-----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, TdT0LHN+n6nhiPuGjMi34NobPdtCvU4Cknmp+VuhXn7+1YeQyXGxTP/2h/9zPf7A isGBUlcb9BblNwclK75TEA== 0000777844-96-000006.txt : 19960617 0000777844-96-000006.hdr.sgml : 19960617 ACCESSION NUMBER: 0000777844-96-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960430 FILED AS OF DATE: 19960614 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: 96581109 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 QTR ENDING 04/30/96 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: April 30, 1996 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 June 13, 1996, 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 April 30, 1996 INDEX Page Number PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. Consolidated Balance Sheets April 30, 1996 (Unaudited) and July 31, 1995 3 Consolidated Statements of Operations (Unaudited) Three and Nine months ended April 30, 1996 and 1995 4 Consolidated Statements of Cash Flows (Unaudited) Nine months ended April 30, 1996 and 1995 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 04/30/96 07/31/95 Current Assets Cash $ 302 $ 36 Marketable Securities Available For Sale 69,408 94,252 ---------- ---------- $ 69,710 $ 94,288 =========== ========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Notes Payable to Related Entities $ 372,290 $ 351,290 Notes Payable - Other 20,100 20,100 Accounts Payable and Accrued Liabilities 35,687 35,062 Accounts Payable - Related Entities 184,230 153,471 ---------- --------- 612,307 559,923 ---------- --------- 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 44,373 69,217 Accumulated Deficit (1,427,856) (1,375,738) ----------- ----------- (542,598) (465,635) ----------- ----------- $ 69,710 $ 94,288 =========== =========== See notes to financial statements 3 COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended April 30, 1996 1995 Income $ -0- $ -0- ---------- ----------- General and Administrative Expenses Professional Fees 264 894 Management Fees - Related Party -0- 690 Patent Fees 6,959 7,074 Travel -0- -0- All Other General and Administrative Expenses 84 45 ---------- ----------- 7,307 8,703 ---------- ----------- Loss From Operations (7,307) (8,703) ---------- ----------- Other Income (Expense) Interest Expense (10,121) (9,331) ---------- ----------- Net Loss Before Income Taxes (17,427) (18,034) Income Tax Benefit -0- -0- ---------- ----------- Net Loss $ (17,427) $ (18,034) ========== =========== Weighted Average Number of Common Shares 160,006,250 160,006,250 =========== =========== Net Loss Per Common Share $ (0) $ (0) =========== =========== For the nine months ended April 30, 1996 1995 Income $ -0- $ -0- ---------- ----------- General and Administrative Expenses Professional Fees 1,575 1,502 Management Fees - Related Party 1,605 3,085 Patent Fees 17,654 7,074 Travel -0- 1,883 All Other General and Administrative Expenses 504 455 ---------- ----------- 21,338 13,999 ---------- ----------- Loss From Operations (21,338) (13,999) ---------- ----------- Other Income (Expense) Interest Expense (30,781) (26,457) Net Loss Before Income Taxes (52,119) (40,456) Income Tax Benefit -0- -0- ---------- ----------- Net Loss $ (52,119) $ (40,456) ========== =========== Weighted Average Number of Common Shares 160,006,250 160.006.250 =========== ============ Net Loss Per Common Share $ (0) $ (0) =========== ============ See notes to financial statements 4 COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES STATEMENTS OF CASH FLOWS (Unaudited) For the nine months ended April 30, 1996 1995 Cash Flows From Operating Activities Net Loss $ (52,119) $ (40,456) 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 625 (8,430) Accounts Payable Related Entity 30,759 26,206 ------- ------- Total Adjustments 31,385 17,775 ------- ------- Net Cash (Used For) Operations (20,734) (22,681) ------- ------- Cash Provided by (Used For) Investing Activit -0- -0- ------- ------- Cash Provided by (Used For) Financing Activities Proceeds From Notes Payable - Related 21,000 22,750 ------- ------- Net Cash Provided by (Used For) Financing Activities 21,000 22,750 ------- ------- Increase (Decrease) in Cash 266 69 Balance at Beginning of Period 36 62 ------- ------- Balance at End of Period $ 302 $ 131 ======= ======= 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 nine- month period ended April 30, 1996; the company's financial position at April 30, 1996 and July 31, 1995; and the cash flows for the nine-month period ended April 30, 1996 and 1995. 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 1995 Form 10-K. The results for the nine-month period ended April 30, 1996 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 nine-month period ended April 30, 1996 was $11,663 more than that for the nine-month period ended April 30, 1995. This was due mainly to the increase in patent fees of $10,580, an increase in interest expense of $4,324 and a decrease in management fees and travel of $3,363. Working capital decreased by $76,963 from July 31, 1995 to April 30, 1996, due to the net loss of $52,119 and the decrease in marketable securities available for sale of $24,844. 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 4/30/96 - $69,408 6 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 A Form 8-K was filed on May 13, 1996 extending the Registrant's Class A & Class B warrants from May 15, 1996 to May 15, 1997. 7 COMPUSONICS VIDEO CORPORATION Form 10-Q For the quarter ended April 30, 1996 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: June 13, 1996 8 EX-27 2 FDS --
5 (Replace this text with the legend) 0000777844 CompuSonics Video Corporation 1 1 9-mos JUL-31-1996 AUG-1-1995 APR-30-1996 1 302 69,408 0 0 0 69,710 0 0 69,710 612,307 0 0 0 160,006 (702,604) 69,710 0 0 0 (21,338) 0 0 (30,781) 0 0 0 0 0 0 (52,119) 0.00 0.00
-----END PRIVACY-ENHANCED MESSAGE-----