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 March 31, 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)
HOLLYWOOD PRODUCTIONS, INC.
(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 May 12, 1999.
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SHOPNET.COM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31,
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<CAPTION>
1999 1998
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Cash flows from operating activities:
<S> <C> <C>
Net income $ 79,203 $ 566,988
Adjustments to reconcile net income to
net cash provided by operating activities
Equity in loss of affiliate 151,282 -
Amortization and depreciation 26,988 169,050
Decrease (increase) in:
Accounts receivable 4,646 (2,141)
Cancellation of stock issued for compensation - (62,500)
Prepaid expenses (41,159) 2,300
Inventory 1,191,188 1,064,230
Film production costs (659) (138,787)
Increase (decrease) in:
Accounts payable and accrued expenses (405,998) (138,040)
Due to factor (1,005,224) (1,361,537)
------------------- -----------------
Net cash provided by operating activities 267 99,563
------------------ -----------------
Cash flows from investing activities:
Acquisition of furniture, computer equipment, and
leasehold improvements (3,907) (3,813)
Loans receivable-affiliate (100,000) (250,000)
Payments received on loans to affiliate 25,000 25,000
Acquisition costs (17,035) -
Subsidiary's redemption of preferred stock - (280,000)
------------------ ------------------
Net cash used for investing activities (95,942) (508,813)
------------------ -----------------
Cash flows from financing activities:
Principal payments on capital leases (2,033)
Sale of common stock - 194,982
Repayments from (advances to) related parties - (13,910)
Offering costs incurred - (4,000)
------------------ ------------------
Net cash provided by (used for) financing activities (2,033) 177,072
------------------- ------------------
Net decrease in cash (97,708) (232,178)
Cash, beginning of period 1,309,526 1,852,981
------------------ -----------------
Cash, end of period $ 1,211,818 $ 1,620,803
================== =================
Supplemental disclosure of non-cash flow information: Cash paid during the year
for:
Interest $ 75,030 $ 124,748
================== =================
Income taxes $ 6,506 $ 1,959
================== =================
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See notes to consolidated financial statements (unaudited).
<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 27th day of May 1999.
HOLLYWOOD PRODUCTIONS, INC.
By: /s/ Harold Rashbaum
Harold Rashbaum
President and Chief Executive Officer
By: /s/ Robert DiMilia
Robert DiMilia
Vice President and Secretary