UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 of 15(d) of the Securities
Exchange Act of 1934
For the Quarterly Period ended September 30, 2003
Commission File Number: 0-13316
LASER CORPORATION
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(Exact name of registrant as specified in its charter)
Utah 87-0395567
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(State of Incorporation) (IRS Employer Identification No.)
7050 Union Park Avenue Suite 600, Salt Lake City, UT 84047
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(Address of Principal Executive Offices) (Zip Code)
(801) 562-2252
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(Registrant's telephone number including area code)
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 (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. ( x ) Yes ( ) No
State the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding as of November 8, 2003
------------------------------- -----------------------------------
Common Stock 40,000,000 shares
Transitional Small Business Format: Yes [ ] No [ X ]
LASER CORPORATION
Form 10-QSB for the nine Months ended September 30, 2003
Table of Contents
Part I - Financial Information Page
Item 1. Financial Statements 3
Item 2. Management's Discussion and Analysis
or Plan of Operation 7
Item 3. Controls and Procedures 9
Part II - Other Information
Item 1. Legal Proceedings 9
Item 2. Changes in Securities 9
Item 3. Defaults Upon Senior Securities 10
Item 4. Submission of Matters to a Vote of Security Holders 10
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 11
2
Item 1. Financial Information
LASER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEET
September 30,
ASSETS 2003
- ------ (Unaudited)
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CURRENT ASSETS
Cash and cash equivalents $ 5,316
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Total Current Assets 5,316
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NON-CURRENT ASSETS
Equipment and leasehold improvements, net -
Other Assets -
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TOTAL ASSETS $ 5,316
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LIABILITIES AND STOCKHOLDERS' DEFICIT
- -------------------------------------
CURRENT LIABILITIES
Accrued expenses $ 10,342
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Total Current Liabilities 10,342
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LONG-TERM DEBT -
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Total Liabilities 10,342
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COMMITMENTS AND CONTINGENCIES -
STOCKHOLDERS' DEFICIT
Preferred Stock, no par value, 10,000,000 shares
authorized; no shares issued -
Common Stock, $.05 par value, 40,000,000 shares
authorized; 7,495,973 shares
issued and outstanding 374,799
Additional paid-in capital 3,341,341
Accumulated deficit (3,721,166)
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Total Stockholders' Deficit (5,026)
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$ 5,316
=============
See accompanying notes to consolidated condensed financial statements
3
LASER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
---------------------------- -----------------------------
September 30, September 30, September 30, September 30,
2003 2002 2003 2002
-------------- -------------- -------------- --------------
<s> <c> <c> <c> <c>
REVENUES:
Net sales $ - $ - $ - $ -
Interest and other income - 3 - 9
-------------- -------------- -------------- --------------
- 3 - 9
COSTS AND EXPENSES:
Selling, general and
administrative 20,430 38,358 34,287 120,318
Interest 4,375 8,750 22,286 26,250
-------------- -------------- -------------- --------------
Total Operating Expenses 24,805 47,108 56,573 146,568
-------------- -------------- -------------- --------------
LOSS FROM OPERATIONS
BEFORE INCOME TAXES (24,805) (47,105) (56,573) (146,559)
Income Tax Benefit - - - -
-------------- -------------- -------------- --------------
LOSS FROM CONTINUING
OPERATIONS (24,805) (47,105) (56,573) (146,559)
(LOSS)INCOME FROM
DISCONTINUED OPERATIONS,
Net of Income Taxes 178,909 (51,815) (410,823) (105,112)
-------------- -------------- -------------- --------------
NET INCOME(LOSS) $ 154,104 $ (98,920) $ (467,396) $ (251,671)
============== ============== ============== ==============
Loss Per Share from
Continuing Operations -
Basic and Diluted $ (.01) $ (.03) $ (.02) $ (.09)
============== ============== ============== ==============
Income(Loss)Per Share
from Discontinued
Operations - Basic $ .05 $ (.03) $ (.18) $ (.06)
============== ============== ============== ==============
Income (Loss) Per Share
from Discontinued
Operations - Diluted $ .05 $ (.03) $ (.18) $ (.06)
============== ============== ============== ==============
TOTAL NET INCOME (LOSS)
PER SHARE - Basic $ .04 $ (.06) $ (.20) $ (.15)
============== ============== ============== ==============
TOTAL NET INCOME (LOSS)
PER SHARE - Diluted $ .04 $ (.06) $ (.20) $ (.15)
============== ============== ============== ==============
Weighted average number
of shares of Common Stock
outstanding - Basic 3,577,000 1,643,000 2,295,000 1,642,000
============== ============== ============== ==============
Weighted average number
of shares of Common Stock
outstanding - Diluted 3,600,000 1,643,000 2,295,000 1,642,000
============== ============== ============== ==============
See accompanying notes to consolidated condensed financial statements
4
LASER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(Unaudited)
2003 2002
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (467,396) $ (251,671)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Depreciation and amortization - 42,822
Provision for losses on accounts receivable - 7,269
Stock issued for Services 22,500 -
Loss from discontinued operations 410,823 -
(Increase) decrease in:
Receivables - (188,247)
Inventories - 203,220
Other assets - (3,527)
Increase (decrease) in:
Accounts payable and accrued expenses (50,203) 175,757
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Net cash (used in) provided by operating activities (84,276) (14,377)
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CASH FLOWS FROM INVESTING ACTIVITIES - -
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Net cash provided by investing activities - -
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CASH FLOWS FROM FINANCING ACTIVITIES
Payments on Capital Leases - (9,966)
Proceeds from the sale of Stock 75,000 -
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Net Cash provided by (used in) financing activities 75,000 (9,966)
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NET DECREASE IN CASH AND CASH EQUIVALENTS (9,276) (24,343)
CASH AND CASH EQUIVALENTS, BEG. OF PERIOD 14,592 26,837
Cash and cash equivalents allocated to
discontinued operations - 2,227
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CASH AND CASH EQUIVALENTS, END OF PERIOD $ 5,316 $ 4,721
============= ==============
See accompanying notes to consolidated condensed financial statements
5
LASER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited)
September 30, 2003
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated condensed financial
statements have been prepared in accordance with U.S. generally accepted
accounting principles for interim financial information and the instructions
to Form 10-QSB and Rule 310 of Regulation S-B. Accordingly, they do not
include all of the information and footnote disclosures required by accounting
principles generally accepted in the United States of America. In the opinion
of management, all adjustments (consisting only of normal recurring
adjustments) considered necessary for a fair presentation have been included.
Operating results for the three months and the nine months ended September 30,
2003 are not necessarily indicative of the results that may be expected for
the year ending December 31, 2003. For further information, refer to the
consolidated financial statements and footnotes thereto for the year ended
December 31, 2002 included in the Company's Annual Report on Form 10-KSB (file
number 0-13316).
NOTE B - GOING CONCERN
The accompanying financial statements have been prepared under the
assumption that the Company will continue as a going concern. Such assumption
contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. For the nine-month period ended September 30,
2003, and the years ended December 31, 2002 and 2001, the Company incurred
losses of ($467,396), ($420,745) and ($641,712), respectively. For the nine
month period ended September 30, 2003, and for the years ended December 31,
2002, and 2001, the Company has also experienced net cash inflows (outflows)
from operating activities of (84,276), ($1,309) and $16,389. These factors
raise substantial doubt about the Company's ability to continue as a going
concern. The financial statements do not include any adjustments that might
be necessary should the Company be unable to continue as a going concern. The
Company's continuation as a going concern is dependent upon its ability to
generate sufficient cash flow to meet its obligations on a timely basis, to
obtain additional financing as may be required, and ultimately to attain
profitability. Potential sources of cash include external debt and the sale
of new shares of company stock or alternative methods such as mergers or sale
transactions. No assurances can be given, however, that the Company will be
able to obtain any of these potential sources of cash. On October 1, 2003, the
Company completed the acquisition of BI Acquisition, Inc. (BI) in a reverse
merger transaction. While no assurance can be given, the Company hopes the
operations of BI will allow the Company to continue as a going concern.
NOTE C - RECLASSIFICATIONS
Certain 2002 financial statement amounts have been reclassified to
conform to 2003 presentations.
NOTE D - WEIGHTED AVERAGE SHARES
The computation of basic earnings (loss) per common share is based on
the weighted Average number of shares outstanding during each year.
The computation of diluted earnings per common share is based on the
weighted average number of common shares outstanding during the year, plus the
common stock equivalents that would arise from the exercise of stock options
and warrants outstanding, using the treasury stock method and the average
market price per share during the year. Options to purchase 96,000 and
290,084 shares of common stock at prices ranging from $.10 to $6.06 per share
were outstanding at September 30, 2003 and 2002, respectively. For the three
months ended September 30, 2003, the dilutive effect of outstanding stock
options was 23,000 shares. For the three months ended September 30, 2003 and
2002 and the nine months ended September 30, 2003 and 2002, 73,000, 290,084,
186,000 and 290,084 shares, respectively, attributable to outstanding stock
options were excluded for the calculation of diluted earnings per share
because the effect of stock options was anti-dilutive.
NOTE E - STOCK COMPENSATION
The Company accounts for stock-based compensation under the
recognition and measurement principles of APB Opinion No. 25, Accounting for
Stock Issued to Employees, and related Interpretations. During the quarter
ended September 30, 2003 100,000 shares of Stock were issued to the former
management of the company the amount of expense recognized on the income
statement was $45,000. No options vested had an exercise price equal to or
greater than the market value of
6
the underlying common stock on the date of grant. No options were issued or
vested during the three or nine months ended September 30, 2003 and 2002,
therefore, there would be no effect on net income and earnings per share if
the Company had applied the fair value recognition provisions of FASB
Statement No. 123, Accounting for Stock-Based
Compensation.
NOTE F - SUPPLEMENTAL CASH FLOW INFORMATION
During the quarter ended September 30, 2003, the Company settled
outstanding debt obligations in the amount of $1,282,531 and recorded
additional expense as part of discontinued operations, of $199,904 while
issuing 1,752,900 shares of Stock. The Company included $188,419 of expenses
as discontinued operations comprising the net amount resulting from the
removal of $364,267 of assets and $175,848 of liabilities from the books as
part of the dissolution of the subsidiaries. Included in discontinued
operations was $22,500 in expense for the issuance of 50,000 shares of stock
as compensation to a former officer. Additionally, the company completed the
sale of 4,000,000 shares of Stock for $75,000 in accordance with a stock
subscription agreement it had previously entered into. The unvested stock
options totaling 90,000 options of two former officers of the company were
forfeited during the quarter resulting in a $136,800 reclassification of
deferred compensation to additional paid in capital.
NOTE G - DISCONTINUED OPERATIONS
Due to the lack of orders for the Company's laser products and the
resulting lack of income and cash flow, on April 7, 2003, the Company
suspended the operations of it's subsidiary, American Laser Corporation.
Subsequent to that date the Board of Directors decided to permanently dissolve
both of it's subsidiaries, American Laser Corporation and ARC Laser
Corporation and sell the associated assets. The afore mentioned assets
comprised essentially all the assets of the company. All assets and
liabilities were disposed of as of September 30, 2003. The remaining entity
was merged into a privately held company. See Item 5 below.
NOTE H - SUBSEQUENT EVENT
On October 1, 2003, the Company completed the acquisition of BI
Acquisitions, Inc. ("BI") pursuant to a Stock Exchange Agreement among the
Company, BI and the shareholders of BI, dated as of October 1, 2003 (the
"Exchange Agreement"). The acquisition will be accounted for as a reverse
merger.
Pursuant to the Exchange Agreement, the Company acquired BI as a wholly
owned subsidiary by issuing 32,504,027 shares (the "Initial Issuance") of the
Company's common stock to the shareholders of BI in exchange for all of the
outstanding securities of BI. Because the Company's authorized number of
shares of common stock was limited to 40,000,000 shares, the Company was only
able to complete the Initial Issuance on October 1, 2003. As a result of the
Initial Issuance, the former BI shareholders acquired 81% of the issued and
outstanding shares of the Company. In addition, the Exchange Agreement
provides that there will be an additional issuance of 139,596,500 shares
(pre-Reverse Split) of the Company's common stock to the former shareholders
of BI after the Special Meeting following an amendment to the Articles of
Incorporation of the Company to accommodate such issuance.
In anticipation of the consummation of the Exchange Agreement, but not
contingent thereon, the Company agreed to issue 4,000,000 shares (pre-Reverse
Split) of common stock to two unrelated third parties in exchange for $75,000
needed to satisfy outstanding payable obligations of the Company. The Company
issued the 4,000,000 shares prior to the closing of the Exchange Agreement.
As a part of the additional issuance of 139,596,500 shares (pre-Reverse Split)
(the "Subsequent Issuance") to the former shareholders of BI after the Special
Meeting, the Company will issue 4,979,932 shares (pre-Reverse Split) to the
two unrelated third parties. After the Subsequent Issuance, the former BI
shareholders and the unrelated third parties will own, in the aggregate, 98%
of the then issued and outstanding shares of the Company, and the shareholders
of the Company immediately prior to consummation of the Exchange Agreement on
October 1, 2003 will own, in the aggregate, 2%.
Item 2. Management's Discussion and Analysis or Plan of Operation
Forward-Looking Information
This report on Form 10-QSB includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements may
relate to such matters as anticipated financial performance, future revenues
or earnings, business prospects, projected ventures, new products and
services, anticipated market performance and similar matters. When used in
this report, the
7
words "may," "will," expect," anticipate," "continue," "estimate," "project,"
"intend," and similar expressions are intended to identify forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 regarding events,
conditions, and financial trends that may affect the Company's future plans of
operations, business strategy, operating results, and financial position. The
Private Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements. To comply with the terms of the safe harbor, we
caution readers that a variety of factors could cause our actual results to
differ materially from the anticipated results or other matters expressed in
forward-looking statements. These risks and uncertainties, many of which are
beyond our control, include (i) the sufficiency of existing capital resources
and the Company's ability to raise additional capital to fund cash
requirements for future operations; (ii) uncertainties involved in the rate of
growth of the Company's business and acceptance of the Company's products and
services; (iii) volatility of the stock market, particularly within the
technology sector; and (iv) general economic conditions. Although the Company
believes the expectations reflected in these forward-looking statements are
reasonable, such expectations may prove to be incorrect.
Due to the discontinuance and liquidation of it's subsidiaries,
substantially all of the companies revenues and expenses are included on the
lime item "(Loss) Income from Discontinued Operations" on the Statement of
Operations.
Results of Operations/Discontinued Operations for the three months ended
September 30, 2003 and September 30, 2002
Revenues. The Company generated $51,647 in consolidated revenue during
the three months ended September 30, 2003. During the same three-month period
in 2002, the Company generated consolidated revenue of $515,427. The
decrease is due to the decision to permanently discontinue the operations of
the Company's two operating subsidiaries, American Laser Corporation on April
7, 2003 and American Laser Medical, Inc. on July 31, 2003. The revenues were
generated in spite of winding down the operations of its subsidiaries and
dissolving them.
Costs of Goods Sold. The Cost of Goods Sold for the three months ended
September 30, 2003, were $35,690 compared to Cost of Goods Sold of $434,937
for the three months ended September 30, 2002. The decrease in the Cost of
Goods Sold was due to the discontinuance of operations of the Company's
subsidiaries as described above.
Operating Expenses. Operating expenses for the three months ended
September 30, 2003 were $78,016 compared to expenses of $179,410 for the three
months ended September 30, 2002. The decrease in expenses is due primarily to
income recognized by the settlement of debts and accounts payable at less than
par in connection with the liquidation of the subsidiaries.
8
Other Income/Expense. The Company incurred additional expenses related
to the discontinuance of operations for the three-month period ending
September 30, 2003 of $58,707 as compared to $0 of such expenses in the
three-month period ending September 30, 2002.
Net Income. During the three months ended September 30, 2003, the
Company had a net income of $154,104 compared to a net loss of $98,920 for the
three months ended September 30, 2002. The net income results primarily from
recognition of income of $497,345 related to the settlement of debts and
accounts payable at less than par in connection with the liquidation of the
subsidiaries
Results of Operations for the nine months ended September 30, 2003, and
September 30, 2002
Revenues. The Company generated $365,239 in revenue during the nine
months ended September 30, 2003. During the same nine-month period in 2002,
the Company generated revenue of $1,735,329. The decrease is due to the
decision to permanently discontinue the operations of its subsidiaries,
American Laser Corporation on April 7, 2003 and American Laser Medical, Inc.
on July 31, 2003. The revenues were generated primarily prior to the
discontinuance of the subsidiaries' operations.
Costs of Goods Sold. The Cost of Goods Sold for the nine months ended
September 30, 2003, were $502,283 compared to Cost of Goods Sold of $1,420,354
for the nine months ended September 30, 2002. The decrease in the Cost of
Goods Sold was due to the discontinuance of operations of the Company's
subsidiaries as described above.
Operating Expenses. Operating expenses for the nine months ended
September 30, 2003, were $541,983 compared to $566,646 for the nine months
ended September 30, 2002. The decrease is due primarily to the discontinuance
of operations of the Company's subsidiaries. The operating expenses for the
nine months ended September 30, 2003 were also offset by a reduction of
expenses totaling $357,293, which resulted from income recognized related to
the settlement of debts and accounts payable at less than par in connection
with the liquidation of the subsidiaries.
Other Income/Expense. The Company incurred additional expenses related
to the discontinuance of operations for the nine-month period ending September
30, 2003 of $76,609, as compared to $0 of such expenses in the nine-month
period ending September 30, 2002.
Net Income. During the nine months ended September 30, 2003, the Company
had a net loss of $467,396 compared to a net loss of $251,671 for the nine
months ended September 30, 2002. The increase in net loss results primarily
from discontinuance of subsidiary operations and the expenses incurred in
winding down operations of the Company as described above. The loss was also
offset by a reduction of expenses totaling $497,345, which resulted from
income recognized related to the settlement of debts and accounts payable at
less than par in connection with the liquidation of the subsidiaries.
Liquidity and Capital Resources
At September 30, 2003, the Company had cash of $5,316, and total current
liabilities of $10,342 and total stockholder's deficit of $5,026, as compared
to stockholders' deficit of $1,140,066 at December 31, 2002.
For the nine months ended September 30, 2003, the Company used $84,276 of
cash for operating activities compared to $14,377 used for operating
activities in the nine months ending September 30, 2002. The cash used for
operations was provided primarily from common stock subscriptions and from
collections of receivable and liquidation of assets.
Since the Company had determined to discontinue its laser business lines,
it was left with no source of operating revenue. The Board of Directors
determined to seek other business opportunities not related to the laser
industry. On October 1, 2003, the Company acquired all of the issued and
outstanding stock of BI Acquisitions, Inc., the operations of which will be
reported as company operations in future reports. See Item 5 for a complete
description of the transaction. If the Company had not acquired BI
Acquisitions, Inc., it would have been left with no assets or business and
would have needed additional capital infusions to continue any business.
Risk Factors and Cautionary Statements
This quarterly report contains certain forward-looking statements. The
Company wishes to advise readers that actual results may differ substantially
from such forward-looking statements. Forward looking statements involve
risks and uncertainties that could cause actual results to differ materially
from those expressed in or implied by the statements, including but not
limited to, the following: the ability of the Company to maintain a sufficient
customer base to have sufficient revenues to fund and maintain its operations,
and the ability of the Company to meet its cash and working capital needs, and
to have sufficient revenues to continue operations.
Item 3. Controls and Procedures
As of the end of the period covered by this report, based on an
evaluation of the Company's disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934) the
chief executive officer and the chief financial officer of the Company has
concluded that the Company's disclosure controls and procedures are effective
to ensure that information required to be disclosed by the Company in its
Exchange Act reports is recorded, processed, summarized and reported within
the applicable time periods specified by the SEC's rules and forms.
There was a significant change in the Company's internal controls
resulting from the acquisition of BI Acquisitions, Inc. (See Item 5 below),
but the current Chief Executive Officer and Chief Financial Officer have
determined that the change will not adversely impact those controls subsequent
to the date of the most recent evaluation of the Company's internal controls
by the Company, including any corrective actions with regard to any
significant deficiencies or material weaknesses.
Part II - Other Information
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities and Use of Proceeds.
9
1 . The Company issued 1,752,900 shares of common stock to various
creditors of the Company to satisfy loans made to the Company,
interest on the loans and accounts payable.
2. In connection with and in preparation for the acquisition of BI
Acquisitions, Inc., the Company issued 4,000,000 shares of common
stock to two unrelated third parties in consideration of $75,000,
which funds were used to satisfy various Company payables.
3. The Company issued 50,000 shares of common stock to the former
Company Vice President as compensation for services rendered in
winding down the laser business in lieu of salary.
4. The Company issued 50,000 shares of common stock to the former
Company President as compensation for services rendered in
winding down the laser business in lieu of salary.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to Vote of Security Holders.
None.
Item 5. Other Information
On October 1, 2003, the Company completed the acquisition of BI
Acquisitions, Inc. ("BI") pursuant to a Stock Exchange Agreement among the
Company, BI and the shareholders of BI, dated as of October 1, 2003 (the
"Exchange Agreement"). The acquisition will be accounted for as a reverse
merger.
Pursuant to the Exchange Agreement, the Company acquired BI as a wholly
owned subsidiary by issuing 32,504,027 shares (the "Initial Issuance") of the
Company's common stock to the shareholders of BI in exchange for all of the
outstanding securities of BI. Because the Company's authorized number of
shares of common stock was limited to 40,000,000 shares, the Company was only
able to complete the Initial Issuance on October 1, 2003. As a result of the
Initial Issuance, the former BI shareholders acquired 81% of the issued and
outstanding shares of the Company. In addition, the Exchange Agreement
provides that there will be an additional issuance of 139,596,500 shares
(pre-Reverse Split) of the Company's common stock to the former shareholders
of BI after the Special Meeting following an amendment to the Articles of
Incorporation of the Company to accommodate such issuance.
In anticipation of the consummation of the Exchange Agreement, but not
contingent thereon, the Company agreed to issue 4,000,000 shares (pre-Reverse
Split) of common stock to two unrelated third parties in exchange for $75,000
needed to satisfy outstanding payable obligations of the Company. The Company
issued the 4,000,000 shares prior to the closing of the Exchange Agreement.
As a part of the additional issuance of 139,596,500 shares (pre-Reverse Split)
(the "Subsequent Issuance") to the former shareholders of BI after the Special
Meeting, the Company will issue 4,979,932 shares (pre-Reverse Split) to the
two unrelated third parties. After the Subsequent Issuance, the former BI
shareholders and the unrelated third parties will own, in the aggregate, 98%
of the then issued and outstanding shares of the Company, and the shareholders
of the Company immediately prior to consummation of the Exchange Agreement on
October 1, 2003 will own, in the aggregate, 2%.
Item 6. Exhibits and Reports on Form 8-K.
On October 14, 2003, the Company filed Form 8-K related to the
acquisition of BI Acquisitions, Inc.
Exhibit Description
- -------- --------------------------------------------------------------------
31.1 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002*
31.2 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002*
32 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002**
* Included herein pursuant to Item 601(b) 31 of Regulation SB.
** Included herein pursuant to Item 601(b) 32 of Regulation SB.
10
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
LASER CORPORATION
Date: November 19, 2003 /s/ Rodney M. Tiede
-------------------------------------
Rodney M. Tiede
Chief Executive Officer, President
and Director
Date: November 19, 2003 /s/ Randy L. Turner
-------------------------------------
Randy L. Turner
Chief Financial Officer
11