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 JUNE 30, 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 x No
DI-AN CONTROLS, INC.
BALANCE SHEET
JUNE 30 JUNE 30
2000 1999
ASSETS
CURRENT ASSETS
CASH 55,921 303,830
ACCOUNTS RECEIVABLE 162,091 104,735
LESS: ALLOWANCE, BAD DEBTS 3,000 (13,715)
INVENTORY 147,468 131,944
TOTAL 362,481 526,795
EQUIPMENT AND IMPROVEMENTS
MACHINERY AND EQUIPMENT 63,938 63,938
LEASEHOLD IMPROVEMENTS 0 0
LESS: ACCUM DEPRECIATION (63,938) (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 6,894
TOTAL, OTHER ASSETS 38,322 76,102
DEFERRED TAX ASSET 300,000 0
TOTAL ASSETS 700,803 602,897
DI-AN CONTROLS, INC.
LIABILITIES AND STOCKHOLDERS DEFECIT
JUNE 30 JUNE 30
2000 1999
CURRENT LIABILITIES
ACCOUNTS PAYABLE 10,886 13,839
RESERVE, WARRANTIES 10,000 10,000
DEFERRED REVENUE (3,900) 48,464
NOTE, PRINCIPAL STOCKHOLDER 1,537,741 1,847,741
DUE TO RELATED PARTIES 3,910,304 3,661,641
CUSTOMER DEPOSITS 31,200 0
SALES TAX PAYABLE (162) 0
PAYROLL TAX PAYABLE 14,488 0
TOTAL LIABILITIES 5,510,557 5,581,685
STOCKHOLDERS' DEFICIT
COMMON STOCK 82,641 82,641
CAPITAL, EXCESS OF PAR 1,124,451 1,124,451
ACCUMULATED DEFICIT (6,016,845) (6,185,879)
TOTAL STOCKHOLDERS' DEFICIT (4,809,754) (4,978,788)
TOTAL LIABILITIES
AND STOCKHOLDERS' DEFICIT 700,803 602,897
DI-AN CONTROLS, INC.
STATEMENT OF OPERATIONS AND STOCKHOLDERS' DEFICIT
JUNE 30 JUNE 30
2000 1999
REVENUE
NET SALES 366,338 279,571
SERVICE REVENUES 9,573 10,452
OTHER INCOME 666 3,108
TOTAL REVENUE 376,577 293,131
COSTS AND EXPENSES
COST OF SALES & SERVICES 332,605 189,705
SELLING EXPENSES 41,585 37,402
GENERAL AND ADMIN EXPENSE 105,166 91,564
INTEREST 71,687 116,219
TOTAL EXPENSES 551,043 434,890
NET GAIN (LOSS) (174,466) (141,759)
STOCKHOLDERS BEGINNING DEFICIT (5,842,379) (6,044,120)
STOCKHLDERS' DEF. END OF QUARTER (6,016,845) (6,185,879)
NET GAIN (LOSS) PER SHARE ($0.21) ($0.17)
MANAGEMENT DISCUSSION
SUMMARY OF RESULTS OF OPERATIONS (UNAUDITED)
Interest expense of $86,264.00 was incurred on short term loans to fund
current operations.
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, 2000 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 August 08, 2000 By Robert D. Kodis
Robert D. Kodis
President/Treasurer