SECURITIES AND EXCHANGE COMMISSION
                                   
                        Washington, D.C. 20549
                        ______________________
                                   
                            FORM 10-KSB/A
                                   
                        Annual Report Pursuant
                    to Section 13 or 15(d) of the
                   Securities Exchange Act of 1934
                                   
                                   
                      For the fiscal year ended
                            March 31, 1998
                                   
                        Commission file number
                               0-24368
                                   
                           Micropoint, Inc.
        (Exact name of registrant as specified in its charter)
                                   
                                   
               Delaware                              33-0615178
(State or other jurisdiction of           (IRS employer identification no.)

                                       

 6906 South 300 West Midvale, UT 84047             (801) 568-5111
--------------------------------------    -------------------------------
(Address of principal executive           (Registrant's telephone number, 
offices)                                        including area code)

                             
     Securities registered pursuant to Section 12(g) of the Act:


          Title of each class          Name of each exchange on which
     Common Stock, $.001 Par Value                      None


     Check whether the issuer (1) 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.   X - Yes 
 - No

     Check if there is no disclosure of delinquent filers pursuant
to Item 405 of Regulation S-B is not contained herein, and will not
be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part
III of this Form 10-KSB or any amendment to this Form 10-KSB.  

     The issuer's revenues for its most recent fiscal year were $15,349.

     The aggregate market value of the voting stock held by
non-affiliates of the issuer as of March 31, 1998 was not
determinable since, to the knowledge of management, there is no
public trading market for the issuer's common stock. 

The number of shares outstanding of the issuer's common stock as of
August 28, 1998 was 15,860,279 shares the common stock, $.001 par
value. 


Item 7. Financial Statements.

     See attached financial statements.


Item 10. Executive Compensation.

   The tables below set forth certain information concerning compensation paid
by the Company to its Chief Executive Officer and all other executive officers
with annual compensation in excess of $100,000 (determined for the year ended
March 31, 1998) (the "Named Executive Officers"). The tables include
information related to stock options granted to the Named Executive Officers. 
                
Summary Compensation Table
   The following table provides certain information regarding compensation
paid by the Company to the Named Executive Officers. 

                 
                              SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>
                                              Annual Compensation                Long-Term Compensation Awards
                                              -------------------                ------------------------------
                                                                                          Securities
                                                                             Restricted   Underlying                 All Other
           Name and                                         Other Annual        Stock      Options/      LTIP       Compensation
     Principal Position    Year   Salary ($)   Bonus ($)   Compensation($)    Awards($)    SARs (#)    Payouts ($)       ($)
     ------------------    ----   ---------    ---------   ---------------   ----------   ----------   ----------   ------------
<S> <C>                   (C)    (C)          (C)         (C)               (C)          (C)          (C)          (C)
     Douglas M. Odom (1)   1996   103,750          --             --              --       65,000(2)       --             --
     President, CEO and    1997   120,000          --             --              --      195,000(2)       --             --
     Director              1998   120,000        10,000           --              --       65,000(3)       --             --

</TABLE>
----------------------

(1) The Summary Compensation Table reflects salary and bonus compensation paid
    by Flexpoint to Mr. Odom. Mr. Odom received no compensation from Micropoint,
    Sensitron or TAMCO during the periods specified. 
(2) All of said options have vested.
(3) All of said options vest on October 31, 1998.
  
        Option/SAR Grants in Last Fiscal Year. The following table provides
    certain information regarding option/SAR grants to the Named Executive
    Officers.
                                
              OPTION/SAR GRANTS IN LAST FISCAL YEAR
                  FISCAL YEAR END OPTION VALUES
  
<TABLE>
<CAPTION>
                                NUMBER OF    PERCENT OF
                               SECURITIES      TOTAL
                               UNDERLYING   OPTIONS/SARs
                                OPTIONS/     GRANTED TO
                                  SARs      EMPLOYEES IN   EXERCISE OR BASE PRICE   
          NAME                 GRANTED(#)    FISCAL YEAR           ($/Sh)           EXPIRATION DATE
     ------------------        ----------   ------------   ----------------------   ---------------
<S> <S>                       (C)          (C)            (C)                      (C)             
     Douglas M. ODOM(1)          130,000         3.89%              $0.16               2002
     Douglas M. Odom(1)           65,000         1.94%              $0.77               2003

</TABLE>
  _______________
  (1) Options to acquire 325,000 shares of common stock are  currently vested
  and options to acquire 65,000 shares of common stock vest on October 31, 1998.
  Options to acquire an additional 130,000 of common stock vest on March 31,
  1999, 2000 and 2001 provided Company achieves certain performance criteria
  to be determined by the Board. These options became obligations of Micropoint
  as part of the Acquisition.
  
  COMPENSATION OF DIRECTORS
  
  No cash fees or other consideration was paid to directors of Micropoint for
  service on the Board during the fiscal year ended March 31, 1998. During
  the fiscal year ended March 31, 1999 and for the next three years
  thereafter, it is anticipated that the non-employee directors will be
  compensated for service on the Board through the grant of stock options to
  purchase 80,000 shares of the Company's common stock which stock options
  will likely be exercisable at fair market value on the date of grant. An
  initial 20,000 options will vest for current services on the Board and the
  remaining options will vest annually at a rate of 20,000 options per year.
  Directors of the Company who are also officers or employees of the
  Company are not expected to receive any additional compensation for their
  service as directors.  All directors are entitled to reimbursement for
  reasonable expenses incurred in the performance of their duties as Board
  members. The Company has made no other agreements regarding compensation
  of directors.
  
  EMPLOYMENT AGREEMENTS
  
  Effective December 31, 1997, Flexpoint entered into an employment agreement
  with Mr. Odom as its Chief Executive Officer. Under the Employment Agreement,
  Flexpoint pays Mr. Odom an annual base salary of $120,000 per year plus such
  discretionary bonus as the Flexpoint Board of Directors may deem appropriate.
  The Employment Agreement has an initial term of three years and will be
  automatically renewed for one or more successive one-year terms (the
  "Renewal Terms") unless terminated by either party. The Employment Agreement
  also provides Mr. Odom with options to acquire 455,000 shares of common stock
  of Micropoint at an exercise price between $.16 and $.77 per share under the
  Micropoint Omnibus Stock Option Plan (the "Plan"). Of said options, options
  to acquire 65,000 shares of common stock vested on October 31, 1998 and
  options to acquire 325,000 shares of common stock have vested. Options to
  acquire an additional 130,000 of common stock vest on March 31, 1999, 2000
  and 2001 provided Company achieves certain performance criteria to be
  determined by the Board. These options became obligations of Micropoint as
  part of the Acquisition. The Company does not have employment agreements
  with any of its other employees.
  
  INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
  
      Delaware law authorizes, and the Company's Bylaws and Indemnity
  Agreements provide for, indemnification of the Company's directors and
  officers against claims, liabilities, amounts paid in settlement and expenses
  in a variety of circumstances. Indemnification for liabilities arising under
  the Act may be permitted for directors, officers and controlling persons of
  the Company pursuant to the foregoing or otherwise. However, the Company
  has been advised that, in the opinion of the Securities and Exchange
  Commission, such indemnification is against public policy as expressed in the
  Act and is, therefore, unenforceable.
  
  STOCK OPTIONS
  
      The Company has adopted an Omnibus Stock Option Plan for the benefit
  of officers, directors, employees and consultants of the Company. The grant
  of options to acquire an aggregate of 5,237,050 shares of common stock have
  been authorized under the Plan. The Plan will permit the Company to grant
  "non-qualified stock options" and/or "incentive stock options" to acquire
  shares of the Company's common stock. The total number of shares authorized
  for the Plan may be allocated between the non-qualified stock options and the
  incentive stock options from time to time, subject to certain requirements of
  the Internal Revenue Code of 1986, as amended (the "Code").
  
      The Plan is currently being administered by the Board, which will select
  optionees and determine the number of shares of common stock subject to each
  option. The Plan provides that no option which is to be a qualified option may
  be granted at an exercise price less than the fair market value of the
  common stock of the Company on the date of grant and in all cases the term of
  the stock option shall not exceed ten years. Options to acquire 5,237,050
  shares of common stock at exercise prices ranging from $.16 to $.77 are
  presently outstanding under the Plan.   


  COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
  
      No executive officers of the Company serve on the Compensation Committee
  (or in a like capacity) for the Company or any other entity.

  ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

      The following table sets forth certain information with respect to the
  beneficial ownership of the Common Stock of the Company as of June 23, 1998,
  for: (i) each person who is known by the Company to beneficially own more
  than 5 percent of the Company's Common Stock, (ii) each of the Company's
  directors, (iii) each of the Company's Named Executive Officers
  (defined below), and (iv) all directors and executive officers as a group.
  As of June 23, 1998, the Company had 15,860,279 shares of Common Stock
  outstanding.
  


                                            
     NAME AND ADDRESS        SHARES
       OF BENEFICIAL      BENEFICIALLY   PERCENTAGE OF 
         OWNER(1)           OWNED(2)       TOTAL(2)         POSITION
     ----------------     -----------    -------------   ------------
       Douglas Odom        390,000(3)        2.4%      President, CEO 
                                                        and Director
  
    Jeffrey A. Coleman     195,000(4)        1.2%      Director
                               
    Don M. Jackson, Jr.        --            --        Director
  
     All officers and      585,000           3.6%
     directors as                                        
     a group (3 persons)                                 

     Bull Ventures, Ltd.   890,444           5.6%
     Katerina Court                                      
     101 E Hill Place                                    
     Nassau, Bahamas                                     
  
     Northridge          1,661,500(5)        10.5%
     Investment, LLC                                     
     47 E. 7200                                          
     South, #221                                         
     Midvale, UT 84047                                   
  
     John Sindt          1,366,610(6)         8.4%
     47 E. 7200                                          
     South, #221                                         
     Midvale, UT 84047                                   
  
    Jules A. deGreef     2,202,042(7)         13.8%
    47 E. 7200                                          
    South, #201                                         
    Midvale, UT 84047                                   
  
  ______________
  
(1)  Except where otherwise indicated, the address of the beneficial owner
is deemed to be the same address as the Company.
(2)  Beneficial ownership is determined in accordance with SEC rules and
generally includes holding voting and investment power with respect to the
securities. Shares of Common Stock subject to options or warrants currently
exercisable, or exercisable within 60 days, are deemed outstanding for
computing the percentage of the total number of shares beneficially owned
by the designated person, but are not deemed outstanding for computing the
percentage for any other person.
(3)  Includes vested options to purchase 390,000 shares. Does not include
options to acquire an additional 130,000 of Common Stock vest on March 31, 
1999, 2000 and 2001 provided Company achieves certain performance criteria to
be determined by the Board.
(4)  Includes 195,000 shares owned by a limited liability company controlled by
Coleman Capital Partners, of which Mr. Coleman is a partner.
(5)  These shares are also beneficially owned by Mr. John Sindt and Mr. Jules A.
DeGreef as described in footnotes 6 and 7 below. These shares do not include
shares, warrant or options owned by Messrs. Sindt and DeGreef, as to which
shares Northridge Investment LLC has disclaimed beneficial ownership.
to purchase 455,000 shares held of record by Mr. DeGreef and 895,750 shares
held by Northridge Investment LLC. Does not include any shares held by Bull
Ventures, Ltd., a Bahamas company with which Mr. Sindt is affiliated, and
as to which shares Mr. Sindt has disclaimed beneficial ownership. 
(6)  Includes warrants to purchase 15,860 shares owned by Mr. Sindt, warrants
to purchase455,000 shares held of record by Mr. DeGreef and 895,750 shares held
by Northridge Investment LLC. Does not include any shares held by Bull Ventures,
Ltd., a Bahamas company with which Mr. Sindt is affiliated, and as to which 
shares Mr. Sindt has disclaimed beneficial ownership.
(7)  Includes 461,292 shares and options and warrants to purchase 975,000
shares owned by Mr. Sindt and 765,750 shares held by Northridge Investment
LLC. Does not include warrants to acquire 455,000 shares that are held of record
by Mr. DeGreef, but which Messrs. Sindt and DeGreef report to be beneficially
owned by Mr. Sindt and any shares held by Bull Ventures, Ltd., a Bahamas
company with which Mr. DeGreef is affiliated, and as to which shares Mr.
DeGreef has disclaimed beneficial ownership.
  
    The Company is not aware of any arrangements, the operation of which
may, at a subsequent date, result in a change in control of the Company.
  


                              SIGNATURES
       
      In accordance with Section 13 or 15(d) of the Exchange Act,
 the registrant caused this report to be signed on its behalf by
 the undersigned, thereunto duly authorized.
    

                                           Micropoint, Inc.
                                           (Registrant)
                                           
                                           
                                           By /s/ Douglas M. Odom            
    Date: September 10, 1998                ----------------------      
                                           Douglas M. Odom
                                           President, Chief Executive 
                                           Officer and Director
                                           
    
           In accordance with the Exchange Act, this report has
been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. 
    
     Signature                     Title                        Date
    
/s/Douglas M. Odom
------------------    President, Chief Executive Officer  September 10, 1998
 Douglas M. Odom         and Director (Principal Executive        
    
/s/ Jeffrey Coleman 
-------------------   Director                            September 10, 1998
 Jeffrey Coleman                                          
    
/s/ Don M. Jackson
------------------    Director                            September 10, 1998
 Don M. Jackson                                                    
    
/s/ Thomas N. Strong
--------------------  Comptroller                         September 10, 1998 
 Thomas N. Strong                                           
   
   

                           MICROPOINT, INC.
                   (A Development Stage Enterprise)
                                   
                                   
                                   
                          TABLE OF CONTENTS
                                   
                                   
Report of Independent Certified Public Accountants               F-2

Financial Statements:

     Balance Sheet - March 31, 1998                              F-3

     Statements of Operations for the Years Ended 
      March 31, 1998 and 1997, and for the Cumulative 
      Period from June 11, 1992 (Date of Inception) 
      through March 31, 1998                                     F-4

     Statements of Stockholders' Equity (Deficit) for 
      the Period from June 11, 1992 (Date of Inception) 
      through March 31, 1996, and for the Years Ended 
      March 31, 1997 and 1998                                    F-5

     Statements of Cash Flows  for the Years Ended 
      March 31, 1998 and 1997, and for the Cumulative 
      Period from June 11, 1992 (Date of Inception) 
      through March 31, 1998                                     F-6
       
     Notes to Financial Statements                               F-7

                                F-1

HANSEN, BARNETT & MAXWELL
A Professional Corporation
CERTIFIED PUBLIC ACCOUNTANTS
                                   
                                                     (801) 532-2200
Member of AICPA Division of Firms                  Fax (801) 532-7944
        Member of SECPS                       345 East 300 South, Suite 200
Member of Summit International Associates     Salt Lake City, UT 84111-2693



          REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


To the Stockholders and the Board of Directors
   Micropoint, Inc.

We have audited the accompanying balance sheet of Micropoint, Inc.
(a development stage enterprise) as of March 31, 1998 and the
related statements of operations, stockholders' equity (deficit),
and cash flows for the years ended March 31, 1998 and 1997, and for
the cumulative period from June 11, 1992 (date of inception) through
March 31, 1998. These financial statements are the responsibility of
the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Micropoint, Inc. as of March 31, 1998, and the results of its
operations and its cash flows for the years ended March 31, 1998 and
1997, and for the cumulative period from June 11, 1992 (date of
inception) through March 31, 1998, in conformity with generally
accepted accounting principles.


                              HANSEN, BARNETT & MAXWELL   
August 7, 1998
Salt Lake City, Utah

                                F-2


                           MICROPOINT, INC.
                   (A Development Stage Enterprise)
                             BALANCE SHEET
                            MARCH 31, 1998
                                   
                                   
                                ASSETS
                                   
Current Assets
 Cash and cash equivalents                             $  1,492,906
 Investment in securities available-for-sale                433,857
 Receivable from escrow agent                                64,825
 Receivable from Sensitron Inc.                           1,000,000
                                                       ------------
 Total Current Assets                                     2,991,588
                                                       ------------
Total Assets                                           $  2,991,588
                                                       ============
                                   
                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
 Accrued income taxes                                  $    180,429
 Deferred income taxes                                      117,506
                                                       ------------
 Total Current Liabilities                                  297,935
                                                       ------------
Stockholders' Equity
    Common stock - $0.001 par value; 100,000,000 
     shares authorized; 6,000,000 shares issued 
     and outstanding                                          6,000
 Additional paid-in capital                               2,688,812
 Unrealized loss on securities available-for-sale            (8,251) 
 Earnings accumulated during the development stage            7,092
                                                       ------------
 Total Stockholders' Equity                               2,693,653
                                                       ------------
Total Liabilities and Stockholders' Equity             $  2,991,588
                                                       ============

The accompanying notes are an integral part of these financial statements.

                                      F-3


                             MICROPOINT, INC.
                     (A Development Stage Enterprise)
                          STATEMENTS OF OPERATIONS

                                                           Cumulative from
                                                            June 11, 1992
                                     For the Years Ended  (Date of Inception)
                                           March 31,           Through
                                     --------------------     March 31, 
                                       1998       1997          1998
                                     ---------  ---------    ---------
Interest income                      $  13,139  $      --    $  13,139
Gain on sale of securities               2,210         --        2,210
                                     ---------  ---------    ---------
Total Income                            15,349         --       15,349
                                     ---------  ---------    ---------
General and administrative expense         371        565        3,855
                                     ---------  ---------    ---------
Income (Loss) Before Income Taxes       14,978       (565)      11,494

Income tax expense                       4,402         --        4,402
                                     ---------  ---------    ---------
Net Income (Loss)                    $  10,576  $    (565)   $   7,092
                                     =========  =========    =========
Basic and Diluted Income (Loss) 
  Per Common Share                   $    0.00  $   (0.00)   $    0.00
                                     =========  =========    =========
Weighted Average Number of 
  Common Shares Used in Per 
  Share Calculation                  2,399,216  1,273,800    1,451,076
                                     =========  =========    =========

The accompanying notes are an integral part of these financial statements.
                                     F-4


                             MICROPOINT, INC. 
                     (A Development Stage Enterprise)
               STATEMENTS OF STOCKHOLDER'S EQUITY (DEFICIT)
<TABLE>
<CAPTION>
                                                                    Unrealized    Deficit
                                                                     Loss on    Accumulated    Total
                                                        Additional  Securities  During the  Stockholders'
                                    Common Stock         Paid-In    Available-  Development    Equity
                                   Shares      Amount     Capital     For-Sale     Stage      (Deficit)
                                 ----------  ----------  ----------  ----------  ----------   ----------
<S>                             <C>         <C>         <C>         <C>         <C>          <C> 
Balance - June 11, 1992
   (Date of Inception)                   --  $       --  $       --  $       --  $       --   $       -- 

Issuance for cash, June 1992,
   $0.00 per share                1,200,000       1,200        (700)         --          --          500

Contribution to capital, 1993            --          --         500          --          --          500

Issuance for cash, September 30,
 1993, $0.00 per share               73,800          74         172          --          --          246

Cumulative net loss from
 inception through
 March 31, 1996                          --          --          --          --      (2,919)      (2,919)
                                 ----------  ----------  ----------  ----------  ----------   ----------
Balance - March 31, 1996          1,273,800       1,274         (28)         --      (2,919)      (1,673)

Net loss                                 --          --          --          --        (565)        (565)
                                 ----------  ----------  ----------  ----------  ----------   ----------
Balance - March 31, 1997          1,273,800       1,274         (28)         --      (3,484)      (2,238)

Conversion of accounts 
  payable, October 1, 1997, 
  $0.00 per share                   726,200         726       1,695          --          --        2,421

Issuance for cash, January 
  through March 1998, $0.75
  per share                       2,695,402       2,695   2,011,840          --          --    2,014,535

Issuance for investment in 
  securities, net of $298,442 
  of deferred income taxes,
  January through March 
  1998,  $0.52 per share          1,304,598       1,305     675,305          --          --      676,610

Unrealized loss on securities
 available-for-sale, net of taxes        --          --          --      (8,251)         --       (8,251)

Net income                               --          --          --          --      10,576       10,643
                                 ----------  ----------  ----------  ----------  ----------   ----------
Balance - March 31, 1998          6,000,000  $    6,000  $2,688,812  $   (8,251) $    7,092   $2,693,653
                                 ==========  ==========  ==========  ==========  ==========   ==========
The accompanying notes are an integral part of these financial statements.

</TABLE>
                                     F-5


                             MICROPOINT, INC.
                     (A Development Stage Enterprise)
                          STATEMENTS OF CASH FLOWS


                                                                Cumulative from
                                                                  June 11, 1992
                                         For the Years Ended (Date of Inception)
                                             March 31,            Through
                                        -----------------------   March 31,
                                            1998       1997         1998
                                        -----------  ----------  ----------
Cash Flows From Operating Activities                                  
 Net Income (Loss)                      $    10,576  $     (565) $    7,092
 Adjustments to reconcile net loss 
  to net cash used by operating activities:
    Amortization of other assets                 14          56         280
  Gain on sale of available-for-sale 
   securities                                (2,210)         --      (2,210)
  Changes in liabilities:
      Accounts payable                          169         509       2,421
      Accrued income taxe                   180,429          --     180,429
    Decrease in deferred income taxes      (176,026)         --    (176,026)
                                        -----------  ----------  ----------
Net Cash Provided By Operating Activities    12,952          --      11,986
                                        -----------  ----------  ----------
Cash Flows From Investing Activities
 Proceeds from sale of available- 
  for-sale securities                       530,244          --     530,244
 Bridge loan to Sensitron Inc.           (1,000,000)         --  (1,000,000)
 Cash paid for organizational costs              --          --        (280)
                                        -----------  ----------  ----------
Net Cash Used In Investing Activities      (469,756)         --    (470,036)
                                        -----------  ----------  ----------
Cash Flows From Financing Activities
 Proceeds from issuance of common stock   1,949,710          --   1,950,456
 Contribution to capital                         --          --         500
                                        -----------  ----------  ----------
Net Cash Provided By Financing
 Activities                               1,949,710          --   1,950,956
                                        -----------  ----------  ----------
Net Change In Cash                        1,492,906          --   1,492,906

Cash - Beginning of Period                      --           --          -- 
                                        ----------  -----------  ----------
Cash - End of Period                    $1,492,906  $        --  $1,492,906
                                        ==========  ===========  ==========
                                     
Supplemental Schedule of Noncash Investing and Financing Activities
  
  During the year ended March 31, 1998, common stock was issued for cash
  which was held in an escrow account in the amount of $64,825, securities
  available-for-sale were transferred to the Company in exchange for
  1,304,598 shares of common stock in the amount of $676,610, net of
  $298,442 of deferred income taxes, unrealized losses on investment in
  securities available-for-sale were recognized as a separate component of
  stockholders' equity in the amount of $8,251, net of $4,910 of income
  taxes, and accounts payable in the amount of $2,421 were converted into
  726,200 shares of common stock.
                                     
The accompanying notes are an integral part of these financial statements.
                                     F-6

                               MICROPOINT, INC.
                      (A Development Stage Enterprise)
                       NOTES TO FINANCIAL STATEMENTS

NOTE 1 -- NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING
               POLICIES

Organization -- Micropoint, Inc. was incorporated under the laws of the
State of Delaware on June 11, 1992, for the purpose of seeking out business
opportunities, including acquisitions. The Company is considered a
development stage enterprise.  On January 10, 1998, the shareholders of the
Company approved a 3-for-1 stock split and changed its name from Nanotech
Corporation to Micropoint, Inc. The accompanying financial statements have
been restated for the effects of the stock split for all periods presented.

The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts in financial statements and
accompanying notes. Actual results could differ from those estimates.

Financial Instruments - The amounts reported as cash, investment in
securities available-for-sale and  receivables  are considered to be
reasonable approximations of their fair values.  The fair value estimates
were based on market information available to management and subsequent
exchanges for cash of which management was aware of at the time of the
preparation of the financial statements.  The Company has cash in excess of
federally insured limits at March 31, 1998 of $214,898.

Investment in Securities Available-for-Sale --Investments in marketable
securities are reported at fair value and are designated as available-for-
sale. Unrealized gains and losses are included in stockholders equity, net
of applicable income taxes. Realized gains and losses are accounted for on
the specific identification method. 

Basic Income (Loss) Per Share - In February 1997, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standards No.128,
Earnings Per Share.  Statement No. 128 specifies the computation,
presentation, and disclosure requirements for earnings per share and was
adopted as of March 31, 1998.  Loss per share for the year ended March 31,
1997 and income per share for the cumulative period from inception through
March 31, 1998 were restated; however, the effect of the change to income
(loss) per share for those periods was not material. Basic income (loss)
per common share is computed by dividing net income (loss) by the number of
common shares outstanding during the period.

New Accounting Standards -- In June 1997, the Financial Accounting
Standards Board issued SFAS No. 130, Reporting Comprehensive Income. This
statement which is effective for fiscal years beginning after December 15,
1997, expands or modifies disclosures and will have no impact on the
Company's financial position, results of operations or cash flows. The
statement will be adopted subsequent to the reorganization discussed in
Note 2.

NOTE 2 -- REORGANIZATION SUBSEQUENT TO YEAR END

On December 30, 1997, Sensitron Inc. ("Sensitron") entered into an
agreement with Micropoint, Inc. ("Micropoint") to reorganize Sensitron into
Micropoint.    The agreement required Micropoint to raise capital of
approximately $3,000,000 in a private placement before the completion of
the merger. The agreement  was closed in April 1998.   Under the terms of
the agreement, a newly-formed wholly-owned subsidiary of Micropoint was
merged into Sensitron. The shareholders of Sensitron exchanged each of
their shares of common stock for 13 shares of Micropoint common stock in
connection with the merger agreement which resulted in Micropoint issuing
9,860,279 shares of its common stock to the Sensitron shareholders.  As a
result of the merger, the Sensitron shareholders became the majority
shareholders of the Company in a transaction intended to qualify as a tax-
free reorganization. 

The merger has been considered the reorganization of Sensitron and the
acquisition of Micropoint in a purchase business combination. There was no
market for Micropoint's common stock; therefore the fair value of
Micropoint's assets were considered the fair value of the 6,000,000 shares
of common stock outstanding. Accordingly, no goodwill will be recognized in
connection with the acquisition of Micropoint. The reorganization was
completed in April 1998; therefore, the accompanying financial statements
at March 31, 1998 do not reflect the shares of common stock issued to the
Sensitron shareholders or the net assets of Sensitron. 

NOTE 3 -- INCOME TAXES               

 Income tax expense consists of the following for the years ended March 31:
     
                                              1998           1997
                                            --------       --------
     Current  -  Federal                    $156,084       $    -- 
               State                          24,345            -- 
     Deferred - Federal                     (152,431)           -- 
               State                         (23,596)           -- 
                                            --------       -------
     Total Income Tax Expense               $  4,402       $    -- 
                                            ========       =======

The deferred tax liability as of March 31, 1998 was comprised of temporary
differences from investment in securities available-for-sale in the amount
of $117,506. These securities were transferred to the Company by
shareholders in exchange for common stock in a transaction which is
intended to be tax free to the shareholders.  Accordingly, the
shareholders' tax basis in the securities was transferred to Company.  The
securities were recorded, however, at their fair value on the date
transferred.  The difference in the recorded value and the tax basis gave
rise to a deferred tax liability on the date transferred of $298,442.  The
deferred tax liability has partially reversed due to the recognition of
taxable gain from sales of securities during the year ended March 31, 1998.

The following is a reconciliation of the amount of tax that would result
from applying the federal statutory rate to pretax income with the
provision for income taxes for the years ended March 31:

                                              1998          1997
                                            --------       -------
     Tax at statutory rate (34%)            $  5,093       $  (192) 
     Deferred tax asset valuation change        (523)          192
     State taxes, net of federal benefit         494            --
     Effect of lower tax rates                  (662)           --
                                            --------       -------
     Total Income Tax Expense               $  4,402       $     --
                                            ========       ========
NOTE 4 -- INVESTMENT IN SECURITIES

The Company has investment in securities which are classified as available-
for-sale as follows at March 31, 1998:
        Equity securities, at cost          $486,726
        Unrealized holding losses            (13,161)
                                            --------
        Estimated Fair Value                $473,565
                                            ========

During the year ended March 31, 1998, proceeds from sales of securities
were $530,244 with the gross realized gains and losses on those sales were
$3,400 and $1,190, respectively.   Unrealized holding losses  which have
been included in the separate component of stockholders's equity changed by
$8,251, net of $4,910 of deferred income taxes.

NOTE 5 -- BRIDGE LOAN TO SENSITRON INC.

During March 1998, the Company transferred $1,000,0000 to Sensitron Inc. as
a bridge loan in anticipation of the consummation of the merger agreement
which occurred in April 1998.  The bridge loan was non-interest bearing and
was settled on the date of the reorganization.

NOTE 6 -- RELATED PARTY TRANSACTIONS

In January 1998, common stock was issued to a company controlled by an
individual and his family in exchange for available-for-sale securities
valued at $628,200 before related deferred income taxes.  The exchange was
intended to be tax free to the shareholders.  From February through August
1998, the Company sold those securities in taxable transactions back to the
related party company for cash in the amount of $628,200.