UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One) | |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
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| For the quarterly period ended: |
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Or | |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
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| For the transition period from: _____________ to _____________ |
(Exact name of registrant as specified in its charter) |
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(State or Other Jurisdiction of Incorporation) |
| (Commission File Number) |
| (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
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(Registrant’s telephone number, including area code)
Title of Class |
| Trading Symbol |
| Name of each exchange on which registered |
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| OTC:PINK |
Securities registered under Section 12(g) of the Exchange Act: Common Stock, par value $.01 per share
Indicate by check mark if the registrant is not required to file reports pursuant to section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “an accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ |
☒ | Smaller Reporting Company | ||
Emerging Growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date: As of January 28, 2022, there were
ADVANCED OXYGEN TECHNOLOGIES, INC.
Table of Contents
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| Condensed Consolidated Balance Sheets as of December 31, 2021 (unaudited) and June 30, 2021 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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EXHIBIT 31.1, 31.2 Certifications of Officers |
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EXHIBIT 32.1, 32.2 Certifications of Officers |
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101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
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101.SCH Inline XBRL Taxonomy Extension Schema Document. |
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101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
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101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document. |
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101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document. |
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101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
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104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
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PART 1: FINANCIAL INFORMATION
Item I: Condensed Consolidated Financial Statements for the three and six months ending December 31, 2021 (unaudited).
ADVANCED OXYGEN TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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ASSETS |
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CURRENT ASSETS |
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Cash |
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Property tax receivable |
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Total Current Assets |
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Property and equipment |
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TOTAL ASSETS |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
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Accounts payable |
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Contract liabilities |
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Taxes payable |
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Current portion of notes payable |
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Advances from a related party |
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Total Current Liabilities |
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Long Term Liabilities |
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Notes payable, net of current portion |
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Total Long-term Liabilities |
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Total Liabilities |
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STOCKHOLDERS’ EQUITY- |
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Convertible preferred stock, Series 2, par value $ |
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Convertible preferred stock, Series 3, par value $ |
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Convertible preferred stock, Series 5; no par value, |
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Common stock, par value $ |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Accumulated deficit |
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TOTAL STOCKHOLDERS’ EQUITY |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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See accompanying notes to condensed unaudited consolidated financial statements.
| 3 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
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| For the three months ended December 31, |
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| For the six months ended December 31, |
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Revenues |
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Rent Revenues |
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Total Revenues |
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Operating Expenses |
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General and Administrative |
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Professional fees |
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Total Operating Expenses |
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Income from operations |
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Other income (expenses) |
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Interest Expense |
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Gain on Tax Settlement |
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Total Other Income (Expenses) |
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Income Before Income Taxes |
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Income Taxes Expense |
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NET INCOME |
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Weighted Average number of common shares outstanding |
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Basic |
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Dilutive |
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Basic earnings per Share |
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Dilutive earnings per Share |
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OTHER COMPREHENSIVE INCOME |
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Net INCOME |
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Foreign Currency Translation Adjustments |
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TOTAL COMPREHENSIVE INCOME |
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See accompanying notes to condensed unaudited consolidated financial statements.
| 4 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Six-Month Period Ending December 31, 2021 and 2020
(Unaudited)
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| Preferred Stock Convertible Series 2 |
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| Common |
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| Additional |
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| Accumulated |
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| Accumulated Other Comprehensive |
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| Total Stockholders’ |
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| Income |
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Balance at June 30, 2020 |
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Net loss |
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Foreign Currency Translation Adjustment |
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Balance at December 31, 2020 |
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Balance at June 30, 2021 |
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Net income |
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Foreign Currency Translation Adjustment |
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Balance at December 31, 2021 |
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See accompanying notes to condensed unaudited consolidated financial statements.
| 5 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three-Month Period Ending December 31, 2021 and 2020
(Unaudited)
|
| Preferred Stock Convertible Series 2 |
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| Common |
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| Additional |
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| Accumulated |
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| Accumulated Other Comprehensive |
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| Total Stockholders’ |
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| Amount |
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Balance at September 30, 2020 |
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Net loss |
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Foreign Currency Translation Adjustment |
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Balance at December 31, 2020 |
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Balance at September 30, 2021 |
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Net loss |
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Foreign Currency Translation Adjustment |
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Balance at December 31, 2021 |
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See accompanying notes to condensed unaudited consolidated financial statements.
| 6 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
| For the Six Months Ended December 31, |
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| 2021 |
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| 2020 |
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Cash flows from operating activities: |
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Net Income |
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Adjustments to reconcile net income to net cash provided by operating activities |
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Expenses paid on behalf of the company by a related party |
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Changes in operating assets and liabilities |
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Accounts payable |
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Taxes payable |
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Net cash provided by operating activities |
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Cash flow from financing activities: |
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Repayment of related party debt |
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Repayment of long-term debt |
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| (9,341 | ) |
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Net cash used in financing activities |
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Change due to FX Translation |
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NET CHANGE IN CASH |
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Cash at beginning of period |
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Cash at end of period |
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Supplemental Disclosures of Cash Flow Information |
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Cash paid for Interest |
| $ |
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Cash paid for Income taxes |
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See accompanying notes to condensed unaudited consolidated financial statements.
| 7 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1- ORGANIZATION AND LINE OF BUSINESS:
Organization:
Advanced Oxygen Technologies Inc, (“Advanced Oxygen Technologies”, “AOXY”, or the “Company”), was incorporated in Delaware in 1981 under the name Aquanautics Corporation and was, from 1985 until May 1995, a startup stage specialty materials company producing new oxygen control technologies. From May of 1995 through December of 1997 the Company had minimal operations and was seeking funding for operations and companies to which it could merge or acquire. In March of 1998 the Company began operations again in California. From 1998 through 2000, the business produced and sold CD- ROMS for conference events, advertisement sales on the CD’s, database management and event marketing all associated with conference events. From 2000 through March of 2003, the business consisted solely of database management. From 2003 through April 2005, the business operations were derived totally from the Company’s wholly owned business, IP Service, ApS, a Danish IP security vulnerability company (“IP Service”). Since then, business operations have been solely derived from its wholly owned subsidiaries Anton Nielsen Vojens, ApS (“ANV”), Sharx Inc. and its wholly owned subsidiary Sharx DK ApS (collectively “Sharx”).
Lines of Business:
Advanced Oxygen Technologies, Inc. operations are derived from its wholly owned subsidiaries Anton Nielsen Vojens, ApS (“ANV”), Sharx Inc. and its wholly owned subsidiary Sharx DK ApS (collectively “Sharx”).
ANV is a Danish company that owns commercial real estate in Vojens, Denmark. ANV’s revenues are derived solely from the lease revenue from its real estate. Circle K Denmark A/S, formerly StatOil A/S, leases the facility from ANV. The lease expires in 2026.
Sharx Inc. is a Wyoming corporation incorporated in 2020 that owns Sharx DK ApS. Sharx Inc. operations are derived from its wholly owned subsidiary Sharx DK ApS. Sharx Inc. has no other operations and performs administrative functions for itself and its subsidiary.
Sharx DK ApS is a Danish company, incorporated in 2020. On June 30, 2020, Sharx DK ApS, entered into a Distribution Agreement with Cleaver ApS, a Danish corporation (“Cleaver”), whereby Cleaver has appointed the Company as Cleaver’s nonexclusive distributor of its products in Europe, South America and North America. Cleaver is a manufacturer of a line of products for the logistics and cargo industry.
Other Risk and Uncertainties:
In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future, or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be an adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company is working to manage and mitigate potential disruptions to its future manufacturing and supply chain considerations. The Company has not experienced hindrance to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain and cannot be predicted.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Principles of Consolidation:
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Anton Nielsen Vojens, ApS, Sharx Inc. and Sharx DK ApS, after elimination of all intercompany accounts, transactions, and profits.
Basis of Presentation:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company’s fiscal year end is June 30.
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| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
The accompanying condensed consolidated financial statements are unaudited. All adjustments considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances are eliminated in consolidation.
Certain information and note disclosures normally included in annual financial statements have been condensed or omitted from these interim financial statements; these financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the year ended June 30, 2021.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition:
Rental Revenue
Rental revenue is derived from the Commercial Property lease in which quarterly payments are received pursuant to the property lease which is in effect until 2026. We recognize revenue when we have satisfied a performance obligation by transferring control over a product or delivering a service to a client. We measure revenue based upon the consideration set forth in an arrangement or contract with a client. We recognize revenue from these services when the services are completed. If we are paid in advance for these services, we record such payment as a contract liability until we complete the services. As of December 31, 2021, the Company recorded $
The Company leases land to a customer. We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. For our leases, we receive a fixed payment from the customer which is recognized as lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842.
In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement. We have not agreed to any deferral or abatement arrangements with any of our customers.
The Company has elected to exclude short-term leases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of less than or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term.
Commission revenue
For our commission revenue, we recognize revenue under the five steps in Topic 606, which are as follows: 1) identify the contract with the customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations; and 5) recognize revenue when (or as) performance obligations are satisfied.
The Company’s source of commission revenue is from the Company’s subsidiary Sharx in which quarterly payments are received when the customer pre-pays or pays upon the date products are drop shipped from the manufacturer pursuant to a non-exclusive distribution agreement. At such time the products are drop shipped, the Company’s performance obligation has been satisfied and revenue is recorded The Company has determined that it is an agent of the manufacturer and collects commission revenue at or before the delivery of product (See Note 3 for further details).
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ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Cash and Cash Equivalents:
For purposes of the statement of cash flows, the Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents.
The Company maintains its cash in bank deposit accounts which, at December 31, 2021 did not exceed federally insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on such amounts.
Property and Equipment:
Land is recognized at cost. Land is carried at cost less accumulated impairment losses.
Foreign currency translation:
Foreign currency transactions are translated applying the current rate method. Assets and liabilities are translated at current rates. Stockholders’ equity accounts are translated at the appropriate historical rates and revenue and expenses are translated at weighted average rates for the year.
Foreign currency transactions:
The Company applies the guidelines as set out in Section 830-20-35 of the FASB Accounting Standards Codification (“Section 830-20-35”) for foreign currency transactions. Pursuant to Section 830-20-35 of the FASB Accounting Standards Codification, foreign currency transactions are transactions denominated in currencies other than U.S. Dollar, the Company’s reporting currency. Foreign currency transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the reporting currency and the currency in which a transaction is denominated increases or decreases the expected amount of reporting currency cash flows upon settlement of the transaction. That increase or decrease in expected reporting currency cash flows is a foreign currency transaction gain or loss that generally shall be included in determining net income for the period in which the exchange rate changes. Likewise, a transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later) realized upon settlement of a foreign currency transaction generally shall be included in determining net income for the period in which the transaction is settled. The exceptions to this requirement for inclusion in net income of transaction gains and losses pertain to certain intercompany transactions and to transactions that are designated as, and effective as, economic hedges of net investments and foreign currency commitments. Pursuant to Section 830-20-25 of the FASB Accounting Standards Codification, the following shall apply to all foreign currency transactions of an enterprise and its investees: (a) at the date the transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction shall be measured and recorded in the functional currency of the recording entity by use of the exchange rate in effect at that date as defined in section 830-10-20 of the FASB Accounting Standards Codification; and (b) at each balance sheet date, recorded balances that are denominated in currencies other than the functional currency or reporting currency of the recording entity shall be adjusted to reflect the current exchange rate.
The Company’s wholly owned subsidiary ANV uses the Danish Krone, DKK as its reporting currency as well as its functional currency.
The wholly owned subsidiary Sharx DK ApS uses the US Dollar as its reporting currency as well as its functional currency and from time to time has transactions in foreign currencies. The change in exchange rates between the U.S. Dollar, the Company’s reporting and functional currency and the foreign currency, the currency in which a transaction is denominated increases or decreases the expected amount of reporting currency cash flows upon settlement of the transaction. That increase or decrease in expected reporting currency cash flows is a foreign currency transaction gain or loss that generally is included in determining net income (loss) for the period in which the exchange rate changes.
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| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Income Taxes:
The Company accounts for income taxes under the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is required when it is less likely than not that the Company will be able to realize all or a portion of its deferred tax assets. Because it is doubtful that the net operating losses of recent years will ever be used, a valuation allowance has been recognized equal to the tax benefit of net operating losses generated.
Earnings per Share:
Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of December 31, 2021, and December 31, 2020 there were
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| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Stock-Based Compensation:
The Company records stock-based compensation in accordance with ASC 718, Compensation. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued and are recognized over the employees required service period, which is generally the vesting period.
Concentrations of Credit Risk:
Financial instruments that potentially subject the Company to major credit risk consist principally of a single subsidiary of Anton Nielsen Vojens ApS. ANV’s rent revenues are derived from one customer. The Company’s commission revenues are subject to concentration risk as the commission revenues are derived from one product.
New Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, which is fiscal 2022 for us, with early adoption permitted. We do not expect adoption of the new guidance to have a significant impact on our financial statements.
Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.
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ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 3 - REVENUE:
The Company’s subsidiary, Anton Nielsen Vojens, ApS has one customer who is a non-related party and leases property from the Company. Rent revenues related to the operating lease are recognized as incurred. The Company’s subsidiary Sharx DK ApS had zero retail customers for the three and six month period ending December 31, 2020 and zero for the three and six month period ending December 31, 2021. The Company has determined that is an agent of the manufacturer and collects commission revenue at or before the delivery of product.
The Company disaggregates revenues by revenue type and geographic location. See the below tables:
|
| Three Months Ended December 31, |
| |||||
Revenue Type |
| 2021 |
|
| 2020 |
| ||
Real Estate Rental |
| $ |
|
| $ |
| ||
Commission Revenues |
|
|
|
|
|
| ||
Total Sales by Revenue Type |
| $ |
|
| $ |
| ||
|
| Six Months Ended December 31, |
| |||||
Revenue Type |
| 2021 |
|
| 2020 |
| ||
Real Estate Rental |
| $ |
|
| $ |
| ||
Commission Revenues |
|
|
|
|
|
| ||
Total Sales by Revenue Type |
| $ |
|
| $ |
| ||
The Company’s derives revenues from 100% of foreign revenues. For the period ending December 31, 2021 and December 31, 2020 the major geographic concentrations were as follows:
|
| Geographic Regions |
| |||||
|
| for the Three Months Ended December 31, |
| |||||
Revenue Type |
| 2021 |
|
| 2020 |
| ||
International |
| $ |
|
| $ |
| ||
Domestic |
|
|
|
|
|
| ||
Total Sales by Geographic Location |
| $ |
|
| $ |
| ||
|
| Geographic Regions |
| |||||
|
| for the Six Months Ended December 31, |
| |||||
Revenue Type |
| 2021 |
|
| 2020 |
| ||
International |
| $ |
|
| $ |
| ||
Domestic |
|
|
|
|
|
| ||
Total Sales by Geographic Location |
| $ |
|
| $ |
| ||
| 13 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 4–PROPERTY AND EQUIPMENT:
The Land owned by the Company’s wholly owned subsidiary constitutes the largest asset of the Company. During the period ending December 31, 2021 the Company recorded a decrease in the carrying value of the Land of $(
|
| Carrying Value of Land at | ||||||
December |
|
| June 30, |
| ||||
US Dollars |
| $ |
|
| $ |
| ||
NOTE 5 - RELATED PARTY TRANSACTIONS:
Crossfield, Inc., a company of which the CEO, Robert Wolfe is an officer and director, has made advances to the Company which are not collateralized, non-interest bearing, and payable upon demand. At December 31, 2021 and June 30, 2021, the Company had a balance of $
NOTE 6 - NOTES PAYABLE:
During 2006, the Company issued a promissory note (“Note”) for $
The Company has a note payable with a bank (“Note B”). The original amount of Note B was kr
The Company’s commitments and contingencies are $
The amounts stated reflect the Company’s commitments in the currencies that those commitments were made and the amounts are an estimate of what the US dollar amount would be if the currency rates did not change going forward.
| ||||
| ||||
Fiscal Year Ending |
| Amount |
| |
2022 |
| $ |
| |
2023 |
|
|
| |
2024 |
|
|
| |
Total |
| $ |
| |
Less: Long-term portion of notes payable |
|
| ( | ) |
Notes payable, current portion |
| $ |
| |
| 14 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 7 - STOCKHOLDERS’ EQUITY:
Common Stock:
The Company has
Preferred Stock:
Series 2 Convertible Preferred Stock:
The Company is authorized to issue
| 15 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Series 3 Convertible Preferred Stock:
The Company has designated
Series 5 Convertible Preferred Stock:
The Company has designated 1 share of series 5 convertible preferred stock, no par value.
NOTE 8 - Segment and Geographic Information
Segment Performance
We have three reporting segments:
● | The ANV lease segment which leases land in Denmark by long term leases. | |
● | The Sharx’s segment which generate commissions for the sale cargo security products. | |
● | The Corporate segment, Advanced Oxygen Technologies, Inc. which does not generate revenues, but has administrative expenses. |
| 16 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
The following table summarizes financial information regarding each reportable segment’s results of operations for the periods presented:
|
| Six Months Ending December 31, |
| |||||
|
| 2021 |
|
| 2020 |
| ||
|
|
|
|
|
|
| ||
Revenue by segment |
|
|
|
|
|
| ||
Lease revenues |
| $ |
|
| $ |
| ||
Commission revenues from security product sales |
|
|
|
|
|
| ||
Corporate revenues |
|
|
|
|
|
| ||
Total revenue |
| $ |
|
| $ |
| ||
|
|
|
|
|
|
|
|
|
Segment profitability |
|
|
|
|
|
|
|
|
Lease revenues |
| $ |
|
| $ |
| ||
Commission revenues from security product sales |
|
| ( | ) |
|
|
| |
Corporate revenues |
|
| ( | ) |
|
| ( | ) |
Total segment profitability |
| $ |
|
| $ |
| ||
|
| Three Months Ending December 31, |
| |||||
|
| 2021 |
|
| 2020 |
| ||
|
|
|
|
|
|
| ||
Revenue by segment |
|
|
|
|
|
| ||
Lease revenues |
| $ |
|
| $ |
| ||
Commission revenues from security product sales |
|
|
|
|
|
| ||
Corporate revenues |
|
|
|
|
|
| ||
Total revenue |
| $ |
|
| $ |
| ||
|
|
|
|
|
|
|
|
|
Segment profitability |
|
|
|
|
|
|
|
|
Lease revenues |
| $ |
|
| $ |
| ||
Commission revenues from security product sales |
|
| ( | ) |
|
| ( | ) |
Corporate revenues |
|
| ( | ) |
|
| ( | ) |
Total segment profitability |
| $ |
|
| $ |
| ||
| 17 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
The following table presents net sales, based on the location in which the sale originated, and long-lived assets, representing property, plant and equipment, net of related depreciation, by geographic region. All of the assets are land that are held by the Company’s subsidiary, ANV.
Three Months Ending December 31: |
| 2021 |
|
| 2020 |
| ||
Net Sales |
|
|
|
|
|
| ||
United States |
| $ |
|
| $ |
| ||
Denmark |
|
|
|
|
|
| ||
Total |
| $ |
|
| $ |
| ||
As of December 31, 2021 and June 30, 2021 |
| Dec 31, 2021 |
|
| June 30, 2021 |
| ||
Long-Lived Assets |
|
|
|
|
|
| ||
United States |
| $ |
|
| $ |
| ||
Denmark |
|
|
|
|
|
| ||
Total |
| $ |
|
| $ |
| ||
Six Months Ending December 31: |
| 2021 |
|
| 2020 |
| ||
Net Sales |
|
|
|
|
|
| ||
United States |
| $ |
|
| $ |
| ||
Denmark |
|
|
|
|
|
| ||
Total |
| $ |
|
| $ |
| ||
| 18 |
| Table of Contents |
ADVANCED OXYGEN TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Three Months Ending December 31, 2021 | ||||||||||||||||
|
| ANV |
|
| Sharx |
|
| Corporate |
|
| Total |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net sales |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Operating income (loss) |
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
| ||
Interest expense |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ | ( | ) | ||
Total assets |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Three Months Ending December 31, 2020 | ||||||||||||||||
|
| ANV |
|
| Sharx |
|
| Corporate |
|
| Total |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net sales |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Operating (loss) income |
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
| ||
Interest expense |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ | ( | ) | ||
Total assets |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
| ||||||||||||||||
Six Months Ending December 31, 2021 | ||||||||||||||||
|
| ANV |
|
| Sharx |
|
| Corporate |
|
| Total |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Operating income (loss) |
| $ |
|
| $ | ( | ) |
| $ | ( | ) |
| $ |
| ||
Interest expense |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ | ( | ) | ||
Total assets |
| $ | 710,150 |
|
| $ | 4,696 |
|
| $ | 150 |
|
| $ | 714,996 |
|
Six Months Ending December 31, 2020 | ||||||||||||||||
|
| ANV |
|
| Sharx |
|
| Corporate |
|
| Total |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net sales |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Operating income (loss) |
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
| |||
Interest expense |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ | ( | ) | ||
Total assets |
| $ | 711,184 |
|
| $ | 7,622 |
|
| $ | 150 |
|
| $ | 718,956 |
|
NOTE 9 - SUBSEQUENT EVENTS:
In accordance with ASC 855-10, Company management reviewed all material events through the date of this report.
| 19 |
| Table of Contents |
ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
The following should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in the Financial Statements.
FORWARD LOOKING STATEMENTS:
Certain statements contained in this report, including statements concerning the Company’s future and financing requirements, the Company’s ability to obtain market acceptance of its products and the competitive market for sales of small production business and other statements contained herein regarding matters that are not historical facts, are forward looking statements; actual results may differ materially from those set forth in the forward looking statements, which statements involve risks and uncertainties, including without limitation to those risks and uncertainties set forth in any of the Company’s Registration Statements and Annual reports on form 10K under the heading “Risk Factors” or any other such heading. In addition, historical performance of the Company should not be considered as an indicator for future performance, and as such, the future performance of the Company may differ significantly from historical performance.
REVENUES: Revenues from operations for the three-month period ending December 31, 2021 and December 31, 2020 were $9,867 and $10,284 respectively, and for the six-month period ending December 31, 2021 and December 31, 2020 were $20,048 and $20,613 respectively. The decreases are attributable to currency fluctuations.
GENERAL AND ADMINISTRATIVE EXPENSES: GA expenses for the three-month period ending December 31, 2021 and December 31, 2020 were $3,039 and $267 respectively, and for the six-month period ending December 31, 2021 and December 31, 2020 were $4,205 and $4,322 respectively. The expenses are mainly attributable to ANV’s normal operations and the Company’s SEC compliance.
PROFESSIONAL EXPENSES: Professional expenses for the three-month period ending December 31, 2021 and December 31, 2020 were $3,000, and $3,025 respectively, and for the six-month period ending December 31, 2021 and December 31, 2020 were $11,000 and $10,050 respectively. The expenses were attributable to the ordinary accounting fees for 2021 and 2020.
OTHER INCOME (EXPENSES): Other income expenses for the three-month period ending December 31, 2021 and December 31, 2020 were $54,881, and $(698) respectively, and for the six-month period ending December 31, 2021 and December 31, 2020 were $54,351 and $(1,435) respectively. The fluctuations are mainly attributable to the gain on tax settlement of $55,579.
NET INCOME: Net income attributed to common stockholders was $56,755 or $0.02 per basic and diluted share for the three-month period ending December 31, 2021 as compared to $4,204 or $0.00 per basic and diluted share for December 31, 2020. Net income attributed to common stockholders was $55,184 or $0.02 per basic and diluted share for the six-month period ending December 31, 2021 as compared to $726 or $0.00 per basic and diluted share for December 31, 2020. The fluctuations are mainly attributable to general administrative expenses, currency fluctuations, and other income.
LIQUIDITY AND CAPITAL RESOURCES: At December 31, 2021 and June 30, 2021, the Company had cash and cash equivalents of $99,177 and $49,979 respectively. At December 31, 2021 and June 30, 2021, the Company had a working capital deficit of $229,139 and $145,907 respectively. The change in cash is primarily due to the income tax benefit of ANV. The decrease in the working capital deficit is primarily related to the operations of ANV.
Net cash provided by operating activities for six-month period ending December 31, 2021 and December 31, 2020 was $73,551 and $22,433, respectively. The increase was primarily due to the income tax benefit of ANV
Net cash used-in financing activities for six-month period ending December 31, 2021 and December 31, 2020 was $(20,877) and $(19,244) respectively. Net cash used in financing activities for both periods is related to the company’s borrowings from banks, officers and directors, and the repayment of debt.
OFF BALANCE SHEET ARRANGEMENTS:
We do not currently have any off-balance sheet arrangements.
ACQUISITION EFFORTS:
The Company continues its efforts to raise capital to support operations and growth and is actively searching acquisition or merger with another company that would complement AOXY or increase its earnings potential. During this period, the Company has been in discussion with Companies looking to be acquired. AOXY has not negotiated any terms nor proposed any acquisitions of any of these companies that have been accepted. In addition, the Company is in discussion with potential lending institutions to assist in financing any proposed acquisition. The Company expects difficulty in financing the growth of the increased business or acquisition and has been concentrating on raising capital and/or obtaining a line of credit.
| 20 |
| Table of Contents |
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk:
Smaller reporting companies are not required to provide the information required by this Item.
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
We conducted an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer who is also our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. The term “disclosure controls and procedures”, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (“Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Acting Chief Financial Officer concluded as of December 31, 2021 that our disclosure controls and procedures were not effective at ensuring that the material information required to be disclosed in the Exchange Act reports is recorded, processed, summarized and reported as required in applicable SEC rules and the Company’s filed 10-K.
Changes in Internal Control over Financial Reporting
During the three and six month periods ended December 31, 2021, there were no changes in our internal control over financial reporting identified in connection with managements evaluation of the effectiveness of our internal control over the financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.
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PART II
ITEM 1: LEGAL PROCEEDINGS
During the period ending December 31, 2021, there were pending or threatened legal actions as follows:
None
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. MINE SAFETY DISCLOSURES
None
ITEM 5. OTHER INFORMATION
None
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ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
During three and six month periods ending December 31, 2021, the Company filed no reports on Form 8-K for events occurring during the periods.
Exhibit Number |
| Description of the Document |
| ||
| ||
| ||
| ||
| ||
| ||
101.INS |
| Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
101.SCH |
| Inline XBRL Taxonomy Extension Schema Document. |
101.CAL |
| Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF |
| Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB |
| Inline XBRL Taxonomy Extension Labels Linkbase Document. |
101.PRE |
| Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 |
| Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
____________
*Filed herewith
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SIGNATURE
In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 28, 2022 | By: | /s/ Robert E. Wolfe |
|
|
| Robert E. Wolfe |
|
|
| Chairman of the Board and |
|
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