10QSB/A 1 a73423a1e10qsba.txt AMENDMENT NO.1 TO FORM 10-QSB 1 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB/A (Amendment No. 1) (Mark One) [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2000 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 2-95626-D SIONIX CORPORATION -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Utah 87-0428526 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 7282 Jeronimo Road, Suite 108, Irvine, CA 92618 -------------------------------------------------------------------------------- (Address of principal executive offices) 949 454-9283 -------------------------------------------------------------------------------- (Issuer's telephone number) Not Applicable -------------------------------------------------------------------------------- (Former name, former 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 of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] As of December 31, 2000, the Company had 54,166,322 shares of its $.001 par value common stock issued and outstanding. Transitional Small Business Disclosure Format (check one): Yes [ ] No [X] 2 Part I Item 1. Financial Statements 3 SIONIX CORPORATION (A DEVELOPMENT STAGE COMPANY) CONDENSED BALANCE SHEET (UNAUDITED)
DECEMBER 31, 2000 ------------ ASSETS CURRENT ASSETS: Cash $ 26,369 Restricted cash 100,000 ----------- Total current assets 126,369 Equipment 37,934 Patents 92,490 Deposits 6,831 ----------- $ 263,624 =========== LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Notes payable $ 50,000 Notes payable - related parties 302,351 Accrued interest 33,313 Accrued interest - related parties 89,955 Accounts payable 6,774 Accrued expenses 56,602 ----------- Total current liabilities 538,995 ----------- COMMITMENTS AND CONTENGENCIES -- STOCKHOLDERS' DEFICIT: Common stock $0.001 par value; 100,000,000 shares authorized, 54,166,322 shares issued and outstanding 54,166 Additional paid-in capital 8,104,350 Deficit accumulated during the development stage (8,433,887) ----------- Total stockholders' deficit (275,371) ----------- $ 263,624 ===========
The accompanying notes are an integral part of these financial statements 4 SIONIX CORPORATION (A DEVELOPMENT STAGE COMPANY) CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
CUMULATIVE THREE MONTHS ENDED FROM INCEPTION DECEMBER 31, (OCTOBER 3, 1994) --------------------------- TO DECEMBER 31, 2000 1999 2000 --------- --------- ----------------- COSTS AND EXPENSES: General and administrative $ 209,873 $ 146,264 $ 5,810,210 Research and development 41,398 16,664 1,081,144 Write-off of obsolete intangibles -- -- 1,040,865 Depreciation and amortization 9,925 13,292 335,627 --------- --------- ----------- OPERATING LOSS (261,196) (176,220) (8,267,846) --------- --------- ----------- OTHER INCOME (EXPENSE): Interest income 3,114 1,196 35,837 Interest expense - related parties (6,054) (6,089) (89,955) Interest expense (1,000) (1,000) (111,923) --------- --------- ----------- (3,940) (5,893) (166,041) --------- --------- ----------- NET LOSS $(265,136) $(182,113) $(8,433,887) ========= ========= =========== BASIC AND DILUTED NET LOSS PER SHARE $ (0.00) $ (0.01) --------- --------- BASIC AND DILUTED WEIGHTED AVERAGE
The accompanying notes are an integral part of these financial statements 5 SIONIX CORPORATION (A DEVELOPMENT STAGE COMPANY) CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED CUMULATIVE DECEMBER 31, FROM INCEPTION --------------------------- (OCTOBER 3, 1994) 2000 1999 TO DECEMBER 31, 2000 --------- --------- -------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(265,136) $(182,113) $(8,433,887) Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and amortization 9,925 13,292 335,627 Common stock issued for compensation -- 52,910 1,833,041 Common stock issued for services -- -- 774,653 Write-down of obsolete assets -- -- 38,862 Write-down of intangable assets -- -- 1,040,865 Other -- -- 57,351 Change in assets and liabilities: Deposits -- 1,164 (6,831) Accounts payable (1,098) (2,231) 6,774 Accrued interest - related parties 6,054 6,089 89,955 Accrued interest 1,000 1,000 33,313 Accrued expenses 31,669 (8,490) 56,602 --------- --------- ----------- Net cash used by operating activities (217,586) (118,379) (4,173,675) --------- --------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of patents -- -- (135,033) Purchase of equipment (11,044) (23,535) (225,271) --------- --------- ----------- Net cash used by investing activities (11,044) (23,535) (360,304) --------- --------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of notes -- -- 50,000 Proceeds from issuance of notes to related parties -- -- 345,773 Payments of notes to related parties (25,000) -- (43,422) Issuance of common stock for cash -- 122,600 4,307,997 Purchase of certificate of deposit -- -- (100,000) --------- --------- ----------- Net cash provided by (used in) financing activities (25,000) 122,600 4,560,348 --------- --------- ----------- Net (decrease) increase in cash (253,630) (19,314) 26,369 CASH, BEGINNING OF PERIOD 279,999 184,461 -- --------- --------- ----------- CASH, END OF PERIOD $ 26,369 $ 165,147 $ 26,369 ========= ========= =========== SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Acquisition of intangibles for debt $ -- $ -- $ 1,185,475 Conversion of debt to equity $ -- $ -- $ 1,165,953 Cash paid for: Interest $ -- $ -- $ 2,134
The accompanying notes are an integral part of these financial statements 6 SIONIX CORPORATION, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO UNAUDITED FINANCIAL STATEMENTS DECEMBER 31, 2000 1. BASIS OF PRESENTATION The accompanying unaudited financial statements of Sionix Corporation (the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2000 are not necessarily indicative of the results for any future period. These statements should be read in conjunction with the Company's audited financial statements and notes thereto for the year ended September 30, 2000. 2. RESTATEMENTS The cumulative column within the statements of operations and cash flows have been restated to include the write-off of obsolete intangibles and reflect the correct depreciation and amortization. 3. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the fiscal year 2001 presentation. 7 SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this Amendment to Report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: June 13, 2001 SIONIX CORPORATION By: /s/ JAMES J. HOUTZ ------------------------------- James J. Houtz, President By: /s/ ROBERT MCCRAY ------------------------------- Robert McCray, Chief Financial Officer