United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
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Current Report
Pursuant to Section 3 OR 15(d) of the Securities Exchange Act of 1934
May 14, 2003
Date of Report (Date of earliest event reported)________________________________
Bridge Technology, Inc.
_____________________________________________________________________________
(Exact name of registrant as specified in its charter)
State or other jurisdiction of incorporation Nevada
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Commission File No. 000-24767
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IRS Employer Identification No. 59-3065437
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12601 Monarch Street, Garden Grove, California 92841
_____________________________________________________________________________
(Address of principal executive offices) (Zip Code)
714.891.6508
Registrants telephone number, including area code___________________________
_____________________________________________________________________________
(Former name of former address, if changed since last report.)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5 Other Events and Regulation FD Disclosure
The Company's annual audit has been delayed primarily due to the SARS epidemic
in Hong Kong which has affected the audit of its China and Hong Kong based
subsidiaries. BDO Seidman, the Company's auditor has estimated that the audit
will be complete by May 31, 2003.
Item 7 Financial Statements and Exhibits
The Company is providing pro-forma financial information for the first quarter
of 2002 as compared to the comparable period in 2003. This pro-forma financial
information excludes for both periods the discontinued operations of Autec
Power Supplies Inc. and Bridge Technology co. Ltd, Ningbo.
Three Months Ended Three Months Ended
03/31/03 % 03/31/02 % Changes %
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Sales 19,286,613 100.00% 26,232,598 100.00% (6,945,985) -26.48%
Cost of goods 18,294,752 94.86% 24,745,005 94.33% (6,450253) -26.07%
sold
Gross Profit 991,861 5.14% 1,487,593 5.67% (495,732) -33.32%
Research & 0 0.00% 0 0.00% 0 00.00%
Development
Selling and 770,508 4.00% 1,250,972 4.77% (480,464) -38.41%
general and
admin.Expense
Income (loss) 221,353 1.15% 236,621 0.90% (15,268) -6.45%
from operations
Other Income & Expenses
Interest Expenses (75,972) -0.39% (193,863) -0.74% 117,891 -60.81%
Gain on Disposal 0 0.00% 320,871 1.22% 0
of Investment
Other 6,820 0.04% 54,857 0.21% (48,037) -87.57%
Gross Income 152,201 0.79% 418,486 1.60% (266,285) -63.63%
before Taxes
Income Tax 0 0.00% 61,204 0.23% (61,204)-100.00%
Provision
Net Income 152,201 0.79% 357,282 1.36% (205,081) -57.40%
after Taxes
Net income (loss) 19,512 0.11% 32,952 0.13% (13,440) -40.79%
allocated to
minority interest
Net income (loss) 132,689 -4.41% 324,330 1.24% (191,641) -59.09%
allocated to
common share
Item 9 Regulation FD Disclosure
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The Company has been sustaining substantial losses in its power supply
manufacturing business since April, 2001. The Company's Board of Directors
unanimously voted in April 21, 2003 to dispose of these loss operations by
approving the sale to Wantec Power Supplies Inc., a related third party,
effective December 31, 2002. Winston Gu Chairman of the Company has formally
resigned from the Company as Director Chairman of the Board and Officer of the
Company effective April 28, 2003 concurrent with the sale of Autec Power
Systems Inc. and Bridge Technology Co. Ltd. Ningbo to Wantec Power Systems Inc.
of Taiwan, ROC.. On May 14, 2003 the Company has been also advised verbally that
Winston Gu ,through his attorneys, that he has a dispute with the Company. The
Company has requested that any dispute as it effects the Company must be put in
to writing so that it may be addressed and properly disclosed to the Board of
Directors and the Company's shareholders.
Liquidity
The Company continues to require outside financing which is expected to be
available now that the losing power supplies operations have been sold. The
Company has settled most of its outstanding litigation except the
Allied Web/ John Harwer suit. The Company believes it has no liability in this
litigation; however it continues to expend legal fees on this case which to
date are in excess of $250,000. The Board of Directors have authorized the
filing of legal action against its former President, John Harwer, for damages
including recovery of these legal fees, based upon their belief that this
matter is strictly related to John Harwer's personal activities prior to
joining Bridge Technology Inc.
Filing of Audited Financial Statement
The Company had filed Form 12b-25 for an extension to file its Form 10-K for
the period ending December 31, 2002 by April 15, 2003. The Company was unable
to meet this deadline as the auditors have not completed their work in Hong Kong
and Ningbo, China. This delay in the Form 10-K filing also delays the From 10-Q
filing for the period ending March 31, 2003. The Form 10-Q will be filed
shortly after the Form 10-K filing. The proforma financial results filed in
separate Form 8-K are for the periods ending December 31, 2002 and March 31,
2003 are not expected to vary materially from the Company's audited financial
results as prepared by the Company's outside auditors, when they are received
by the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Bridge Technology, Inc.
__________________________
(Registrant)
Date 5-14-2003 /S/ James Djen, President, CEO and Director
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(Signature)