the financials were releases and you can get them on ADOTS web Page of you can search company news to find them or read below:
Advanced Optics Electronics Inc. 1997 Results Exceed Forecast
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Feb. 11, 1998--Advanced
Optics Electronics Inc. (OTC BB:ADOT) reported audited results for
1997; 50 percent better than the March 4, 1997 Business Wire
forecast.
The company had forecast a loss of 2.5 cents per share vs.
actual results of a loss of only 1.2 cents per share.
The company is working in the area of flat panel displays
utilizing its patented technology. It recently made a strategic
investment in Biomoda Inc., a privately held biomedical company.
The company's website is adot.org.
Audited Financial Statements for 1997
Advanced Optics Electronics Inc.
Balance Sheet
Dec. 31, 1997
Assets
Current Assets
Cash $64,421.21
Certificate of deposit 10,000.00
Subscription receivable 31,850.00
Contract receivable 72,000.00
Note receivable-officer 11,493.38
Total current assets $189,764.59
Property and Equipment
Furniture and fixtures $13,132.02
Computers 2,626.28
Technical equipment 27,424.00
Accumulated depreciation (4,483.00)
Total property and equipment 38,699.30
Other Assets
Organizational costs $105,034.31
Acc. amort-organiz costs (21,006.86)
Goodwill 5,000.00
Acc. amortization-goodwill (146.00)
Other assets 350.00
Patents 242,338.79
Acc. amortization-patent (15,098.00)
Total other assets 316,472.24
Total assets $544,936.13
Liabilities and Capital
Current Liabilities
Note payable $16,150.00
Employer tax payable 5,424.76
Total current liabilities $21,574.76
Long-Term Liabilities
Note payable Western Bank $9,305.00
Total long-term liabilities 9,305.00
Total liabilities 30,879.76
Capital
Common stock,
authorized 25 million
Shares at $.001 par value,
issued and outstanding 7,155,503 $7,155.50
Paid-in capital 668,492.50
Retained earnings (76,901.81)
Net income (84,689.82)
Total capital 514,056.37
Total Liabilities and Capital $544,936.13
The accompanying notes are an integral part of these financial
statements.
Advanced Optics Electronics
Income Statement
For the Twelve Months Ended
Dec. 31, 1997
Revenues
Contract revenue $72,000.00
Total Revenues 72,000.00
Expenses
Auto expenses 2,940.20
Insurance 568.04
Legal 958.40
Accounting 672.39
Printing 480.69
Maintenance and repairs 268.18
Advertising 14.99
Bank charges 384.22
Interest 1,948.26
Licenses 80.00
Postage 194.40
Shipping 449.33
Depreciation expense 3,810.00
Amortization-patent 12,941.00
Amortization-organization costs 20,279.86
Amortization-goodwill 125.00
Rent-office 7,569.52
Telephone 4,711.48
Professional expense 32,013.39
License expense 66.06
Dues/subscriptions 532.22
Travel 3,560.07
Meals 11.63
Office expense 935.48
Storage 293.00
Wage expense 23,355.20
Employer tax expense 1,858.86
Other expense 445.01
Research/development 8,651.28
Research/development-patents 1,870.00
Marketing 24,292.59
Taxes 409.07
Total Expenses 156,689.82
Net Income $(84,689.82)
The accompanying notes are an integral part of these financial
statements.
Advanced Optics Electronics Inc.
Statement of Cash Flows
For the Year Ended Dec. 31, 1997
Cash Flows from Operating Activities
Net income $(84,689.82)
Adjustments to Reconcile Net
Income to Net Cash Flows from
Operating Activities
Accumulated depreciation $3,810.00
Amortization-patent 12,941.00
Amortization-goodwill 125.00
Amortization-organization
costs 20,279.86
Subscription receivable (31,850.00)
Contract receivable (72,000.00)
Note receivable (11,493.38)
Note payable 4,900.00
Employer tax payable 5,424.76
Note payable-Western Bank 9,305.00
Total adjustments (58,557.76)
Net Cash Flows from Operating Activities $(143,247.58)
Cash Flows from Investing Activities
Used For:
Furniture and fixtures $(829.02)
Computers (2,626.28)
Technical equipment (27,424.00)
Organization costs (21,292.00)
Other assets (350.00)
Net cash flows from
investing activities (52,521.30)
Cash Flows from Financing Activities
Proceeds From:
Notes payable $18,206.62
Common stock 2,656.21
Paid-in-capital 365,827.79
------------
$386,690.62
Used For:
Repayment of note $(14,016.62)
------------
(14,016.62)
Net cash used in financing 372,674.00
Net increase (decrease) in cash $176,905.12
Summary
Cash balance at end of
period $74,421.21
Cash balance at beginning
of period (960.02)
Net increase (decrease) in
cash $73,461.19
The accompanying notes are an integral part of these financial
statements.
Notes to 1997 Financial Statements
Note A Summary of Significant Accounting Policies
Because of the merger activity of Advanced Optical
Electronics Inc. and PLZTech Inc. and the resulting equity
structure, the purchase method of accounting was used to
record the transaction.
The corporation is using a percentage-of-completion method
of accounting for recording revenues for contractual work.
The percentage-of-completion method used is the cost-to-cost
method.
Note B Related Party Transactions
There is a note receivable from an officer in the amount
$11,493.38.
Note C Intangibles
Organization costs are capitalized and amortized over a
period of 60 months. Patents are amortized over the life of
the patent. Goodwill is amortized over 40 years.
Note D Contingencies and Commitments
The corporation has entered a contract to produce flat panel
displays. The amount of the contract is $1.7 million.
Management estimates that the contract will be completed
by July of 1998.
Advanced Optics Electronics Inc.
Balance Sheet
Dec. 31, 1996
Assets
Current Assets
Cash $960.02
Total current assets $960.02
Property and Equipment
Furniture and fixtures $12,303.00
Accum depr-furn & fixtures (673.00)
Total property and equipment 11,630.00
Other Assets
Organizational costs $21,292.00
Accumulated amortization (727.00)
Goodwill 5,000.00
Acc. amortization goodwill (21.00)
Patents 242,288.79
Acc. amortization patent (2,157.00)
Total other assets 265,675.79
Total Assets $278,265.81
Liabilities and Capital
Current Liabilities
Note payable $10,000.00
Total current liabilities $10,000.00
Long-Term Liabilities
Note payable Western Bank $15,115.00
Note payable 19,456.62
Total long-term liabilities 34,571.62
Total liabilities $44,571.62
Capital
Common stock, authorized
25 million shares at $.001
par value, issued and
outstanding 4,499,290 $4,499.29
Paid-in capital 306,096.71
Net income (76,901.81)
Total capital 233,694.19
Total Liabilities and Capital $278,265.81
The accompanying notes are an integral part of these financial
statements.
Advanced Optics Electronics Inc.
Income Statement
For the Twelve Months Ended Dec. 31, 1996
Revenues
Contract revenue 0.00
Total revenues 0.00
Expenses
Auto expenses 758.99
Insurance 138.62
Legal 18,275.51
Printing 414.91
Maintenance & repairs 224.48
Office supplies 1,100.19
Advertising 204.16
Bank charges 445.95
Interest 3,142.01
Licenses 35.00
Postage 37.50
Shipping 172.00
Depreciation-furniture 673.00
Amortization-organizational 727.00
Amortization-goodwill 21.00
Amortization-patent 2,157.00
Rent-office 2,422.00
Telephone 1,062.59
Professional expense 3,463.00
License expense 726.50
Dues/subscriptions 369.11
Travel 2,201.00
Office expense 100.00
Entertainment 449.65
Storage 203.00
Other expense 29.95
Research/development 30,473.66
Marketing 6,874.03
Total Expenses 76,901.81
Net Income $(76,901.81)
The accompanying notes are an integral part of these financial
statements.
Advanced Optics Electronics Inc.
Statement of Cash Flows
For the Year Ended Dec. 31, 1996
Cash Flows from
Operating Activities
Net income $(76,901.81)
Adjustments to Reconcile
Net Income to Net Cash
Flows from Operating
Activities
Accumulated depreciation $673.00
Amortization organization
costs 727.00
Amortization goodwill 21.00
Amortization patents 2,157.00
Note payable 44,571.62
Total adjustments 48,149.62
Net Cash Flows from
Operating Activities $(28,752.19)
Cash Flows from Investing
Activities
Used For:
Furniture and fixtures $(12,303.00)
Organization costs (21,292.00)
Goodwill (5,000.00)
Patents (242,288.79)
Net cash flows from
investing activities (280,883.79)
Cash Flows from Financing
Activities
Proceeds From:
Note payable-Western Bank $17,386.17
Note payable 8,206.62
Common stock 4,499.29
Paid-in-capital 306,096.71
Dividends paid 250.00
-----------
$336,438.79
Used For:
Repayment of note-
Western Bank $(2,271.17)
-----------
(2,271.17)
Net cash used in financing 334,167.62
Net increase (decrease)
in cash $24,531.64
Summary
Cash balance at end of period $960.02
Cash balance at beginning
of period 0.00
Net increase (decrease) in cash $960.02
The accompanying notes are an integral part of these financial
statements.
Notes 1996 Financial Statements
Note A Summary of Significant Accounting Policies
Because of the merger activity of Advanced Optical
Electronics Inc. and PLZTech Inc. and the resulting equity
structure, the purchase method of accounting was used to
record the transaction.
Note B Related Party Transactions
There are note payables from officers in the amount
$18,206.62.
Note C Intangibles
Organization costs were capitalized and amortized over a
period of 60 months. Patents are amortized over the life
of the patent. Goodwill is amortized over 40 years.
Note D Contingencies and Commitments
The corporation has entered a contract to produce flat panel
displays. The amount of the contract is $1.7 million.
This contract was entered into as of Jan. 3, 1997.
Management estimates that the contract will be completed
by July of 1998.
CONTACT:
Advanced Optics Electronics Inc., Albuquerque
505/797-7878; fax: 505/858-1871
KEYWORD: NEW MEXICO
BW1060 FEB 11,1998 |
