<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 1999
-----------------
FirstQuote Inc.
----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-22351 98-0162893
-------- ------- ----------
(State or other jurisdiction (Commission (IRS Employer
incorporation) File Number) Identification No.)
12, Av. des Morgines 1213 Petit-Lancy 1, Geneva Switzerland N/A
----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 011-4122-879-0879
-----------------
Not Applicable
--------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
On December 30, 1999, the FirstQuote Inc. acquired all of the
outstanding capital shares of Stockdata Amsterdam B.V., a limited liability
company organized under the laws of The Netherlands and located in Amsterdam,
The Netherlands. Stockdata is engaged in the distribution of real-time market
data products to the Benelux region, primarily through the use of datacast
technologies via cable networks.
The acquisition was conducted pursuant to a Securities Purchase
Agreement dated December 24, 1999 between FirstQuote and the stockholders of
Stockdata. Pursuant to the agreement, the Stockdata stockholders transferred to
FirstQuote all of the outstanding capital shares of Stockdata in consideration
of FirstQuote's payment of up to US$3,750,000, payable as follows: US$245,031 in
cash; US$1,059,239 in the assignment of Stockdata receivables; and FirstQuote's
issuance of 197,815 shares of Series D preferred stock and 148,451 shares of
common stock, all such shares being valued at approximately US$6.50 per share.
An additional 30,000 FirstQuote common shares are issuable to the sellers'
subject to their satisfaction of certain post-closing conditions.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
Item 5. Other Events.
Not applicable.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements.
--------------------
<PAGE>
INDEX TO FINANCIAL STATEMENTS
-----------------------------
STOCKDATA AMSTERDAM B.V.
------------------------
THE FOLLOWING FINANCIAL STATEMENTS RELATE TO STOCKDATA AMSTERDAM B.V., A
NETHERLANDS CORPORATION. THE FINANCIAL STATEMENTS OF STOCKDATA HAVE BEEN
PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE
NETHERLANDS AND THE AUDITED FINANCIAL STATEMENTS OF STOCKDATA HAVE BEEN AUDITED
IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS IN THE NETHERLANDS. ALL
ACCOUNTS ARE EXPRESSED IN DUTCH GUILDERS, THE CURRENCY OF THE NETHERLANDS, AND
REPRESENTED BY THE SYMBOL "NLG."
Balance Sheet at December 31, 1998
Statement of Income for Year Ended December 31, 1998
Notes to Financial Statements
Auditors' Report
Historical and Pro Forma Unaudited Statements of Income
for the Year Ended December 31, 1998 and the Nine Months ended September 30,
1999
<PAGE>
STOCKDATA AMSTERDAM B.V.
------------------------
BALANCE SHEET AT DECEMBER 31, 1998
----------------------------------
(After appropriation of net income)
(Currency - Dutch guilders)
ASSETS
------
<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
<S> <C> <C>
FIXED ASSETS:
Intangible fixed assets:
Database NLG 316,666 NLG 633,333
Tangible fixed assets:
Decoders 272,000 221,000
Network 15,865 24,505
Oracle 16,890 --
Software 50,000 75,000
--------------- ---------------
Total tangible fixed assets 354,755 320,505
Financial fixed assets:
Interest in group company -- --
--------------- ---------------
Total fixed assets 671,421 953,838
--------------- ---------------
CURRENT ASSETS:
Inventory 22,700 33,000
Accounts receivable:
Trade 347,105 --
Affiliated companies 105,477 294,677
Other receivables and prepaid expenses 1,655,181 397,558
--------------- ---------------
2,107,763 692,235
Cash 1,379,013 1,317,606
--------------- ---------------
Total current assets 3,509,476 1,671,111
--------------- ---------------
Total assets NLG 4,180,897 NLG 2,996,679
=============== ===============
</TABLE>
<PAGE>
SHAREHOLDER'S EQUITY AND LIABILITIES
------------------------------------
<TABLE>
<CAPTION>
1998 1997
------------------ ------------------
<S> <C> <C>
SHAREHOLDER'S EQUITY:
Issued and paid-in capital NLG 40,000 NLG 40,000
Reserved development 316,666 633,333
Retained earnings (1,170,787) (1,762,140)
(814,121) (1,088,807)
Issued capital including premium 700,000 700,000
Paid-in capital 494,150 --
------------------ ------------------
Total shareholder's equity 380,029 (388,807)
PROVISIONS:
Interest in group company 350,809 311,501
LONG-TERM LIABILITIES:
Long term debt 10,417 102,084
SHORT-TERM LIABILITIES:
Short term portion of long term debt 91,667 91,920
Advance payments on sales 1,419,493 984,831
Affiliated companies -- 282,579
Trade payables 471,903 652,903
Taxes and social security contributions 656,586 414,068
Other payables and accrued liabilities 799,993 545,600
Other payables and accrued liabilities 799,993 545,600
Total short term liabilities 3,439,642 2,971,901
------------------ ------------------
Total shareholder's equity and liabilities NLG 4,180,897 NLG 2,996,679
================== ==================
</TABLE>
<PAGE>
STOCKDATA AMSTERDAM B.V.
------------------------
STATEMENT OF INCOME
-------------------
FOR THE YEAR ENDED DECEMBER 31, 1998
------------------------------------
(Currency - Dutch guilders)
<TABLE>
<CAPTION>
1998 1997
------------------ ------------------
<S> <C> <C>
REVENUES:
Net sales NLG 4,779,258 NLG 3,273,718
Other revenues 455,752 478,497
------------------ ------------------
Total revenues 5,235,010 3,752,215
------------------ ------------------
OPERATING COST:
Cost of outsourced services and
other external cost 2,753,285 2,319,076
Other cost of sales 521,864 327,573
Wages and salaries 478,787 293,757
Social securities 56,318 29,393
Depreciation of fixed assets 374,407 343,107
Other operating cost 706,246 727,647
------------------ ------------------
Total operating cost 4,890,907 4,404,553
------------------ ------------------
Operating income/(loss) 344,103 (364,815)
------------------ ------------------
FINANCIAL INCOME AND EXPENSE:
Result of investments (39,308) (183,692)
Interest of income/(expense) (30,109) (76,477)
Total financial income and expense (69,417) (260,169)
------------------ ------------------
Income/(loss) on ordinary activities
before taxation 274,686 (624,984)
Provision for tax on income on ordinary activities P.M. P.M.
------------------ ------------------
Income/(loss) on ordinary activities after taxation 274,686 (548,507)
------------------ ------------------
Extraordinary income -- 57,609
Net income/(loss) NLG 274,686 NLG (490,898)
================== ==================
</TABLE>
<PAGE>
STOCKDATA AMSTERDAM B.V.
------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
FOR THE YEAR ENDED DECEMBER 31, 1998
------------------------------------
(Currency - Dutch guilders)
1. General
-------
The company is a wholly owned subsidiary of De Achterkant B.V.
located in Leiden, the Netherlands. (Renamed in 1999: Media Investerings-
en Management Maatschappij M.I.M.M. B.V.)
2. Accounting Principles
---------------------
(a) General
-------
Assets and liabilities denominated in foreign currencies are
translated into Dutch guilders at the rates of exchange prevailing at
yearend. The exchange results are recorded in the statement of income.
(b) Intangible fixed assets
-----------------------
The database is valued against acquisition cost including capitalized
costs in connection with the development of the database. The database
is depreciated on a straight-line basis over a period of 3 years.
(c) Tangible fixed assets
---------------------
Tangible fixed assets are stated at the acquisition cost, less
straight-line depreciation. The depreciation is calculated on the
basis of acquisition cost less residual value and the estimated useful
life of the related asset.
(d) Financial fixed assets
----------------------
Investments in subsidiaries and associated companies are stated at net
asset value. The net asset value is determined on the basis of the
accounting principles applied by the company. Negative equity is
provided for.
(e) Inventory
---------
Trade goods are stated at the lower of purchase price or net
realizable value.
(f) Accounts receivable
-------------------
Accounts receivable are stated at face value, less an allowance for
possible uncollectable accounts.
(g) Other assets and liabilities
----------------------------
Other assets and liabilities are valued at face value .
(h) Recognition of income
---------------------
Net sales are determined on the basis of the value (excluding taxes)
of services rendered, less discounts, rebates and similar charges
granted to customers.
(i) Depreciation
------------
The depreciation of intangible fixed assets and tangible fixed assets
is calculated as 33% respectively 20% of the acquisition cost.
<PAGE>
(j) Taxes on ordinary and extraordinary result
------------------------------------------
These are calculated on the taxable result on the basis of the tax rate
prevailing at yearend. In the annual report, the taxes on income is not
recorded (reference is made to note 16.).
3. Intangible Fixed Assets
-----------------------
This regards the valuation of the database. The original capitalized amount
of NLG 950,000 is derived from a valuation report dated July 12, 1993. The
report is produced by a qualified IT specialist. Since 1997, the database
is depreciated.
1998 1997
--------------- ----------------
Book value January 1 NLG 633,333 NLG 950,000
Depreciation (316,667) (316,667)
-------------- -------------
Book value December 31 NLG 316,666 NLG 633,333
============== ================
4. Tangible Fixed assets
--------------
The movement in tangible fixed assets is as follows:
Book Value Additions Depreciation
January 1
-------------- ------------ ------------
Decoders NLG 221,000 NLG 75,100 NLG 24,100
Network 24,505 - 8,640
Oracle - 16,890 -
Software 75,000 - 25,000
------------- ------------ -----------
NLG 320,505 NLG 91,990 NLG 57,740
============== ============ ===========
Book Value
December 31
---------------
Decoders NLG 272,000
Network 15,865
Oracle 16,890
Software 50,000
---------------
NLG 354,755
===============
The composition of tangible fixed assets as of December 31, 1998 is as follows:
<TABLE>
<CAPTION>
Historical Accumulated Book Value
Cost Depreciation December 31
------------ ------------ ---------------
<S> <C> <C> <C>
Decoders NLG 461,850 NLG 189,850 NLG 272,000
Network 25,945 10,080 15,865
Oracle 16,890 -- 16,890
Software 125,000 75,000 50,000
------------ ------------ ---------------
NLG 629,685 NLG 274,930 NLG 354,755
============ ============ ===============
</TABLE>
<PAGE>
The software is bought on hire purchase. The liabilities are recorded as
long term debt and short term debt. The legal ownership will be obtained at the
final redemption.
5. Financial fixed assets
----------------------
In 1996 the company acquired a 100% interest in HPU Dataservices B.V.,
Amsterdam, the Netherlands. A provision is recorded for the negative
shareholder's equity value of this participation.
6. Inventory
---------
This regards the decoders in stock
7. Accounts Receivable
-------------------
Trade
-----
<TABLE>
<CAPTION>
1998 1997
------------------ -----------------
<S> <C> <C>
Trade receivables NLG 401,980 NLG 349,552
Less: provision for doubtful debt (54,875) (54,875)
------------------ -----------------
NLG 347,105 NLG 294,677
================== =================
</TABLE>
Affiliated companies
--------------------
This regards a receivable on HPU Dataservice B.V.
Other receivables and prepaid expenses
--------------------------------------
<TABLE>
<CAPTION>
1998 1997
----------------- --------------------
<S> <C> <C>
Prepaid rent NLG 665,765 NLG --
Prepaid expenses 202,744 --
Credit note to receive -- 216,000
Current account M.I.M.M. B.V. 63,933 --
Current account IQ Media
Leiden B.V. 706,234 152,000
Other 16,505 29,558
----------------- --------------------
NLG 1,655,181 NLG 397,558
================= ====================
</TABLE>
It is assumed that a provision for doubtful debt is not needed at the
moment. The long term portion of the prepaid rent amounts to NLG 545,765.
8. Cash
----
<TABLE>
<CAPTION>
1998 1997
------------------ --------------------
<S> <C> <C>
Petty cash/suspense account NLG 254 NLG 3,870
ABN/AMRO 1,375,043 1,296,445
ABN/AMRO Belgium 3,716 14,647
ABN/AMRO Switzerland -- 294,677
------------------ --------------------
NLG 1,379,013 NLG 1,317,606
================== ====================
</TABLE>
<PAGE>
The ABN/AMRO Bank granted a combined credit facility to the company and its
affiliated companies. As a result, the usage of cash is restricted.
The credit facility is secured by:
A first pledge on furniture and fixture;
Pledging of receivables (first pledge is at the factor-company)
9. Shareholder's Equity
--------------------
Issued and paid-in capital
--------------------------
Common shares consist of 40,000 authorized common shares of which 40,000
shares are issued and paid-in at December 31, 1998. The shares have a par
value of NLG 1 each.
Legal reserve
-------------
This regards capitalized costs in connection with the development of the
database.
The movement in legal reserve is as follows:
<TABLE>
<CAPTION>
1998 1997
------------------ -------------------
<S> <C> <C>
Balance January 1 NLG 633,333 NLG 950,000
Release (316,667) (316,667)
------------------ -------------------
Balance December 31 NLG 316,666 NLG 633,333
================== ===================
</TABLE>
Retained earnings
-----------------
The movement in retained earnings is as follows:
<TABLE>
<CAPTION>
1998 1997
----------------- ------------------
<S> <C> <C>
Balance January 1 NLG (1,762,140) NLG (1,587,909)
Profit/(loss) of the year 274,686 (490,898)
Release development reserve 316,667 316,667
----------------- ------------------
Balance December 31 NLG (1,170,787) NLG (1,762,140)
================= ==================
</TABLE>
Prepayments on shareholder's equity
-----------------------------------
Ultimo 1996, the company received a payment in kind of NLG 700,000 from NDK
Data NV. The company has agreed to issue capital to NDK Data N.V. for this
payment. The issued capital will represent an interest of 25% in the
company. The payment in kind exceeding par value will be considered as
additional paid-in capital.
At December 20, 1998 it is decided to issue capital amounting to NLG
1,500,000 to C.V. Stockdata. The issue price has not been determined yet.
Paid-in capital exceeding par value will be considered as additional paid-
in capital. The amounts received from C.V. Stockdata at the end of 1998 are
considered as prepayment on shareholder's equity.
<PAGE>
10. Provision
---------
The negative equity of the participation is provided for.
<TABLE>
<CAPTION>
1998 1997
------------------------ -----------------------------
<S> <C> <C>
Balance January 1 NLG 311,501 NLG 127,809
Share in the result 39,308 183,692
------------------------ -----------------------------
Balance December 31 NLG 350,809 NLG 311,501
======================== =============================
</TABLE>
11. Long-term liabilities
---------------------
<TABLE>
<CAPTION>
Subordinated
Loan
Depreciation Hire - purchase
NDK contract Total
---------------------- ----------------- ------------------
<S> <C> <C> <C>
Balance January 1 NLG 133,587 NLG 60,417 NLG 194,004
Redemption (66,920) (25,000) (91,920)
---------------------- ----------------- ------------------
66,667 35,417 102,084
Current portion (66,667) (25,000) (91,667)
---------------------- ----------------- ------------------
Long term debt NLG - NLG 10,417 NLG 10,417
====================== ================= ==================
</TABLE>
The subordinated loan originates from the takeover of activities from NDK
Data N.V.
To finance the software, the company purchased by a hire-purchase contract.
The financer is the legal owner of the package. The legal ownership
transfers to the company at the final redemption.
<PAGE>
12. Short-term liabilities
----------------------
Liabilities with a remaining period up to 1 year, including the short-term
portion of long-term liabilities, are presented under short-term
liabilities.
Short-term portion of long term debt
------------------------------------
Represents the current portion of the loan NDK Data N.V. and the financial
lease agreement.
Advanced payments on sales
--------------------------
Represents advanced payments on services from customers.
Affiliated companies
--------------------
Represents a payable to HPU Dataservices B.V.
Taxes and social security contributions
---------------------------------------
<TABLE>
<CAPTION>
1998 1997
------------------------ -----------------------------
<S> <C> <C>
VAT NLG 357,000 NLG 130,515
VAT advaned payments 153,160 74,485
Wage taxes 160,000 120,000
Industrial insurance board (13,574) 89,068
----------------------- -----------------------------
NLG 656,586 NLG 414,068
======================== =============================
</TABLE>
Other payables and accrued liabilities
--------------------------------------
<TABLE>
<CAPTION>
1998 1997
----------------------- -----------------------------
<S> <C> <C>
Current account Keizersgracht 213 NLG 171,131 NLG 246,519
Houdstermij B.V.
Current account NDK Data N.V. 11,942 14,592
Current account HPU Magazines B.V. 10,248 14,937
Current account HPU B.V. 57,392 --
Provision for vacation money 28,949 7,688
Provision for vacation days 30,466 --
Auditors fees 10,000 11,400
Deferred income -- 40,036
Decoders to be delivered 92,750 92,750
Other 387,115 117,678
----------------------- -----------------------------
NLG 799,993 NLG 545,600
======================= =============================
</TABLE>
13. Commitments
-----------
The company entered in to a `compte-joint' agreement. By reason of the
commitment the company provided guaranties on behalf of affiliated
companies amounting to its balances at the ABN/AMRO bank.
<PAGE>
<PAGE>
14. Revenues
--------
Net sales
---------
The composition of net sales by geografical segment is as follows:
<TABLE>
<CAPTION>
1998 1997
-------------------------- -------------------------------------------
<S> <C> <C> <C> <C>
Netherlands* NLG 4,318,405 90.4% NLG 2,888,426 88.2%
Belgium 460,853 9.6% 385,292 11.8%
NLG 4,779,258 100.0% NLG 414,068 100.0%
========================== ============ ======================= ==============
</TABLE>
*Revenues from the sales of decoders is included
Other revenues
--------------
<TABLE>
<CAPTION>
1998 1997
------------------------ -----------------------------
<S> <C> <C>
Book and magazine productions NLG 455,752 NLG 478,497
------------------------ -----------------------------
</TABLE>
15. Cost of revenues
----------------
Cost of outsourced services and other external cost
---------------------------------------------------
<TABLE>
<CAPTION>
1998 1997
------------------------ -----------------------------
<S> <C> <C>
Cost of book and magazine NLG 542,405 NLG 735,377
productions
Cost of automation 742,527 624,000
Purchase cost data 1,134,101 578,792
Cost of data transfer 334,252 310,383
Compensation third parties -- 70,524
------------------------ -----------------------------
NLG 2,753,285 NLG 2,319,076
======================== =============================
</TABLE>
Other cost of sales
-------------------
Cost price decoders
Wages and salaries
------------------
The number of personnel as of December 31, 1998 was 8 (1997-4)
<TABLE>
<CAPTION>
1998 1997
------------------------ -----------------------------
<S> <C> <C>
Social security contributions NLG 43,038 NLG 14,507
Pension cost (984) 7,781
Health insurance 14,264 7,105
------------------------ -----------------------------
NLG 56,318 NLG 29,393
======================== =============================
</TABLE>
<PAGE>
Depreciation of fixed assets
----------------------------
<TABLE>
<CAPTION>
1998 1997
------------------- -----------------
<S> <C> <C>
Intangible fixed assets
Database NLG 316,667 NLG 316,667
Tangible fixed assets
Hardware and software 57,740 26,440
------------- ------------
NLG 374,407 NLG 343,107
============= ============
Other cost of revenues
---------------------
1998 1997
------------------- ------------------
Management NLG 151,802 NLG 90,000
Financial adminstration 30,000 30,000
Marketing 57,824 53,272
Auditors' and consultancy cost 31,483 13,674
Personnel and Organization 9,000 18,000
Lease expenses 48,828 72,693
Rent and service cost 96,107 99,000
Telephone, tax and copy machine 8,390 9,725
Housekeeping cost 3,000 6,000
Personnel cost 164,849 126,643
Tax charges 33,538 79,476
Change in provision for doubtful debt -- 48,569
Other cost 71,425 80,595
------------ ------------
NLG 706,246 NLG 727,647
============ ============
16. Financial income and expense
----------------------------
Income from participation
-------------------------
1998 1997
------------------- -----------------
Result from investment in group company NLG (3,692) NLG (183,692)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1998 1997
--------------------- ------------------------
<S> <C> <C>
Interest income
Current account Keizersgracht 213 NLG 20,000 NLG --
Current account IQ Media B.V. 20,000 --
Current account HPU dataservices B.V. 7,213 25,540
Interest expense
Loan NDK Data N.V. (7,583) (13,125)
Loan HPU B.V. -- (33,369)
Current account Keizersgracht 213
Houdstermij B.V. -- (9,370)
Bank and collection cost (59,431) (41,794)
Other interest expenses (10,308) (4,359)
--------------------- ------------------------
NLG (30,109) NLG (76,477)
===================== ========================
</TABLE>
Provision for/credit from tax on income
---------------------------------------
The company has a loss carry-forward which is available to reduce future tax
liabilities. The tax authorities have not confirmed the tax loss carry
forward yet.
Extraordinary income
--------------------
<TABLE>
<CAPTION>
1998 1997
------------------- --------------------------
<S> <C> <C>
Release of debt from foreign tax authorities NLG -- NLG (57,609)
</TABLE>
<PAGE>
STOCKDATA AMSTERDAM B.V.
------------------------
OTHER INFORMATION
-----------------
<PAGE>
AUDITORS' REPORT
----------------
To the shareholders and management of Stockdata Amsterdam B.V.,
Introduction
We have audited the financial statements of Stockdata Amsterdam B.V., Amsterdam,
for the year 1998. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
Scope
We conducted our audit in accordance with auditing standards generally accepted
in The Netherlands. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the
financial position of the company as at December 31, 1998 and of the result for
the year then ended in accordance with accounting principles generally accepted
in The Netherlands and comply with the financial reporting requirements included
in Part 9, Book 2 of The Netherlands Civil Code.
Katwijk, The Netherlands,
February 14, 2000.
M. Souverijn R. van Leeuwen
Accountant-Administrative consulent Register accountant
<PAGE>
Appropriation of Income
------------------------
Conditions in conformity with article 22 of the articles of incorporation of
the company.
Appropriation of net income 1997
--------------------------------
The net loss for the year 1997 amounting to NLG 490,898 is added to the
retained earnings.
Appropriation of net income 1998
--------------------------------
The net income for the year 1998 is added to the retained earnings.
<PAGE>
FIRSTQUOTE INC. AND STOCKDATA AMSTERDAM B.V.
Pro Forma Consolidated Balance Sheet at December 31, 1999
and Statements of Operations
for the Nine Months Ended September 30, 1999
and for the Year Ended December 31, 1998
(Unaudited)
To reflect FirstQuote's acquisition of StockData
The following tables present summary historical information for FirstQuote
Inc. and StockData Amsterdam B.V. derived from their financial statements. The
acquisition of StockData has been accounted for using the purchase method of
accounting and, accordingly, the assets acquired and the liabilities assumed
have been recorded at their fair values as of the date of the acquisition, which
do not differ significantly from historical costs. The excess of the purchase
price over the fair value of the assets and liabilities assumed have been
recorded as goodwill.
The unaudited pro forma consolidated Statements of Operations for the year
ended December 31, 1998 and for the nine months ended September 30, 1999 present
the results for FirstQuote and StockData as if the acquisition had occurred on
January 1, 1998.
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FIRST QUOTE, INC. Historical Proforma
------------------------------------------------------------------
PROFORMA CONSOLIDATION: 31 DECEMBER 1998 FirstQuote Stockdata Adjustments Consolidated
Inc. BV
------------------------------------------------------------------
USD USD USD USD
------------------------------------------------------------------
<S> <C> <C> <C> <C>
BALANCE SHEET
CURRENT ASSETS:
Cash and cash equivalents 229,450 728,865 (245,031) 713,284
Trade accounts receivable, net 191,229 183,459 0 374,688
Advance to a related party 0 337,530 (337,530) 0
Subscriptions receivable from stockholders 0 0 0 0
Prepaid expenses and other receivables 62,108 137,993 0 200,101
Total current assets 482,787 1,387,84 (582,561) 1,288,073
NON CURRENT ASSETS:
Investments 0 0 (0) (0)
Goodwill (0) 0 2,628,491 2,628,491
Property and equipment, net 1,130,563 366,872 0 1,497,435
Other assets 28,487 0 0 28,487
Total non current assets 1,159,050 366,872 2,628,491 4,154,412
----------- ---------- ---------- ----------
Total Assets 1,641,837 1,754,718 2,045,929 5,442,485
=========== ========== ========== ==========
CURRENT LIABILITIES:
Trade accounts payable 658,700 672,249 721,709 2,052,658
Accrued liabilities and provisions 102,274 77,392 0 179,666
Current portion of capital lease obligations 146,481 48,450 0 194,931
Advances/convertible loans from stockholders/related parties 1,000,000 261,179 0 1,261,179
Deferred income 170,808 750,260 0 921,068
Total current liabilities 2,078,263 1,809,530 721,709 4,609,502
LONG-TERM LIABILITIES
Long Term portion of capital lease obligation 166,621 5,505 0 172,127
STOCKHOLDERS' EQUITY:
Common Stock 5,781 19,828 (19,650) 5,960
Preferred Stock 1,992 0 198 2,190
Additional paid-in capital 6,381,315 660,949 1,784,404 8,826,669
Cumulative translation adjustment (148,610) (5,871) 0 (154,481)
Accumulated deficit (3,422,297) (873,514) 873,514 (3,422,297)
Net Result (3,421,229) 138,290 (1,314,245) (4,597,184)
Total stockholders' equity (603,047) (60,317) 1,324,221 660,857
----------- ---------- ---------- ----------
Total Liabilities and Shareholders' Equity 1,641,837 1,754,718 2,045,930 5,442,485
=========== ========== ========== ==========
(0) 0 (0) (0)
</TABLE>
<PAGE>
<TABLE>
PRO FORMA CONSOLIDATION FOR THE YEAR DECEMBER 31, 1998
<S> <C> <C> <C> <C>
INCOME STATEMENT
SALES 534,715 2,635,559 0 3,170,274
EXPENSES
Cost of Revenue 1,209,387 1,648,870 0 2,858,257
Selling & Market Development 221,210 29,111 0 250,321
General & Administrative 2,861,662 826,172 1,314,245 5,002,079
4,292,259 2,504,153 1,314,245 8,110,657
OPERATING RESULT (3,757,543) 131,406 (1,314,245) (4,940,383)
OTHER INCOME AND EXPENSES
Interest (3,441) 6,885 (0) 3,443
Foreign Exchange 339,756 0 0 339,756
NET RESULT (3,421,229) 138,290 (1,314,245) (4,597,184)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIRSTQUOTE INC. Historical Proforma
--------------------------- -------------------------------
PROFORMA CONSOLIDATION: 30 SEPTEMBER 1999 FirstQuote Stockdata BV Adjustments Consolidated
Inc.
USD USD USD USD
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
BALANCE SHEET
CURRENT ASSETS:
Cash and cash equivalents 2,676,940 5,440 (245,031) 2,437,349
Trade accounts receivable, net 450,901 60,596 0 511,498
Advance to a related party 0 1,216,974 (1,216,974) 0
Subscriptions receivable from stockholders 0 0 0 0
Prepaid expenses and other receivables 460,153 374,578 0 834,731
----------- ----------- ----------- -----------
Total current assets 3,587,994 1,657,589 (1,462,005) 3,783,578
NON CURRENT ASSETS:
Investments 0 0 (0) (0)
Goodwill (0) 0 1,642,807 1,642,807
Property and equipment, net 1,101,488 592,132 0 1,693,620
Other assets 338,264 0 0 338,264
Total non current assets 1,439,751 592,132 1,642,807 3,674,690
----------- ----------- ----------- -----------
Total Assets 5,027,746 2,249,721 180,801 7,458,268
=========== =========== =========== ===========
CURRENT LIABILITIES:
Trade accounts payable 982,686 685,393 (157,735) 1,510,344
Accrued liabilities and provisions 438,831 399,841 0 838,672
Current portion of capital lease obligations 149,371 16,094 0 165,465
Advances/convertible loans from stockholders/related
parties 0 0 0 0
Deferred income 299,938 621,044 0 920,982
----------- ----------- ----------- -----------
Total current liabilities 1,870,827 1,722,373 (157,735) 3,435,464
LONG-TERM LIABILITIES
Long Term portion of capital lease obligation 57,260 0 0 57,260
STOCKHOLDERS' EQUITY:
Common Stock 6,228 19,828 (19,650) 6,406
Preferred Stock 5,715 0 197 5,912
Additional paid-in capital 14,213,922 809,653 1,784,404 16,807,979
Cumulative translation adjustment 360,135 (11,314) 1 348,822
Accumulated deficit (6,843,526) (462,640) (440,732) (7,746,898)
Net Result (4,642,815) 171,820 (985,684) (5,456,679)
----------- ----------- ----------- -----------
Total stockholders' equity 3,099,658 527,348 338,537 3,965,543
----------- ----------- ----------- -----------
Total Liabilities and Shareholders' Equity 5,027,745 2,249,721 180,802 7,458,267
=========== =========== =========== ===========
1 0 (0) 0
</TABLE>
<PAGE>
<TABLE>
PRO FORMA CONSOLIDATION: NINE MONTHS ENDED SEPTEMBER 30, 1999
<S> <C> <C> <C> <C>
INCOME STATEMENT
SALES 1,210,065 1,905,425 0 3,115,489
EXPENSES
Cost of Revenue 1,599,416 839,174 0 2,438,590
Selling & Market Development 308,501 96,357 0 404,858
General & Administrative 3,356,281 801,014 985,684 5,142,979
----------- ----------- ----------- -----------
5,264,198 1,736,545 985,684 7,986,428
OPERATING RESULT (4,054,134) 168,879 (985,684) (4,870,938)
OTHER INCOME AND EXPENSES
Interest 86,222 2,941 0 89,163
Foreign Exchange (674,904) 0 0 (674,904)
----------- ----------- ----------- -----------
NET RESULT (4,642,815) 171,820 (985,684) (5,456,679)
Weighted Average Number of Common Shares 6,004,634 6,183,084
Net Result per Common Share (0.77) (0.88)
</TABLE>
(b) Exhibits.
--------
Securities Purchase Agreement dated December 24, 1999 between
FirstQuote, Stockdata Amsterdam B.V. and the stockholders of Stockdata,
previously filed as an exhibit to Current Report on Form 8-K dated December 30,
1999.
<PAGE>
Item 8. Change in Fiscal Year.
Not applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S.
Not applicable.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FirstQuote Inc.
(Registrant)
Date: March 13, 2000 By: /s/ Neil Gibbons
-------------------------------
Neil Gibbons, President
