U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from _______________ to ___________
Commission File No. 0-25281
LOG POINT TECHNOLOGIES, INC.
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(Name of Small Business Issuer in Its Charter)
Colorado 84-1360787
- - ------------------------------- ------------------
(State of Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
465 Fairchild Drive, Suite 111, Mountain View, CA 94043
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(Address of Principal Executive Offices) (Zip Code)
(650) 967-3974
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(Issuer's Telephone Number, Including Area Code)
N/A
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(Former name, former address and former fiscal year, if changed
since last year.)
Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
----- -----
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of September 30, 1999 Log Point
Technologies, Inc. had 11,058,383 shares of Common Stock outstanding, no par
value.
LOG POINT Technologies, Inc.
(a development stage company)
BALANCE SHEETS
(Unaudited)
Sep 30, 1999 Sep 30, 1998
============ ============
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents $ 695 $ 435,925
Accounts Receivable 1,200 --
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Total Current Assets 1,895 435,925
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EQUIPMENT & FURNITURE
Office Equipment & Furniture (net of Depreciation) 36,976 39,495
----------- -----------
OTHER ASSETS
Product Technology License (net of Amortization) 117,250 131,250
Receivable from officers -- 102,703
Receivable from others -- 9,979
Deposits 4,281 3,771
----------- -----------
Total Other Assets 121,531 247,703
----------- -----------
TOTAL ASSETS $ 160,402 $ 723,123
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of capitalized lease obligations $ 12,410 $ 8,461
Accounts Payable 157,644 36,099
----------- -----------
Total Current Liabilities 170,054 44,560
----------- -----------
LONG-TERM DEBT
Due on product license 162,983 163,981
Loans from Officers 42,494 --
Capitalized lease obligations less current portion 9,714 16,250
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Total Long-Term Debt 215,191 180,231
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OTHER LIABILITIES
Deferred salaries & wages, and related payroll taxes 974,278 656,411
----------- -----------
Total Liabilities 1,359,523 881,202
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STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock - No par value; 5,000,000 shares
authorized; no shares issued
Common stock - No Par Value; 50,000,000 shares
authorized;shares issued
and outstanding 11,058,383 1,029,194 1,322,630
Retained Earnings (deficit) (2,228,315) (1,480,709)
----------- -----------
(1,199,121) (158,079)
Less stock receivable -- --
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Total Stockholders' Equity (Deficit) (1,199,121) (158,079)
----------- -----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 160,402 $ 723,123
=========== ===========
See Notes to Financial Statements.
LOG POINT Technologies, Inc.
(a development stage company)
STATEMENT OF OPERATIONS
For the Three Months Ended September 30, 1999 & 1998 and
since Inception (February 1993 to September 30, 1999
(Unaudited)
3 Months 3 Months Since
Sep 30, 1999 Sep 30, 1998 Inception
------------ ------------ ---------
SALES $ 1,200 None $ 71,680
------------ ------------
COST OF SALES None None None
OPERATING EXPENSES:
General and Administrative 58,024 $ 61,413 574,556
Research and development 59,770 106,519 1,409,469
Depreciation and Amortization 6,118 5,656 124,467
------------ ------------ ------------
Total Operating Expenses 123,912 173,588 2,108,492
------------ ------------ ------------
LOSS BEFORE OTHER ITEMS (122,712) (173,588) (2,036,812)
OTHER INCOME & EXPENSE
Interest expense (18,057) (10,405) (204,310)
Interest Income -- 8,124 12,807
------------ ------------ ------------
NET LOSS $ (140,769) $ (175,869) $ (2,228,315)
============ ============ ============
Loss Per Share $ (0.013) $ (0.016)
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Weighted average number of shares 10,757,403 11,058,383
------------ ------------
See Notes to Financial Statements.
LOG POINT Technologies, Inc.
(a development stage company)
STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 1998 and 1997
3 Months 3 Months Since
Sep 30, 1999 Sep 30, 1998 Inception
------------ ------------ ---------
CASH FLOWS FROM (TO) OPERATING ACTIVITIES:
Net Income(Loss) From Operations: $ (140,769) $ (175,869) $(2,228,315)
Add: Non-Cash Items
Depreciation and Amortization 6,118 5,656 124,467
Deferred salaries, related taxes and interest 91,709 51,194 974,278
Payment of expenses & loans with stock -- -- 166,060
Changes in Assets and Liabilities
Accounts Receivables (1,200) -- (1,200)
Prepaid Expenses -- 2,500 --
Receivable & payables from officers-net 35,733 (5,506) 42,494
Receivable & payables from others-net -- (9,979) --
Deposits -- -- (4,281)
Accounts payable 8,996 31,309 157,644
Stock Receivable -- --
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Net Cash From(To) Operating Activities 587 (100,695) (768,853)
----------- ----------- -----------
CASH FLOWS FROM(TO) INVESTING ACTIVITIES:
Acquisition of Equipment -- (9,508) (68,694)
----------- ----------- -----------
Net Cash From(To) Investing Activities -- (9,508) (68,694)
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CASH FLOWS FROM(TO) FINANCING ACTIVITIES:
Proceeds from capitalized leases -- -- 45,049
Repayment of Debt (358) (9,909) (69,941)
Sale of Common Stock -- -- 1,308,570
Purchases of Common Stock -- (152,000) (445,436)
----------- ----------- -----------
Net Cash From(To) Financing Activities (358) (161,909) 838,242
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Increase(Decrease) in Cash 229 (272,112) 695
Cash Balance, Beginning 466 708,037 --
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Cash Balance, Ending 695 435,925 695
=========== =========== ===========
See Notes to Financial Statements.
SIGNATURE
In accordance with the requirements of the Exchange Act, the Registrant caused
this 10-QSB report to be signed on its behalf by the undersigned thereunto duly
authorized.
LOG POINT TECHNOLOGIES, INC.
Date: December 2, 1999 By: /s/ Samuel P. Shanks
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Samuel P. Shanks, President