-----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, Od98lTT3d3PrXhMJO/PdNlG4d4EWBwk/y4IG2xbZSZblj4/EuqwIlW7Za8K32jQX ky58pxAwNp/ACXwWYU3h9w== /in/edgar/work/0000868267-00-000006/0000868267-00-000006.txt : 20001019 0000868267-00-000006.hdr.sgml : 20001019 ACCESSION NUMBER: 0000868267-00-000006 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FOOD TECHNOLOGY SERVICE INC CENTRAL INDEX KEY: 0000868267 STANDARD INDUSTRIAL CLASSIFICATION: [7389 ] IRS NUMBER: 592618503 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-19047 FILM NUMBER: 741787 BUSINESS ADDRESS: STREET 1: 1801 THONOTOSASSA RD STREET 2: SUITE 3 CITY: PLANT CITY STATE: FL ZIP: 33566 BUSINESS PHONE: 8137523364 MAIL ADDRESS: STREET 1: 1801 THONOTOSASSA RD STREET 2: SUITE 3 CITY: PLANT CITY STATE: FL ZIP: 33566 FORMER COMPANY: FORMER CONFORMED NAME: VINDICATOR INC /FL/ DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: VINDICATOR OF FLORIDA INC /FL/ DATE OF NAME CHANGE: 19600201 10-Q/A 1 0001.txt FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 QUARTERLY REPORT UNDER SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Nine Months Ended September 30, 2000 Commission File Number 0-19047 INCORPORATED IN FLORIDA IRS IDENTIFICATION NO. 59-2618503 FOOD TECHNOLOGY SERVICE, INC. 502 Prairie Mine Road, Mulberry, FL 33860 (863) 425-0039 "Indicate by check mark whether the registrant has filed all annual, quarterly and other reports required to be filed with the Commission within the past 90 days and in addition has filed the most recent annual report required to be filed. Yes [X] . No [ ]" "Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the last practicable date." Outstanding as of September 30, Class 1999 2000 - ----- ------ ------ Common Stock, $.01 Par Value 10,271,601 Shares 10,333,201 Shares FOOD TECHNOLOGY SERVICE, INC. (Formerly Vindicator, Inc. (A Development Stage Company) PART I FINANCIAL INFORMATION BALANCE SHEET SEPTEMBER 30, DECEMBER 31, 2000 1999 ------------ ----------- (unaudited) * ASSETS ------ Current Assets: Cash $ 74,424 $ 20,937 Accounts Receivable 106,811 51,125 Due from Employees 23,375 66,175 Inventory 0 3,886 ---------- ---------- Total Current Assets 204,610 142,123 Property and Equipment: Cobalt 1,310,272 1,310,272 Furniture and Equipment 1,686,631 1,659,854 Building 2,883,675 2,883,675 Less Accumulated Depreciation (2,678,883) (2,482,167) ---------- ---------- Total Property and Equipment 3,201,695 3,371,634 Land 171,654 171,654 Other Assets: Deposits 5,000 5,000 ---------- ---------- TOTAL ASSETS $3,582,959 $ 3,690,411 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current Liabilities: Accounts Payable $ 84,121 $ 48,513 Revolving Credit Line 200,000 250,000 ---------- ---------- Total Current Liabilities 284,121 298,513 Financing Agreement and Debenture Payable 1,027,958 954,476 Stockholders' Equity: Common Stock $.01 par value, 200,000,000 shares authorized 10,333,201 shares 2000 103,332 10,316,201 shares 1999 103,162 Paid in Capital 11,469,671 11,438,631 Deficit Accumulated During Development (9,302,123) (9,104,371) ---------- ---------- Total Equity: 2,270,880 2,437,422 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,582,959 $ 3,690,411 ========== =========== * Condensed from audited financial statements FOOD TECHNOLOGY SERVICE, INC. (Formerly Vindicator, Inc. (A Development Stage Company) STATEMENTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, December 11, 1985 (Inception) Through September 30, 2000 2000 1999 (unaudited) (unaudited) (unaudited) ---------------- ---------- --------- Net Sales $ 3,344,899 $ 379,854 $ 113,899 Processing Costs: 2,762,925 112,954 100,474 ----------- --------- --------- Profit (Loss) from Operations 581,974 266,900 13,425 General Administrative and Development 5,870,311 250,948 123,126 Depreciation 2,750,188 65,373 66,091 Interest Expense 1,858,745 33,360 25,474 ----------- --------- --------- Profit (Loss) (9,897,270) (82,781) (201,266) Other Income (Expense): Foreign Exchange Gain 434,719 0 0 Interest Income 188,897 0 0 Other (90,089) 0 0 ----------- --------- --------- Loss Before Income Taxes ($9,363,743) ($82,781) (201,266) Income Taxes 0 0 0 ---------- --------- --------- Net Loss ($9,363,743) ($82,781) ($201,266) =========== ========= ========= Net Loss per Common Share ($0.91) ($0.008) ($0.02) =========== ========= ========= NOTE 1: BASIS OF PRESENTATION The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normally recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three month periods ended September 30, 2000 are not necessarily indicative of the results to be expected for the full year. FOOD TECHNOLOGY SERVICE, INC. (Formerly Vindicator, Inc.) (A Development Stage Company) STATEMENTS OF OPERATIONS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30,
December 11, 1985 (Inception) Through September 30, 2000 2000 1999 (unaudited) (unaudited) (unaudited) ------------------ --------- --------- Net Sales $3,344,899 $ 948,156 $ 246,671 Processing Costs: 2,792,925 306,205 296,215 --------- -------- -------- Income (Loss) from Operations 581,974 641,951 (49,544) General Administrative and Development 5,870,311 546,737 334,794 Depreciation 2,750,188 196,717 199,891 Interest Expense 1,858,745 96,658 67,832 --------- -------- -------- Profit (Loss) (9,897,270) (198,161) (652,061) Other Income (Expense): Foreign Exchange Gain 434,719 0 0 Interest Income 188,897 0 0 Other (90,089) 0 0 ---------- -------- -------- Loss Before Income Taxes (9,363,743) (198,161) (652,061) Income Taxes 0 0 0 Net Loss ($9,363,743) ($198,161) ($652,061) ========== ========= ======== Net Loss per Common Share ($0.91) ($0.019) ($.06) ========== ========= ======== NOTE 1: BASIS OF PRESENTATION The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normally recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the nine month periods ended September 30, 2000 are not necessarily indicative of the results to be expected for the full year.
FOOD TECHNOLOGY SERVICE, INC. (Formerly Vindicator, Inc. (A Development Stage Company) STATEMENTS OF CASH FLOWS December 11, 1985 Nine Months Nine Months (Inception) Through Ended Ended September 30, September 30 September 30 (unaudited) (unaudited) (unaudited) ------------------ ------------ ------------ Cash Flows from Operations: Sales Income Received $ 2,996,045 $ 892,784 $ 226,355 Interest Received 188,897 0 0 Interest Paid (54,095) (23,176) (9,748) Cash Paid for Operating Expenses (7,945,625) (770,554) (636,450) ----------- --------- --------- (4,814,778) 99,054 (419,843) Cash Flows from Investing: Property & Equipment Purchase (6,071,184) (26,777) (705) Deposits (5,000) 0 0 Collection of Notes Receivable 489,300 0 0 Sale of Equipment 10,500 0 0 ---------- -------- -------- (5,576,384) (26,777) (705) Cash Flows from Financing Activities: Proceeds from Sale of Common Stock 6,387,345 31,210 338,025 Offering Cost (483,959) 0 0 Short Term Loan 147,550 (50,000) 100,000 Proceeds from Borrowing 4,434,650 0 0 Purchase of Common Stock (20,000) 0 0 ---------- -------- -------- 10,465,586 (18,790) 438,025 Net Increase (Decrease) in Cash 74,424 53,487 17,477 Cash at Beginning of Period 0 20,937 6,045 ---------- -------- -------- Cash at End of Period $ 74,424 $ 74,424 $ 23,522 ========== ========= ========= ___________________________________________________ Reconciliation of Net Loss to Net Cash Net (Loss) Gain ($9,302,532) ($198,161) ($652,061) Adjustments to Reconcile Net Loss to Cash Used: Imputed Interest on Finance Agreement 432,199 0 0 Depreciation 2,684,458 196,717 199,891 Foreign Exchange (Gain) Loss (434,719) 0 0 (Increase) Decrease in Receivables (197,474) (12,572) (17,335) Increase (Decrease) in Payables 235,360 35,702 (13,220) Equity in Net (Gain) Loss of Affiliate 104,489 0 0 Value of Stock Issued for Services & Int. 1,556,659 73,482 59,748 (Gain) Loss on Sale of Equipment 2,877 0 0 (Increase) Decrease in Inventory (3,794) 3,886 3,134 ---------- ------- -------- Net Cash (Used) Provided by Operating Activities ($4,922,477) $99,054 ($419,843) =========== ======= ======== FOOD TECHNOLOGY SERVICE, INC. (Formerly Vindicator, Inc. (A Development Stage Company) STATEMENT OF STOCKHOLDERS' EQUITY FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30,
Common Stock Paid-In Capital Deficit ------------ --------------- ------- 1999 (unaudited) Balance, January 1, 1999 $ 100,900 $10,982,963 ($8,216,342) Sale of 181,600 Shares of Stock for $338,025 1,816 336,209 0 Offering Cost to Sell Stock 0 0 0 Net Loss for Period 0 0 (652,060) ---------- ----------- ---------- Balance, September 30, 1999 $ 102,716 $11,319,172 $8,868,402) ========= =========== ========== _______________________________________________ 2000 (unaudited) Balance, January 1, 2000 $ 103,162 $11,438,631 ($9,104,371) Sale of 17,000 Shares of Stock for $31,210 170 31,040 0 Net Lose for Period 0 0 (198,161) --------- ----------- ----------- Balance, September 30, 2000 $ 103,332 $11,469,671 ($9,302,532) ========= =========== =========== (a) Earnings per common share, assuming no dilution, are based on the number of shares outstanding on September 30 of each year: 10,271,601 (1999) and 10,333,201 (2000). (b) The foregoing information is unaudited, but, in the opinion of Management, includes all adjustments, consisting of normal accruals, necessary for a fair presentation of the results for the period reported.
FOOD TECHNOLOGY SERVICE, INC. Management's Analysis of Quarterly Income Statements Operations Revenues for the third quarter are up over the same period last year, $379,854 vs. $113,899, as increase of $265,955. Total revenues for the nine months are $948,156 vs. $246,671, an increase of $701,485. This is a record for the Company for both time periods. As the Company moves forward the rest of this fiscal year, the Company will continue to profit from consumer acceptance and understanding of the benefits that irradiation offers food products. The latest information from our government, August 2000, a report from the General Accounting Office title "Available Research Indicates that Benefits Outweigh Risks" supports the Company's belief that a campaign to educate consumers, supported by Public Health Officials, will result in broader acceptance of irradiated products. Liquidity and Capital Resources The Company currently has negative working capital of $79,511. The special alliance with MDS Nordion and the associated revolving credit line of $500,000 of which $200,000 has been used, should provide sufficient capital resources for the Company to remain a going concern. The Company has developed the capacity to treat and protect the public from many types of food-borne illness. OTHER INFORMATION None applicable to this report and are, therefore, omitted. 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 there unto duly authorized. Date: October 18, 1999 FOOD TECHNOLOGY SERVICE, INC. E. W. (Pete) Ellis ------------------------------------ President and Chief Executive Officer Dana S. Carpenter ------------------------------------- Asst. Corporate Secretary EX-27 2 0002.txt ARTICLE 5 SCHEDULE 3RD QTR 10-Q
5 1 9-MOS DEC-31-2000 SEP-30-2000 74,424 0 130,186 0 0 204,610 5,880,578 2,678,883 3,582,959 284,121 1,027,958 0 0 103,332 11,469,671 3,582,959 948,156 948,156 0 306,205 546,737 0 96,658 (198,161) 0 (198,161) 0 0 0 (198,161) (.02) (.02)
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