U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
x Quarterly Report Under Section 13 or
---
15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 1997
Transition Report Under Section 13 or 15(d) of
--- the Exchange Act
For the transition period from ____________ to____________.
Commission file number 0-23199
WIN-GATE EQUITY GROUP, INC.
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(Exact Name of Small Business Issuer as Specified in Its Charter)
Florida 65-0669842
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
8700 N.W. 47th Drive
Coral Springs, Florida 33067
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(Address of Principal Executive Office)
(954) 255-5566
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(Issuer's Telephone Number, Including Area Code)
Check whether the issuer: (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act 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 No x
--- ---
The number of shares outstanding of the issuer's common stock, par value $.001
per share as of January 13, 1998 was 4,900,000.
Traditional Small Business Disclosure Format: Yes x No
--- ---
<PAGE>
WIN-GATE EQUITY GROUP, INC.
INDEX TO FINANCIAL STATEMENTS
Page
PART I. FINANCIAL INFORMATION
ITEM. 1 Financial Statements
Balance Sheet 2
Notes to Financial Statements 3
1
<PAGE>
WIN-GATE EQUITY GROUP, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
ASSETS
September 30, 1997
-----------------------
(Unaudited)
CURRENT ASSETS:
Cash $ 152
Organizational Costs 400
Deferred Offering Costs 17,142
---------------
Total Assets $ 17,694
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Accrued Expenses $ 6,000
Due to Shareholder 5,002
---------------
Total Liabilities 11,002
---------------
SHAREHOLDERS' EQUITY:
Common Stock, par value $.001 per share; 20,000,000 shares
authorized; 4,900,000 shares issued and outstanding 4,900
Preferred Stock, par value $.001 per share; 5,000,000
shares authorized; no shares issued and outstanding -
Additional Paid-in Capital 2,000
Accumulated Deficit (208)
---------------
Total Shareholders' Equity 6,692
---------------
Total Liabilities and Shareholders' Equity $ 17,694
===============
The accompanying notes are an integral part of this financial statement.
<PAGE>
WIN-GATE EQUITY GROUP, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
1. GENERAL:
The financial information included herein is unaudited; however, such
information reflects all adjustments (consisting solely of normal recurring
adjustments), which are, in the opinion of management, necessary for a fair
statement of the Company's financial position.
The accompanying unaudited interim financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission
for reporting on Form 10-QSB. Pursuant to such rules and regulations, certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted.
The information contained in this Form 10-QSB should be read in conjunction with
the Notes to the Financial Statements appearing in the Company's Prospectus
dated October 10, 1997.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION.
General
The Company was organized under the laws of the State of Florida on May
17, 1996 in order to seek and effect a merger, acquire the assets or the capital
stock of existing businesses or other similar business combination. The Company
has not been engaged in active operations since its organization and is in the
development stage. From inception of the Company through September 30, 1997,
management's primary emphasis has been on organizing the Company, preparing and
completing the Company's Registration Statement on Form SB-2 for purposes of
undertaking the Blank Check Offering and the investigation of certain potential
business opportunities.
Revenues
For the quarter ended September 30, 1997 and for the nine months ended
September 30, 1997, the Company had no revenues and had expenses of $35.
Liquidity and Capital Resources
During the period from the Company's inception through September 30,
1997, the Company was principally engaged in organizational activities,
completing the aforementioned Registration Statement and investigation of
certain potential business opportunities. The Company's principal asset at
September 30, 1997 was cash totalling $152. As of such date, the Company had
total current liabilities of $11,002.
4
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
27. Financial Data Schedule
5
<PAGE>
SIGNATURES
In accordance with Section 13 or 15 (d) of the Securities Exchange Act
of 1934, Win- Gate Equity Group, Inc. has caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
WIN-GATE EQUITY GROUP, INC.
DATE: January 20, 1998 By: /s/ Debra Janssen
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Debra Janssen, President
6
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 152
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
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<CURRENT-LIABILITIES> 11,002
<BONDS> 0
0
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<OTHER-SE> 1,792
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