UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For quarterly period ended: March 31, 2002
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No. 000-26731
LOGIO, INC.
(Exact name of small business issuer as specified in its charter)
Nevada 87-0627910
(State of incorporation) (I.R.S. Employer Identification No.)
180 South 300 West, Suite 400
Salt Lake City, Utah 84101
(Address of principal executive offices and principal place of business)
(801) 578-9020
(Issuer's telephone number)
Check 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 registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ X ] No [ ]
As of April 29, 2002, the issuer had a total of 18,425,828 shares of common
stock issued and outstanding, which are beneficially owned by its parent
corporation, Pacific WebWorks, Inc.
TABLE OF CONTENTS
PART I: FINANCIAL INFORMATION
Item 1: Financial Statements ..............................................3
Item 2: Management's Discussion and Analysis..............................11
PART II: OTHER INFORMATION
Item 6: Exhibits and Reports filed on Form 8-K ...........................12
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
The financial information set forth below with respect to our statements
of operations for the three month periods ended March 31, 2002 and 2001, is
unaudited. This financial information, in the opinion of management, includes
all adjustments consisting of normal recurring entries necessary for the fair
presentation of such data. The results of operations for the three months
ended March 31, 2002, are not necessarily indicative of results to be expected
for any subsequent period.
2
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a development stage company)
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, December 31,
2002 2001
------------- -------------
CURRENT ASSETS (Unaudited)
Cash and cash equivalents $ - $ -
PROPERTY & EQUIPMENT, net 71,362 91,791
------------- -------------
$ 71,362 $ 91,791
============= =============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Current portion of long-term capital
lease obligations $ - $ 460
Capital leases past due 438,648 438,373
Overdraft in bank 23,766 23,766
Payables - past due 213,688 213,688
Accrued expenses 39,584 32,018
Note payable -parent company 142,862 135,713
------------- -------------
Total current liabilities 858,548 844,018
STOCKHOLDERS' DEFICIT
Preferred stock - -
Common stock 18,426 18,426
Additional paid-in capital 18,893,398 18,893,398
Deficit accumulated during the development stage (19,698,919) (19,663,960)
Treasury stock (91) (91)
------------- -------------
Total stockholders' deficit (787,186) (752,227)
------------- -------------
$ 71,362 $ 91,791
============= =============
The accompanying notes are an integral part of these financial statements
3
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a development stage company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Cumulative
amounts
since Three months ended March 31,
inception 2002 2001
------------- ------------- -------------
Net revenues $ 147,273 $ - $ -
------------- ------------- -------------
Cost of sales 478,813 - -
------------- ------------- -------------
Gross profit (loss) (331,540) - -
------------- ------------- -------------
Research and development 3,361,201 - 11,972
Selling and marketing expenses 1,651,787 - -
General and administrative 3,220,295 2,960 67,152
Depreciation and amortization 1,364,200 20,429 209,106
Compensation expense for
stock options 2,274,605 - 161,405
Impairment losses 987,372 - 198,525
------------- ------------- -------------
Total operating expenses 12,859,460 23,389 648,160
------------- ------------- -------------
Loss from operations (13,191,000) (23,389) (648,160)
------------- ------------- -------------
Other income (expense)
Interest income 249,105 - 18
Interest expense (215,187) (11,570) (6,918)
Finance charges (217,403) - -
Other (7,393) - 3,245
------------- ------------- -------------
(190,878) (11,570) (3,655)
------------- ------------- -------------
Loss before extraordinary item (13,381,878) (34,959) (651,815)
------------- ------------- -------------
Extraordinary gain 217,180 - -
------------- ------------- -------------
NET LOSS $(13,164,698) $ (34,959) $ (651,815)
------------- ------------- -------------
Deduction for dividends
and accretion (6,534,221) - -
------------- ------------- -------------
Net loss attributable to
common stockholders $(19,698,919) $ (34,959) $ (651,815)
============= ============= =============
Net loss per common share -
basic and diluted
Before extraordinary item
and deduction for dividends
and accretion $ (1.27) $ - $ (0.04)
Extraordinary gain 0.02 - -
Deduction for dividends
and accretion (0.62) - -
------------- ------------- -------------
$ (1.87) $ - $ (0.04)
============= ============= =============
Weighted-average number of
shares outstanding - basic
and diluted 10,508,352 18,425,830 18,425,830
============= ============= =============
The accompanying notes are an integral part of these financial statements
4
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Cumulative
amounts
since Three months ended March 31,
inception 2002 2001
------------- ------------- -------------
Increase (decrease) in cash and cash equivalents
Cash flows from operating activities
Net loss $(13,164,698) $ (34,959) $ (651,815)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation & amortization 1,364,200 20,429 209,106
Issuance of common stock, warrants and options
for compensation and other expenses 2,945,773 - 161,405
Impairment losses 987,372 - 198,525
Bad debt expense 34,169 - 3,169
Loss (gain) on disposal of assets 26,215 - (3,246)
Finance charges for stock conversion 217,403 - -
Other adjustment 34,936 275 -
Extraordinary gain (217,180) - -
Changes in assets and liabilities
Accounts receivable - - -
Interest receivable - - -
Prepaid expenses and other assets - - -
Accounts payable 213,688 - 1,974
Accrued expenses 39,584 7,566 (14,903)
------------- ------------- -------------
Total adjustments 5,646,160 28,270 556,030
------------- ------------- -------------
Net cash used in operating activities (7,518,538) (6,689) (95,785)
------------- ------------- -------------
Cash flows from investing activities
Purchases of property and equipment (1,462,392) - -
Proceeds from disposal of assets 11,066 - 11,066
(Increase) decrease in short-term investments - - -
Repayment of notes receivable from related parties 117,700 - -
Notes receivable issued to related parties (117,700) - -
Increase in deposits - - -
------------- ------------- -------------
Net cash provided by (used in)
investing activities (1,451,326) - 11,066
------------- ------------- -------------
Cash flows from financing activities
Overdraft in bank 23,766 - -
Proceeds from issuance of common stock 1,909,250 - -
Proceeds from issuance of preferred stock 6,300,000 - -
Repurchase of common stock (91) - (91)
Cash paid for fees associated with
preferred stock issuance (392,100) - -
Proceeds from issuance of note payable to parent 142,862 7,149 98,502
Payments on capital lease obligations (627,168) - -
Proceeds from issuance of long term
obligations and notes payable 2,421,682 - -
Principal payments of long-term obligations
and notes payable (808,337) (460) (39,541)
------------- ------------- -------------
Net cash provided by financing activities 8,969,864 6,689 58,870
------------- ------------- -------------
Net increase (decrease) in cash
and cash equivalents - - (25,849)
Cash and cash equivalents at beginning of period - - 25,849
------------- ------------- -------------
Cash and cash equivalents at end of period $ - $ - $ -
============= ============= =============
Supplemental disclosures of cash flow information:
Cash paid for interest $ 189,257 $ - $ 6,874
Cash paid for income taxes - - -
Non cash financing activities:
Conversion of debt to stock $ 1,613,345 $ - $ -
Purchase of equipment with lease obligations 1,065,816 - -
Payment of stock dividend to preferred shareholders 64,360 - -
Unrealized gain on securities 7,940 - -
The accompanying notes are an integral part of these financial statements
5
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a development stage company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2002
(Unaudited)
NOTE 1 - THE COMPANY AND BASIS OF PRESENTATION
The Company
- -----------
Logio, Inc., formerly WordCruncher Internet Technologies, Inc., (the Company)
is a development stage company, historically engaged in the development and
marketing of a focused Internet directory and search engine intended to
service the needs of the business professional.
The Company has temporarily ceased the development and operations of its
products and has not produced any significant revenues to date.
The Company was incorporated on November 5, 1996 in the State of Utah under
the name of Redstone Publishing, Inc. The name was changed from Redstone
Publishing, Inc. to WordCruncher Publishing Technologies, Inc. in early 1997.
During July 1998, the Company merged with Dunamis, Inc. a public Company
organized in the State of California. The merger was recorded as a reverse
acquisition, therefore WordCruncher was the accounting survivor.
In connection with the merger, Dunamis, the legal survivor, changed its name
to WordCruncher Internet Technologies, Inc. and changed its domicile to the
State of Nevada. The Company's headquarters are in Salt Lake City, Utah.
On April 18, 2000, the Board of Directors approved the change of the Company's
name to Logio, Inc. The change was approved by the Company's stockholders in
June 2000. The Company also amended its articles of incorporation and filed
the appropriate documents with the state of Nevada in June 2000 when the
Company officially changed its name to Logio, Inc.
On February 8, 2001, Pacific WebWorks, Inc. completed its acquisition of
Logio, Inc., in a stock-for-stock exchange. Pacific WebWorks exchanged
2,800,000 shares of its common stock for 18,425,830 shares of common stock.
This transaction was accounted for on the purchase method of accounting using
generally accepted accounting principles and valued at approximately
$2,450,000 representing the fair value of the Pacific WebWorks shares on the
date of exchange. Logio's results of operations are included in the Pacific
WebWorks, Inc. consolidated results of operations from the acquisition date to
September 30, 2001 and the fair value of its assets and liabilities have also
been recorded on the acquisition date and are included in the Pacific
WebWorks, Inc. consolidated balance sheet.
The Company conducts its business within one industry segment.
6
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a development stage company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2002
(Unaudited)
NOTE 1 - THE COMPANY AND BASIS OF PRESENTATION - Continued
Basis of Presentation
- ---------------------
The accompanying unaudited consolidated financial statements have been
prepared in accordance with the instructions for form 10-QSB of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting standards have been condensed or omitted pursuant to such
rules and regulations. The accompanying interim consolidated financial
information reflects all adjustments (consisting of normal recurring
adjustments), which, in the opinion of management, are necessary for a fair
presentation of the results for the periods shown. These financial statements
should be read in conjunction with the audited consolidated financial
statements and the notes thereto included in the Company's Annual Report on
Form 10-K for the year ended December 31, 2000. The results of operations for
the quarter ended March 31, 2002 may not be indicative of the results that may
be expected for the fiscal year ended December 31, 2001. Certain prior period
balances have been reclassified to conform with current period presentation.
Use of Estimates
- ----------------
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts reported
in the consolidated financial statements and accompanying notes. Management
believes that the estimates used in preparing the financial statements are
reasonable and prudent; however, actual results could differ from these
estimates.
Impairment of Long-Lived and Intangible Assets
- -----------------------------------------------
The Company has adopted Statement of Financial Accounting Standard No. 144
(SFAS 144), "Accounting for the Impairment or Disposal of Long-Lived Assets".
SFAS replaces Statement No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed Of". SFAS 144 prescribes,
among other things, an accounting model for long-lived assets to be disposed
of including sales and discontinued operations. The Company is evaluating the
impact of this pronouncement on its financial position and results of
operations in future filings.
7
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a development stage company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2002
(Unaudited)
NOTE 1 - THE COMPANY AND BASIS OF PRESENTATION - Continued
Impairment of Long-Lived and Intangible Assets - Continued
- ----------------------------------------------------------
Previously, the Company followed Statement of Financial Accounting Standards
(SFAS) No. 121, Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to be Disposed of, which requires that impairment losses be
recognized on such assets when indicators of impairment are discovered and
estimated undiscounted future cash flows to be generated from those assets are
less than their carrying value. During the three months ended March 31, 2001,
and as a result of certain events and management's assessment of impaired
assets, the Company recorded $198,525 in losses relating to the impairment of
certain long-lived assets.
Business Combinations and Goodwill
- ----------------------------------
The Company has adopted Statement of Financial Accounting Standards (SFAS) No.
141 (SFAS 141), "Business Combinations" and No. 142 (SFAS 142), "Goodwill and
Other Intangible Assets", which establishes new standards for the treatment of
goodwill and other intangible assets. SFAS 142 prescribes that amortization
of goodwill will cease as of the adoption date (January 1, 2002). The Company
currently has no goodwill or other intangible assets.
NOTE 2 - MANAGEMENT'S PLANS AND ISSUES AFFECTING LIQUIDITY
The Company's financial statements have been prepared assuming that the
Company will continue as a going concern. The Company has a limited operating
history and has sustained losses since inception. In addition the Company had
negative cash flows from operations of $6,689 and $95,785 during the
three-month periods ended March 31, 2002 and 2001 respectively and $135,512
during the year ended December 31, 2001. The company had negative working
capital of $858,548 at March 31, 2002 and $844,018 at December 31, 2001. As a
result, the Company has relied significantly upon equity and debt funding to
support certain of its operations.
In March 2001, the Company became unable to make payment on its payables and
certain of its capital lease agreements related to hardware and
infrastructure. As a result of these defaults, the Company's most significant
creditor obtained possession of the equipment under its lease agreements in
2001. These events have caused impairments related to the loss of the
equipment under capital leases and other long-lived assets related to the
equipment to be recorded during 2001. Impairment losses recorded for these
events totaled $987,372 for the year ended December 31, 2001.
8
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a development stage company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2002
(Unaudited)
NOTE 2 - MANAGEMENT'S PLANS AND ISSUES AFFECTING LIQUIDITY - Continued
The Company may not be able to generate positive cash flows from operations in
the foreseeable future as it is unable to obtain funding from traditional
sources, has ceased operations and development and has no cash balances. In
addition to the lease defaults approximating $439,000, the Company is unable
to pay liabilities approximating $419,900 to various professional services
firms, vendors, the Company's parent and an overdraft in a bank. Based upon
these facts, the Company may be required to seek bankruptcy protection.
There is substantial doubt about the Company's ability to continue as a going
concern. The financial statements do not include any adjustments to reflect
the possible effects on the recoverability and classification of assets or the
amounts and classification of liabilities that may result from the outcome of
this uncertainty.
NOTE 3 - COMMITMENTS AND CONTINGENCIES
Threatened litigation
- ---------------------
The Company is involved in various disputes in the normal course of business.
It is not possible to state the ultimate liability, if any, in these matters.
In the opinion of management, any resulting litigation will have no material
effect on the financial position and results of operations of the Company in
excess of amounts recorded.
Line-of-Credit and Intercompany Agreement
- -----------------------------------------
The Company has entered into a Line-of-Credit and Intercompany Agreement with
Pacific WebWorks, Inc. (its only shareholder and parent company). The
Line-of-Credit Agreement, among other things, allows for the advancement of up
to $120,000 as needed at an interest rate of 12%, is collateralized by
substantially all business assets of the Company, and is payable on
demand. The balance of the line-of-credit totaled $142,862 and $135,713 as of
March 31, 2002 and December 31, 2001, respectively, which is in excess of the
agreed upon amount. The Company is also charged $1,067 monthly under the
Intercompany Agreement for management related fees and records income of
$1,422 monthly for rental of certain its fixed assets. The equipment may be
rented by Pacific WebWorks until such time as Logio, Inc. re-commences
development of its Internet products.
9
Logio, Inc.
A wholly owned subsidiary of Pacific WebWorks, Inc.
(a development stage company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2002
(Unaudited)
NOTE 3 - COMMITMENTS AND CONTINGENCIES - Continued
Line-of-Credit and Intercompany Agreement- Continued
- ----------------------------------------------------
Intercompany transactions under the Line-of Credit and Intercompany Agreement
during the three months ended March 31, 2002 and 2001 are as follows:
2002 2001
----------- -----------
Management fee expense $ 3,201 $ 3,201
Rental Income (4,266) (4,266)
Interest expense 4,188 2,355
----------- -----------
Net intercompany transactions $ 3,123 $ 1,290
----------- -----------
10
In this report references to "Logio," "we," "us," and "our" refer to
Logio, Inc.
FORWARD LOOKING STATEMENTS
This report contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. For this
purpose any statements contained in this report that are not statements of
historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate," or "continue" or comparable terminology are intended
to identify forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
Logio's control. These factors include but are not limited to economic
conditions generally and in the industries in which Logio may participate; and
failure of Logio to continue business development, recommence product
development and operations and to successfully develop business relationships.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
Logio, Inc. is the wholly owned subsidiary of Pacific WebWorks, Inc. In
October 2000 we temporarily ceased our development activities and preliminary
operations related to the Logio business directory and directory services due
to funding constraints. We may be unable to generate positive cash flows from
operations in the foreseeable future because we are unable to obtain funding
from traditional sources and have no cash balances. We also have lease
defaults approximating $439,000, in addition to $419,900 in liabilities to
various vendors and professional service firms. Based upon theses facts, we
may be required to seek bankruptcy protection if funding for further
development is unavailable.
Results of Operations
The following discussions are based on our consolidated financial
statements included with this report. Comparisons are presented for the three
month periods ended March 31, 2002 and 2001.
Due to the cessation of development activities and operations, we had no
revenues, cost of sales or gross profit for the first quarter of 2002 and
2001. Accordingly, we had no selling and marketing expenses for the 2002 and
2001 first quarters.
Total operating expenses decreased to $23,389 in the 2002 first quarter
compared to $648,160 for the 2001 first quarter. This decrease was primarily
due to our expenses being limited in the 2002 first quarter to only general
and administrative expenses and depreciation and amortization expense.
General and administrative expenses decreased $64,192 in the 2002 first
quarter compared to the 2001 first quarter as a result of reductions in
personnel and salaries. Depreciation and amortization expenses related to
depreciation charges on capital lease agreements decreased $188,677 in the
2002 first quarter compared to the 2001 first quarter as a result of the
return of the computer equipment and software technology to vendors.
We did not record compensation expense for stock options nor impairment
losses in the 2002 first quarter. These expenses for the 2001 first quarter
reflect the intrinsic value of stock options granted to employees and
directors recorded as earned by the employee or director over each period of
service. The overall decrease in compensation expenses for stock options
represents the forfeiture of options during 2000 and the completion of vesting
periods for certain employee options. Impairment losses recognized in the
2001 first quarter were related primarily to the return of leased equipment
and software.
Other expenses increased $7,915 for the 2002 first quarter compared to
the 2001 first quarter. The increase was primarily the result of a interest
expenses related to our past due liabilities.
11
We recorded a net loss of $34,959 for the 2002 first quarter compared to
a net loss of $651,815 for the 2001 first quarter. As a result we recorded no
loss per common share for the 2002 first quarter and a loss per common share
of $0.04 for the 2001 first quarter.
Liquidity and Capital Resources
At March 31, 2002, we had no cash on hand and net property and equipment
of $71,362 compared to no cash on hand and net property and equipment of
$91,791 at the year ended December 31, 2001. Our total current liabilities
were $858,548 at the end of the 2002 first quarter compared to $844,018 at the
2001 year end. Our accumulated deficit was $19,698,919 as of March 31, 2002.
We have had a limited operating history, have recorded losses since our
inception and have relied upon equity and debt funding to support our
operations. We may be unable to generate positive cash flows from operations
in the foreseeable future. These factors raise substantial doubt that we can
continue as a going concern.
Net cash used in operating activities for the three month period ended
March 31, 2002, was $6,689 compared to $95,785 for the 2001 three month
period. Net cash provided by investing was $0 for the 2002 period compared to
$11,066 for the 2001 period. Net cash provided by financing activities was
$6,689 for the 2002 period compared to $58,870 for the 2001 period. Notes
payable issued to related parties were the primary source of financing for the
three months ended March 31, 2002.
We have no material commitments for capital expenditures for the next
twelve months and our major obligations are related to capital lease
agreements which are in default, payables past due and notes payable to our
parent corporation. In March 2001 we were unable to make payments on our
payables and capital lease agreements related to hardware and our operating
infrastructure, which resulted in defaults under those agreements.
Accordingly, approximately 51.0% of our total current liabilities were related
to past due capital leases and 24.9% were related to payables past due.
Management intends to negotiate settlements of the defaults, but cannot ensure
that we will be successful in such negotiations.
We have relied on a line-of-credit agreement with our parent corporation
for funding, but we have exceeded the agreed upon limit of $120,000. As of
March 31, 2002 we owe $142,862 on this line-of-credit, with 12% interest. Our
intercompany agreement with our parent corporation provides that we pay $1,067
per month in management fees and $1,422 monthly to rent our equipment. The
intercompany transactions resulted in a net amount of $3,123 during the three
months ended March 31, 2002.
Based upon our inability to satisfy our obligations we may be required to
seek bankruptcy protection if we are unable to obtain other financing.
Management is unable to anticipate when we will be able to resume development
and operations in the future.
PART II: OTHER INFORMATION
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
(a) Part II Exhibits.
Exhibit Description
2.1 Agreement and Plan of Reorganization between Logio and Pacific WebWorks,
Inc., dated October 31, 2000 (Incorporated by reference to exhibit 2.2
to Form 10-K filed April 17, 2001)
3.1 Articles of Incorporation as amended (Incorporated by reference to
exhibit 3.1 to Form 10-Q filed November 14, 2001)
12
3.2 Bylaws of the Company (Incorporated by reference to exhibit 3.6 of Form
S-1, File No. 333-78537, as amended)
10.1 Employment Agreement between Logio and Kenneth W. Bell, dated September
1, 1998 (Incorporated by reference to exhibit 10.4 of Form S-1, File No.
333-78537, as amended)
10.2 Employment Agreement between Logio and James W. Johnston, dated
September 1, 1998 (Incorporated by reference to exhibit 10.5 of Form
S-1, File No. 333-78537, as amended)
10.3 Lease Agreement between Logio and Sun Microsystems Finance, as amended
(Incorporated by reference to exhibit 10.3 of Form 10-Q, filed May 15,
2001)
10.4 License Agreement between Logio and Oracle Corporation (Incorporated by
reference to exhibit 10.4 of Form 10-Q, filed May 15, 2001)
10.5 Line of Credit and Inter-company Agreement between Logio and Pacific
WebWorks, dated January 2, 2001 (Incorporated by reference to exhibit
10.5 of Form 10-Q filed August 13, 2001)
(b) Reports on Form 8-K.
None
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Logio, Inc.
Date: 5/14/02 By: /S/ Kenneth W. Bell
-------------------------------------------
Kenneth W. Bell
President, Secretary/Treasurer and Director
13