-----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, UIw9Bu3ZnUnXhFbYvrQb5qlju7CW9x7xO+G5yUlzZ5FbhqncbdQbq47QT9hrs3di qogTnp/uveDkHTXnm1JZfQ== 0000903893-96-000974.txt : 19961118 0000903893-96-000974.hdr.sgml : 19961118 ACCESSION NUMBER: 0000903893-96-000974 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORBIS INC CENTRAL INDEX KEY: 0000799514 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 050396504 STATE OF INCORPORATION: RI FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15520 FILM NUMBER: 96665452 BUSINESS ADDRESS: STREET 1: 2 CHARLES ST CITY: PROVIDENCE STATE: RI ZIP: 02904 BUSINESS PHONE: 4018614228 MAIL ADDRESS: STREET 1: 2 CHARLES ST. CITY: PROVIDENCE STATE: RI ZIP: 02904 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------ FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal quarter ended Commission File September 30, 1996 Number 0-15520 ORBIS, INC. (Exact name of registrant as specified in charter) RHODE ISLAND 05-0396504 (State or other jurisdiction of (IRS - Employer Identification No.) incorporation or organization) 2 Charles Street Providence, RI 02904 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code: (401) 861-4228 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.01 par value Preferred Stock, $1.00 par value Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or 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 _____ Number of shares of Common Stock outstanding at September 30, 1996: 9,450,000 (does not include 80,468 shares of treasury stock) Number of shares of Preferred Stock outstanding at September 30, 1996: None TABLE OF CONTENTS ORBIS, INC. PART I - FINANCIAL INFORMATION Balance Sheet at September 30, 1996 and March 31, 1996 - - - - - - - - - - - - - - - - - Statements of Operations for the three months ended September 30, 1996 and 1995 and six months ended September 30, 1996 and 1995 Statements of Cash Flows for the six months ended September 30, 1996 and 1995 - - - - - - - - - Notes to Financial Statements - - - - - - - - - - - - - - - - - - - - - - - Management's Discussion of Analysis of Financial Condition and Results of Operations - - - - - - - - - - - - - - - - - - - - - - - - - - - PART II - OTHER INFORMATION ORBIS, INC. CONSOLIDATED BALANCE SHEETS at September 30, 1996 and March 31, 1996
Sept. 30 March 31 1996 1996 ----------- ---------- ASSETS (unaudited) (audited) Current Assets: Cash ............................................. $ 324 $ 303 Receivables ............................... 126,466 126,466 Allowance for doubtful accounts ........... (126,466) (126,466) Prepaid expenses .......................... 100 100 ------------- ------------ Total current assets ........................... $ 424 $ 403 Equipment and fixtures, at cost (Net of accumulated depreciation of $ 585,031 in September 1996, and $ 585,031 in March 1996) 0 0 Other assets ................................ 0 0 ------------- ------------ Total Assets ............................... $ 424 $ 403 ============= ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt ................ $ 0 $ 0 Other current liabilities ................. 2,300 0 ------------- ------------ Total current liabilities ...................... $ 2,300 $ 0 Long-term debt ............................... 0 0 ------------- ------------ Total Liabilities .......................... $ 2,300 $ 0 ------------- ------------ Stockholders' Equity Common stock and additional paid-in capital .................................. $ 3,339,634 $ 3,339,634 Preferred Stock ............................. 0 0 Retained earnings (deficit).................. (3,287,218) (3,284,939) Treasury stock .............................. (54,292) (54,292) ------------- ------------ Net stockholders' equity ....................... $ (1,876) $ 403 ------------- ------------ Total Liabilities and Stockholders' Equity . $ 424 $ 403 ============= ============
ORBIS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended Six Months Ended -------------------------- -------------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 1996 1995 1996 1995 -------------- -------------- -------------- -------------- (unaudited) (unaudited) Professional Services ...................... $ 0 $ 0 $ 0 $ 0 Licenses, facilities management, packages and VAR sales ................... 0 0 0 0 -------------- -------------- -------------- -------------- Gross Income ............................... 0 0 0 0 Cost of Goods Sold ......................... 0 0 0 -------------- -------------- -------------- -------------- Gross Profit ............................... 0 0 0 0 Operating Expenses ......................... 1,096 2,582 2,279 5,926 -------------- -------------- -------------- -------------- Income (Loss) From Operations .............. (1,096) (2,582) (2,279) (5,926) -------------- -------------- -------------- -------------- Other Income (Expense): .................... Net gain (loss) on disposition of assets . 0 0 0 0 Interest income .......................... 0 0 0 0 Interest expense ......................... 0 0 0 0 Miscellaneous income (expense)............ 0 0 0 0 -------------- -------------- -------------- -------------- Total other income (expense) net ....... 0 0 0 0 Net Income (loss) (1,096) (2,582) (2,279) (5,926) ============== ============== ============== ============== Earnings (loss) per share .................. ($0.0001) ($0.0004) ($0.0002) ($0.0009) Shares used in computing net income (loss) per share................................. 9,450,000 6,318,782 9,450,000 6,318,782
ORBIS INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996 AND 1995 - ------------------------------------------------------------------------------ 1996 1995 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net gain (loss)..................................... $ (2,279) $ ($5,926) ------------ ------------- Adjustments to reconcile net income to cash used for operating activities: Depreciation and amortization .................... (Gain) loss on disposition of assets ............. Provision for uncollectible accounts ............. Changes in assets and liabilities: Accounts receivable ............................ Investments ...................................... Prepaid expenses and deposits .................. 1,615 Trade notes receivable ......................... Accounts payable ............................... 2,300 7,560 Accrued expenses ............................... (500) ------------ ------------- Total adjustments .................................. 2,300 8,675 ------------ ------------- NET CASH USED FOR OPERATING ACTIVITIES ............. 21 2,749 ------------ ------------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of assets ....................... ------------ ------------- NET CASH PROVIDED BY INVESTING ACTIVITIES .......... 0 0 ------------ ------------- CASH FLOWS FROM FINANCING ACTIVITIES: Reduction of long-term debt ........................ Conversion of long term debt to equity ............. Proceeds from long-term debt ....................... Repayment of line-of-credit borrowings ............. ------------ ------------- NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 0 0 ------------ ------------- NET INCREASE (DECREASE) IN CASH .................... 21 2,749 CASH AND CASH EQUIVALENTS, APRIL 1 ................. 303 96 ------------ ------------- CASH AND CASH EQUIVALENTS, SEPTEMBER 30 ............ $324 $2,845 ============ =============
See supplemental disclosures to statements of cash flows. ORBIS INC. AND SUBSIDIARY SUPPLEMENTAL DISCLOSURES - STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED SEPTEMBER 30, 1996 AND 1995 - ------------------------------------------------------------------------------ 1996 1995 ---- ---- CASH PAID DURING THE PERIOD FOR: Interest ............................................ $ 0 $ 0 Income taxes ........................................ 0 0 NOTES TO FINANCIAL STATEMENTS ORBIS, INC. (UNAUDITED) 1. In management's opinion, the accompanying financial statements reflect all adjustments which are necessary to present fairly the Company's financial positions as of September 30, 1996 and the results of its operations and changes in its financial position for the interim periods ended September 30, 1996 and September 30, 1995. PART I ITEM 2 - MANAGEMENT'S DISCUSSION AND ANAYLSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ORBIS, INC. RESULTS OF OPERATIONS The net loss before taxes for the three month period ending September 30, 1996 was $1,096 which compares with a loss of $2,582 over the corresponding period one year ago. The net loss before taxes for the six month period ending September 30, 1996 was $2,279 which compares with a loss of $5,926 for the first six months of last year. The Company did not have any new sales for the period nor does the Company have any full-time employees at the present time. The officers and directors of the Company continue to work on a part-time basis without compensation in an effort to curtail expenses. LIQUIDITY AND CAPITAL RESOURCES An Information Statement was filed with the Securities and Exchange Commission on July 12, 1996 and is hereby incorporated by reference and is presently being amended. The Company expects that the meeting of stockholders will be held during early December 1996. PART II OTHER INFORMATION Item 1. Legal Proceedings: Not applicable Item 2. Changes in Securities: Not applicable Item 3. Defaults upon Senior Securities: Not applicable Item 4. Submission of Matters to a Vote of Security: Not applicable Item 5. Other information: Not applicable Item 6. Exhibits and Reports on FORM 8-K: None SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ORBIS, INC. --------------------- Registrant November 6, 1996 By: /s/ Pasquale Ruggieri ---------------------- Pasquale Ruggieri, Chief Executive Officer, President, Director and on behalf of the Registrant EX-27 2 FDS --
5 (Replace this text with the legend) 3-Mos Mar-31-1997 Sep-30-1996 324 0 126,466 126,466 0 424 585,031 585,031 424 2,300 0 0 0 9,450,000 0 424 0 0 0 0 1,096 0 0 0 0 0 0 0 0 (1,096) 0 0
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