UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No. 000-12139
INTELLIQUIS INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
NEVADA
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
87-0630562
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352 WEST 12300 SOUTH #300 DRAPER, UTAH 84020
(Address and zip code of principal executive offices)
Registrant's telephone number, including area code: (801) 501-7955
As of December 27, 2001 the number of shares outstanding of the Registrant's
Common Stock was 49,539,672.
Transitional Small Business Disclosure Format - (check one):
[ ] YES [ X ] NO
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INTELLIQUIS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, December 31,
2001 2001
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ASSETS
Current Assets
Cash $ 3,732 $ ---
Trade accounts receivable, net of allowance
for doubtful accounts of $19,648 and $0,
respectively 85,949 21,229
Notes Receivable 66,523 60,840
Inventory 120,280 130,287
Prepaid expenses and deposits 6,000 10,200
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Total Current Assets 282,484 222,556
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Property and Equipment, Net 82,915 115,529
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Other Assets
Intengibles, net of $162,131 and $84,886
accumulated amortization, respectively 86,891 194,389
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Total Assets $ 452,290 $ 532,474
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Checks written in excess of cash in bank $ --- $ 747
Accounts payable and accrued liabilities 849,243 689,010
Payable to related party 117,985 18,000
Short-term borrowings 1,842,246 1,854,406
Preferred stock dividends payable 222,478 141,700
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Total Current Liabilities 3,031,952 2,703,863
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Stockholders' Deficit
Preferred stock - $0.001 par value; 5,000,000
shares authorized; 1,800 shares issued and
outstanding, respectively 2 2
Common stock - $0.001 par value; 50,000,000
shares authorized; 48,539,672 and 38,221,475
shares issued and outstanding, respectively 48,539 38,221
Treasury stock (20) (70)
Additional paid-in capital 8,843,899 8,579,929
Accumulated deficit (11,472,082) (10,789,471)
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Total Stockholders' Deficit (2,579,662) (2,171,389)
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Total Liabilities and Stockholders' Deficit $ 452,290 $ 532,474
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The accompanying notes are an integral part of these condensed
consolidated financial statements.
INTELLIQUIS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
---------------------- -----------------------
2001 2000 2001 2000
---------- ---------- ---------- -----------
Sales $ 54,415 $ 314,826 $ 335,543 $ 1,284,484
Cost of Sales 28,044 110,351 68,595 309,899
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Gross Profit 26,371 204,475 266,948 974,585
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Expenses
Sales and marketing 18,966 405,317 19,184 835,604
General and administrative 150,760 73,143 696,742 544,241
---------- ---------- ---------- -----------
Total Expenses 169,726 478,460 715,926 1,379,845
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Operating Loss (143,355) (273,985) (448,978) (405,260)
---------- ---------- ---------- -----------
Other Income (Expense)
Interest expense (10,132) (89,959) (11,898) (142,406)
Interest income 1,972 4,070 5,684 24,546
Rental income 0 0 (3,000) 0
Bad debt (14,648) (150,000) (40,877) (286,730)
Settlement expense 6,751 0 (107,015) (507,921)
Other (1,752) 0 (1,749) 0
---------- ---------- ---------- -----------
Other Income (expense), net (17,809) (235,889) (152,855) (912,511)
---------- ---------- ---------- -----------
Net Loss (161,164) (509,874) (601,833) (1,317,771)
Preferred stock dividends (20,942) (29,918) (80,778) (89,754)
---------- ---------- ---------- -----------
Net Loss attributable to
common shareholders $ (182,106) $ (539,792) $ (682,611) $(1,407,525)
========== ========== ========== ===========
Basic and Diluted Loss Per
Common Share (0.004) (0.015) (0.015) (0.041)
Weighted Average Number of
Common Shares Used in Per
Share Calculation 41,594,038 34,845,475 45,301,654 34,377,780
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The accompanying notes are an integral part of these condensed
consolidated financial statements.
INTELLIQUIS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months
Ended September 30
------------------------
2001 2000
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Cash Flows From Operation Activities
Net Loss $ (601,833) $(1,407,525)
Adjustments to reconcile net loss to net cash
used by operating activities:
Depreciation and amortization 140,112 48,462
Expenses paid for by officer 25,956 ---
Stock and options issued for services performed 65,000 ---
Stock issued in settlement of litigation 46,875 ---
Changes in operating assets and libilities:
Accounts receivable (64,720) 1,030,989
Other receivable (5,683) ---
Prepaid expenses and deposits 4,200 (295,739)
Inventory 10,007 (57,334)
Accounts payable and accrued liabilities 160,233 (1,344,479)
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Net Cash Used In Operating Activities (219,853) (2,025,626)
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Cash Flows From Investing Activities
Principal payments on notes receivable --- 479,883
Purchase of fixed assets --- (251,259)
Increase in other assets --- (1,625)
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Net Cash Used In Investing Activities --- 226,999
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Cash Flows From Financing Activities
Checks written in excess of cash in bank (747) ---
Proceeds from payable to related party 99,985 ---
Proceeds from issuance of stock 136,507 ---
Deferred offering costs --- (184,227)
Proceeds from short-term borrowings --- 1,739,039
Principal payments on short-term borrowings (12,160) ---
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Net Cash Provided By Financing Activities 223,585 1,554,812
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Net Increase (Decrease) in Cash 3,732 (243,815)
Cash at Beginning of Period --- 264,395
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Cash at End of Period $ 3,732 $ 20,580
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Supplemental Cash Flow Information
Interest paid $ 11,898 $ 53,090
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The accompanying notes are an integral part of these condensed consolidated financial statements.
INTELLIQUIS INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS
Condensed Financial Statements - These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States. These statements should be read in conjunction with the Company's December 31, 2000 Annual Report on Form 10- KSB. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed consolidated financial statements for the nine months ended September 30, 2001 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2001.
NOTE 2 - BUSINESS CONDITION
The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered a significant loss from operations during the nine months ended September 30, 2001 totaling $601,833. During the nine months ended September 30, 2001, the Company had a net loss attributable to common shareholders of $682,611. Moreover, during the nine months ended September 30, 2001 and 2000, the Company's operations used $219,853 and $2,749,468 of cash, respectively. At September 30, 2001, the Company had a working capital deficit of $3,261,187. These matters raise substantial doubt about the Company's ability to continue as a going concern. In the future, the Company must obtain additional financing to provide working capital for operations. Management is attempting to develop and market new products to finance its operations. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.
NOTE 3 - RELATED PARTY TRANSACTIONS
During the nine months ended September 30, 2001, an officer and shareholder advanced the Company $99,985. There is no stated interest rate on the loan. The loan does not have any formal terms of repayment.
During the nine months ended September 30, 2001, an officer and shareholder of the Company contributed his personal shares of the Company's stock to compensate employees. The shares were valued at the market price on the date of issuance. The total value of stock contributed to employees by the officer was $25,956 for the nine months ended September 30, 2001. The transaction was accounted for as a capital contribution by the officer and shareholder.
NOTE 4 - STOCK OPTIONS
During June 2001, the Company issued options to purchase 1,666,667 shares of common stock of the Company at $0.015 per share. These options vested on the date granted and are exercisable for two years. The options had a fair value of $0.02 per share based on the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 4.22 percent, volatility of 0 percent, expected dividend yield of 0 percent, and an expected life of two years. On the date of the grant, the Company recognized $33,333 as compensation expense. No options were exercised during the nine months ended September 30, 2001.
NOTE 5 - STOCKHOLDERS' EQUITY
Common Stock Issued for Litigation Settlement - In March, the Company agreed to pay On The Planet ("OTP") an additional 1,000,000 shares of common stock due to the decrease in the value of the Company's stock. The value of the shares issued was $46,875.
Common Stock Issued for Cash - During the nine months ended September 30, 2001, the Company issued 8,818,197 shares of common stock for $132,273 or $0.015 per share.
Common Stock and Options Issued for Services - During the nine months ended September 30, 2001, the Company issued 500,000 shares of common stock for $15,000 or $0.03 per share and stock options of $50,000 for services.
Expenses Paid by Officer of the Company - During the nine months ended September 30, 2001, an officer of the Company contributed capital of $25,956 to pay for expenses of the Company.
Treasury Stock - During the nine months ended September 30, 2001, the Company issued 50,000 shares of treasury stock for $4,235 or $0.015 per share.
NOTE 6 - COMMITMENTS AND CONTINGENCIES
Legal Contingencies - The Company has filed an action against the primary distributor of its products, through which it seeks to recover an amount in excess of $1,000,000. The claims of the Company arise from, inter alia, the failure of the distributor to properly account for the Company's products returned by retailers, thus resulting in debits to the Company's account in amounts which were greater than the price at which the Company invoiced products to the distributor. The distributor has answered the suit, and both parties have entered into binding arbitration. Due to the uncertainty in the outcome of this action, the Company valued against amounts receivable from this distributor during 2000. Any amount recovered from this action will be recognized in future periods.
A software licensor claims that the Company breached a license agreement which licensed certain software to the Company for inclusion in its products. The software licensor argues that because the license agreement was breached, the Company's license to make use of that software was terminated and thus, through continued sales, the Company infringed on the software licensor's copyright to that software. The Company has filed an answer in which it denies those allegations and will file a counterclaim through which it will seek to recover damages arising from certain defects in the software licensed. The software licensor is seeking to recover damages in an amount between $50,000 and $200,000. The Company has submitted a Notice of Claim to its insurer. The insurer, at this time, has neither admitted nor denied coverage. Counsel is not yet able to express an opinion as to the ultimate resolution of this dispute.
This same software licensor also seeks to recover damages allegedly arising from the breach of the license agreement, as discussed immediately above, and, in addition, has asserted claims purportedly arising under the California Business Practices Act for an interference with prospective economic advantage. The software licensor alleges that it is entitled to recover not less than $45,000 on its breach of contract claim. The Company has filed an answer denying the material allegations of the complaint and will file a counterclaim based on the defective software. The software licensor has not specified the damages which it seeks to recover on the remaining claims. Counsel, at this time, cannot express an opinion as to the ultimate resolution of this dispute.
One of the Company's distributors has asserted claims based on an open account for the shipment of the Company's products through which it seeks to recover $91,004. The Company has filed an answer, denying the material allegations of the complaint and has asserted a counterclaim through which it seeks to recover $300,000 as damages for the negligent destruction of certain products by agents of the distributor. This proceeding remains in the discovery stage of litigation. At this point it is not possible for counsel to express a firm opinion as to the ultimate resolution of this dispute.
Another distributor seeks to recover the sum of $44,943, allegedly owed for the packaging, shipping and distribution of software products produced by the Company. The Company has filed an answer and counterclaim through which it seeks to recover the sum of approximately $50,000. The claim of the Company arises from the shipment of packaged product by Onesource in an amount substantially in excess of the amount ordered by distributors and the consequent return of those products resulting in a cash reimbursement paid by the distributor and debited to the Company. Discovery is proceeding in this matter. Due to the uncertainty involved in the claim, counsel can offer no opinion as to the ultimate outcome.
A separate distributor seeks to recover $16,350 allegedly owed for printing services provided to the Company. The Company has filed an answer through which it denies that any amounts are owing to plaintiff. Discovery is now under way in this matter. Counsel is not able to express an opinion as to the ultimate outcome of this dispute.
A third party has filed a complaint seeking the recovery of $12,677 allegedly owed for telecommunication services. The Company has agreed to make monthly payment of $1,000 until the obligation is satisfied.
The Company is also the subject of certain legal matters, which it considers incidental to its business activities. It is the opinion of management, after discussion with legal counsel, that the ultimate disposition of these legal matters will not have a material impact on the consolidated financial condition or results of operations of the Company.
NOTE 7 - SUBSEQUENT EVENTY
In November 2001, the Company entered into a transaction to purchase the rights to certain technology from another corporation. The Company paid $5,000 cash and delivered 1,500,000 shares of restricted common stock valued at $45,000 or $0.03 per share.
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS
For the fiscal year 2001, the Company expects to continue to grow by realizing overseas growth in its current product lines. In relation, the Company anticipates to have income from operations for the remaining quarters. The income will be a result of increased sales due to new products and revisions. In addition, the Company is exploring other products that could be released during the remaining quarters, which could dramatically increase sales.
Nine Months Ended September 30, 2001 and 2000
The Company's sales amounted to $335,543 for the first nine months of 2001 which is a decrease of $948,941 from $1,284,484 for the same period in 2000. The Company's decrease in sales is primarily due to the decrease in sales of it products and litigation with its primary distributor. The Company expects sales to increase for the rest of the fiscal year due to the signing of new distributors both domestic and international, release of new products and new versions of existing products.
Cost of sales includes cost of goods sold, royalties paid to developers and the costs for maintaining technical support. The cost of sales totaled $68,595 for the nine months ended September 30, 2001 compared to $309,899 for the same period in 2000. During the first nine months of 2001 the Company had taken additional measures to reduce royalties and production labor. The Company anticipates that cost of sales will approach 20% of sales for the fiscal year 2001.
General and administrative expenses totaled $696,742 for the first nine months ending September 30, 2001 and $ 544,241 for the same period in 2000. The Company anticipates general and administrative expenses as a percentage of sales to approximate 28% for the fiscal year 2001.
Three Months Ended September 30, 2001 and 2000
The Company's sales amounted to $54,415 for the first six months of 2001 which is a decrease of $260,411 from $314,826 for the same period in 2000. The Company's decrease in sales is primarily due to the decrease in sales of its products and litigation with its primary distributor. The Company expects sales to increase for the rest of the fiscal year due to the signing of new distributors both domestic and international, release of new products and new versions of existing products.
Cost of sales includes cost of goods sold, royalties paid to developers and the costs for maintaining technical support. The cost of sales totaled $28,044 for the three months ended September 30, 2001 compared to $110,351 for the same period in 2000.
General and administrative expenses totaled $150,760 for the three months ending September 30, 2001 and $73,143 for the same period in 2000. The increase is attributable to settlement of litigation.
For the fiscal year 2001, the Company expects to continue to grow by realizing overseas growth in its current product lines and the demand for the new products released in April. In relation, the Company anticipates to have income from operations for the remaining quarter. The income will be a result of increased sales throughout the year due to new products and revisions and a reduction in production costs and overhead. In addition, the Company is exploring other products that could be released during the fourth quarter, which could increase sales.
For the nine months ended September 30, 2001, the Company reported an operating loss of $448,978 compared to operating loss of $405,260 in the corresponding period in 2000.
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
1. Doren Rosenthal v. Intelliquis International, Inc., Superior Court, County of San Luis Obispo, State of California,Civil No. CV 991-124, Doren Rosenthal, a software programmer, has asserted claims against the Company alleging the breach of a licensing agreement, breach of contract, misappropriation of trade secrets and others. In response the Company filed a Demurrer, which was granted, in part. The Company not only has denied the claims asserted by Rosenthal but, based on its review of sale records, maintains that actual damages, if any, are in a nominal amount. This matter is scheduled for trial. Because Rosenthal has requested damages in an unspecified amount, it is not possible to predict the amounts which might be awarded to him should he prevail on the asserted claims.
2. United Television, Inc. dba KTVX 4 Utah vs. Intelliquis, LLC,Third District Court, Salt Lake County, State of Utah Civil No. 000909917 In its Complaint, United Television, Inc. asserts a claim for payment in the amount of $5,848.67 purportedly owed for the broadcasting of advertising for Intelliquis International, Inc. (the "Company"). On February 7, 2001, United Television and the Company entered into a Stipulation through which the Company agreed to pay to United Television, Inc. the sum of $2,000.00 payable in two installments. Although one payment was made, on November 2, 2001, judgment was entered in favor of Plaintiff in the amount of $4,142.86.
3. Onesource.com, Inc. vs. Intelliquis, LLC, Third District Court, Salt Lake County, State of Utah, Civil No. 000411165. Onesource.com seeks to recover the sum of $44,943.11, allegedly owed for the packaging, shipping and distribution of software products produced by the Company. The Company has filed an Answer and Counterclaim through which it seeks to recover the sum of approximately $50,000.00. The claim of the Company arises from the shipment of packaged product by Onesource in an amount substantially in excess of the amount ordered by distributors and the consequent return of those products resulting in a cash reimbursement paid by Onesource and debited to the Company. Discovery is proceeding in this matter. Counsel cannot now offer an opinion as to the ultimate outcome.
4. Elite Marketing, LC vs. Intelliquis, LLC, Fourth District Court, Utah County, State of Utah, Civil No. 000403243. Elite Marketing has asserted claims against the Company through which it seeks to recover $19,180.32, allegedly due as payment for the production of compact discs. Elite Marketing and the Company entered into a Stipulation and Settlement Agreement on March 14, 2001. That Agreement requires that the Company make two payments of $2000.00 to Elite Marketing for a total amount of $4,000.00. Due to lack of payment, Judgment was entered in favor of Plaintiff in the amount of $19,180.32.
5. All West Communications vs. Intelliquis, LLC, Third District Court, Salt Lake County, State of Utah, Civil No. 000410898. All West Communications has filed a Complaint seeking the recovery of $12,677.21 allegedly owed for telecommunication services. The Company has filed an Answer denying the material allegations of the Complaint. Discovery commenced. Judgment was entered in favor of Plaintiff on November 2, 2001 in the amount of $14,534.21.
6. MCB Printing, Inc. dba Excell Graphics, Inc. vs. Intelliquis, et al., Fourth District Court, Utah County, State of Utah, Civil No. 000403250. In its Complaint, MCB Printing, Inc. seeks to recover $16,350.50 allegedly owed for printing services provided to the Company. The Company has filed an Answer through which it denies that any amounts are owing to plaintiff. Discovery was completed. Judgment in favor of Plaintiff in the amount of $21,133.02 was entered on September 25, 2001.
7. Cyberspace Headquarters, LLC vs. Intelliquis International, Inc., United States District Court, Central District of California, State of California Civil No. 00-12834 AHM. In this action Cyberspace Headquarters claims that the Company breached a License Agreement which licensed certain software to the Company for inclusion in its products. Cyberspace Headquarters argues that because the License Agreement was breached, the Company's license to make use of that software was terminated and thus, through continued sales, the Company infringed on the Cyberspace Headquarters copyright to that software. The Company has filed an Answer in which it denies those allegations and will file a Counterclaim through which it will seek to recover damages arising from certain defects in the software licensed from Cyberspace Headquarters. In a Rule 26(f) Report, Cyberspace Headquarters states that it will seek to recover damages in an amount between $50,000.00 and $200,000.00. The Company has submitted a Notice of Claim to its insurer, Evanston Insurance Company. The insurer has provided a defense. Counsel is not yet able to express an opinion as to the ultimate resolution of this dispute.
8. 8. MSAS Global Logistics, Inc. vs. Intelliquis, LLC dba Intelliquis International, Inc., Third District Court, Salt Lake County, State of Utah, Civil No. 00411518. In its Complaint, MSAS Global Logistics asserts claims based on an open account for the shipment of the Company's products through which it seeks to recover $91,004.21. The Company has filed an Answer, denying the material allegations of the Complaint and has asserted a Counterclaim through which it seeks to recover $300,000.00 as damages for the negligent destruction of certain products by agents of MSAS Global Logistics. This proceeding remains in the discovery stage of litigation. Plaintiff has requested a trial date. At this point it is not possible for counsel to express a firm opinion as to the ultimate resolution of this dispute.
9. Robi Investors, LLC vs. Intelliquis International, Inc., United Stated District Court, Southern District of New York, Case no. 00 CIV 9562(NRB)/Third District Court, Salt Lake County, State of Utah, Civil no. 016905005. Robi Investors, LLC, filed suit in the United States District Court for the Southern District of New York, seeking to recover damages in the amount of $2,876,472.00. Although the Company timely provided copies of the Summons and Complaint, along with payment of a retainer, to its prior counsel, an Answer or other response to the Complaint was not submitted. The Company is presently engaged in negotiations with principals of Robi Investors for the purpose of resolving the case.
10. Intelliquis International, Inc. vs. Ingram Micro, Third District Court, Salt Lake County, State of Utah, Civil no. 010902359. The Company has asserted claims against Ingram Micro, a distributor of the Company's products, through which it seeks an accounting of Ingram's financial records, specifically of amounts debited and credited to the Company's accounts. The Company claims that through accounting errors, Ingram Micro has failed to pay an amount in excess of One Million Dollars ($1,000,000.00) to the Company. The Company has also asserted claims for breach of the implied covenant of good faith and fair dealing, implied in the Distribution Agreement which it had with Ingram Micro. The Company seeks to recover actual damages in excess of One Million Dollars, plus punitive damages, plus all attorneys' fees and costs of court. Ingram Micro has filed an Answer and Counterclaim through it denies the material allegations of the Company's Complaint. Through its Counterclaim, Ingram Micro asserts claims for breach of contract and an accounting. Ingram Micro claims that its records indicate that it is owed the sum of $672,600.00 by the Company. The Company has submitted a Reply to Counterclaim through which it denies the material allegations of the Counterclaim and seeks an award of its attorney's fees incurred in the defense of that Counterclaim. Discovery has not yet commenced in this matter. However, the parties have agreed to an accelerated discovery and litigation schedule. It is anticipated that this matter will be settled following the preparation of reports by independent forensic accountants. Because this matter is in its early stages, the outcome is uncertain. There can be no assurance that the Company will be successful in the assertion of its claims or in the defense of the Counterclaim. In the event that Intelliquis is unsuccessful, the amount of potential damages which may be awarded is also uncertain.
11. Multiple Zones International vs. Intelliquis, LLC., Third District Court, salt lake county, State of Utah, Civil No. 010405213. Plaintiff has asserted claims in the amount of $41,591.05 allegedly arising from unpaid advertising agreements. The Company filed an Answer denying those claims. Plaintiff has been awarded Judgment in the amount of $53,249.04 as of December 14, 2001.
12. Semiconductor Ventures International (Public) Co., LTD., vs. Intelliquis International, Inc. et al, Third District Court, Salt Lake county, State of Utah, Civil No. 010906883. Semiconductor Ventures asserts claims allegedly arising form a Promissory Note in the principal amount of $1,844,353.52. The Company has filed an Answer and Counterclaim through which it seeks to recover damages caused by the sale and delivery of defective products by Semiconductor. This matter is now in the discovery stage.
13. Pilot Air Freight vs. Intelliquis, LLC, Third District Court, Salt lake county, Sandy Department, State of Utah, Civil No. 010403372. Plaintiff seeks to recover the sum of $11,232.02 allegedly due for shipping services. The Company has filed an Answer through which it denies liability in the amount claimed by Plaintiff. This matter is now in the discovery stage. Counsel can not offer an opinion as the final outcome of this matter.
ITEM 2. CHANGES IN SECURITIES
During the nine months ended September 30, 2001, the Company issued 8,818,197 shares of common stock for $132,273 or $0.015 per share; the Company issued 500,000 shares of common stock for services valued at $15,000; the Company issued 1,000,000 shares to common stock for litigation settlement valued at $46,875.
During the nine months ended September 30, 2001, the Company issued 50,000 shares to treasury stock for $4,235 or $0.015 per share.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Intelliquis International, Inc.
By: Mark Tippets, President and CEO
/s/ Mark Tippets Dated: Dec 27May 3, 1999, 2001 May 3, 1999 |