SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2000
Or
[ ] Transition report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.
For the transition period from __________ to ____________
Commission file number 0-27175
ADVANCED TECHNOLOGIES INC.
(Exact name or registrant as specified in its charter)
Nevada 95-475536
(State or other jurisdiction (I.R.S. Employer
Incorporation or organization) Identification No.)
716 Yarmouth Rd Suite 215
Palos Verdes Estates, CA 90274
(Address of principal executive offices)
Registrant's telephone number, including area code:
(310) 265-7776
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange act of 1934 during the preceding 12
month 2 (or for such that the registrant was required to
file such reports), and (2) has shorter period been subject
to such filing requirements for the past 90 days.
Yes [X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY.
Indicate by check mark whether the registrant has filed all
documents and report required to be filed by Sections 12, 13
or 15(d) of the Securities Exchange act of 1934 subsequent
to the distribution of securities under a plan confirmed by
a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the
Issuer's classes of common stock, as of the latest
practicable date.
As of December 31, 1999, approximately 2,572,923 shares of
the Registrant's Common Stock, $0.001 par value, were
outstanding.
As of December 31, 1999, approximately 50,204,102 shares of
the Registrant's Class A Preferred Non-voting Stock par
value $0.001 were outstanding.
SIGNATURES
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.
Advance Technologies, Inc
(Registrant)
Date: June 14, 2001 By: /S/ Gary E. Ball
Gary E. Ball
President and Director
Exhibit: Advance Technologies, Inc.
Consolidated Financial Statements
March 31, 2000
Accountant's Report
Advance Technologies, Inc.
(a Development Stage Company)
Consolidated Financial Statements
March 31, 2000
David L. Johnson
CERTIFIED PUBUC ACCOUNTANT
231 P Street, Suite D
Davis, California 95616
(530) 758-4260
FAX (530) 758-3113
To the Board of Directors
Advanced Technologies, Inc.
I have reviewed the accompanying balance sheets of Advanced
Technologies, Incorporated as of March 31, 2000 and related
statements of income and retained earnings, and cash flows
for the nine months then ended, in accordance with
Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public
Accountants. All information included in these financial
statements is representation of the management of Advanced
Technologies, Inc.
A review consists principally of inquiries of company
personnel and analytical procedures applied to financial
data. It is substantially less in scope than audit in
accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding
the financial statements taken as a whole. Accordingly I do
not express such an opinion.
Based on my reviews, I am not aware of any material
modifications that should be made to the accompanying
financial statements in order for them to be in conformity
with generally accepted accounting principles.
My review was made for the purpose of expressing limited
assurance that there are no material modifications that
should be made to the financial statements in order for them
to be in conformity with generally accepted accounting
principles.
/S/ David L. Johnson
Certified Public Accountant
April 24, 2000
CONTENTS
Accountant's Report 2
Consolidated Balance Sheet 4
Consolidated Statements of Operation 5
Consolidated Statements of Cash Flows 6
Notes to the Consolidated Financial Statements 7
Advance Technologies, Inc.
(a Development Stage Company)
Consolidated Balance Sheets
Assets
March 31 2000
-------------------
Current assets
Cash $ 307
Prepaid License (Note 4) 25,000
Prepaid Auto Lease 2180
-------------------
Total Assets $27,487
-------------------
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable $ 1,218
Accounts Payable - Officer 4,846
Note payable - Officer (Note 7) 48,000
Advance Royalties (Note 5) 25,000
-------------------
Total Current Liabilities $ 79,064
-------------------
Stockholders' Equity
Common Stock, authorized 100,000,000
shares of $.001 par value, issued and
outstanding 2,572,923 share $ 2,573
Preferred Stock, Series A authorized
100,000,000 shares of $.001 par value,
issued and outstanding 50,204,102 shares $ 50,204
Additional Paid in Capital $446,496
Deficit Accumulated During the Development
Stage (550,850)
-------------------
Total Stockholders' Equity (51,577)
Total Liabilities and Stockholders' Equity $ 27,487
-------------------
The accompanying notes are an integral part of these
financial statements
4
Advance Technologies, Inc.
(a Development Stage Company)
Consolidated Statement of Operations
Three Months Ended Three Months Ended
December 31, 1999 March 31, 2000
------------------ -----------------
Revenues: 0 0
Expenses:
Organization Costs 0 0
General and administrative 248 24
------------ -----------
Total Expenses 248 24
------------ -----------
Net (Loss) (248) (24)
Net Loss Per Share 0 0
Weighted average shares outstanding
1,322,920 1,322,920
The accompanying notes are an integral part of these
financial statements
5
Advance Technologies, Inc.
(a Development Stage Company)
Consolidated Statement of Cash Flows
Six Months Ended Three Months Ended
March 31, 2000 March 31, 2000
---------------- -----------------
Cash Flows from Operating Activities
Net Loss (248) (24)
Net cash flow provided (used)
By operating activities (248) (24)
------ ------
Net Increase (decrease) in cash
Cash, beginning of year 555 331
--------- --------
Cash, end of year 307 307
--------- - -------
The accompanying notes are an integral part of these
financial statements
6
Advance Technologies, Inc.
(a Development Stage Company)
Notes to the Consolidated Financial Statements
March 31, 2000
NOTE 1- Summary of Significant Accounting Policies
a. Organization
The Company was organized under the laws of the state of
Delaware on June 16, 1969 as PWB Industries, inc. On
November 10, 1975, the Company changed its name to Sun
Energy, Inc. At that time the Company began operation in
the oil and gas lease industry. By 1985 the Company
discontinued its operation and became dormant. On March 6,
1996 the Company attempted a merger that eventually failed.
On August 23, 1997 the Company changed its name to Advance
Technologies, Inc. and moved its state of domicile to the
state of Nevada.
On September 27, 1999 pursuant to a plan of acquisition, the
Company exchanged 50,204,102 shares of its Series "A"
preferred stock for SeaCrest Industries Corporation's
50,204,102 share of common stock. This acquisition has been
accounted for using the purchase method of a business
combination.
b. Accounting Method
The Company recognizes income and expense on the
accrual basis of accounting.
c. Consolidation
The consolidated financial statements include the accounts
of Advanced Technologies, Inc. and SeaCrest Industries
Corporation, a wholly owned subsidiary. Intercompany
transactions have been eliminated.
d. Earning (Loss) Per Share
The computation of earning per share of common stock is
based on the weighted average number of shares outstanding
at the date of the financial statements.
e. Cash and Cash Equivalents
The Company considers all highly liquid investment with
maturities of three months or less to be cash equivalents.
f. Provision for Income Taxes
No provision for income taxes has been recorded due to net
operating loss carryforwards totaling approximately
$(550,602) that will be offset against future taxable
income. These NOL carryforwards begin to expire in the year
2004. No tax benefit has been reported in the financial
statements because the Company believes there is a 50% or
greater chance the carryforward will expire unused.
7
Advance Technologies, Inc.
(a Development Stage Company)
Notes to the Consolidated Financial Statements
March 31, 2000
Deferred tax assets and the valuation account is as follows:
March 30,
2000
Deferred tax asset:
NOL carryforward $189,584
Valuation allowance (189,584)
----------
$ -
----------
NOTE 2- Going Concern
The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern.
The Company has few assets and has had recurring operating
losses and is dependent upon financing to continue
operations. The financial statements do not include any
adjustments that might result from the outcome of this
uncertainty. It is management's plan to find an operating
company to merge with, thus creating necessary operating
revenue.
NOTE 3-Development Stage Company
The company is a development state company as defined in
Financial Accounting Standards Board Statement No.7. It is
concentrating substantially all of its efforts in raising
capital and developing its business operations in order to
generate significant revenues.
NOTE 4- Prepaid License Agreement
SeaCrest Industries Corporation, formerly Infrared Systems
International, Inc., entered into a licensing agreement with
Hughes Aircraft Company for an infrared landing aid system.
Hughes Aircraft Company was paid $25,000 on October 25, 1995
upon commencement of the agreement. There is also a $1,000
royalty payment due to Hughes Aircraft Company for each unit
sold. The first twenty units sold, $20,000, will be deducted
from the original $25,000 deposit. This royalty agreement
will be renegotiated on October 25, 2000.
8
Advance Technologies, Inc.
(a Development Stage Company)
Notes to the Consolidated Financial Statements
March 31, 2000
NOTE 5-Advanced Royalties
SeaCrest Industries Corporation, formerly Infrared Systems
International, Inc., entered into a licensing agreement for
marketing and distributing of infrared aircraft landing
systems. Seacrest received $25,000 in advances.
NOTE 6- Stock Transactions
On December 2, 1998 and August 23, 1997, the Company's board
of directors authorized a reverse stock split, 1 share for
35 shares and 1 share for 10 shares, respectively. The
financial statements have been retroactively restated to
show the effects of the reverse stock split.
NOTE 7-Related Party Transactions
Since the Company does not have the necessary operating
revenue to sustain operations, stock has been issued for
service. Some of the parties receiving stock are related
parties, including officers of the Company.
During 1999, an officer of the Company advanced $60,000 to
cover expenses. $12,000 was subsequently paid back leaving a
note payable of $48,000 at March 31, 2000. The note payable
officer is considered a current liability with no provisions
for interest.
During 1999, the officers of the Company paid their own
travel expenses. The amount payable to the officers at
March 31, 2000 is $4,846.
9