Sector 10, Inc. announced this morning that it has filed a Form 10-K for the fiscal year ended March 31, 2009 with the Securities and Exchange Commission (SEC). The filing reports management’s discussion and analysis of operation, the company’s balance sheet, income statement and cash flow statement, as well as a detailed description of the company’s business, plans for the future, products, targeted market and more.
During the fiscal year, Sector 10 reorganized and carefully tested vertical market opportunities. The initiatives have better positioned the company for the pending regulations recently released for the new National and International Fire Life Safety Codes which will impact a $196 billion market in the United States alone. Sector 10 is now at the end of its development phase and has begun implementing its sales and growth strategy.
In the press release, the company highlighted the following:
Financial results:
* Acquired full rights and ownership to $1 Million Network Communication System that will administer the PLX-3D system nationally.
* Invested an additional $147,995 in the National Network Communication System to enhance Sector 10 products and solutions.
* Restructured prior year debt and generated gain of $517,200.
* Negotiated $451,000 in financing at approximately 7.5% per annum.
* Reported $1,009,008 in paid-in capital in 2009 compared to a deficit of ($704,580) in 2008.
* Reported the total shareholder equity $358,845 in 2009 compared to a deficit of ($824,380) in 2008.
Highlights:
* Continued product testing through initial sales.
* Successfully completed web conference to demonstrate the benefits of the PLX-3D software.
* Presented demonstrations to potential customers regarding the use of the Sector 10 products and solutions including the PLX-3D system.
* Generated prospects for significant unit sales.
* Development stage is projected to be completed in the 2nd quarter of fiscal year ended 2010. Sales and marketing plan will begin implementation.
* The Company’s products and solutions are now in demand for buildings around the world due to the recently released fire and life safety regulations (code) including the 2009 NFPA Fire Code, 2009 NFPA Life Safety Code and 2009 International Fire Codes. Company products are compliant with the new code as well as OSHA and other regulatory bodies.
* The Company is seeking new funding in the amount of $5M to $7M to assist in the delivery on contracts currently being negotiated.
* The Company is creating a new Board of Advisors to assist in the implementation of the sales and marketing strategy for the next fiscal year.
* The Company is developing a network where they will work in connection with charitable humanitarian efforts to provide MRU- Clinics to 3rd world countries as a way to save lives, avert injuries, reduce liability and to “Bridge the Survival Gap.”
Sector 10 CEO Pericles DeAvila commented, “The new regulations are opening up a multi-billion dollar market which represents an opportunity that Sector 10 has championed and pioneered. Now that we ending our development phase, I can only say that management and our investors can look towards prosperous years ahead.”
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