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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A-1
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999
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 O-28690
SHOPNET.COM, INC.
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
<TABLE>
<CAPTION>
<S> <C>
DELAWARE 13-3871821
(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
</TABLE>
14 EAST 60TH STREET, SUITE 402, NEW YORK, NEW YORK 10022
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(212) 688-9223
(ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE)
N/A
(FORMER NAME, FORMER ADDRESS, AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT)
CHECK WHETHER THE ISSUER (1) FILED ALL REPORTS REQUIRED TO BE FILED BY
SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PAST 12
MONTHS (OR FOR SUCH SHORTER PERIOD THAT REGISTRANT WAS REQUIRED TO FILE SUCH
REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90
DAYS. YES [X] NO [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
STATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON EQUITY, AS OF THE LATEST PRACTICABLE DATE: COMMON STOCK, $.001 PAR VALUE:
5,372,971 SHARES OUTSTANDING AS OF NOVEMBER 18, 1999.
<PAGE>
SHOPNET.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
<TABLE>
<CAPTION>
1999 1998
Cash flows from operating activities:
<S> <C> <C>
Net (Loss) Income $ (1,691,448) $ (564,989)
Adjustments to reconcile net income to
net cash provided by operating activities
Issuance of stock options to officers 12,250 -
Equity in loss of affiliate 994,305 -
Amortization and depreciation 81,714 252,954
Cancellation of stock issued for compensation (62,500)
Write off of offering costs - 67,385
Decrease (increase) in:
Deferred Taxes - -
Accounts receivable 41,628 19,409
Prepaid expenses (86,716) (8,069)
Inventory 1,203,931 699,900
Film production costs - (462,250)
Other assets 500 (3,913)
Increase (decrease) in:
Accounts payable and accrued expenses (107,909) 448,302
DUE TO FACTOR (554,221) (887,201)
------------------- ------------------
NET CASH USED FOR OPERATING ACTIVITIES (105,966) (500,972)
------------------- ------------------
Cash flows from investing activities:
Acquisition of furniture, computer equipment, and
leasehold improvements (6,399) (7,740)
Advances to Affiliate - (550,000)
Repayments of loans from affiliate - 275,000
Acquisition costs (17,035) -
Investment in joint venture (12,500) -
Subsidiary's redemption of preferred stock - (280,000)
PROCEEDS FROM AFFILIATE 250,000 -
------------------ -----------------
NET CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES 214,066 (562,740)
------------------ ------------------
Cash flows from financing activities:
Principal payments on capital leases (7,288) -
Sale of common stock - 754,982
REPAYMENTS FROM (ADVANCES TO) RELATED PARTIES - 38,778
------------------ -----------------
NET CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (7,288) 793,760
------------------- -----------------
Net increase(decrease) in cash 50,812 (269,952)
CASH, BEGINNING OF PERIOD 1,309,526 1,852,981
------------------ -----------------
CASH, END OF PERIOD $ 1,410,338 $ 1,583,029
================== =================
Supplemental disclosure of non-cash flow information:
Cash paid during the year for:
INTEREST $ 142,658 $ 165,847
================== =================
INCOME TAXES $ 6,506 $ 34,741
================== =================
</TABLE>
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized, this 3rd day of December 1999.
SHOPNET.COM ,INC.
BY: /S/ HAROLD RASHBAUM
Harold Rashbaum
President and Chief Executive Officer
BY: /S/ ROBERT DIMILIA
Robert DiMilia
Vice President and Secretary
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