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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Optec International Inc (PK) | USOTC:OPTI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00045 | 26.47% | 0.00215 | 0.0019 | 0.0026 | 0.0022 | 0.0016 | 0.0017 | 23,530,407 | 21:18:39 |
Wyoming
(State or other jurisdiction of incorporation)
|
333-198993
(Commission File Number)
|
45-5552519
(IRS Employer Identification No.)
|
Large accelerated filer [_]
|
Accelerated filer [_]
|
Non-accelerated filer [_]
|
Smaller reporting company [X]
|
(Do not check if a smaller reporting company)
|
Emerging growth company [X]
|
Class
|
|
Outstanding at February 14, 2019
|
Common Stock, $0.001 par value per share
|
|
9,618,732
|
|
|
Page
|
|
|
|
Part I.
|
Financial Information
|
|
|
|
|
Item 1.
|
Financial Statements:
|
4
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
16
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
20
|
|
|
|
Item 4.
|
Controls and Procedures
|
20
|
|
|
|
Part II.
|
Other Information
|
20
|
|
|
|
Item 1.
|
Legal Proceedings
|
20
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
20
|
|
|
|
Item 3.
|
Defaults upon Senior Securities
|
20
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
20
|
|
|
|
Item 5.
|
Other Information
|
20
|
|
|
|
Item 6.
|
Exhibits
|
21
|
|
|
|
Signatures
|
|
21
|
Condensed Unaudited Financial Statements
|
|
Balance Sheets as of December 31, 2018 and June 30, 2018 (unaudited)
|
4
|
Statements of Operations for the three and six months ended December 31, 2018 and 2017 (unaudited)
|
5
|
Statements of Cash Flows for the six months ended December 31, 2018 and 2017 (unaudited)
|
6
|
Notes to the Unaudited Financial Statements
|
7
|
|
December 31, 2018
|
June 30, 2018
|
||||||
Assets
|
(Unaudited)
|
|||||||
Current Assets
|
||||||||
Cash
|
$
|
9,241
|
$
|
30,799
|
||||
Accounts Receivable-Royalties-related party
|
11,722
|
-
|
||||||
Prepaid Salary
|
-
|
3,000
|
||||||
Inventory
|
80,600
|
85,000
|
||||||
Total Current Assets
|
101,563
|
118,799
|
||||||
Other Assets
|
||||||||
Licenses net of accumulated amortization of $25,125
|
977,375
|
502,500
|
||||||
Other intangible assets net of accumulated amortization of $6,218 and $5,680 respectively
|
4,532
|
5,070
|
||||||
Total Other Assets
|
981,907
|
507,570
|
||||||
Total Assets
|
$
|
1,083,470
|
$
|
626,369
|
||||
|
||||||||
Liabilities and Stockholders' Deficit
|
||||||||
|
||||||||
Current Liabilities
|
||||||||
Payable and accrued expenses-related party
|
195,482
|
60,760
|
||||||
Derivative liability
|
4,434,642
|
1,265,394
|
||||||
Accrued Interest
|
44,392
|
3,221
|
||||||
Notes Payable net of discount
|
871,109
|
48,580
|
||||||
Notes Payable-License
|
-
|
391,000
|
||||||
Loan from related party
|
100
|
100
|
||||||
Total Current Liabilities
|
$
|
5,545,725
|
$
|
1,769,055
|
||||
Total Liabilities
|
5,545,725
|
1,769,055
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' deficit
|
||||||||
Common stock $0.001 par value 75,000,000 shares authorized 18,007,001 and 17,829,947 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively
|
18,007
|
17,830
|
||||||
Additional paid in capital
|
996,302
|
203,120
|
||||||
Accumulated earnings (deficit)
|
(5,476,564
|
)
|
(1,363,636
|
)
|
||||
Total Stockholders' deficit
|
(4,462,255
|
)
|
(1,142,686
|
)
|
||||
Total Liabilities and Stockholders' Equity (deficit)
|
$
|
1,083,470
|
$
|
626,369
|
Three Months
|
Six Months
|
|||||||||||||||
Ended December 31, 2018
|
Ended December 31, 2018
|
|||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Revenue
|
||||||||||||||||
Optec Fuel Maximizer Units
|
$
|
-
|
$
|
(3,850
|
)
|
$
|
3,526
|
$
|
86,300
|
|||||||
Royalties
|
-
|
-
|
11,722
|
-
|
||||||||||||
Sub license agreements
|
-
|
-
|
-
|
4,500
|
||||||||||||
Total Revenue
|
-
|
(3,850
|
)
|
15,248
|
90,800
|
|||||||||||
|
||||||||||||||||
Cost of goods sold
|
-
|
-
|
4,400
|
58,360
|
||||||||||||
|
||||||||||||||||
Gross Profit
|
-
|
(3,850
|
)
|
10,848
|
32,440
|
|||||||||||
|
||||||||||||||||
Operating Expenses
|
||||||||||||||||
Professional fees
|
32,597
|
7,463
|
72,277
|
16,036
|
||||||||||||
Amortization
|
12,832
|
1,019
|
25,663
|
2,038
|
||||||||||||
Advertising and Marketing
|
-
|
5,400
|
3,774
|
5,400
|
||||||||||||
Legal
|
-
|
-
|
1,000
|
-
|
||||||||||||
Rent
|
7,500
|
-
|
15,000
|
-
|
||||||||||||
Travel
|
-
|
-
|
2,000
|
-
|
||||||||||||
Bad debt
|
(2,400
|
)
|
35,559
|
(2,400
|
)
|
35,559
|
||||||||||
Consulting
|
11,500
|
31,500
|
20,500
|
32,500
|
||||||||||||
Commission
|
-
|
5,000
|
-
|
5,000
|
||||||||||||
General & administrative
|
883
|
379
|
1,428
|
537
|
||||||||||||
Total Operating Expenses
|
62,912
|
86,320
|
139,242
|
97,070
|
||||||||||||
|
||||||||||||||||
(Loss) before other expense
|
(62,912
|
)
|
(90,170
|
)
|
(128,394
|
)
|
(64,630
|
)
|
||||||||
|
||||||||||||||||
Other Expense
|
||||||||||||||||
Change in fair value of derivative
|
2,358,819
|
252,525
|
3,248,258
|
252,525
|
||||||||||||
Interest on convertible notes
|
527,224
|
45,609
|
736,276
|
45,609
|
||||||||||||
Total Other Expense
|
2,886,043
|
298,134
|
3,984,534
|
298,134
|
||||||||||||
|
||||||||||||||||
Net (Loss)
|
$
|
(2,948,955
|
)
|
$
|
(388,304
|
)
|
$
|
(4,112,928
|
)
|
$
|
(362,764
|
)
|
||||
|
||||||||||||||||
Basic and Diluted (Loss) Per Share from operations
|
(0.16
|
)
|
(0.01
|
)
|
(0.23
|
)
|
(0.01
|
)
|
||||||||
|
||||||||||||||||
Weighted Average of Common Shares Outstanding basic and diluted
|
17,862,765
|
38,244,500
|
17,846,356
|
38,244,500
|
Six Months
Ended
December 31,
2018
|
Six Months
Ended
December 31,
2017
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net (loss)
|
$
|
(4,112,928
|
)
|
$
|
(362,764
|
)
|
||
Adjustments to Reconcile Net (Loss) To Net Cash
Provided by (Used In) Operating Activities: |
||||||||
Amortization expense-Formulas
|
-
|
2,038
|
||||||
Amortization License
|
25,663
|
-
|
||||||
Amortization of debt discount
|
615,344
|
42,257
|
||||||
Allowance for bad debt
|
-
|
35,559
|
||||||
Changes in fair value of derivative
|
3,248,258
|
252,525
|
||||||
Stock issued for services
|
-
|
16,000
|
||||||
Changes in Operating Assets and Liabilities
|
||||||||
Accounts receivable-Royalties
|
(11,722
|
)
|
(173,095
|
)
|
||||
Inventory
|
4,400
|
(85,000
|
)
|
|||||
Prepaid Salary
|
3,000
|
-
|
||||||
Accounts payable and accrued expenses
|
(41,601
|
)
|
55,192
|
|||||
Accrued interest
|
54,230
|
3,352
|
||||||
Net Cash used in Operating Activities-
|
(215,356
|
)
|
213,936
|
|||||
|
||||||||
Cash Flows from Investing Activities
|
||||||||
Collection of Loan From Optimized Fuel Technologies
|
101,722
|
-
|
||||||
Loan to Optimized Fuel Technologies
|
(816,400
|
)
|
-
|
|||||
Net Non-Cash used in Investing Activities
|
(714,678
|
)
|
-
|
|||||
|
||||||||
Financing Activities
|
||||||||
Proceeds from issuance of notes payable
|
1,177,143
|
215,500
|
||||||
Loan from related party
|
-
|
100
|
||||||
Principal payments on debt
|
(268,667
|
)
|
-
|
|||||
Net Cash provided by Financing Activities
|
908,476
|
215,600
|
||||||
Increase/Decrease in Cash
|
(21,558
|
)
|
1,664
|
|||||
|
||||||||
Cash at Beginning of Period
|
30,799
|
342
|
||||||
|
||||||||
Cash at End of Period
|
$
|
9,241
|
$
|
2,006
|
||||
|
||||||||
Supplemental disclosure
|
||||||||
Cash paid for Interest
|
$
|
66,702
|
$
|
-
|
||||
Cash paid for income taxes
|
$
|
-
|
$
|
-
|
||||
|
Note receivable offset by note payable-related party
|
$
|
391,000
|
$
|
-
|
||||
Note receivable offset by purchase of LED License
|
$
|
321,518
|
$
|
-
|
||||
Payable for acquisition of LED License
|
$
|
178,482
|
$
|
-
|
||||
Issuance of shares on exercise of warrants
|
$
|
719,561
|
$
|
-
|
||||
Conversion of accrued interest to shares
|
$
|
19,956
|
$
|
-
|
||||
Conversion of debt into shares
|
$
|
53,842
|
$
|
-
|
||||
Derivative liabilities recognized as debt discounts
|
$
|
694,393
|
$
|
-
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
|
$ |
|
%
|
$ |
|
%
|
||||||||||
Total licensing revenue
|
-
|
-
|
4,500
|
4.9
|
||||||||||||
Total royalties
|
11,722
|
77
|
-
|
-
|
||||||||||||
Total product revenue *
|
3,526
|
23
|
85,100
|
95.1
|
||||||||||||
Total revenue
|
15,248
|
100
|
89,600
|
100
|
||||||||||||
Total licensing revenue
|
||||||||||||||||
Customer A
|
3,376
|
22
|
4,500
|
4.9
|
||||||||||||
Customer B
|
150
|
1
|
-
|
|||||||||||||
Customer D
|
-
|
-
|
31,600
|
35.3
|
||||||||||||
Customer E
|
-
|
-
|
53,500
|
59.8
|
||||||||||||
Customer F
|
11,722
|
77
|
-
|
-
|
||||||||||||
Concentration
|
$
|
15,248
|
100
|
$
|
89,600
|
100
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
|
||||||||||||||||
High Nexus Network
|
3,376
|
22
|
-
|
-
|
||||||||||||
Optimized Fuel Technologies*
|
- |
-
|
58,326
|
100 | ||||||||||||
Total Purchases
|
- |
-
|
58,326
|
100 |
|
●
|
Identification of the contract, or contracts, with a customer
;
|
|
●
|
Identification of the performance obligations in the contract
;
|
|
●
|
Determination of the transaction price
;
|
|
●
|
Allocation of the transaction price to the performance obligations in the contract
; and
|
|
●
|
Recognition of revenue when, or as, we satisfy performance obligation
.
|
December 31,
|
June 30,
|
|||||||
2018
|
2018
|
|||||||
November 7, 2017 Note
|
$
|
-
|
$
|
29,167
|
||||
April 30, 2018 Note
|
-
|
112,500
|
||||||
June 15, 2018 Note
|
193,102
|
200,000
|
||||||
July 9, 2018 Note
|
110,000
|
-
|
||||||
July 16, 2018 Note
|
115,000
|
-
|
||||||
August 2, 2018 Note
|
212,250
|
-
|
||||||
August 15, 2018 Note
|
73,000
|
-
|
||||||
September 7, 2018 Note
|
84,000
|
-
|
||||||
September 7, 2018 Note
|
36,750
|
-
|
||||||
September 10, 2018 Note
|
55,000
|
-
|
||||||
September 19, 2018 Note
|
100,000
|
-
|
||||||
October 3, 2018 Note
|
83,500
|
-
|
||||||
October 30, 2018 Note
|
95,000
|
-
|
||||||
November 1, 2018 Note
|
258,570
|
-
|
||||||
November 13, 2018 Note
|
56,250
|
-
|
||||||
December 6, 2018 Note
|
56,250
|
-
|
||||||
December 18, 2018 Note
|
20,000
|
-
|
||||||
Total convertible notes payable
|
1,548,672
|
341,667
|
||||||
Less: Unamortized debt discount
|
(677,563
|
)
|
(293,087
|
)
|
||||
Total convertible notes
|
871,109
|
48,580
|
||||||
Less: current portion of convertible notes
|
$
|
871,109
|
$
|
48,580
|
||||
Long-term convertible notes
|
$
|
-
|
$
|
-
|
· |
Terms ranging from 9 months to 37 months.
|
· |
Annual interest rates of 0% to 12%.
|
· |
Certain notes are convertible at the option of the holders at issuance, 90 days, or 180 days from issuance.
|
· |
Conversion prices are typically based on the discounted (38% to 50% discount) average closing prices or lowest trading prices of the Company’s shares during various periods prior to conversion.
|
Warrants Outstanding
|
||||||||
Weighted Average
|
||||||||
Shares
|
Exercise Price
|
|||||||
Outstanding, June 30, 2018
|
49,300
|
$
|
2.92
|
|||||
Granted
|
73,863
|
7.81
|
||||||
Reset feature
|
2,193,015
|
0.29
|
||||||
Exercised
|
(96,182
|
)
|
1.49
|
|||||
Forfeited/canceled
|
-
|
-
|
||||||
Outstanding, December 31, 2018
|
2,219,996
|
$
|
0.26
|
Warrants Outstanding
|
Warrants Exercisable
|
|||||||||||||||||
Number of
|
Weighted Average Remaining
Contractual life
|
Weighted Average
|
Number of
|
Weighted Average
|
||||||||||||||
Shares
|
(in years)
|
Exercise Price
|
Shares
|
Exercise Price
|
||||||||||||||
2,219,996
|
4.66
|
$
|
0.26
|
2,219,996
|
$
|
0.26
|
Six Months Ended
|
Year Ended
|
|||||||
December 31, 2018
|
June 30, 2018
|
|||||||
Expected term
|
0.08 - 5.00 years
|
0.02 - 5.00 years
|
||||||
Expected average volatility
|
67% - 419
|
%
|
12% - 487
|
%
|
||||
Expected dividend yield
|
-
|
-
|
||||||
Risk-free interest rate
|
2.19% - 3.03
|
%
|
1.37% - 2.81
|
%
|
Fair Value Measurements Using Significant Observable Inputs (Level 3)
|
||||
Balance - June 30, 2018
|
$
|
1,265,394
|
||
Addition of new derivatives recognized as debt discounts
|
694,393
|
|||
Addition of new derivatives recognized as loss on derivatives
|
1,628,482
|
|||
Settled upon conversion of debt and warrant (Derivative resolution)
|
(773,403
|
)
|
||
Loss on change in fair value of the derivative
|
1,619,776
|
|||
Balance - December 31, 2018
|
$
|
4,434,642
|
Six Months Ended
|
||||||||
December 31,
|
||||||||
2018
|
2017
|
|||||||
Addition of new derivatives recognized as loss on derivatives
|
$
|
1,628,482
|
$
|
165,931
|
||||
Loss on change in fair value of the derivative
|
1,619,776
|
86,594
|
||||||
Total
|
$
|
3,248,258
|
$
|
252,525
|
|
●
|
Identification of the contract, or contracts, with a customer
;
|
|
●
|
Identification of the performance obligations in the contract
;
|
|
●
|
Determination of the transaction price
;
|
|
●
|
Allocation of the transaction price to the performance obligations in the contract
; and
|
|
●
|
Recognition of revenue when, or as, we satisfy performance obligation
.
|
Number
|
Exhibit
|
Dated: February 14, 2019
|
OPTEC INTERNATIONAL, INC.
|
|
|
|
|
|
By:
|
/s/ Peter Sollenne
|
|
|
Peter Sollenne,
|
|
|
Chief Executive Officer
|
1 Year Optec (PK) Chart |
1 Month Optec (PK) Chart |
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