Here is a Securities and Exchange Commission form filled out
by Lotus Pacific for the 4th quarter of 1997. It
contains some interesting information regarding their plans for
their new Amiga systems.
LOTUS PACIFIC INC (LPFC)
Quarterly Report (SEC form 10-Q)
Management's Discussion and Analysis of Financial Condition and
Results of Operations
1. Results of Operations
Regent, a subsidiary of the Company, started to market Wonder TV
A6000 offshore and particularly in China in the last quarter.
Wonder TV A6000 is an Amiga technology based multimedia and
multi-functional TV set top box developed by Regent. It features an
all-in-one box system with combined functions of a multimedia
personal computer, a fax machine, a Karaoke machine, an Internet
box, an audio CD player, a video CD player and an electronic game
machine.
In August 1997, Regent signed an agreement with Shanghai Dingqiu
International Trade Co., Ltd. ("Shanghai Dingqiu"), a public
company in Shanghai, China, under which the two companies agreed to
work together in manufacturing and marketing of Wonder TV A6000.
According to the agreement, Shanghai Dingqiu will order 300,000
sets of chips and parts at the price $86 per set for assembling
Wonder TV A6000 from Regent before the end of December 1998.
Shanghai Dingqiu is responsible for assembling and marketing of the
product in China. Regent agreed to provide Shanghai Dingqiu with
all the necessary technical support while holding all patents and
copyrights relating to Wonder TV A6000. In addition, Shanghai
Dingqiu agreed to pay Regent $1,000,000 annually as compensation
for the use of the related patent, and the first annual payment in
the amount of $1,000,000 was made in August 1997.
Richtime Far East Ltd., a whole subsidiary of the Company
incorporated and operated in Hong Kong, had a total sales of $1.697
million and a net income of $157,000 for the quarter ended
September 30, 1997. Richtime is in the business of import and
export in garment. It receives customer orders mainly from North
America, and contracts the orders to garment manufacturers in
Nanjing and other eastern coast cities of China.
2. Liabilities and Capital Resources
On September 18, 1997, the Company entered into an Equity
Exchange Agreement with Rightiming Electronics Corp., wherein the
Company issued 6,000,000 shares of common stock of the Company with
a par value of $0.001 per share to Rightiming Electronics Corp. in
exchange for 6,000,000 shares of common stock of Regent Electronics
Corp. that were owned by Rightiming Electronics Corp. The Equity
Exchange Agreement has substantially increased the company's
ownership of Regent Electronics Corp. from 70% to 92.3%. The
company also issued 72,000 shares of common stock with par value of
$0.001 per share to an individual of California on July 31, 1997
for an aggregate consideration of $216,000.As of September 30,
1997, the Company had outstanding 46,809,054 shares of Common
Stock, par value $.001 per share and 4,300 shares of Series A
Preferred Stock.
BACK
|
