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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
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(State or other jurisdiction Of incorporation)
|
|
(IRS Employer File Number)
|
|
|
|
22 Journey
|
|
|
Aliso Viejo
, California
|
|
92656
|
(Address of principal executive offices)
|
|
(zip code)
|
|
|
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
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Non-accelerated filer
|
o
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Smaller reporting company
|
þ
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(Do not check if a smaller reporting company)
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Page
|
|||||
PART I FINANCIAL INFORMATION
|
|||||
Item 1.
|
Financial Statements
|
3
|
|||
Condensed Consolidated Balance Sheets
|
3
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||||
Condensed Consolidated Statements of
Operations
|
4
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||||
Condensed Consolidated Statements of Cash Flows
|
6
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||||
Notes to Condensed Consolidated Financial Statements
|
7
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||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
12
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|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
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17
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|||
Item 4.
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Controls and Procedures
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17
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Item 4T.
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Controls and Procedures
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17
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|||
PART II OTHER INFORMATION
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|||||
Item 1.
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Legal Proceedings
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18
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|||
Item 1A.
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Risk Factors
|
18
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|||
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
|
22
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|||
Item 3.
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Defaults Upon Senior Securities
|
22
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|||
Item 4.
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Submission of Matters to a Vote of Security Holders
|
22
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|||
Item 5.
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Other Information
|
22
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|||
Item 6.
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Exhibits
|
23
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|||
Signatures
|
24
|
|
For the Three Months Ended
November 30,
|
|||||||
|
2016
|
2015
|
||||||
Sales
|
$
|
1,257,844
|
$
|
3,246,064
|
||||
Cost of sales
|
1,003,395
|
1,696,850
|
||||||
Gross profit
|
254,449
|
1,549,214
|
||||||
Operating expenses
|
||||||||
Selling, general, and administrative expenses
|
493,286
|
651,839
|
||||||
Legal expenses
|
29,743
|
308,494
|
||||||
Depreciation and amortization
|
19,821
|
23,280
|
||||||
Total operating expenses
|
542,850
|
983,613
|
||||||
Income (loss) from operations
|
(288,401
|
)
|
565,601
|
|||||
Other income (expense)
|
||||||||
Interest income
|
7
|
9
|
||||||
Interest expense
|
(621
|
)
|
(304
|
)
|
||||
Other expense
|
(1,068
|
)
|
(1,533
|
)
|
||||
Total other income (expense)
|
(1,682
|
)
|
(1,828
|
)
|
||||
Income (loss) before income tax benefit (provision)
|
(290,083
|
)
|
563,773
|
|||||
Income tax benefit (provision)
|
5,853
|
(192,811
|
)
|
|||||
Net income (loss)
|
$
|
(284,230
|
)
|
$
|
370,962
|
|||
BASIC INCOME (LOSS) PER SHARE
|
$
|
(0.01
|
)
|
$
|
0.01
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|||
DILUTED INCOME (LOSS) PER SHARE
|
$
|
(0.01
|
)
|
$
|
0.01
|
|||
BASIC WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,574,313
|
26,372,003
|
||||||
DILUTED WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,574,313
|
29,630,705
|
|
For the Nine Months
Ended
November 30,
|
|||||||
|
2016
|
2015
|
||||||
Sales
|
$
|
2,885,212
|
$
|
8,318,076
|
||||
Cost of sales
|
1,950,312
|
4,084,591
|
||||||
Gross profit
|
934,900
|
4,233,485
|
||||||
Operating expenses
|
||||||||
Selling, general, and administrative expenses
|
1,831,211
|
1,771,355
|
||||||
Legal expenses
|
312,852
|
344,078
|
||||||
Depreciation and amortization
|
62,651
|
52,574
|
||||||
Total operating expenses
|
2,206,714
|
2,168,007
|
||||||
Income (loss) from operations
|
(1,271,814
|
)
|
2,065,478
|
|||||
Other income (expense)
|
||||||||
Interest income
|
23
|
237
|
||||||
Interest expense
|
(1,624
|
)
|
(437
|
)
|
||||
Other income
|
11,163
|
(921
|
)
|
|||||
Total other income
|
9,562
|
(1,121
|
)
|
|||||
Income (loss) before income tax benefit (provision)
|
(1,262,252
|
)
|
2,064,357
|
|||||
Income tax benefit (provision)
|
385,211
|
(705,820
|
)
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|||||
Net income (loss)
|
$
|
(877,041
|
)
|
$
|
1,358,537
|
|||
BASIC INCOME (LOSS) PER SHARE
|
$
|
(0.03
|
)
|
$
|
0.05
|
|||
DILUTED INCOME (LOSS) PER SHARE
|
$
|
(0.03
|
)
|
$
|
0.05
|
|||
BASIC WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,574,313
|
26,139,612
|
||||||
DILUTED WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,574,313
|
28,779,718
|
|
For The Nine Months Ended November 30,
|
|||||||
|
2016
|
2015
|
||||||
|
||||||||
OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$
|
(877,041
|
)
|
$
|
1,358,537
|
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
62,651
|
52,574
|
||||||
Loss on Disposal of Assets
|
5,586
|
-
|
||||||
Stock-based compensation
|
117,500
|
358,497
|
||||||
Provision for doubtful accounts
|
(103,652
|
)
|
-
|
|||||
Deferred income tax expense (benefit)
|
(391,485
|
)
|
428,620
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Increase in accounts receivable
|
(531,850
|
)
|
(553,798
|
)
|
||||
(Increase) decrease in related party receivables
|
12,225
|
(22,404
|
)
|
|||||
(Increase) decrease in inventory
|
519,922
|
(922,132
|
)
|
|||||
(Increase) decrease in prepaid expenses, deposits and other assets
|
(85,647
|
)
|
13,868
|
|||||
(Decrease) increase in accounts payable and accrued expenses
|
(99,916
|
)
|
81,334
|
|||||
Decrease in accrued legal and settlement fees
|
- |
(532,103
|
)
|
|||||
(Decrease) Increase in income taxes payable
|
(252,414
|
)
|
277,200
|
|||||
(Decrease) increase in customer deposits
|
105,962
|
|
(106,308
|
)
|
||||
|
||||||||
Net Cash Provided By (Used In) Operating Activities
|
(1,518,159
|
)
|
433,885
|
|||||
|
||||||||
INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(25,582
|
)
|
(66,191
|
)
|
||||
Net Cash Used In Investing Activities
|
(25,582
|
)
|
(66,191
|
)
|
||||
|
||||||||
FINANCING ACTIVITIES:
|
||||||||
Purchase of treasury stock
|
(17,400
|
)
|
(12,280
|
)
|
||||
Repayment of capital lease obligations
|
(8,269
|
)
|
(3,596
|
)
|
||||
Net Cash Used in Financing Activities
|
(25,669
|
)
|
(15,876
|
)
|
||||
|
||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(1,569,410
|
)
|
351,818
|
|||||
|
||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
2,062,873
|
1,514,534
|
||||||
|
||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
493,463
|
$
|
1,866,352
|
||||
|
||||||||
Supplemental disclosures of cash flow information:
|
||||||||
Non-cash investing and financing activities:
|
||||||||
Acquisition of equipment under capital leases
|
$
|
-
|
$
|
26,000
|
||||
Cash paid for:
|
||||||||
Interest
|
$
|
1,624
|
$
|
437
|
||||
Income taxes
|
$
|
252,414
|
$
|
-
|
|
For the nine months ended
|
|||||||
|
November 30,
|
|||||||
|
2016
|
2015
|
||||||
Numerator:
|
||||||||
Net income (loss) available to common shareholders
|
$
|
(877,041
|
)
|
$
|
1,358,537
|
|||
Weighted average shares – basic
|
26,574,313
|
26,139,612
|
||||||
Net income (loss) per share – basic
|
$
|
(0.03
|
)
|
$
|
0.05
|
|||
|
||||||||
Dilutive effect of common stock equivalents:
|
||||||||
Warrants
|
-
|
2,640,106
|
||||||
Weighted average shares – diluted
|
26,574,313
|
28,779,718
|
||||||
Net income (loss) per share – diluted
|
$
|
(0.03
|
)
|
$
|
0.05
|
|
For the three months ended
|
|||||||
|
November 30,
|
|||||||
|
2016
|
2015
|
||||||
Numerator:
|
||||||||
Net income (loss) available to common shareholders
|
$
|
(284,230
|
)
|
$
|
370,962
|
|||
Weighted average shares – basic
|
26,574,313
|
26,372,003
|
||||||
Net income (loss) per share – basic
|
$
|
(0.01
|
)
|
$
|
0.01
|
|||
|
||||||||
Dilutive effect of common stock equivalents:
|
||||||||
Warrants
|
-
|
3,258,701
|
||||||
Weighted average shares – diluted
|
26,574,313
|
29,630,705
|
||||||
Net income (loss) per share – diluted
|
$
|
(0.01
|
)
|
$
|
0.01
|
|
|
|
|
|
Weighted-
|
|
||
|
|
|
|
|
Average
|
|
||
|
|
Warrants
|
|
|
Exercise
|
|
||
|
|
Outstanding
|
|
|
Price
|
|
||
Outstanding at February 29, 2016
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
Forfeited
|
|
|
-
|
|
|
|
0.21
|
|
Outstanding at November 30, 2016
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Vested at November 30, 2016
|
|
|
6,407,221
|
|
|
|
0.21
|
|
Exercisable at November 30, 2016
|
|
|
6,407,221
|
|
|
|
0.21
|
|
The Company's inventory consisted of the following at November 30, 2016 and February 29, 2016:
|
||||||||
|
November 30,
2016
|
February 29,
2016
|
||||||
Raw materials
|
$
|
1,332,713
|
$
|
1,084,782
|
||||
Finished goods
|
698,823
|
1,466,676
|
||||||
|
2,031,536
|
2,551,458
|
||||||
Reserve for obsolete and slow moving inventory
|
(40,000
|
)
|
(40,000
|
)
|
||||
|
$
|
1,991,536
|
$
|
2,511,458
|
|
(1)
|
the portable water filtration industry is in a state of rapid technological change, which can render the Company's products obsolete or unmarketable;
|
|
|
|
|
(2)
|
any failure by the Company to anticipate or respond to technological developments or changes in industry standards or customer requirements, or any significant delays in product development or introduction, could have a material adverse effect on the Company's business, operating results and financial condition;
|
|
|
|
|
(3)
|
the Company's sales are concentrated to a few large customers, and loss of business from one or more could impact the Company's revenues, gross profit and operating results;
|
|
|
|
|
(4)
|
the Company's cost of sales may be materially affected by increases in the market prices of the raw materials used in the Company's assembly processes;
|
|
|
|
|
(5)
|
the Company's water related product sales could be materially affected by weather conditions and government regulations;
|
|
|
|
|
(6)
|
the Company is subject to the risks of conducting business internationally; and
|
|
|
|
|
(7)
|
the industries in which the Company operates are highly competitive. Additional risks and uncertainties are outlined in the Company's filings with the Securities and Exchange Commission, including its most recent fiscal 2016 Annual Report on Form 10-K.
|
|
Net Income
(Loss)
|
|||
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; and
|
· |
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.
|
Exhibit No.
|
Description
|
|
31.1
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002) | |
32.1
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.ss.1350 Section 906 of the Sarbanes-Oxley Act of 2002) | |
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Seychelle Environmental Technologies, Inc.
|
|
|
|
|
|
|
Date: January 17, 2017
|
By:
|
/s/ Carl Palmer
|
|
|
Carl Palmer
Director, Chief Executive Officer and Chief Financial Officer
|
|
1 Year Seychelle Environmental ... (CE) Chart |
1 Month Seychelle Environmental ... (CE) Chart |
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