SECURITIES AND EXCHANGE COMMISSION
FORM 10Q
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 2000 Commission File
Number 2-2996
DI-AN CONTROLS, INC.
Exact Name of Registrant as specified in its charter
MASSACHUSETTS 04-2237138
State of Incorporation I.R.S. Employer
Identification Number
530 West Street
Braintree, Massachusetts
02184
Address of principal executive offices
Zip Code
Shares of Common Stock outstanding as of: March 31, 1999
826,405 shares
Registrant's telephone number, including area code: (781) 848 -
1299
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 No X
DI-AN CONTROLS, INC.
BALANCE SHEET
MARCH 31 MARCH
31
2000 1999
ASSETS
CURRENT ASSETS
CASH 81,122
239,248
ACCOUNTS RECEIVABLE 139,203
80,236
LESS: ALLOWANCE, BAD DEBTS 3,000
(13,715)
INVENTORY 168,665
178,645
TOTAL 385,990
484,114
EQUIPMENT AND IMPROVEMENTS
MACHINERY AND EQUIPMENT 22,477
63,938
LEASEHOLD IMPROVEMENTS 0
0
LESS: ACCUM DEPRECIATION (22,477)
(63,938)
NET 0
0
OTHER ASSETS
CASH SURRENDER VALUE
OFFICER'S LIFE INSURANCE 35,358
31,947
DEPOSITS 2,917
2,917
DEFERRED CHARGES 0
34,344
OTHER 48
641
TOTAL, OTHER ASSETS 38,322
76,185
TOTAL ASSETS 424,313
560,599
DI-AN CONTROLS, INC.
LIABILITIES AND STOCKHOLDERS DEFECIT
MARCH 31 MARCH
31
2000 1999
CURRENT LIABILITIES
ACCOUNTS PAYABLE 6,114
8,775
RESERVE, WARRANTIES 10,000
10,000
DEFERRED REVENUE 33,800
0
NOTE, PRINCIPAL STOCKHOLDER 1,537,741
1,847,741
DUE TO RELATED PARTIES 3,852,619
3,585,980
PAYROLL TAXES PAYABLE 13,690
0
UNEARNED INCOME 19,936
37,205
TOTAL LIABILITIES 5,473,737
5,489,701
STOCKHOLDERS' DEFICIT
COMMON STOCK 82,641
82,641
CAPITAL, EXCESS OF PAR 1,124,451
1,124,451
RETAINED EARNINGS (5,820,446)
(6,044,120)
CURRENT EARNINGS (136,070)
(92,074)
TOTAL STOCKHOLDERS' DEFICIT (4,749,425)
(4,929,103)
TOTAL LIABILITIES
AND STOCKHOLDERS' DEFICIT (724,313)
(560,599)
DI-AN CONTROLS, INC.
STATEMENT OF OPERATIONS AND STOCKHOLDERS' DEFICIT
MARCH 31 MARCH 31
2000 1999
REVENUE
NET SALES 178,541 109,528
SERVICE REVENUES 6,840 2,620
OTHER INCOME 0 0
TOTAL REVENUE 185,381 112,148
COSTS AND EXPENSES
COST OF SALES & SERVICES 213,251 93,280
SELLING EXPENSES 21,523 19,254
GENERAL AND ADMIN EXPENSE 46,275 39,500
INTEREST 28,755 54,673
TOTAL EXPENSES 281,049 206,707
NET GAIN (LOSS) (136,070) (92,074)
STOCKHOLDERS BEGINNING DEFICIT (5,820,446) (4,837,029)
STOCKHLDERS' DEF. END OF QUARTER (4,970,114) (4,867,891)
NET GAIN (LOSS) PER SHARe ($0.16) (0.11)
MANAGEMENT DISCUSSION
SUMMARY OF RESULTS OF OPERATIONS (UNAUDITED)
Interest expense of $141,496.00 was incurred on short term loans
to fund
current operations.
Management has determined that the consequences of its YEAR 2000
issues
would not have any material affect on the results of operations
or on the
company's financial condition. This determination is the result
of thorough
testing by company staff.
LIQUIDITY
A principal stockholder has loaned the company funds to carry out
company
operations.
BASIS OF PRESENTATION
The financial information included herein is unaudited; however,
such
information reflects all adjustments (consisting solely of normal
recurring
adjustments) which are, in the opinion of management, necessary
for a fair
statement of results for the interim periods.
The results of operations for the period ending June 30, 1999
are not
necessarily indicative of the results to be expected for the full
year.
SALES OF UNREGISTERED SECURITIES (DEBT OR EQUITY): NONE
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.
DI/AN CONTROLS, INC.
Date MAY 22, 2000 By Robert D. Kodis
Robert D. Kodis
President/Treasurer
SECURITIES AND EXCHANGE COMMISSION
FORM 10Q
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 2000 Commission File Number 2-2996
DI-AN CONTROLS, INC.
Exact Name of Registrant as specified in its charter
MASSACHUSETTS 04-2237138
State of Incorporation I.R.S. Employer Identification Number
530 West Street
Braintree, Massachusetts 02184
Address of principal executive offices Zip Code
Shares of Common Stock outstanding as of: March 31, 1999 826,405 shares
Registrant's telephone number, including area code: (781) 848 - 1299
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 No X
DI-AN CONTROLS, INC.
BALANCE SHEET
MARCH 31 MARCH 31
2000 1999
ASSETS
CURRENT ASSETS
CASH 81,122 239,248
ACCOUNTS RECEIVABLE 139,203 80,236
LESS: ALLOWANCE, BAD DEBTS 3,000 (13,715)
INVENTORY 168,665 178,645
TOTAL 385,990 484,114
EQUIPMENT AND IMPROVEMENTS
MACHINERY AND EQUIPMENT 22,477 63,938
LEASEHOLD IMPROVEMENTS 0 0
LESS: ACCUM DEPRECIATION (22,477) (63,938)
NET 0 0
OTHER ASSETS
CASH SURRENDER VALUE
OFFICER'S LIFE INSURANCE 35,358 31,947
DEPOSITS 2,917 2,917
DEFERRED CHARGES 0 34,344
OTHER-DEFFERED TAXES 300,048 641
TOTAL, OTHER ASSETS 38,322 76,185
TOTAL ASSETS 724,313 560,599
DI-AN CONTROLS, INC.
LIABILITIES AND STOCKHOLDERS DEFECIT
MARCH 31 MARCH 31
2000 1999
CURRENT LIABILITIES
ACCOUNTS PAYABLE 6,114 8,775
RESERVE, WARRANTIES 10,000 10,000
DEFERRED REVENUE 33,800 0
NOTE, PRINCIPAL STOCKHOLDER 1,537,741 1,847,741
DUE TO RELATED PARTIES 3,852,619 3,585,980
PAYROLL TAXES PAYABLE 13,690 0
UNEARNED INCOME 19,936 37,205
TOTAL LIABILITIES 5,473,737 5,489,701
STOCKHOLDERS' DEFICIT
COMMON STOCK 82,641 82,641
CAPITAL, EXCESS OF PAR 1,124,451 1,124,451
RETAINED EARNINGS (5,820,446) (6,044,120)
CURRENT EARNINGS (136,070) (92,074)
TOTAL STOCKHOLDERS' DEFICIT (4,749,425) (4,929,103)
TOTAL LIABILITIES
AND STOCKHOLDERS' DEFICIT (724,313) (560,599)
DI-AN CONTROLS, INC.
STATEMENT OF OPERATIONS AND STOCKHOLDERS' DEFICIT
MARCH 31 MARCH 31
2000 1999
REVENUE
NET SALES 178,541 109,528
SERVICE REVENUES 6,840 2,620
OTHER INCOME 0 0
TOTAL REVENUE 185,381 112,148
COSTS AND EXPENSES
COST OF SALES & SERVICES 213,251 93,280
SELLING EXPENSES 21,523 19,254
GENERAL AND ADMIN EXPENSE 46,275 39,500
INTEREST 28,755 54,673
TOTAL EXPENSES 281,049 206,707
NET GAIN (LOSS) (136,070) (92,074)
STOCKHOLDERS BEGINNING DEFICIT (5,820,446) (4,837,029)
STOCKHLDERS' DEF. END OF QUARTER (4,970,114) (4,867,891)
NET GAIN (LOSS) PER SHARe ($0.16) (0.11)
MANAGEMENT DISCUSSION
SUMMARY OF RESULTS OF OPERATIONS (UNAUDITED)
Interest expense of $141,496.00 was incurred on short term loans to fund
current operations.
Management has determined that the consequences of its YEAR 2000 issues
would not have any material affect on the results of operations or on the
company's financial condition. This determination is the result of thorough
testing by company staff.
LIQUIDITY
A principal stockholder has loaned the company funds to carry out company
operations.
BASIS OF PRESENTATION
The financial information included herein is unaudited; however, such
information reflects all adjustments (consisting solely of normal recurring
adjustments) which are, in the opinion of management, necessary for a fair
statement of results for the interim periods.
The results of operations for the period ending June 30, 1999 are not
necessarily indicative of the results to be expected for the full year.
SALES OF UNREGISTERED SECURITIES (DEBT OR EQUITY): NONE
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.
DI/AN CONTROLS, INC.
Date MAY 22, 2000 By Robert D. Kodis
Robert D. Kodis
President/Treasurer