-----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, ClAXvO7v7KFZwTtxnjpAJTrP6E3L1EgCfiRmPT6bVLy8lAptXZjlCnPkSOHE82eN A7w9Yo0OwlKA0YXTPD7XOw== 0000726435-98-000033.txt : 19980504 0000726435-98-000033.hdr.sgml : 19980504 ACCESSION NUMBER: 0000726435-98-000033 CONFORMED SUBMISSION TYPE: 10KSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980501 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MALEX INC CENTRAL INDEX KEY: 0000819926 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 752235008 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10KSB SEC ACT: SEC FILE NUMBER: 033-16335 FILM NUMBER: 98608545 BUSINESS ADDRESS: STREET 1: 17770 PRESTON RD STREET 2: CAMELOT PLACE CITY: DALLAS STATE: TX ZIP: 75252 BUSINESS PHONE: 2147333005 MAIL ADDRESS: STREET 1: 17770 PRESTON RD CITY: DALLAS STATE: TX ZIP: 75252 10KSB 1 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-KSB (Mark One) [x] Annual report under Section 13 or 15 (d) of the Securities Exchange Act of 1934 (Fee required) For the fiscal year ended April 30, 1998 [ ] Transition report under Section 13 or 15 (d) of the Securities Exchange Act of 1934 (No fee required) For the transition period from ___________ to ___________ Commission file number 33-16335 MALEX, INC. (Name of Small Business Issuer in Its Charter) DELAWARE 74-2235008 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 2415 Midway Road, Suite 121, Carrollton, Texas 75006 (Address of Principal Executive Offices) (Zip Code) (972) 733-3005 (Issuer's Telephone Number, Including Area Code) Securities registered under Section 12(b) of the Exchange Act: Name of Each Exchange Title of Each Class on Which Registered None None Securities registered under Section 12(g) of the Exchange Act: None (Title of Class) 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 past 90 days. [x] Yes [ ] No Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in a definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. [x] Issuer's revenues for its most recent fiscal year is $ - . As of April 30, 1998, the aggregate market value of the voting stock hold by non-affiliates was $131,206. The number of shares outstanding of the Registrant's common stock $0.00002 par value was 8,400,000 at April 30, 1998 Documents Incorporated by Reference. None Item 1. Business Malex, Inc. (Registrant) was incorporated in Delaware on June 24, 1987, as a wholly owned subsidiary of Forme Capital, Inc. and on December 9, 1987 all Registrant's issued shares were distributed to Forme stockholders. Registrant has no operations or substantial assets, and through Forme intends to seek out and obtain candidates with which it can merge or whose operations or assets can be acquired through the issuance of common stock and possibly debt. All costs incurred up to a maximum amount of $9,200 will be paid by Forme. Existing shareholders of Registrant will, in all probability, experience significant dilution of their ownership of Registrant and should experience an appreciation in the net book value per share. Management will place no restrictions on the types of businesses which may be acquired. In determining the suitability of a combination partner, Management will require that the business being acquired has a positive net worth, that it show evidence of being well-managed, and that its owners and management have a good reputation within the business community. Management intends to seek out business combination partners by way of its business contacts, including possible referrals from the Registrant's accountants and attorneys, and may possibly utilize the services of a business broker. Registrant is now seeking an acquisition and/or merger transaction, and is effectively a blind pool company. Item 2. Properties Registrant shares offices at 2415 Midway Road, Suite 121, Carrollton, Texas 75006 with an affiliate of its President on an informal basis. Item 3. Legal Proceedings No legal proceedings to which the Registrant is a party is subject or pending and no such proceedings are known by the Registrant to be contemplated. There are no proceedings to which any director, officer or affiliate of the Registrant, or any owner of record (or beneficiary) of more than 5% of any class of voting securities of the Registrant is a party adverse to the Registrant. Item 4. Submission of Matters to a Vote of Security Holders No matters were submitted to a vote of security holders. PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters Registrant's common stock is traded over-the-counter (symbol MLEX) and the market for the stock has been relatively inactive. The range of high and low bid quotations for the quarters since April, 1996. The quotations are taken from the "pink sheets" of the National Quotation Bureau and the OTC Bulletin Board data available on the Internet. They reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not necessarily represent actual transactions. Bid Ask Quarter Ending Low High Low High April 30, 19980.015625 0.015625 0.25 0.25 January 31, 19980.0156250.015625 0.25 0.25 October 31, 19970.0156250.015625 0.25 0.25 July 31, 1997 0.015625 0.015625 0.25 0.25 April 30, 19970.015625 0.015625 0.25 0.25 January 31, 19970.0156250.015625 0.25 0.25 October 31, 19960.0156250.015625 0.25 0.25 July 31, 1996 0.015625 0.015625 0.25 0.25 April 30, 19960.015625 0.015625 0.25 0.25
As of April 30, 1998, there were approximately 1000 shareholders on record of Registrant's common stock, including the shares held in street name by brokerage firms. Item 6.Selected Financial Data Year Ended Year Ended Year Ended April 30, 1998 April 30, 1997 April 30, 1996 Gross Revenue $ - $ - $ - Income (loss) from continuing operations - - - Income (loss) from continuing operations per share - - - Total Assets 470 470 470 Long-term Obligations and redeemable Preferred Stock - - - Cash Dividends Per Share - - -
Item 7. Management Discussion and Analysis of Financial Condition and Results of Operations Registrant has no operations or substantial assets and intends to seek out and obtain candidates with which it can merge or whose operations or assets can be acquired through the issuance of common stock and possibly debt. Following a distribution of its common stock to the shareholders of Forme Capital, Inc. the Registrant has approximately 1000 shareholders. It is the present expectation of the Management of Registrant that in connection with any such merger or acquisition of operations or assets that the Management of Registrant will be transferred to the new controlling shareholders. The Management of Registrant intends to negotiate covenants with any such company or controlling shareholders that it/they will maintain Registrant's registration with the Securities and Exchange Commission, comply with the terms of its Articles of Incorporation and Bylaws in all respects, maintain and promote an orderly market in Registrant's Common Stock and otherwise treat Registrant's shareholders fairly. Liquidity and Capital Resources Registrant is a development-stage company and has not conducted any business operations as yet. The Registrant's cash resources and liquidity are extremely limited. The Registrant has no assets to use as collateral to allow the Registrant to borrow, and there is no available external funding source other than Forme which has agreed to provide up to $9,200 for expenses connected with the attempt to find a business combination partner. If no combination partner can be found within twelve months, Registrant will experience severe cash flow difficulties. Registrant's principal needs for capital are for Securities and Exchange Commission reporting requirements, bookkeeping and professional fees. Item 8. Financial Statement and Supplementary Data Index to Financial Statements Report of Independent Certified Accountants Financial Statements for April 30, 1998, and 1997 Balance Sheets Statement of Operations Statement of Changes in Stockholders Equity Statement of Cash Flows Notes to Financial Statements Larry O'Donnell, CPA, P.C. Telephone 745-4545 2280 South Xanadu Way Suite 370 Aurora, Colorado 80014 Independent Auditor's Report Board of Directors and Stockholders Malex, Inc. I have audited the accompanying balance sheet of Malex, Inc. as of April 30, 1998 and the related statements of operations, changes in stockholders' equity and cash flows for the years ended April 30, 1998 and 1997. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Malex, Inc. as of April 30, 1998 and the results of their operations and their cash flows for the years ended April 30, 1998 and 1997, in conformity with generally accepted accounting principles. Larry O'Donnell, CPA, P.C. May 1, 1998 MALEX, INC. (a development stage company) BALANCE SHEETS For the year ended April 30, 1998 ASSETS Year Ended April 30, 1998 CURRENT ASSETS Cash $ 470 Total assets $ 470 LIABILITIES AND STOCKHOLDERS EQUITY LIABILITIES Current Liabilities $ - Note Payable - Affiliate - Total Liabilities $ - Stockholders' equity: Common stock (number of shares authorized 75,000,000, issued and outstanding 8,400,000 shares, par value $.00002/share $168 Additional paid in capital $2,097 Retained earnings (deficit) $(1,795) Stockholders' Equity $470 Total Liabilities and Stockholders' Equity $ 470
The accompanying notes are an integral part of these financial statements. MALEX, INC. (a development stage company) STATEMENTS OF OPERATION For the years ended April 30, 1998 and April 30, 1997 Year Ended Year Ended April 30, 1998 April 30, 1997 Income $ - $ - Expenses - General and administrative - - Net Income (loss) $ - $ - Earnings per common share* - - *(less than $0.001 per share) Weighted average number of shares outstanding 30,537,500 32,550,000
The accompanying notes are an integral part of these financial statements. MALEX, INC. (a development stage company) STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY For the years ended April 30, 1998, 1997 and 1996 Common Deficit Stock Additional During the Shares Par Paid-In Development Shareholders Issued Value Capital Stage Equity Balance at April 30, 1996 32,550,000 $ 651 $ 1,614 $ (1,795) $ 470 Net profit (loss) for the period ended April 30, 1997 - - - - - Balance at April 30, 1997 32,550,000 $ 651 $ 1,614 $ (1,795) $ 470 Net profit (loss) for the period ended April 30, 1998 - - - - - Cancellation and Retirement of outstanding shares without compensation 24,150,000 (483) 483 - - Balance at April 30, 1998 8,400,000 $ 168 $2,097 $ (1,795) $ 470
The accompanying notes are an integral part of these financial statements. MALEX, INC. (a development stage company) STATEMENT OF CASH FLOWS For the years ended April 30, 1998 and April 30, 1997 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES $ - $ - TOTAL CASH RECEIVED - - Cash paid to Employees and Other Suppliers of Goods & Services - - NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES - - CASH FLOWS FROM INVESTING ACTIVITIES - - NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES - - CASH FLOWS FROM FINANCIAL ACTIVITIES - - NET CASH PROVIDED (USED) BY FINANCIAL ACTIVITIES - - NET INCREASE (DECREASE) IN CASH - - BEGINNING CASH BALANCE 470 470 CASH BALANCE AT APRIL 30 $ 470 $ 470
The accompanying notes are an integral part of these financial statements. MALEX, INC. (a development stage company) Notes to Financial Statements Organization and Summary of Significant Accounting Policies This summary of significant accounting policies is presented to assist in understanding the financial statements of Malex, Inc. These accounting policies conform to generally accepted accounting principles. Organization The Company was organized on June 24, 1987 as a Delaware corporation and a fiscal year end of April 30 was selected. The Company was formed by Forme Capital, Inc. which distributed 100% of the Common Stock in issue to its stockholders in December, 1987. Planned principal operations of the Company have not yet commenced and activities to date have been primarily organizational in nature. The Company intends to evaluate, structure and complete a merger with, or acquisition of, prospects consisting of private companies, partnerships or sole proprietorships. Income Taxes For the year ended April 30, 1997 and 1998, the Company has incurred approximately $1,780 in operating losses. Since realization of the tax benefits of these net operating losses is not assured beyond any reasonable doubt, no recognition has been given to possible future tax benefits in the April 30, 1998 financial statements. Net Income (Loss) Per Common Share The net income/loss per common share is computed by dividing the net income (loss) for the period by the number of shares outstanding at April 30, 1998. Capital Stock On March 14, 1994, shareholders approved an increase in the number of authorized shares and a reduction in the par value of each share. The number of shares authorized are 75,000,000, number of shares issued and outstanding are 8,400,000 and the par value of each share is $0.00002. The holders of the Company's stock are entitled to receive dividends at such time and in such amounts as may be determined by the Company's Board of Directors. All shares of the Company's Common Stock have equal voting rights, each share being entitled to one vote per share for the election of directors and for all other purposes. During April 1998, Mick Y. Wettreich tendered 24,134,000 of his shares for retirement by the Company thereby reducing the number of shares outstanding. Related Party Transactions NONE Registration Statement These statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Registration Statement under the Securities Act of 1933 (with amendments) effective December 9, 1987. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results differ from the estimates. Item 9. Disagreements on Accounting and Financial Disclosure A Form 8-K dated April 29, 1998 was filed to report a change in accountants. There has not been a filing to report a disagreement on any matter of accounting principle or financial statement disclosure, within 24 months of the date of the most recent statements. PART III Item 10. Directors and Executive Officers of the Registrant The following persons serve as directors and/or officers of the Registrant: Name Age Position Period Served Term Expires Daniel Wettreich 46 President, June 24, 1987 Next Annual Treasurer, Meeting Jeanette Fitzgerald 36 Director, March 14,1994 Next Annual Secretary Meeting Daniel Wettreich Daniel Wettreich is Chairman, President and Director of the Company since December 1986. Since 1981, he has been the President and Director of Wettreich Financial Consultants, Inc., a financial consulting company. Additionally, he currently holds directors positions in the following public companies Camelot Corporation(1) , a software company, Forme Capital, Inc., a real estate company; and Alexander Mark Investments (USA), Inc., Adina, Inc., Tussik, Inc., and Constable Group plc which are dormant companies seeking merger opportunities. In July 1993, he was appointed a Director of Goldstar Video Corporation(2) following an investment by Camelot. From January 1985 to February 1988 he was a founding director of Phoenix Network, Inc., a public telecommunications company listed on the American Stock Exchange. Mr. Wettreich has a Bachelor of Arts in Business Administration from the University of Westminister, London, England. Jeanette P. Fitzgerald Jeanette Fitzgerald is the Secretary and a Director since January 1991. She is a member of the State Bar of Texas and the Business Law and Oil, Gas and Mineral Law sections. She is also a Director of Wettreich Financial Consultants, Inc. Further, she is a Director of Camelot Corporation Tussik, Inc., Forme Capital, Inc., Adina, Inc., and Alexander Mark Investments (USA), Inc., which are public companies. In July 1993, she was appointed a Director of Goldstar Video Corporation(2) following an investment by Camelot. She graduated from Texas Tech University School of Law receiving both a Doctorate of Jurisprudence and a Masters of Business Administration in May 1986. Previous to that, she graduated from the University of Michigan with a Bachelors of Business Administration in December 1982. (1) A subsidiary of Camelot Corporation, Camelot Entertainment filed Chapter 7 liquidation in January, 1995. (2) Goldstar Video Corporation filed for protection from creditors pursuant to Chapter 11 in October, 1993, and has converted to a liquidation proceeding. Item 11. Executive Compensation The following table lists all cash compensation paid to Registrant's executive officers as a group for services rendered in all capacities during the fiscal year ended April 30, 1998. No individual officer received compensation exceeding $100,000; no bonuses were granted to any officer, nor was any compensation deferred. CASH COMPENSATION TABLE Name of individual Capacities in Cash Number in Group Which Served Compensation NONE Directors of the Registrant receive no salary for their services as such, but are reimbursed for reasonable expenses incurred in attending meetings of the Board of Directors. Registrant has no compensatory plans or arrangements whereby any executive officer would receive payments from the Registrant or a third party upon his resignation, retirement or termination of employment, or from a change in control of Registrant or a change in the officer's responsibilities following a change in control. Item 12.Security Ownership of Certain Beneficial Owners and Management The following table shows the amount of common stock, $0.00002 par value, owned as of April 30, 1998 , by each person known to own beneficially more than five percent (5%) of the outstanding common stock of the Registrant, by each director, and by all officers and directors as a group (2 persons). Each individual has sole voting power and sole investment power with respect to the shares beneficially owned. Name and Address of Amount and Nature of Percent Beneficial Owner Beneficial Ownership of Class Daniel Wettreich 2,800 (1) 0% 2415 Midway Road, Suite 121 Carrollton, Texas 75006 Jeanette Fitzgerald 0 0% 2415 Midway Road, Suite 121 Carrollton, Texas 75006 All Officers and Directors as a group (2 persons) 2,800 (1) 0% Abuja Consultancy, Ltd. 7,799,190 92.84% Oceanic House P.O. Box 107 Duke Street Grand Turk Turks & Caicos Islands
(1) These shares are owned by companies of which Mr. Wettreich is an officer and/or director. He has disclaimed all ownership interest in these shares. Item 13. Certain Relationships and Related Transactions During April 1998, Mick Y. Wettreich sold 7,150,000 Malex shares to Abuja Consultancy Ltd. He also surrendered 24,134,000 Malex shares to the Company for retirement without payment of any compensation. PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K (a)(1) The following financial statements are included in Part II, Item 8 of this report for fiscal year ended April 30, 1998. Balance Sheets Statements of Operations Statements of Changes in Stockholders' Equity Statements of Cash Flows Notes to Consolidated Financial Statements (a)(2) All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and have therefore been omitted. (a)(3) Exhibits included herein: NONE Reports on Form 8-K: April 29, 1998 reporting Items 1 and 4 reflecting a change of auditors and a change of control of the Company. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MALEX, INC. (Registrant) By:/s/Daniel Wettreich Daniel Wettreich, President Date: May 1, 1998 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By:/s/Daniel Wettreich Daniel Wettreich, Director; President (Principal Executive Officer); Treasurer (Principal Financial Officer) Date: May 1, 1998 By:/s/Jeanette Fitzgerald Jeanette Fitzgerald, Director, Secretary Date: May 1, 1998 EX-27 2
5 0000819926 MALEX,INC. 12-MOS APR-30-1998 APR-30-1998 470 0 0 0 0 470 0 0 470 0 0 0 0 168 302 470 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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