SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 15, 1997
WORLDWIDE ENTERTAINMENT & SPORTS CORP.
____________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware 000-21585 22-3393152
________________ ____________________ ____________________
(State or other (Commission File No.) (IRS Employer ID No.)
jurisdiction of
incorporation)
29 Northfield Avenue, West Orange, New Jersey 07207
_____________________________________________
(Address of principal executive offices)
Registrant's telephone number, including area code: (973) 325-3244
________________________________________
<PAGE>
Item 5. Other Events
Worldwide Entertainment and Sports Corp. (the "Company") has completed a
private offering commenced on October 7, 1997 (the "Offering"). Through the
Offering, the Company sold an aggregate of 1,108,886 shares of its common stock
(the "Shares") for a purchase price of $2.25 per Share. The sale of the Shares
resulted in aggregate proceeds of $2,495,000 (the "Proceeds") to the Company.
The Company intends to use the Proceeds primarily for working capital, repayment
of indebtedness and general corporate purposes, which may include financing in
whole or in part acquisitions of complementary businesses or products. Annexed
as an exhibit to this Current Report is an unaudited balance sheet of the
Company as of December 31, 1997 which reflects the $1,495,000 proceeds of the
private offering received as of such date.
Item 7. Financial Statements and Exhibits
a. Exhibit (a) - Unaudited balance sheet of the Company as of December 31,
1997.
Signature
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: January 15, 1998 Worldwide Entertainment & Sports Corp.
(Registrant)
By:/s/Marc Roberts
___________________
Marc Roberts
President and Chief Executive Officer
WORLDWIDE ENTERTAINMENT & SPORTS CORP.
CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1997
(Unaudited)
The following unaudited condensed consolidated balance sheet includes all
adjustments (consisting of only normal recurring adjustments) that the Company
considers necessary for a fair presentation of the financial information set
forth therein, in accordance with generally accepted accounting principles.
ASSETS
CURRENT ASSETS
Cash and certificates of deposit $1,279,415
Marketable securities (at fair market value) 516,870
Accounts receivable, net of allowance for
doubtful accounts of $600 177,484
Due from athletes and other related parties, 597,497
net of reserves of $192,074
Other Current Assets 20,660
Total Current Assets
2,591,926
PROPERTY AND EQUIPMENT - AT COST
Less accumulated depreciation of $41,836 21,856
OTHER ASSETS 58,903
TOTAL ASSETS $2,672,685
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $109,090
Compensation and related items 26,262
Escrow funds payable 155,344
Income taxes payable 450
Total Current Liabilities 291,146
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value; authorized 5,000 shares;
no shares issued $ -
Common stock, $.01 par value; authorized 20,00,000
shares; 6,182,753 shares issued 61,828
Additional paid-in capital 8,182,964
Accumulated deficit (5,850,903)
Demand note receivable on private issuance of Common Stock (12,350)
Total Stockholders' Equity 2,381,539
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,672,685
