UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
1-14068
CUSIP NUMBER
817316 10 2
817316 11 0
817316 12 8
(Check One):
X Form 10-K and Form 10-KSB Form 20-F Form 11-K
Form 10-Q and Form 10-QSB Form N-SAR
For Period Ended: December 31, 1999
Transition Report on Form 10-K
Transition Report on Form 20-F
Transition Report on Form 11-K
Transition Report on Form 10-Q
Transition Report on Form N-SAR
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
Full Name of Registrant: SEPRAGEN CORPORATION
Former Name if Applicable:
Address of Principal Executive Office (Street and Number): 30689 Huntwood Drive, Hayward, California 94544
PART II-RULES 12B-25(B) AND(C)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
X (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense.
(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
Part III - NARRATIVE
State below in reasonable detail the reasons why Form 10-K and Form 10-KSB, 20-F, 11-K, 10-Q, 10Q-SB, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Due to reduced staff and resources, Registrant was unable to complete all accounting and due diligence work for the Report.
Part IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification: Vinit Saxena (510) 476-0650
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s): Yes X No
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? Yes X No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. See attached.
SEPRAGEN CORPORATION
(Name of Registrant specified in charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date: 3/31/00 By: /s/Vinit Saxena
Vinit Saxena
President and CEO
The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S. C. 1001).
DRAFT 3/31/00
SEPRAGEN CORPORATION
BALANCE SHEET
ASSETS
|
December 31, | |||
| 1999 | 1998 | ||
| Current assets: | |||
| Cash and cash equivalents | $358,233 | $41,136 | |
| Accounts receivable, less allowance for doubtful accounts | 399,017 | 527,845 | |
| Inventories | 260,536 | 445,392 | |
| Prepaid expenses and other | 14,511 | 32,011 | |
| Total current assets | 1,032,297 | 1,046,384 | |
| Furniture and equipment, net | 103,012 | 179,258 | |
| Intangible assets, net | 70,209 | 95,187 | |
| 1,205,518 | 1,320,829 | ||
|
LIABILITIES AND DEFICIT IN SHAREHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $ 530,408 | $ 965,678 | |
| Customer Deposit | - | 40,797 | |
| Notes payable, including $375,000 from shareholders | 425,000 | 235,000 | |
| Accrued payroll and benefits | 152,681 | 156,063 | |
| Accrued liabilities | 130,352 | 96,623 | |
| Interest payable | 67,309 | - | |
| Total current liabilities | 1,305,750 | 1,537,205 | |
| Preferred stock, no par value--5,000,000 shares authorized; and 210,404 and 175,439 series A convertible, preferred issued and outstanding | 600,000 | 500,000 | |
| Commitments: | |||
| Class E common stock, no par value--1,600,000 shares authorized; 1,209,894 shares issued and outstanding; redeemable at $.01 per share | - | -- | |
| Deficit in Shareholders' equity: | |||
| Class A common stock, no par value--20,000,000 shares authorized; 5,412,562 and 4,057,216 shares issued and outstanding | 10,685,091 | 9,752,226 | |
| Class B common stock, no par value--2,600,000 shares authorized; 701,177 shares issued and outstanding | 4,065,618 | 4,065,618 | |
| Additional paid in capital | 202,220 | 202,220 | |
| Accumulated deficit | (15,653,161) | (14,736,440) | |
| Total shareholders' deficit | (100,232) | (716,376) | |
| $ 1,205,518 | $1,320,829 | ||
DRAFT 3/31/98
SEPRAGEN CORPORATION
STATEMENTS OF OPERATIONS
for the years ended December 31, 1999 and 1998
| For the Years Ended December 31, | |||
| 1999 | 1998 | ||
| Revenues: | |||
| Net sales | $ 1,689,932 | $ 1,987,086 | |
| Costs and expenses: | |||
| Cost of goods sold | 868,214 | 915,219 | |
| Selling, general, and administrative | 1,114,408 | 1,218,808 | |
| Research and development | 599,667 | 756,122 | |
| Total costs and expenses | 2,582,289 | 2,890,149 | |
| Loss from operations | (892,457) | (903,063) | |
| Interest expense | (24,265) | (303,277) | |
| Net loss | $(916,722) | $(1,206,340) | |
| Loss per common share, basic and diluted | $(0.19) | $(0.41) | |
| Weighted average common shares outstanding | 4,919,783 | 2,935,679 | |
DRAFT 3/31/00
The following table is included as an aid to understanding the Company's operating results. The table sets forth the percentages which each item bears to revenues and the percentage change in dollar amounts from year to year.
| Percentage Relationship to Revenues | Year to Year Percentage Increase (Decrease) | ||||
| Percent of Revenues | Percent of Revenues | Year Ended | Year Ended | ||
| Account Name | 1999 | 1998 | 1999 | 1998 | |
| Revenues | 100% | 100% | (15)% | 23% | |
| Cost and Expenses | |||||
| Cost of goods sold | 51% | 46% | 5% | 3% | |
| Selling, general and administrative | 66% | 61% | (9)% | (19)% | |
| Research and development | 35% | 38% | (21)% | (12)% | |
| Total costs and expenses | 152% | 145% | (11)% | (11)% | |
| Loss from operations | (101)% | (45)% | (1)% | (45)% | |
| Interest income and other, net | (1)% | (15)% | (92)% | 2939% | |
| Net loss | (54)% | (61)% | (24)% | (27)% | |
