-----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, PTatimcF+pUCUIUL8HWtvkgaBg+8WZiIxLDEHbPkNFI16qqTsDLLkMugkHcjuQp6 D/fh02UMT3X9MVRQ4+5MuQ== 0000839219-99-000002.txt : 19991228 0000839219-99-000002.hdr.sgml : 19991228 ACCESSION NUMBER: 0000839219-99-000002 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19991227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNSTYLE CORP CENTRAL INDEX KEY: 0000839219 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 592905386 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 000-17165 FILM NUMBER: 99780714 BUSINESS ADDRESS: STREET 1: 880 CARILLON PKWY CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 8135733800 MAIL ADDRESS: STREET 1: 880 CARILLON PKWY CITY: ST PETERSBURG STATE: FL ZIP: 33716 10-K 1 SECURITIES & EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES For the fiscal year ended December 31, 1996 Commission file number 0-17165 SUNSTYLE CORPORATION (Exact name of Registrant as specified in its charter) Florida 59-2905386 (State or other jurisdiction of (I.R. S. Employer incorporation or organization) Identification No.) 36460 US 19 N., Palm Harbor, Florida 34684 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (727) 789-8899 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered None None Securities registered pursuant to Section 12(g) of the Act: Common Stock (par value $.10) 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 (or 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 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-k or any amendment to this Form 10-K. [X] Aggregate market value of the voting stock held by non-affiliates of the registrant as of September 30, 1996: $5,480. Number of Common shares outstanding (September 30, 1996): 1,096,014 SUNSTYLE CORPORATION December 31, 1996 PART I Item 1. Business COMPANY Sunstyle Corporation is a Florida corporation whose only asset currently is its 100% ownership of Sunstyle Homes Corporation, which in turn has a consolidated subsidiary, Sunstyle Homes Corporation of Citrus County. The consolidated entity is hereafter collectively referred to as "Sunstyle" or the "Company". Sunstyle has been principally engaged in real estate acquisition and development and the construction of single family housing on the west coast of Florida. In May of 1991, the Company finished construction on its final house and ceased construction activities. During 1993 and 1992 the Company sold its remaining lots in Pinellas and Manatee counties to other developers and builders. During 1995, the company sold its office/storage building in Largo, Florida. The Company's President has continued to manage the affairs of the Company while pursuing other business interests. The Company continues to seek a possible merger with another company and continue operations as the general economy improves or the Board of Directors may decide to proceed with a liquidation and distribute the proceeds, if any, to its shareholders. Item 2. Properties The company does not own any property or land as of December 31, 1996. Item 3. Legal Proceedings None. Item 4. Submission of Matters to a Vote of Security Holders None. PART II Item 5. Market for the Registrant's Securities and Related Security Holder Matters The Company's stock is traded on the Over-The-Counter market. The following table sets forth for the periods indicated the high and low prices for the Company's common stock: 1996 1995 Quarter ended High Low High Low All $.005 $.005 $.005 $.005 The Company does not intend to pay dividends on its common stock except in the possible case of a liquidating dividend. Should the Company merge with another company and retain its shares, its future dividend policy will be determined by its Board of Directors in light of the Company's earnings and financial position. Item 6. Selected Financial Data 1996 1995 1994 1993 1992 (dollar figures in thousands, except per share information) Operating Results: Revenues (1) $ 9 $ 61 $ 5 $ 57 $ 19 Net income (loss) Before extraordinary item $ (1) $ 10 $ (50) $ (12) $ (5) Net Income (loss) $ (1) $ 10 $ (50) $ (12) $ 62 Net income (loss) per Share before Extraordinary item $(.001) $ .01 $(.05) $ (.01) $ (.00) Net income (loss) per share $(.001) $ .01 $(.05) $ (.01) $ .06 1996 1995 1994 1993 1992 (dollar figures in thousands, except per share information) Financial Condition: Total assets $ 205 $ 206 $ 178 $ 206 $ 211 Notes payable: Former Parent $ 255 $ 255 $ 255 $ 255 $ 255 Banks 0 0 0 6 10 Total notes payable $ 255 $ 255 $ 255 $ 261 $ 265 Stockholders' equity (deficit) $ (161) $ (160) $ (170) $ (119) $ (107) Book value par share (2) $ (0.15) $ (0.15) $ (0.15) $ (0.11) $ (0.10) (1) Including revenues of unconsolidated partnerships, revenues were $9,000, $61,000, $5,000, $57,000, and $19,000, for the years ended December 31, 1996, 1995, 1994, 1993, and 1992, respectively. (2) The per share information is based upon 1,096,014 shares of Common Stock For the years ended December 31, 1996, 1995, 1994, 1993 and 1992. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation RESULTS OF OPERATIONS YEAR ENDED DECEMBER 31, 1996, COMPARED TO THE YEAR ENDED DECEMBER 31, 1995 The Company's revenues of $9,119 for 1996 consisted of $9,119 interest earned on savings accounts. The Company's only activity in the year ended December 31, 1996, was administrative. General and administrative expenses totaled $10,380 for the year ended December 31, 1996, resulting in a net loss for the year of $1,261. The Company's revenues of $61,454 for 1995 consisted of $7,448 interest earned on secured notes and savings accounts, and a $54,006 gain on the sale of the office building. The Company's only activity in the year ended December 31, 1995, was administrative. Interest expense of $27,150 was related to the Company's $255,000 note due its former Parent. General and administrative expenses totaled $24,301 for the year ended December 31, 1995, resulting in a net income for the year of $10,003. YEAR ENDED DECEMBER 31, 1995, COMPARED TO THE YEAR ENDED DECEMBER 31, 1994 The Company's revenues of $61,454 for 1995 consisted of $7,488 interest earned on secured notes and savings accounts, and a $54,006 gain on the sale of the office building. The Company's only activity in the year ended December 31, 1995, was administrative. Interest expense of $27,150 was related to the Company's $255,000 note due its former Parent. General and administrative expenses totaled $24,301 for the year ended December 31, 1995, resulting in net income for the year of $10,003. The Company's revenues of $5,151 for 1994 consisted primarily of interest earned on secured notes and savings accounts. As all of the Company's remaining lots were sold in 1993, the Company's only activity in the year ended December 31, 1994, was administrative. The only non-cash asset owned by the Company during 1994 was its office building. Interest expense of $21,256 was primarily related to the Company's $255,000 note due its' former Parent. General and administrative expenses totaled $34,271 for the year ended December 31, 1994, resulting in a net loss for the year of $50,376. LIQUIDITY AND CAPITAL RESOURCES Due to continuing losses in a depressed market, the Company ceased construction activities and terminated all employees during May of 1991. All remaining real estate assets have been sold. The Company's liabilities are primarily to its former Parent in the form of an unsecured note ($255,000), interest on the note and other payables. The Company is currently negotiating the settlement of its outstanding debt to its former Parent. In addition to the uncertainty discussed above, the Company has sustained substantial net losses and has a deficit net worth at December 31, 1996 of $160,933. These issues raise considerable doubt as to the Company's ability to continue operations. Management has not adopted a plan of liquidation and is currently exploring several possibilities, including selling a major interest in the Company. The consolidated financial statements do not include any adjustments that may result from any of the above events. Item 8. Financial Statements and Supplementary Data INDEPENDENT AUDITOR'S REPORT To the Board of Directors and Stockholders of Sunstyle Corporation Largo, Florida We have audited the accompanying consolidated balance sheets of Sunstyle Corporation and Subsidiaries as of December 31, 1996 and 1995, and the related consolidated statements of operations, changes in stockholders' deficit and cash flows for each of the three years in the period ended December 31, 1996. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Sunstyle Corporation and Subsidiaries as of December 31, 1996 and 1995, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 1996, in conformity with generally accepted accounting principles. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described more fully in Note 6 to the consolidated financial statements, the Company's substantial net losses and deficit net worth of $160,933 raise considerable doubt as to the Company's ability to continue operations. The consolidated financial statements do not include any adjustments regarding this uncertainty. /s/ Spence, Marston, Bunch, Morris & Co. Spence, Marston, Bunch, Morris & Co. Certified Public Accountants Clearwater, Florida November 15, 1999 Item 8. Financial Statements and Supplementary Data SUNSTYLE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 1996 1995 ASSETS Cash $ 205,019 $ 198,600 Notes Receivable 0 7,680 ------------ ------------ $ 205,019 $ 206,280 ============ ============ LIABILITIES AND STOCKHOLDERS' DEFICIT Note Payable to Former Parent $ 255,000 $ 255,000 Interest Payable to Former Parent 93,452 93,452 Accounts Payable and Accrued Expenses 17,500 17,500 ------------ ------------ 365,952 365,952 Stockholders' Deficit: Common Stock; $.10 Par Value; Authorized 10,000,000 Shares; Issued and Outstanding 1,096,014 Shares 109,601 109,601 Additional Paid-In Capital 1,341,221 1,341,221 Accumulated Deficit (1,611,755) (1,610,494) ------------ ------------ (160,933) (159,672) Commitments and Contingencies 0 0 ------------ ------------ $ 205,019 $ 206,280 ============ ============ The accompanying notes are an integral part of these financial statements. SUNSTYLE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 1996 1995 1994 Revenues: Gain on Sale of Property and Equipment $ 0 $ 54,006 $ 0 Interest Income 9,119 7,448 5,151 ----------- ---------- ----------- Total Revenues 9,119 61,454 5,151 Cost and Expense: General and Administrative 10,380 24,301 34,271 Interest 0 27,150 21,256 ----------- ---------- ----------- Total Expenses 10,380 51,451 55,527 Net Income (Loss) $ (1,261) $ 10,003 $ (50,376) ============ ========== =========== Net Income (Loss) Per Share $ (.001) $ .01 $ (.05) ============ ========== =========== Number of Common Shares Outstanding 1,096,014 1,096,014 1,096,014 ============ ========== =========== The accompanying notes are an integral part of these financial statements. SUNSTYLE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT FOR THE YEARS ENDED DECEMBER 31, 1994, 1995 AND 1996 Common Stock Additional ----------------- Paid-In Accumulated Shares Amount Capital Deficit Total ------ ------ ---------- ----------- ------ December 31, 1993 1,096,014 $109,601 $1,341,221 $(1,570,121) $(119,299) Net Loss - 1994 0 0 0 (50,376) (50,376) --------- -------- ---------- ----------- --------- Balances at December 31, 1994 1,096,014 109,601 1,341,221 (1,620,497) (169,675) Net Income - 1995 0 0 0 10,003 10,003 --------- ------- ---------- ----------- --------- Balances at December 31, 1995 1,096,014 109,601 1,341,221 (1,610,494) (159,672) Net Loss - 1996 0 0 0 (1,261) (1,261) --------- ------- ---------- ----------- --------- Balances at December 31, 1996 1,096,014 $109,601 $1,341,221 $(1,611,755) $(160,933) ========= ======== ========== =========== ========= The accompanying notes are an integral part of these financial statements. SUNSTYLE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1996 1995 1994 Cash Flow from Operating Activities: Net Income (Loss) $ (1,261) $ 10,003 $ (50,376) Adjustments to Reconcile Net Income (Loss)to Net Cash Provided by (Used In) Operating Activities: Depreciation 0 3,310 6,620 (Gain) on Sale of Assets 0 (54,006) 0 (Increase) Decrease in Operating Assets: Notes Receivable 7,680 356 4,131 Increase (Decrease) in Operating Liabilities: Interest Payable to Former Parent 0 27,150 21,037 Accounts Payable and Accrued Expenses 0 (9,164) 7,560 ---------- ---------- ---------- Total Adjustments 7 ,680 (32,354) 39,348 Net Cash Provided by (Used in) Operating Activities 6,419 (22,351) (11,028) ---------- ---------- ---------- Cash Flows from Investing Activities: Proceeds from Sale of Assets 0 119,655 0 Net Cash Provided by ---------- ---------- ---------- Investing Activities 0 119,655 0 ---------- ---------- ---------- Cash Flows (Used in) Financing Activities: Principal Reduction on Notes Payable to Banks 0 0 (6,625) ---------- ---------- ---------- Net Cash (Used in) Financing Activities 0 0 (6,625) ---------- ---------- ---------- Net Increase (Decrease) in Cash 6,419 97,304 (17,653) Cash at Beginning of Period 198,600 101,296 118,949 ---------- ---------- ---------- Cash at End of Period $ 205,019 $ 198,600 $ 101,296 ========== ========== ========== Supplemental Disclosures of Cash Flow Information: Cash Paid During the Twelve Months for Interest $ 0 $ 0 $ 419 ========== ========== ========== The accompanying notes are an integral part of these financial statements. SUNSTYLE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 1996 NOTE 1 - ORGANIZATION AND OPERATIONS: Sunstyle Homes Corporation ("Sunstyle") was incorporated in 1976 for the purpose of purchasing and subdividing tracts of land for the sale of developed lots and the construction of single and multi-family residential units on the west coast of Florida. On August 25, 1988 the former Parent incorporated a new wholly-owned subsidiary, Sunstyle Corporation. All 500 shares of Sunstyle Homes Corporation were exchanged for 1,096,024 shares of Sunstyle Corporation. On the same date, the Board of Directors of the former Parent declared a distribution of Sunstyle Corporation's stock to shareholders of the former Parent in the form of a tax-free spin-off. The effective date of the spin- off was September 30, 1988 and the distribution was made on October 6, 1988. Sunstyle Corporation became a separate, publicly traded entity and has discontinued substantially all relationships with the former Parent. Sunstyle Corporation, including its consolidated subsidiaries consisting of Sunstyle and Sunstyle-Citrus, are collectively referred to as the "Company". Due to continuing losses in a depressed market, the Company terminated all employees and ceased construction activities in May of 1991. The Company, including all of its consolidated subsidiaries, is inactive. The Board of Directors has not adopted a plan of liquidation and is considering several options, including selling a majority interest in the Company. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting The Company utilizes the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized as obligations are incurred. Cash and Cash Equivalents It is the Company's policy to include all money market funds with an original maturity of three months or less in Cash and Cash Equivalents. Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consists principally of cash investments in excess of federally insured limits. The Company places its cash investments with high credit quality financial institutions and in a money market mutual fund that is managed by a wholly owned subsidiary of Raymond James Financial, Inc. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates that affect certain reported amounts and disclosures. These estimates are based on management's knowledge and experience. Accordingly, actual results could differ from these estimates. Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method for financial reporting purposes over the estimated useful lives of the assets which range from three to thirty years. Additions, improvements and expenditures that significantly extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are charged to operations in the period incurred. Gains and losses on disposals of property and equipment are also reflected in operations currently. Income Taxes Effective January 1, 1993, the Company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (FAS 109). Under FAS 109, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. As of December 31, 1996, the Company had a net operating loss carryforward of approximately $2,902,000 for tax purposes which will expire beginning in 2003. NOTE 3 - NOTES PAYABLE Notes payable at December 31, 1996 and 1995 consisted of the following: 1996 1995 Note payable to former Parent, unsecured, principal payable on demand $ 255,000 $ 255,000 NOTE 4 - RELATED PARTY TRANSACTIONS The Company accrued interest to its former Parent related to outstanding debt (see Note 4) for December 31, 1995. This activity for the years ended December 31, 1996 and 1995 is summarized as follows and is included in Interest Payable to Former Parent. December 31, 1996 1995 Balance at beginning of year $ 93,452 $ 66,302 Charges from former Parent: Interest (see Note 4) 0 27,150 ---------- ---------- Balance at end of year $ 93,452 $ 93,452 NOTE 5 - FEDERAL AND STATE INCOME TAXES Substantial losses have been sustained by the Company which raise considerable doubt as to its ability to continue operations. As a result, it is unlikely that the Company will be able to benefit from the deferred tax asset which consists of tax loss carryforwards available as of December 31, 1996. Therefore, a valuation allowance has been established at the full amount of the deferred tax asset. 1996 Deferred tax asset $ 1,170,144 Less: valuation allowance (1,170,144) ----------- $ 0 The change in the valuation allowance during 1996 was as follows: Balance at beginning of year $1,169,650 Increase due to increase in deferred tax asset 494 ---------- Balance at end of year $1,170,144 NOTE 6 - CONTINGENCIES AND OTHER EVENTS The Company is currently negotiating the settlement of its outstanding debt to its former Parent. Although it is possible a settlement could result in the transfer of essentially all remaining assets to its former Parent, the effect of a final settlement cannot be determined at this time. In addition to the uncertainty discussed above, the Company has sustained substantial net losses and has a deficit net worth at December 31, 1996 of $160,933. These issues raise considerable doubt as to the Company's ability to continue operations. Management has not adopted a plan of liquidation and is currently exploring several possibilities including selling a majority interest in the Company. The consolidated financial statements do not include any adjustments that may result from any of the above events. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. SUNSTYLE CORPORATION December 31, 1996 PART III Item 10. Directors and Executive Officers of the Registrant DIRECTORS AND EXECUTIVE OFFICERS The following table sets forth information as to persons who serve as directors and Executive Officers of the Company. As provided in the By- laws of the Company the term of office of each Director is one year. Principal Occupation Director Name Age and Other Directorships Since Thomas A. James 55 Chairman of the Board and 1988 Chief Executive Officer of Raymond James Financial, Inc.; Chairman of the Board of Raymond James & Associates, Inc.; and Director of Arbor Health Care, Inc. (nursing home management). Ralph W. Quartetti 61 President and Chief 1988 Executive Officer of Sunstyle Corporation. Unless otherwise indicated, the directors have held the same principal occupations for at least five years. Committees of the Board of Directors The Company has two standing committees of the Board. Set forth below is a description of the functions of those committees and the members of the Board who served on such committees. Audit Committee: The responsibilities of the audit committee include recommending to the Board the independent certified public accountants to conduct the annual audit of the books and accounts of the Company, reviewing the proposed scope of the audit and approving the audit fees to be paid. The audit committee also reviewed with the independent certified public accountants and with the Company's financial staff the adequacy and effectiveness of the internal accounting and financial controls of the Company. The audit committee consists of Mr. James. Compensation Committee: In prior years, the compensation committee recommended to the Board the salaries of the executive officers of the Company and approved the salaries of all other officers and certain other employees. It also determined, subject to further approval of the Board, the fees for directors, and supervised the administration of all benefit plans and other matters affecting executive compensation. The compensation committee, which is now inactive, included Mr. James and a former director, Mr. Krusen. Director Compensation During 1996, no fees or expenses were paid to the directors because there were no Board or Committee meetings. Both of the current directors are significant owners. Item 11. Executive Compensation No executive officer received cash or other compensation during 1996. Item 12. Security Ownership of Certain Beneficial Owners and Management Information is provided below with respect to the beneficial ownership of Sunstyle Common Stock, as of December 31, 1996, of (i) persons owning more than 5% of the Company, (ii) each director of the Company, and (iii) all officers and directors of the Company as a group. Name Shares Beneficially Owned Percent Thomas A. James (1) 448,029 (2) (3) 40.9% Christopher W. James (1) 116,894 (2) 10.6% Carr Securities Corporation 107,229 (4) 9.8% Golda Meir Endowment Corporation 61,500 (7) 5.6% Ralph W. Quartetti 59,193 (5) 5.4% Herbert E. Ehlers 58,898 (6) 5.4% All Directors & Officers as a Group (2 persons) 507,222 46.3% (1) Messrs. Thomas A. James and Christopher W. James are brothers. Their address is 880 Carillon Parkway, St. Petersburg, FL 33716. (2) Includes (i) 111,320 shares owned by the Robert A. James Trust, established for the benefit of members of the James family, (ii) 4,474 shares owned by the James Grandchildren's Trust, for which trusts Thomas A. and Christopher W. James serve as co-trustees, (iii) 563 shares owned by Mary S. James, and (iv) 563 shared owned by Courtland James. (3) Includes 66,792 shares owned by the James' Children Annuity Trust, for which Thomas A. James serves as sole trustee. (4) On February 12, 1991, Carr Securities filed Form 13G with the Securities and Exchange Commission advising that the firm had acquired 109,232 shares in the ordinary course of business as a Broker or Dealer registered under the Securities Exchange Act of 1934 and the shares were not acquired to influence or control the issuer. Carr Securities has sole voting power of these shares. The address of Carr Securities is One Penn Plaza, Suite 4720, New York, NY 10119. (5) On December 6, 1988, the Board of Directors of Sunstyle agreed to grant to Mr. Quartetti options to purchase 54,588 shares of Sunstyle Common Stock pursuant to the Sunstyle Corporation Incentive Stock Option Plan. The address of Mr. Quartetti is 36460 U.S. Highway 19 North, Palm Harbor, FL 34684. (6) Mr. Ehlers' address is 2502 Rocky Point Drive, Suite 500, Tampa, FL 33607. (7) On October 23, 1989, Charles I. Rutenberg filed a Schedule 13-D with the Securities and Exchange Commission advising that he acquired 55,500 shares of Sunstyle Corporation common stock through purchases on the open market. On November 1, 1992, Mr. Rutenberg transferred 61,500 shares to the Golda Meir Center Endowment Corporation, a charitable corporation. These shares are held for investment purposes only. Item 13. Certain Relationships and Related Transactions The Company owes interest to Raymond James related to outstanding debt. During 1996, the Company did not engage in any transactions with related parties. PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K a) Financial statements included with this filing. b) None c) None SUNSTYLE CORPORATION December 31, 1996 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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, in the City of Palm Harbor, State of Florida, on the 11th day of February, 1997. SUNSTYLE CORPORATION By /s/Ralph W. Quartetti Ralph W. Quartetti, President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Signature Title Date /s/Ralph W. Quartetti Chief Executive Officer, February 11, 1997 Ralph W. Quartetti President and Director /s/Thomas A. James Director February 11, 1997 Thomas A. James EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (B) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE ANNUAL PERIOD ENDED DECEMBER 31, 1996. 12-MOS DEC-31-1996 DEC-31-1996 205,019 0 0 0 0 0 0 0 205,019 0 0 0 0 0 (160,933) 205,019 0 9,119 0 0 10,380 0 0 (1,261) 0 (1,261) 0 0 0 (1,261) 0 0 REGISTRANT HAS AN UNCLASSIFIED BALANCE SHEET.
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