<<Did you see the news? >>
sec.yahoo.com
March 31, 1999
PRATT WYLCE & LORDS LTD (BNTK)
Quarterly Report (SEC form 10QSB)
Management's Discussion and Analysis of Financial Condition and Results of Operations.
Trends and Uncertainties. Due to its change in business, the Company can no longer operate on revenues from its consulting fee income. During June, 1998, the Company issued 2,000,000 restricted Common Shares to Immune Technologies, Inc. (Immune) in exchange for certain assets of Immune. Immune had been a client of the Company and the Company had advanced an aggregate of $79,800 to Immune during 1997 and 1998 to assist in meeting that company's working capital requirements. Immune, to date, had been engaged in research and development of technology that it hopes to utilize in the diagnosis and treatment of animal diseases. The assets acquired from Immune consist of cash, inventory and fixed assets aggregating $100,972 at the purchase date.
During August 1998, the Company issued 1,900,000 of its restricted common stock to the certain shareholders of Greengold Corporation (Greengold) in exchange for 80% of the outstanding common stock of Greengold. Greengold, to date, has been engaged in research and development of technology that it hopes to utilize in the recycling and disposal of animal waste with the first application being hog waste. Additionally applications of its technology are in the treatment of industrial and municipal water and waste treatment facilities. The assets and liabilities of Greengold consist of patent costs of $7,500 and accounts payable of $28,649 at the acquisition date.
The Company will have to seek equity or debt financing to continue operations regarding its new acquisitions.
Capital Resources and Source of Liquidity. The Company currently has no material commitments for capital expenditures. The Company can meet its short term cash flow needs from the sale of investment securities ($123,935 for the nine months ended October 31, 1998), the proceeds from stock subscriptions of $160,965 and advances from stock holders of $147,151. In the long term, the Company shall utilize the sale of its investment securities to meet its cash flow needs until the Company can implement it s new business plan.
Going Concern. The Company is not currently delinquent on any of its obligations even though the Company has ceased to generate revenue from its consulting services.
For the nine months ended October 31, 1998, the Company received proceeds from the sale of investments of $71,220 and purchased fixed assets of $18,812. This resulted in net cash provided by investing activities of $52,408 for the nine months ended October 31, 1998.
For the nine months ended October 31, 1997, the Company received the proceeds from the sale of investment securities of $165,954 and purchased fixed assets of $1,000 resulting in net cash provided by investing activities of $164,954.
For the nine months ended October 31, 1998, the Company received from the sale of common stock of $1,550 and proceeds from stock subscriptions of $160,965. Additionally, the Company received advances of $147,151 from stockholders for the nine months ended October 31, 1998. This resulted in net cash provided by financing activities of $309,666 for the nine months ended October 31, 1998.
Net cash provided by financing activities for the nine months ended July 31, 1997 was $62,000 from the sale of its common stock.
Results of Operations:
For the nine months ended October 31, 1998, the Company did not receive any revenue due to the cessation of operations. The Company had general and administrative expenses of $392,716 for the nine months ended October 31, 1998 which consisted primarily of salaries and wages of $181,727, legal of $2,423, accounting of $10,975, travel of $16,130, advertising of $890, telephone of $4,545, printing of $1,341, insurance of $29,928, consulting of $67,900, moving expense of $18,489, rent of $6,133 and other expenses of $52,235.
For the nine months ended October 31, 1997, the Company did not receive any revenue due to the cessation of operations compared to revenues of $3,155,616 for the nine months ended October 31, 1996. The Company had
general and administrative expenses of $425,960 for the nine months ended October 31, 1997 which consisted primarily of contract losses of $220,968, salaries and wages of $118,003, legal of $15,700, accounting of $4,571, travel of $15,062, advertising of $3,085, telephone of $8,317, printing of $3,387, interest of $6,600 and other expenses of $30,170.
Plan of Operation. During January 1997, the Company determined that it was unable to complete certain of its consulting projects and would be unable to accept new consulting clients in the future. The Company negotiated contract termination agreements with all of its active clients that provide for the immediate discontinuance of consulting services. The termination contracts provide that the Company retains as revenue all cash paid to date and that the Company returns all or a major portion of common stock issued to it by client companies.
The Company currently intends to acquire businesses and assets as may provide gain for the shareholders. The Company has acquired certain assets of Immune Technologies, Inc. and intends to continue to pursue Immune's business plan. Additionally, the Company acquired 80% of the outstanding common stock of Greengold Corporation and is continuing Greengold's business plan. The Company may also choose to form corporations for the purpose of pursuing such business ventures as are deemed potentially profitable by the Board of Directors.
(a) Exhibits (numbered in accordance with Item 601 of Regulation S-K)
None
(b) Reports on Form 8-K None
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: March 25, 1999
/s/ L. Alan Schafler
L. Alan Schafler, President |
