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Created by EDGAR Online, Inc.
MORO CORP
TABLE1
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
Consolidated Balance Sheets as of March 31, 2004
and December 31, 2003
Consolidated Statements of Income for the Three Months
Ended March 31, 2004 and 2003
Consolidated Statements of Cash Flows for the Three Months
Ended March 31, 2004 and 2003
Notes to Consolidated Financial Statements
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
ITEM 3 CONTROLS AND PROCEDURES
1-2
3
4
5-8
9-12
12
Created by EDGAR Online, Inc.
MORO CORP
TABLE2
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
ITEM 1. LEGAL PROCEEDINGS
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
ITEM 5. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
CERTIFICATIONS
13
13
13
13
13
13
14
15-16
Created by EDGAR Online, Inc.
MORO CORP
BALANCE_SHEET
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
MORO CORPORATION
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2004 AND DECEMBER 31, 2003
March 31,
2004
(Unaudited)
----------------------------
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents .................... $ 205,880
Trade Accounts Receivable, Net ............... 2,488,285
Accounts Receivable on Contracts
(Including Retentions) ...................... 1,727,560
Inventory .................................... 898,383
Costs and Estimated Earnings in Excess
of Billings on Uncompleted Contracts ........ 278,976
Investment in Joint Venture .................. 203,796
Prepaid Income Taxes ......................... 5,419
Other Current Assets ......................... 81,395
----------------------------
Total Current Assets ................. 5,889,694
PROPERTY AND EQUIPMENT, NET .................. 1,241,622
OTHER INTANGIBLE ASSETS, NET ................. 17,500
OTHER ASSETS ................................. 87,518
GOODWILL ..................................... 385,341
----------------------------
Total Assets ......................... $ 7,621,675
================
December 31,
2003
----------------------------
$ 436,756
2,413,597
1,718,852
708,046
362,745
145,796
40,013
31,823
----------------------------
5,857,628
1,167,787
26,508
7,718
385,341
----------------------------
$ 7,444,982
================
Created by EDGAR Online, Inc.
MORO CORP
BALANCE_SHEET2
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
MORO CORPORATION
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2004 AND DECEMBER 31, 2003
March 31,
2004
(Unaudited)
----------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Line of Credit ................................$ 1,051,699
Current Portion of Long-Term Debt ............. 434,941
Trade Accounts Payable ........................ 1,368,330
Due to Former Owner ........................... 365,717
Accrued Expenses .............................. 194,226
Billings in Excess of Costs and Estimated
Earnings on Uncompleted Contracts ............ 250,119
----------------------------
Total Current Liabilities ............. 3,665,032
LONG-TERM LIABILITIES
Long-Term Debt ................................ 783,809
Convertible Debentures ........................ 650,000
Deferred Tax Liability ........................ 164,000
----------------------------
Total Long-Term Liabilities ........... 1,597,809
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 Par Value, Authorized
5,000,000 Shares; None Issued or Outstanding
at March 31, 2004 and December 31, 2003 ...... -
Common Stock, $.001 Par Value, Authorized
25,000,000 Shares; Issued and Outstanding
6,250,000 Shares at March 31, 2004 and
December 31, 2003 ............................ 6,250
Additional Paid-In Capital .................... 793,325
Retained Earnings ............................. 1,559,259
----------------------------
Total Stockholders' Equity ................. 2,358,834
----------------------------
Total Liabilities and Stockholders' Equity .$ 7,621,675
================
December 31,
2003
----------------------------
$ 862,399
437,941
1,405,901
431,322
222,864
40,410
----------------------------
3,400,837
948,388
650,000
159,000
----------------------------
1,757,388
-
6,250
793,325
1,487,182
----------------------------
2,286,757
----------------------------
$ 7,444,982
================
Created by EDGAR Online, Inc.
MORO CORP
INCOME_STATEMENT
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
MORO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
For the Three Months Ended March 31,
2004
----------------------------
REVENUES
Construction Materials Sales, Net ........... $ 3,427,666
Mechanical Contracts Revenue Earned ......... 1,785,015
----------------------------
Total Revenues ................... 5,212,681
COST OF REVENUES
Cost of Goods Sold .......................... 2,607,214
Cost of Construction Contract Revenue ....... 1,834,827
----------------------------
Total Cost of Revenues ........... 4,442,041
GROSS PROFIT ................................... 770,640
OPERATING EXPENSES
Selling, General and Administrative Expenses 670,512
----------------------------
OPERATING INCOME (LOSS) ........................ 100,128
OTHER INCOME (EXPENSE)
Other ....................................... 2,805
Interest Income ................................ 404
Interest Expense ............................... (43,560)
Equity in Earnings of Joint Venture ............ 58,000
----------------------------
INCOME (LOSS) BEFORE INCOME TAXES .............. 117,777
PROVISION (BENEFIT) FOR INCOME TAXES ........... 45,700
----------------------------
NET INCOME (LOSS) $ ............................ $ 72,077
----------------------------
EARNINGS PER SHARE - BASIC AND DILUTED ......... $ 0.01
================
WEIGHED AVERAGE SHARES OUTSTANDING -
BASIC AND DILUTED ............................. 6,250,000
================
Three Months Ended March 31,
2003
----------------------------
$ 1,428,711
3,287,990
----------------------------
4,716,701
1,123,525
2,927,138
----------------------------
4,050,663
666,038
671,827
----------------------------
(5,789)
4,412
1,542
(39,299)
-
----------------------------
(39,134)
(11,342)
----------------------------
$ (27,792)
----------------------------
$ -
================
6,250,000
================
Created by EDGAR Online, Inc.
MORO CORP
CASH_FLOW
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
MORO CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
For the Three Months Ended March 31,
2004
---------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) ....................................... $ 72,077
Adjustments to Reconcile Net Income (Loss) to
Net Cash Provided by (Used in) Operating Activities:
Amortization .......................................... 9,008
Depreciation .......................................... 69,420
Equity in Earnings of Joint Venture ................... (58,000)
Deferred Income Taxes ................................. 5,000
Changes in Assets and Liabilities, Net of Acquisitions:
Trade Accounts Receivable ............................. (74,688)
Contract Accounts Receivable .......................... (8,708)
Inventory ............................................. (190,337)
Costs in Excess of Billings ........................... 83,769
Prepaid Income Taxes .................................. 34,594
Other Current Assets .................................. (49,572)
Other Assets .......................................... (79,800)
Trade Accounts Payable ................................ (37,571)
Due to Former Owner ................................... (65,605)
Accrued Expenses ...................................... (28,638)
Billings in Excess of Costs ........................... 209,709
---------------------------
Net Cash (Used in) Provided by Operating Activities (109,342)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Property and Equipment ...................... (143,255)
Business Acquisition Costs .............................. -
---------------------------
Net Cash Used in Investing Activities .............. (143,255)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of Line of Credit .............................. 357,300
Repayments of Line of Credit ............................ (168,000)
Proceeds of Notes Payable ............................... -
Principal Payments of Notes Payable ..................... (167,579)
---------------------------
Net Cash Provided by (Used in) Financing Activities 21,721
---------------------------
NET DECREASE IN CASH ....................................... (230,876)
CASH - BEGINNING ........................................... 436,756
---------------------------
CASH - ENDING .............................................. $ 205,880
===============
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION
Cash Paid for Interest .................................. $ 26,659
===============
Cash Paid for Taxes ..................................... $ 9,000
===============
Three Months Ended March 31,
2003
---------------------------
$ (27,792)
8,885
58,168
-
13,000
572,849
17,630
(81,565)
418,437
(225,342)
(26,953)
(1,500)
315,804
(38,207)
(251,886)
(458,876)
---------------------------
292,652
(46,242)
(4,478)
---------------------------
(50,720)
648,600
(915,000)
20,000
(164,798)
---------------------------
(411,198)
---------------------------
(169,266)
976,239
---------------------------
$ 806,973
===============
$ 28,844
===============
$ 200,000
===============
Created by EDGAR Online, Inc.
MORO CORP
TABLE3
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
Three Months Ended
--------------------------------------------------
March 31, March 31,
2004 2003
----------------------- -------------------------
Net income (loss), as reported $ 72,077 $ (27,792)
----------------------- -------------------------
Deduct: Total stock-based employee
compensation expense determined under
fair value based method for all awards, net
of tax effects - -
----------------------- -------------------------
Pro-forma net income (loss) $ 72,077 $ (27,792)
============= ==============
Earnings per share:
Basic and diluted - as reported $ 0.01 $ -
============= ==============
Basic and diluted - pro-forma $ 0.01 $ -
============= ==============
Created by EDGAR Online, Inc.
MORO CORP
TABLE4
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
MORO CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 5 SEGMENT INFORMATION
The Company operates in two business segments: Construction
and Mechanical Contracting. The operating segments are managed
separately and maintain separate personnel due to the differing services
and products offered by each segment.
Operating segment information (unaudited) for the three months ended
March 31, 2004 and 2003 is as follows:
Three Months Ended Construction Mechanical
March 31, 2004 Materials Contracting
-------------------------------------- ------------------------------------------------ -------------------------------------------
Revenues $ 3,427,666 $ 1,785,015
Gross profit $ 820,452 $ (49,812)
Operating segment
income (loss) from
operations $ 354,901 $ (215,481)
Total segment assets $ 3,894,287 $ 3,694,932
Depreciation and
amortization expense $ 31,986 $ 46,442
Three Months Ended Construction Mechanical
March 31, 2003 Materials Contracting
-------------------------------------- ------------------------------------------------ -------------------------------------------
Revenues $ 1,428,711 $ 3,287,990
Gross profit $ 305,186 $ 360,852
Operating segment
income (loss) from
operations $ (62,061) $ 69,562
Total segment assets $ 2,859,331 $ 4,489,955
Depreciation and
amortization expense $ 23,513 $ 43,540
Materials
managed
services
three months ended
Corporate Total
--------------------------- ----------------------------
$ - $ 5,212,681
$ - $ 770,640
$ (39,292) $ 100,128
$ 32,456 $ 7,621,675
$ - $ 78,428
Crporate Total
--------------------------- ----------------------------
$ - $ 4,716,701
$ - $ 666,038
$ (13,290) $ (5,789)
$ 121,933 $ 7,471,219
$ - $ 67,053
Created by EDGAR Online, Inc.
MORO CORP
TABLE5
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
Results of Operations
Percentage of total revenues for key revenue and expenditures for the three
months ended March 31, 2004 and 2003 are as follows:
Three Months Three Months
Ended Ended
March 31, March 31,
2004 2003
----------------------- -----------------------
Construction Materials Sales 65.80% 30.30%
Mechanical Contracting Sales 34.20% 69.70%
----------------------- -----------------------
Total 100.00% 100.00%
----------------------- -----------------------
Cost of Goods Sold 50.00% 23.80%
Cost of Construction Contract Revenue 35.20% 62.10%
----------------------- -----------------------
Total 85.20% 85.90%
----------------------- -----------------------
Gross Profit 14.80% 14.10%
Operating Expenses 12.90% 14.20%
----------------------- -----------------------
Operating Income (Loss) 1.90% -0.10%
Interest and Other Expenses, Net 0.40% -0.70%
----------------------- -----------------------
Income Before Income Taxes 2.30% -0.80%
Income Tax 0.90% -0.20%
----------------------- -----------------------
Net Income 1.40% -0.60%
============= =============
Created by EDGAR Online, Inc.
MORO CORP
TABLE6
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
April 12, 2004 by and among Sovereign Bank, David W. and
Jacqueline Menard, and Moro Corporation.
10.21 $ 120,000 Equipment Term Note dated April 12, 2004 by
J.M. Ahle Co., Inc. in favor of Sovereign Bank as payee.
Created by EDGAR Online, Inc.
MORO CORP
TABLE7
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
If to Buyer: J.M. Ahle Co., Inc.
The Woods
994 Old Eagle School Road, Suite 1000
Wayne, Pennsylvania 19087
With a copy to: Douglas M. Lurio, Esquire
Suite 2340, 2005 Market Street
Philadelphia, PA 19103
If to Seller: Car-Bon, Inc.
13 Logan Street
New Bedford, MA 02740
With a copy to: Walter P. Kalisz, Jr., Esquire
88 Faunce Corner Road
Dartmouth, MA 02747
If to Burton F. Abel: 627 High Street
Westwood, MA 02090
14
With a copy to: Walter P. Kalisz, Jr., Esquire
88 Faunce Corner Road
Dartmouth, MA 02747
Created by EDGAR Online, Inc.
MORO CORP
TABLE8
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
Item # and Description OLV
---------------------------------------------------------------------------------------------------------------- -----------------------
1.00 110 steel bar racks and 8 steel sheet racks 5,000.00
2.00 Magnetic drill (2) 1,500.00
3.00 Gensco Alligator Shear, m/n 5241 4,000.00
4.00 HEM vertical saw, m/n VIOULMZ, 541597 7,500.00
(purchased 1997)
5.00 Gensco straight line bender, m/n 555 1,500.00
(purchased 1999)
6.00 Paddington bender #11 3,500.00
7.00 Steel racks 10,000.00
350 - FAB bar racks with keyway
6 - 10 tier sheet racks
6 - 4 tier
structural racks
8.00 1996 Nissan 4 - ton forklift, m/n BGF03-AYOU, 9,500.00
920453
9.00 1982 4 - ton forklift, m/n P8000, 261 4,500.00
10.00 1996 Ford diesel with bed, m/n LN8000, 11,500.00
320,000 miles
11.00 1995 Ford diesel with bed, m/n CF7000, 10,000.00
120,200 miles
12.00 1999 Sterling diesel with bed, m/n L7501, 28,500.00
143,514 miles
13.00 Straight line burning machine 500.00
14.00 Friction saws (2) 300.00
15.00 Office equipment including: computer, fax machine, 3,500.00
copy machine, desks, file cabinets, drafting table
Agreed Value
-----------------------
6,500.00
2,200.00
5,000.00
9,000.00
3,000.00
4,000.00
25,000.00
12,000.00
6,000.00
14,000.00
12,000.00
28,500.00
2,200.00
500.00
5,000.00
Created by EDGAR Online, Inc.
MORO CORP
TABLE9
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
ALLOCATION OF PURCHASE PRICE
-----------------------------------------------------------------------------------------------------------------------
1.00 The purchase price of the property to be conveyed as described in the Purchase and
Sale Agreement is Seven Hundred Eighty-nine Thousand Nine Hundred ($789,900.00) Dollars.
2.00 The allocation of the purchase price is as follows:
a. Accounts Receivable (as of 1/23/04) To be adjusted and
estimated as of the Closing and to be finalized pursuant
to the Closing Balance Sheet.
b. The Inventory and supplies (as of 1/23/04) To be adjusted and
estimated as of the Closing and to be finalized pursuant
to the Closing Balance Sheet.
c. The Machinery and Equipment and Office Equipment listed in
Schedule "A" of the Asset Purchase Agreement (fixed assets)
d. Goodwill and other intangibles, the telephone number, logos and
service marks, use of name "Whaling City Iron" and the customer
and vendor lists
TOTAL:
---------------
e. Accounts Payable (as of 1/23/04) Accounts payable shall reflect any
and all liabilities to be assumed by Buyer and all such liabilities
shall be pro-rated as of the date of Closing
f. Burton F. Abel's Covenant Not to Compete
in the Purchase and
89,900.00) Dollars.
$ 270,000.00
175,000.00
134,900.00
210,000.00
$ 789,900.00
(173,000.00)
15,000.00
Created by EDGAR Online, Inc.
MORO CORP
TABLE10
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
Schedule 4.17
---------------------------------------------------
Name Rate of Pay Method Job Description .
------------------------------------------------------------------------------------------------------------------------------------
Burt Abel, Sr. $110,000.00+ Salary President
Burt Abel, Jr. $50,000.00+ Salary Vice President Sales
Thomas Richardo $48,000.00+ Salary General Manager
Robert Hart $16.00/hour Hourly Warehouse Forman
Louise Sharkey $31,700.00 Salary Office Manager
Douglas Schultz $31,900.00 Salary Inside Sales and Purchasing
Robert Gonsalves $10.00/hour Hourly Warehouse Person
Ronald Ponte $11.50/hour Hourly Driver
Shawn Monteiro $10.00/hour Hourly Warehouse Person
Names and titles of of all directors and officers of Car-Bon, Inc. d/b/a Whaling City Iron
------------------------------------------------------------------------------------------------------------------------------------
Burton F. Abel President and Director
Ana A. LeBlanc Treasurer
Burton F. Abel, Jr. Clerk
Created by EDGAR Online, Inc.
MORO CORP
TABLE11
Form Type: 10QSB
Period End: Mar 31, 2004
Date Filed: May 10, 2004
SCHEDULE 1
Rent
Initial Term: For each year of the initial term, at the rate
of $45,000.00 per year.
Extension Period: For each year of any extension term, at an
annual rate equal to (i) $45,000.00, times
(ii) a fraction, the numerator of which is the
"Index" (hereinafter defined) for the calendar
month immediately preceding the commencement
of the extension term, and the denominator of
which in the Index for the calendar month
immediately preceding the Commencement Date of
the initial term. On or before the
commencement of any extension term, Landlord
shall compute and shall give Tenant written
notice of the annual rent therefor.
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