-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C0Y8yuzhL7KfkHdDL5DBaQ+O+JfrGpcP2mNC56Ha8xymFbYj9xsohvy6LJWQmyuX pia5GS5MIR2eIzBoF9G2cw== 0000929624-97-001559.txt : 19971217 0000929624-97-001559.hdr.sgml : 19971217 ACCESSION NUMBER: 0000929624-97-001559 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971216 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCED OXYGEN TECHNOLOGIES INC CENTRAL INDEX KEY: 0000352991 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 911143622 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-09951 FILM NUMBER: 97739143 BUSINESS ADDRESS: STREET 1: C/O EDELSON TECHNOLOGY PARTNERS STREET 2: 300 TRICE BOULEVARD CITY: WOODCLIFF LAKE STATE: NJ ZIP: 07675 BUSINESS PHONE: 2019308900 MAIL ADDRESS: STREET 1: C/O WHITEHEAD & PORTER STREET 2: 220 MONTGOMERY ST SUITE 1850 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 10QSB 1 ADVANCED OXYGEN TECHNOLOGIES, INC./FORM 10-QSB U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 or ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ________________ to ________________ Commission file number 0-9951 ADVANCED OXYGEN TECHNOLOGIES, INC. (Exact name of small business issuer as specified in its charter) Delaware 91-1143622 (State of Incorporation) (I.R.S. Employer Identification No.) 300 Tice Boulevard Woodcliff Lake, NJ 07675 (Address of principal executive offices) 201-930-8900 (Issuer's telephone number) Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- The number of shares of common stock outstanding as of September 30, 1996 was 4,796,252. Transitional Small Business Disclosure Format (check one): Yes No X --- --- ADVANCED OXYGEN TECHNOLOGIES, INC. INDEX Page ---- PART I - FINANCIAL INFORMATION Item 1. Financial Statements Balance sheet as of September 30, 1997 1 Statement of income for the three month period ended September 30, 1997 2 Statement of cash flows for the three month period ended September 30, 1997 3 Item 2. Management's discussion and analysis of financial condition and results of operations 4 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 4 SIGNATURE Advanced Oxygen Technologies, Inc. BALANCE SHEET SEPTEMBER 30, 1997 ASSETS ------ CURRENT ASSETS CASH $ 398 TOTAL CURRENT ASSETS $ 398* OTHER ASSETS DEPOSITS 524 TOTAL OTHER ASSETS 524* TOTAL ASSETS $922*
LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES ACCOUNTS PAYABLE-TRADE $ 2,000 DUE TO DIRECTORS 275,000 ACCRUED LIABILITIES 71,375 TOTAL CURRENT LIABILITIES $ 348,375* STOCKHOLDERS' EQUITY CAPITAL STOCK 47,963 PREFERRED STOCK 1,770 ADDITIONAL PAID IN CAPTAL 19,797,051 RETAINED EARNINGS (20,187,361) NET INCOME/LOSS (6,875) TOTAL STOCKHOLDERS' EQUITY (347,453)* TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $922*
Advanced Oxygen Technologies, Inc. INCOME STATEMENT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997
--- Year to Date --- Actual Percent ==================== OPERATING EXPENSES INTEREST $ 6,875 0.0 ------- --- * TOTAL OPERATING EXPENSES 6,875 0.0 ------- --- * INCOME FROM OPERATIONS (6,875) 0.0 ------- --- * OTHER INCOME/(EXPENSE) (6,875) 0.0 ------- --- * NET INCOME BEFORE TAXES (6,875) 0.0 ------- --- * NET INCOME AFTER TAXES $(6,875) 0.0 ======= ===
Advanced Oxygen Technologies, Inc. STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997
Current Year to Date CASH FLOWS-OPERATIONS NET INCOME (LOSS-) $(6,875) $(6,875) NET CHANGE ACCRUED EXPENSES 6,875 6,875 ------- ------- TOTAL CASH FLOWS-OPERATIONS 0 0 ------- ------- NET CHANGE IN CASH $ 0 $ 0 ======= ======= CASH AT BEGINNING OF PERIOD $ 398 $ 398 ------- ------- CASH AT END OF PERIOD $ 398 $ 398 ======= =======
Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. PLAN OF OPERATIONS The Company has ceased operations since the sale of its technology to W.R. Grace. Several offers to acquire the shell have been examined and deemed inadequate. The Company continues to explore potential mergers with companies desiring to go public by acquiring its shell. If these efforts fail, the Company will most likely implement its Contingent Plan of Liquidation and form a Liquidating Trust to receive and ultimately distribute royalties (if any) from the use of its former technology by W.R. Grace. Royalties would first be paid to debt holders and then to preferred stockholders and finally to common stockholders. To this date, no royalties have been forthcoming from W.R. Grace. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) No exhibits (b) No report on Form 8-K was filed during the quarter for which this report is filed. SIGNATURE In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: December 15, 1997 /s/ Harry Edelson ------------------------------------------------- Harry Edelson, Chairman of the Board and Chief Executive Officer and Principal Financial Officer
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