-----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, D32XDTlMns2H4ekxkQjawdQY1wEYJTmmdxLm9wjeDoDtkj+bYuoWuMP/u4Ajdwal /kgDtvxuz+2J4/ealtYKdQ== 0000919607-98-000141.txt : 19980406 0000919607-98-000141.hdr.sgml : 19980406 ACCESSION NUMBER: 0000919607-98-000141 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19980403 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VECTOR AEROMOTIVE CORP CENTRAL INDEX KEY: 0000830664 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 330254334 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-10559 FILM NUMBER: 98587139 BUSINESS ADDRESS: STREET 1: 975 MARTIN AVENUE CITY: GREEN COVE SPRINGS STATE: FL ZIP: 32043 BUSINESS PHONE: 9045290092 MAIL ADDRESS: STREET 1: 975 MARTIN AVENUE CITY: GREEN COVE SPRINGS STATE: FL ZIP: 32043 10-Q/A 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the nine months ended September 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] for the transition period from to Commission file number 0-17303 VECTOR AEROMOTIVE CORPORATION (Exact name of registrant as specified in its charter) NEVADA 33-0254334 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 975 MARTIN AVENUE GREEN COVE SPRINGS, FLORIDA 32043 (Address of principal executive offices, including Zip Code) Registrant's telephone number, including area code (904) 529-0092 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 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 No X APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $.01 par value per share; 53,609,387 shares outstanding as of June 30, 1997 Vector Aeromotive Corporation Condensed Balance Sheets (Unaudited) September 30, September 30, 1997 1996 ----------------------------------------------------------- Assets Current Assets Cash and cash equivalents $ (14) $ 783 Inventories 486,274 1,409,917 Prepaid Expenses - 3,620 Accounts and other receivables - 14,745 ----------------------------------------------------------- Total current assets 486,260 1,429,066 Property & Equipment 111,928 768,688 Other Assets 1,850 85,744 ----------------------------------------------------------- Total assets $ 600,038 $ 2,283,498 =========================================================== Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 700,796 $ 1,210,519 Accrued expenses 213,199 257,446 Other payables 286,935 - Loans payable to related parties - 487,024 Customer deposits 25,000 25,000 ---------------------------------------------------------- Total current liabilities 1,225,930 2,189,988 ---------------------------------------------------------- Long term liabilities Loans payable to related parties 1,317,489 - Notes payable 250,000 - Total long term liabilities 1,567,489 - ---------------------------------------------------------- Total liabilities 2,793,419 2,189,988 ---------------------------------------------------------- Stockholders' equity Common stock, par value $.01 per $ 536,395 $ 536,395 share, 600,000,000 shares authorized; issued and outstanding: 53,609,387 in 1997 and 53,609,387 in 1996 Capital in excess of par value 36,786,109 36,786,109 Accumulated deficit (39,515,886) (37,228,994) ---------------------------------------------------------- Total stockholders' equity (2,193,381) 93,510 ---------------------------------------------------------- Total liabilities and stockholders' equity $ 600,038 $ 2,283,498 ========================================================== See accompanying notes to unaudited condensed financial statements. Vector Aeromotive Corporation Condensed Statements of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 1997 1996 1997 1996 ----------------------------------------------------------- Sales $ 118,500 $ (9,483) $ 118,500 $ 610,878 Cost of sales 84,160 - 84,160 625,638 ----------------------------------------------------------- Gross profit (loss) 34,340 (9,483) 34,340 (14,760) ----------------------------------------------------------- Costs and expenses Manufacturing overhead - 164,995 - 605,132 General and administra- tive 257,232 271,252 680,747 1,792,985 Research and development - 449,593 - 1,184,245 ----------------------------------------------------------- Total costs and expenses 257,232 691,256 680,747 3,582,363 ----------------------------------------------------------- Operating profit (loss) (222,892) (700,739) (646,407)(3,597,123) Other income (expense) Interest and other income 500,000 25,929 500,000 111,572 Interest expense (12,398) - (31,102) - ---------------------------------------------------------- Net profit (loss) 264,710 (674,809) (177,509)(3,485,550) =========================================================== Net profit (loss) Per share $0.00 ($0.01) ($0.00) ($0.07) =========================================================== Weighted average common shares outstanding 53,609,387 53,609,387 53,609,387 52,559,514 =========================================================== See accompanying notes to unaudited condensed financial statements. Vector Aeromotive Corporation Condensed Statement of Shareholders' Equity (Unaudited) Capital in Common Stock Excess Of Accumulated Shares Amount Par Value Deficit Total ----------------------------------------------------------- Balance, December 31, 1996 53,639,599 $536,396 $36,786,109$(39,338,376)$(2,015,871) Net Profit (loss) (177,510) (177,510) ----------------------------------------------------------- Balance, Sept 30, 1997 53,639,599 $536,396 $36,786,109$(39,515,886)$(2,193,381) =========================================================== See accompanying notes to unaudited condensed financial statements. Vector Aeromotive Corporation Condensed Statements of Cash Flow (Unaudited) Nine Months Nine Months Ended Ended September 30, 1997 September 30, 1996 ----------------------------------------------------------- Cash flows from operating activities: Net profit (loss) $ (177,510) $(3,485,550) Adjustments to reconcile net profit loss) to net cash used in operating activities Depreciation and amortization 12,070 328,865 (Increase) decrease in Accounts receivable 155,000 - Inventories 70,338 (608,357) Prepaid expenses and other assets 15,628 260,941 Increase (decrease) in Accounts payable (9,415) (288,148) Accrued expenses 13,185 (145,448) Other payables (14,557) - Customer deposits - 15,000 ----------------------------------------------------------- Net cash from operating activities 64,739 3,608,390) ----------------------------------------------------------- Cash flows used in investing activities: Acquisition of property and equipment - (239,622) ----------------------------------------------------------- Net cash used in investing activities - (239,622) ----------------------------------------------------------- Vector Aeromotive Corporation Condensed Statements of Cash Flow (Unaudited) Nine Months Nine Months Ended Ended September 30, 1997 September 30, 1996 ----------------------------------------------------------- Cash flows from financing activities: Proceeds from issuance of common stock and warrants - 4,704,733 Proceeds from exercise of warrants - 134,309 Repayment of loan payable to related party (423,407) (1,000,000) Loan payable American Dream Int'l 324,789 - ----------------------------------------------------------- Net cash from financing activities ( 98,618) 3,839,042 ----------------------------------------------------------- Net increase (decrease) in cash and cash equivalents (33,879) (11,587) Cash and cash equivalents, beginning of period 33,864 12,370 ----------------------------------------------------------- Cash and cash equivalents, end of period (14) 783 =========================================================== See accompanying notes to unaudited condensed financial statements. Vector Aeromotive Corporation Notes to Financial Statements 1. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of the Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with Notes to Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 1997 are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. 2. Inventories The components of inventory consist of the following: September 30, September 30, 1997 1996 ----------------------------------------------------------- Raw Material $ 224,388 $ 644,314 Work-in Progress 48,666 214,136 Finished Goods 213,220 349,307 ----------------------------------------------------------- Total $ 486,274 $1,207,757 3. Payables to Related Parties As of September 30, 1997, the Company owed a total of $424,123 to Automobili Lamborghini S.p.A., $568,577 to Automobili Lamborghini U.S.A., Inc., and $324,789 to American Dream International Limited. 4. Notes Payable to Unrelated Parties As of September 30, 1997, the Company had borrowed a total of $250,000 uncollateralized, from an unrelated party accruing interest at 9%. No principle or interest payments have been made. PART 1 - FINANCIAL INFORMATION ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION General Vector Aeromotive Corporation (the "Company") ceased operations November 1996 due to a lack of funds. In January 1997, a letter of intent was exchanged among the Company, V'Power Corporation, Automobili Lambourghini U.S.A., Inc., Automobili Lambourghini S.p.A. and American Dream International Limited (formally Tradelink International Limited)("American Dream"). Based upon the letter of intent American Dream commenced funding a loan to the Company pending preparation and signing of final agreements. By September 30, 1997 American Dream had loaned $324,789 to the Company of which $118,359 was loaned in the 3rd quarter of 1997. The Company sold one new vehicle in the quarter. In addition, the Company sold technology to V'Power Corporation in exchange for debt and cash. Results of Operations For the three months ended September 30, 1997, the Company had a net profit of $264,710 compared to a net loss of $674,809 for the comparable period of 1996. For the period ended September 30, 1997, the Company had a net loss of $177,510 compared to a net loss of $3,485,550 for the comparable period of 1996. Liquidity and Capital Resources During the third quarter the Company borrowed $118,359 from American Dream. In addition, the Company sold a new vehicle for $118,500 and sold technology for $500,000 of which $451,104 was debt forgiveness and $48,896 was cash. The Company did not have any other sources available to it to raise additional capital. The Company was negotiating with American Dream for the possibility of additional funding. The lack of liquidity and capital resources raised substantial doubt about the Company's ability to continue as a going concern. Management believes the arrangements with Amwerican Dream provided the Company an opportunity to survive as a business. 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 hereunto duly authorized. VECTOR AEROMOTIVE CORPORATION By: /s/ Timothy J. Enright Timothy J Enright, President Date: March 27, 1998 By: /s/ Lily Beter Lily Beter, Chief Financial Officer Date: March 27, 1998 EX-27 2
5 3-MOS 9-MOS DEC-31-1997 DEC-31-1997 SEP-30-1997 SEP-30-1997 (14) (14) 0 0 0 0 0 0 486,274 486,274 486,260 486,260 461,418 461,418 (349,490) (349,490) 600,038 600,038 1,225,930 1,225,930 0 0 0 0 0 0 536,396 536,396 (2,729,776) (2,729,776) 600,038 600,038 118,500 118,500 618,500 618,500 84,160 84,160 341,392 764,907 0 0 0 0 12,398 31,102 264,710 (177,509) 0 0 264,710 (177,509) 0 0 0 0 0 0 264,710 (177,509) .004 (.003) .004 (.003)
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