Now may be a good time to take a deep breath and look at the recent Q
(and to ask yourself: "Why would a gum manufacturer pay a third party
for a high-end lock when all he has to do to comply with the
government regulations is to sell the gun with a cheap plastic lock?")
freeedgar.com
June 30th:
Share o/s: 6.2 million (flipped today)
Cash 237,000 (4c/shr)
Book 1,514,000 (24c/shr)
ASSETS
JUNE 30, DECEMBER
31,
1997
1996
CURRENT ASSETS
Cash and cash equivalents $ 237,198 $
88,956
Accounts receivable (net of allowance
for doubtful accounts of $21,229 and
$23,000, respectively) 4,841
10,419
Inventories 468,748
466,680
Prepaid expenses 37,086
21,111
Total Current Assets 747,873
587,166
PROPERTY AND EQUIPMENT, NET OF
ACCUMULATED DEPRECIATION 861,591
932,028
OTHER ASSETS
Patents, (net of accumulated
amortization of $45,000 and
$28,000 respectively) 355,147
374,147
Loans receivable 189,279
199,842
Other assets 1,695
975
Total Other Assets 546,121
574,964
TOTAL ASSETS $ 2,155,585 $
2,094,158
Read notes to consolidated financial
statements.
SAF T LOK INCORPORATED AND SUBSIDIARIES
F/K/A RGB COMPUTER & VIDEO, INC.
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 1997 (UNAUDITED) AND DECEMBER 31,
1996
LIABILITIES AND SHAREHOLDERS' EQUITY
JUNE 30, DECEMBER
31,
1997
1996
CURRENT LIABILITIES
Notes payable - current portion $ 76,217 $
67,353
Accounts payable and accrued
expenses 527,737
836,402
Total Current Liabilities 603,954
903,755
LONG TERM LIABILITIES
Notes payable, net of current portion 37,996
58,061
TOTAL LIABILITIES 641,950
961,816
SHAREHOLDERS' EQUITY
Common Stock, $.01 par
value, 20,000,000 shares
authorized, 5,727,598 and
5,651,089 shares issued
and outstanding, respectively. 61,942 56,511
Capital in excess of par 9,976,948
9,167,898
Deficit (8,525,256)
(8,092,067)
TOTAL SHAREHOLDERS' EQUITY 1,513,634
1,132,342
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $2,155,585
$2,094,158
SAF T LOK INCORPORATED AND
SUBSIDIARIES
F/K/A RGB COMPUTER &
VIDEO, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
THREE MONTHS PERIOD
SIX MONTHS PERIOD
ENDED JUNE
30, ENDED JUNE 30,
1997
1996 1997 1996
Revenue $ 6,106
- $ 33,521 -
Cost of Sales 4,204
- 19,205 -
Gross Profit 1,902
- 14,316 -
Selling, General and Administrative
Expenses 146,138
491,091 360,832 827,211
Depreciation and Amortization 41,550 6,090
86,673 19,965
Loss from continuing operations ( 187,390) ( 517,146)
( 433,189) ( 867,141)
Loss from discontinued operations -
155,985 - 337,372
Net loss ( 187,390)
( 673,131) ( 433,189) (1,204,513)
Loss per common share
Loss from continuing operations (.03)
(.09) (.07) (.17)
Loss from discontinued operations -
(.03) - (.07)
Net loss
(.03) (.12) (.07) (.24)
Weighted average number of
common shares outstanding 6,194,235 5,740,388
6,194,235 5,177,516 |
