UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
--- EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2000
-----------------------
OR
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 0-27226
-----------
SPINTEK GAMING TECHNOLOGIES, INC.
-------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
Nevada 33-0134823
------------------------------ ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1857 Helm Drive, Las Vegas, Nevada 89119
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(702) 263-3660
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the issuer (1) filed all reports to be
filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
153,902,024 shares of Common Stock, $0.002 par value as of May 5, 2000
----------------------------------------------------------------------
<PAGE>
SPINTEK GAMING TECHNOLOGIES, INC.
FORM 10-QSB
TABLE OF CONTENTS
Page No.
--------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets at March 31, 2000 and June 30, 1999 3
Consolidated Statements of Operations for the Three Months and
Nine Months Ended March 31, 2000 and 1999 4
Consolidated Statements of Cash Flows for the Nine Months Ended
March 31, 2000 and 1999 5
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 2. Changes in Securities 12
Item 3. Defaults Upon Senior Securities 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURE PAGE 13
EXHIBIT INDEX 14
2
<PAGE>
SPINTEK GAMING TECHNOLOGIES, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, June 30,
2000 1999
---------- ---------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash $ 221 $ 981
Accounts receivable, net 1,190 598
Prepaid and other current assets 264 389
Inventories, net 2,294 1,996
-------- --------
Total current assets 3,969 3,964
Furniture, fixtures and equipment, net 431 353
Licenses and patents, net 914 959
Other assets 132 120
-------- --------
Total assets $ 5,446 $ 5,396
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 1,299 $ 1,590
Accounts payable to stockholder 90 490
Current portion of capitalized leases and notes payable 203 593
Accrued liabilities 713 693
Accrued interest 174 14
Customer deposits 119 580
-------- --------
Total current liabilities 2,598 3,960
-------- --------
Long-term debt, net of current portion 3,513 408
-------- --------
Stockholders' equity (deficit):
Convertible preferred stock, no par value, 100,000 shares
authorized, no shares issued and outstanding -- --
Common stock, $.002 par value, 500,000,000 shares authorized,
155,149,455 and 143,560,448 shares issued 310 287
Additional paid-in capital 24,856 23,758
Accumulated deficit (25,802) (22,988)
Treasury stock, 1,317,329 shares, at cost (29) (29)
-------- --------
Total stockholders' equity (deficit) (665) 1,028
-------- --------
Total liabilities and stockholders' equity (deficit) $ 5,446 $ 5,396
======== ========
</TABLE>
See accompanying Notes to Consolidated Financial Statements
3
<PAGE>
SPINTEK GAMING TECHNOLOGIES, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
---------------------- ----------------------
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sales $ 1,666 $ 1,041 $ 5,712 $ 3,050
Cost of sales 913 572 2,942 1,693
--------- --------- --------- ---------
Gross profit 753 469 2,770 1,357
Selling, general and administrative expenses 1,944 1,477 4,778 3,512
Research and development expense 74 40 224 204
Stock option compensation expense 77 -- 341 --
--------- --------- --------- ---------
Operating loss (1,342) (1,048) (2,573) (2,359)
Other income (expense):
Interest and other income 7 9 36 43
Depreciation and amortization (19) (52) (109) (90)
Interest expense (81) (94) (168) (229)
--------- --------- --------- ---------
Net loss (1,435) (1,185) (2,814) (2,635)
Conversion preference of convertible preferred stock -- (81) -- (247)
--------- --------- --------- ---------
Net loss applicable to common shares $ (1,435) $ (1,266) $ (2,814) $ (2,882)
========= ========= ========= =========
Loss per common share information:
Weighted average common shares:
Basic 147,687 18,795 145,204 18,753
========= ========= ========= =========
Diluted 147,687 18,795 145,204 18,753
========= ========= ========= =========
Net loss per common share:
Basic $ (0.01) $ (0.07) $ (0.02) $ (0.15)
========= ========= ========= =========
Diluted $ (0.01) $ (0.07) $ (0.02) $ (0.15)
========= ========= ========= =========
</TABLE>
See accompanying Notes to Consolidated Financial Statements
4
<PAGE>
SPINTEK GAMING TECHNOLOGIES, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
March 31,
-------------------
2000 1999
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net loss $(2,814) $(2,635)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation and amortization 109 90
Non-cash interest expense 160 116
Change in allowance for inventory obsolescence, net 47 70
Change in allowance for doubtful accounts 64 --
Write off of assets 24 --
Non-cash operating expenses for common stock
options vesting during period 341 --
(Increase) decrease in assets:
Accounts receivable (741) (662)
Inventory (345) (1,176)
Prepaid expenses and other 198 (646)
Increase (decrease) in liabilities:
Accounts payable (291) 369
Accrued liabilities 112 711
Customer deposits (461) 1,157
------- -------
Net cash used in operating activities (3,597) (2,606)
------- -------
Net cash used in investing activities:
Purchase of furniture, fixtures and equipment (165) (165)
------- -------
Cash flows from financing activities:
Proceeds from issuance of convertible debentures -- 2,650
Proceeds from draws under credit agreement 2,000 --
Proceeds from demand notes payable from stockholder 750 850
Proceeds from issuance of term debt 55 --
Payments on term debt (90) --
Repayments of notes payable to affiliates and
stockholders -- (170)
Proceeds from issuance of common stock 287 --
-------
Net cash provided by financing activities 3,002 3,330
------- -------
Net increase (decrease) in cash and cash equivalents (760) 559
Cash and cash equivalents, beginning of period 981 500
------- -------
Cash and cash equivalents, end of period $ 221 $ 1,059
======= =======
</TABLE>
See accompanying Notes to Consolidated Financial Statements
5
<PAGE>
SPINTEK GAMING TECHNOLOGIES, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
March 31,
----------------
2000 1999
------ ------
<S> <C> <C>
Supplemental schedule of non-cash investing and
financing activities:
Conversion preference of preferred stock $ -- $(247)
Issuance of common stock for debt $ -- $ 26
Issuance of common stock for accrued liability $ 494 $ --
Supplemental disclosure of cash flow information:
Cash paid for interest $ 8 $ 113
</TABLE>
See accompanying Notes to Consolidated Financial Statements
6
<PAGE>
SPINTEK GAMING TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The consolidated financial statements include the accounts of Spintek Gaming
Technologies, Inc. ("SGT") and its wholly owned subsidiary Spintek Gaming, Inc.
("Gaming"), and Gaming's wholly owned subsidiary, Spinteknology, Inc.
("Spinteknology") (SGT, Gaming and Spinteknology are collectively referred to as
the "Company"). All significant intercompany transactions have been eliminated.
The consolidated balance sheet as of March 31, 2000 and the related consolidated
statements of operations for the three months and nine months ended March 31,
2000 and 1999 and consolidated statements of cash flows for the nine months
ended March 31, 2000 and 1999 are unaudited but, in the opinion of management,
reflect all adjustments necessary for a fair presentation of results for those
periods. The results of operations for an interim period are not necessarily
indicative of the results for the full year. The consolidated financial
statements should be read in conjunction with the audited consolidated financial
statements and notes thereto contained in the Company's annual report on Form
10-KSB for the year ended June 30, 1999.
The accompanying financial statements for prior periods reflect certain
reclassifications, which have no effect on net losses or cash flows in those
periods, to conform to classifications in the current period.
NOTE 2 - TERM DEBT
On August 31, 1999, Malcolm C. Davenport V, a director of the Company and
beneficial holder of 46.5% of the Company's common stock, provided a letter
agreement to the Company (the "Line of Credit") whereby Mr. Davenport agreed to
loan the Company up to $2.00 million over the next twelve months. The Line of
Credit is due on August 31, 2001, bears interest at 10% per annum, and the
principal and accrued interest is convertible into shares of the Company's
common stock at the lesser of (i) $.17335 per share or (ii) the average closing
price of the Company's common stock on the five business days preceding the
conversion. The Line of Credit is secured by a security interest and collateral
assignment of generally all intellectual property of the Company (through its
wholly-owned second-tier subsidiary). As of March 31, 2000, the Company had
fully utilized this Line of Credit.
Mr. Davenport has also loaned the Company on open account an additional $750,000
as of March 31, 2000. Since March 31, 2000, Mr. Davenport has loaned the Company
on open account an additional $600,000. The terms of this advance are under
negotiation with Mr. Davenport but are anticipated to be substantially similar
(though not identical) to the terms of the Line of Credit.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Certain information included herein contains statements that may be considered
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as
terms expressing future expectations, enthusiasm about future potential, and
anticipated growth in sales, revenues and earnings. All forward-looking
statements, although made in good faith, are subject to important risks and
uncertainties that could significantly affect anticipated results in the future
and, accordingly, results may differ from those expressed in any forward-looking
statements made herein. Such statements are necessarily speculative and factors
including, but not limited to, unusual production or supply problems, unusual
risks attending foreign transactions, competitive pressures, unanticipated
problems in obtaining approvals and/or licenses from governmental authorities as
to products or the ability to sell products in any jurisdiction, a general
deterioration in domestic or global economic conditions, and changes in federal
or state tax laws or laws permitting legalized gaming in any jurisdiction within
which gaming is currently conducted or the administration of such laws, could
cause results to differ materially from those projected.
7
<PAGE>
Material Changes in Results of Operations
Background Information
The Company's business plan has been to develop and market proprietary gaming
and non-gaming technology, patent such technology nationally and
internationally, and obtain all necessary governmental approvals and/or licenses
to sell products developed with this exclusive technology domestically and
internationally. The Company has focused its efforts on AccuSystem(TM) and
AccuHopper(TM), a slot machine hopper weighing system, and certain ancillary
products specifically for the gaming industry. The Company began to actively
market and sell its products in the second half of the Company's fiscal 1998.
Although the AccuSystem is capable of operating on a stand-alone real-time
basis, with the Nevada Gaming Authorities having approved the stand-alone system
to replace the second verifying signature for slot machine fills, many casinos
have indicated that they would prefer to have it interface with their existing
slot accounting systems. The Company has been diligently working with various
developers and vendors of slot machine accounting systems on interfaces of
AccuSystem with their products. A number of the primary vendors of slot machine
accounting systems have presented AccuSystem interfaces in their show booths in
various trade shows. These interfaces, along with AccuSystem, must be reviewed
and approved on an individual casino or regional basis by the gaming authorities
in most jurisdictions to approve the one signature fill procedure. Such reviews
(trials) are in process, or soon will be in process, in additional locations in
Nevada as well as in Mississippi and Atlantic City, New Jersey. Management is
optimistic about the results of these various field trials.
In addition to the added controls, which can reduce the amount of employee
theft, it is management's belief that use of the AccuHopper, whether as a
stand-alone system or interfaced with a slot accounting system, should result in
increased customer satisfaction through more efficient use of slot personnel as
well as increased revenues for the casino operator. Customer satisfaction would
be positively impacted by two operational efficiencies that AccuHopper provides:
(a) having the AccuHopper system function as the second verifying "signature" on
slot machine fills, thereby allowing for one person fills; and (b) the ability
to pre-fill machines that have notified slot personnel through visual and system
alerts that a hopper has reached a level indicating that a fill is imminent.
Increased revenues for the casino should result from the decrease in active
machine down time due to the ability to pre-fill slot machines and the
capability of performing one person fills, together with increased customer
satisfaction in not having to wait prolonged periods of time for a slot machine
fill. One person fill capability has been approved by the Nevada and Mississippi
gaming authorities subject to their review and approval of the internal control
systems of each casino implementing this procedure.
Nine Months Ended March 31, 2000 and 1999
During the nine month period ended March 31, 2000, sales were approximately
$5.71 million, net of sales returns and allowances of $164,000, compared to
sales of $3.05 million for the nine months ended March 31, 1999. The gross
margin for the nine months ended March 31, 2000 was approximately 48.5% compared
to a gross margin of approximately 44.5% in the prior year period.
Selling, general and administrative expenses increased $1.27 million, or
approximately 36.0%, to $4.78 million for the nine months ended March 31, 2000
from $3.51 million in the same period in the prior year. Payroll and payroll
related expenses were approximately $2.34 million for the nine month period
ended March 31, 2000, reflecting an increase of approximately $583,000 over the
prior year period. This increase in payroll and payroll related expense was
primarily due to increased staffing in the areas of sales, customer service,
engineering and administration. The largest increase was in engineering, which
increased from $269,000 to $495,000, principally due to costs associated with
developing product for certain slot machines' physical configurations not
previously encountered and modifications to existing product that will result in
installation and operational efficiencies.
8
<PAGE>
Other selling, general and administrative expenses increased approximately
$623,000, or 35.3%, during the nine month period ended March 31, 2000, to $2.38
million, from $1.76 million in the nine months ended March 31, 1999. This was
primarily due to increases of approximately $50,000 in the reserve for inventory
obsolescence, $64,000 in the reserve for uncollectible receivables, $55,000 in
the reserve for warranty expenses, $136,000 in utilities and facilities rent,
and $73,000 in trade show expense. The increase in the reserve for inventory
obsolescence expense was primarily due to improvements made to certain of the
Company's weighing mechanisms which impacted the carrying value of certain
inventory items. As of March 31, 2000, the reserve for obsolescence was
$487,000, reflecting a net increase of $47,000 during the nine month period
ended March 31, 2000 after the write off of $139,000 in inventory items that
were scrapped and which had been reserved for in previous periods. The increase
in utilities and facilities rent was due to the additional costs associated with
the larger facility the Company moved into in November 1998 and the leasing of a
second warehouse/production facility in September 1999. Other general and
administrative expenses in the current year period are generally higher than the
prior year period due to increased staffing and sales activities.
Research and development expenses increased $20,000, or 9.8%, to $224,000 for
the nine month period ended March 31, 2000 when compared to the same period in
the prior year. Management anticipates the research and development expenses
will increase in future periods as the Company continues to adapt its
proprietary coin weighing technology into non-gaming markets. In addition, the
Company is committed to the development of new products for both the non-gaming
and gaming markets, including new games that would work with existing slot
machine protocols. Research and development expenses include those associated
with new product development. Expenses associated with the improvement or
modification of existing products are classified as engineering expenses and
included in the selling, general and administrative expense category.
In the fourth quarter of fiscal 1999, the Company reported that the holders of
its Convertible Preferred Stock and 6% Secured Convertible Notes elected to
convert such securities into the Company's Common Stock (the "Conversion"). As a
result, an anti-dilution provision contained in the Company's 1996 Stock Option
Plan (the "Plan") was activated whereby the equity position held by option
holders could not be diluted or enhanced by the issuance of or reduction in the
number of shares of common stock issued other than through the Plan subject to
certain approvals by the Board of Directors. In addition, the anti-dilution
provision required the total amount to be paid by a holder of a stock option
previously granted not be increased or decreased by a change in the number of
shares outstanding. As a result of these provisions, outstanding options at the
time of the Conversion were reissued at prices that were less than the market
price on the dates of the Conversions. Therefore, the Company is required to
report as a non-monetary operating expense the difference between the option
price and the market value of options to acquire the Company's Common Stock at
the time such options vest. During the nine month period ended March 31, 2000,
options vested to acquire 2.14 million shares of the Company's Common Stock,
resulting in a non-monetary operating expense of $341,000 for the nine month
period. As of March 31, 2000, there are potentially 3.78 million options that
were issued in the Conversion that will vest in future periods, the total number
of which may decrease as a result of employee turnover. As these options vest,
non-monetary expenses will be recorded in future periods based on the difference
between the option price and the market price on the vesting date. The
anti-dilution provision has been deleted from the Plan with certain exceptions,
such as stock splits.
Interest expense decreased $61,000, or 26.6%, to $168,000 for the nine month
period ended March 31, 2000 from $229,000 in the same period in the prior year
as a result of the conversion of the 6% Notes. Depreciation and amortization
increased $19,000, or 21.1%, to $109,000 in the first nine months of the current
year from $90,000 in the nine month period ended March 31, 1999, primarily due
to depreciation on leasehold improvements, furniture, fixtures and equipment
purchases.
9
<PAGE>
Three Months Ended March 31, 2000 and 1999
During the quarter ended March 31, 2000, sales were approximately $1.67 million,
compared to sales of $1.04 million for the three months ended March 31, 1999, an
increase of $625,000, or 60.0%. The gross margin for the three months ended
March 31, 2000 was approximately 45.2% compared to a gross margin of
approximately 45.1% in the prior year quarter
Selling, general and administrative expenses increased $467,000, or
approximately 31.6%, to $1.94 million for the three months ended March 31, 2000
from $1.48 million in the same period in the prior year. Payroll and payroll
related expenses were approximately $873,000 for the quarter ended March 31,
2000, reflecting an increase of approximately $157,000, or 21.9%, over the prior
year period. This increase in payroll and payroll related expenses was primarily
due to increased staffing in the areas of sales, customer service, engineering
and administration. The largest increase was in engineering, which increased
from $118,000 to $189,000 when comparing the two fiscal quarters, principally
due to costs associated with developing product for certain slot machine
physical configurations not previously encountered and modifications to existing
product that will result in installation and operational efficiencies.
Other selling, general and administrative expenses increased approximately
$311,000, or 40.9%, during the three month period ended March 31, 2000, to $1.07
million, from $761,000 in the quarter ended March 31, 1999. This was primarily
due to increases of approximately $58,000 in facilities rent and utilities,
$64,000 in the reserve for uncollectible receivables, $55,000 in the warranty
reserve, and $36,000 in advertising and trade show expenses. The increase in
facilities rent and utilities was due to the additional costs associated with
the larger facility the Company moved into in November 1998 and the leasing of a
second warehouse/production facility in September 1999. Other general and
administrative expenses in the current year period are generally higher than the
prior year period due to increased staffing and sales activities.
Research and development expenses were $74,000 for the quarter ended March 31,
2000 compared to $40,000 in the same period in the prior year, an increase of
85.0%. Management anticipates the research and development expenses will
increase in future periods as the Company endeavors to expand its product line.
Non-monetary stock option compensation expense, as described above in the
comparison of operations for the nine month periods ended March 31, 2000 and
1999, was $77,000 for the quarter ended March 31, 2000.
Interest expense decreased to $81,000 for the quarter ended March 31, 2000 from
$94,000 in the same period in the prior year as a result of the conversion of
the 6% Notes. Depreciation and amortization expense was over estimated in the
first two quarters of fiscal 2000, resulting in a decrease to $19,000 in the
three month period ended March 31, 2000 from $52,000 in the prior year's
quarter.
Liquidity and Capital Resources
Sales during the nine month period ended March 31, 2000 were $5.71 million, with
a net loss of $2.81 million after deducting non-monetary stock option
compensation expense of $341,000 and depreciation and amortization expense of
$109,000. As of May 5, 2000, the Company's sales backlog was approximately $1.63
million. In addition, (a) two Atlantic City casinos are in the process of
initiating one signature fill trials in accordance with procedures established
by the New Jersey Casino Control Commission that, if successful, would allow for
one signature fills in that jurisdiction; (b) a number of casinos in Nevada have
commenced, or will soon commence, field trials based on a limited number of
machines in seeking the approval from the gaming authorities for one signature
fill capability; and (c) a number of Mississippi casinos are in the final stages
of achieving one signature fill capability.
10
<PAGE>
The Company's current assets at March 31, 2000 totaled $3.97 million, including
$221,000 in cash and cash equivalents, $1.19 million in net accounts receivable,
$85,000 in deposits on pending inventory purchases, and $2.29 million in
inventory. The Company's current liabilities were $2.60 million, including $1.30
million in accounts payable, $174,000 in accrued interest due stockholder,
$90,000 in accounts payable to stockholder, $203,000 in the current portion of
long-term debt, $150,000 of which was in loans from stockholder, and $119,000 in
deposits from customers. Net cash used in operating activities was approximately
$3.60 million. References to stockholder herein refers to Malcolm C. Davenport
V, a director of the Company and beneficial holder of 48.5%the Company's Common
Stock.
On August 31, 1999, Mr. Davenport provided a letter agreement to the Company
whereby Mr. Davenport agreed to loan the Company up to $2.00 million during the
next twelve months (the "Line of Credit"). The Line of Credit, secured by the
intellectual property of the Company, is due on August 31, 2001, bears interest
at 10% per annum, and the principal and accrued interest is convertible into
shares of the Company's common stock at the lesser of (i) $.17335 per share or
(ii) the average closing price of the Company's common stock on the five
business days preceding the conversion. As of March 31, 2000, the Company had
fully utilized this Line of Credit.
During the nine months ended March 31, 2000, Mr. Davenport loaned the Company
$750,000 on open account. Since March 31, 2000, Mr. Davenport has loaned the
Company an additional $600,000 on open account. The terms of this advance are
under negotiation with Mr. Davenport but are anticipated to be substantially
similar (though not identical) to the terms of the Line of Credit.
Based on projected sales activities, and in anticipation of being able to
increase the amount of credit available from Mr. Davenport, management believes
that it will have sufficient capital to fund future operations. In addition, the
Company is pursuing other potential debt and/or equity financing arrangements.
No assurance can be given that the Company will be successful in its
negotiations with Mr. Davenport or in its pursuit of raising operating capital
through other debt or equity financing arrangements.
11
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
None
ITEM 2. Changes in Securities
None
ITEM 3. Defaults upon Senior Securities
None
ITEM 4. Submission of Matters to a Vote of Security Holders
None
ITEM 5. Other Information
None
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27.1 Financial Data Schedule.
(b) Reports on Form 8-K
None
12
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 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.
SPINTEK GAMING TECHNOLOGIES, INC.
Date: May 15, 2000 By: /s/ GARY L. COULTER
--------------------
Gary L. Coulter
Chairman of the Board,
Chief Executive Officer
Date: May 15, 2000 By:/s/ GEORGE P. MILLER
--------------------
George P. Miller
Chief Financial Officer
(Principal Financial
and Accounting Officer)
13
<PAGE>
EXHIBIT INDEX
Exhibit Index Description Page
- ------------- ----------- ----
Number
- ------
27.1 Financial Data Schedule E - 10
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SPINTEX
GAMING TECHNOLOGIES, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2000
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1
<CASH> 221
<SECURITIES> 0
<RECEIVABLES> 1,254
<ALLOWANCES> 64
<INVENTORY> 2,294
<CURRENT-ASSETS> 3,969
<PP&E> 616
<DEPRECIATION> 185
<TOTAL-ASSETS> 5,446
<CURRENT-LIABILITIES> 2,598
<BONDS> 3,513
0
0
<COMMON> 310
<OTHER-SE> (975)
<TOTAL-LIABILITY-AND-EQUITY> 5,446
<SALES> 5,712
<TOTAL-REVENUES> 5,748
<CGS> 2,942
<TOTAL-COSTS> 2,942
<OTHER-EXPENSES> 5,452
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 168
<INCOME-PRETAX> (2,814)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,814)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,814)
<EPS-BASIC> (0.02)
<EPS-DILUTED> (0.02)
</TABLE>
