans were from related parties which do not get consolidated with Oxford Technologies Inc. The balance per the consolidated balance is shown as follows:


Description	Amount
	$'000
Accounts payable related party	1,122
Capital lease current portion	94
Capital lease non-current portion	-

	1,216

As of the date of this report, we are in compliance with all covenants under our existing credit facilities.

In the event that adequate funding is not available from existing credit facilities, we would work with existing lenders to identify additional sources of financing. We have no current plans to make significant capital expenditures. At present we do not have any arrangements for financing except those mentioned above. While there can be no assurance that we will have sufficient funds over the next twelve months, we believe that funds generated from operations plus borrowings under our invoice discounting facility will be adequate to meet our anticipated operating expenses, capital expenditure and debt obligations for at least the next twelve months. Nevertheless, our continuing operating and investing activities may require us to obtain additional sources of financing. There can be no assurance that any necessary additional financing will be available to us on commercially reasonable terms, if at all.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements.

Critical Accounting Policies

Disclosure of the Company’s significant accounting policies is included in Note 1 to the consolidated financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. Some of these policies require management to make estimates and assumptions that may affect the reported amounts in the Company’s financial statements.

ITEM 3. Quantitative & Qualitative Disclosures about Market Risk

This item is not required for a smaller reporting company.

ITEM 4. Controls & Procedures

(a) Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2012. Based on that evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

As used herein, the term “disclosure controls and procedures” means controls and other procedures of the Company that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and

reported within the time periods specified in the rules and forms issued by the SEC. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer or officers and its principal financial officer or officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls over Financial Reporting

During the third quarter of 2012 there was no change in internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Information

Not applicable

Item 1A. Risk Factors

Our 2011 Form 10-K contains a detailed discussion of certain risk factors that could materially adversely affect our business, operating results or financial condition. There were no material changes in these risk factors since such disclosure.

Item 2. Unregistered Sales of Equity Securities and use of Proceeds

Not Applicable

Item 3. Defaults upon Senior Securities

Not Applicable

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

Not Applicable

Item 6. Exhibits

Exhibit No.

Description

31.1 Certification Pursuant to rules 13a-14(a) and 15d-14(a) of the Exchange Act.

32.1 Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-

Oxley Act of 2002

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Link

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.

Oxford Technologies, Inc.

By:/s/ Vivian Lam

Vivian Lam, President and Chief Financial Officer

Date: November 6, 2012

EX-31 2 ex31.htm EX 31 I, [identify the certifying individual], certify that:

Exhibit 31

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Vivian Lam, certify that:

I have reviewed this quarterly report on Form 10-Q of Oxford Technologies, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent

evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ Vivian Lam

Vivian Lam, President

(Principal Executive Officer and Principal Financial Officer)

November 6, 2012

EX-32 3 ex32.htm EX 32 CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

Exhibit 32

CERTIFICATION

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Vivian Lam, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Oxford Technologies, Inc. on the Form 10-Q for the quarter ended September 30, 2012, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Oxford Technologies, Inc.



Date: November 6, 2012	By:	/s/Vivian Lam
		Vivian Lam, President
		(Principal Executive Officer and Principal Financial Officer)

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1.       NATURE OF OPERATIONS   Oxford Technologies, Inc. (the Company) and its subsidiary, Axiom Manufacturing Services Limited (Axiom) provide electronic manufacturing services (EMS) to third parties in the following market sectors: computers and related products, industrial control equipment, testing and instrumentation products and medical devices. Axiom offers its customers a comprehensive integrated design and manufacturing service from initial design to volume production, direct order fulfilment and aftermarket support. The Companys customer base is primarily in the United Kingdom. The Company was incorporated in the State of Delaware on March 8, 2002. On February 12, 2003, the Company acquired Axiom by issuing 13,564,002 shares of its common stock in exchange for all issued and outstanding capital shares of Axiom owned by Great Admirer Limited (Great Admirer), a Hong Kong Corporation. The Company as the legal acquirer was the registrant on that date and remains the registrant with the Securities and Exchange Commission. The merger was accounted for as a reverse acquisition under accounting principles generally accepted in the United States of America. As a result of the acquisition, Axiom became the Companys wholly-owned subsidiary and Great Admirer became the controlling shareholder of the Company. The continuing operations of the Company will reflect the consolidated operations of Oxford and its wholly-owned subsidiary, Axiom. At the time Great Admirer acquired Axiom in 2002, Great Admirer was a non-operating shell company and incurred minimal costs to acquire Axiom. Therefore no costs incurred by Axiom were recorded in the accounts of Axiom. Axiom was incorporated in South Wales, United Kingdom on September 3, 1980, under the name of Aiwa (UK) Limited, with the Company subsequently being renamed Axiom Manufacturing Services Limited on April 10, 2002. The Company established Axiom MS Limited (AMS) on July 29, 2008. AMS was incorporated on July 29, 2008 to seek new business opportunities. Axioms principal office and manufacturing facility is located at Technology Park, Newbridge, South Wales, United Kingdom. AMS is the owner of the above mentioned facility. In January 2011 the Company transferred all of its 13,564,002 shares in Axiom Manufacturing Services Limited to Axiom MS Limited. In exchange Axiom MS Limited issued 700 shares of its common stock to Oxford Technologies, Inc.

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Financial Statements Presentation   The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for full year financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These financial statements and notes included herein should be read in conjunction with the Companys audited consolidated financial statements and the notes thereto that are included in the Companys annual report on Form 10-K for the year ended December 31, 2011. Net Income / (Loss) Per Common Share   Basic net income/ (loss) per share of common stock is calculated by dividing the net income/ (loss) by the weighted average number of shares of common stock outstanding during the period. Foreign Currency Translation   The functional currency of the Company's operations in the UK is the British Pound Sterling. The financial statements of the Company were translated to US dollars using quarter-end exchange rates for the balance sheets and weighted average exchange rates for the statements of operations and statements of cash flows. Equity transactions were translated using historical rates. Foreign currency translation gains or losses as a result of fluctuations in the exchange rates are reflected in the statements of stockholders equity in total comprehensive income or loss. Use of Estimates   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition   Sales revenues are generally recognized when the products are shipped to the customers or services are rendered, net of discounts, returns and allowances. All revenues generated and the associated cost of sales incurred relate to the EMS service offering (manufacturing of OEM customer products) in 2012, with 99% of revenues coming from this source and the remaining percentage of revenue and cost of sales relating to the provision of a market return and repair service. Trade Receivables   Trade receivables are stated at net realisable value. This value includes an appropriate estimated allowance for uncollectible accounts. The allowance is calculated based upon an evaluation of the level of past due accounts and the relationship with the financial status of our customers. Inventory   Inventories are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. Inventory quantities on hand are regularly reviewed and where necessary, reserves for excess and unusable inventories recorded.   <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> September 30, 2012 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> December 31, 2011 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Raw Materials </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 5,527 </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 4,588 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Work in Progress </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 3,355 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 2,228 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Finished Goods </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 751 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 328 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-top:solid windowtext 1.0pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> </tr> <tr style='height:13.5pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 9,633 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 7,144 </td> </tr> </table> </div>                                                                     Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight line basis over estimated useful lives of various asset classes as follows: Building and building improvements       20 to 45 years Machinery and equipment                        5 to 10 years Fixtures and fittings                                    3 to 8 years    Upon retirement or sales, the costs and related depreciation of the asset disposed of, are removed from the accounts and any resulting gain or loss is included in the determination of income. Repairs and maintenance costs are expensed as incurred. The Company reviews its property and equipment annually for impairment, and accordingly will write down those assets to their estimated fair value.   Income Taxes   Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognised for deductible temporary differences and operating loss carry forwards and deferred tax liabilities are recognised for taxable temporary differences.   Fair Value of Financial Instruments   The carrying amounts of the Companys financial instruments, which include cash, accounts receivable, accounts payable and accrued expenses are representative of their fair values due to the short-term maturity of these instruments.   Funding Arrangements   The Company has an invoice discounting facility provided by its bankers under which the bank advances up to 80% of the value of qualifying invoices on presentation. This is repaid when the customer settles the invoice with the remaining 20% released to the Company less bank charges at this time. The Company is responsible for collecting the debt. Security for the advances under this facility is provided by a charge over the accounts receivable of the Company. The amount held at this facility is shown in Line of Credit on the balance sheet. Axiom Manufacturing Services accounts for this as a transfer of receivables as a secured borrowing with pledge of collateral. Management believes that this treatment complies with guidance provided in FASB ASC 860-30-25-3. Borrowings on this facility as at September 30, 2012 were $0.03 million as compared to borrowings amounting to $1.3 million as at September 30, 2011. Borrowings are included within Line of  Credit under the liability section of the balance sheet. Charges incurred amounted to $0.09 million to September 30, 2012 as compared to $0.08 million for the same period of the previous year. Interest amounted to $0.008 million a decrease of 80% on the same period of the previous year, the decrease is to the facility being used less. Charges are included within Operating Expenses in the statement of operations and comprehensive income and interest charged on this facility is included within interest expense under Other Income and Expenses. Line of Credit   The components of this balance sheet account are shown below:         <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> September 30, 2012 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> December 31, 2011 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Current Account </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 2,653 </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>                   251      </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Deposit Account </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 49 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 47 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Invoice Finance </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (26) </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (1,315) </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Unpresented Checks </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (4,606) </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (8) </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> </tr> <tr style='height:13.5pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Total </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> (1,930) </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> (1,025) </td> </tr> </table> </div>   Recently Issued Accounting Pronouncements   We have reviewed recent accounting pronouncements and determined they will have no present or future impact on our business. Accounting standards updates have been issued through 2012-07.

Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight line basis over estimated useful lives of various asset classes as follows: Building and building improvements       20 to 45 years Machinery and equipment                        5 to 10 years Fixtures and fittings                                    3 to 8 years    Upon retirement or sales, the costs and related depreciation of the asset disposed of, are removed from the accounts and any resulting gain or loss is included in the determination of income. Repairs and maintenance costs are expensed as incurred. The Company reviews its property and equipment annually for impairment, and accordingly will write down those assets to their estimated fair value.

<div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> September 30, 2012 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> December 31, 2011 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Raw Materials </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 5,527 </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 4,588 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Work in Progress </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 3,355 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 2,228 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Finished Goods </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 751 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 328 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-top:solid windowtext 1.0pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> </tr> <tr style='height:13.5pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>   </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 9,633 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> 7,144 </td> </tr> </table> </div>

<div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> September 30, 2012 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> December 31, 2011 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> US $'000 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Current Account </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 2,653 </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>                   251      </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Deposit Account </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 49 </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 47 </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Invoice Finance </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (26) </td> <td width="119" valign="bottom" style='width:88.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (1,315) </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Unpresented Checks </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (4,606) </td> <td width="119" valign="bottom" style='width:88.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> (8) </td> </tr> <tr style='height:12.75pt'> <td width="288" valign="bottom" style='width:216.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>   </td> </tr> <tr style='height:13.5pt'> <td width="288" valign="bottom" style='width:216.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> Total </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> (1,930) </td> <td width="119" valign="bottom" style='width:88.95pt;border:none;border-bottom:double windowtext 2.25pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'> (1,025) </td> </tr> </table> </div>

Future principal lease payments are as follows (in US$000): <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:12.75pt'> <td width="392" valign="bottom" style='width:293.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="265" valign="bottom" style='width:198.75pt;border:none;border-bottom:solid windowtext 1.0pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Capital Lease Principal Payment </td> </tr> <tr style='height:12.75pt'> <td width="392" valign="bottom" style='width:293.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> <td width="265" valign="bottom" style='width:198.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'></td> </tr> <tr style='height:12.75pt'> <td width="392" valign="bottom" style='width:293.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Year ending December 31, 2013 </td> <td width="265" valign="bottom" style='width:198.75pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 249 </td> </tr> <tr style='height:12.75pt'> <td width="392" valign="bottom" style='width:293.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Year ending December 31, 2014 </td> <td width="265" valign="bottom" style='width:198.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 21 </td> </tr> <tr style='height:12.75pt'> <td width="392" valign="bottom" style='width:293.95pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Year ending December 31, 2015 </td> <td width="265" valign="bottom" style='width:198.75pt;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 4 </td> </tr> <tr style='height:12.75pt'> <td width="392" valign="bottom" style='width:293.95pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Total </td> <td width="265" valign="bottom" style='width:198.75pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 274 </td> </tr> </table> </div>

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2. Summary of Significant Accounting Policies: Basis of Financial Statements Presentation (Policies)	9 Months Ended
Sep. 30, 2012
Policies
Basis of Financial Statements Presentation	Basis of Financial Statements Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for full year financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These financial statements and notes included herein should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto that are included in the Company’s annual report on Form 10-K for the year ended December 31, 2011.

2. Summary of Significant Accounting Policies: Basis of Financial Statements Presentation (Policies)

9 Months Ended

Sep. 30, 2012

Policies

Basis of Financial Statements Presentation

Basis of Financial Statements Presentation

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4. Subsequent Events	9 Months Ended
Sep. 30, 2012
Notes
4. Subsequent Events	4. SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued. Per our evaluation we noted no significant subsequent event that requires disclosure.

4. Subsequent Events

9 Months Ended

Sep. 30, 2012

Notes

4. Subsequent Events

4. SUBSEQUENT EVENTS

XML 14 R2.htm IDEA: XBRL DOCUMENT

Oxford Technologies, Inc. - Condensed Consolidated Balance Sheets - Figures for 9/30/2012 Unaudited (USD $)
In Thousands, except Share data, unless otherwise specified

Sep. 30, 2012

Dec. 31, 2011

Assets, Current

Cash and Cash Equivalents, at Carrying Value

$ 2,914

$ 2,557

Accounts Receivable, Net, Current

10,361

^[1]

6,898

^[2]

Inventory, Net

9,633

7,144

Other Assets, Current

434

323

Assets, Current

23,342

16,922

Assets, Noncurrent

Property, Plant and Equipment, Net

9,163

^[3]

8,407

^[4]

Deferred Tax Assets, Net Noncurrent

1,159

1,114

Security Deposits, Noncurrent

Assets

33,709

26,486

Liabilities, Current

Accounts Payable, Current

7,309

4,964

Accounts Payable, Related Party, Current

1,122

999

Taxes Payable, Current

1,087

987

Line of Credit, Current

1,930

1,025

Accrued Liabilities, Current

1,306

1,345

Capital Lease Obligations, Current

249

365

Notes Payable, Related Party, Current

1,407

1,353

Deferred Revenue and Credits, Current

2,142

1,824

Liabilities, Current

16,282

12,862

Liabilities, Noncurrent

Capital Lease Obligations, Noncurrent

145

Liabilities, Noncurrent

145

Liabilities

16,307

13,007

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

Common Stock, Value, Issued

Additional Paid in Capital, Common Stock

33,478

Accumulated Other Comprehensive Income (Loss), Net of Tax

(2,820)

(3,577)

Retained Earnings (Accumulated Deficit)

(13,258)

(16,424)

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

17,402

13,479

Stockholders' Equity, Number of Shares, Par Value and Other Disclosures

Preferred Stock, Par Value

$ 0.0001

Preferred Stock, Shares Authorized

20,000,000

Common Stock, Par Value

$ 0.0001

Common Stock, Shares Authorized

80,000,000

Common Stock, Shares Issued

18,564,002

Common Stock, Shares Outstanding

18,564,002

Common Stock, Value, Outstanding

Liabilities and Equity

$ 33,709

$ 26,486

[1]	Net of allowance of $ 88 as of September 30, 2012.
[2]	Net of allowance of $-0- as of December 31, 2011.
[3]	Net of accumulated depreciation of $ 27,634 as of September 30, 2012.
[4]	Net of accumulated depreciation of $ 25,911 as of December 31, 2011.

XML 15 R6.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Notes

2. Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statements Presentation

Net Income / (Loss) Per Common Share

Basic net income/ (loss) per share of common stock is calculated by dividing the net income/ (loss) by the weighted average number of shares of common stock outstanding during the period.

Foreign Currency Translation

Use of Estimates

Revenue Recognition

Trade Receivables

Inventory

	September 30, 2012	December 31, 2011
	US $'000	US $'000

Raw Materials	5,527	4,588
Work in Progress	3,355	2,228
Finished Goods	751	328

	9,633	7,144

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation is computed on a straight line basis over estimated useful lives of various asset classes as follows:

Building and building improvements 20 to 45 years

Machinery and equipment 5 to 10 years

Fixtures and fittings 3 to 8 years

Income Taxes

Fair Value of Financial Instruments

Funding Arrangements

Line of Credit

The components of this balance sheet account are shown below: