Newsgroup: it.economia.borsa.estero
Titolo: BIKO STA VOLTA NON CE LA FA

Il 15 novembre, 2001
BICO INC/PA (BIKO.OB)
Rapporto trimestrale (forma 10-Q di sec)
Discussione ed analisi della gestione dei movimenti finanziari di cassa e di
circostanza
                Liquidità e risorse in capitale
Continuiamo a dipendere dalle vendite di sicurezza come nostra sorgente
primaria del capitale liquido. A partire dal 15 novembre, 2001, abbiamo
avuti titoli ordinari autorizzati totali di 2.500.000.000 parti di cui
2.450.631.119 parti erano pubblicate ed eccezionali. Abbiamo una riunione
degli azionisti prevista per il 30 novembre, 2001 allora che i nostri
azionisti saranno chiesti di autorizzare la 1.500.000.000 parte
supplementari. Se non riceviamo l' approvazione per autorizzare queste parti
supplementari, non potremo alzare abbastanza soldi per continuare i nostri
funzionamenti.
Una volta che le nuove parti sono approvate, supponendo che sono approvati,
venderemo quelle nuove parti. Progettiamo vendere le azioni privilegiate
convertibili in un' offerta riservata, come abbiamo fatto nel passato.
Quelle nuove sicurezze convertibili non saranno e non saranno state
registrate secondo le leggi federali di sicurezze e non possono essere
offerte o vendute negli Stati Uniti senza registro o esenzione applicabile
dai requisiti di registro. Le azioni privilegiate convertibili saranno
convertibili in titoli ordinari dopo un periodo di tempo che varia da circa
35 giorni - 75 giorni ad uno sconto 20-24% al nostro prezzo del mercato
azionario ai tempi della conversione senza il prezzo minimo. I termini dell'
affare ci richiedono di archiviare un' istruzione di registro che tratta i
titoli ordinari di sicurezze e la Commissione di scambio in 90 giorni. Le
azioni privilegiate convertibili non saranno fissate ed avremo la destra
riacquistarli. Quando vendiamo queste sicurezze convertibili, potrebbe
indurre il nostro prezzo di riserva a cadere significativamente e non
abbiamo alcun controllo sopra quello. I fattori compreso la sincronizzazione
delle conversioni e del numero supplementare di parti hanno avuto bisogno di
per la conversione senza il limite contribuiscono alla pressione in discesa
sul nostro prezzo di riserva. In più, anche se gli acquirenti delle nostre
azioni privilegiate convertibili acconsentono a non vendere il nostro short
di riserva, se altri investitori vendono bruscamente, esso più ulteriormente
contribuiranno al declino del nostro prezzo di riserva. Nel passato pochi
anni, abbiamo venduto sia le sicurezze convertibili che i titoli ordinari in
varie offerte, che erano su una base di migliore-sforzi:
Abbiamo registrato 800 milione parti dei titoli ordinari nel terzo trimestre
di 2001;
Abbiamo registrato circa 431 milione parti nel terzo trimestre di 2000, che
ha incluso sia le parti di conversione che dei titoli ordinari per le
obbligazioni privilegiate e convertibili convertibili;
Abbiamo registrato 375 milione parti dei titoli ordinari nel secondo
trimestre di 1999; e
Abbiamo registrato 200 milione parti dei titoli ordinari nell' ultimo
trimestre di 1998.
Vendere più di queste sicurezze convertibili più ulteriormente diluirà la
proprietà degli azionisti attuali ma, fino a che non troviamo un altro modo
di innalzamento dei fondi monetari significativi, dobbiamo continuare a
vendere la nostra scorta.
I nostri contanti sono diminuito a $1.349.907 a partire dal 30 settembre,
2001 da $7.844.807 a partire dal 31 dicembre, 2000 soprattutto dovuto i
fattori discussi sotto.
Durante i nove mesi conclusi il 30 settembre, 2001 il nostro movimento di
cassa netta usato dalle attività di funzionamento avevano luogo
($21.729.245). **time-out** durante stesso periodo, nostro netto cassa
movimento us invest attività essere ($4.629.879) dovuto primario aquisizione
proprietà, impianto e attrezzatura, supplementare prestito fa pratico
ambientale soluzione, un azienda coinvolg aquisizione e gestione ambientale
entità, prestito GAIFAR, azienda che produr hiv diagnostico prova che noi
essere introduzione sul mercato, e supplementare investimento dentro
unconsolidated filiale che noi discut seguente paragrafo. Abbiamo fatto
tutti di questi investimenti perché crediamo che generassero il reddito o li
aiutassero con i nostri progetti diabetes-related.
Durante i primi nove mesi di 2001, abbiamo fatto gli investimenti
supplementari dentro unconsolidated le filiali. Abbiamo investito i $190.000
supplementari in Inter-Metallics americano, portante il nostro volume
globale dell'investimento nel progetto di propulsione del razzo di AIM's a
$1.000.000. In più, abbiamo prestato $110.000 a Anthony J. Delvicario, il
presidente di American Inter-Metallics, Inc. e un membro del consiglio
d'amministrazione di Diasense da contribuire a costituire un fondo per una
transazione che coinvolge la creazione d'un sistema di distribuzione in
Europa ai prodotti di vendita AIM's che crediamo genererà il reddito. Di
ingiunzione di pagamento originale è stato assicurato da 110.000 parti di
titoli ordinari di American Inter-Metallics, Inc. ed interesse del foro al
tasso preferenziale più due per cento. In novembre 2001, abbiamo convertito
la nota originale in nuova nota affinchè $114.000 riflettiamo l' interesse
accresciuto, con una data dovuta del 17 dicembre, 2001. La nuova nota è
assicurata da una garanzia incondizionata da American Inter-Metallics e
tutto dei beni inter-Metallics americani, compreso tutta la relativa
apparecchiatura. MIRARLI informed che sono nella fase finale di chiusura
della transazione e pensano rimborsare il prestito entro la data dovuta.
Egualmente abbiamo aumentato il nostro volume globale dell'investimento in
Insight Data Link.com, Inc. a $110.000 investendo i $10.000 supplementari.
Abbiamo aumentato il nostro investimento nello SCOPO e la programmazione dei
dati di comprensione perché la nostra gestione li crede genererà i guadagni.
Tuttavia, lo SCOPO ancora non ha generato alcun reddito e la programmazione
dei dati di comprensione ha generato soltanto i redditi minimi di circa
$2.000 fin qui.
La nostra filiale, Diasense, inc. gli investimenti anche fatti dentro
unconsolidated le filiali durante i primi nove mesi di 2001. Diasense ha
investito i $600.000 supplementari in MicroIslet, Inc., un' azienda che
lavora con la Duke University su parecchie tecnologie di ricerca del diabete
che mettono a fuoco sugli isolotti microincapsulati d' ottimizzazione per
trapianto. Il progetto ha luogo nella fase di sviluppo e di ricerca. A
partire dal 30 settembre, 2001, Diasense avevano investito $1.600.000 in
MicroIslet ed avevano posseduto circa 20,2% di questa azienda. Diasense
egualmente ha aumentato il relativo investimento in Diabecore medico, inc.
Diabecore è un' azienda a Toronto che lavora con altri centri di ricerca per
sviluppare una nuova insulina per trattare il diabete. Nei primi nove mesi
di 2001, Diasense ha investito $293.948 in Diabecore che aumenta l' importo
totale investito a $987.468 ed alla relativa proprietà in questa azienda ad
approssimativamente 24%. Questo progetto ha luogo egualmente nella fase di
sviluppo e di ricerca. Diasense ha aumentato questi investimenti perché la
gestione crede che questi organismi di ricerca del diabete e le istituzioni
che affiliano con la volontà portassero la resistenza e sostenessero ai
nostri propri progetti di ricerca e di sviluppo del diabete.
Come conseguenza di quegli investimenti supplementari in Inter-Metallics
americano, nei dati Link.com di comprensione, in MicroIslet ed in Diabecore
medico, il nostro investimento generale dentro unconsolidated le filiali
aumentate da $2.061.439 a partire dal 31 dicembre, 2000 - $2.507.865 al 30
settembre, 2001.
Durante i nove mesi conclusi il 30 settembre, 2001, la nostra filiale, la
benzina rem, avanzata i $1.169.341 supplementari alle soluzioni ambientali
pratiche, un' azienda della Pensilvania che ha acquistato la tecnologia
hanno usato convertire sicuro il fango comunale in recyclables che
aderiscono alla condizione ed alle leggi ambientali federali. La benzina rem
ha prestato un totale di $3.083.704 ad ambientale pratico a partire dal 30
settembre, 2001. Ambientale pratico ha effettuato i pagamenti di interesse
sull' importo dovuti. Il prestito, che era originalmente dovuto il 31
agosto, 2001 si è esteso fino al 31 gennaio, 2002; nessun pagamento
principale è stato effettuato fin qui. Il prestito è classificato come bene
non-current a partire dal 30 settembre, 2001 perché la nostra gestione sta
considerando se convertire l' tutto o una parte di quel prestito in
investimento di equità - sta prendendo quella decisione perché ambientale
pratico è disposto a fare quella conversione e perché ambientale pratico sta
generando i redditi da gennaio 2001. A partire dal 30 settembre, 2001, anche
se ancora stanno funzionando ad una perdita, le informazioni finanziarie
interne ambientali pratiche mostrano i redditi di $426.000. Possiamo
studiare la possibilità di fare i prestiti o gli investimenti supplementari
in ambientale pratico se quei prestiti o investimenti potessero contribuire
ad aumentare i guadagni.
Durante i nove mesi conclusi il 30 settembre, 2001 la benzina rem egualmente
ha investito i $99.060 supplementari in LLC instancabile, che è un' altra
parte dei nostri funzionamenti di rem della benzina, portante il nostro
investimento di equità totale a $455,000.tireless è un' azienda che
tagliuzza e gli aiuti riciclano le gomme, richiamante alcune edizioni
ambientali significative che risultano dai grandi mucchi delle gomme
utilizzate. Egualmente abbiamo prestato $461.610 instancabili durante i nove
mesi conclusi il 30 settembre, 2001, che è stato usato soprattutto ***
TRANSLATION ENDS HERE *** to purchase a mobile tire-shredding machine that
is being used to fulfill a contract in Ohio. As of September 30, 2001,
Tireless has not generated any revenues.
In 2001, we formed Rapid HIV Detection Corp. to market rapid HIV tests.
Those rapid HIV tests include:
InstantScreen, which is the initial test for HIV;
InstantConfirm, which is used to verify all positive results; and
InstantDifferentiate, which indicates whether the patient has HIV-1 or
HIV-2. HIV-1 is the most common form of HIV; HIV-2 is a less aggressive form
found in some parts of the world, including West Africa.
The InstantScreen test takes 30 seconds to produce results. Only a few drops
of blood are needed, and the blood is drawn with a finger prick, rather than
intravenously with a needle and vial of blood. No additional material or
special knowledge is needed to administer the test, and only elementary
level reading skills are required. The test can be produced in different
formats, depending upon whether it will be used in a doctor's office,
hospital or in the field. The InstantConfirm test takes about 8 minutes to
perform and is the first rapid HIV test to use the Western-Blot type HIV
confirmation technology. The Western-Blot is recognized as the gold standard
of HIV confirmation. This phase of the test is critical, since
false-positive results have been a significant historical problem with HIV
testing. The InstantDifferentiate is used if the patient tests positive for
HIV, in order to determine whether the patient is infected with HIV-1 or
HIV-2. HIV-2 is a less aggressive form of HIV that causes AIDs after a
longer period of time than HIV-1, and is prevalent in certain parts of the
world, including West Africa.
In order to acquire the exclusive, world-wide marketing rights to the rapid
HIV tests, we entered into a marketing agreement with GAIFAR, a German
company which owned all the rights to the tests, and Dr. Heinrich Repke, the
man who developed the tests. The marketing rights were assigned to Rapid HIV
Detection Corp - we own 75% and GAIFAR owns 25% of Rapid HIV's common stock.
GAIFAR retained the manufacturing rights for the tests. We entered into the
agreement in June 2001 and acquired the marketing rights at that time. The
initial terms of the agreement allowed us a due diligence period of 8 weeks
to withdraw from the agreement, but in July, all the parties agreed to
extend that date until October 15, 2001. The parties also agreed that we
would need to provide a copy of a resolution signed by our board of
directors approving the contract. In October, we completed our due diligence
period and our board provided their unanimous resolution, making the
marketing agreement fully effective, which means that we no longer have a
right to withdraw. The marketing agreement, which we filed as an exhibit to
a Form 8- K filed October 15, 2001, has a minimum ten-year term and calls
for total payments of $7,000,000 through the 3rd quarter of 2002. When the
marketing agreement became effective in October 2001, $1 million of the
funds previously loaned were applied to the total $7 million consideration.
The original agreement called for a loan in the amount of $500,000 to the
owner of the rapid HIV tests and technology, but we agreed to loan another
$125,000 during the 2nd quarter while we continued our due diligence, so the
total loans were $625,000 as of June 30, 2001. During the 3rd quarter of
2001, we loaned an additional $400,000 while we completed our due diligence;
the total loan amount applied to the $7 million total due was $1 million.
The remaining $25,000 loan will either be repaid or applied to a future
payment obligation. The loan was made part of the consideration we paid to
acquire the exclusive worldwide marketing rights to the rapid HIV tests and
technology, and is now part of our investment in Rapid HIV. Therefore, the
loan is classified as a non-current asset. The remaining $6 million in
payments are due from October 20, 2001 through August 20, 2002. We made the
$125,000 payment due in October, and the remaining payments include a range
of $125,000 per month for November and December 2001 to $1 million per month
for the 4 months from April - July of 2002. The original marketing agreement
provided for payments through the 2nd quarter of 2002, and we renegotiated
for a longer payment period in October 2001. We made our investment in Rapid
HIV because we believe Rapid HIV will generate earnings.
The money we spent investing in these companies came from notes payable,
debentures payable and stock sales during 2000 and 2001.
In July 2001, we announced that ViaCirq entered into a Memorandum of
Understanding with Phoenix Hospital Mangagement to pursue a joint venture to
market and sell ViaCirq products in China. In August we announced that
negotiations were continuing. The tragic events of September 11, 2001
further delayed the travel and communication necessary to continue
meaningful work on or to finalize the transaction. As of the date of this
filing, due primarily to the international economic and trading instability
resulting from the terrorist attacks and the military response to those
attacks, we no longer believe this transaction is feasible and have
discontinued negotiations. We may re-open negotiations in the future, but at
this point, we do not believe the joint venture will occur.
Accounts receivable, net of allowance for doubtful accounts, increased from
$400,950 as of December 31, 2000 to $1,273,100 as of September 30, 2001. The
increase is primarily attributable to the increase in revenues for INTCO, a
consolidated subsidiary of Petrol Rem, and the timing of billings and
collections related to these revenues.
Our net inventory increased from $805,224 as of December 31, 2000 to
$1,575,373 as of September 30, 2001. The increase was primarily due to an
inventory build-up for the ThermoChem hyperthermia products and for other
manufacturing projects being completed at our Indiana, PA facility.
Current related party receivables increased during the nine- month period
ended September 30, 2001 due to the $110,000 loan made to Anthony Delvicario
(a member of Diasense's board of directors) which was previously discussed.
This addition to current related party receivables was partially offset by
repayments on other related party notes.
Acquisitions of property, plant and equipment included increases of
machinery and equipment of $1,130,359 for the nine months ended September
30, 2001 primarily due to additions of hyperthermia equipment for our
ViaCirQ subsidiary and the purchase of tire-shredding equipment for Petrol
Rem's subsidiary, Tireless. Leasehold improvements increased by $170,342
primarily due to renovations made to the Indiana, PA facility.
Accounts payable increased by $1,467,006 during the nine months ended
September 30, 2001 due to the timing of payments that were slower than
normal due to our shortage of working capital. Accrued liabilities increased
by $446,530 during the same period due to accrued interest on notes payable
and increased liabilities for accrued payroll and vacation. We also accrued
an additional $225,000 for extending the due dates on the payments due on
our class action settlement.
Notes payable increased from zero at December 31, 2000 to $3,414,336 at
September 30, 2001 due to $9,825,000 of notes payable issued in order to
fund operations and investing activities and borrowings of $39,336 under a
$50,000 line of credit agreement. In July 2001, $6,450,000 of the notes
payable were repaid with proceeds from the sale of common stock
subscriptions.
Our current portion of long-term debt, decreased by $960,408 during the nine
months ended September 30, 2001 primarily due to payments of $850,000 on a
note payable related to Petrol Rem's acquisition of 51% interest in INTCO,
Inc. and payments of monthly installments on debt related to commercial
insurance premiums partially offset by additional debt of $117,235 acquired
related to commercial insurance premiums.
We are currently renegotiating loans due in connection debt incurred when we
purchased ICTI. As of September 30, 2001, our current portion of long-term
debt includes $4,091,667 and our accrued liabilities includes $1,261,683 in
accrued interest, all of which is due in connection with ICTI. We believe we
have an agreement to make payments and issue convertible preferred stock in
return for a reduction in the total amounts due, however, our counsel is
still negotiating and finalizing the documents to accomplish the deal, so we
cannot be sure that it will be finalized before the end of 2001.
On October 11, 2001, Petrol Rem borrowed $500,000 from the minority owner of
its subsidiary, INTCO, Inc., under a promissory note that bears interest at
7% per year and is payable upon demand. To secure payment of the note,
Petrol Rem pledged all of its shares in INTCO, Inc.
Debentures payable decreased by $2,400,000 during the nine months ended
September 30, 2001 due to the conversion of $10,655,659 of debentures into
common stock partially offset by the sale of $8,255,659 of convertible
subordinated debentures to raise capital to fund operations.
In July and August, the Company raised $11,164,000 through the sale of
common stock subscriptions. As of September 30, 2001, 769,410,099 shares of
stock had been issued to satisfy $9,900,000 of these subscriptions. In
addition, the Company repurchased subscriptions totaling $1,264,000 for
$1,453,600. As a result of the conversion of debentures and the issuance of
common stock to satisfy stock subscriptions, our common stock balance
increased to $245,063,111 as of September 30, 2001 compared to $138,370,417
as of December 31, 2000. Because the common stock was issued at prices below
par value, our additional paid in capital decreased from $87,035,096 at
December 31, 2000 to $2,482,952 at September 30, 2001.
                    Results of Operations
Our sales and corresponding costs of products sold during the nine months
increased to $2,869,611 and $2,082,021 respectively in 2001 from $98,831 and
$132,644 in 2000. The increase was primarily due to sales of $2,419,659 by
Petrol Rem's subsidiary, INTCO, which was acquired in the fourth quarter of
2000 and, therefore, not included in the first nine months of 2000
operations. Petrol Rem's increase also included an increase in
bioremediation product sales to $75,801 during the first nine months of 2001
compared to $25,982 during the same period in 2000. Although we had
anticipated revenue of $1.67 million from Petrol Rem during the 3rd quarter
of 2001, actual revenues were approximately $1.33 million. During the 3rd
quarter, Petrol Rem received a distribution agreement for approximately
$125,000 per year from an Alaskan oil spill clean-up company called F.R.O.G.
to distribute Petrol Rem products. The contract has an initial term of one
year, with automatic renewals on a yearly basis. Due to recent international
events, including the September 11th tragedy, the Alaskan company has been
focused on other matters, and they've told us that they hope to begin
selling our products soon. Through Tireless, LLC, we received a sub-
contract to help clean up tire piles in Ohio. We began that project at the
beginning of October, and we recently began billing for our services. We
believe the Tireless sub- contract could generate revenue of at least
$500,000 over the next year based on our equipment's capacity to shred tires
over the one-year period of the contract.
In addition, for the first nine months of 2001, we recognized sales of
$208,284 from our hyperthermia products, which produced sales of $35,808
during the first nine months of 2000. The increase was due to placements and
installations of ViaCirq's ThermoChemHT system and corresponding sales of
disposables in several hospitals.
Other product sales increased in total, but not significantly. We received
$80,405 from CCTI's metal coating products compared with $28,098 in the
first nine months of 2000. The increase in sales of metal coating products
was due primarily to the introduction of a product line for sharpeners used
for knives and other tools in the professional culinary field, for
sportsmen's knives and fish hooks, for professional woodworkers and for
household use. CCTI also continues to receive work from repeat customers who
sent us more work once they were satisfied with our earlier performance.
During the first nine months of 2001, we recognized sales of $49,403 for our
theraPORT, an implantable device used by patients who have repeated
injections of drugs. The theraPORT is implanted in the patient's chest and
provides a fixed port for catheters used to deliver the drugs the patient
needs. We also recognized sales of $36,000 for HIV tests marketed by Rapid
HIV Corporation. Until we have significant and consistent sales, we can't
predict any trends for future revenues. Our costs of products sold increased
due to the increase in sales of our various products.
During the 3rd quarter of 2001, our manufacturing division in Indiana, PA
received contracts, which we anticipate will begin generating revenue during
late 2001 and early 2002. Our Biocontrol Technology division received a $1.5
million manufacturing contract from the U.S. Army, and $238,000
manufacturing contract from a private company. We began work on the U.S.
Army contract, which we believe will generate $1.5 million in revenue during
the first year, beginning in the 4th quarter of 2001, with additional
revenue for two additional years; we filed a copy of that contract as an
exhibit to our Form 8-K/A filed October 15, 2001.
Other income increased from zero during the first nine months of 2000 to
$9,497 during the first nine months of 2001. The increase was primarily due
to rental income.
Research and Development expenses during the first nine months increased to
$5,142,507 in 2001 from $5,082,319 in 2000. The increase was due to expenses
incurred for the Diasensor clinical trials partially offset by reduced
research activities on our hyperthermia products and the redeployment of
resources from research activities to production of hyperthermia products.
General and administrative expenses increased a total of approximately $4.3
million for the first nine months of 2001 as compared to 2000. Approximately
$3.4 million of the increase is attributable to additional salaries, which
include a $912,727 payment to David L. Purdy in connection with his
resignation from the Company and its affiliates and new hiring at ViaCirq
and Petrol Rem (including INTCO and Tireless, LLC). $1.3 million of the
increase represents increased outside professional fees, approximately
$500,000 of which was incurred in connection with ViaCirq's sales and
marketing efforts for the ThermoChem system. Approximately $500,000 of the
increase is due to increased travel expenses, primarily for ViaCirq's and
Petrol Rem's increased marketing efforts. The above increases were partially
offset by a decrease of approximately $600,000 in expense recognized in
connection with the granting of warrants for services.
Amortization of goodwill increased from $279,681 to $579,671 for the first
nine months of 2000 to 2001. The increase is due to additional investments
in unconsolidated subsidiaries as of September 30, 2001 compared with
September 30, 2000. A portion of these investments is recognized as goodwill
and amortized over a five-year period. Our loss in unconsolidated
subsidiaries decreased to $221,407 for the first nine months of 2001
compared to $493,925 for the same period in 2000. This loss results because
we absorb part of losses incurred by unconsolidated subsidiaries. Our share
of the loss is determined by applying our ownership percentage to the total
loss incurred.
Debt issue costs increased from $985,000 to $1,741,886 for the first nine
months of 2000 to 2001. The increase is due to additional debentures and
notes payable during the first nine months of 2001 compared to the same
period in 2000.
Beneficial conversion terms included in our convertible debentures are
recognized as expense and credited to additional paid in capital at the time
the associated debentures are issued. We recognized $2,063,915 of expense in
connection with the issuance of our subordinated convertible debentures in
the first nine months of 2001 compared to $2,462,500 for the same period in
2000. The amount decreased primarily because we issued fewer debentures this
year compared to last year.

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                     porca puttana    ma da quel che capisco devono avere
l'approvazione @@@@@
altrimenti.....  giusto??  ciao

 ha scritto nel messaggio
news:dE4J7.104399$sq5.4...@news.infostrada.it...


 ha scritto nel messaggio
news:Zu6J7.104883$sq5.5...@news.infostrada.it...


 spero di aver letto male questa news, ma dopo tanti anni non sara' proprio
adesso che
questa societa' fallira', non e' una 
dot.com
, ha come tante altre societa'
tra cui advp jdsu
necessita' di chiedere agli azionisti, l'aumento di capitale.
spero ,penso che sia cosi', puo' essere che a 0,025$ abbia gia' scontato
parecchio di questa ulteriore diluizione.
tra l'altro leggevo di una nuova IPO   (ther)  che e' partita bene da un
mese e cosa
produce?  guarda caso  una specie di Diasensor per il monitoraggio del
sangue ai malati di diabete.
chissa' perche' questa ha avuto l'approvazione dall FDA perquesto
marchingegno
e allora Biko perche' non glielo approvano?
io continuo a mediare sperando di abbassare la media che ho a 0,13$
ne comprero' un milione di pezzi al giorno.
ciao

                      porca bikkettona    ma da quel che capisco devono
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