10QSB/A 1 0001.txt LOG POINT TECHNOLOGIES INC FILING TYPE: 10QSB/A DESCRIPTION: QUARTERLY REPORT FILING DATE: FEB 14, 2001 PERIOD END: SEP 30, 2000 PRIMARY EXCHANGE: OVER THE COUNTER INCLUDES OTC AND OTCBB TICKER: LGPT U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB/A Amendment No. 1 (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2000 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from ______________ to_____________ Commission File No. 0-25281 LOG POINT TECHNOLOGIES, INC. -------------------------------------------------------------------------------- (Name of Small Business Issuer in Its Charter) Colorado 84-1360787 -------- ---------- (State of Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Organization) 465 Fairchild Drive, Suite 111, Mountain View, CA 94043 -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (650) 967-3974 -------------------------------------------------------------------------------- (Issuer's Telephone Number, Including Area Code) N/A -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last year.) 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 the past 90 days. Yes X No ______ State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of December 13, 2000, Log Point Technologies, Inc. had 11,233,333 shares of Common Stock outstanding, no par value.
LOG POINT Technologies, Inc. (a development stage company) BALANCE SHEETS (Unaudited) ------------- ------------- ------------ Sep 30, 2000 Sep 30, 1999 Jun 30, 2000 ------------- ------------- ------------ ASSETS CURRENT ASSETS Cash & Cash Equivalents $ 119 $ 695 $ 67 Accounts Receivable - 1,200 - ------------- ------------- ------------- Total Current Assets 119 1,895 67 ------------- ------------- ------------- EQUIPMENT & FURNITURE Office Equipment & Furniture (net of Depreciation) 26,639 36,976 29,121 ------------- ------------- ------------- OTHER ASSETS Product Technology License (net of Amortization) 103,250 117,250 106,750 Receivable from officers - - - Receivable from others - - - Deposits 4,377 4,281 4,377 ------------- ------------- ------------- Total Other Assets 107,627 121,531 111,127 ------------- ------------- ------------- TOTAL ASSETS $ 134,385 $ 160,402 $ 140,315 ============= ============= ============= LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current portion of capitalized lease obligations $ 9,156 $ 12,410 $ 11,673 Loans Payable 4,000 - - Accounts Payable 180,871 157,644 189,285 ------------- ------------- ------------- Total Current Liabilities 194,027 170,054 200,958 ------------- ------------- ------------- LONG-TERM DEBT Due on product license 172,984 162,983 170,428 Loans from Officers 566,160 42,494 515,020 Capitalized lease obligations less current portion 558 9,714 1,358 ------------- ------------- ------------- Total Long-Term Debt 739,702 215,191 686,806 ------------- ------------- ------------- OTHER LIABILITIES Deferred salaries & wages, and related payroll taxes 1,327,520 974,278 1,241,734 ------------- ------------- ------------- Total Liabilities 2,261,249 1,359,523 2,129,498 ------------- ------------- -------------
See Notes to Financial Statements
LOG POINT Technologies, Inc. (a development stage company) BALANCE SHEETS (continued) (Unaudited) STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock - No par value; 5,000,000 shares authorized; no shares issued Common stock - No Par Value; 50,000,000 shares authorized; shares issued and outstanding 11,058,383 1,559,630 1,029,194 1,559,630 Treasury Stock (300,930 (445,436) - (445,436) shares) Retained Earnings (deficit) (3,241,058) (2,228,315) (3,103,377) ------------ ------------ ------------ (2,126,864) (1,199,121) (1,989,183) Less stock - - - receivable ------------ ------------ ------------ Total Stockholders' Equity (Deficit) (2,126,864) (1,199,121) (1,989,183) ------------ ------------ ------------ TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 134,385 $ 160,402 $ 140,315 ============ ============ ============
See Notes to Financial Statements
LOG POINT TECHNOLOGIES, INC. (a development stage company) STATEMENT OF OPERATIONS For the Three Months Ended September 30, 2000 & 1999 and Since Inception (February 1993) to September 30, 2000 (Unaudited) ----------------------------------------------------------------------------- 3 Months 3 Months Since Sep 30, 2000 Sep 30, 1999 Inception -------------- ------------ ------------ SALES $ 1,200 $ 71,680 -------------- ------------ ------------ COST OF SALES None None None OPERATING EXPENSES: General and Administrative 54,565 $ 58,024 1,228,450 Research and development 48,335 59,770 1,618,334 Depreciation and Amortization 5,981 6,118 148,804 -------------- ------------ ------------ Total Operating Expenses 108,881 123,912 2,995,588 -------------- ------------ ------------ LOSS BEFORE OTHER ITEMS (108,881) (122,712) (2,923,908) OTHER INCOME & EXPENSE Interest expense (28,800) (18,057) (329,963) Interest Income - - 12,813 -------------- ------------ ------------ NET LOSS $ (137,681) $ (140,769) $(3,241,058) ============== ============ ============ LOSS PER SHARE $ (0.013) $ (0.013) $ -------------- ------------ WEIGHTED AVERAGE NUMBER OF SHARES 10,757,403 11,058,383 -------------- ------------
See Notes to Financial Statements
LOG POINT TECHNOLOGIES, INC. (a development stage company) STATEMENT OF CASH FLOWS For the Three Months Ended September 30, 2000 & 1999 and Since Inception (February 1993) to September 30, 2000 (Unaudited) 3 Months 3 Months Since Sep 30, 2000 Sep 30, 1999 Inception ---------------------------------------------------- -------------- ------------ ------------ CASH FLOWS FROM (TO) OPERATING ACTIVITIES: Net Income(Loss) >From Operations: $ (137,681) $ (140,769) $(3,241,058) Add: Non-Cash Items Depreciation and Amortization 5,981 6,118 148,804 Deferred salaries, related taxes and interest 85,786 91,709 1,327,521 Payment of expenses & loans with stock - - 251,060 Changes in Assets and Liabilities Accounts Receivables - (1,200) - Prepaid Expenses - 0 - Receivable & payables from others-net 4,000 - 88,036 Deposits - - (4,377) Accounts payable (8,414) 8,996 180,871 -------------- ------------ ------------ Net Cash From(To) Operating Activities (50,328) (35,146) (1,249,143) -------------- ------------ ------------ CASH FLOWS FROM(TO) INVESTING ACTIVITIES: Acquisition of Equipment - - (68,694) -------------- ------------ ------------ Net Cash From(To) Investing Activities - - (68,694) -------------- ------------ ------------ CASH FLOWS FROM(TO) FINANCING ACTIVITIES: Proceeds from capitalized leases - - 45,049 Repayment of Debt (760) (358) (156,387) Proceeds from officers' loans 51,140 35,733 566,160 Sale of Common Stock - - 1,308,570 Purchases of Common Stock - - (445,436) -------------- ------------ ------------ Net Cash From(To) Financing Activities 50,380 35,375 1,317,956 -------------- ------------ ------------ Increase(Decrease) in Cash 52 229 119 CASH BALANCE, BEGINNING 67 466 - -------------- ------------ ------------ CASH BALANCE, ENDING 119 695 119 ============== ============ ============
See Notes to Financial Statements Notes to Financial Statements -------------------------------- Note 1. Issuance of 144 Restricted Common ----------------------------------------------- During the first quarter ended September 30, 2000, no restricted common shares were issued. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION. ----------------------------------------------------------------- During the first quarters ended September 30, 2000 and 1999, the Company Incurred losses of $137,681 and $140,769 respectively. Log Point is a development stage company that incurred losses of $137,681 and $140,769 for the quarters ended March 31, 2000 and 1999 respectively. Since inception, the Company has incurred losses totaling $3,241,058. Currently, Log Point is dependent upon borrowings to fund its development stage operations, and at a minimum, management believes that its borrowings will be adequate to fund its minimum requirements for the twelve-month period ending September 30, 2001. Log Point does not expect any significant revenues during the twelve-month period ending September 30, 2001. When Log Point emerges from its development stage, additional financing will be needed. Log Point is still working with Monmouth partners for possible financing. In addition Log Point is in talks with other funding sources. These additional funds will be used for sales and marketing efforts, expanded licensing operations, completing hardware designs, and production of hardware chips using the Company's hardware designs. Operations for licensing patents and associated intellectual property related to software and hardware designs will require a credible capability to enter litigation against existing or future infringers of the Company's stable of patents. In this regard, the Company is talking with a number of legal firms which have shown substantial interest in working with the Company to provide such a litigation capability even before the Company receives major funding. The Company will require substantial additional financing in future years. The additional financing would be obtained through loans, secondary public offerings, private placements, and/or mergers. There can be no assurance that such funds will be sufficient in the near term or that conditions and circumstances described herein may not result in subsequent cash requirements by the Company in the immediate future just to sustain operation. In the event of such developments, attaining financing under such conditions may not be possible, or even if additional capital may be otherwise available, the terms on which such capital may be available may not be commercially feasible or advantageous. If future funding is not obtained, Log Point would expect to continue to receive loans until revenue from product licensing and sales become adequate to sustain the Company's operations. Log Point will not conduct any significant research and development during the twelve months ending September 30, 2001. Log Point has no plans to purchase any plant or significant equipment during the twelve months ending September 30, 2001. The Company does not anticipate any significant changes in its number of employees during the twelve months ending September 30, 2001. SIGNATURE --------- In accordance with the requirements of the Exchange Act, the Registrant caused this Form 10-QSB report to be signed on its behalf by the undersigned thereunto duly authorized. LOG POINT TECHNOLOGIES, INC. Date: February 14, 2001 By: /s/ Samuel P. Shanks ------------------------ ------------------------ Samuel P. Shanks, President