-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, STXgmH2pWbKnmOaW0SceI4BNWWmvy1VVg+PXmtkQq5kEqsem+9vvq7WPEGazS/W+ dS7p9wvdV02aafayQlBFBQ== 0001038838-99-000276.txt : 19991229 0001038838-99-000276.hdr.sgml : 19991229 ACCESSION NUMBER: 0001038838-99-000276 CONFORMED SUBMISSION TYPE: NT 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COVOL TECHNOLOGIES INC CENTRAL INDEX KEY: 0001003344 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE MINING [1220] IRS NUMBER: 870547337 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NT 10-K SEC ACT: SEC FILE NUMBER: 000-27808 FILM NUMBER: 99781392 BUSINESS ADDRESS: STREET 1: 3280 N FRONTAGE RD CITY: LEHI STATE: UT ZIP: 84043 BUSINESS PHONE: 8017684481 NT 10-K 1 EXTENSION FOR FORM 10-K ENDED SEPTEMBER 30, 1999 SEC FILE NUMBER: 0-27803 CUSIP NUMBER: 223575101 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 12b-25 NOTIFICATION OF LATE FILING (Check One): [X] Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q [ ] Form N-SAR For Period Ended: September 30, 1999 [_] Transition Report on Form 10-K [_] Transition Report on Form 20-F [_] Transition Report on Form 11-K [_] Transition Report on Form 10-Q [_] Transition Report on Form N-SAR For the Transition Period Ended:_________________________________ Read attached instruction sheet before preparing form. Please print or type. Nothing in this form shall be construed to imply that the Commission has verified any information contained herein. If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates: - -------------------------------------------------------------------------------- PART I -- REGISTRANT INFORMATION Covol Technologies, Inc. - -------------------------------------------------------------------------------- Full Name of Registrant - -------------------------------------------------------------------------------- Former Name if Applicable 3280 North Frontage Road - -------------------------------------------------------------------------------- Address of Principal Executive Office (Street and Number) Lehi, Utah 84043 - -------------------------------------------------------------------------------- City, State and Zip Code PART II -- RULE 12b-25(b) AND (c) If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate.) | (a) The reasons described in reasonable detail in Part III of this | form could not be eliminated without unreasonable effort or | expense; | | (b) The subject annual report, semi-annual report, transition report | on Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion [X] | thereof will be filed on or before the 15th calendar day | following the prescribed due date; or the subject quarterly | report or transition report on Form 10-Q, or portion thereof will | be filed on or before the fifth calendar day following the | prescribed due date; and | | (c) The accountant's statement or other exhibit required by Rule | 12b-25(c) has been attached if applicable. PART III NARRATIVE State below in reasonable detail why the Form 10-K, 11-K, 20-F 10-Q, N-SAR or the transition report portion thereof could not be filed within the prescribed time period. (Attach extra sheets if needed.) The extension is needed due to two pending significant transactions. Definitive agreements for these two transactions are expected to be executed and the transactions closed within the next 10 days. Consummation of these transactions have a significant impact on certain financial statement disclosures. PART IV OTHER INFORMATION (1) Name and telephone number of person to contact in regard to this notification Harlan M. Hatfield (801) 768-4481 --------------------------------------------------------------------------- (Name) (Area Code) (Telephone Number) (2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s). [X] Yes [ ] No (3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? [X] Yes [ ] No If so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. Fiscal 1999 Results For the fiscal year ended September 30, 1999, total revenues were $6,719,000 and the net loss was $28,393,000 or $2.39 per share. For the fiscal year ended September 30, 1998, total revenues were $3,074,000 and the net loss was $11,308,000 or $1.17 per share. The primary reasons for the increase in the net loss were higher operating costs, and other impairments, non-recurring, non-cash charges.
COVOL TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (thousands of dollars and shares, except per-share amounts) Three Months Ended Year Ended --------------------------- --------------------------- September 30 September 30 September 30 September 30 1998 (1) 1999 1998 (1) 1999 --------------------------- --------------------------- Revenues: License fees $432 $1,386 $860 $3,526 Other 671 1,231 2,214 3,193 --------------------------- --------------------------- Total revenues 1,103 2,617 3,074 6,719 Operating costs and expenses: Cost of briquetting operations 3,108 4,269 5,565 12,956 Impairments and non-recurring charges -- 6,645 218 7,201 Other 1,984 2,921 6,905 8,975 --------------------------- --------------------------- Total operating expenses 5,092 13,835 12,688 29,132 --------------------------- --------------------------- Operating loss (3,989) (11,218) (9,614) (22,413) Interest income (expense), net (236) (1,571) (2,165) (4,667) Other income (expense), net (1,016) (462) 471 (1,313) --------------------------- --------------------------- Net loss (5,241) (13,251) ($11,308) ($28,393) =========================== =========================== Basic and diluted loss per share ($0.52) ($1.09) ($1.17) ($2.39) =========================== =========================== Weighted average shares outstanding 10,602 12,713 9,969 12,418 =========================== =========================== CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (thousands of dollars) September 30 September 30 1998 (1) 1999 ---------------------------- Assets: Current assets: Cash and cash equivalents $727 $223 Receivables 4,212 5,877 Inventories and advances on inventories 4,167 573 Facilities held for sale 27,582 20,139 Other 361 19 ---------------------------- Total current assets 37,049 26,831 Property, plant and equipment, net 15,809 14,182 Notes and interest receivable 7,646 7,879 Intangible assets and other 7,557 9,203 ---------------------------- Total assets $68,061 $58,095 ============================ Liabilities: Current liabilities: Accounts payable $3,036 $1,179 Notes payable, current 22,049 20,626 Other 4,467 7,063 ---------------------------- Total current liabilities 29,552 28,868 Notes and interest payable, non-current 14,643 18,097 Other non-current liabilities 236 208 Deferred revenues 8,377 7,501 ---------------------------- Total liabilities 52,808 54,674 Minority interest 507 117 Redeemable convertible preferred stock -- 4,332 Stockholders' equity (net capital deficiency): Convertible preferred stock and common stock - par value 12 14 Capital in excess of par value 69,284 78,457 Accumulated deficit (43,002) (71,713) Related party receivables collateralized by stock (7,773) (6,564) Deferred compensation from stock options (3,775) (1,222) ---------------------------- Total stockholders' equity (net capital deficiency) 14,746 (1,028) ---------------------------- Total liabilities and stockholders' equity (net capital deficiency) $68,061 $58,095 ============================
(1) Restated. - -------------------------------------------------------------------------------- Covol Technologies, Inc. - -------------------------------------------------------------------------------- (Name of Registrant as Specified in Charter) Has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized. Date: December 28, 1999 By /s/ Steven G. Stewart ------------------ --------------------------------------------- Chief Financial Officer INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form. ATTENTION Intentional misstatements or omissions of fact constitute Federal Criminal Violations (see 18 U.S.C. 1001). -----END PRIVACY-ENHANCED MESSAGE-----