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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seychelle Environmental Technologies Inc (CE) | USOTC:SYEV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0011 | 0.00 | 01:00:00 |
Nevada
|
33-0836954
|
(State or other jurisdiction
|
(IRS Employer File Number)
|
Of incorporation)
|
|
|
|
22 Journey
|
|
Aliso Viejo, California
|
92656
|
(Address of principal executive offices)
|
(zip code)
|
|
|
|
Accelerated filer [ ]
|
|
|
|
|
Non-accelerated filer [ ]
|
Smaller reporting company [X]
|
|
(Do not check if a smaller reporting company)
|
||
Emerging growth company [ ]
|
PART I
|
Page
|
|
|
Item 1. Business
|
3
|
|
|
Item 1A. Risk Factors
|
7
|
|
|
Item 1B. Unresolved Staff Comments
|
12
|
|
|
Item 2. Properties
|
12
|
|
|
Item 3. Legal Proceedings
|
12
|
|
|
Item 4. Mine Safety Disclosures
|
12
|
|
|
PART II
|
|
|
|
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities
|
13
|
|
|
Item 6. Selected Financial Data
|
14
|
|
|
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
14
|
|
|
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
|
19
|
|
|
Item 8. Financial Statements and Supplementary Data
|
19
|
|
|
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures
|
20.
|
|
|
Item 9A. Controls and Procedures
|
20
|
|
|
Item 9B. Other Information
|
22
|
|
|
PART III
|
|
|
|
Item 10. Directors, Executive Officers and Corporate Governance
|
22
|
|
|
Item 11. Executive Compensation
|
24
|
|
|
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
26
|
|
|
Item 13. Certain Relationships and Related Transactions, and Director Independence
|
28
|
|
|
Item 14. Principal Accounting Fees and Services
|
28
|
|
|
Item 15. Exhibits, Financial Statement Schedules
|
29
|
|
|
Signatures
|
31
|
|
Net Income
(Loss)
|
|||
February 28, 2017
|
$
|
(2,147,224
|
)
|
|
February 29, 2016
|
$
|
1,032,941
|
||
February 28, 2015
|
$
|
(1,405,909
|
)
|
|
February 28, 2014
|
$
|
506,797
|
||
February 28, 2013
|
$
|
635,883
|
||
February 29, 2012
|
$
|
197,986
|
||
February 28, 2011
|
$
|
1,711,790
|
||
February 28, 2010
|
$
|
562,930
|
•
|
authorize the issuance of "blank check" preferred stock that could be issued by our Board of Directors to increase the number of outstanding shares and discourage a takeover attempt;
|
|
|
•
|
Limit who may call special meetings of stockholders.
|
|
|
•
|
future announcements about our Company or our competitors, including the results of testing, technological innovations or new commercial products;
|
|
|
•
|
negative regulatory actions with respect to our potential products or regulatory approvals with respect to our competitors' products;
|
|
|
•
|
changes in government regulations;
|
|
|
•
|
developments in our relationships with our partners including customers, vendors and distributors;
|
|
|
•
|
developments affecting our partners; including customers, vendors and distributors;
|
|
|
•
|
our failure to acquire or maintain proprietary rights to the products we develop;
|
|
|
•
|
litigation; and
|
|
|
•
|
public concern as to the safety of our products.
|
Fiscal Year 2017
|
High Bid
|
Low Bid
|
||||||
|
||||||||
Quarter Ended:
|
||||||||
|
||||||||
First Quarter May 2016
|
$
|
0.53
|
$
|
0.51
|
||||
|
||||||||
Second Quarter August 2016
|
$
|
0.20
|
$
|
0.20
|
||||
|
||||||||
Third Quarter November 2016
|
$
|
0.24
|
$
|
0.24
|
||||
|
||||||||
Fourth Quarter February 2017
|
$
|
0.17
|
$
|
0.17
|
Fiscal Year 2016
|
High Bid
|
Low Bid
|
||||||
|
||||||||
Quarter Ended:
|
||||||||
|
||||||||
First Quarter May 2015
|
$
|
0.30
|
$
|
0.19
|
||||
|
||||||||
Second Quarter August 2015
|
$
|
0.53
|
$
|
0.26
|
||||
|
||||||||
Third Quarter November 2015
|
$
|
0.64
|
$
|
0.27
|
||||
|
||||||||
Fourth Quarter February 2016
|
$
|
0.59
|
$
|
0.24
|
|
Years Ended
|
|||||||||||||||
|
February 28,
|
February 29,
|
Percentage
|
|||||||||||||
|
2017
|
2016
|
Difference
|
Change
|
||||||||||||
|
||||||||||||||||
Sales
|
$
|
4,378,436
|
$
|
10,910,067
|
$
|
(6,531,631
|
)
|
(60
|
%)
|
|||||||
Cost of sales
|
3,303,274
|
5,906,131
|
(2.602,857
|
)
|
(44
|
%)
|
||||||||||
Gross profit
|
1,075,162
|
5,003,936
|
(3,928,774
|
)
|
(79
|
%)
|
||||||||||
Gross profit percentage
|
25
|
%
|
46
|
%
|
60
|
%
|
||||||||||
|
||||||||||||||||
Selling, general and administrative expenses
|
2,408,641
|
2,476,994
|
(68,353
|
)
|
(3
|
%)
|
||||||||||
Impairment of intangible assets
|
50,000
|
100,000
|
(50,000
|
)
|
(50
|
%)
|
||||||||||
Legal Expenses
|
374,103
|
344,078
|
30,025
|
9
|
%
|
|||||||||||
Depreciation and amortization
|
86,365
|
85,419
|
946
|
1
|
%
|
|||||||||||
|
||||||||||||||||
(Loss) income from operations
|
(1,843,947
|
)
|
1,997,445
|
(3,841,392
|
)
|
(192
|
%)
|
|||||||||
|
||||||||||||||||
Interest income
|
28
|
440
|
(412
|
)
|
(94
|
%)
|
||||||||||
Interest expense
|
(1,640
|
)
|
(838
|
)
|
(802
|
)
|
96
|
%
|
||||||||
Other income (expense)
|
475
|
(4,707
|
)
|
5,182
|
(110
|
%)
|
||||||||||
|
||||||||||||||||
Income (loss) before income taxes
|
(1,845,084
|
)
|
1,992,340
|
(3,837,424
|
)
|
(193
|
%)
|
|||||||||
Income (loss) before income taxes percentage
|
(42
|
%)
|
18
|
%
|
59
|
%
|
||||||||||
|
||||||||||||||||
Provision for income taxes
|
(302,140
|
)
|
(959,399
|
)
|
657,259
|
(69
|
%)
|
|||||||||
Net income (loss)
|
(2,147,224
|
)
|
1,032,941
|
(3,180,165
|
)
|
(308
|
%)
|
|||||||||
Net income (loss) percentage
|
(49
|
%)
|
9
|
%
|
49
|
%
|
||||||||||
Net income (loss) per share - basic and diluted
|
$
|
(0.08
|
)
|
$
|
0.04
|
|||||||||||
|
||||||||||||||||
Net cash (used in) provided by operating activities
|
(1,276,232
|
)
|
689,016
|
|||||||||||||
Net cash used in investing activities
|
(27,092
|
)
|
(121,506
|
)
|
||||||||||||
Net cash used in financing activities
|
(27,438
|
)
|
(19,171
|
)
|
/s/ Squar Milner LLP
|
|
Newport Beach, California
|
|
|
|
June 14, 2017
|
|
/s/ Ramirez Jimenez International CPAs
|
|
|
Irvine, California
|
|
|
|
June 14, 2017
|
|
ASSETS
|
||||||||
|
February 28,
|
February 29,
|
||||||
|
2017
|
2016
|
||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
732,112
|
$
|
2,062,873
|
||||
Accounts receivable, net of allowance for doubtful accounts and sales returns of $47,600 and $125,800, respectively
|
905,507
|
224,235
|
||||||
Related party receivable
|
27,200
|
39,575
|
||||||
Inventory, net
|
1,421,871
|
2,511,458
|
||||||
Deferred tax assets, net
|
-
|
62,145
|
||||||
Prepaid expenses, deposits and other current assets
|
282,560
|
115,440
|
||||||
Total current assets
|
3.369,250
|
5,015,726
|
||||||
|
||||||||
PROPERTY AND EQUIPMENT, NET
|
164,997
|
222,926
|
||||||
|
||||||||
OTHER ASSETS
|
||||||||
Intangible assets, net
|
-
|
51,343
|
||||||
Deferred tax assets, net of current portion
|
-
|
551,571
|
||||||
Other assets
|
81,310
|
15,651
|
||||||
|
||||||||
TOTAL ASSETS
|
$
|
3,615,557
|
$
|
5,857,217
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable and accrued expenses
|
$
|
476,415
|
$
|
415,226
|
||||
Income taxes payable
|
-
|
317,145
|
||||||
Customer deposits
|
99,677
|
28,219
|
||||||
Capital lease obligations, current portion
|
4,047
|
9,390
|
||||||
Total current liabilities
|
580,139
|
769,980
|
||||||
|
||||||||
LONG-TERM LIABILITIES
|
||||||||
|
||||||||
Capital lease obligations, net of current portion
|
14,744
|
19,439
|
||||||
Total long-term liabilities
|
14,744
|
19,439
|
||||||
|
||||||||
Total liabilities
|
594,883
|
789,419
|
||||||
|
||||||||
Commitments and contingencies (Note 10)
|
||||||||
|
||||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock, 6,000,000 shares authorized,
|
||||||||
none issued or outstanding
|
-
|
-
|
||||||
Common stock $0.001 par value, 50,000,000 shares
|
||||||||
authorized, 26,640,313 and 26,390,313 shares
|
||||||||
issued and outstanding, respectively
|
26,641
|
26,391
|
||||||
Additional paid-in capital
|
8,944,368
|
8,827,118
|
||||||
Accumulated deficit
|
(5,920,655
|
)
|
(3,773,431
|
)
|
||||
Less treasury stock at cost 66,000 shares and 36,000 shares
|
(29,680
|
)
|
(12,280
|
)
|
||||
|
||||||||
Total stockholders' equity
|
3,020,674
|
5,067,798
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
3,615,557
|
$
|
5,857,217
|
|
For the Year Ended
|
|||||||
|
February 28,
|
February 29,
|
||||||
|
2017
|
2016
|
||||||
|
||||||||
SALES
|
$
|
4,378,436
|
$
|
10,910,067
|
||||
COST OF SALES
|
3,303,274
|
5,906,131
|
||||||
GROSS PROFIT
|
1,075,162
|
5,003,936
|
||||||
|
||||||||
Selling, general and administrative expenses
|
2,414,225
|
2,419,576
|
||||||
Impairment of intangible assets (Note 5)
|
50,000
|
100,000
|
||||||
Legal expenses
|
374,103
|
401,496
|
||||||
Depreciation and amortization
|
80,781
|
85,419
|
||||||
|
||||||||
Total operating expenses
|
2,919,109
|
3,006,491
|
||||||
|
||||||||
(LOSS) INCOME FROM OPERATIONS
|
(1,843,947
|
)
|
1,997,445
|
|||||
|
||||||||
Interest income
|
28
|
440
|
||||||
Interest expense
|
(1,640
|
)
|
(838
|
)
|
||||
Other income (expense)
|
475
|
(4,707
|
)
|
|||||
|
||||||||
Total other expense
|
(1,137
|
)
|
(5,105
|
)
|
||||
|
||||||||
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES
|
(1,845,084
|
)
|
1,992,340
|
|||||
|
||||||||
Provision for income taxes
|
(302,140
|
)
|
(959,399
|
)
|
||||
|
||||||||
NET (LOSS) INCOME
|
$
|
(2,147,224
|
)
|
$
|
1,032,941
|
|||
NET (LOSS) INCOME PER SHARE
|
||||||||
Basic
|
$
|
(0.08
|
)
|
$
|
0.04
|
|||
Diluted
|
$
|
(0.08
|
)
|
$
|
0.04
|
|||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
||||||||
Basic
|
26,574,313
|
26,210,545
|
||||||
Diluted
|
26,574,313
|
29,341,308
|
|
||||||||||||||||||||||||||||
|
Additional
|
|||||||||||||||||||||||||||
|
Common Stock
|
Treasury Stock
|
Paid-In
|
(Accumulated
|
||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit)
|
Total
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance at February 28, 2015
|
25,913,646
|
$
|
25,914
|
-
|
$
|
-
|
$
|
8,457,603
|
$
|
(4,806,372
|
)
|
$
|
3,677,145
|
|||||||||||||||
|
||||||||||||||||||||||||||||
Stock-based compensation
|
476,667
|
477
|
-
|
-
|
369,515
|
-
|
369,992
|
|||||||||||||||||||||
Treasury stock at cost
|
- | - |
36,000
|
(12,280
|
)
|
- | - |
(12,280
|
) | |||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
1,032,941
|
1,032,941
|
|||||||||||||||||||||
Balance at February 29, 2016
|
26,390,313
|
$
|
26,391
|
36,000
|
(12,280
|
)
|
$
|
8,827,118
|
$
|
(3,773,431
|
)
|
$
|
5,067,798
|
Stock-based compensation
|
250,000
|
250
|
-
|
-
|
117,250
|
-
|
117,500
|
|||||||||||||||||||||
Treasury stock at cost
|
-
|
-
|
30,000
|
(17,400
|
)
|
- | - |
(17,400
|
)
|
|||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(2,147,224
|
) |
(2,147,224
|
)
|
|||||||||||||||||||
Balance at February 28, 2017
|
26,640,313
|
$
|
26,641
|
66,000
|
$
|
(29,680
|
)
|
$
|
8,944,368
|
$
|
(5,920,655
|
)
|
$
|
3,020,674
|
Expected life in years
|
7
|
|
Stock price volatility
|
244%
|
|
Risk free interest rate
|
2.9%
|
|
Expected dividends
|
None
|
|
|
For the year ended
|
|||||||
|
February 28,
|
February
29
,
|
||||||
|
2017
|
2016
|
||||||
Numerator:
|
||||||||
Net (loss) income available to common shareholders
|
$
|
(2,147,224
|
)
|
$
|
1,
032,941
|
|||
Weighted average shares – basic
|
26,
574,313
|
26,210,545
|
||||||
Net (loss) income per share – basic
|
$
|
(
0.
08
|
)
|
$
|
0.
04
|
|||
|
||||||||
Dilutive effect of common stock equivalents:
|
||||||||
Warrants
|
-
|
3,130,763
|
||||||
Weighted average shares – diluted
|
26,574,313
|
29,341,308
|
||||||
Net (loss) income per share – diluted
|
$
|
(
0.
08
|
)
|
$
|
0.
04
|
February 28, 2017
|
February, 29 2016
|
|||||||
Raw materials
|
$
|
1,254,892
|
$ |
1,084,782
|
||||
Finished goods
|
582,876
|
1,466,676
|
||||||
1,837,768
|
2,551,458
|
|||||||
Reserve for obsolete and slow moving inventory
|
(415,897
|
)
|
(40,000
|
)
|
||||
Net inventory
|
$
|
1,421,871
|
$
|
2,511,458
|
The following is a summary of property and equipment at February 28, 2017 and February 29, 2016:
|
|
|||||||
|
|
|||||||
|
February 28,
|
February 29,
|
|
|||||
|
2017
|
|
2016
|
|
||||
Tooling
|
|
$
|
380,529
|
|
|
$
|
423,620
|
|
Equipment
|
|
|
60,268
|
|
|
|
71,972
|
|
Computer equipment
|
|
|
63,520
|
|
|
|
73,222
|
|
Leasehold equipment
|
|
|
-
|
|
|
|
17,804
|
|
|
|
|
504,317
|
|
|
|
586,618
|
|
Less: accumulated depreciation and amortization
|
|
|
(339,320
|
)
|
|
|
(363,692
|
)
|
Total
|
|
$
|
164,997
|
|
|
$
|
222,926
|
|
|
February 28,
|
February 29,
|
||||||
|
2017
|
2016
|
||||||
Intellectual property
|
$
|
-
|
$
|
50,000
|
||||
Trademarks
|
24,100
|
24,100
|
||||||
Patents
|
22,560
|
22,560
|
||||||
|
46,660
|
96,660
|
||||||
Less: accumulated amortization
|
(46,660
|
)
|
(45,317
|
)
|
||||
Total
|
$
|
-
|
$
|
51,343
|
February 28,
2017
|
February 29,
2016
|
|||||||
Capital lease for equipment requiring monthly payments of principal and
interest of $491 through October 2016 bearing interest at an annual rate of 7.5%
|
$
|
-
|
$
|
4,959
|
||||
Capital lease for equipment requiring monthly payments of principal and
Interest of $546 through August 2020 bearing interest at an annual rate of 9.5%
|
22,918
|
29,484
|
||||||
Total capital lease obligations, principal and interest
|
22,918
|
34,443
|
||||||
Less amount representing interest
|
(4,127
|
)
|
(5,614
|
)
|
||||
Total capital lease obligations, principal
|
18,791
|
28,829
|
||||||
Less current portion
|
(4,047
|
)
|
(9,390
|
)
|
||||
Long term portion
|
$
|
14,744
|
$
|
19,439
|
Fiscal Year Ending
|
||||
February 28,
|
Amount
|
|||
|
||||
2018
|
$ |
4,267
|
||
2019
|
5,403
|
|||
2020
|
5,938
|
|||
2021
|
3,183
|
|||
Total
|
$
|
18,791
|
|
|
|
|
Weighted-
|
|
|||
|
|
|
|
Average
|
|
|||
|
|
Warrants
|
|
|
Exercise
|
|
||
|
|
Outstanding
|
|
|
Price
|
|
||
|
|
|
|
|
||||
Outstanding at March 1, 2015
|
|
|
8,407,221
|
|
|
|
0.21
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
Forfeited
|
|
|
(2,000,000)
|
|
|
|
-
|
|
Outstanding at February 29, 2016
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
Outstanding at February 28, 2017
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Vested at February 28, 2017
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Exercisable at February 28, 2017
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Warrants Outstanding
|
Warrants Exercisable
|
||||||||||
Weighted
|
Weighted
|
Weighted
|
|||||||||
Average
|
Average
|
Average
|
|||||||||
Remaining
|
Exercise
|
Number
|
Exercise
|
||||||||
Exercise Price
|
Number
|
Life (Years)
|
Price
|
Outstanding
|
Price
|
||||||
|
$0.21
|
|
6,407,221
|
|
4.79
|
|
$0.21
|
|
6,407,221
|
|
$0.21
|
|
Current
|
Deferred
|
Total
|
|||||||||
Year ended February 29, 2017:
|
||||||||||||
U.S. federal
|
$
|
(261,967
|
)
|
501,492
|
239,525
|
|||||||
State
|
(25,884
|
)
|
88,498
|
62,614
|
||||||||
Total income tax expense (benefit)
|
$
|
(287,851
|
)
|
589,990
|
302,139
|
|||||||
Year ended February 28 2016:
|
||||||||||||
U.S. federal
|
$
|
256,530
|
548,162
|
804,692
|
||||||||
State
|
57,973
|
96,734
|
154,708
|
|||||||||
Total income tax expense
|
$
|
314,503
|
644,896
|
959,399
|
|
2017
|
2016
|
||||||
Expected tax (benefit) provision
|
$
|
(627,328
|
)
|
$
|
815,617
|
|||
State Income tax (benefit) provision
|
(105,566
|
)
|
-
|
|||||
Other
|
(46,965
|
)
|
113,067
|
|||||
Permanent differences | - | 13,255 | ||||||
Change in valuation allowance
|
1,081,998
|
17,460
|
||||||
Income tax provision
|
$
|
302,139
|
$
|
959,399
|
|
February 28,
|
February 29,
|
||||||
|
2017
|
2016
|
||||||
Deferred tax assets:
|
||||||||
NOL carryforwards
|
$
|
379,326
|
$
|
-
|
||||
Depreciation
|
(80,545
|
)
|
29,725
|
|||||
Reserves and accrued expenses
|
202,471
|
160,027
|
||||||
Stock compensation
|
645,673
|
564,626
|
||||||
Other
|
75,728
|
-
|
||||||
Valuation allowance
|
(1,222,653
|
)
|
(140,655
|
)
|
||||
Net deferred tax assets
|
$
|
-
|
$
|
613,723
|
Fiscal Year Ending
|
|
||||
February 28,
|
Amount
|
|
|||
|
|
||||
2018
|
270,000
|
||||
2019
|
245,000
|
||||
2020
|
252,000
|
||||
2021
|
259,000
|
||||
Thereafter
|
109,000
|
||||
Total
|
$
|
1,135,000
|
|||
Rent from SJC
|
(33,000 | ) | |||
Total | 1,102,000 |
2017
|
2016
|
|||||||
The United States
|
$
|
4,099,466
|
$
|
10,570,209
|
||||
Asia
|
158
|
105,881
|
||||||
Greece
|
- |
74,185
|
||||||
United Kingdom
|
14,944
|
47,141
|
||||||
New Zealand
|
91,971
|
39,816
|
||||||
Australia
|
50,615
|
33,973
|
||||||
Canada
|
38,971
|
21,660
|
||||||
Other countries
|
82,311
|
17,202
|
||||||
Total
|
$
|
4,378,436
|
$
|
10,910,067
|
United
States
|
China
|
Total
|
||||||||||
Property and equipment, net
|
$
|
75,909
|
$
|
89,088
|
$
|
164,997
|
||||||
Other assets | 81,310 | - | 81,310 | |||||||||
Total | $ | 157,219 | $ | 89,088 | $ | 246,307 |
|
United
|
|||||||||||
|
States
|
China
|
Total
|
|||||||||
|
||||||||||||
Property and equipment, net
|
$
|
96,210
|
$
|
126,716
|
$
|
222,926
|
||||||
|
||||||||||||
Intangible assets
|
51,343
|
-
|
51,343
|
|||||||||
|
||||||||||||
Other assets
|
15,651
|
-
|
15,651
|
|||||||||
|
||||||||||||
Total
|
$
|
163,204
|
$
|
126,716
|
$
|
289,920
|
● |
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
|
● |
provide reasonable assurance that the transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors;
|
● |
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements;
|
● |
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
|
● |
provide reasonable assurance that the transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
● |
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.
|
(1) |
lack of a functioning audit committee and lack of a majority of outside directors on the Company's Board of Directors capable to oversee the audit function;
|
(2) |
inadequate segregation of duties due to limited number of personnel, which makes the reporting process susceptible to management override;
|
(3) |
insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of GAAP and SEC disclosure requirements;
|
(4) |
ineffective controls over period end financial disclosure and reporting processes; and
|
Carl Palmer
|
83
|
Chief Executive Officer ("CEO
"), President, Chief Financial Officer
and Director
|
Cari Beck
|
56
|
Secretary-Treasurer,
HR Manager
and Director
|
John
Beck
|
59
|
Director
|
Gary Hess
|
56
|
Director
|
Jenevieve Fisher
|
46 |
Director
|
|
|
Long Term Compensation
|
||||||||||||||||||||||||||||||
|
|
Annual Compensation
|
Awards
|
Payouts
|
||||||||||||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
||||||||||||||||||||||||
|
|
Other
|
Restricted
|
Securities
|
All
|
|||||||||||||||||||||||||||
|
|
Annual
|
Stock
|
Underlying
|
LTIP
|
Other
|
||||||||||||||||||||||||||
Fiscal
|
Salary
|
Bonus
|
Compensation
|
Award(s)
|
Option/SARs
|
Payouts
|
Compensation
|
|||||||||||||||||||||||||
Name and Principle Position
|
Year
|
($)
|
($)
|
($)
|
($)
|
(#)
|
|
($)
|
($)
|
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Carl Palmer
|
2017
|
$
|
45,250
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
|
|
|||||||||||||||
President, CEO, CFO
|
2016
|
45,000
|
80,000
|
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||||||||||||||||||
Director
|
2015
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Cari Beck
(1)
|
2017
|
8,219
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
||||||||||||||||||||||||
HR Manager/Sec-Treasurer
|
2016
|
0
.00
|
0
.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
||||||||||||||||||||||||
Director
|
2015
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
James Place
(2)
|
2017
|
48,103
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
||||||||||||||||||||||||
Former COO and CFO
|
2016
|
40,874
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
||||||||||||||||||||||||
2015
|
$
|
39,762
|
$
|
4,784
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
(1) |
Elected to Board of Directors during
April 2016
.
|
(2) |
Resigned as an Officer and Director in April, 2016.
|
NAME AND ADDRESS
|
AMOUNT AND NATURE OF
|
|
PERCENT OF
|
OF BENEFICIAL OWNER
|
BENEFICIAL OWNERSHIP
(1)(2)(4)
|
|
CLASS
|
|
|
|
|
The TAM Irrevocable Trust
|
15,307,799
(3)
|
|
46.72%
|
4012 S. Rainbow #K111
|
|
|
|
Las Vegas, NV 80103-2012
|
|
|
|
|
|
|
|
Carl Palmer
|
-
|
|
-
|
251 Jeanell Dr., Ste 3
|
|
|
|
Carson City, NV 89703
|
|
|
|
|
|
|
|
Cari Beck
|
15,307,799
(3)
|
|
46.72%
|
4435 Pepperdine Pl
|
110,000
|
|
.01%
|
Yorba Linda, CA 92886
|
|
|
|
|
|
|
|
John Beck
|
15,307,799
(3)
|
|
46.72%
|
4435 Pepperdine Pl
|
|
|
|
Yorba Linda, CA 92886
|
|
|
|
|
|
|
|
All officers and directors as a Group (three persons)
|
17,172,799
|
|
52.42%
|
(1)
|
All ownership is beneficial and of record, unless indicated otherwise.
|
|
|
(2)
|
Beneficial owners listed above have sole voting and investment power with respect to the shares shown, unless otherwise indicated.
|
|
|
(3)
|
The TAM Irrevocable Trust is an irrevocable trust for the benefit of certain family members of Mr. Carl Palmer. Mr. Palmer disclaims any beneficial ownership or interest in this Trust. Cari Beck, his daughter, is the Trustee of the Trust and has total beneficiary rights, including all voting rights and investment power as the Trustee. The Trust is held in her name (50%) as well as that of Lindsay Helvey (25%) and Casey Helvey (25%), both granddaughters.
|
|
|
(4)
|
There are no other financial instruments, including stock warrants, etc. that are issuable within sixty days from the filing of this document.
|
|
|
|
|
|
Weighted-
|
|
||
|
|
|
|
|
Average
|
|
||
|
|
Warrants
|
|
|
Exercise
|
|
||
|
|
Outstanding
|
|
|
Price
|
|
||
|
|
|
|
|
|
|
||
Outstanding at March 1, 2015
|
|
|
8,407,221
|
|
|
|
0.21
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
Forfeited
|
|
|
(2,000,000)
|
|
|
|
-
|
|
Outstanding at February 29, 2016
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
Outstanding at February 28, 2017
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Vested at February 28, 2017
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Exercisable at February 28, 2017
|
|
|
6,407,221
|
|
|
|
0.21
|
|
|
Warrants Outstanding
|
Warrants Exercisable
|
|||||||||
|
|
Weighted
|
Weighted
|
|
Weighted
|
||||||
|
|
Average
|
Average
|
|
Average
|
||||||
|
|
Remaining
|
Exercise
|
Number
|
Exercise
|
||||||
Exercise Price
|
Number
|
Life (Years)
|
Price
|
Outstanding
|
Price
|
||||||
|
|
|
|
|
|
||||||
|
$0.21
|
|
6,407,221
|
|
4.79
|
|
$0.21
|
|
6,407,221
|
|
$0.21
|
|
February 28,
|
February 29,
|
||||||
|
2017
|
2016
|
||||||
|
||||||||
Audit fees
|
$
|
195,400
|
$
|
65,000
|
||||
Audit related fees
|
-
|
-
|
||||||
Tax fees
|
12,300
|
8,000
|
||||||
All other fees
|
49,100
|
-
|
Exhibit No.
|
Description
|
|
|
2A*
|
Plan of Exchange between Seychelle Environmental Technologies, Inc. and Seychelle Water Technologies, Inc. dated January 30, 1998 as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
3A*
|
Articles of Incorporation dated January 23, 1998 as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
3B*
|
Articles of Merger of Royal Net, Inc. into Seychelle Environmental Technologies, Inc as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
3C*
|
Amendment to Articles of Incorporation re: Series "A" Preferred Stock as of January 31, 1998 as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
3D*
|
Amendment to Articles of Incorporation re: Series "AA" Preferred Stock as of June 5, 1998 as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
3E*
|
Amendment to Articles of Incorporation re: Series "AAA" Preferred Stock as of February 18, 1999 as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
3F*
|
Bylaws as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
10A*
|
Purchase Agreement with Aqua Vision as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
10B*
|
Amended Purchase Agreement with Aqua Vision as filed with Form 10-SB 12 G on February 8, 2000.
|
|
|
10C*
|
2000 Stock Compensation Plan I, dated July 1, 2000 as filed with Registration Statement on Form S-8 on August 31, 2000.
|
|
|
10D*
|
2002 Stock Compensation Plan I, dated February 12, 2002 as filed with Registration Statement on Form S-8 on February 27, 2002.
|
|
|
10E*
|
Purchase Agreement with Aqua Gear as filed with Annual Report on Form 10-K on June 14, 2002.
|
|
|
10F*
|
Employment Contract with Carl Palmer as filed with Annual Report on Form 10-K on June 14, 2002.
|
|
|
10G*
|
Management Consulting Contract with Richard Parsons
|
|
|
10H*
|
Management Consulting Contract with James Place
|
|
|
10I*
|
Joint Venture Agreement with Huanghua Plastic Co. Ltd. dated September 1, 2005
|
|
|
10J*
|
ABMS Health Care Pvt. Ltd. Distribution Rights Agreement dated April 1, 2006
|
|
|
10K*
|
Confident, Inc. Exclusive Distribution Rights Agreement dated January 1, 2006
|
Exhibit No.
|
Description
|
|
|
|
|
10L*
|
Continental Technologies. Inc., Purchase Agreement dated April 26, 2006
|
|
|
10M*
|
Promissory Note to TAM Irrevocable Trust dated May 1, 2001
|
|
|
10N*
|
Promissory Note to TAM Irrevocable Trust dated February 28, 2002
|
|
|
10O*
|
Promissory Note to TAM Irrevocable Trust dated February 28, 2003
|
|
|
10P*
|
Promissory Note to TAM Irrevocable Trust dated November 1, 2003
|
|
|
10Q*
|
Promissory Note to TAM Irrevocable Trust dated February 28, 2004
|
|
|
10R*
|
Food For Health Purchase Agreement
|
|
|
10S*
|
Food For Health Distribution Agreement
|
|
|
10T*
|
Seychelle Environmental Technologies, Inc. License Agreement with Mr. Gary Hess
|
10U*
|
Employment Agreement with Mr. Carl Palmer |
10V* | Employment Agreement with Mr. James Place |
|
|
21*
|
Subsidiaries
|
|
|
31.1**
|
Certification of the Chief Executive/Financial Officer pursuant to Rule 13a-14(a) (Section 302 of the Sarbanes Oxley Act of 2002)
|
|
|
32.1**
|
Certification of the Chief Executive/Financial Officer pursuant to 18 U.S.C.ss.1350 (Section 906 of the Sarbanes-Oxley Act of 2002)
|
|
|
99*
|
Code of Ethics for Chief Executive Officer and Senior Financial Officers
|
|
|
*
|
Previously filed with the Securities and Exchange Commission as indicated and incorporated by reference herein
|
**
|
Attached hereto
|
|
|
|
|
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
|
|
|
|
|
Date: June 14, 2017
|
By:
|
/s/ Carl Palmer
|
|
Carl Palmer
Chief Executive Officer
and Chief Financial Officer
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/s/ Carl Palmer
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Carl Palmer, Director
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June 14, 2017
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1 Year Seychelle Environmental ... (CE) Chart |
1 Month Seychelle Environmental ... (CE) Chart |
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