-----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, O8OhkmekFjIeA7RORg5zJ2ZK9/k8IGpiru5TR7rAxDDpy7DYz7Ck0oVS9WGADUeu 17U3aK/Of/eN+DSsVrMLyg== 0000777844-97-000006.txt : 19970612 0000777844-97-000006.hdr.sgml : 19970612 ACCESSION NUMBER: 0000777844-97-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970430 FILED AS OF DATE: 19970611 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: 97622204 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 FORM 10Q FOR QTR ENDING 4/30/97 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: April 30, 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: (248) 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 2, 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 April 30, 1997 INDEX Page Number --------- PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. Consolidated Balance Sheets April 30, 1997 (Unaudited) and July 31, 1996 3 Consolidated Statements of Operations (Unaudited) Nine months ended April 30, 1997 and 1996 4 Consolidated Statements of Cash Flows (Unaudited) Nine months ended April 30, 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
------------------------------ 04/30/97 07/31/96 ----------- ----------- Current Assets Cash $ 391 $ 266 Marketable Securities Available For Sale 71,188 71,188 ----------- ----------- $ 71,579 $ 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 38,202 36,451 Accounts Payable - Related Entities 214,234 193,889 ----------- ----------- 658,926 623,730 ----------- ----------- 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 46,153 46,153 Accumulated Deficit (1,474,386) (1,439,315) ----------- ----------- (587,347) (552,276) ----------- ----------- $ 71,579 $ 71,454 =========== ===========
See notes to financial statements 3 COMPUSONICS VIDEO CORPORATION & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the three months ended April 30, For the nine months ended April 30, ------------------------------------- ----------------------------------- 1997 1996 1997 1996 ------------------------------------- ----------------------------------- Income $ -0- $ -0- $ -0- $ -0- --------------- ---------------- ---------------- --------------- General and Administrative Expenses Professional Fees 563 264 588 1,575 Management Fees - Related Party 900 -0- 900 1,605 Patent Fees (423) 6,959 2,463 17,654 All Other General and Administrative Expenses 73 84 180 504 --------------- ---------------- ---------------- --------------- 1,113 7,307 4,131 21,338 --------------- ---------------- ---------------- --------------- Loss From Operations (1,113) (7,307) (4,131) (21,338) --------------- ---------------- ---------------- --------------- Other Income (Expense) Interest Expense (10,198) (10,121) (30,940) (30,781) --------------- ---------------- ---------------- --------------- Net Loss Before Income Taxes (11,312) (17,427) (35,071) (52,119) Income Tax Benefit -0- -0- -0- -0- --------------- ---------------- ---------------- --------------- Net Loss $ (11,312) $ (17,427) $ (35,071) $ (52,119) =============== ================ ================ =============== 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 nine months ended April 30, ----------------------------------------- 1997 1996 ----------------------------------------- Cash Flows From Operating Activities Net Loss $ (35,071) $ (52,119) 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 1,751 625 Accounts Payable Related Entity 20,345 30,759 --------- ----------- Total Adjustments 22,096 31,385 --------- ----------- Net Cash (Used For) Operations (12,975) (20,734) --------- ----------- 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 21,000 --------- ----------- Net Cash Provided by (Used For) Financing Activities 13,100 21,000 --------- ----------- Increase (Decrease) in Cash 125 266 Balance at Beginning of Period 266 36 --------- ----------- Balance at End of Period $ 391 $ 302 ========= ===========
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, 1997; the company's financial position at April 30, 1997 and July 31, 1996; and the cash flows for the nine-month period ended April 30, 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 nine-month period ended April 30, 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 nine-month period ended April 30, 1997 was $17,048 less than that for the nine-month period ended April 30, 1996. This was due mainly to the decrease in patent fees of $15,191, decrease in management fees of $705 and a decrease in professional fees of $987. Working capital decreased by $35,071 from July 31, 1996 to April 30, 1997, due to the net loss of $35,071. 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. 6 The Registrant has the following marketable securities: Williams Controls, Inc. 28,475 Common Shares Cost - $25,035 Market Value at 04/30/97 - $71,188 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 On April 29, 1997, the Registrant filed a Form 8-K reporting the extension date of the Class A and Class B warrants from May 15, 1997 to May 15, 1998. 7 COMPUSONICS VIDEO CORPORATION Form 10-Q For the quarter ended April 30, 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: June 11, 1997 8 EX-27 2 FDS --
5 (Replace this text with the legend) 0000777844 CompuSonics Video Corporation 1 U.S. Dollars 9-MOS Jul-31-1997 Aug-01-1996 Apr-30-1997 1 391 71,188 0 0 0 71,579 0 0 71,579 658,926 0 0 0 160,006 (747,353) 71,579 0 0 0 4,131 0 0 30,940 (35,071) 0 0 0 0 0 (35,071) 0.00 0.00
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