PINX:BVII Broadview Institute Inc Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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bvii_10q-063012.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to ______

Commission File Number: 000-08505
 
BROADVIEW INSTITUTE, INC.
(Exact name of registrant as specified in its charter)
 
 
Minnesota   41-0641789
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification Number)
 
 
8147 Globe Drive, Woodbury, Minnesota 55125
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code: (651) 332-8000

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X]  No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232. 405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [  ]       Accelerated filer [  ]       Non-accelerated filer [  ]       Smaller reporting company [X]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [  ]  No [X]

The number of shares outstanding of the Registrant’s Common Stock, $0.01 par value, as of August 1, 2012 was 9,008,252.
 
 
 

 
 
BROADVIEW INSTITUTE, INC.
AND SUBSIDIARY
 
INDEX
FORM 10-Q
 
JUNE 30, 2012
  Page No.
PART I –  FINANCIAL INFORMATION
 
     
Item 1.
Financial Statements
1
     
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
11
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
18
     
Item 4.
Controls and Procedures
19
     
PART II – OTHER INFORMATION
 
     
Item 1.
Legal Proceedings
19
     
Item 1A.
Risk Factors
19
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
19
     
Item 3.
Defaults Upon Senior Securities
20
     
Item 4.
Mine Safety Disclosures
20
     
Item 5.
Other Information
20
     
Item 6.
Exhibits
20
     
SIGNATURES
 
21
 
 
 
i

 
 
PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements
 
BROADVIEW INSTITUTE, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
 
   
June 30,
2012
   
March 31,
2012
 
   
(Unaudited)
       
ASSETS            
             
CURRENT ASSETS
           
Cash and cash equivalents
  $ 1,684,136     $ 2,542,293  
Student receivables
    81,235       198,247  
Due from affiliates
    49,965       -  
Prepaid expenses
    62,860       7,131  
Income taxes receivable
    50,000       50,000  
Other
    -       16,806  
                 
TOTAL CURRENT ASSETS
    1,928,196       2,814,477  
                 
PROPERTY AND EQUIPMENT, NET
    2,864,409       2,951,478  
                 
OTHER ASSETS
               
Deposits
    189,676       189,676  
Other
    48,837       46,975  
                 
    $ 5,031,118     $ 6,002,606  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY            
                 
CURRENT LIABILITIES
               
Accounts payable
  $ 389,252     $ 553,140  
Accrued expenses
    207,872       111,066  
Student credit balances
    32,280       85,825  
Due to affiliates
    344,149       214,173  
                 
TOTAL CURRENT LIABILITIES
    973,553       964,204  
                 
DEFERRED RENT
    722,556       722,556  
                 
STOCKHOLDERS' EQUITY
               
Preferred stock Series B, par value $.01 per share, authorized 5,000,000 shares, 500,000 shares issued and outstanding
    5,000       5,000  
Common stock, par value $.01 per share, authorized 100,000,000 shares, 9,008,252 issued and outstanding at June 30, 2012 and March 31, 2012
    90,082       90,082  
Additional paid-in capital
    5,371,704       5,358,904  
Accumulated deficit
    (2,131,777 )     (1,138,140 )
                 
TOTAL STOCKHOLDERS' EQUITY
    3,335,009       4,315,846  
                 
    $ 5,031,118     $ 6,002,606  
 
See notes to consolidated financial statements.
 
 
-1-

 
 
BROADVIEW INSTITUTE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS

   
Three Months Ended June 30,
 
   
2012
   
2011
 
   
(Unaudited)
   
(Unaudited)
 
             
REVENUES
  $ 3,917,642     $ 4,783,375  
                 
OPERATING EXPENSES
               
Educational services and facilities
    3,725,635       4,060,394  
Selling, general and administrative
    1,186,969       1,337,817  
TOTAL OPERATING EXPENSES
    4,912,604       5,398,211  
                 
OPERATING LOSS
    (994,962 )     (614,836 )
                 
OTHER INCOME
               
Interest income
    1,325       3,919  
LOSS BEFORE TAXES
    (993,637 )     (610,917 )
                 
INCOME TAX BENEFIT
    -       (227,383 )
                 
NET LOSS
  $ (993,637 )   $ (383,534 )
                 
                 
LOSS PER COMMON SHARE:
               
                 
Basic
  $ (.11 )   $ (.05 )
                 
Diluted
  $ (.11 )   $ (.05 )

See notes to consolidated financial statements.
 
 
-2-

 

BROADVIEW INSTITUTE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS

   
Three Months Ended June 30,
 
   
2012
   
2011
 
   
(Unaudited)
   
(Unaudited)
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
             
Net loss
  $ (993,637 )   $ (383,534 )
Adjustments to reconcile net loss to net cash used in operating activities:
               
Depreciation
    176,301       164,000  
Deferred income taxes
    -       (202,000 )
Deferred rent
    -       135,088  
Stock-based compensation
    12,800       51,200  
Changes in operating assets and liabilities:
               
Student receivables
    117,012       162,004  
Prepaid expenses
    (55,729 )     (835 )
Other assets
    14,944       126,093  
Accounts payable
    (163,888 )     (122,335 )
Accrued expenses
    96,806       (143,012 )
Student credit balances
    (53,545 )     (25,475 )
Income taxes
    -       (25,383 )
                 
Net cash used in operating activities
    (848,936 )     (264,189 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
                 
Purchases of property and equipment
    (89,232 )     (212,406 )
Net change in due from affiliates
    (49,965 )

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