STOCKHOLDERS' DEFICIENCY
Common stock $.01 par value, 50,000,000
shares authorized (Note 6):
Issued and outstanding, 27,163,006
at December 31, 2001 and June 30, 2001
271,630 271,630
Additional Paid in Capital (Note 6):
5,342,204 5,342,204
ACCUMULATED OTHER COMPREHENSIVE INCOME 370,496 327,035
Deficit
(7,602,988) (7,557,014)
Total Stockholders' Deficiency (1,618,659) (1,616,145)
$310,693 $350,966
See Notes To Condensed Consolidated Financial Statements
( 2 )
PART 1 FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(NOT AUDITED)
Six Months Ended Six Months Ended
December 31, 2001 December 31, 2000
SALES $547,666 $685,020
COST OF SALES 399,805 533,346
GROSS MARGIN 147,861 151,674
EXPENSES
Administration 48,852 122,487
Interest and Other 60,152 91,948
Research & Development 30,653 28,581
Selling 54,178 72,058
Contingent Related Expense 742
193,835 315,816
LOSS BEFORE INCOME TAX RECOVERY (45,974) (164,142)
Income Tax Recovery 5,556
NET LOSS ($45,974) ($158,586)
BASIC LOSS PER COMMON SHARE ($0.00) ($0.00)
FULLY DILUTED LOSS PER COMMON SHARE ($0.00) ($0.00)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING FOR THE PERIOD
27,163,006 25,789,463
See Notes To Condensed Consolidated Financial Statements
( 3 )
PART 1 FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(NOT AUDITED)
Three Months Ended Three Months Ended
December 31, 2001 December 31, 2000
SALES $224,326 $408,214
COST OF SALES 169,684 314,684
GROSS MARGIN 54,642 93,530
EXPENSES
Administration 17,335 69,509
Interest and Other 38,571 44,526
Research & Development 15,838 13,952
Selling 26,685 43,843
Contingent Related Expense 28
98,429 171,858 |
