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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 Of incorporation)
|
|
(IRS Employer File Number)
|
|
|
|
22 Journey
|
|
|
Aliso Viejo, California
|
|
92656
|
(Address of principal executive offices)
|
|
(zip code)
|
|
|
|
Large accelerated filer
☐
|
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
|
Smaller reporting company ☑
|
(Do not check if smaller reporting company)
|
Emerging growth company
☐
|
Page
|
|||||
PART I FINANCIAL INFORMATION
|
|||||
Item 1.
|
Financial Statements
|
3
|
|||
Condensed Consolidated Balance Sheets
|
3
|
||||
Condensed Consolidated Statements of
Operations
|
4
|
||||
Condensed Consolidated Statements of Cash Flows
|
6
|
||||
Notes to Condensed Consolidated Financial Statements
|
7
|
||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
11
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
15
|
|||
Item 4.
|
Controls and Procedures
|
15
|
|||
Item 4T.
|
Controls and Procedures
|
15
|
|||
PART II OTHER INFORMATION
|
|||||
Item 1.
|
Legal Proceedings
|
17
|
|||
Item 1A.
|
Risk Factors
|
17
|
|||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
17
|
|||
Item 3.
|
Defaults Upon Senior Securities
|
17
|
|||
Item 4.
|
Submission of Matters to a Vote of Security Holders
|
17
|
|||
Item 5.
|
Other Information
|
17
|
|||
Item 6.
|
Exhibits
|
18
|
|||
Signatures
|
19
|
|
November 30
,
2017
|
February 28,
2017
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,
776,482
|
$
|
732,112
|
||||
Accounts receivable, net of allowance for doubtful accounts and sales returns
|
||||||||
of $
6,080
and $47,600, respectively
|
756,766
|
905,507
|
||||||
Related party receivables
|
28,922
|
27,200
|
||||||
Inventory, net
|
975,373
|
1,421,871
|
||||||
Prepaid expenses, deposits and other current assets
|
241,649
|
282,560
|
||||||
Total current assets
|
3,
779,192
|
3,369,250
|
||||||
|
||||||||
Property and equipment, net
|
127,267
|
164,997
|
||||||
Other assets
|
74,848
|
81,310
|
||||||
|
||||||||
Total assets
|
$
|
3,
981,307
|
$
|
3,615,557
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
322,820
|
$
|
476,415
|
||||
Customer deposits
|
130,058
|
99,677
|
||||||
Capital lease obligations, current portion
|
5,
277
|
4,047
|
||||||
Total current liabilities
|
458,155
|
580,139
|
||||||
|
||||||||
Long-term liabilities:
|
||||||||
Capital lease obligations, net of current
|
10,481
|
14,744
|
||||||
Total liabilities
|
468,636
|
594,883
|
||||||
|
||||||||
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
issued and outstanding at
November 30
, 2017 and February 28, 2017, respectively
|
26,641
|
26,641
|
||||||
Additional paid-in capital
|
8,944,368
|
8,944,368
|
||||||
Accumulated deficit
|
(5,
428,658
|
)
|
(5,920,655
|
)
|
||||
Less treasury stock at cost
|
(29,680
|
)
|
(29,680
|
)
|
||||
Total stockholders' equity
|
3,
512,671
|
3,020,674
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
3,
981,307
|
$
|
3,615,557
|
For the Three Months Ended
November 30
,
|
||||||||
2017
|
2016
|
|||||||
Sales
|
$
|
1,629,324
|
$
|
1,257,844
|
||||
Cost of sales
|
858,765
|
1,003,395
|
||||||
Gross profit
|
770,559
|
254,449
|
||||||
Operating expenses
|
||||||||
Selling, general, and administrative
|
507,325
|
523,029
|
||||||
Depreciation and amortization
|
16,040
|
19,821
|
||||||
Total operating expenses
|
523,365
|
542,850
|
||||||
Income (loss) from operations
|
247,194
|
(
288,401
|
)
|
|||||
Other income (expense)
|
||||||||
Interest income
|
-
|
7
|
||||||
Interest expense
|
(
576
|
)
|
(
621
|
)
|
||||
Other income (expense)
|
-
|
(1,068
|
)
|
|||||
Total other income (expense)
|
(
576
|
)
|
(1,682
|
)
|
||||
Income (loss) before income tax benefit (expense)
|
246,618
|
(
290,083
|
)
|
|||||
Income tax benefit (expense)
|
-
|
5,853
|
||||||
Net income (loss)
|
$
|
246,618
|
$
|
(
284,230
|
)
|
|||
BASIC INCOME (LOSS) PER SHARE
|
$
|
0.
01
|
$
|
(0.01
|
)
|
|||
DILUTED INCOME (LOSS) PER SHARE
|
$
|
0.
01
|
$
|
(0.01
|
)
|
|||
BASIC WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,
574
,313
|
26,
574
,313
|
||||||
DILUTED WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,
574
,313
|
26,
574
,313
|
For the
Nine
Months
Ended
November 30
,
|
||||||||
2017
|
2016
|
|||||||
Sales
|
$
|
3,829,465
|
$
|
2,885,212
|
||||
Cost of sales
|
2,014,064
|
1,950,312
|
||||||
Gross profit
|
1,
815,401
|
934,900
|
||||||
Operating expenses
|
||||||||
Selling, general, and administrative
|
1,262,269
|
2,144,063
|
||||||
Depreciation and amortization
|
51,094
|
62,651
|
||||||
Total operating expenses
|
1,313,363
|
2,206,714
|
||||||
Income (loss) from operations
|
502,038
|
(
1,271,814
|
)
|
|||||
Other income (expense)
|
||||||||
Interest income
|
-
|
23
|
||||||
Interest expense
|
(3,
850
|
)
|
(1,
624
|
)
|
||||
Other income
|
(142
|
)
|
11,163
|
|||||
Total other income (expense)
|
(3,
992
|
)
|
9,562
|
|||||
Income (loss) before income tax benefit (expense)
|
498,046
|
(
1,262,252
|
)
|
|||||
Income tax benefit (expense)
|
(6,
051
|
)
|
385,211
|
|||||
Net income (loss)
|
$
|
491,995
|
$
|
(
877,041
|
)
|
|||
BASIC INCOME (LOSS) PER SHARE
|
$
|
0.
02
|
$
|
(0.
03
|
)
|
|||
DILUTED INCOME (LOSS) PER SHARE
|
$
|
0.
02
|
$
|
(0.
03
|
)
|
|||
BASIC WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,
574
,313
|
26,
574,313
|
||||||
DILUTED WEIGHTED AVERAGE NUMBER OF
|
||||||||
SHARES OUTSTANDING
|
26,
574
,313
|
26,
574,313
|
For The
Nine
Months Ended
November 30
,
|
||||||||
2017
|
2016
|
|||||||
CASH FLOW FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$
|
491,995
|
$
|
(
877,041
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
51,094
|
62,651
|
||||||
Loss on disposal of assets
|
-
|
5,
586
|
||||||
Stock-based compensation
|
-
|
117,500
|
||||||
Provision for doubtful accounts
|
(
41,520
|
)
|
(103,652
|
)
|
||||
Deferred income tax expense (benefit)
|
-
|
(
391,485
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
190,261
|
(
531,850
|
)
|
|||||
Related party receivables
|
(1,722
|
)
|
12,225
|
|||||
Inventory
|
446,498
|
519,922
|
||||||
Prepaid expenses, deposits and other assets
|
47,375
|
(
85,647
|
)
|
|||||
Accounts payable and accrued expenses
|
(
153,595
|
)
|
(
99,916
|
)
|
||||
Income taxes payable
|
-
|
(
252,414
|
)
|
|||||
Customer deposits
|
30,381
|
105,962
|
||||||
Net Cash Provided By (Used In) Operating Activities
|
1,060,767
|
(1,
518,159
|
)
|
|||||
CASH FLOW FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(
13,364
|
)
|
(25,582
|
)
|
||||
Net Cash Used In Investing Activities
|
(
13,364
|
)
|
(25,582
|
)
|
||||
CASH FLOW FROM FINANCING ACTIVITIES:
|
||||||||
Repayment of capital lease obligations
|
(
3,033
|
)
|
(
8,269
|
)
|
||||
Repurchase of common stock
|
-
|
(17,400
|
)
|
|||||
Net Cash Used in Financing Activities
|
(
3,033
|
)
|
(
25,669
|
)
|
||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
1,044,370
|
(1,
569,410
|
)
|
|||||
CASH AND CASH EQUIVALENTS - beginning of period
|
732,112
|
2,062,873
|
||||||
CASH AND CASH EQUIVALENTS - end of period
|
$
|
1,
776,482
|
$
|
493,463
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
3,
850
|
$
|
1,
624
|
||||
Income taxes
|
$
|
-
|
$
|
252,414
|
For the
nine
months ended
|
||||||||
November 30
,
|
||||||||
2017
|
2016
|
|||||||
Numerator:
|
||||||||
Net income (loss) available to common shareholders
|
$
|
491,995
|
$
|
(
877,041
|
)
|
|||
Weighted average shares – basic
|
26,574,313
|
26,
574,313
|
||||||
Net income (loss) per share – basic
|
$
|
0.
02
|
$
|
(0.
03
|
)
|
|||
Dilutive effect of common stock equivalents:
|
||||||||
Warrants
|
-
|
-
|
||||||
Weighted average shares – diluted
|
26,574,313
|
26,
574,313
|
||||||
Net income (loss) per share – diluted
|
$
|
0.
02
|
$
|
(0.
03
|
)
|
For the three months ended
|
||||||||
November 30
,
|
||||||||
2017
|
2016
|
|||||||
Numerator:
|
||||||||
Net income (loss) available to common shareholders
|
$
|
246,618
|
$
|
(
284,230
|
)
|
|||
Weighted average shares – basic
|
26,574,313
|
26,
574
,313
|
||||||
Net income (loss) per share – basic
|
$
|
0.
01
|
$
|
(0.01
|
)
|
|||
Dilutive effect of common stock equivalents:
|
||||||||
Warrants
|
-
|
-
|
||||||
Weighted average shares – diluted
|
26,574,313
|
26,
574
,313
|
||||||
Net income (loss) per share – diluted
|
$
|
0.
01
|
$
|
(0.01
|
)
|
November 30
,
2017
|
February 28,
2017
|
|||||||
Raw materials
|
$
|
716,182
|
$
|
1,
034,406
|
||||
Finished goods
|
259,191
|
387,465
|
||||||
Net inventory
|
$
|
975,373
|
$
|
1,421,871
|
(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 cost of sales may be materially affected by increases in the market prices of the raw materials used in the Company's assembly processes; |
(4) | the Company's dependence on a few customers. Sales to these customers are unpredictable and difficult to estimate, and as such, may result in material fluctuations in sales from period to period. Management believes that if future revenues from its significant customers decline, those revenues can be replaced through the sales to other customers. However, there can be no assurance that this will occur, which could result in an adverse effect on the Company's financial condition or results of operations in the future; |
(4) | the Company's water related product sales could be materially affected by weather conditions and government regulations; |
(5) | the Company is subject to the risks of conducting business internationally; and |
(6) |
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 Annual Report on Form 10-K for the fiscal year ended February 28, 2017.
|
Period over
|
||||||||||||||||
2017
|
2016
|
Period change
|
%
|
|||||||||||||
Sales
|
$
|
1,629,324
|
$
|
1,257,844
|
371,480
|
30
|
%
|
|||||||||
Cost of sales
|
858,765
|
1,003,395
|
(144,630
|
)
|
-14
|
%
|
||||||||||
Gross profit
|
770,559
|
254,449
|
516,110
|
203
|
%
|
|||||||||||
Gross profit %
|
47
|
%
|
20
|
%
|
||||||||||||
Selling general and administrative
|
507,325
|
523,029
|
(15,704
|
)
|
-3
|
%
|
||||||||||
Depreciation and amortization
|
16,040
|
19,821
|
(3,781
|
)
|
-19
|
%
|
||||||||||
Other income (expense)
|
(576
|
)
|
(1,682
|
)
|
1,106
|
66
|
%
|
|||||||||
Income (loss) before income tax benefit (expense)
|
246,618
|
(290,083
|
)
|
536,701
|
185
|
%
|
||||||||||
Income tax benefit (expense)
|
-
|
5,853
|
(5,853
|
)
|
-100
|
%
|
||||||||||
Net income (loss)
|
246,618
|
(284,230
|
)
|
530,848
|
187
|
%
|
● |
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
|
Exhibit No.
|
Description
|
|
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) | ||
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 12, 2018
|
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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