-----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, Q6ps5lKlGtN386HLVXvWU+hK/MY/IuoOkA15xT+gXj8XI2qpd8TOD2iNFjVkJpw+ 5ItuNXDaisMfHiKBOs23cg== 0000883041-97-000016.txt : 19970415 0000883041-97-000016.hdr.sgml : 19970415 ACCESSION NUMBER: 0000883041-97-000016 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970414 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERACTIVE TECHNOLOGIES CORP INC CENTRAL INDEX KEY: 0000883041 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ALLIED TO MOTION PICTURE PRODUCTION [7819] IRS NUMBER: 980120805 STATE OF INCORPORATION: WY FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-19796 FILM NUMBER: 97579788 BUSINESS ADDRESS: STREET 1: 104 SOUTH HARBOR CITY BLVD STREET 2: STE A CITY: MELBOURNE STATE: FL ZIP: 32901 BUSINESS PHONE: 4079534811 10QSB 1 10QSB 2/28/97 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 10-QSB Pursuant to Section 13 or 15(d) of the Securities Act of 1934 For the Quarter Ended Commission File February 28, 1997 Number 0-19796 INTERACTIVE TECHNOLOGIES CORPORATION, INC. (Exact name of registrant as specified in charter) Wyoming 98-0120805 (State or other (IRS Employer jurisdiction of Identification No.) incorporation) 102 South Harbor City Boulevard Melbourne, Florida 32901 (address of Principal Executive Offices) 407-953-4811 (Registrant's telephone number including area code) Check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the exchange Act 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 __________ The Registrant has 12,139,865 shares of common stock, par value $0.01 per share issued and outstanding as of February 28, 1997. Traditional Small Business Disclosure Format Yes _____X_____ No __________ Page 1 of 14 Interactive Technologies Corporation, Inc. Table of Contents PART I - FINANCIAL INFORMATION Page No. Item 1. Financial Statements 2-10 Balance Sheet as of February 28, 1997 Statement of Operations for the three months and nine months ended February 28, 1997 and February 29, 1996 Statementof Cash Flows for the nine month ended February 28, 1997 and February 29, 1996 Notes to Financial Statements Item 2. Management's Discussion and Analysis and 11-13 Plan of Operations PART II - OTHER INFORMATION 13 Item 1. Legal Proceedings 13 Item 2. Changes in Securities Item 3. Defaults upon Senior Securities Item 4. Submission of Matters to a Vote of Security Holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K 1 Part 1-Financial Information Item 1 Financial Statements ----------------------------- Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Balance Sheet February 28,1997 Assets Page 1 of 2 ------ FEBRUARY,28 1997 ------------------------- (unaudited) ------------------------- Current Assets: Cash $ 15,851 Accounts receivable, trade 33,935 Notes receivable 150,000 Prepaid expenses and other assets 71,167 ------------------------- Total current assets 270,953 ------------------------- Property and equipment, at cost, net of $177,778 of accumulated depreciation 1,118,080 ------------------------- Other Assets: Organizational costs, net of $2,134 of accumulated amortization 1,866 License rights, net of $ 270,000 of accumulated amortization 405,000 Proprietary software and trademark, net of $676,380 of accumulated amortization 4,734,662 ------------------------- Total Assets $ 6,530,562 ========================= Accompanying notes are an integral part of the financial statements. 2 Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Balance Sheet February 28,1997 Page 2 of 2 Liabilities and Stockholders'Equity FEBRUARY,28 1997 ------------------------- (unaudited) ------------------------- Current Liabilities: Accounts payable, trade $ 269,174 Accrued Expenses Related Parties Others 450,172 Loans Payable Related Parties Others 221,200 Current portion of long-term liabilities 338,326 ------------------------- Total current liabilities 1,278,871 ------------------------- Long-term liabilities: License rights payable 499,573 Capital lease obligation 873,070 Convertible debentures payable 800,000 ------------------------- 2,172,643 Commitments and contingencies: - Stockholders' equity: Common Stock $.01 par value 12,500,000 shares authorized, 12,159,863 issued and outstanding 121,399 Paid-in capital in excess of par 9,623,970 Accumulated deficit (6,666,322) ------------------------- 3,079,048 ------------------------- $ 6,530,562 ========================= Accompanying notes are an integral part of the financial statements. 3 Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Statements of Operations For the Three Months Ended February 28, 1997 FEBRUARY,28 FEBRUARY,29 1997 1996 --------------- --------------- (unaudited) (unaudited) --------------- --------------- Revenue $ 12,953 $ - --------------- --------------- Operating expenses: Depreciation 47,614 - Amortization 227,202 48,450 General and administrative 238,751 68,064 Interest expense: - Stockholder - Other 74,988 22,194 Management fee-stockholder --------------- --------------- 588,555 138,708 --------------- --------------- Loss from operations (575,603) (138,212) Income/(loss) before income taxes (575,603) (138,212) Provision for income taxes - - --------------- --------------- Net income/(loss) $ (575,603) $ (138,212) =============== =============== Net income/(loss) per share Primary $ (0.05) (0.01) Diluted $ (0.05) (0.01) Accompaning notes are an integral part of the financial statements. 4 Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Statements of Operations For the Nine Months Ended February 28, 1997 FEBRUARY,28 FEBRUARY,29 1997 1996 ----------------- --------------- (unaudited) (unaudited) ----------------- --------------- Revenue $ 254,460 $ 14,147 ----------------- --------------- Other Income 129 - Operating expenses: Depreciation 142,523 - Amortization 704,930 64,600 General and administrative 1,858,335 154,592 Interest expense: Stockholder - 27,368 Other 164,959 28,821 Management fee-stockholder - 16,666 ----------------- --------------- 2,870,748 292,047 ----------------- --------------- Loss from operations (2,616,159) (277,899) Gain on disposition of joint venture interest 701,865 Gain on sale of 90% of Charleston license 311,500 - Income/(loss) before income taxes (2,304,659) 423,966 Provision for income taxes - - ----------------- --------------- Net income/(loss) $ (2,304,659) $ 423,966 ================= =============== Net income/(loss) per share Primary $ (0.19) $ 0.06 Diluted $ (0.19) $ 0.06 Accompaning notes are an integral part of the financial statements. 5 Interactive Technologies Corporation, Incorporated And Subsidiary Consolidated Statement of Cash Flows For the Nine Months Ended February 28, 1997 FEBRUARY,28 FEBRUARY,29 1997 1996 -------------- -------------- (unaudited) (unaudited) -------------- -------------- Cash flows from operating activities: Interest income received $ - $ 516 Cash received from customers 102,446 - Cash paid to employees (427,489) (218,902) Cash paid to suppliers (850,831) (173,774) Interest paid: Stockholder Others (32,252) (5,767) Net cash used in operating activities (1,208,126) (397,927) -------------- -------------- Cash flows from investing activities: Dposit from contract sale 88,219 Purchase of property and equipment (4,260) (52,595) Capitalized software development reduction 50,000 License rights payment (232,000) Capital lease obligation payment (9,826) Changes in other assets, net (2,350) Net cash used in investing activities (196,086) 33,274 -------------- -------------- Cash flows from financing activities: Issuance of convertible debentures 300,000 450,000 Issuance of common stock in reverse acquisition 20,861 Proceeds from note payable stockholder corporation 1,000 Common stock issued for cash 737,650 Promissory notes isssued for cash 221,200 Contract of sale deposits received 98,099 Net cash provided by financing activities 1,356,949 471,861 -------------- -------------- Net change in cash (47,263) 107,208 Cash at beginning of period 63,114 11,745 -------------- -------------- Cash at end of period $ 15,851 $ 118,953 ============== ============== Accompaning notes are an integral part of the financial statements. 6 Interactive Technologies Corporation, Inc. And Subsidiary Consolidated Statement of Cash Flows For the Nine Months Ended February 28, 1997 Reconciliation of Net Income to Net Cash Used in Operating Activities FEBRUARY,28 FEBRUARY,29 1997 1996 ------------- ------------- (unaudited) (unaudited) ------------- ------------- Net income/loss $ (2,304,659) $ 420,049 Adjustments to reconcile net income/loss to net cash used in operating activities: Amortization 759,034 64,600 Depreciation 142,523 2,292 Increase in accounts receivable (2,143) (2,920) Increase in notes receivable (150,000) - Decrease in accounts payable (86,622) 63,553 Increase in prepaid expenses (21,918) Increase/decrease in other accrued expenses 269,100 (25,771) Increase in accrued management fees payable, stockholder - 16,666 Increase in accrued interest payable, stockholder - 27,368 Stock issued for supplies and services 498,059 Gain on disposition of joint venture interest - (701,865) Gain on sale of Charleston license (311,500) Increase in capitalized program development costs - (261,899) Total adjustments 1,191,059 (817,976) Net cash used in operating activities $ (1,208,126) $ (397,927) ============== ============== Supplemental Schedule of Non-Cash Investing and Financial Activities Stocks issued for supplies and services $ 498,059 Issuance of common stock for assets, net of various liabilities in reverse acquisition transaction $ 4,830,386 Disposition of joint venture interest in exchange for note payable and accrued interest and managment fees payable $ 701,865 Accompaning notes are an integral part of the financial statements. 7 INTERACTIVE TECHNOLOGIES CORPORATION, INC. AND SUBSIDIARY NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization - ------------ Interactive Technologies Corporation, Inc. (the Company) was incorporated in the state of Wyoming on August 8, 1991. On October 20, 1995, the Company entered into a reverse acquisition transaction, described below, with Syneractive, Inc. (SI). SI was incorporated in the state of Florida on August 31, 1995. Prior to October 20, 1995, the Company was engaged primarily in the business of exploiting its rights under a license granted by CST Entertainment Imaging, Inc. The license gave the Company the exclusive right to colorize black-and-white film and videotape, including black-and-white theatrical films and television programs, which were originally produced for distribution primarily within European countries. However, the Company abandoned the business of exploiting the license (see Note 3) on October 18, 1995 as a result of being unable to realize any revenue from the license. SI, which was acquired in a reverse acquisition, obtained license rights from the Federal Communications Commission to operate interactive and data service systems in the Charleston - North Charleston, SC and Melbourne - Titusville, Florida metropolitan areas. Syneractive, Inc. also acquired proprietary software and a trademark known as Rebate TV, which is a marketing and sales medium for a wide variety of products and services. Advertisers on Rebate TV will offer substantial rebates to the network's viewers through a unique interactive rebate program. Touch-tone phones will initially interact the network to secured earned rebates, and later the network will be accessed via wireless digital communications networks currently under development. The Rebate TV operations commenced April 15, 1996 and serve customers in the eastern United States. Management expects exploitation of the FCC licenses to commence in 1997. They intend to hire the necessary management personnel, raise addition capital and generate profitable operations needed to continue its existence. Syneractive, Inc. was dissolved on October 30, 1995. Reverse acquisition - ------------------- On October 1, 1995, the Company issued 5,700,000 shares of common stock to its current sole director and officer in exchange for the net assets of SI. After the issuance of such stock, the current director and officer effectively controlled the Company, holding approximately 50.1% of the outstanding common stock. Prior to the reverse acquisition, the current sole director and officer of the Company owned all of the outstanding common stock of SI. Accordingly, the reverse acquisition has been accounted for at the historical cost of the assets acquired. Consolidated principles ----------------------- On April 9, 1996 the Company formed a wholly owned subsidiary, Satellite Network Television (SNT), by issuing 1,000,000 common stock share to ITC. SNT operates television studios, a post production facility and satellite links. It produces commercials, infomericals, business videos, commercial programming, and remote broadcasts for both the Company's Rebate TV operations and for outside customers. The accompanying consolidated financial statements include the general accounts of the Company and SNT. All material intercompany accounts and balances have been eliminated in the consolidation. 8 INTERACTIVE TECHNOLOGIES CORPORATION, INC. AND SUBSIDIARY NOTES TO FINANCIAL STATEMENTS Basis of Presentation - --------------------- The financial information presented as of any date other than May 31 has been prepared from the books and records without audit. The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10QSB and do not include all of the information and the footnotes required by generally accepted accounting principals for complete statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of such financial statements, have been included. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended May 31, 1996 contained in the Company's 10KSB Annual Report. Management estimates - -------------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the 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 could differ from those estimates. Earnings per share - ------------------ Primary and fully diluted earnings per share amounts are based upon 11,972,509 for February 28, 1997 and 11,660,790 for February 29, 1996, weighted effect has been given to the assumed exercise of stock options and warrants and convertible debentures as the effect would be antidilutive. 2. COMMITMENTS AND CONTINGENCIES Capital lease obligations ------------------------- On March 27, 1996, the Company acquired various studio equipment under a capital lease obligation payable monthly through March 2001 with imputed interest at 11.0%, secured by the equipment and 250,000 common stock shares of the Company. As part of the transaction, the stockholder of the lessor/corporation purchased 50,000 common stock shares of the Company for $200,000 cash and received warrants to purchase 50,000 common stock shares at $2.00 per share. At February 28, 1997, the cost of equipment acquired under this lease and related accumulated depreciation totaled $1,100,000 and $153,823, respectively. Minimum future payments required under the above capital lease obligation is as follows: Year Ending Total Principal Imputed May 31 Interest 1997 $287,646 $177,068 $110,578 1998 287,646 198,328 89,318 1999 287,646 222,140 65,506 2000 287,646 248,810 38,836 2001 239,705 203,792 35,913 --------- -------- ------ $1,390,289 $1,050,138 $340,151 9 INTERACTIVE TECHNOLOGIES CORPORATION, INC. AND SUBSIDIARY NOTES TO FINANCIAL STATEMENTS 3. CONVERTIBLE DEBENTURES During the nine months ended February 28, 1997, the Company issued $300,000 of 8% convertible debentures maturing through April 2001. The bonds are convertible into shares of the company's common stock at conversion prices of $1.00 to $3.75. In the event that the Company becomes a private company, the lenders have the right to immediately require redemption at a rate of 10% of par in the first year the Company becomes private plus an additional 1% for each year to redemption. 5. INCOME TAXES The Company used the accrual method of accounting for tax and financial reporting purposes. At February 28, 1997, the Company had net operating loss carryforwards for financial and tax reporting purposes of approximately $6,600,000. These carryforwards expire through the year 2010, and are further subject to the provisions of Internal Revenue Code Section 382. Pursuant to Statement of Financial Accounting Standards No. 109, the Company has recognized a deferred tax asset attributable to the net operating loss carryover, net of a deferred tax liability related to amortization timing differences, in the amount of $2,266,549 which has been fully offset by a valuation allowance in the same amount, as follows: 10 MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR 1996 AND INTERIM PERIOD FROM NOVEMBER 30, 1996 THROUGH FEBRUARY 28, 1997. The Company's research and development efforts consumed the technical efforts of the Company from October 1995 through the airing of Rebate TV on April 15, 1996, and involved two basic areas: the television programming for the shows, and the data management and computer interface development efforts for the interaction with the retailers and the consumers. None of this expense will be borne directly by the retailers or the consumers, but will be recouped through profits as the Company expands its markets. Development of Rebate TV basic programming by ITC has been done during the fiscal year with Century III at Universal Studios, Florida. Established in 1976, Century III has serviced a widely diverse client base with high production values utilizing the latest and finest in production and post-production hardware. This includes local, regional, national and international projects for all four broadcast television networks, national cable networks such as Nickelodeon and HBO, major independent producers, advertising agencies and major corporate and governmental organizations such as Digital Equipment Corporation, Harris Corporation, General Electric, NCR, AT&T, Kodak, Polaroid, Walt Disney World, Harcourt Brace Jovanovich, FPL Group, Westinghouse, McDonnell Douglas, Martin Marietta, Reebok, International and NASA. The creative director for Rebate TV is Michael Hamilton who has designed, directed and produced such television series as "Magnum P.I., "Simon & Simon", "Wings" and "The Twilight Zone". His commercial experience includes such clients as Cadillac, Texaco, Coca Cola, Heineken, American Airlines, Donna Karan, Elizabeth Arden, QVC, Business Technology Management and the Family Channel. The computer development efforts related to Rebate TV were done at the Company's engineering offices in Melbourne, Florida, where the hardware and software designs and specifications were developed, tested and implemented during the current fiscal year, to: (*) manage the large amounts of data and transactions involved in collecting and verifying sales information from the Rebate TV retailers; (*) calculate the rebates, record the credits, and issue the checks to the consumer; (*) accommodate and record the telephone rebate requests, and provide automated participation information to the public. ITC looks to Rebate TV to attract its share of the Communications Industry end-user market estimated to be $189.3 billion by 1998. Interactive digital media is projected to remain the fastest growing category in the industry.1 Internet Access. ITC's Internet home pages for use with Rebate TV allow viewers to access the program's data base through the Internet. It allows them to view the status of their accounts, enter vendor rebate claims, and later will allow viewers to access a variety of products and services associated with Rebate TV which the Company expects to include. Rebate TV is located at http://www.rebatetv.com. Network Operations. ITC is in development and production of its own television channel and is scheduled to distribute its Rebate TV video programming in this format to customers. The Company's distribution plan currently provides for distribution of this programming started in the central Florida markets to expand from there. Overall, during the next 18-36 months, the Company's plan calls for the Rebate TV to expand into 25 of the top national markets within three years from the date of first broadcast. The Company expects to hire as many as 50 additional employees over the next 24 months to support the operation of this programming and to continue to develop and refine the programming as the Company adds markets for these services. In furtherance of its network creation activities, the Company initiated an affiliate program by market demographic area. Under this program, the Company pre sells 10 of the 14 minute program segments per one half hour program to the affiliate in the designated market area who is responsible to local program affiliate operations. The initial affiliate market under this program is Dayton, Ohio however this market is not yet open and until the first 3-6 markets are established in this manner, there is no assurance that any particular market can or will get underway during this period. The Company will make a decision during the next quarter whether or not to continue this method of expansion. - -------- 1 The Veronicas, Shudder & Associates Communications Industry Forecast,July 1994 ---------------------------------------------------------------------- 11 The Company has negotiated a strategic alliance with Bottom Line,Inc., an Atlanta, Georgia production andpost production facility and expects to move the majority of its production to their facilities during the next 12 months. The Company has withdrawn from an undertaking with Satellite Network Television, Inc. and will not be looking to those facilities for its production services in the future. Interactive Video and Data Services. As part of ITC's commitment to the evolution of interactive television, its Federal Communications Commission Interactive Video and Data Services (IVDS) radio station license in the Melbourne-Titusville-Palm Bay, FL and a 10% interest in Charleston-North Charleston, SC service areas represent an additional enhancement to the Company's programming distribution. These licenses have a duration of an initial five years, and are renewable if all conditions of the license are met. IVDS, a two way communications system, will allow viewers to take an active role in systems delivered through broadcast television, cable television, wireless cable, direct broadcast satellite or other future television delivery methods. IVDS is regulated as a personal radio service under the rules of the FCC which has allocated spectrum in the 218-219 MHz range for its use. IVDS systems are designed to operate with a hand-held remote control device that controls the interactive set top device on the subscriber's television set. A viewer would interact with the TV station through a radio signal using an IVDS frequency. The Company is reviewing alternative uses and equipment proposals for its Melbourne-Titusville-Palm Bay, FL license and expects to proceed to install a system for this license within the next 24 - 36 months. Although ITC will run its Rebate TV and other programs on its own service area systems, the programs it develops are intended for use on various interactive delivery systems and are not specific to Interactive Video and Data Services systems. They are marketed to all of these various delivery systems. For broadcast of Rebate TV programming the Company currently uses and plans to use standard video media distribution methods such as cable, broadcast stations, wireless cable and direct broadcast satellite. Although the Company has designed its programs to utilize an IVDS return link (a "return link" is the method by which data is sent from the consumer or viewer back to the originator of the program), they are also designed to accommodate other return links such as the telephone. The Company has purchased equipment and software to provide a telephone return link as an interim return link for its own license areas as well as other areas where it is providing programming, to be utilized where IVDS is not available; until the installation an operation of the IVDS equipment as a return link is completed as well as for use with non subscribers to IVDS. Intellectual Content. The Company has developed a plan for the accumulation and sale of intellectual content. This content takes several forms, including completed television and video programming, both developed and produced by the Company and by third parties; property rights to written scripts and publications for the purpose of producing or having produced television or motion picture products; and program ideas, concepts and designs. This plan commenced during the last month of the fiscal year. In addition to the Rebate TV programs, the company has filed and had accepted Trademark applications with the United States Patent and Trademark Office for "Rebate TV", "Television and pays you to shop" and for "DEAL! DEALS! DEALS!" (a direct shopping program which the Company has produced). The Company has acquired movie and television rights for one year to Special Treatment and to Overboard, novels currently in print. The company has begun soliciting interest in these properties, however no production or production agreements are in place and there is no assurance that any agreement will be completed during the term of the rights. The Company has in addition under this plan a number of projects under consideration and review. To date, revenue from these activities has been limited to the Rebate TV television program, and to a limited showing of its DEAL! DEALS! DEALS! program. There is associated with each of these shows and projects a lead time or advance period necessary for development and scheduling. In addition, the company may elect to sell outright or resell any of these properties. 12 FINANCIAL CONDITION AND RESULTS OF OPERATIONS: Revenues from operations for the Quarter reported were $12,953, up from $0 for the same period for the previous year. The Company has concluded its beta test period for Rebate TV and is preparing for full network operations. Operating expenses for the Quarter reported increased to $588,555 from $138,708 the previous year. Increased expenses were due to the company's operations directed at expansion of Rebate TV into the national market. The Company's computer operations were developed to operate at a level to service a national market and those operations will make up a significant portion of the operating expenses which will proportionately decrease as the Company adds markets for its productions. The Company expects its expenses to expand at a decreasing percentage as it expands into additional markets. During the first nine months of the current fiscal year, the Company received $737,650 from the private sale of its common stock and an additional $221,200 in loans. The Company does not expect to receive significant revenues from projects other that Rebate TV until the second half of calendar year 1997. Although the Company has no written commitments for additional funds, it believes that it can raise additional cash required for expansion of its markets through private sources. The Company expects to require additional funds over the next 12 months for the expansion and addition of market for its products and operations. PART II Other Information Item l. Legal Proceedings The Company is a defendant in a proceeding filed in the United States District Court for the Southern District of New York. It accepted service April 5, 1997 in an action brought by Studiolink Corporation and Steven Campus for damages arising out of an equipment lease agreement. The Company expects to assert counterclaims against the Plaintiffs for losses suffered as a result of their failure to perform. Settlement discussions have been ongoing and the Company expects this matter to be settled in a manner not unfavorable to the Company 13 Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Melbourne, State of Florida, on April 14, 1997. Interactive Technologies Corporation, Inc. by: /s/ Perry Douglas West --------------------------- Perry Douglas West, Chief Executive Officer 14 EX-27 2 ARTICLE 5 FDS FOR 3RD QTR 10QSB
5 9-MOS 9-MOS MAY-31-1997 MAY-31-1996 JUN-01-1996 JUN-01-1995 FEB-28-1997 FEB-29-1996 15,851 0 0 0 183,935 0 0 0 0 0 270,953 0 1,295,858 0 177,778 0 6,530,562 0 1,278,871 0 2,510,969 0 0 0 0 0 121,399 0 2,957,649 0 6,530,562 0 0 0 254,460 0 0 0 2,870,748 292,047 0 0 0 0 164,959 56,189 (2,304,659) 423,966 0 0 (2,304,659) 423,966 0 0 0 0 0 0 (2,304,659) 423,966 .19 .06 .19 .06
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