-----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, GECKeg5Ea5V9xWBk4nZoTfJTymevY3NG2o8HdpV52e9Htie7a8fvJYzQlMlAwdwm Nr7SZ2yyELQoPcwRbHGe/A== 0000073779-99-000008.txt : 19990111 0000073779-99-000008.hdr.sgml : 19990111 ACCESSION NUMBER: 0000073779-99-000008 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19990108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OCG TECHNOLOGY INC CENTRAL INDEX KEY: 0000073779 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 132643655 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-05186 FILM NUMBER: 99503491 BUSINESS ADDRESS: STREET 1: 450 WEST 31ST ST STREET 2: 11TH FL CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 2129673079 MAIL ADDRESS: STREET 1: 450 WEST 31ST STREET 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: OCG TECHNOLOGIES INC DATE OF NAME CHANGE: 19851217 FORMER COMPANY: FORMER CONFORMED NAME: DATA DISPLAY SYSTEMS INC DATE OF NAME CHANGE: 19730422 10QSB 1 UNITED STATES 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, 1998 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from __________ to___________ Commission file number 0-5186 -------- OCG TECHNOLOGY, INC. ---------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) DELAWARE 13-2643655 - ------------------------------- -------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 450 West 31st Street, New York, New York 10001 ---------------------------------------------- (Address of principal executive offices) (212) 967- 3079 ------------------------- (Issuer's telephone number) ------------------------------------------------------------------------- (Former name, address and former fiscal year, if changed since last report) 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. [X] Yes [ ] No State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: Class Shares Outstanding at December 24, 1998 - ----------------------------- --------------------------------------- Common Stock ($.01 par value) 29,828,224 Shares OCG TECHNOLOGY, INC. AND SUBSIDIARIES INDEX PART I. - FINANCIAL INFORMATION PAGE NUMBER Consolidated Condensed Balance Sheets September 30, 1998 and June 30, 1998 1 Consolidated Condensed Statements of Loss for the Three Months Ended September 30, 1998 and 1997 2 Consolidated Condensed Statements of Cash Flow for the Three Months Ended September 30, 1998 and 1997 3 Notes to Consolidated Condensed Financial Statements 4 Management's Discussion and Analysis of Financial Condition and Results of Operations 6 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 9 OCG TECHNOLOGY, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS
September 30, 1998 JUNE 30, 1998 ASSETS (UNAUDITED) (AUDITED) Current Assets: Cash $ 349,106 $ 475,323 Receivables, trade 73,807 44,380 Demand notes receivable 30,250 177,500 Other current assets 3,656 109,701 ------------ ------------ Total current assets 456,819 806,904 Property and equipment, net of accumulated depreciation of ($476,050) ($459,941) 148,344 156,078 Proprietary technology, net of accumulated amortization of ($3,068,423) ($3,051,806) 311,317 280,552 Other assets 184,199 115,115 ------------ ------------ Total assets $ 1,100,679 $ 1,358,649 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 110,585 $ 151,740 Note Payable - related party 11,344 11,344 Due to Officer (non-interest bearing) 15,121 15,121 ------------ ------------ Total current liabilities 137,050 178,205 ------------ ------------ Shareholders' equity: (Note 4) Preferred stock $.10 par value, Series E 10,000 10,000 Common stock $.01 par value 298,282 298,282 Additional paid-in capital 23,542,486 23,542,486 Deficit (22,320,139) (22,078,074) Subscription receivable (504,500) (529,750) ------------ ------------ 1,026,129 1,242,944 Less treasury stock, at cost (62,500) (62,500) ------------ ------------ Total shareholders' equity 963,629 1,180,444 ------------ ------------ Total liabilities and shareholders' equity $ 1,100,679 $ 1,358,649 ============ ============ See accompanying notes to consolidated condensed financial statements
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Revenue: Sales $ 287,253 $ 208,599 ----------- ----------- Costs and expenses: Cost of sales 129,696 64,495 Marketing, general and administrative 402,597 471,350 Interest - net (2,975) (257) ----------- ----------- Total Expenses 529,318 535,588 ----------- ----------- Net Income (Loss) $ (242,065) $ (326,989) =========== =========== Weighted average number of shares outstanding during period 29,828,224 24,516,759 =========== =========== Loss per Common Share $ (0.01) $ (0.01) =========== =========== See accompanying notes to consolidated condensed financial statements
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OCG TECHNOLOGY, INC. AND SUBSIDIARIES STATEMENTS OF CASH FLOWS (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 1998 1997 Cash flows from operating activities: Net income (loss) $(242,065) $(326,989) ---------- ---------- Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 33,080 186,428 Issuance of stock and warrants for services 0 7,500 Amortization of unearned compensation 0 0 Amortization of Black Scholes valuation 22,013 0 Changes in assets and liabilities (Increase) decrease in receivables (29,427) 9,701 (Increase) decrease in demand notes 147,250 108,500 (Increase) decrease in other current assets 106,045 (3,495) (Increase) decrease in property and equipment (8,375) (3,039) (Increase) decrease in Proprietary Technology (47,383) 0 (Increase) decrease in other assets less Black Scholes value (91,450) 0 (Decrease) in accounts payable and accrued expenses (41,155) (58,323) ---------- ---------- Total adjustments 90,598 247,272 ---------- ---------- Net cash used in operating activities (151,467) (79,717) ---------- ---------- Cash flows from financing activities: Increase (decrease) in due to shareholders 0 0 (Increase) decrease in subscription receivable 25,250 0 Proceeds from issuance of common stock 0 0 ---------- ---------- Net cash changes from financing activities 25,250 0 ---------- ---------- Net increase (decrease) in cash (126,217) (79,717) Cash, beginning of period 475,323 167,996 ---------- ---------- Cash, end of period $349,106 $ 88,279 ========== ========== See accompanying notes to consolidated condensed financial statements
3 OCG TECHNOLOGY, INC. AND UBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. In the opinion of the Company, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as of September 30, 1998 and the results of operations for the three months ended September 30, 1998 and 1997 and the statements of cash flows for the three months ended September 30, 1998 and 1997. The June 30, 1998 balance sheet has been derived from the Company's audited financial statements. The results of operations for the three months ended September 30, 1998 are not necessarily indicative of the results to be expected for the full year. While the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-KSB. The accompanying consolidated financial statements have been prepared on a going concern basis which contemplates continuity of operations and realization of assets and liquidation of liabilities in the ordinary course of business. Because of significant operating losses, the Company's ability to continue as a going concern is dependent upon its ability to obtain sufficient additional financing and, ultimately, upon future profitable operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. 2. Earnings per share is computed using the weighted average number of shares outstanding during the periods. The effect of warrants outstanding would be anti-dilutive. 3. Other assets decreased due primarily to the amortization of the value previously assigned under a Black Scholes calculation to warrants issued for marketing and corporate services to be rendered and rent and other services. This value continues to be amortized over the life of the services rendered . 4. Capital Changes: There were no capital changes during the three months ended September 30, 1998. OCG TECHNOLOGY, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS A SUMMARY OF INCREASES (DECREASES) IN THE ITEMS INCLUDED IN THE CONSOLIDATED STATEMENTS OF LOSS IS SHOWN BELOW: General - ------- The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes thereto appearing elsewhere herein. The following discussion contains predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties While this outlook represents the Company's current judgment on the future direction of the business, such risks and uncertainties could cause actual results to differ materially from any future performance suggested herein. The Company has experienced recurring losses from operations and has relied on the sale of equity interests in the Company to fund its operations. If necessary, the Company intends to provide additional working capital through the sale of equity interests in the Company. Although, in the past, the Company has been able to provide working capital through the sale of equity interests in the Company, there can be no assurances that the Company will succeed in its efforts, which creates a doubt about its ability to continue as a going concern. Results of Operations - --------------------- Total revenues increased $78,654 for the three months ended September 30, 1998 as compared to the same period for 1997 primarily as a result of an increase in the three month revenues of Mooney-Edwards Enterprises, Inc. ("MIS"), a subsidiary of the Company. Cost of sales increased by $65,201 for the three months ended September 30, 1998 as compared to the same period for 1997. The sales of OCG Technology, Inc. ("OCGT"), Prime Care Systems, Inc ("PSI"), a subsidiary of the Company and MIS were $0, $3,000 and $283,912 respectively, for the three months ended September 30, 1998. Marketing, general and administrative expenses decreased $68,753 for the three months ended September 30, 1998 as compared to the same period for 1997. OCGT's expense increased and PSI's expenses decreased in the three months ended September 30, 1998 as compared to the same period in 1997. OCGT's expense increased due to increased marketing salaries and increased corporate expenses, including amortization of Black Scholes valuations. PSI's expenses decreased due to a reduction in amortization as a result of the completion of write off of the value of the DOS version of the PrimeCare System and capitalization of costs of the Windows version of the PrimeCare Patient Management System. Liquidity and Capital Resources - ------------------------------- At September 30, 1998 the Company had a current ratio of 3.33 to 1 compared to 1.43 to 1 as of September 30,1997. The net loss from operations for the three months ended September 30 1998 was $242,065 of which loss non-cash charges of $55,093 accounted for 23% of the total loss from operations. The Company has experienced recurring losses from operations and has been unable to provide sufficient working capital from operations and has relied significantly on the sale of equity interests in the Company, and the exercise of warrants and loans from shareholders to fund its operations. The Company's auditors have included an explanatory paragraph regarding the ability of the Company to continue as a "going concern". Cash on hand and accounts receivable were $422,913 at September 30, 1998. The Company also has $534,250 of demand notes due principally from officers and directors related to their exercise of warrants. In addition, the Company has Cardiointegraph equipment, in the final stages of manufacture, which will be available to lease on a fee for service basis. In the past, the Company's principal means of overcoming its cash shortfalls from operations was from the sale of the Company's common stock. During the three months ended September 30, 1998, the Company did not need to raise any cash through the sale of equity interests and no warrants were exercisable during that period. Although, in the past, the Company has been able to provide working capital through the sale of equity interests in the Company and through the exercise of warrants, there can be no assurances that the Company will succeed in its efforts. PSI, a Delaware corporation, was acquired by the Company as of May 16, 1994. PSI owns all right, title and interest in the PrimeCareTM System, which is protected by copyrights. The PrimeCareTM System is a patient-centered, interactive, computer program that brings efficiencies to the patient/physician encounter while improving the standard of care and reducing costs. Patients interact directly with the PrimeCareTM System, during what is usually waiting time. A detailed patient history is obtained without taking any of the physician's time. Patients are seated at a computer and answer complaint-specific questions by using just the number keys to indicate answers that apply to them; no typing or computer skills are required. The software also has bilingual capabilities, allowing Spanish-speaking patients to interact in their preferred language. When the patient questionnaire is completed, the PrimeCareTM System creates a preliminary report for the physician to review before examining the patient. The preliminary report contains the patient's current problems, medications and allergies, all positive and significant negative subjective responses, vital signs and a list of the diagnostic considerations triggered by the patient's responses. By freeing up the time physicians would normally have to spend asking patient history questions and recording responses, PrimeCareTM permits physicians to see more patients in less time , while improving the quality of care. The PrimeCareTM System is also easy for the physician to understand and use . The same simple key stroke process lets the physician document: his physical findings, his assessment, the treatment plan, the prescribed medications and select patient education materials. At the conclusion of the encounter a final report of the visit , patient educational materials, and prescriptions are printed for the patient. The principal markets for the PrimeCare(TM) System are ambulatory/outpatient medical facilities, such as, primary care physicians, medical clinics and staff health maintenance organizations. The PrimeCare(TM) System has harnessed the computer to bring efficiency to the management of a medical practice. The PrimeCare(TM) System: standardizes the patient record; assures consistency in patient care; creates a patient database for clinical and outcomes research; offers, both local and remote, means for utilization review and quality assurance audits; improves the quality of care; increases efficiency and productivity of the physician's practice; automatically generates a problem list; incorporates patient care algorithms and clinical practice guidelines; permits, both local and remote, on-line electronic retrieval of patient record and hard copy print out with appropriate security controls; enables rapid access to important patient data for clinical care; contains and provides patient education, complaint oriented and medication specific; provides physician reference materials. The PrimeCare(TM) System requires continual: (1) updates of medical content; (2) additions and enhancements to expand the scope of the system; and (3) incorporation of advances in both hardware and software technology to maintain a "state of the art" system. On September 15, 1995, the Company entered into an agreement with the Mount Sinai School of Medicine ("MSSM") which provides for the MSSM to assume the task of updating and enhancing the medical content of the PrimeCare(TM) System. The Company has completed development of the Windows 95/NT version of the PrimeCare(TM) System and has also completed an interface which enables the PrimeCare(TM) System to communicate with other systems used in medical facilities. This provides a method for these systems to transfer information to the PrimeCare(TM) System, such as patient demographics and appointment scheduling. The Company has also completed its side of interface capabilities to enable the PrimeCare(TM) System to transfer information (such as billing information including E&M codes, ICD9 codes and CPT codes) to these other systems. The Company has ceased supporting its DOS version of the PrimeCare(TM) System. The Company has also completed other enhancements and features to the operation of the PrimeCare(TM) System which includes: (1) The addition of voice command recognition capability enables the physician to use voice commands instead of keystrokes or mouse clicks to document normal & abnormal physical findings, the assessment, select tests, treatment plan, prescriptions, drug interaction checks, patient education materials to be dispensed and schedule follow-up visits. (2) As an additional option, a Touch screen may be used by the patient and physician instead of the key board, mouse or voice command recognition. All keystrokes, mouse clicks or voice commands are duplicated by the touch screen hardware and software. (3) The PrimeCareTM System can now use Microsoft's SQL Server, in addition to Interbase, as a database. This expands the flexibility of the PrimeCareTM System since it enables medical facilities that are using MS SQL Server database for practice management systems and other software to add PrimeCareTM without purchasing an additional database. Both databases support distributed processing in local and wide area networks. (4) The Company has introduced PrimeCareTM on the Web, which is a secure Internet enhanced version of the PrimeCareTM System. PrimeCareTM on the Web enables the patient to complete one, or more, detailed medical history questionnaires that relate to the patient's chief complaint, as selected by their physician. The patient, using a unique ID and password, can securely and anonymously complete the questionnaire(s) from the comfort of their home, workplace, school, vacation site or even while waiting to see their physician, if Internet capability is available. The medical report generated for the physician contains the patient's responses, and a list of differential diagnoses associated with the patient's responses. The report highlights the significant diagnoses and enables the physician to choose an appropriate preliminary course of action. The Company has commenced marketing the Windows 95/NT version of the PrimeCareTM System. The marketing of the PrimeCareTM System was initiated in the northwest Florida area through MIS (see below). Installations were limited to two sites to enable both PSI and MIS to review and evaluate the procedures established for installation and training. This initial commercial marketing of the PrimeCareTM System has been very successful. In the first medical practice in which the PrimeCareTM System was installed efficiency radically improved. The number of patients seen during normal office hours increased two patients per hour through use of the PrimeCareTM System . At the same time, the documentation of the patient record and the quality of care greatly improved. This was substantiated during a periodic review of the medical records of this medical practice, conducted by a large nationally known managed health care plan (the "Plan"), an insurance carrier with whom the physician has contracted. The Plan's reviewer evaluated the medical records maintained by this medical practice and gave a score of 100, based on a scale of 0 to 100. The reviewer's comments stated: "There has been a recent improved documentation product called PrimeCare that will greatly improve the quality of care and continuity of care for the patients." Based information and experience learned during the initial marketing program, the Company made modifications and improvements to enhance the PrimeCareTM System. Thereafter, a program was commenced to recruit distributors to market the PrimeCare(TM) System. The type of distributors sort by the Company are those who currently sell, install and service medical office and billing systems to medical facilities. MIS (see "Medical Information Systems" below) is the first of such dealers to be recruited and has licensed and installed the Windows 95/NT version of the PrimeCare(TM) System in medical facilities on a pay per use basis. Having reached the point in product development where a full marketing effort was desirable, the Company during January 1998 engaged an experienced healthcare professional, as Exec. V.P., whose primary responsibility was to review existing plans and to modify and enhance these plans to develop a comprehensive sales and marketing program and thereafter carry-out this program. These marketing and sales program has been completed, including creation and printing of new product literature, and a new exhibit booth. The completed plans call for the PrimeCareTM System to be marketed primarily through the following business models: (a) recruitment of value added resellers ("VARs") and authorized dealers (b) direct sales to large at-risk healthcare entities (c) private labeling opportunities Full product roll-out commenced in the end of May at a medical conference in San Antonio where the Company participated as an exhibitor. Exhibiting the Company's products at selected health care industry conventions is a component of the marketing and sales program. The Company appeared as an exhibitor at two health care industry conventions in the month of October. Several VARs, who sell, install, and service, billing systems to medical facilities, have agreed to market the PrimeCareTM System. However, no assurances can be given that the Company's marketing plan will succeed. The Company markets the PrimeCareTM System as a service, on a pay for use basis, with a maximum charge of $2.00 per patient visit. This charge per patient visit has been increased from $1.50. This marketing method eliminates a significant financial commitment to purchase the software, plus monthly maintenance charges for updates, and ties the cost directly to use. Physician users have stated that the financial benefits derived by the physician from use of the PrimeCareTM System exceeds the $2.00 cost per patient visit. One such benefit is the elimination of the need to dictate, transcribe and then review the transcription of the entire patient record. Transcribing costs range between $4 and $7 per page. The CodeComplierTM - ------------------ The Company has completed development of software which computes the E&M code. Designed to be used in conjunction with the Company's PrimeCareTM System, CodeComplierTM takes the guess work out of E&M compliance. As each item of information is entered into and collected by the PrimeCareTM System during the patient encounter, the CodeComplierTM organizes the data in the proper classification and using the 1997 HCFA guidelines, automatically calculates the applicable E&M code. Since the CodeComplierTM automatically calculates the applicable E&M code from data collected by the PrimeCareTM System during the patient encounter, it totally eliminates the time and effort which would otherwise be required by physician office personnel to complete this task. The marketing strategy is to offer the CodeComplierTM to medical facilities interested in the PrimeCareTM System. The Company markets the CodeComplierTM as a service, on a pay for use basis, with a maximum charge of $1.00 per patient visit. This pricing method conforms to the Company's philosophy of tying the product's cost directly to its use. The Company believes that the saving in labor costs and other financial benefits derived by the physician from use of the CodeComplierTM far exceeds the $1.00 cost per patient visit. According to the American Medical Association, there are over 650,000 physicians in the U.S., creating a very large potential market for the System. The Company estimates that as many as 250,000 of these physicians could use the System routinely. It is estimated that the average number of patient visits per month for a primary care physician is between 500 and 600. Assuming 500 patient visits per month at a combined total fee for the PrimeCareTM System and the CodeComplierTM of $2.00 per visit, each 100 physicians using the System could generate revenues of $1,200,000 per year for the Company. However, no assurances can be given that a significant number of physicians will contract for and use the PrimeCareTM System and the CodeComplierTM. The Company's wholly owned subsidiary, Mooney-Edwards Enterprises, Inc. d/b/a Medical Information Systems ("MIS"), a Florida corporation was acquired by the Company on June 25, 1992. MIS has been a growing operation in a segment of the medical field. MIS markets computer systems to providers of medical services. The packages include hardware, software, staff training and provides for an annual service contract. In addition to the basic accounts receivable and insurance billing applications, MIS can provide the offices with appointment scheduling, accounts payable, general ledger, payroll and word processing programs. The service contracts provide for ongoing software upgrades, continuing education and system maintenance. The turnkey packages sold by MIS primarily use the "Medical Manager" ("MM") software program. MIS is the area dealer for MM which is reputed to be the most widely used software package in the medical industry. As stated above MIS is now also marketing the PrimeCare(TM) System to its current customers and other medical facilities. In the past, the Company sold its Cardiointegraph ("CIG"), a proprietary heart diagnostic instrument for the early detection of coronary heart disease, through medical distributors, a sales and marketing method employed by other medical equipment manufacturers. Although Cardiointegraphs were sold for ten consecutive fiscal years and the end user purchasers (i.e., physicians and corporate and governmental medical departments) appear to find the unit useful, the CIG business segment has been unable to generate sufficient revenues to fund its operations or to operate at a profit. The Company believes that lack of universal reimbursement for the CIG has hindered its attempt to sell the CIG. The Company believes that marketing the CIG technology as a service, with a minimal fee charged to the physician per CIG generated, may free the physician from the general reluctance of physicians to purchase medical diagnostic equipment not reimbursed by Medicare. The Company believes that it could provide sufficient working capital from operations through marketing the Window 95/NT version of the PrimeCareTM System, CodeComplierTM, PrimeCareTM on the Web and expanding the operations of MIS. Currently, the Company has no lines of credit and has no material commitments for capital expenditures outstanding. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 27. - Financial Data Schedule (b) Reports on Form 8-K No Reports on Form 8-K were filed during the quarter for which this report is filed. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized. OCG TECHNOLOGY, INC. BY /s/Edward C. Levine --------------------- EDWARD C. LEVINE, PRESIDENT BY /s/Erich W. Augustin ---------------------- ERICH W. AUGUSTIN, EXECUTIVE VICE PRESIDENT (PRINCIPAL FINANCIAL OFFICER) DATE : January 8, 1998 EX-27 2
5 3-MOS JUN-30-1999 SEP-30-1998 349,106 0 73,807 0 0 456,819 148,344 476,050 1,100,679 137,050 0 0 10,000 298,282 655,347 1,100,679 287,253 287,253 129,696 529,318 0 0 (2,975) (242,065) 0 (242,065) 0 0 0 (242,065) (.01) (.01) Net of accumulated depreciation
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