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From: sedar.com
Stang
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FORM 61
QUARTERLY REPORT
Incorporated as part of: X Schedule A
Schedules B & C
(place "x" in appropriate category)
ISSUER DETAILS:
NAME OF ISSUER: Pyng Technologies Corp.
ISSUER ADDRESS: 7983 Progress Way, Delta, B.C. V4G 1A3
ISSUER TELEPHONE NUMBER: (604) 946-9655
CONTACT PERSON: Michael Jacobs
CONTACT'S POSITION: President
CONTACT TELEPHONE NUMBER: (604) 329-5834
FOR QUARTER ENDED: March 31, 1999 Second Quarter
DATE OF REPORT: May 26, 1999
CERTIFICATE
THE SCHEDULE(S) REQUIRED TO COMPLETE THIS QUARTERLY REPORT ARE ATTACHED AND THE DISCLOSURE CONTAINED THEREIN HAS BEEN APPROVED BY THE BOARD OF DIRECTORS. A COPY OF THIS QUARTERLY REPORT WILL BE PROVIDED TO ANY SHAREHOLDER WHO REQUESTS IT. PLEASE NOTE THIS FORM IS INCORPORATED AS PART OF BOTH THE REQUIRED FILING OF SCHEDULE A AND SCHEDULES B & C.
Michael Jacobs "Michael Jacobs" 99 / 05 / 26
NAME OF DIRECTOR SIGN (TYPED) DATE SIGNED (YY/MM/DD)
Pawel Lukowski "Pawel Lukowski" 99 / 05 / 26
NAME OF DIRECTOR SIGN (TYPED) DATE SIGNED)YY/MM/DD)
(Signatures for this Form should be entered in TYPED form)
PYNG TECHNOLOGIES CORP.
Second Quarter Report
March 31, 1999
Schedule A ... Financial Information
Schedule B ... Supplementary Information
Schedule C ... Management Discussion
Schedule "A"
PYNG TECHNOLOGIES CORP.
Consolidated Interim Financial Statements
March 31, 1999
NOTICE TO READER
We have compiled the consolidated balance sheet of Pyng Technologies Corp. as at March 31, 1999 and the consolidated statements of loss and deficit and changes in financial position for the six month period then ended from information provided by management. We have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of such information. Readers are cautioned that these statements may not be appropriate for their purposes.
Vancouver, B.C. "Jung & Lee"
May 25, 1999
Chartered Accountants
PYNG TECHNOLOGIES CORP.
Consolidated Balance Sheet
as at March 31, 1999
1999 1998
ASSETS
Current
Cash and short term deposits
Marketable securities
Accounts receivable
Other receivables
Prepaid expenses
Inventory
Deferred research and development
Capital assets
Goodwill
Trademark
Patent
LIABILITIES
Current
Accounts payable
Due to shareholder
Loan payable
Minority interest in subsidiary
SHAREHOLDERS' EQUITY
Capital stock
Contributed surplus
Deficit
$ 2,008,946
24,276
54,752
13,074
1,714
88,205
2,190,967
2,562,056
99,181
16,305
2,982
29,613
$ 4,901,104
$ 142,893
55,469
11,541
209,903
250,124
5,903,539
7,433
( 1,469,895)
$ 4,901,104
$ 1,298,468
-
59,361
79,092
1,974
88,673
1,527,568
1,877,396
121,477
16,872
3,207
-
$ 3,546,520
$ 226,593
7,135
25,621
259,349
177,028
4,254,984
-
( 1,144,841)
$ 3,546,520
Approved by the Board:
"Michael Jacobs" , Director
"Pawel Lukowski" , Director
Unaudited - See Notice to Reader
PYNG TECHNOLOGIES CORP.
Consolidated Statements of Loss and Deficit
for the Six Month Period Ended March 31, 1999
1999 1998
Sales
Cost of sales
Gross margin
Interest and miscellaneous income
Expenses
Advertising and promotion
Amortization
Bad debts
Commission
Consulting fees
Financing fees
Interest and bank charges
Legal and accounting
Licenses and insurance
Meals and entertainment
Office and telephone
Rent, utilities and property taxes
Repairs, supplies and maintenance
Shareholder information and listing fees
Travel and auto
Wages and benefits
Loss before other items
Gain on sale of marketable securities
Gain on settlement of debts
Net loss for the period
Deficit, beginning of the period
Deficit, end of the period
$ 58,815
41,913
16,902
42,425
59,327
1,377
10,351
60
2,568
400
3,819
924
40,278
4,604
16,950
7,678
17,486
1,440
19,940
36,346
33,898
198,119
138,792
( 1,082)
-
137,710
1,332,185
$ 1,469,895
$ 69,988
44,788
25,200
2,756
27,956
765
12,737
-
2,891
2,130
1,048
1,427
24,165
4,897
8,063
11,905
17,868
401
19,833
35,770
31,758
175,658
147,702
-
( 2,278)
145,424
999,417
$ 1,144,841
Unaudited - See Notice to Reader
PYNG TECHNOLOGIES CORP.
Consolidated Statement of Changes in Financial Position
for the Six Month Period Ended March 31, 1999
1999 1998
Operating activities
Net loss for the period
Items not involving the movement of cash
- Amortization
- Gain on settlement of accounts payable
- Gain on sale of marketable securities
Net change in non-cash working capital balances*
Financing activities
Advances from (to) shareholder
Loan payable
Issuance of capital stock
Investing activities
Deferred research and development expenses
Patent
Proceeds on sale of marketable securities
Increase in cash during the period
Cash and short term deposits, beginning of the period
Cash and short term deposits, end of the period
$( 137,710)
10,351
-
( 1,082)
( 128,441)
71,351
( 57,090)
5,117
( 7,049)
1,316,646
1,314,714
( 363,755)
( 1,201)
2,306
( 362,650)
894,974
1,113,972
$ 2,008,946
$( 145,424)
12,737
( 2,278)
-
( 134,965)
( 44,293)
( 179,258)
( 13,106)
( 7,300)
1,477,247
1,456,841
( 262,308)
-
-
( 262,308)
1,015,275
283,193
$ 1,298,468
* This movement comprises accounts receivable, inventory, prepaid expenses and accounts payable.
Unaudited - See Notice to Reader
PYNG TECHNOLOGIES CORP.
Schedule of Material Differences Between
Canadian and United States GAAP
for the Six Month Period Ended March 31, 1999
Consolidated Statements of Loss and Deficit
1999 1998
Net loss for the period
Canadian GAAP
Research and development costs expensed
Minority interest in losses of subsidiary
U.S. GAAP
$( 137,710)
( 363,755)
-
$( 501,465)
$( 145,424)
( 262,308)
( 29)
$( 407,761)
Consolidated Balance Sheets
1999 1998
ASSETS
Cash and term deposits
Canadian GAAP
Adjustment for restricted term deposit
U.S. GAAP
Restricted term deposits
Canadian GAAP
Restricted term deposits
U.S. GAAP
Deferred research and development costs
Canadian GAAP
Adjustment to expense costs
U.S. GAAP
NON-CONTROLLING INTEREST
Canadian GAAP
Adjustment for research and development costs
U.S. GAAP
SHAREHOLDERS' EQUITY
Deficit
Canadian GAAP
Adjustment
U.S. GAAP
$ 2,008,946
( 111,541)
$ 1,897,405
$ -
111,541
$ 111,541
$ 2,562,056
( 2,562,056)
$ -
$ 250,124
( 250,124)
$ -
$( 1,469,895)
( 2,311,932)
$( 3,781,827)
$ 1,298,468
( 75,621)
$ 1,222,847
$ -
75,621
$ 75,621
$ 1,877,396
( 1,877,396)
$ -
$ 177,028
( 177,028)
$ -
$( 1,144,841)
( 1,700,368)
$( 2,845,209)
Unaudited - See Notice to Reader
PYNG TECHNOLOGIES CORP.
Schedule of Material Differences Between
Canadian and United States GAAP
for the Six Month Period Ended March 31, 1999
Consolidated Statement of Changes in Financial Position
1999 1998
Operating activities - Canadian GAAP
Research and development costs
Operating activities - U.S. GAAP
Financing activities - Canadian GAAP
Restricted term deposits
Financing activities - U.S. GAAP
Investing activities - Canadian GAAP
Deferred research and development cost
Investing activities - U.S. GAAP
Increase in cash and term deposits - U.S. GAAP
Cash and term deposits, beginning of the year - U.S. GAAP
Cash and term deposits, end of the year - U.S. GAAP
$( 57,090)
( 363,755)
( 420,845)
1,314,714
7,049
1,321,763
( 362,650)
363,755
1,105
902,023
1,045,382
$ 1,947,405
$( 179,258)
( 262,308)
( 441,566)
1,456,841
7,300
1,464,141
( 262,308)
262,308
-
1,022,575
200,272
$ 1,222,847
Unaudited - See Notice to Reader
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