-----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, SmH/dWR2d27Xdlasc4aaht5bLOlz6TuEurqN0370JvwIqz4eJjMmBj/FWa/eOwzU WQVb43ZLlyyjEP+mYlE/yw== 0001004522-99-000038.txt : 19991123 0001004522-99-000038.hdr.sgml : 19991123 ACCESSION NUMBER: 0001004522-99-000038 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MPM TECHNOLOGIES INC CENTRAL INDEX KEY: 0000799268 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 810436060 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-14910 FILM NUMBER: 99761733 BUSINESS ADDRESS: STREET 1: 222 W MISSION AVE STREET 2: STE 30 CITY: SPOKANE STATE: WA ZIP: 99201 BUSINESS PHONE: 5093263443 MAIL ADDRESS: STREET 1: 908 N HOWARD SUITE 100 STREET 2: 908 N HOWARD SUITE 100 CITY: SPOKANE STATE: WA ZIP: 99201 FORMER COMPANY: FORMER CONFORMED NAME: MONTANA PRECISION MINING LTD DATE OF NAME CHANGE: 19920703 10QSB 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 10-QSB Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange act of 1934 For the quarter ended September 30, 1999 Commission File Number 0-14910 MPM TECHNOLOGIES, INC. (Exact Name of Small Business Issuer as specified in its Charter) Washington 81-0436060 - -------------------------------- ----------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 222 W. Mission Ave. Suite 30 Spokane, WA 99201 - -------------------------------- ----------------------------- (Address of principal (Zip Code) executive offices) Issuer's telephone number, including area code: 509-326-3443 Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the 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. Yes X No___ As of November 8, 1999, the registrant had outstanding 2,627,961 shares of common stock which is the registrant's only class of stock. PART I - FINANCIAL INFORMATION Item 1. Financial Statements Financial Statements follow on the next page.
MPM TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS SEPTEMBER DECEMBER 30, 1999 31, 1998 (UNAUDITED) --------------- -------------- Current assets: Cash and cash equilavents $677,660 $2,634,570 Accounts receivable, net of allowance for doubtful accounts of $90,000 2,182,748 1,630,630 Inventories 351,693 496,964 Costs and estimated earnings in excess of billings 4,108,412 1,571,833 Other current assets 184,165 66,999 --------------- -------------- Total current assets 7,504,678 6,400,996 --------------- -------------- Property, plant and equipment, net 301,327 320,026 Mineral properties held for sale 1,086,346 1,086,346 Goodwill, net of accumulated amortization of $95,066 and $38,027 665,466 722,505 Note receivable 275,000 275,000 Purchased intangible, net of accumulated amortization of $185,625 and $135,000 489,375 540,000 Other assets, net 144,250 123,420 --------------- -------------- $10,466,442 $9,468,293 --------------- -------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $4,162,875 $821,600 Accrued expenses 198,648 386,869 Billings in excess of costs and estimated earnings 1,090,514 3,819,204 Accrued expenses - related party 63,116 63,116 Notes payable - 5,461 Related party debt 220,461 270,000 Current portion of long-term debt 43,034 43,034 Preferred stock deposit - 760,035 --------------- -------------- Total current liabilities 5,778,648 6,169,319 --------------- -------------- Long-term debt, less current portion 961,518 561,518 Negative goodwill, net of accumulated amortization of $236,222 and $165,356 708,667 779,533 --------------- -------------- Total liabilities 7,448,833 7,510,370 --------------- -------------- Commitments and contingencies Stockholders' equity: Common stock, $.001 par value, 100,000,000 shares authorized, 2,627,961 and 2,146,128 shares issued and outstanding 2,628 2,146 Additional paid-in capital 9,817,263 8,844,883 Accumulated deficit (6,802,282) (6,889,106) --------------- -------------- Total stockholders' equity 3,017,609 1,957,923 --------------- -------------- $10,466,442 $9,468,293 --------------- --------------
MPM TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Quarter Ended Nine Months Ended September 30, September 30, 1999 1998 1999 1998 (Restated) (Restated) ------------- ------------- ------------- ------------ Revenues $6,567,154 $3,691,118 $17,291,243 $7,079,491 Cost of sales 5,470,765 2,732,231 13,931,379 5,382,934 ------------- ------------- ------------- ------------ Gross margin 1,096,389 958,887 3,359,864 1,696,557 Selling, general and administrative expenses 1,049,579 898,227 2,948,251 1,871,321 ------------- ------------- ------------- ------------ Income (loss) from operations 46,810 60,660 411,613 (174,764) ------------- ------------- ------------- ------------ Other income (expense): Interest expense (27,912) (29,200) (377,709) (89,893) Other income, net 8,834 4,390 52,921 33,755 ------------- ------------- ------------- ------------ Net other income (expense) (19,078) (24,810) (324,788) (56,138) ------------- ------------- ------------- ------------ Income (loss) from continuing operations 27,732 35,850 86,825 (230,902) Discontinued operations: Loss from discontinued mining operations - (7,665) - (22,123) ------------- ------------- ------------- ------------ Net income (loss) $27,732 $28,185 $86,825 ($253,025) ------------- ------------- ------------- ------------ Basic earnings per share: Income (loss) from continuing operations $0.01 $0.02 $0.04 ($0.12) (Loss) from discontinued operations - - - ($0.01) ------------- ------------- ------------- ------------ Net income (loss) $0.01 $0.02 $0.04 ($0.13) ------------- ------------- ------------- ------------ Diluted earnings per share: Income (loss) from continuing operations $0.01 $0.02 $0.03 ($0.12) (Loss) from discontinued operations - - - ($0.01) ------------- ------------- ------------- ------------ Net income (loss) $0.01 $0.02 $0.03 ($0.13) ------------- ------------- ------------- ------------ Weighted average shares of common stock outstanding - basic 2,627,961 1,964,185 2,438,953 1,878,641 ------------- ------------- ------------- ------------ Weighted average shares of common stock outstanding - diluted 3,606,575 2,065,185 3,417,567 1,979,641 ------------- ------------- ------------- ------------
MPM TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended September 30, 1999 1998 (Restated) ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $86,825 ($253,025) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 95,705 25,339 Interest imputed on related party debt 14,071 20,390 Interest imputed on issue of stock 266,666 - Change in assets and liabilities: Accounts receivable (552,118) (1,678,011) Costs and estimated earnings in excess of billings (2,536,579) (474,869) Inventories 145,271 112,199 Other assets (137,996) (103,933) Accounts payable and accrued expenses 2,393,019 828,519 Billings in excess of costs and estimated earnings (2,728,690) 424,311 ------------- ------------- Net cash used in operating activities (2,953,826) (1,099,080) ------------- ------------- Cash flows from investing activities: Acquisition of property, plant and equipment (40,209) (201,122) Cash paid for business acquisition - (234,610) ------------- ------------- Net cash used in investing activities (40,209) (435,732) ------------- ------------- Cash flows from financing activities: Repayment of related party debt (49,539) - Repayment of notes payable (5,461) (220,608) Repurchase and retirement of common stock (7,875) (24,608) Proceeds from preferred stock deposit - 375,000 Proceeds from stock issue 700,000 - Proceeds from related party debt 400,000 10,000 ------------- ------------- Net cash provided by financing activities 1,037,125 139,784 ------------- ------------- Net decrease increase in cash and cash equivalents (1,956,910) (1,395,028) Cash and cash equivalents, beginning of period 2,634,570 2,010,596 ------------- ------------- Cash and cash equivalents, end of period $677,660 $615,568 ------------- ------------- Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $4,036 $ 74,697 Income taxes $ - $ - Non-cash investing and financing activities: Issue of shares of common stock for acquisition of subsidiary $ - $ 300,000 Issue of shares under an agreement with an unrelated entity $ - $ 50,000 Related party debt converted to and property exchanged for shares of common stock $ - $ 377,665 Business acquisition: Fair value of assets acquired $ - $ 337,577 Purchase price in excess of net assets acquired - 760,532 Liabilities assumed - (563,499) Common stock issued - (300,000) ------------- ------------- Cash paid for acquisition $ - $ 234,610 ------------- -------------
MPM TECHNOLOGIES, INC. AND SUBSIDIARIES NOTES TO FINANCIAL STATEMENTS 1. Unaudited Financial Statements These financial statements should be read in conjunction with the audited financial statements included in the Annual Report on Form 10-KSB for the year ended December 31, 1998. Since certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting standards have been omitted pursuant to the instructions to Form 10-QSB of Regulation S-X as promulgated by the Securities and Exchange Commission, these financial statements specifically incorporate by reference the footnotes to the consolidated financial statements of the Company as of December 31, 1998. In the opinion of management, these unaudited interim financial statements reflect all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows of the Company. Such adjustments consisted only of those of a normal recurring nature. Results of operations for the period ended September 30, 1999 should not necessarily be taken as indicative of the results of operations that may be expected for the entire year 1999. 2. Earnings Per Share Earnings per share ("EPS") is computed by dividing net income (loss) by the weighted average number of common shares outstanding in accordance with Statement of Financial Accounting Standards No. 128, "Earnings Per Share". The following table reconciles the number of common shares used in the basic and diluted EPS calculations: For the Nine Months Ended September 30, 1999 Weighted- Net Average Per-Share Income Shares Amount ---------- ----------- ------------ Basic EPS Income available to common stockholders $ 86,825 2,438,953 $ 0.04 Effect of Dilutive Securities Common stock options - 978,614 (0.01) ---------- ----------- ------------ Diluted EPS Income available to common stockholders - assumed conversions $ 86,825 3,417,567 $ 0.03 ---------- ----------- ------------ For the Three Months Ended September 30, 1999 Weighted- Net Average Per-Share Income Shares Amount ----------- ------------- ------------- Basic EPS Income available to common stockholders $ 27,732 2,627,961 $ 0.01 Effect of Dilutive Securities Common stock options - 978,614 - ----------- ------------- ------------- Diluted EPS Income available to common stockholders - assumed conversions $ 27,732 3,606,575 $ 0.01 ----------- ------------- ------------- At September 30, 1998, outstanding options to purchase 101,000 shares of the Company's common stock were not included in the computation of diluted EPS as their effect would have been antidilutive. Accordingly, basic and diluted EPS are the same for the three and nine months ended September 30, 1998. 3. Segment Information The Company's consolidated financial statements include certain reportable segment information. These segments include Huntington Environmental Systems, Inc., a wholly owned subsidiary engaged in designing, engineering, supplying and servicing air pollution control systems which primarily utilize heat and chemicals to control air pollution, and AirPol, Inc., a wholly owned subsidiary engaged in designing, engineering, supplying and servicing air pollution control systems which utilize wet and dry scrubbers, wet electrostatic precipitators and venturi absorbers to control air pollution. The Company evaluates the performance of these segments based upon multiple variables including revenues and profit or loss. The segments' profit and loss components and schedule of assets as of September 30, 1999 are as follows: Air Air Pollution Pollution Control Control All (Heat) (Scrubbers) Others Total Revenue external $ 7,157,272 $10,133,971 $ - $17,291,243 Revenue internal - - 88,000 88,000 Segment profit (loss) 277,231 480,987 (671,393) 86,825 Segment assets 4,085,415 4,998,893 4,829,241 13,913,549 Reconciliation of segment revenues, net income, and other significant items for the three and nine months ended September 30, 1999 and 1998 are as follows: Nine months Three months ended ended Revenues September 30, September 30, 1999 1999 --------------- --------------- Total revenues for reportable segments $ 17,291,243 $ 6,567,154 Other revenues 88,000 22,000 Elimination of intersegment revenues (88,000) (22,000) --------------- --------------- Total consolidated revenues $ 17,291,243 $ 6,567,154 --------------- --------------- Profit or loss Total profit (loss) for reportable segments $ 758,218 $ 236,286 Other profit or loss (671,393) (208,554) --------------- --------------- Total consolidated profit or loss $ 86,825 $ 27,732 --------------- --------------- Nine months Three months ended ended Revenues September 30, September 30, 1998 1998 --------------- --------------- Total revenues for reportable segments $ 7,079,491 $ 3,691,118 Other revenues 81,000 33,000 Elimination of intersegment revenues (81,000) (33,000) --------------- --------------- Total consolidated revenues $ 7,079,491 $ 3,691,118 --------------- --------------- Profit or loss Total profit (loss) for reportable segments $ (45,341) $ 54,047 Other profit or loss (207,684) ( 25,862) --------------- --------------- Total consolidated profit or loss $ 253,025) $ 28,185 --------------- --------------- Reconciliation of segment total assets and other significant items at September 30, 1999 are as follows: Assets Total assets for reportable segments $ 9,084,308 Other assets 4,829,241 Assets of discontinued operation - Elimination of intersegment assets (3,447,107) --------------- Total consolidated assets $ 10,466,442 --------------- 4. Financing In December 1998, MPM filed a registration statement with the Securities and Exchange Commission, and received funds pending the completion of the registration statement. Pursuant to an agreement in April 1999, an MPM director invested $1,100,000 in cash which was used to repay the funds received and many of the related expenses. MPM then formally withdrew its registration statement. Under the terms of the agreement, MPM issued 150,000 shares of its common stock at the market price in exchange for $300,000, and issued convertible debentures aggregating $400,000 which could be converted to MPM common stock at a discount. The debentures were converted concurrently with the stock issue resulting in issuing an additional 333,333 shares of common stock. The amount of the discount is treated as a current period expense with the offset being credited to additional paid-in capital. The effect on MPM's results for the three and nine months ended September 30, 1999 was to decrease net income by approximately $267,000. The $400,000 balance of the $1,100,000 was a note payable with interest only payments at 8% per annum through March 2004 with the balance due April 2004. PART I Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Results of Operations MPM Technologies, Inc. ("MPM") acquired certain of the assets and assumed certain of the liabilities of a part of a division of FLS miljo, Inc. as of July 1, 1998. MPM formed AirPol, Inc. ("AirPol") to run this air pollution control business. AirPol designs, engineers, supplies and services air pollution control systems for Fortune 500 and other industrial and environmental companies. The technologies of AirPol utilize wet and dry scrubbers, wet electrostatic precipitators and venturi absorbers to control air pollution. AirPol brought over 30 years experience to MPM through its technologies and employees. As of April 1, 1997, MPM acquired certain of the assets and assumed certain of the liabilities of a portion of a division of United States Filter Corporation, and formed Huntington Environmental Systems, Inc. ("HES") to operate this air pollution control business. HES designs, engineers, supplies and services high temperature and chemical air pollution control systems for Fortune 500 and other industrial and environmental companies. HES brought has over 25 years of experience and over 300 installations across the globe to MPM through its technologies and employees. Both HES's and AirPol's engineering staffs are uniquely prepared to address the full scope of customers' process problems. Their policies of handling clients' individual concerns include in-depth analysis and evaluation, followed by complete engineering and design services leading to application-specific engineered solutions. MPM holds a 58.21% interest in Nupower Partnership through its wholly-owned subsidiary, Nupower, Inc. Nupower Partnership is engaged in the development and commercialization of a waste-to-energy process which has been named "Skygas". Skygas is an innovative technology for the disposal and gasification of carbonaceous wastes such as municipal solid waste, municipal sewage sludge, pulp and paper mill sludge, auto fluff, medical waste and used tires. The process converts solid and semi-solid wastes into a clean-burning medium BTU gas that can be used for steam production for electric power generation. The gas may also be a useful building block for downstream conversion into valuable chemicals. MPM controls 32 claims on approximately 1,000 acres in the historical Emery Mining District in Montana through its wholly-owned subsidiary, MPM Mining, Inc. In accordance with the Board of Directors' mandates, MPM's management is actively seeking out mining and other businesses to purchase its mining properties and equipment. HES and AirPol are active continuing concerns. The development of the Skygas process through Nupower Partnership is also ongoing. No other operations were conducted. Accordingly, the financial statements for the nine months ended September 30, 1999 include the operations of HES, AirPol, Skygas and MPM, and for the nine months ended September 30, 1998, include HES, Skygas and MPM, and AirPol for three months since it was acquired July 1, 1998. MPM's consolidated net income for the nine months ended September 30, 1999 was $86,825, or $0.04 per share compared to a loss of $253,025, or $0.13 per share for the nine months ended September 30, 1998. This was due to the performance of AirPol for the first nine months of 1999, and improved results for HES for the same period. MPM's results for the nine months ended September 30, 1999 included one-time charges related to its aborted preferred stock offering and registration filing, and subsequent funding by a director of the Company. These charges aggregated to approximately $360,000. Without these charges, MPM's basic earnings per share for the nine months ended September 30, 1999 would have been approximately $0.19. Management expects that MPM's performance will continue to improve during upcoming quarters. This is based on its backlog of work at September 30, 1999 of approximately $7,540,000, more concentrated sales efforts in the fourth and subsequent quarters from additional salesmen along with specific cost cuts where warranted. MPM had previously announced that it had agreed in principal with a consortium in Europe to furnish four to five Skygas units initially, with an additional 11 to 12 units to follow by 2003. The first of these units was to begin construction late in the third quarter of 1999 with an anticipated completion date in mid 2000. Negotiations are actively continuing, but an agreement has not been finalized to date. This will delay construction of the first unit until late in the fourth quarter or early in the first quarter 2000. Management expects revenues from these units will begin to enhance MPM's financial results in the first quarter 2000. Total funding to be provided by the consortium for these units is approximately $125,000,000. Nine and three months ended 9/30/99 compared to nine and three months ended 9/30/98 For the nine months ended 9/30/99, MPM had net income of $86,825, or $0.04 per share compared to a net loss of $253,025, or $0.13 per share for the nine months ended 9/30/98. Revenues increased 144.2% to $17,291,491 for the nine months ended 9/30/99 compared to $7,079,491 for the nine months ended 9/30/98. This was primarily due to the addition of nine months of AirPol's operations in 1999 compared to only three months of AirPol's operations in 1998, and improvements in revenues at HES. Costs of sales increased 158.8% to $13,931,379 for the nine months ended September 30, 1999 compared to $5,382,934 for the nine months ended September 30, 1998. This was due to the aforementioned inclusion of AirPol's operations for nine months in 1999 compared to three months in 1998. Operating expenses were up 57.5% to $2,948,251 for the nine months ended September 30, 1999 compared to $1,871,321 for the nine months ended 9/30/98. This was also due to the inclusion of the AirPol results for nine months in 1999 and three months in 1998. Working capital at 9/30/99 was $1,726,030 compared to $171,597 at 9/30/98. For the three months ended 9/30/99, MPM had net income of $27,732, or $0.01 per share compared to a net income of $28,185, or $0.02 per share for the three months ended 930/98. Revenues increased 77.9% to $6,567,154 for the three months ended 9/30/99 compared to $3,691,118 for the three months ended 9/30/98. This was due improved revenues at both HES and AirPol for the quarter ended September 30, 1999 compared to 1998. Costs of sales increased 100.2% to $5,470,765 for the three months ended September 30, 1999 compared to $2,732,231 for the three months ended September 30, 1998. This was due to the increased revenues at both HES and AirPol along with somewhat smaller profit margins due to the competitive market conditions. Operating expenses were up 16.9% to $1,049,579 for the three months ended September 30, 1999 compared to $898,227 for the three months ended 9/30/98. This was primarily due to costs related to moving the corporate headquarters of AirPol during the 1999 quarter. Financial Condition and Liquidity For the nine months ended September 30, 1999, funds for operations were provided by cash reserves previously generated from the continuing operations of HES and AirPol. In December 1998, MPM filed a registration statement with the Securities and Exchange Commission, and received funds pending the completion of the registration statement. Pursuant to an agreement in April, a director invested $1,100,000 in cash which was used to repay the funds received in anticipation of the registration and many of the related expenses. MPM then formally withdrew its registration statement. Under the terms of the agreement with the director, MPM issued 150,000 shares of its common stock at the market price for $300,000, and convertible debentures for the issue of additional shares of common stock at a discount for $400,000. The debentures were converted concurrently with the issue of the original shares, and resulted in an additional 333,333 shares of common stock being issued. The amount of the discount is treated as a current period expense with the offset being credited to additional paid in capital. The effect on MPM's results for the nine months ended September 30, 1999 was to decrease net income by approximately $267,000. The balance of $400,000 was in the form of an 8% note payable to the director with interest only payments due monthly through March 2004, and the principal balance due in April 2004. Current cash reserves and continuing operations are believed to be adequate to fund MPM's and its subsidiaries' operations for the foreseeable future. MPM is considering alternative sources of capital such as private placements, stock offerings and loans from shareholders and officers to fund its current business and expand in other related areas through acquisitions. Impact of Year 2000 The Year 2000 Issue is the result of computer programs being written using two digits rather than four to define the applicable year. Any of MPM's computer programs or hardware that have date-sensitive software or embedded chips may recognize a date using "00" as the year 1900 rather than 2000. This could result in a system failure or miscalculations causing disruptions of operations. Based on recent and continuing assessments, MPM management has determined that its basic computer systems are year 2000 compliant, and will properly utilize dates beyond December 31, 1999. MPM also identified other areas where minor modifications were required for some of its less critical software to make it year 2000 compliant, and has completed the steps to make these areas year 2000 compliant. Accordingly, management believes that the Year 2000 Issue will not have a material impact on its operations. MPM has also made inquiries of its major suppliers to determine their systems' compliance with the Year 2000 Issue. Management has determined based on responses received to date that the majority of its suppliers are in compliance with the Issue. Accordingly, the effect of a third party's non-compliance is not expected to have a material impact on the financial condition of MPM. During the nine months ended September 30, 1999, MPM's expenditures on issues related to its compliance with the Year 2000 Issue were approximately $4,000. MPM expects to spend approximately $1,000 in the balance of 1999 to ensure that its systems are in compliance with the Year 2000 Issue. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company knows of no litigation present, threatened or contemplated or unsatisfied judgment against the Company, its officers or directors or any proceedings in which the Company, its officers or directors are a party. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS The rights of the holders of the Company's securities have not been modified nor have the rights evidenced by the securities been limited or qualified by the issuance or modification of any other class of securities. ITEM 3. DEFAULTS UPON SENIOR SECURITIES There are no senior securities issued by the Company. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS There were no matters presented to the shareholders for vote during the third quarter of 1999. 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 thereunto duly authorized. MPM Technologies, Inc. November 12, 1999 /s/ Robert D. Little --------------------------- ------------------------------ (date) Robert D. Little Corporate Secretary EX-27 2
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