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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 12b-25 NOTIFICATION OF LATE FILING SEC FILE NUMBER 1-14068 CUSIP NUMBER 817316 10 2 817316 11 0 817316 12 8 (Check One): X Form 10-K and Form 10-KSB Form 20-F Form 11-K Form 10-Q and Form 10-QSB Form N-SAR For Period Ended: December 31, 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 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 Full Name of Registrant: SEPRAGEN CORPORATION Former Name if Applicable: Address of Principal Executive Office (Street and Number): 30689 Huntwood Drive, Hayward, California 94544 PART II-RULES 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) X (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, 11-K or Form N-SAR, or
portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject
quarterly report of 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 the reasons why Form 10-K and Form 10-KSB, 20-F, 11-K, 10-Q, 10Q-SB, N-SAR, or
the transition report or portion thereof, could not be filed within the prescribed time period. Due to reduced staff and resources, Registrant was unable to complete all accounting and due diligence work for the
Report. Part IV - OTHER INFORMATION (1) Name and telephone number of person to contact in regard to this notification: Vinit Saxena (510) 476-0650 (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 answer is no, identify report(s): Yes X 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? Yes X 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. See attached. SEPRAGEN CORPORATION (Name of Registrant specified in charter) has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized. Date: 3/31/00 By: /s/Vinit Saxena Vinit Saxena President and CEO 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). DRAFT 3/31/00 SEPRAGEN CORPORATION BALANCE SHEET ASSETS December 31, LIABILITIES AND DEFICIT IN SHAREHOLDERS' EQUITY
1999
1998 Current assets:
Cash and cash equivalents
$358,233
$41,136
Accounts receivable, less allowance for doubtful
accounts
399,017
527,845
Inventories
260,536
445,392
Prepaid expenses and other
14,511
32,011
Total current assets
1,032,297
1,046,384
Furniture and equipment, net
103,012
179,258 Intangible assets, net
70,209
95,187
1,205,518
1,320,829
Current liabilities:
Accounts payable
$ 530,408
$ 965,678
Customer Deposit
-
40,797
Notes payable, including $375,000 from shareholders
425,000
235,000
Accrued payroll and benefits
152,681
156,063
Accrued liabilities
130,352
96,623
Interest payable
67,309
-
Total current liabilities
1,305,750
1,537,205 Preferred stock, no par value--5,000,000 shares authorized;
and 210,404 and 175,439 series A convertible, preferred
issued and outstanding
600,000
500,000 Commitments:
Class E common stock, no par value--1,600,000
shares authorized; 1,209,894 shares issued and
outstanding; redeemable at $.01 per share
-
-- Deficit in Shareholders' equity:
Class A common stock, no par value--20,000,000
shares authorized; 5,412,562 and 4,057,216 shares
issued and outstanding
10,685,091
9,752,226
Class B common stock, no par value--2,600,000
shares authorized; 701,177 shares issued and
outstanding
4,065,618
4,065,618
Additional paid in capital
202,220
202,220
Accumulated deficit
(15,653,161)
(14,736,440)
Total shareholders' deficit
(100,232)
(716,376)
$ 1,205,518
$1,320,829
DRAFT 3/31/98
SEPRAGEN CORPORATION
STATEMENTS OF OPERATIONS
for the years ended December 31, 1999 and 1998
For the Years Ended December 31, | |||
1999 | 1998 | ||
Revenues: | |||
Net sales | $ 1,689,932 | $ 1,987,086 | |
Costs and expenses: | |||
Cost of goods sold | 868,214 | 915,219 | |
Selling, general, and administrative | 1,114,408 | 1,218,808 | |
Research and development | 599,667 | 756,122 | |
Total costs and expenses | 2,582,289 | 2,890,149 | |
Loss from operations | (892,457) | (903,063) | |
Interest expense | (24,265) | (303,277) | |
Net loss | $(916,722) | $(1,206,340) | |
Loss per common share, basic and diluted | $(0.19) | $(0.41) | |
Weighted average common shares outstanding | 4,919,783 | 2,935,679 |
DRAFT 3/31/00
The following table is included as an aid to understanding the Company's operating results. The table sets forth the percentages which each item bears to revenues and the percentage change in dollar amounts from year to year.
Percentage Relationship to Revenues | Year to Year Percentage Increase (Decrease) | ||||
Percent of Revenues | Percent of Revenues | Year Ended | Year Ended | ||
Account Name | 1999 | 1998 | 1999 | 1998 | |
Revenues | 100% | 100% | (15)% | 23% | |
Cost and Expenses | |||||
Cost of goods sold | 51% | 46% | 5% | 3% | |
Selling, general and administrative | 66% | 61% | (9)% | (19)% | |
Research and development | 35% | 38% | (21)% | (12)% | |
Total costs and expenses | 152% | 145% | (11)% | (11)% | |
Loss from operations | (101)% | (45)% | (1)% | (45)% | |
Interest income and other, net | (1)% | (15)% | (92)% | 2939% | |
Net loss | (54)% | (61)% | (24)% | (27)% |