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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 000-30841
UNITED ENERGY CORP.
(Exact name of registrant as specified in its charter)
Nevada 22-3342379
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No. )
600 Meadowlands Parkway, Secaucus, N.J. 07094
(Address of principal executive offices) (Zip Code)
(201) 842-0288
(Registrant's telephone number, including area code)
Indicate by check mark whether the Issuer (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 for such shorter period that the Issuer
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. |X| Yes |_| No
The number of shares outstanding of each of the Issuer's classes of common
stock, as of the latest practicable date.
UNITED ENERGY CORP.
Class Outstanding as of September 29, 2000
----- ------------------------------------
15,830,270 shares
Common Stock, $.01 par value Outstanding as of January 31, 2002
----------------------------------
16,080,270 shares
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
(Unaudited)...........................................................4
Consolidated balance sheets
June 30, 2000 (Unaudited) (Revised) and March 31, 2000 (Revised)......5
Consolidated statement of operations for the three months ended
June 30, 2000 (Unaudited) (Revised) and 1999 (Unaudited) (Revised)....6
Consolidated statements of cash flows for the three months ended
June 30, 2000 (Unaudited) (Revised) and 1999 (Unaudited) (Revised)....7
Notes to consolidated financial statements
June 30, 2000 (Revised)...............................................8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations............................................11
Item 3. Quantitative and Qualitative Disclosures About Market Risk...........13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings....................................................13
Item 2. Changes in Securities and Use of Proceeds............................13
Item 3. Defaults upon Senior Securities .....................................13
Item 4. Submission of Matters to a Vote of Security Holders..................13
Item 5. Other Information- Credit Line with Fleet Bank, N.A..................13
Item 6. Exhibits and Reports on Form 8-K.....................................14
Signatures....................................................................15
3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
UNITED ENERGY CORPORATION AND SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS
Page
----
CONSOLIDATED FINANCIAL STATEMENTS:
Consolidated Balance Sheets as of June 30, 2000 (Unaudited) (Revised)
and March 31, 2000 (Revised)............................................. 5
Consolidated Statements of Operations for the Three Months Ended
June 30, 2000 (Unaudited) (Revised) and 1999 (Unaudited) (Revised)....... 6
Consolidated Statements of Cash Flows for the Three Months
Ended June 30, 2000 (Unaudited) (Revised) and 1999 (Unaudited) (Revised). 7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Revised).......................8-10
4
UNITED ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2000 (Unaudited) (Revised)
AND MARCH 31, 2000 (Revised)
June 30, 2000 March 31, 2000
------------- --------------
(Unaudited)
(Revised) (Revised)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents .................................. $ 68,204 $ 46,008
Accounts receivable, net of allowance for doubtful
accounts of $73,100 and $18,260, respectively ........... 273,774 445,949
Inventory .................................................. 802,172 592,285
Prepaid expenses ........................................... 251 --
----------- -----------
Total current assets .................................. 1,144,401 1,084,242
PROPERTY AND EQUIPMENT, net of accumulated depreciation
and amortization of $18,205 and $17,320, respectively ...... 8,776 9,661
OTHER ASSETS:
Goodwill, net of accumulated amortization of $8,952
and $7,957, respectively ................................ 77,571 78,566
Patent, net of accumulated amortization of $11,984
and $9,479, respectively ................................ 138,284 140,789
Other assets ............................................... 1,385 1,585
----------- -----------
Total assets .......................................... $ 1,370,417 $ 1,314,843
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable and accrued expenses ...................... $ 301,149 $ 385,176
Accounts payable to shareholders ........................... 350,000 350,000
Related party loans payable ................................ 24,718 24,718
Short-term bank loan and revolving line of credit .......... 163,959 5,697
----------- -----------
Total current liabilities ............................. 839,826 765,591
----------- -----------
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock; 100,000,000 shares authorized of $0.01
par value, 15,830,270 shares issued and outstanding
as of June 30 and March 31, 2000 ........................ 158,302 158,302
Additional paid-in capital ................................. 3,854,552 3,792,052
Stock subscription receivable .............................. (25,000) (25,000)
Accumulated deficit ........................................ (3,457,263) (3,376,102)
----------- -----------
Total stockholders' equity ............................ 530,591 549,252
----------- -----------
Total liabilities and stockholders' equity ............ $ 1,370,417 $ 1,314,843
=========== ===========
The accompanying notes are an integral part of these
consolidated balance sheets.
UNITED ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999 (Unaudited) (Revised)
For the Three Months
Ended June 30,
-------------
2000 1999
---- ----
(Revised) (Revised)
(Unaudited)
REVENUES, net .................................. $ 836,332 $ 502,616
COST OF GOODS SOLD ............................. 546,330 280,261
------------ ------------
Gross profit ........................... 290,002 222,355
------------ ------------
OPERATING EXPENSES:
General and administrative .................. 303,344 189,721
Executive services contributed by management 62,500 62,500
Depreciation and amortization ............... 4,385 4,553
------------ ------------
Total operating expenses ............... 370,229 256,774
------------ ------------
Income (loss) from operations .......... (80,227) (34,419)
------------ ------------
OTHER (EXPENSE) INCOME, net:
Interest income ............................. -- 1,673
Interest expense ............................ (934) (330)
------------ ------------
Total other (expense) income, net ...... (934) 1,343
------------ ------------
Net Income (loss) ...................... (81,161) (33,076)
============ ============
BASIC AND DILUTED LOSS PER SHARE: .............. $ (0.01) $ (0.00)
============ ============
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING,
basic and diluted ........................... 15,830,270 15,753,770
============ ============
The accompanying notes are an integral part of these consolidated statements.
6
UNITED ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999 (UNAUDITED) (REVISED)
For the Three Months
Ended June 30,
2000 1999
---- ----
(Unaudited)
(Revised)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ...................................................... $ (81,161) $ (33,076)
Adjustments to reconcile net income to net cash used in
operating activities-
Depreciation and amortization .............................. 4,385 4,553
Executive services contributed by management ............... 62,500 62,500
Changes in operating assets and liabilities-
Decrease (increase) in accounts receivable ................. 172,175 (198,684)
Increase in inventory ...................................... (209,887) (122,450)
Increase in prepaid expenses ............................... (251) --
Decrease (increase) in other assets, net ................... 200 (4,885)
Increase (decrease) in accounts payable and accrued expenses (84,027) 120,900
--------- ---------
Net cash used in operating activities .................... (136,066) (171,142)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for patent ........................................... -- (6,129)
--------- ---------
Net cash used in investing activities .................... -- (6,129)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds (payments) on line of credit, net .................... (1,738) 43,362
Proceeds from bank loan ....................................... 160,000 --
Proceeds from loans payable to related party .................. -- 215,000
--------- ---------
Net cash provided by financing activities ................ 158,262 258,362
--------- ---------
Net increase in cash and cash equivalents ................ 22,196 81,091
CASH AND CASH EQUIVALENTS, beginning of period ................... 46,008 172,448
--------- ---------
CASH AND CASH EQUIVALENTS, end of period ......................... $ 68,204 $ 253,539
========= =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period-
Interest ................................................... $ 174 $ 330
Income taxes ............................................... 720 400
The accompanying notes are an integral part of these consolidated statements.
7
UNITED ENERGY CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(REVISED)
JUNE 30, 2000
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
notes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, the unaudited interim
financial statements furnished herein include all adjustments necessary for a
fair presentation of the Company's financial position at June 30, 2000 and March
31, 2000 and the results of its operations and cash flows for the three months
ended June 30, 2000 and 1999. All such adjustments are of normal recurring
nature. Interim financial statements are prepared on a basis consistent with the
Company's annual financial statements. Results of operations for the three-month
period ended June 30, 2000 are not necessarily indicative of the operating
results that may be expected for the year ending March 31, 2001.
The consolidated balance sheet as of March 31, 2000 (Revised) has been
derived from the audited financial statements at that date but does not include
all of the information and notes required by generally accepted accounting
principles for complete financial statements.
For further information, refer to the consolidated financial statements and
notes thereto included in the Company's Registration statement on Form 10, as
amended.
2. STOCK OPTION PLAN
On May 3, 1999, the Board of Directors approved the 1999 Comprehensive
Stock Option Plan (the "1999 Plan"). Under the 1999 Plan, the Company is
authorized to grant stock options, the exercise of which would allow up to an
aggregate of 2,000,000 shares of the Company's common stock to be acquired by
the holders of said awards. The awards can take the form of Incentive Stock
Options ("ISOs") or Nonstatutory Stock Options ("NSOs"). ISOs and NSOs are to be
granted in terms not to exceed ten years. The exercise price of the ISOs and
NSOs will be no less than the market price of the Company's common stock on the
date of grant. Adoption of the 1999 Plan is pending shareholder approval.
3. CREDIT LINE AGREEMENT
In June 2000, the Company obtained a $1,000,000 line of credit from Fleet
Bank. Borrowings under the credit line bear interest at prime. Interest is
payable monthly. Amounts outstanding under the line of credit are subject to
repayment on demand and are secured by accounts receivable, inventory, furniture
and fixtures, machinery and equipment and a pledge of 750,000 shares of the
Company's common stock held in escrow. The line is also secured by the personal
guarantee of a shareholder of the Company.
The line of credit is subject to certain covenants, including financial
covenants to which the Company must adhere on a quarterly or annual basis.
Borrowings under the line of credit must be reduced to zero for a period of 30
consecutive days in any twelve-month period.
8
UNITED ENERGY CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(REVISED)--(Continued)
4. SEGMENT INFORMATION
Under the provision of SFAS No.131 the Company's activities fall within two
operating segments: Graphic Arts and Specialty Chemicals. The following tables
set forth the Company's industry segment information for the three months
periods ended June 30, 2000 (revised) and 1999 (revised):
The Company's total revenues and net income (loss) from operations and
identifiable assets by segment for the three months ended June 30, 2000,
(Revised) are as follows:
Graphic Specialty
Arts Chemicals Corporate Total
---- --------- --------- -----
Revenues ..................................................................... $ 802,517 $ 33,815 $ -- $ 836,332
========== ========= ========= ===========
Gross profit ................................................................. 281,504 8,498 -- $ 290,002
General and administrative ................................................... 98,106 32,711 172,527 $ 303,344
Executive services contributed by management ................................. -- -- 62,500 $ 62,500
Depreciation and amortization ................................................ -- 3,868 517 $ 4,385
Interest expense (income) .................................................... 934 -- -- $ 934
---------- --------- --------- -----------
Net Income (loss) ............................................................ $ 182,464 $ (28,081) $(235,544) $ (81,161)
========== ========= ========= ===========
Accounts receivable .......................................................... $ 264,374 $ 9,400 $ -- $ 273,774
Inventory .................................................................... 751,294 50,878 -- $ 802,172
Fixed Assets ................................................................. -- -- 8,776 $ 8,776
Goodwill ..................................................................... -- 77,571 -- $ 77,571
Patent ....................................................................... -- 138,284 -- $ 138,284
Other Assets ................................................................. -- -- 69,840 $ 69,840
---------- --------- --------- -----------
Total assets ........................................................... $1,015,663 $ 276,133 $ 78,616 $ 1,370,417
========== ========= ========= ===========
The Company's total revenues and net income (loss) from operations by
segment for the three months ended June 30, 1999 (Revised), are as follows:
Arts Chemicals Corporate Total
---- --------- --------- -----
Revenues ..................................................................... $ 404,374 $ 98,242 $ -- $ 502,616
========== ========= ========= ===========
Gross profit ................................................................. 194,471 27,884 -- $ 222,355
General and administrative ................................................... 44,424 43,872 101,425 $ 189,721
Executive services contributed by management ................................. -- -- 62,500 $ 62,500
Depreciation and amortization ................................................ -- 4,113 440 $ 4,553
Interest expense (income) .................................................... 330 -- (1,673) $ (1,343)
---------- --------- --------- -----------
Net Income (loss) ............................................................ $ 149,717 $ (20,101) $(162,692) $ (33,076)
========== ========= ========= ===========
9
UNITED ENERGY CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(REVISED)-- (Continued)
5. REVISION OF CONSOLIDATED FINANCIAL STATEMENTS
Subsequent to the issuance of its March 31, 2001 financial statements, the
Company recorded compensation for the executives' services that were contributed
by management in the amount of $250,000 for each fiscal year (or $62,500 for
each fiscal quarter) commencing in 1996. Previously, no compensation expense was
reflected, as none was paid. Generally Accepted Accounting Principles require
that the fair value of these services be reflected as an expense with the offset
reflected in additional paid-in-capital. Such expense has now been reflected
retroactively to 1996.
Accordingly, the June 30, 2000 and March 31, 2000 Consolidated Balance
Sheets have been revised for the above. The Company also recorded additional
non-cash compensation expense for stock given to outside consultants during
fiscal 1999 and 2000, amounting to $103,750 and $48,210, respectively. The
Company recorded a $325,000 gain for the fair value of the cancellation of
400,000 shares of the Company's stock returned to the Company in connection with
the settlement of claims arising from the discontinuance of the equipment
division in fiscal year 1998 and recorded $75,000 in expense relating to fiscal
year 1996 for the issuance of 50,000 shares in connection with the SciTech
acquisition. The amounts have been included in the accumulated deficit balance
on the Consolidated Balance Sheets. None of the above impacted working capital
or total stockholders' equity.
Accordingly, the Consolidated Statement of Operations for the three months
ended June 30, 1999 and 2000 has been revised to reflect the $62,500 of
executive services contributed by management in each quarter. The above resulted
in losses per share of $.00 and $.01 for the three months ended June 30, 1999
and June 30, 2000, respectively.
10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
OVERVIEW
United Energy considers its primary focus to be the development,
manufacture and sale of environmentally safe specialty chemical products. The
Company considers its leading product in terms of future earnings potential to
be its KH-30(R) oil and gas well cleaning product.
KH-30(R) is an environmentally-safe, non-petroleum based product that is
non-toxic and will biodegrade. Moreover, the use of KH-30(R) in the well has
additional beneficial effects "downstream" resulting in cleaner flow lines and
holding tanks. KH-30(R) has also been tested to be refinery compatible in that
it contains no materials that are harmful to the refining process. This product
has yet to achieve any significant market penetration.
One of United Energy's specialty chemical products is a photo-sensitive
coating that is applied to paper to produce what is known in the printing
industry as proofing paper or "blue line" paper. The Company developed this
formulation over several years of testing. The Company's patent attorneys have
informed the Company that the formulation is technically within the public
domain as being within the scope of an expired duPont patent. However, the exact
formulation utilized by the Company has not been able to be duplicated by others
and is protected by the Company as a trade secret. The product is marketed under
the trade name UNIPROOF(R).
The Company introduced its UNIPROOF(R) proofing paper in June of 1999. By
March of 2000, sales of the product had increased to more than $200,000 per
month and amounted to a total of $1,724,695 during the fiscal year ended March
31, 2000. UNIPROOF(R) sales totaled $666,095 for the quarter ended June 30,
2000.
The Company's business plan is to use UNIPROOF(R) proofing paper sales to
provide the cash flow to support world wide marketing efforts for its KH-30(R)
oil well cleaner and, to a lesser extent the other specialty chemical products
developed by the Company which are described in its Form 10, as amended.
In order to provide working capital to build UNIPROOF(R) sales, in June
2000 the Company entered into a $1,000,000 Line of Credit Agreement with Fleet
Bank, N.A., the material terms of which are described below under "Liquidity and
Capital Resources."
Subsequent to the issuance of its March 31, 2001 financial statements, the
Company revised its financial statements to reflect the value of contributed
executive services and for other adjustments. See Note 5 above of Notes to
Consolidated Financial Statements for a more complete description of such
revisions.
THREE MONTHS ENDED JUNE 30, 2000 AND 1999
Revenues Revenues for the first three months of fiscal 2001 were $836,332,
a $333,716, or 66% increase over revenues of $502,616 in the first three months
of fiscal 2000. The increase in revenues was primarily due to an increase in
UNIPROOF(R) sales.
Cost of Goods Sold Cost of goods sold increased to $546,330 or 65% of
sales, for the quarter ended June 30, 2000 from $280,261 or 56% of sales, for
the quarter ended June 30, 1999. The numerical increase was primarily due to
higher production of UNIPROOF(R) proofing paper.
Gross Profit Gross profit for June 30 quarter of fiscal year 2001 was
$290,002, a $67,647 or 30% increase from $222,355 in the corresponding period of
fiscal 2000. This increase was primarily attributable to increased UNIPROOF(R)
sales.
11
Operating Costs and Expenses
General and Administrative Expenses. General and administrative expenses
increased to $303,344, or 36% of revenues for the quarter ended June 30, 2000
from $189,721, or 38% of revenues for the quarter ended June 30, 1999. The
numerical increase included a $54,840 addition to the allowance for doubtful
accounts receivable.
Executive Services Contributed by Management. Senior Executives of the
Company contributed $62,500 of services in the quarters ended June 30, 2000 and
1999 which was recorded as an expense.
Interest Expense, Net of Interest Income. The Company had interest expense
of $934 for the June 30 quarter of 2000 compared with net interest income of
$1,343 in the corresponding 1999 period.
Net Loss. The quarter ended June 30, 2000, resulted in a net loss of
$81,161, as compared to a net loss of $33,076 for the quarter ended June 30,
1999. The greater loss in the 2000 period is primarily the result of the higher
allowance for doubtful accounts and increased professional fees.
Liquidity and Capital Resources
Historically, the Company has financed its operations through equity
contributions from principals and from third parties supplemented by funds
generated from its business. As of March 31, 2000, we had $46,008 in cash,
accounts receivable of $445,949 and inventories of $592,285. As of June 30, 2000
we had $68,204 in cash, accounts receivable of $273,774 and inventory of
$802,172.
Cash Provided by Financing Activities. Net cash generated from financing
activities decreased to $158,262 for the period ended June 30, 2000 from
$258,362 for the period ended June 30, 1999, a net decrease of $100,100. The
higher amount in 1999 had been needed to cover increased accounts receivable and
increased inventory in that period over the immediately preceding period.
Inventories at March 31, 2000 were $592,285, and increased to $802,172 at
June 30, 2000, an increase of $209,887. Most of the increase was due to raw
materials acquired during the quarter to support higher future production
levels.
Capital expenditures were negligible during the three months ended June 30,
2000 and during the corresponding period of 1999. United Energy has no material
commitments for future capital expenditures. However, our need for working
capital will continue to grow if we continue to achieve higher levels of sales.
As a result, in June 2000, the Company closed on an agreement for a $1.0
million revolving credit facility with Fleet Bank, N.A. The credit line, which
is collateralized by substantially all of the assets of the Company, accrues
interest at a rate equal to the prime rate. As of June 30, 2000, $160,000 was
outstanding under the credit line. The credit line is further secured by a
pledge of 750,000 shares of the Company's common stock held in treasury and by
the guarantee of a shareholder of the Company. See also, Part II, Item 5. Other
Information for more complete information.
United Energy believes that its existing cash and credit facility will be
sufficient to enable it to meet its foreseeable future capital needs.
12
Item 3. Quantitative and Qualitative Disclosures about Market Risk
United Energy does not expect its operating results, cash flows, or credit
available to be affected to any significant degree by a sudden change in market
interest rates. Furthermore, the Company does not engage in any transactions
involving financial instruments or in hedging transactions with respect to its
operations.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
In the opinion of management, there are no material legal proceedings in
process against the Company and none are threatened.
Item 2. Changes in Securities and Use of Proceeds
On June 5, 2000, the Board of Directors authorized the issuance of 750,000
shares of the Company's common stock in the name of the Company to be held as
treasury stock. Such shares remain in the name of the Company, but they have
been pledged as further collateral for the credit line obtained from Fleet Bank
in June 2000.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of the Company's security holders
during the quarter ended June 30, 2000.
Item 5. Other Information-- Credit Line with Fleet Bank, N.A.
In June 2000, the Company obtained a $1,000,000 line of credit from Fleet
Bank, N.A. Borrowings under the credit line bear interest at the prime rate,
payable monthly. Amounts owed under the credit line are subject to repayment on
demand at any time and for any reason. Borrowings under the line must be reduced
to zero for a period of 30 consecutive days in any twelve month period.
Amounts borrowed under the credit line are secured by the following:
(i) A continuing security interest in all accounts and accounts
receivable, contracts, contract rights, general intangibles,
instruments, documents, chattel paper, all obligations, in whatever
form, owing to the Company and all rights in the merchandise or
services which gave rise to any of the foregoing, whether now existing
or hereafter arising, now or hereafter received by or belonging or
owing to the Company and in the proceeds thereof, and in all goods
including (a) all inventory, including raw materials, work in process,
and other tangible personal property held for sale or lease or
furnished or to be furnished under contracts of service or used or
consumed in the Company's business, wherever located, whether now
existing or hereafter arising, now or hereafter received by or
belonging to the Company, and in the proceeds and products thereof,
and (b) all machinery, equipment, furnishings, fixtures and other
tangible personal property (with all accessions thereto) used or
brought for use primarily in business, wherever located, whether now
existing or hereafter arising, now or hereafter received by or
belonging to the Company, and in the proceeds and products thereof,
including without limitation tax refunds and insurance proceeds on any
of the foregoing.
13
(ii) a pledge of 750,000 shares of the Company's common stock held in
treasury and
(iii) the guarantee of a shareholder of the Company.
The credit line also carries certain income and balance sheet tests that
the Company must meet quarterly and annually. The several documents setting
forth the Company's rights and obligations with respect to the credit line are
filed as exhibits to this registration statement and readers are referred to
them for more complete information.
To date, the Company has borrowed $160,000 under the credit line for
working capital to fill orders for its UNIPROOF(R) proofing paper. The Company
does not expect to borrow more than an additional $40,000 under the credit line
during the next six months.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. Documents comprising Line of Credit Agreement with Fleet
Bank, N.A. are included as an Exhibit to the Company's report on Form 10-Q for
the period ended June 30, 2000 filed on December 20, 2000 and are incorporated
herein by reference.
(b) Reports on Form 8-K. None.
14
UNITED ENERGY CORP.
FORM 10-Q/A
JUNE 30, 2000
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITED ENERGY CORPORATION
Dated: January 31, 2002
By: /s/ ROBERT SEAMAN
-----------------
Robert L. Seaman,
Executive Vice President
and Principal Financial Officer
15