-----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, M3re0UgjYzvx7HA1ICpZZ/zgzl0HgyDk4sbRx4NDyDLGhQfL0DDQj8VDJH8oeGcw uZEoAGBQvF57zkvQo22bUg== 0000777844-97-000002.txt : 19970317 0000777844-97-000002.hdr.sgml : 19970317 ACCESSION NUMBER: 0000777844-97-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970131 FILED AS OF DATE: 19970314 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPUSONICS VIDEO CORP CENTRAL INDEX KEY: 0000777844 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-NONSTORE RETAILERS [5960] IRS NUMBER: 841001336 STATE OF INCORPORATION: CO FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14200 FILM NUMBER: 97556921 BUSINESS ADDRESS: STREET 1: 7001 ORCHARD LAKE RD STE 424 CITY: W. BLOOMFIELD STATE: MI ZIP: 48322 BUSINESS PHONE: 8108515651 MAIL ADDRESS: STREET 1: 7001 ORCHARD LAKE ROAD STREET 2: SUITE 424 CITY: WEST BLOOMFIELD STATE: MI ZIP: 48322 10-Q 1 CVC 10Q 01/31/97 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarter year ended: Commission file number: January 31, 1997 0-14200 CompuSonics Video Corporation (Exact name of Registrant as specified in its charter) Colorado 84-1001336 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 7001 Orchard Lake Road - Suite 424 West Bloomfield, MI 48322-3608 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (810) 851-5651 Securities registered pursuant to Section 12 (b) of the Act: None Securities registered pursuant to Section 12 (g) of the Act: Common Stock, $.001 Par Value (Title of Class) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and, (2) has been subject to such filing requirements for the past 90 days: Yes X No As of March 12, 1997, a total of 160,006,250 shares of common stock, $.001 par value, were outstanding. COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES Form 10-Q Filing for the Quarter Ended January 31, 1997 INDEX Page Number PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. Consolidated Balance Sheets January 31, 1997 (Unaudited) and July 31, 1996 3 Consolidated Statements of Operations (Unaudited) Six months ended January 31, 1997 and 1996 4 Consolidated Statements of Cash Flows (Unaudited) Six months ended January 31, 1997 and 1996 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 7 Signature Page 8 COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS 01/31/97 07/31/96 ----------- ---------- Current Assets Cash $ 427 $ 266 Marketable Securities Available For Sale 70,333 71,188 ----------- ---------- $ 70,761 $ 71,454 =========== ========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Notes Payable to Related Entities $ 386,390 $ 373,290 Notes Payable - Other 20,100 20,100 Accounts Payable and Accrued Liabilities 37,520 36,451 Accounts Payable - Related Entities 203,641 193,889 ----------- ---------- 647,651 623,730 ----------- ---------- Stockholders' Deficit Preferred Stock - Series A Convertible Stock $.001 Par Value, 75,000,000 Shares Authorized, -0- Shares Issued and Outstanding -0- -0- Common Stock $.001 Par Value, 300,000,000 Shares Authorized, 160,006,250 Shares Issued and Outstanding 160,006 160,006 Additional Paid-In Capital 680,880 680,880 Retained Earnings Unrealized Gain on Available for Sale Securities 45,298 46,153 Accumulated Deficit (1,463,074) (1,439,315) ------------ ----------- (576,890) (552,276) ------------ ----------- $ 70,761 $ 71,454 ============ =========== See notes to financial statements 3 COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the three months ended January For the six months ended January 1997 1996 1997 1996 Income $ -0- $ -0- $ -0- $ -0- ----------- ----------- ------------ ----------- General and Administrative Expenses Professional Fees (514) (599) 25 1,311 Management Fees - Related Party 0 600 0 1,605 Patent Fees 2,413 1,120 2,886 10,695 All Other General and Administrative Expenses (215) 71 106 421 ----------- ----------- ------------ ----------- 1,684 1,192 3,017 14,032 Loss From Operations (1,684) (1,192) (3,017) (14,032) ----------- ----------- ------------ ----------- Other Income (Expense) Interest Expense (10,500) (10,408) (20,742) (20,660) ----------- ----------- ------------ ----------- Net Loss Before Income Taxes (12,184) (11,600) (23,759) (34,692) Income Tax Benefit -0- -0- -0- -0- ----------- ----------- ------------ ----------- Net Loss $ (12,184) $ (11,600) $ (23,759) $ (34,692) =========== =========== ============ =========== Weighted Average Number of Common Shares 160,006,250 160,006,250 160,006,250 160,006,250 =========== =========== ============ ============ Net Loss Per Common Share $ (0) $ (0) $ (0) $ (0) =========== =========== ============ ===========
See notes to financial statements 4 COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES STATEMENTS OF CASH FLOWS (Unaudited) For the six months ended January 31, 1997 1996 ---------- ---------- Cash Flows From Operating Activities Net Loss $ (23,759) $ (34,692) Adjustments to Reconcile Net Loss to Net Cash Used by Operating Activities Change in Assets and Liabilities Increase (Decrease) In: Accounts Payable and Accrued Liabilities 1,069 921 Accounts Payable Related Entity 9,751 21,166 ---------- ---------- Total Adjustments 10,820 22,087 ---------- ---------- Net Cash (Used For) Operations (12,939) (12,605) ---------- ---------- Cash Provided by (Used For) Investing Activities -0- -0- ---------- ---------- Net Cash Provided by Investing Activities -0- -0- ---------- ---------- Cash Provided by (Used For) Financing Activities Proceeds From Notes Payable - Related 13,100 12,600 ---------- ---------- Net Cash Provided by(Used For)Financing Actitivies 13,100 12,600 ---------- ---------- Increase (Decrease) in Cash 161 (5) Balance at Beginning of Period 266 36 ---------- ---------- Balance at End of Period $ 427 $ 31 ========== ========== See notes to financial statements 5 COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) PART I. FINANCIAL INFORMATION Item 1. Interim Financial Statements. The accompanying consolidated financial statements of CompuSonics Video Corporation and Subsidiaries have been prepared by the company without audit. In the opinion of the company's management, the financial statements reflect all adjustments necessary to present fairly the results of operations for the six-month period ended January 31, 1997; the company's financial position at January 31, 1997 and July 31, 1996; and the cash flows for the six-month period ended January 31, 1997 and 1996. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company's July 1996 Form 10-K. The results for the six-month period ended January 31, 1997 are not necessarily indicative of future financial results. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The net loss from operations for the six-month period ended January 31, 1997 was $10,933 less than that for the six-month period ended January 31, 1996. This was due mainly to the decrease in patent fees of $7,809, decrease in management fees of $1,605 and a decrease in professional fees of $1,286. Working capital decreased by $24,614 from July 31, 1996 to January 31, 1997, due to the net loss of $23,759 and a decrease in unrealized gain on investments of $855. In the past, the Registrant has relied on a related company to provide the working funds it has required but there is no assurance that this will continue in future years. The Registrant has the following marketable securities: Williams Controls, Inc. 28,475 Common Shares Cost - $25,035 Market Value at 01/31/97 - $70,333 These shares are used as collateral against the notes payable. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K: (a) Exhibits - None (b) Reports on Form 8-K None COMPUSONICS VIDEO CORPORATION Form 10-Q For the quarter ended January 31, 1997 Signature Page SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COMPUSONICS VIDEO CORPORATION (Registrant) By s\ Robert R. Hebard ----------------------------------------- Robert R. Hebard, Chief Executive Officer & Chairman of the Board Date Signed: March 14, 1997 EX-27 2 FDS --
5 (Replace this text with the legend) 0000777844 CompuSonics Video Corporation 1 U.S. dollars 3-mos Jul-31-1997 Nov-01-1997 Jan-31-1997 1 427 70,333 0 0 0 70,761 0 0 70,761 647,651 0 0 0 160,006 (736,896) 70,761 0 0 0 0 (3,017) 0 (20,742) (23,759) 0 0 0 0 0 (23,759) 0 0
-----END PRIVACY-ENHANCED MESSAGE-----