0001079974-17-000340.txt : 20170717 0001079974-17-000340.hdr.sgml : 20170717 20170717172336 ACCESSION NUMBER: 0001079974-17-000340 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20170531 FILED AS OF DATE: 20170717 DATE AS OF CHANGE: 20170717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEYCHELLE ENVIRONMENTAL TECHNOLOGIES INC /CA CENTRAL INDEX KEY: 0001056757 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 330836954 STATE OF INCORPORATION: NV FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-29373 FILM NUMBER: 17968151 BUSINESS ADDRESS: STREET 1: 22 JOURNEY CITY: ALISO VIEJO STATE: CA ZIP: 92656 BUSINESS PHONE: 949-234-1999 MAIL ADDRESS: STREET 1: 22 JOURNEY CITY: ALISO VIEJO STATE: CA ZIP: 92656 10-Q 1 seyv10q5302017.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ending May 31, 2017
 
o TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to __________________

Commission File No. 0-29373
 
Seychelle Environmental Technologies, Inc.
(Exact Name of registrant as specified in its charter)
 
Nevada
 
33-0836954
(State or other jurisdiction Of incorporation)
 
(IRS Employer File Number)
 
 
 
22 Journey
 
 
Aliso Viejo, California
 
92656
(Address of principal executive offices)
 
(zip code)
 
 
 
(949) 234-1999
(Registrant'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 Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes þ  No o
 
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(Section 232.405 of this chapter) during the preceding 12 months(or such shorter period that the registrant was required to submit and post such files. Yes þ  No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company", in Rule 12b-2 of the Exchange Act.

Large accelerated filer
 
Accelerated filer
Non-accelerated filer  
 
Smaller reporting company ☑
(Do not check if smaller reporting company)
 
Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes o   No þ
 
The number of shares outstanding of the Registrant's common stock, as of July 13, 2017 was 26,640,313.

References in this document to "us," "we," or "Company" refer to Seychelle Environmental Technologies, Inc., its predecessor and its subsidiaries.
 
 

 
 

FORM 10-Q
 
Securities and Exchange Commission
Washington, D.C. 20549

Seychelle Environmental Technologies, Inc.

TABLE OF CONTENTS

     
Page
 
PART I  FINANCIAL INFORMATION
       
           
Item 1.
Financial Statements
   
3
 
 
Condensed Consolidated Balance Sheets 
   
3
 
 
Condensed Consolidated Statements of Operations
   
4
 
 
Condensed Consolidated Statements of Cash Flows
   
5
 
 
Notes to Condensed Consolidated Financial Statements
   
6
 
           
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
   
10
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
   
14
 
Item 4.
Controls and Procedures
   
14
 
Item 4T.
Controls and Procedures
   
14
 
           
PART II  OTHER INFORMATION
       
           
Item 1.
Legal Proceedings
   
15
 
Item 1A.
Risk Factors
   
15
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
   
15
 
Item 3.
Defaults Upon Senior Securities
   
15
 
Item 4.
Submission of Matters to a Vote of Security Holders
   
15
 
Item 5.
Other Information
   
16
 
Item 6.
Exhibits
   
16
 
           
Signatures
   
17
 
 
 
 
- 2 -


 
PART I
 
ITEM 1. FINANCIAL STATEMENTS

SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
 
 
 
May 31,
2017
   
February 28,
2017
 
ASSETS
 
Current assets:
           
Cash and cash equivalents
 
$
1,347,250
   
$
732,112
 
Accounts receivable, net of allowance for doubtful accounts
               
   of $10,092 and $47,600, respectively
   
464,153
     
905,507
 
Related party receivables
   
27,050
     
27,200
 
Inventory, net
   
1,166,763
     
1,421,871
 
Prepaid expenses, deposits and other current assets
   
232,137
     
282,560
 
Total current assets
   
3,237,353
     
3,369,250
 
 
               
Property and equipment, net
   
150,318
     
164,997
 
 
               
Other assets
   
239,487
     
81,310
 
 
               
Total assets 
 
$
3,627,158
   
$
3,615,557
 
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
               
Accounts payable and accrued expenses
 
$
339,940
   
$
476,415
 
Income taxes payable
   
-
     
-
 
Customer deposits
   
89,538
     
99,677
 
Capital lease obligations, current portion
   
5,034
     
4,047
 
Total current liabilities
   
434,512
     
580,139
 
 
               
Long-term liabilities:
               
Capital lease obligations, net of current
   
11,989
     
14,744
 
Total liabilities
   
446,501
     
594,883
 
 
               
Stockholders' equity:
               
Preferred stock, 6,000,000 shares authorized, none issued or outstanding
   
-
     
-
 
Common stock $0.001 par value, 50,000,000 shares authorized, 26,640,313
   issued and outstanding at May 31, 2017 and February 28, 2017,
   respectively
   
26,641
     
26,641
 
Additional paid-in capital
   
8,944,368
     
8,944,368
 
Accumulated deficit
   
(5,760,672
)
   
(5,920,655
)
Less treasury stock at cost (66,000 shares at May 31, 2017 and February 28, 2017 respectively)
   
(29,680
)
   
(29,680
)
Total stockholders' equity
   
3,180,657
     
3,020,674
 
 
               
 Total liabilities and stockholders' equity
 
$
3,627,158
   
$
3,615,557
 
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
 
 
 
 
- 3 -

 
 

SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
 
 
 
 
For the Three Months Ended
 
 
 
May 31,
   
May 31,
 
 
 
2017
   
2016
 
Sales
 
$
1,208,207
   
$
899,134
 
Cost of sales
   
663,782
     
588,485
 
Gross profit
   
544,425
     
310,649
 
Operating Expenses
               
Selling, General, and Administrative Expenses
   
361,090
     
1,002,450
 
Depreciation and Amortization
   
17,675
     
22,051
 
Total  operating  expenses
   
378,765
     
1,024,501
 
Income (Loss)  from Operations
   
165,660
     
(713,852
)
Other (Expense) Income
               
Interest income
   
-
     
9
 
Interest expense
   
(1,427
)
   
(615
)
Other income
   
-
     
1,782
 
Total other (expense) income
   
(1,427
)
   
1,176
 
Income (loss) before provision for income taxes
   
164,233
     
(712,676
)
Income tax (expense) benefit
   
(4,252
)
   
285,071
 
Net  income (loss)
 
$
159,981
   
$
(427,605
)
BASIC INCOME (LOSS) PER SHARE
 
$
0.01
   
$
(0.02
)
DILUTED  INCOME (LOSS) PER SHARE
 
$
0.01
   
$
(0.02
)
BASIC WEIGHTED AVERAGE NUMBER OF
               
SHARES OUTSTANDING
   
26,574,313
     
26,580,530
 
DILUTED WEIGHTED AVERAGE NUMBER OF
               
SHARES OUTSTANDING
   
26,574,313
     
26,580,530
 
 
 
 
 See accompanying notes to condensed consolidated financial statements.
 
 
 
 
 
- 4 -

 
 

 
  SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
 
 
 
For The Three Months Ended
 
 
 
May 31,
   
May 31,
 
 
 
2017
   
2016
 
 
           
OPERATING ACTIVITIES:
           
Net income (loss)
 
$
159,981
   
$
(427,605
)
Adjustments to reconcile net income (loss)  to net cash provided by (used) in operating activities:
               
Depreciation and amortization
   
17,675
     
22,051
 
Stock-based compensation
   
-
     
117,500
 
Recovery) for doubtful accounts and sales returns
   
(36,434
)
   
(103,569
)
Deferred tax benefit
   
-
     
(285,071
)
Changes in operating assets and liabilities:
               
Decrease in accounts receivable
   
477,789
     
28,648
 
Decrease (increase) in related party receivables
   
150
     
(5,204
)
Decrease (increase) in inventory
   
255,108
     
(195,928
)
Increase in prepaid expenses, deposits and other assets
   
(107,754
)
   
(51,054
)
Decrease in accounts payable and accrued expenses
   
(136,475
)
   
(299,344
)
Increase (decrease) in income taxes payable
   
-
     
(86,274
)
(Decrease) increase  in customer deposits
   
(10,139
)
   
13,481
 
Net Cash Provided by (used in) Operating Activities
   
619,901
     
(1,272,369
)
 
               
INVESTING ACTIVITIES:
               
Purchase of property and equipment
   
(2,995
)
   
(22,578
)
Net Cash Used In Investing Activities
   
(2,995
)
   
(22,578
)
 
               
FINANCING ACTIVITIES:
               
Repayment of capital lease obligation
   
(1,768
)
   
(2,680
)
Repurchase of treasury stock
   
-
     
(17,400
)
Net Cash Used in Financing Activities
   
(1,768
)
   
(20,080
)
 
               
       NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
   
615,138
     
(1,315,027
)
 
               
       CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
   
732,112
     
2,062,873
 
 
               
       CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
1,347,250
   
$
747,846
 
 
               
Supplemental disclosures of cash flow information:
               
    Cash paid for:
               
Interest
 
$
1,427
   
$
615
 
Income taxes
 
$
-
   
$
80,000
 
 
 
 
 See accompanying notes to condensed consolidated financial statements.
 
 
 
 
 
- 5 -

 
 

SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED (UNAUDITED) FINANCIAL STATEMENTS
 
 
NOTE 1:    CONDENSED FINANCIAL STATEMENTS

The accompanying condensed consolidated financial statements have been prepared by Seychelle Environmental Technologies, Inc., and subsidiaries (the "Company") without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at May 31, 2017, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended February 28, 2017.  The results of operations for the periods ended May 31, 2017 and 2016 are not necessarily indicative of the operating results for the full fiscal years.

The summary of significant accounting policies of the Company is presented to assist in understanding the Company's consolidated financial statements. The consolidated financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the condensed consolidated financial statements and the February 28, 2017 consolidated financials included in the 10-K filed on June 14, 2017.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
 
 
NOTE 2:    MANAGEMENT'S PLAN

As of February 28, 2017, the Company had $732,112 in cash and a backlog of approximately $465,000 in unshipped product.
 
As of May 31, 2017, the Company had $1,347,250 in cash and cash equivalents, $622,330 in accounts receivable and a backlog of $325,166 in unshipped product.  This year, Seychelle products have expanded its sales efforts in the following international markets; Mexico, Sri Lanka, Vietnam, South Korea, Australia, New Zealand, Japan and China .  It's our intention to expand our marketing activities more strongly to the international market and E-commerce.  In addition, Seychelle is managing cost in line with current revenue.


 
- 6 -


 
 
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED (UNAUDITED) FINANCIAL STATEMENTS
 
 
 
NOTE 3:    BASIC INCOME (LOSS) PER SHARE

Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period presented.  Diluted income (loss) per share is determined using the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents.  In periods when losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  The dilutive effect of outstanding stock options and warrants is reflected in diluted earnings per share by application of the treasury stock method.

The denominator for diluted income (loss) per share for the period ended May 31, 2017 did not include warrants as they would have been anti-dilutive. At May 31, 2017 and 2016, 6,407,221 warrants were excluded from the denominator for diluted income (loss) per share.
 
 
 
For the three months ended
 
 
 
May 31,
 
 
 
2017
   
2016
 
Numerator:
           
Net income (loss) available to common shareholders
 
$
159,981
   
$
(427,605
)
Weighted average shares – basic
   
26,574,313
     
26,580,530
 
Net income (loss) per share – basic
 
$
0.01
   
$
(0.02
)
 
               
Dilutive effect of common stock equivalents:
               
Warrants
   
-
     
-
 
Weighted average shares – diluted
   
26,574,313
     
26,580,530
 
Net income  (loss) per share – diluted
 
$
0.01
   
$
(0.02
)
 
 
 
NOTE 4:   COMMON STOCK
 
Common Stock
During the quarter ended May 31, 2017 and May 31, 2016, 0 shares and 250,000 shares respectively of restricted stock were issued by the Company to an employee.
 
During the three months ended May 31, 2016, the Company repurchased 30,000 shares of common stock at a cost of $17,400.  This repurchase was recorded as treasury stock and reflected as a reduction of stockholders' equity on the accompanying condensed consolidated balance sheet.


 
 
- 7 -

 
 

SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED (UNAUDITED) FINANCIAL STATEMENTS
 
 
NOTE 5:    INVENTORY
 
The Company's inventory consisted of the following at May 31, 2017 and February 28, 2017:
 
 
 
May 31,
2017
   
February 28, 2017
 
Raw materials
 
$
798,960
   
$
956,024
 
Finished goods
   
367,803
     
465,847
 
 
   
1,166,763
     
1,421,871
 
 
 
NOTE 6:    CONCENTRATIONS

Sales to one customer accounted for 33% sales for the three month period ended May 31, 2017.  Accounts receivable from this customer accounted to approximately $533,000 or 84% of accounts receivable as of May 31, 2017.
Sales to one customer accounted for 42% of sales for the three month period ended May 31, 2016. Accounts receivable from this customer amounted  to $147,373 or 49% of accounts receivable as of May 31, 2016.
 
 
NOTE 7:    RELATED PARTY TRANSACTIONS

During the three month periods ended May 31, 2017 and 2016, the Company incurred $0 and $12,500, respectively, for consulting services from TAM Irrevocable Trust ("TAM"), in which Cari Beck is the trustee and current Board member, as well as a daughter of Carl Palmer, an officer and Board member. These amounts are included as a component of selling, general and administrative expenses on the condensed consolidated statements of operations.

During the three months ended May 31, 2016, TAM purchased on behalf of the Company, $7,740 of raw materials from a vendor with which it already had a business relations.  All amounts due to TAM had been paid in full as of May 31, 2016.

The Company utilizes the services of an individual, who is a related party, to source materials and provide the manufacturing of component parts with third-party vendors in China. For the three months ended May 31, 2017 and 2016, purchases facilitated through the related party accounted for approximately 13% and 38%, respectively, of total raw material purchases. The Company paid approximately $14,000 and $900 in direct commissions to the related party consultant during the three months ended May 31, 2017 and 2016, respectively.

As of May 31, 2017 and 2016, the Company had receivables due from its CEO of approximately $0 and $17,000 respectively.  In addition, the Company had advanced amounts to employees of approximately $27,050 and $28,000 as of May 31, 2017 and 2016, respectively. These amounts are being repaid through direct payroll withdrawals.
 
 
 
- 8 -

 
 
 
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
NOTES TO CONSOLIDATED (UNAUDITED) FINANCIAL STATEMENTS

 
 
NOTE 8:  COMMITMENTS AND CONTINGENCIES

In 2016, the Company entered into a lease agreement on one facility for its corporate offices, inventory and production at 22 Journey in Aliso Viejo, CA for a term of 5 years at a monthly rental of approximately $19,000. The Company sub leases its facility in San Juan Capistrano, CA. 
 

NOTE 9: SUBSEQUENT EVENTS

Management has evaluated subsequent events from May 31, 2017 through the date the condensed consolidated financial statements were issued, and has concluded that no subsequent events have occurred that would require recognition or disclosure in these condensed consolidated financial statements.
 
 
 
 NOTE 10:  INCOME TAX

The Company expects its effective tax rate for the 2018 fiscal year to be different from the federal statutory rate due primarily to a change in valuation allowance.

We recorded a provision for income taxes of $4,252 for the quarter ended May 31, 2017, related to federal and state taxes, based on the Company's expected annual effective tax rate.
 
Management evaluated the need for a full valuation allowance at the end of the quarter ended May 31, 2017. Management evaluated both positive and negative evidence.  The weight of negative factors and level of economic uncertainty in our current business continued to support the conclusion that the realization of our deferred tax assets does not meet the more likely than not standard.  Therefore, a full valuation allowance will remain against the net deferred tax assets.
 
Our federal income tax returns are open to audit under the statute of limitations for the fiscal years ended February 2014 through 2017. We are subject to income tax in California and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years ended February 2014 through 2017. 
 
 
 
- 9 -

 
 
 
 
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
This discussion summarizes the significant factors affecting the operating results, financial condition and liquidity and cash flows of Seychelle Environmental Technologies, Inc., and subsidiaries (the "Company") as of and for the three month periods ended May 31, 2017 and 2016. The discussion and analysis that follows should be read together with the consolidated financial statements of Seychelle Environmental Technologies, Inc. and the notes to the consolidated financial statements included in the Company's annual report on Form 10-K for the fiscal year ended February 28, 2017.  Except for historical information, the matters discussed in this section are forward looking statements that involve risks and uncertainties and are based upon judgments concerning various factors that are beyond the Company's control.
 
Forward-Looking Statements
 
Certain statements contained herein are "forward-looking" statements.  Forward-looking statements include statements which are predictive in nature; which depend upon or refer to future events or conditions; or which include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or variations or negatives thereof or by similar or comparable words or phrases. In addition, any statement concerning future financial performance, ongoing business strategies or prospects, and possible future Company actions that may be provided by management are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about the Company; and economic and market factors in the countries in which the Company does business, among other things. These statements are not guarantees of future performance, and the Company has no specific intentions to update these statements. Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors including, among others:
 
(1) the portable water filtration industry is in a state of rapid technological change, which can render the Company's products obsolete or unmarketable;
 
(2) any failure by the Company to anticipate or respond to technological developments or changes in industry standards or customer requirements, or any significant delays in product development or introduction, could have a material adverse effect on the Company's business, operating results and financial condition;
 
(3) the Company's cost of sales may be materially affected by increases in the market prices of the raw materials used in the Company's assembly processes;

(4) the Company's dependence on a few customers. Sales to these customers are unpredictable and difficult to estimate, and as such, may result in material fluctuations in sales from period to period. Management believes that if future revenues from its significant customers decline, those revenues can be replaced through the sales to other customers.  However, there can be no assurance that this will occur, which could result in an adverse effect on the Company's financial condition or results of operations in the future;
 
(4) the Company's water related product sales could be materially affected by weather conditions and government regulations;
 
(5) the Company is subject to the risks of conducting business internationally; and
 
(6) the industries in which the Company operates are highly competitive. Additional risks and uncertainties are outlined in the Company's filings with the Securities and Exchange Commission, including its most recent fiscal 2017 Annual Report on Form 10-K.
 
Description of the Business
 
We were incorporated under the laws of the State of Nevada on January 23, 1998 as a change of domicile to Royal Net, Inc., a Utah corporation that was originally incorporated on January 24, 1986. Royal Net, Inc. changed its state of domicile to Nevada and its name to Seychelle Environmental Technologies, Inc. effective in January 1998.
 
On January 30, 1998, we entered into an Exchange Agreement with Seychelle Water Technologies, Inc., a Nevada corporation (SWT), whereby we exchanged our issued and outstanding capital shares with the shareholders of SWT on a one share for one share basis. We became the parent company and SWT became a wholly owned subsidiary. SWT had been formed in 1997 to market water filtration systems of Aqua Vision International.
 
Our Company is presently comprised of Seychelle Environmental Technologies, Inc., a Nevada corporation, with two wholly-owned subsidiaries, Seychelle Water Technologies, Inc. and Fill 2 Pure International, Inc., also Nevada corporations (collectively, the Company or Seychelle). We use the trade name "Seychelle Water Filtration Products, Inc." in our commercial operations.
 
 
 
- 10 -

 
 
 
 
Seychelle designs, assembles and distributes unique, state-of-the-art ionic absorption micron filters for portable filter devices that remove up to 99.99% of all pollutants and contaminants found in any fresh water source.  Trade secrets cover all proprietary products.

Our principal business address is 22 Journey, Aliso Viejo, California 92656. Our telephone number at this address is 949-234-1999.
 
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
Results of Operations
 
Our summarized historical financial data is presented in the following table to aid in your analysis. You should read this data in conjunction with this section entitled Management's Discussion and Analysis of Financial Condition and Results of Operations, our condensed consolidated financial statements and the related notes to the condensed consolidated financial statements included elsewhere in this report. The selected condensed consolidated statements of operations data for the three months ended May 31, 2017 and 2016 are derived from our condensed consolidated financial statements included elsewhere in this report.
 
Three-month period ended May 31, 2017 compared to the corresponding period in 2016
       
 
                 
 
             
Year over
       
 
 
2017
   
2016
   
year change
   
%
 
 
                       
 
                       
Sales
 
$
1,208,207
   
$
899,134
     
309,073
     
34
%
Cost of sales
   
663,782
     
588,485
     
75,297
     
13
%
Gross profit
   
544,425
     
310,649
     
233,776
     
75
%
Gross profit %
   
45
%
   
35
%
               
Selling general and administrative expenses
   
361,090
     
1,002,450
     
(641,360
)
   
(64
)%
Depreciation and amortization expense
   
17,675
     
22,051
     
(4,376
)
   
(20
)%
Other (expense) income
   
(1,427
)
   
1,176
     
(2,603
)
   
(221
)%
Income (loss) before provision (benefit) for income taxes
   
164,233
     
(712,676
)
   
876,909
     
(123
)%
Provision (benefit) for income taxes
   
4,252
     
(285,071
)
   
289,323
     
(101
)%
 
                               
Net income (loss)
   
159,981
     
(427,605
)
   
587,586
     
(137
)%
Net income (loss) %
   
13
%
   
(48
)%
               
Earnings per share – basic and diluted
 
$
0.01
   
$
(0.02
)
               
 
Sales. Sales increased by approximately $309,000 or 34% to $1,208,000 during the three months ended May 31, 2017 from $899,000 during the three months ended May 31, 2016.  The increase is primarily due to increasing sales of our bottle, portable retail, pitcher replacement and pitcher custom product line. Sales during the three months ended May 31, 2016 of this product line were approximately $602,000, compared to $932,000 in the comparable current period 2017.

Cost of sales and gross profit percentage. As a percentage of sales, the gross profit margin during the three months ended May 31, 2017 increased to 45% from 35%.   The product mix and timing of significant sales is always a significant factor in the resulting profit margins reported.  The Company believes that the average gross margin percentages overall will remain at approximately 45% in the foreseeable future.
 
Selling, general and administrative expenses. These expenses decreased by approximately $641,000, or (64%), during the period ended May 31, 2017 compared to the same period ended in the prior year.  The decrease was largely a direct result of the decrease in legal and personnel costs incurred in a restructuring of the Company's management and Board of Directors.
 
Depreciation and amortization expense.  Depreciation and amortization expense was decreased due to disposal of fixed assets over the past year.
 
Income tax expense (benefit).  The Company recorded provision of approximately $4,200 due to a pretax income of approximately $164,000 during the three month period ended May 31, 2017 compared to income tax benefit of approximately $285,000 due to the pretax loss of approximately $713,000 during the three-month period ended May 31, 2016.

 
 
 
- 11 -

 
 
 
Net income (loss). Net income for the three-month period ended May 31, 2017 was approximately $160,000, up approximately $588,000 or 137% compared to loss for the three-month period ended May 31, 2016 of $427,600.  This was primarily due to an increase of approximately $309,000 in sales and a decrease of approximately $641,000 in selling, general and administrative expenses.

Net cash provided by operating activities. During the three-month period ended May 31, 2017 cash provided by operating activities was approximately $620,000, compared to cash used in operating activities was approximately $1,272,000 the same period during 2016. This was primarily  the result of our net income of approximately $160,000, paying approximately $136,000 in accounts payable, payment of  prepaid expenses of $25,000 and customer deposit of approximately $10,000. This was offset by net collection on accounts receivable of $320,000 and add back of non- cash expenses for depreciation of approximately $18,000, bad debt recovery of $36,000, inventories of $255,000 and income tax payable of $149,000.
 
Net cash used in investing activities. During the three-month periods ended May 31, 2017 and 2016, the Company spent approximately $2,990 and $23,000, respectively, on capital expenditures.
 
Net cash used in financing activities. Cash used in financing activities during the three month period ended May 31, 2017 totaled approximately $1,800, compared to approximately $20,000 during the comparable prior period. This was a result of the capital lease repayments during the three month period ended May 31, 2017 compared to $2,700 during the three month period ended May 31, 2016. The Company repurchased 30,000 shares of common stock at a cost of $17,400 during the three months ended May 31, 2016.
 
Management's Plan. As of May 31, 2017, the Company had $1,347,200 in cash and cash equivalents, $464,000 in accounts receivable and a backlog of $325,200 in unshipped product.  This year, Seychelle has expanded its sales efforts in the following international markets; Mexico, Sri Lanka, Vietnam, South Korea, Australia, New Zealand, Japan and China .  It's our intention to expand our marketing activities more strongly to the international market and E-commerce.  In addition, Seychelle is managing cost in line with current revenue.
 
Critical Accounting Policies and Estimates
 
The Company's discussion and analysis of its financial condition and results of operations are based upon its condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
 
The Company believes that the estimates, assumptions and judgments involved in the accounting policies described in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of its most recent fiscal 2017 Annual Report on Form 10-K have the greatest potential impact on its consolidated financial statements, so it considers these to be its critical accounting policies. Because of the uncertainty inherent in these matters, actual results could differ from the estimates the Company uses in applying the critical accounting policies. Certain of these critical accounting policies affect working capital account balances, including the policies for inventory reserves and stock-based compensation. These policies require that the Company make estimates in the preparation of its consolidated financial statements as of a given date.
 
Within the context of these critical accounting policies, the Company is not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being reported. There were no material changes to the Company's critical accounting policies or estimates during the three-month period ended May 31, 2017.

On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which is effective for public entities for annual reporting periods beginning after December 15, 2017.    The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on the consolidated financial statements and has not yet determined the method by which the Company will adopt the standard in fiscal year 2019.
 
 
 
- 12 -

 


In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern—Disclosures of Uncertainties about an entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides new guidance related to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards and to provide related footnote disclosures. This new guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company adopted ASU 2014-15 during the current fiscal year ended February 28, 2017.

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this update change existing guidance related to accounting for employee share-based payments affecting the income tax consequences of awards, classification of awards as equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this standard.

Management does not believe any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the Company's present or future consolidated financial statements.
 
 
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
None.
 
 
ITEM 4. CONTROLS AND PROCEDURES
 
Not applicable.
 
 
ITEM 4T. CONTROLS AND PROCEDURES
 
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file with the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate, to allow for timely decisions regarding required disclosure. As required by Rule 15d-15(b) of the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report.  Based on the foregoing, our principal executive and principal financial officer concluded that our disclosure controls and procedures are not effective to ensure the information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed and reported within the time periods specified in the SEC's rules and forms.

Management's Annual Report on Internal Control over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed under the supervision of the Company's Chief Executive Officer and Principal Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (US GAAP) and includes those policies and procedures that:

pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

provide reasonable assurance that the transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

 
 
 
 
- 13 -

 
 
Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.

Management has used the framework set forth in the report entitled Internal Control-Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission, known as COSO, to evaluate the effectiveness of our internal control over financial reporting. Based on this assessment, management has concluded that our internal control over financial reporting was not effective as of May 31, 2017.

A material weakness is a deficiency, or combination of deficiencies, that results in more than a remote likelihood that a material misstatement of annual or interim financial statements will not be prevented or detected. In connection with the assessment described above, management identified the following control deficiencies that represent material weaknesses at May 31, 2017:

(1)
lack of a functioning audit committee and lack of a majority of outside directors on the Company's Board of Directors capable to oversee the audit function;

(2)
inadequate segregation of duties due to limited number of personnel, which makes the reporting process susceptible to management override;

(3)
insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of GAAP and SEC disclosure requirements;
 
(4)
ineffective controls over period end financial disclosure and reporting processes; and

Management believes that the material weaknesses set forth in items (1) through (4) above did not have an effect on the Company's financial reporting during the quarter ended May 31, 2017.

We are committed to improving our financial organization. As part of this commitment, we plan to prepare and implement sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of GAAP and SEC disclosure requirements.
 
We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

This quarterly report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to rules of the SEC that permit us to provide only management's report in this annual report.

Changes in Internal Control over Financial Reporting

There was no change in internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during our first fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
 
 
- 14 -

 
 
 
 
 
PART II - OTHER INFORMATION
 
ITEM 1.   LEGAL PROCEEDINGS
 
On March 27, 2017, the Company received a Notice of Filing of Discrimination complaint in the Superior Court of California, County of Orange by a former employee.  The Company also received on June 5, 2017, a Request for Entry of Default filed to Superior Court of California, County of Orange by the same employee. The Company believes that the complaint is completely without merit and plans to vigorously contest the matter.
 
 
ITEM 1A. RISK FACTORS

There have been no changes to our Risk Factors included in our fiscal 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 14, 2017.
 
 
ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
During the quarter ended May 31, 2017  the Company did not issue any securities
 
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
 
None
 
 
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
None
 
 
 
- 15 -

 

ITEM 5.  OTHER INFORMATION
 
None
 

 ITEM 6.  EXHIBITS

Exhibits
 
Exhibit No.
 
Description
     
31.1
  Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002)
     
31.2
  Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002)
     
32.1
  Certification of the Chief Executive Officer pursuant to 18 U.S.C.ss.1350 Section 906 of the Sarbanes-Oxley Act of 2002)
     
32.2   Certification of the Chief Financial Officer pursuant to 18 U.S.C.ss.1350 Section 906 of the Sarbanes-Oxley Act of 2002)
     
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document*
     
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 Linkbase Document
 
 
 
 
- 16 -



 
SIGNATURES
 
In accordance with Section 13 or 15(d) of the Exchange Act of 1934, the Registrant has duly caused this Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized. 

 
 
Seychelle Environmental Technologies, Inc.
 
  
  
  
 
Date: July 17, 2017
By:  
/s/ Carl Palmer
 
 
Carl Palmer
Director, Chief Executive Officer
and Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
 
 
- 17 -
EX-101.INS 2 syev-20170531.xml XBRL INSTANCE FILE 0001056757 2017-05-31 0001056757 2017-02-28 0001056757 2017-07-13 0001056757 2016-03-01 2016-05-31 0001056757 2017-03-01 2017-05-31 0001056757 2016-05-31 0001056757 2016-02-29 0001056757 2016-03-01 2017-02-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares SYEV:Y xbrli:pure 6000000 6000000 0 0 0 0 0.001 0.001 50000000 50000000 26640313 26640313 22200 125800 26640313 12500 0 <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1:&#160;&#160;&#160;&#160;CONDENSED FINANCIAL STATEMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The accompanying condensed consolidated financial statements have been prepared by Seychelle Environmental Technologies, Inc., and subsidiaries (the &#34;Company&#34;) without audit.&#160;&#160;In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at May 31, 2017, and for all periods presented herein, have been made.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.&#160;&#160;It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's&#160;annual report on Form 10-K for the year ended February 28, 2017.&#160;&#160;The results of operations for the periods ended May 31, 2017 and 2016 are not necessarily indicative of the operating results for the full fiscal years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The summary of significant accounting policies of the Company is presented to assist in understanding the Company's consolidated financial statements. The consolidated financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the condensed consolidated financial statements and the February 28, 2017 consolidated financials included in the 10-K filed on June 14, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p> <p style="margin: 0pt">&#160;</p> 26640313 26640313 <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 3:&#160;&#160;&#160;&#160;BASIC INCOME (LOSS) PER SHARE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period presented.&#160;&#160;Diluted income (loss) per share is determined using the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents.&#160;&#160;In periods when losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.&#160;&#160;The dilutive effect of outstanding stock options and warrants is reflected in diluted earnings per share by application of the treasury stock method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The denominator for diluted income (loss) per share for the period ended May 31, 2017 did not include warrants as they would have been anti-dilutive. At May 31, 2017 and 2016, 0 and 6,407,221 warrants, respectively, were excluded from the denominator for diluted income (loss) per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt">For the three months ended</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">May 31,</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2016</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt">Numerator:</font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Net income (loss) available to common shareholders</font></td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">159,981</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">(427,605</font></td> <td nowrap="nowrap" style="width: 1%"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted average shares &#8211; basic</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,574,313</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,580,530</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net income (loss) per share &#8211; basic</font></td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.01</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.02</font></td> <td nowrap="nowrap"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt">Dilutive effect of common stock equivalents:</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warrants</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted average shares &#8211; diluted</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,574,313</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,580,530</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net income&#160;&#160;(loss) per share &#8211; diluted</font></td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.01</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.02</font></td> <td nowrap="nowrap"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 5:&#160;&#160;&#160;&#160;INVENTORY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company's inventory consisted of the following at May 31, 2017 and February 28, 2017:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>May 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>February 28, 2017</b></font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><font style="font-size: 10pt">Raw materials</font></td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">798,960</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">956,024</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Finished goods</font></td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">367,803</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">465,847</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,166,763</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,421,871</font></td> <td nowrap="nowrap">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="text-align: center"><font style="font-size: 10pt">For the three months ended</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">May 31,</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2016</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt">Numerator:</font></td> <td>&#160;</td> <td colspan="2">&#160;</td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-size: 10pt">Net income (loss) available to common shareholders</font></td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">41,169</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">(427,605</font></td> <td nowrap="nowrap" style="width: 1%"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted average shares &#8211; basic</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,574,313</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,580,530</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net income (loss) per share &#8211; basic</font></td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.00</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.02</font></td> <td nowrap="nowrap"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 10pt">Dilutive effect of common stock equivalents:</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Warrants</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">-</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted average shares &#8211; diluted</font></td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,574,313</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">26,580,530</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Net income&#160;&#160;(loss) per share &#8211; diluted</font></td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">0.00</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.02</font></td> <td nowrap="nowrap"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt">&#160;</p> SEYCHELLE ENVIRONMENTAL TECHNOLOGIES INC /CA 0001056757 10-Q 2017-05-31 false --02-28 No No Yes Smaller Reporting Company Q1 2017 6407221 6407221 <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 3pt 0"><b>NOTE 4:&#160;&#160;&#160;COMMON STOCK</b></p> <p style="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 3pt 0">&#160;</p> <p style="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 3pt 0"><u>Common Stock</u></p> <p style="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 3pt 0">During the quarter ended May 31, 2017 and May 31, 2016, 0 and 250,000 shares respectively of restricted stock were issued by the Company to an employee.</p> <p style="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 3pt 0">&#160;</p> <p style="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 3pt 0">During the three months ended May 31, 2016, the Company repurchased 30,000 shares of common stock at a costs of $17,400.&#160; This repurchase was&#160; recorded as treasury stock and reflected as a reduction of stockholders' equity on the accompanying condensed consolidated balance sheet.</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 6:&#160;&#160;&#160;&#160;CONCENTRATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Sales to one customer accounted for 33% sales for the three month period ended May 31, 2017.&#160; Accounts receivable from this customer accounted to approximately $533,000 or 84% of accounts receivable as of May 31, 2017.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Sales to one customer accounted for 42% of sales for the three month period ended May 31, 2016. Accounts receivable from this customer amounted&#160; to $147,373 or 49% of accounts receivable as of May 31, 2016.</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 7:&#160;&#160;&#160;&#160;RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the three month periods ended May 31, 2017 and 2016, the Company incurred $0 and $12,500, respectively, for consulting services from TAM Irrevocable Trust (&#34;TAM&#34;), in which Cari Beck is the trustee and current Board member, as well as a daughter of Carl Palmer, an officer and Board member. These amounts are included as a component of selling, general and administrative expenses on the condensed consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the three months ended May 31, 2016, TAM purchased on behalf of the Company, $7,740 of raw materials from a vendor with which it already had a business relations.&#160; All amounts due to TAM had been paid in full as of May 31, 2016.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company utilizes the services of an individual, who is a related party, to source materials and provide the manufacturing of component parts with third-party vendors in China. For the three months ended May 31, 2017 and 2016, purchases facilitated through the related party accounted for approximately 13% and 38%, respectively, of total raw material purchases. The Company paid approximately $14,000 and $900 in direct commissions to the related party consultant during the three months ended May 31, 2017 and 2016, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of May 31, 2017 and 2016, the Company had&#160;receivables due from its CEO of approximately $0 and $17,000 respectively.&#160; In addition, the Company had advanced amounts to employees of approximately $27,050 and $28,000 as of May 31, 2017 and 2016, respectively. These amounts are being repaid through direct payroll withdrawals.</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 9: SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Management has evaluated subsequent events from May 31, 2017 through the date the condensed consolidated financial statements were issued, and has concluded that no subsequent events have occurred that would require recognition or disclosure in these condensed consolidated financial statements.</p> <p style="margin: 0pt">&#160;</p> 0 0 <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company's inventory consisted of the following at May 31, 2017 and February 28, 2017:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>May 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>February 28, 2017</b></font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><font style="font-size: 10pt">Raw materials</font></td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">798,960</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td> <td style="width: 1%; text-align: right">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">956,024</font></td> <td nowrap="nowrap" style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Finished goods</font></td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">367,803</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">465,847</font></td> <td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,166,763</font></td> <td nowrap="nowrap">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,421,871</font></td> <td nowrap="nowrap">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 2:&#160; &#160; MANAGEMENT'S PLAN</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of February 28, 2017, the Company had $732,112 in cash and a backlog of approximately $465,000 in unshipped product.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of May 31, 2017, the Company had $1,347,250 in cash and cash equivalents, $622,330 in accounts receivable and a backlog of $325,166 in unshipped product.&#160; This year, Seychelle products have expanded its sales efforts in the following international markets; Mexico, Sri Lanka, Vietnam, South Korea, Australia, New Zealand, Japan and China .&#160; It's our intention to expand our marketing activities more strongly to the international market and E-commerce.&#160; In addition, Seychelle is managing cost in line with current revenue.</p> <p style="margin: 0pt">&#160;</p> 1347250 732112 622330 325166 465000 0.84 533000 0.33 3500 17000 0 28000 27050 900 14000 7740 0.42 0.49 147373 0.38 0.13 310649 544425 588485 663782 899134 1208207 1002450 361090 22051 17675 1024501 378765 -713852 165660 9 615 1427 1782 1176 -1427 -712676 164233 -285071 4252 26580530 26574313 -0.02 0.01 26580530 26574313 -427605 159981 26580530 26574313 -0.02 0.01 1166763 1421871 367803 465847 798960 956024 <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 8:&#160;&#160;COMMITMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In 2016, the Company entered into a lease agreement on one facility for its corporate offices, inventory and production at 22 Journey in Aliso Viejo, CA for a term of 5 years at a monthly rental of approximately $19,000. The Company sub leases its facility in San Juan Capistrano, CA.&#160;</p> <p style="margin: 0pt">&#160;</p> 19000 <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;<b>NOTE 10:&#160; INCOME TAX</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company expects its effective tax rate for the 2018 fiscal year to be different from the federal statutory rate due primarily to a change in valuation allowance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">We recorded a provision for income taxes of $4,252 for the quarter ended May 31, 2017, related to federal and state taxes, based on the Company's expected annual effective tax rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Management evaluated the need for a full valuation allowance at the end of the quarter ended May 31, 2017. Management evaluated both positive and negative evidence.&#160;&#160;The weight of negative factors and level of economic uncertainty in our current business continued to support the conclusion that the realization of our deferred tax assets does not meet the more likely than not standard.&#160;&#160;Therefore, a full valuation allowance will remain against the net deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Our federal income tax returns are open to audit under the statute of limitations for the fiscal years ended February 2014 through 2017.&#160;We are subject to income tax in California and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years ended February 2014 through 2017.&#160;</p> <p style="margin: 0pt"></p> 4252 464153 905507 27050 27200 1166763 1421871 232137 282560 3395530 3369250 150318 164997 239487 81310 3627158 3615557 339940 476415 89538 99677 5034 4047 434512 580139 11989 14744 446501 594883 26641 26641 8944368 8944368 -5760672 -5920655 29680 29680 3180657 3020674 3627158 3615557 80000 615 1427 1347250 732112 747846 2062873 -1315027 615138 -20080 -1768 17400 2680 1768 -22578 -2995 22578 2995 -1272369 619901 13481 -10139 -86274 75385 -299344 -136475 -51054 -24962 -195928 255108 -5204 150 28648 319612 -285071 -103569 -36434 117500 22051 17675 -427605 159981 EX-101.SCH 3 syev-20170531.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - 1. CONDENSED FINANCIAL STATEMENTS link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - 2. MANAGEMENT'S PLAN link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - 3. BASIC INCOME (LOSS) PER SHARE link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - 4. COMMON STOCK link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - 5. INVENTORY link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - 6. CONCENTRATIONS link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - 7. RELATED PARTY TRANSACTIONS link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - 8. COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - 9. SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - 10. INCOME TAX link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - 2. BASIC INCOME (LOSS) PER SHARE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - 5. INVENTORY (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - 3. BASIC INCOME (LOSS) PER SHARE - Basic and Diluted income (loss) per share (Details) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - 5. INVENTORY (Details) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - 2. MANAGEMENT'S PLAN (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - 3. BASIC INCOME (LOSS) PER SHARE (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - 6. CONCENTRATIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - 7. RELATED PARTY TRANSACTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - 8. COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - 10. INCOME TAX (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 syev-20170531_cal.xml XBRL CALCULATION FILE EX-101.DEF 5 syev-20170531_def.xml XBRL DEFINITION FILE EX-101.LAB 6 syev-20170531_lab.xml XBRL LABEL FILE Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts and sales returns of 10,092 and $47,600, respectively Related party receivable Inventory, net Prepaid expenses, deposits, and other current assets Total current assets Property and equipment, net Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses Income taxes payable Customer deposits Capital lease obligation, current portion Total current liabilities Long term Liabilities: Capital lease obligation, net of current Total liabilities STOCKHOLDERS' EQUITY Preferred stock, 6,000,000 shares authorized, none issued or outstanding Common stock $0.001 par value, 50,000,000 shares authorized, 26,640,313 issued and outstanding at May 31, 2017 and February 28, 2017,respectively Additional paid-in capital Accumulated deficit Less treasury stock at cost (66,000 and 36,000 shares at May 31, 2016 and February 29, 2016 respectively) Total Stockholders' Equity Total liabilities and stockholders' equity CURRENT ASSETS Net of allowance for doubtful accounts Preferred stock, authorized shares Preferred stock, issued shares Preferred stock, outstanding shares Preferred stock, par value Common stock, par value Common stock, authorized shares Common stock, issued shares Common stock, outstanding shares Condensed Consolidated Statements Of Income Sales Cost of sales Gross profit OPERATING EXPENSES Selling, General, and Administrative Expenses Depreciation and Amortization Total operating expenses Income (Loss) from Operations OTHER INCOME (EXPENSE) Interest income Interest expense Other income Total other income Income (loss) before provision for income taxes Income tax benefit (expense) Net income (loss) BASIC INCOME (LOSS) PER SHARE DILUTED INCOME (LOSS) PER SHARE BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING Statement of Cash Flows [Abstract] OPERATING ACTIVITIES: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization Stock-based compensation Recovery for doubtful accounts and sales returns Deferred tax benefit Changes in operating assets and liabilities: Decrease in accounts receivable Decrease (increase) in related party receivables Decrease (increase) in inventory Increase in prepaid expenses, deposits and other assets Decrease in accounts payable and accrued expenses Decrease in income taxes payable Increase (decrease) in customer deposits Net Cash Provided by (used in) Operating Activities INVESTING ACTIVITIES: Purchase of property and equipment Net Cash Used In Investing Activities FINANCING ACTIVITIES: Repayment of capital lease obligation Repurchase of treasury stock Net Cash Used in Financing Activities NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD Supplemental disclosures of cash flow information: Cash paid for: Interest Income taxes Notes to Financial Statements CONDENSED FINANCIAL STATEMENTS Organization, Consolidation and Presentation of Financial Statements [Abstract] MANAGEMENT'S PLAN Earnings Per Share [Abstract] BASIC INCOME (LOSS) PER SHARE COMMON STOCK INVENTORY CONCENTRATIONS RELATED PARTY TRANSACTIONS Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Subsequent Events [Abstract] 9. SUBSEQUENT EVENTS Income Tax Disclosure [Abstract] 10. INCOME TAX Basic and Diluted income (loss) per share Inventory Tables Inventory Numerator: Net (loss) income available to common shareholders Weighted average shares, basic Net income (loss) per share - basic Dilutive effect of common stock equivalents: Warrants Weighted average shares, diluted Net income (loss) per share - diluted Inventory Details Raw materials Finished goods Inventory Cash Accounts receivable Backlog of unshipped product Warrants excluded from the denominator for diluted income (loss) per share Concentrations Details Narrative Percentage of sales attributable to one customer Percentage of accounts receivable attributable to one customer Accounts receivable from one customers Percentage of sales attributable to one other customer Percentage of accounts receivable attributable to one other customer Accounts receivable from one other customers Related Party Transactions Details Narrative Payments to Irrevocable Trust for consulting services in which Cari Beck is a trustee as well as the daughter of the Company's President Payment to TAM for future purchase of intellectual property retained by TAM Raw materials purchased Percentage of purchases facilitated with third party vendor Tooling from vendor Direct commissions paid to related party consultant Receivables due from CEO Receivables due from employees Monthly rental amount for five years Provision for income taxes Accounts Receivable From One Customers Backlog Of Unshipped Product Percentage Of Accounts Receivable Attributable To Sales To One Customer Percentage Of Sales Attributable To One Customer Receivables Due From Employee Related Party Transactions Details Narrative Abstract Warrants Warrants Excluded From Denominator For Diluted Income Loss Per Share Assets, Current Assets Liabilities, Current Liabilities Treasury Stock, Common, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Interest Expense Nonoperating Income (Expense) Income Tax Expense (Benefit) Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Repayments of Debt and Capital Lease Obligations Payments for Repurchase of Convertible Preferred Stock Net Cash Provided by (Used in) Financing Activities Earnings Per Share [Text Block] Inventory, Gross EX-101.PRE 7 syev-20170531_pre.xml XBRL PRESENTATION FILE EX-32 8 ex32_1.htm
 
Exhibit 32.1
 
 
CERTIFICATION PURSUANT TO
18 U.S.C. SECTIONS 1350
AS ADOPTED PURSUANT TO 
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
 
 
In connection with the Quarterly report of Seychelle Environmental Technologies, Inc. (the "Registrant") on Form 10-Q  for the three-month period ended May 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Carl Palmer, Chief Executive Officer/Chief Financial Officer of the Registrant certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of the undersigned's knowledge and belief:
 
 
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
 
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Registrant.
 
 
 
Date: July 17, 2017
By:
/s/ Carl Palmer
 
 
 
Carl Palmer
 
 
 
Chief Executive Officer
and Chief Financial Officer
 
 

EX-31 9 ex31_1.htm
 
Exhibit 31.1
 
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
  
 
I, Carl Palmer, as to Seychelle Environmental Technologies, Inc. (the "Registrant"), certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q;
 
2.  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 circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.  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;
 
4.  I am 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 assurnce 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
 
5.  I have disclosed, based on my 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.
 
 
Date: July 17, 2017
By:
/s/ Carl Palmer
 
 
 
Carl Palmer
 
 
 
Chief Executive Officer
and Chief Financial Officer
 
 
 
 
GRAPHIC 10 seylogo.jpg GRAPHIC begin 644 seylogo.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# (! 0(! 0(" @(" @(" P4# P,# M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_ MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P, M# P,# P,# P,# P,# P,# P,# P,# S_P 1" !, / # 2( A$! Q$!_\0 M'P 04! 0$! 0$ $" P0%!@<("0H+_\0 M1 @$# P($ P4% M! 0 %] 0(# 01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#]_**** "B MBB@ HHHH **** "BBB@!'8(I). *_.3_ (*6?\%:3X.\9+X#^'=PMP^EWL9U M[4XV!5O+<,]G$?4X*R-VY4QU[5/@MXKM_"[[?$D^DW4>EMN"8N3" MXB.3P/GV\FOQ=_9Y_P""9'Q7^-OQ4M='U3PGKWA?24N!_:>IZI:/;)!$#\YC MW@>:Y&0H3()(R0,D?K'AAD^0UIU\QSVK%1HJ\8M_$W?6V[MT2ZGY7XD9QG%' MV. RBFVZCUDELNWD?MYX-\3VWC#PCINKVCEK34K6.ZA8C!9'0,I_(BK>F:Q: MZS;O+:7$-S$DCPL\3A@'1BCKD=U8%2.Q!':OAO\ X*:?\%"8?V0/!EI\,? + M)%XLDL$B:<>%?@7H.C>+FTN1H+KQ)JYE;3I9%."MM%$R-*@/_+4NJG'RJRX8_&^K_P#! MRY^U)J=T\D.L^$+!'/$5OH$;*GT\PL?S)K[K+_#K.<525;E4$]N9V?W:GSN( MXHP5*;@FY6[(_I HK^;>'_@Y1_:HA(W>(_"\F/[WA^#G\L5Z_P#LI?\ !T;\ M6=-^*NCV7Q0T#PIXB\*W]W%;WD^FVDEEJ%FCL%,J'>T;[02VPH-V,;EZUT8C MPRSFE2E57+)1U]V5W^2,J7%F"G-0=U?NC]Z:*2-]Z ^HS2U^>GTZ=U<****! M@< <]*^:OCY_P46\)_"3]I'P;\,;&6VO]"$,F M[!X^7FOQ>_90^&'B3]I7]J?PW861O=0U*]U:/4=0O7+2/#&LHDFN)'/<$-*F>\>%FN+V]= CWUR^-\A Z#@*!D MX55&21D^HVR>5;HIZ@ 4^OE,WXTS7,,=09;5;Z'SXK:R@4&>4ID9)9XD7/]]B/NU2_P""#_[:7QP_;X^&OB_QW\49 M]"'ANUO4TG0H]/TS[*UQ,B[[F5F+'**'B5<<%O,[K7N?ZO8M9;_:LK*G>RN] M6_)'F?VI1>+^IJ[D??E%%%>&>F%%%% !28].,TN:YGXR_%;2/@7\)_$?C+7[ M@6NB^%].GU.]EXRL4,;.V!W8A< =R0*J$)3DHQU;)G-13E+9'2D9-+^-?A]_ MP3?_ ."Q'[4G_!0/]OGP]X*M->T73/"5Y?2ZKJT$&AV[G3]*A;>\?F%2V6!2 M%7.3NE4FNO\ ^"S/_!>/XE_LQ?MDW?PY^$.HZ'!8>%K&&'69KK3DO&FU"0>8 MR*6. $C:)2!SO+@]*^O? V9?7EE_NN?+S/71+ST/"_UCPOL'B->6]O5^1^R5 M%>9?L;7WC[6/V8/!=_\ %&:UE\?:EIL=[K*V]J+:.VFE_>" 1@G!C5EC)SRR M$]Z]-KY*M3=.;@W>SMIL>W3FIP4UU"BBBLS0",U\2_\ !P5^T=JW[.7_ 32 M\5RZ'+-;:GXQN8/#"7,9PUM'<;S.<]MT$'; M[Q7X$TB:2XO=,MH8YVGD$3^06B=T61%EV,R%L$*00PRI_:KP_P#\'#_['MO; M16\>A>(--@C 54/A2((@],(Q_2M36?\ @UZ_9JU8NUM=_$33@XX%OK<3!/IY MD#G\\US>I_\ !J7\!;@9MO&WQ7MCC^+4+"0?^D@/ZU^HY[Q+PUG%>-;$RJPL MK66B^[4^-P&5YI@X.-)1=]=3JX_^"]G[%7BN(VVI7+P02@H_VSP;/*FUN#D+ M$^1CKP:YS]F;_@@E^R%\8])\._$GP#XF\6^+="6\CU"UGBUJ&6TN'BD#F&5/ MLX9>1M>,[6'(.TU^37_!6[]ACPI_P3V_:K'P_P#"?C"Z\76RZ3!J%T;N.-;G M3)I&DQ;RF/Y2WEK'(.%.V5>.A/UQ^R_^T)XE_P""=G_!O/XB\0V=S/I_B+XR M^,+NQ\+R!BKVD,D$=O-)J+V\E&S;5T^ MMK)Z;^A&'S-U*\Z>.I1_=INZZ'TU_P %(?\ @Y/T']FSX@ZCX#^$/A^P\>>( M=(E:UOM8O)V&DVDZG!BC6/#W#*!+YXMIY&TEB2/?)KY>_P"":_P7_:*TKQ8GQ:^"7PR;QC-HTLNG6^HW M6FPWEO9W&U&=HUE90)51P-PS@2'N:^\E_:R_X*CE3_Q;&( ==V@68_G+757R M'*\LDL-1IT:LDO>=2I9WZZ6=C..8XO%7JSE.*>RC'2WJ>:_!/_@Z5^,_P^\? MQ6?Q/\%^%M?T>&X\K4(;*UFTO5+;!PVTM(T>Y>?D9!DC&Y>H]X_X* _\'('B MW]EG]IG4/"7A#P/X7U_PXNF:9JEA?ZA-<17,\5Y8P70+*I 7'G8Q[5\=>+/^ M"87[67[>_P"VE9>*/BG\.=3T:3QEJEC!K^KQ0VMM;V-JBQ0/,$1SRL,>>A+$ M>]=5_P %$_V+)OVL_P#@OY+\']!(TBPU*'1[5YD7(TZPM](MWE=0>"5AB8*# MU;:.]5/*>&9XZ#G"-E2E.HH2;BFN7JK>?8B&-S18=J,GK)*+:U/JK]C[_@L? M\>O^"A'@[X@WD/P4\#7/@3P?X>O[W5KFX>YE@OYH[622'3XU8E9))6"AEY"H MQ8]55OEGX7?\')VK_!.&>/PC\ _A7X=6Z(,W]GF:W,Q'3<5 +8SQGI7[E?!# MX ^"/V1_@-8>#/"NF66@>$_#UFR;&( *A29)IG/WW;EG=N222:_G0_X)O_\ M!+N\_P""E_[6NOQ:+'>:+\'] U::?4M75>4M3*S0VD!(P9WCP.00BY8@_*K> M1PW5R+%+&5<32Y,/"S2YI:[[ZZMG5FV&QE.=#DES57?6RT_X!^A/[/\ _P ' M%'C'5/A!JWQ3^*7@#P_X8^'%E*VF:5_9TL\NI^*-3VY%K:)(P39&/GEF;Y4& M%&68 >$>)?\ @Y7_ &D_COXHNHOA1\+-!MM.C;]W;0:5>Z]?1@]-\D;(A)]H MA7S[_P %-?$4'[57_!1S0?@7\.H+;2/ G@/5+7X<>$=-@!%M:2F=(+F8C/S, M]R6W2$DNL:$DGFOZ)?V;/V'M&TWQ3HNE'6K74-(62.UO;=)8X9%>*1G*2*T MT9!#D,"W"[?F^R/VNK/X,_$CX<7WP^^,.J^$8]!\1QH\^F:OK*:<]VD/RO-<.L'2P/LZ\Y)1E';=;[/O MT9U>PQ>#JNM*OS0BM4]S\M/^"U'[9W_#;'[?7BW6[&Z^T^%_#+_\([H!5LQO M;6[,&F4]")9C+(#UVN@[5]'?L[_\%6_VD/ /[.GACP+^S7\$-1?P'X/L!:_V MJOA:^UJZU"XR7N+F1X?W,9DF9W\L!MN[&]L5QG_!O3_P3:T?]MW]HO5?%?C? M3%U3P%\.DBFELIUS;ZKJ$A)AAD'1XT5'D=>AQ&K JY!_HKTS1[31-.AM+2V@ MM;6V0110Q($CB0# 55' '0"OI.+\_R[+84+I+#Q7HW@V[N;1]EUIVK:!/8W$7JI"2 MQLC8]0?H:_7O]@G_ (*:^&/VP?V'G^,^MPP>!M/T4W,'B!+NY#V^G26X5I&6 M4@;HRC(PR ?FVX)'/XT_\'+WQ[TGXO\ _!11]!T>*U8?#[18-%O;J)06N+IF M>X=2PZB,3(F/X6$@IW_!1CQ-JG[#?_!./X*_LPVKRZ?K/BG3_P#A/O'<>2LC MR7$S-;6CCIB-D(9?[UM$?K>8\,X#,\)@I8>@J%:L[M+I!*[?Y=.J(PV;8G"5 MJRG/GA#OWZ'T-^T]_P '17B[QA\1)_#G[/WP\L[^T$I@M-2UFVGO+S4L?QQ6 M<+(8P>H#,Y(Y*J?E'E>J_P#!=/\ ;G\.V%S>ZAX(2SL[9#+--<>!;J**!!R6 M9B0 .Y-<3_P3O\ AQ^VU^R;X"D\0_!OX1E[#QU;P:@NKW6CVMS<7ELR!H@C MR.&6(@[PN!DMD]L?1EQ^U/\ \%1WB99/AQ&%<$'=H-AC_P!&5M5RS*L)5^KX M:C0G%:7G4]Y][JSL9K&8RM#VM6QZ7I^M:$DMNT%S(=L0FAD>0,KN0I9&7;D':1G':_\ !TA^V9_P MK+]F[P_\(-)NPFK?$2X%]JJHWS1Z;;.K!3W'FW&S![B"0=Z^;/\ @B[_ ,$A M/BSX,_;ZT7Q_\7/ VH^$_#?@J"XUR.:]:%8KN^QLA0!'.-K2&;H /) [X/S; M^U_\1=;_ ."PG_!6J:Q\-327%GXGUV+PSX=?!>.TTR%B@N,=0FP37+#MO>LJ M.1Y1+B'ZQ@K*C0ASSL[QYM;*_P"/R-)YAC/[-]E6;YYNROO8^W_^"%GP[TK_ M ()]_P#!-KXI?M2^,+5%NM9LYAI"2X1Y;*V8QQ1(3RIN;P[/0^7$>]?&W_!' MG]G/5/\ @H__ ,%/K37_ !:'U73]*U";QOXHN)%RES()O,2-L\'S;ET!7N@D MQTKZM_X.3/CUI'P"^!WPK_9=\$L+/2M)L+?4M3@C;F.TMU,%E"Y'7;_P"' M/I/_ (*._P#!RKH7[.?Q!U#P)\'O#^G^/->TF5K6]UF]G<:3;7"G!BB2/#W! M!R"P=%!'!?M\N2?\%U?VZ-6;[5;?#R&.WG'F1B#P)?-'M/(VDL21[Y-?,7_! M-7X+_M':)XIC^+?P1^&+>,)=*DFTVWU*ZTR&\M[.XVHSM$LK*!*%8#>,X#L. MI-?=C?M;?\%15'/PQ0#W\/V?_P =J:^197EC6&HTZ-627O.I4L^;KI9I%0S' M%XE.K.4XKHHQTMZGG/P._P"#I?XR> ?'T-G\4?!?A;7]&BN/*U"*PM9M,U2V M .&V[I&C++S\C(,D8W+U'[L>"/%]E\0?!NDZ]IKM)IVM6<-]:NRE6:*5 Z$@ M\@[6'%?SM>(/^"7O[5W[>G[:]CXH^*WPYU/13XSU:RC\0ZM%%;6UO96J+%#) M*$1S@K#'V!+,/4U_19X=T>S\-Z'9Z;811V]GI\"6T$*?=AC10JJ/8 5\;Q[ MALII.@\N45-J\U!WBGI_P>B/>X:KXN?/]8;<4]+Z,MR*7C8 ]1BOY@_VOO\ M@C%^T;\%_CAXAM8_AQXM\;:;<:A//9:UH5B^I1:A$TC,LK"(,T;D'YE< @YZ MC!/[1_MY_P#!>/X0?L ?')OA]XBTOQAXDU^WLHKR\&@V]K-%8>;DI%*99XR) M"FU\ 'Y70YYQ7B9_X.N_@0W7P)\6C_VX:=_\F5?"']OY9?%8'#.<:B6ZT:Z6 M)SR678MJE6J\KB^A^=>E:A_P42T/3+>SM8?VI8K:UC$42?9=6;8H& ,E2>!5 MM-4_X*.7H$87]J/$@QS!J:=?? Q]:_0C_B*Y^ __ $(?Q:_\ -._^3*7_B*Y M^ __ $(?Q:_\ -._^3*^DEC.L/@;6^MR^\^(/V._\ M@WQ^/O[6GQ9CUSXNVNJ^!?#5W=?:]7U/6KI9]:U/+9=8XBS/YK=Y)MH&=V'( MVG] O^"X?_!*7Q)^T;^QS\./#?P6TFV?_A4LABL_#B3K!]JLC D6(FD(5I8_ M+4@.P+!GY+8#R^&*C[JZ;7['90IY-3H3H^TOS[OJ? O[,^O?\ M!03]@GP3=>#O '@3XIZ1H3WCWC6?_"##5(DF<*'9)'MY, [5X5MN1G&2<]?X MR^)'_!3#]LSPU?>!M4T'XH1Z1KL9MKR"3PK;>'8IXV^\CW+0PE4(X8>8 02# MD$BOLD_\'77P()R? ?Q:S_UX:=_\F4H_X.N_@0O3P)\6A_VX:=_\F5VU<5G= M2J\1+*H.H]>;DUOWW.6%# QC[-8N7+VN=?\ \$1_^"+>I?L"W=_\0/B-J=IJ MOQ%UBS^Q6UE:2--:Z#;L0TBB0_ZR=RJAF4;5 *J6#$GX4_X*E?MB^(?V#_\ M@OWXE^)7AJTL=1OM'LM.AELKP'R;R"72X(Y(R5^920)?^#L M;X.6^DROH_PZ^)E[?@?NXKQ+&UB8^[K<2$#Z(:_-3Q+X1^+G_!=[]O?Q!XI\ M)^#%LKGQ%-;I=.CN=+\/6L4,<*&XN67!(2,,<#<[;MB=%&G#66XUYA7S+B&' M)2E"2ES62UMHEZ(>:8K#_5Z>%RV7-)235M3[%T7_ (*9_M _\%W?$G_"D?A] MX:TWX7>#]5A'_"9ZW;7$E]-:Z>3B13,5C"B0901*N^0_+O";R/US_96_97\' M_LS$?O+B9P!OE<\EOH H '&?\ !/\ _8)\ M'_\ !.G]G2T\&^%8ENKYE%UK.KR1A;G6;O;\TKXSA1T1,D(H Y.YC\P^&/\ M@LSXDU'P'X%U&\T?08S,=06"9;'1;62XD2-(P9"QG:&*27DL%"#Y3N M&/D,9AYYO.=')*7+0IO:^K;O9N^[=FE\ENSMGF5#*E">:3;J36]MMM%]Y^:O M[8?_ 2"_:;_ &:OVQM>\5^"?!WB7Q-;Q>(9?$/A_P 0^'(_MDBDW#3PNR+F M1)D.-P9<;E."RD$^D6W[9_\ P5$%DMBNA?%,L1M$S_#>UWC_ ($;/'XFOTT\ M5?\ !0+Q?X0^ \9ZKI&CZ7J'CO5%M/ .C7$$@N9;8GY9[QC(JY=/GV@QJH* M N2W%']E/]N/XB_%KQC\1[37X_"J:-X&T$7LU_'8/;"UO7#.D,1H[ M,4?(QC@Y%?2SSC,Z^#57&86C45+W;R5WHTM->[MIU/#^L8"&)5*A5G%SULO2 M^OR/RY\%_P#!&3]K_P#X*0?'&V\5?&=M2\/V]T8X;W7/$]U$;J&V4Y,=O9QD MLI +%4*QQ[F)R,DUJ?\ !;7X!?$OQ/\ %?P9\'_A;\(OBC??"?X(Z'%HVCW% MEX8OKFVU&ZE1'N;E94BVRDXC0L.KI(P/S5^BG[ G[9?CCX@F\UKQCX[\'ZCI M]S9WWBK4-(AL+A[_ $2Q1FC2-94;R(D#*&"2[I2K'D]5Q?AK_P %-_BS\7OB M-X/&E>'?"<&D^+]92WMM/G"FY6QWGS)!,+P,TB1@L0+8 8/!QSJLQSE8]UO9 MTVL,K)+W8Q;3U5]W9-=C'Z[ECPL(MSO5?:[=OR6I[-_P1O\ V*V_8:_80\)^ M&-0M/LOBG6%.N^(05PZWMPJDQ-[Q1K%#]8B>]>W_ +2GQ5O/@A\!?%GBS3=! MU?Q3J>AZ;-/J7PO-J$W MA:P?5X[>+5&MHVO(X"6B2;:-X4GDJ&SC/;%?FF:0K_6/K>+:H>(- NK"WU"5)/.\G=-&JN9;AD!0'.PR'&%-?1__ <'?\$F_C!\ M>?VH(_BM\.M N?&^BZAI%O8WMC92H;W3)8-R_+"Q!DC=2I'E[B&WY &"?KVW MOO&?[2G[:GC/Q!J?B&PL_A3\&=0^Q26\-S>VT-Q+$IGED812HLDT154?S2>=UGXN>)O%_[(,NKV)N]'\:?M&^*DTS15CN[AWL+%I2BR /(WEXMT=B M8MBCS4.!7Z-/.\Q_M"CCH2@G&,8\MKQBIZV>N_*KNVUDCXE5,-]7J490E9MM M/J^73\6[(_/GX=?M5_\ !2OX,^ -(\+:/X6^*T>D>'[2/3[%)?AREW)%!&H1 M$\QK1F?:H RQ)XY)JOXR_9V_X*&?\%3[G2O#_C_3/%\&A6-UYZMXAL;?PWIU MFY&WSGB2.)Y2H) (CD8!FP.37Z._M%_M0>+_ (,?M3Z7X&T'QUX5\,>%/A_X M>M[F<:O!/>2:G+*$@CMYEC/GS2#*R*(<'#98MG ]9^(W[2'Q7U#X[:9\-?A_ M:>"M0U_2_"_]M>)+[4H;F.TAN'PD,42H^Y-SAFV.2=C#YA@DYUE]4]^J*H5:%3FI5*E1J#4;=WV7]=#YA^+'['/B7_@DY_P1 MY\4^ _ACH_BWXD_%/XE3#3M4U'0='N;V97N(RDTJI$KO%!%;)(D;,1^\D#<% MR*\@_P"#;;_@G%XI^$7Q+\:_&+XF^#/$GA6[\/69TG0++6=(GM+MWD7?#[W3_"\'Q5N]/DU3Q';1Q^?9 MZ;;^8R1&,274*,S8&09R1@D @BL _P#!07XC:E_P3J\8?$VX'AK3]4BUA]+T M"[BLY8H[ZW\V.$3+$TKXEWF7&7*CRR2" 0>&A_;$L!.@E&V)FDYWU=W9+3[+ ML_EY'35S7+8XI/WOW46[6T5E?[_U/RU\1?LA?&W_ (*E?\%4GUSQE\,_B5X5 M\,^.?$@:YOM6\/7EC!I.CPCY8S+)&$5Q:Q!%R1ND([M7Z2_\%]?^":/C/]L? M]FCP%!\)["VO;SX:W$HC\/1S);"ZM)(HX_W)8A-\7E)M0D95GP*_AE^QYX[\2:_XO\)>/;[PG!%I%C<:39W*O<:I( OERS%O+G.^6'/V< ;N M1VAU+]I#Q)^SE=> ?@WH.I>"M!\1IX<.O>(-6\67]Q/:6KN_,,9>8222-*SX M#2$A .H'%XG,\SGBJ%6@HQ^K7C!:\K27O/6SV:6W705/%X"&'G[6[]JDV^NK MT7;N?E%^S/XF_P""@O[!G@:X\&> ? ?Q2TK0#=R7?V,^!O[4BCF< .TL\9_$/_ (*7?MI>&;WP)JV@_$]-'UV,VUY!+X6MO#D-Q&>J M/%=7U\>*?^$7\(-IT M,\=EXBE,J1+(JO(6*$^:00XR(R.",GM_@E^T;\7;[]LT?#7QA:> [FRB\.#7 M+Z;0X[H/IS,_EI&SRL58LW.-H.TY[<]6)SW%*I4Q53!T/:1;;;6MU9M[^:^> MFYEAY86:IT85:G+*VG17VO\ 2+_ $9^5;,EU]C45^=8[.\3 MBZM2K7LW/?2UO0^]P^6TJ,8PI[1/EKXH_P#!%C]F7XU?$36?%GBGX8Q:UXB\ M07;WNH7L^O:ION)7.2V!?\."/V1O\ HCUE_P"#[5?_ )*H_P"'!'[(W_1'K+_P?:K_ /)5 M?8=%'^L^LO_ ?: MK_\ )5.3_@@=^R/&,#X.Z?\ CK>J'^=S7V#11_K/G'_075_\&3_S#^R<#_SY MA_X"O\CY.\/?\$,OV3_#&J1WEM\&= EEBZ+=WM[>1'ZQRS,A_$&OI?P%\./# M_P *_#-MHOAG0])\/:/9C;!8Z;:1VMO"/18T 4?@*VJ*X<7FF,Q5OK5:4[?S M2;_-LWHX/#T=:5-1]$E^0C*&4@\@UQ9_9O\ A\?#K:/_ ,(3X5_LE[G[:UE_ M9\;?"3PM\2 M].M[/Q%X>T;7;2T;?!#?V<=PD+8QE0X(!QQD4>&?A)X6\%V-]:Z1X=T72[;4 M_P#C[BM;..%+KY=OSA0 WR\<]N*Z&BG[>IR\G,[=KD_5*'-S\BOWLKG->#O@ MSX2^'FGW=IH/AK0]%M;_ /X^8;&RCMX[C@CYU4 -P2.?6J?@S]GGP'\.=9;4 M?#_@WPSHE^RE#70M8%B^TSOC?*^T#<[8&6/)P,FM0C(P>]%%9 M.3;NS>,(Q7+%61A67PP\-Z;HFI:9;Z#I$&G:R\LM_:QVB+#?/*,2M*@&'+CA MBP.[OFD3X7>&XY-%==!T@-X<0QZ21:)G3%*A"L''[L%0%PN. !TK>HJO:S[L MS^KTOY5]R.9U7X,>$=<\90^(KWPSH5WK]MM$6I364;W<6W[NV0C<,=L'BM+3 M?!&C:-XAU#5[32["VU751&+V\B@5)[L1C;&)' R^T' R3@=*U**;JS:LY/[Q M1PU&+YE!7WV6YRGB[X%^"_'^O1:KKOA3P]K&IP((XKN\L(IYHU!)"AV!(&2> M,]S4TWP:\)7/@9?#$GAG0G\-I]W2VLHS9K\V_B+&S[WS=.O-=+13^L5;)[ER*[WT6OJ0QB&.?4-.BN9$0$G:&=20,DG'3DU MUU%"KU$[J3OZ@\'AVN5P5O1'/R?"GPQ-INE6;^']&>TT*9+C386LXS'I\J9V M21+C$;+DX*X(SQ5S3_!&C:3XCO=8M=+L+?5M25$N[V.!5N+I4&$#N!N8*.!D 7G':M2BI=6;W;+6'I+:*^Y!1114&Q_]D! end XML 11 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
3 Months Ended
May 31, 2017
Jul. 13, 2017
Document And Entity Information    
Entity Registrant Name SEYCHELLE ENVIRONMENTAL TECHNOLOGIES INC /CA  
Entity Central Index Key 0001056757  
Document Type 10-Q  
Document Period End Date May 31, 2017  
Amendment Flag false  
Current Fiscal Year End Date --02-28  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   26,640,313
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
May 31, 2017
Feb. 28, 2017
ASSETS    
Cash and cash equivalents $ 1,347,250 $ 732,112
Accounts receivable, net of allowance for doubtful accounts and sales returns of 10,092 and $47,600, respectively 464,153 905,507
Related party receivable 27,050 27,200
Inventory, net 1,166,763 1,421,871
Prepaid expenses, deposits, and other current assets 232,137 282,560
Total current assets 3,395,530 3,369,250
Property and equipment, net 150,318 164,997
Other assets 239,487 81,310
Total assets 3,627,158 3,615,557
Current Liabilities:    
Accounts payable and accrued expenses 339,940 476,415
Income taxes payable
Customer deposits 89,538 99,677
Capital lease obligation, current portion 5,034 4,047
Total current liabilities 434,512 580,139
Long term Liabilities:    
Capital lease obligation, net of current 11,989 14,744
Total liabilities 446,501 594,883
STOCKHOLDERS' EQUITY    
Preferred stock, 6,000,000 shares authorized, none issued or outstanding
Common stock $0.001 par value, 50,000,000 shares authorized, 26,640,313 issued and outstanding at May 31, 2017 and February 28, 2017,respectively 26,641 26,641
Additional paid-in capital 8,944,368 8,944,368
Accumulated deficit (5,760,672) (5,920,655)
Less treasury stock at cost (66,000 and 36,000 shares at May 31, 2016 and February 29, 2016 respectively) (29,680) (29,680)
Total Stockholders' Equity 3,180,657 3,020,674
Total liabilities and stockholders' equity $ 3,627,158 $ 3,615,557
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
May 31, 2017
Feb. 28, 2017
CURRENT ASSETS    
Net of allowance for doubtful accounts $ 22,200 $ 125,800
STOCKHOLDERS' EQUITY    
Preferred stock, authorized shares 6,000,000 6,000,000
Preferred stock, issued shares 0 0
Preferred stock, outstanding shares 0 0
Preferred stock, par value $ 0 $ 0
Common stock, par value $ 0.001 $ 0.001
Common stock, authorized shares 50,000,000 50,000,000
Common stock, issued shares 26,640,313 26,640,313
Common stock, outstanding shares 26,640,313 26,640,313
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
May 31, 2017
May 31, 2016
Condensed Consolidated Statements Of Income    
Sales $ 1,208,207 $ 899,134
Cost of sales 663,782 588,485
Gross profit 544,425 310,649
OPERATING EXPENSES    
Selling, General, and Administrative Expenses 361,090 1,002,450
Depreciation and Amortization 17,675 22,051
Total operating expenses 378,765 1,024,501
Income (Loss) from Operations 165,660 (713,852)
OTHER INCOME (EXPENSE)    
Interest income 9
Interest expense (1,427) (615)
Other income 1,782
Total other income (1,427) 1,176
Income (loss) before provision for income taxes 164,233 (712,676)
Income tax benefit (expense) (4,252) 285,071
Net income (loss) $ 159,981 $ (427,605)
BASIC INCOME (LOSS) PER SHARE $ 0.01 $ (0.02)
DILUTED INCOME (LOSS) PER SHARE $ 0.01 $ (0.02)
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 26,574,313 26,580,530
DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 26,574,313 26,580,530
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
May 31, 2017
May 31, 2016
OPERATING ACTIVITIES:    
Net income (loss) $ 159,981 $ (427,605)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 17,675 22,051
Stock-based compensation 117,500
Recovery for doubtful accounts and sales returns (36,434) (103,569)
Deferred tax benefit (285,071)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 319,612 28,648
Decrease (increase) in related party receivables 150 (5,204)
Decrease (increase) in inventory 255,108 (195,928)
Increase in prepaid expenses, deposits and other assets (24,962) (51,054)
Decrease in accounts payable and accrued expenses (136,475) (299,344)
Decrease in income taxes payable 75,385 (86,274)
Increase (decrease) in customer deposits (10,139) 13,481
Net Cash Provided by (used in) Operating Activities 619,901 (1,272,369)
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,995) (22,578)
Net Cash Used In Investing Activities (2,995) (22,578)
FINANCING ACTIVITIES:    
Repayment of capital lease obligation (1,768) (2,680)
Repurchase of treasury stock (17,400)
Net Cash Used in Financing Activities (1,768) (20,080)
NET DECREASE IN CASH AND CASH EQUIVALENTS 615,138 (1,315,027)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 732,112 2,062,873
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,347,250 747,846
Cash paid for:    
Interest 1,427 615
Income taxes $ 80,000
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
1. CONDENSED FINANCIAL STATEMENTS
3 Months Ended
May 31, 2017
Notes to Financial Statements  
CONDENSED FINANCIAL STATEMENTS

 

NOTE 1:    CONDENSED FINANCIAL STATEMENTS

 

The accompanying condensed consolidated financial statements have been prepared by Seychelle Environmental Technologies, Inc., and subsidiaries (the "Company") without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at May 31, 2017, and for all periods presented herein, have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended February 28, 2017.  The results of operations for the periods ended May 31, 2017 and 2016 are not necessarily indicative of the operating results for the full fiscal years.

 

The summary of significant accounting policies of the Company is presented to assist in understanding the Company's consolidated financial statements. The consolidated financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the condensed consolidated financial statements and the February 28, 2017 consolidated financials included in the 10-K filed on June 14, 2017.

 

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

 

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
2. MANAGEMENT'S PLAN
3 Months Ended
May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
MANAGEMENT'S PLAN

 

NOTE 2:    MANAGEMENT'S PLAN

 

As of February 28, 2017, the Company had $732,112 in cash and a backlog of approximately $465,000 in unshipped product.

 

As of May 31, 2017, the Company had $1,347,250 in cash and cash equivalents, $622,330 in accounts receivable and a backlog of $325,166 in unshipped product.  This year, Seychelle products have expanded its sales efforts in the following international markets; Mexico, Sri Lanka, Vietnam, South Korea, Australia, New Zealand, Japan and China .  It's our intention to expand our marketing activities more strongly to the international market and E-commerce.  In addition, Seychelle is managing cost in line with current revenue.

 

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. BASIC INCOME (LOSS) PER SHARE
3 Months Ended
May 31, 2017
Earnings Per Share [Abstract]  
BASIC INCOME (LOSS) PER SHARE

 

NOTE 3:    BASIC INCOME (LOSS) PER SHARE

 

Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period presented.  Diluted income (loss) per share is determined using the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents.  In periods when losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  The dilutive effect of outstanding stock options and warrants is reflected in diluted earnings per share by application of the treasury stock method.

 

The denominator for diluted income (loss) per share for the period ended May 31, 2017 did not include warrants as they would have been anti-dilutive. At May 31, 2017 and 2016, 0 and 6,407,221 warrants, respectively, were excluded from the denominator for diluted income (loss) per share.

 

    For the three months ended  
    May 31,  
    2017     2016  
Numerator:            
Net income (loss) available to common shareholders   $ 159,981     $ (427,605 )
Weighted average shares – basic     26,574,313       26,580,530  
Net income (loss) per share – basic   $ 0.01     $ (0.02 )
                 
Dilutive effect of common stock equivalents:                
Warrants     -       -  
Weighted average shares – diluted     26,574,313       26,580,530  
Net income  (loss) per share – diluted   $ 0.01     $ (0.02 )

 

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
4. COMMON STOCK
3 Months Ended
May 31, 2017
Notes to Financial Statements  
COMMON STOCK

 

NOTE 4:   COMMON STOCK

 

Common Stock

During the quarter ended May 31, 2017 and May 31, 2016, 0 and 250,000 shares respectively of restricted stock were issued by the Company to an employee.

 

During the three months ended May 31, 2016, the Company repurchased 30,000 shares of common stock at a costs of $17,400.  This repurchase was  recorded as treasury stock and reflected as a reduction of stockholders' equity on the accompanying condensed consolidated balance sheet.

 

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
5. INVENTORY
3 Months Ended
May 31, 2017
Notes to Financial Statements  
INVENTORY

 

NOTE 5:    INVENTORY

 

The Company's inventory consisted of the following at May 31, 2017 and February 28, 2017:

 

   

May 31,

2017

    February 28, 2017  
Raw materials   $ 798,960     $ 956,024  
Finished goods     367,803       465,847  
      1,166,763       1,421,871  

 

 

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
6. CONCENTRATIONS
3 Months Ended
May 31, 2017
Notes to Financial Statements  
CONCENTRATIONS

 

NOTE 6:    CONCENTRATIONS

 

Sales to one customer accounted for 33% sales for the three month period ended May 31, 2017.  Accounts receivable from this customer accounted to approximately $533,000 or 84% of accounts receivable as of May 31, 2017.

 

Sales to one customer accounted for 42% of sales for the three month period ended May 31, 2016. Accounts receivable from this customer amounted  to $147,373 or 49% of accounts receivable as of May 31, 2016.

 

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
7. RELATED PARTY TRANSACTIONS
3 Months Ended
May 31, 2017
Notes to Financial Statements  
RELATED PARTY TRANSACTIONS

 

NOTE 7:    RELATED PARTY TRANSACTIONS

 

During the three month periods ended May 31, 2017 and 2016, the Company incurred $0 and $12,500, respectively, for consulting services from TAM Irrevocable Trust ("TAM"), in which Cari Beck is the trustee and current Board member, as well as a daughter of Carl Palmer, an officer and Board member. These amounts are included as a component of selling, general and administrative expenses on the condensed consolidated statements of operations.

 

During the three months ended May 31, 2016, TAM purchased on behalf of the Company, $7,740 of raw materials from a vendor with which it already had a business relations.  All amounts due to TAM had been paid in full as of May 31, 2016.

 

The Company utilizes the services of an individual, who is a related party, to source materials and provide the manufacturing of component parts with third-party vendors in China. For the three months ended May 31, 2017 and 2016, purchases facilitated through the related party accounted for approximately 13% and 38%, respectively, of total raw material purchases. The Company paid approximately $14,000 and $900 in direct commissions to the related party consultant during the three months ended May 31, 2017 and 2016, respectively.

 

As of May 31, 2017 and 2016, the Company had receivables due from its CEO of approximately $0 and $17,000 respectively.  In addition, the Company had advanced amounts to employees of approximately $27,050 and $28,000 as of May 31, 2017 and 2016, respectively. These amounts are being repaid through direct payroll withdrawals.

 

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
8. COMMITMENTS AND CONTINGENCIES
3 Months Ended
May 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

 

NOTE 8:  COMMITMENTS AND CONTINGENCIES

 

In 2016, the Company entered into a lease agreement on one facility for its corporate offices, inventory and production at 22 Journey in Aliso Viejo, CA for a term of 5 years at a monthly rental of approximately $19,000. The Company sub leases its facility in San Juan Capistrano, CA. 

 

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
9. SUBSEQUENT EVENTS
3 Months Ended
May 31, 2017
Subsequent Events [Abstract]  
9. SUBSEQUENT EVENTS

 

 

NOTE 9: SUBSEQUENT EVENTS

 

Management has evaluated subsequent events from May 31, 2017 through the date the condensed consolidated financial statements were issued, and has concluded that no subsequent events have occurred that would require recognition or disclosure in these condensed consolidated financial statements.

 

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
10. INCOME TAX
3 Months Ended
May 31, 2017
Income Tax Disclosure [Abstract]  
10. INCOME TAX

 

 NOTE 10:  INCOME TAX

 

The Company expects its effective tax rate for the 2018 fiscal year to be different from the federal statutory rate due primarily to a change in valuation allowance.

 

We recorded a provision for income taxes of $4,252 for the quarter ended May 31, 2017, related to federal and state taxes, based on the Company's expected annual effective tax rate.

 

Management evaluated the need for a full valuation allowance at the end of the quarter ended May 31, 2017. Management evaluated both positive and negative evidence.  The weight of negative factors and level of economic uncertainty in our current business continued to support the conclusion that the realization of our deferred tax assets does not meet the more likely than not standard.  Therefore, a full valuation allowance will remain against the net deferred tax assets.

 

Our federal income tax returns are open to audit under the statute of limitations for the fiscal years ended February 2014 through 2017. We are subject to income tax in California and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years ended February 2014 through 2017. 

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
2. BASIC INCOME (LOSS) PER SHARE (Tables)
3 Months Ended
May 31, 2017
Earnings Per Share [Abstract]  
Basic and Diluted income (loss) per share

 

    For the three months ended  
    May 31,  
    2017     2016  
Numerator:            
Net income (loss) available to common shareholders   $ 41,169     $ (427,605 )
Weighted average shares – basic     26,574,313       26,580,530  
Net income (loss) per share – basic   $ 0.00     $ (0.02 )
                 
Dilutive effect of common stock equivalents:                
Warrants     -       -  
Weighted average shares – diluted     26,574,313       26,580,530  
Net income  (loss) per share – diluted   $ 0.00     $ (0.02 )

 

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
5. INVENTORY (Tables)
3 Months Ended
May 31, 2017
Inventory Tables  
Inventory

 

 

The Company's inventory consisted of the following at May 31, 2017 and February 28, 2017:

 

   

May 31,

2017

    February 28, 2017  
Raw materials   $ 798,960     $ 956,024  
Finished goods     367,803       465,847  
      1,166,763       1,421,871  

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. BASIC INCOME (LOSS) PER SHARE - Basic and Diluted income (loss) per share (Details) - USD ($)
3 Months Ended
May 31, 2017
May 31, 2016
Numerator:    
Net (loss) income available to common shareholders $ 159,981 $ (427,605)
Weighted average shares, basic 26,574,313 26,580,530
Net income (loss) per share - basic $ 0.01 $ (0.02)
Dilutive effect of common stock equivalents:    
Warrants
Weighted average shares, diluted 26,574,313 26,580,530
Net income (loss) per share - diluted $ 0.01 $ (0.02)
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
5. INVENTORY (Details) - USD ($)
May 31, 2017
Feb. 28, 2017
Inventory Details    
Raw materials $ 798,960 $ 956,024
Finished goods 367,803 465,847
Inventory $ 1,166,763 $ 1,421,871
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
2. MANAGEMENT'S PLAN (Details Narrative) - USD ($)
3 Months Ended 12 Months Ended
May 31, 2017
Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash $ 1,347,250 $ 732,112
Accounts receivable 622,330  
Backlog of unshipped product $ 325,166 $ 465,000
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. BASIC INCOME (LOSS) PER SHARE (Details Narrative) - shares
3 Months Ended
May 31, 2017
May 31, 2016
Earnings Per Share [Abstract]    
Warrants excluded from the denominator for diluted income (loss) per share 6,407,221 6,407,221
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
6. CONCENTRATIONS (Details Narrative) - USD ($)
3 Months Ended
May 31, 2017
May 31, 2016
Concentrations Details Narrative    
Percentage of sales attributable to one customer 33.00%  
Percentage of accounts receivable attributable to one customer 84.00%  
Accounts receivable from one customers $ 533,000  
Percentage of sales attributable to one other customer   42.00%
Percentage of accounts receivable attributable to one other customer   49.00%
Accounts receivable from one other customers   $ 147,373
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
7. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
3 Months Ended
May 31, 2017
May 31, 2016
Related Party Transactions Details Narrative    
Payments to Irrevocable Trust for consulting services in which Cari Beck is a trustee as well as the daughter of the Company's President $ 0 $ 12,500
Raw materials purchased   $ 7,740
Percentage of purchases facilitated with third party vendor 13.00% 38.00%
Tooling from vendor   $ 3,500
Direct commissions paid to related party consultant $ 14,000 900
Receivables due from CEO 0 17,000
Receivables due from employees $ 27,050 $ 28,000
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
8. COMMITMENTS AND CONTINGENCIES (Details Narrative)
3 Months Ended
May 31, 2016
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Monthly rental amount for five years $ 19,000
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
10. INCOME TAX (Details Narrative)
3 Months Ended
May 31, 2017
USD ($)
Income Tax Disclosure [Abstract]  
Provision for income taxes $ 4,252
EXCEL 36 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 37 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 38 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 40 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 8 120 1 false 0 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://seychelle.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets (Unaudited) Sheet http://seychelle.com/role/CondensedConsolidatedBalanceSheets Condensed Consolidated Balance Sheets (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://seychelle.com/role/CondensedConsolidatedBalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://seychelle.com/role/CondensedConsolidatedStatementsOfIncome Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://seychelle.com/role/CondensedConsolidatedStatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - 1. CONDENSED FINANCIAL STATEMENTS Sheet http://seychelle.com/role/CondensedFinancialStatements 1. CONDENSED FINANCIAL STATEMENTS Notes 6 false false R7.htm 00000007 - Disclosure - 2. MANAGEMENT'S PLAN Sheet http://seychelle.com/role/ManagementsPlan 2. MANAGEMENT'S PLAN Notes 7 false false R8.htm 00000008 - Disclosure - 3. BASIC INCOME (LOSS) PER SHARE Sheet http://seychelle.com/role/BasicIncomeLossPerShare 3. BASIC INCOME (LOSS) PER SHARE Notes 8 false false R9.htm 00000009 - Disclosure - 4. COMMON STOCK Sheet http://seychelle.com/role/CommonStockPurchaseWarrants 4. COMMON STOCK Notes 9 false false R10.htm 00000010 - Disclosure - 5. INVENTORY Sheet http://seychelle.com/role/Inventory 5. INVENTORY Notes 10 false false R11.htm 00000011 - Disclosure - 6. CONCENTRATIONS Sheet http://seychelle.com/role/Concentrations 6. CONCENTRATIONS Notes 11 false false R12.htm 00000012 - Disclosure - 7. RELATED PARTY TRANSACTIONS Sheet http://seychelle.com/role/RelatedPartyTransactions 7. RELATED PARTY TRANSACTIONS Notes 12 false false R13.htm 00000013 - Disclosure - 8. COMMITMENTS AND CONTINGENCIES Sheet http://seychelle.com/role/CommitmentsAndContingencies 8. COMMITMENTS AND CONTINGENCIES Notes 13 false false R14.htm 00000014 - Disclosure - 9. SUBSEQUENT EVENTS Sheet http://seychelle.com/role/SubsequentEvents 9. SUBSEQUENT EVENTS Notes 14 false false R15.htm 00000015 - Disclosure - 10. INCOME TAX Sheet http://seychelle.com/role/IncomeTax 10. INCOME TAX Notes 15 false false R16.htm 00000016 - Disclosure - 2. BASIC INCOME (LOSS) PER SHARE (Tables) Sheet http://seychelle.com/role/BasicIncomeLossPerShareTables 2. BASIC INCOME (LOSS) PER SHARE (Tables) Tables 16 false false R17.htm 00000017 - Disclosure - 5. INVENTORY (Tables) Sheet http://seychelle.com/role/InventoryTables 5. INVENTORY (Tables) Tables http://seychelle.com/role/Inventory 17 false false R18.htm 00000018 - Disclosure - 3. BASIC INCOME (LOSS) PER SHARE - Basic and Diluted income (loss) per share (Details) Sheet http://seychelle.com/role/BasicIncomeLossPerShare-BasicAndDilutedIncomeLossPerShareDetails 3. BASIC INCOME (LOSS) PER SHARE - Basic and Diluted income (loss) per share (Details) Details http://seychelle.com/role/BasicIncomeLossPerShare 18 false false R19.htm 00000019 - Disclosure - 5. INVENTORY (Details) Sheet http://seychelle.com/role/InventoryDetails 5. INVENTORY (Details) Details http://seychelle.com/role/InventoryTables 19 false false R20.htm 00000020 - Disclosure - 2. MANAGEMENT'S PLAN (Details Narrative) Sheet http://seychelle.com/role/ManagementsPlanDetailsNarrative 2. MANAGEMENT'S PLAN (Details Narrative) Details http://seychelle.com/role/ManagementsPlan 20 false false R21.htm 00000021 - Disclosure - 3. BASIC INCOME (LOSS) PER SHARE (Details Narrative) Sheet http://seychelle.com/role/BasicIncomeLossPerShareDetailsNarrative 3. BASIC INCOME (LOSS) PER SHARE (Details Narrative) Details http://seychelle.com/role/BasicIncomeLossPerShare 21 false false R22.htm 00000022 - Disclosure - 6. CONCENTRATIONS (Details Narrative) Sheet http://seychelle.com/role/ConcentrationsDetailsNarrative 6. CONCENTRATIONS (Details Narrative) Details http://seychelle.com/role/Concentrations 22 false false R23.htm 00000023 - Disclosure - 7. RELATED PARTY TRANSACTIONS (Details Narrative) Sheet http://seychelle.com/role/RelatedPartyTransactionsDetailsNarrative 7. RELATED PARTY TRANSACTIONS (Details Narrative) Details http://seychelle.com/role/RelatedPartyTransactions 23 false false R24.htm 00000024 - Disclosure - 8. COMMITMENTS AND CONTINGENCIES (Details Narrative) Sheet http://seychelle.com/role/CommitmentsAndContingenciesDetailsNarrative 8. COMMITMENTS AND CONTINGENCIES (Details Narrative) Details http://seychelle.com/role/CommitmentsAndContingencies 24 false false R25.htm 00000025 - Disclosure - 10. INCOME TAX (Details Narrative) Sheet http://seychelle.com/role/IncomeTaxDetailsNarrative 10. INCOME TAX (Details Narrative) Details http://seychelle.com/role/IncomeTax 25 false false All Reports Book All Reports syev-20170531.xml syev-20170531.xsd syev-20170531_cal.xml syev-20170531_def.xml syev-20170531_lab.xml syev-20170531_pre.xml true true ZIP 42 0001079974-17-000340-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001079974-17-000340-xbrl.zip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