-8-
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K/A
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: June 12, 2000
Commission File Number: 000-28251
SUNVEST RESORTS, INC.
a Florida corporation
(IRS Employer Identification Number: 65-0693150)
3500 NW Boca Raton Boulevard, Building 811
Boca Raton, Florida 33431
(561) 368-0032
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Securities Registered Pursuant to Section 12(g)
of the Securities Exchange Act of 1934:
Common Stock, Par Value $.02 per share
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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Interim financial statements for each of the Company and US
Data Authority, Inc. ("USDA") are filed herewith as follows:
* Statement of Discontinued Operations of SunVest Resorts,
Inc. (the "Company") for the four months ended April 30, 2000;
* Statement of Cash Flows of the Company for the four months
ended April 30, 2000;
* Balance Sheet of the Company as of May 1, 2000, reflecting
the merger of USDA into the Company;
* Statement of Profit and Loss for US Data Authority, Inc.
for the four months ended April 30, 2000; and
* Statement of Cash Flows for USDA for the four months ended
April 30, 2000.
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STATEMENT OF DISCONTINUED OPERATIONS
FOUR MONTHS ENDED APRIL 30, 2000
Income from discontinued operations 234,853
Income tax expense net of benefit 0
-------
Net income 234,853
=======
Accumulated deficit-beginning of year (3,823,000)
Special dividend 2,657,897
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Accumulated deficit - end of period ($930,250)
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STATEMENT OF CASH FLOWS
FOUR MONTHS ENDED APRIL 30, 2000
Cash flows from operating activities
Sources of cash:
Customers 188,472
Interest 2,298
Rents 422,420
Sale of assets 348,285
-------
Uses of cash:
Condominium units 354,445
Suppliers 475,288
Interest 342,576
Rental properties 203,489
-------
1,375,798
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Cash (used in) operating activities (414,323)
Cash flows from investing activities
Sources of cash:
Related parties 519,817
-------
Uses of cash:
Special dividend 270,161
Other assets 33,486
------
303,647
-------
Cash from investing activities 216,170
Cash flows from financing activities
Source of cash
Proceeds from mortgages 188,953
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Cash provided by financing activities 188,953
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Increase (decrease) in cash (9,200)
Cash-beginning 9,200
Cash-ending 0
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STATEMENT OF CASH FLOWS (CONTINUED)
FOUR MONTHS ENDED APRIL 30, 2000
Reconciliation of net income to cash used
in operating activities:
Net income 234,853
-------
Adjustments to reconcile net income to
cash used in operating activities:
Depreciation and amortization 59,000
Changes in assets and liabilities:
Deposits held in escrow 85,759
Mortgages receivable (1,175,000)
Condominium units (354,445)
Prepaid and other 153,886
Accounts payable and accrued liabilities (357,224)
Due to Condominium association (20,946)
Deposit on sales contracts 4,485
Income producing property 955,309
Total adjustments (649,176)
Cash (used in) operating activities (414,323)
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SUNVEST RESORTS, INC.
BALANCE SHEET - MAY 1, 2000
ASSETS
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SUNVEST USDA COMBINED
Cash $0 $959,072 $959,072
Accounts receivable 0 48,821 48,821
Equipment-net 0 188,496 188,496
Goodwill 0 135,735 135,735
Deposits 0 10,395 10,395
Advances 0 10,000 10,000
---- ------ ------
0 $1,352,519 $1,352,519
==== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Accounts payable and accrued $50,650 $161,969 $212,619
liabilities
Payroll taxes payable 0 10,250 10,250
Security deposits 0 2,650 2,650
Deferred revenue 0 2,650 2,650
---- ------ ------
50,650 177,519 228,169
------- ------- -------
Shareholders' equity
Common stock, $.02 par, authorized
and issued, 25,000,000 shares 50,000 450,000 500,000
Capital in excess of par 829,600 2,057,85 2,887,450
0
Less subscriptions receivable 0 (1,332,850) (1,332,850)
Accumulated deficit (930,250) (0) (930,250)
-------- ---- ---------
(50,650) 1,175,000 1,124,360
-------- --------- ---------
$0 $1,352,519 $1,352,519
==== ========== ==========
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US DATA AUTHORITY, INC.
PROFIT AND LOSS
JANUARY 2000 THROUGH APRIL 2000
Ordinary Income/Expense
Income $39,936.90
Cost of Goods Sold (27,505.80)
-----------
Gross Profit $12,431.10
Expense
Administrative Salaries $82,595.00
Sales and Marketing Costs 60,736.83
Automobile Expenses 1,004.22
Bad Debt 91,842.50
Bank Service Charges 161.72
Depreciation Expense 13,341.00
Dues and Subscriptions 1,226.11
Licenses and Permits 318.70
Office Expenses 13,356.32
Miscellaneous 3,596.64
Professional Fees 29,640.00
Rent 9,413.28
Travel & Entertainment 3,956.59
Security Exp 1,337.03
Utilities 8,618.09
---------
Total Expense $321,144.03
Net Income ($308,712.93)
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US DATA AUTHORITY, INC
STATEMENT OF CASH FLOWS
FOUR MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
Cash flows from operating activities:
Source of cash:
Revenues $77,722
Uses of cash:
Cost of revenues $27,507
Selling, general and administrative 25,603
Payroll and related costs 71,696
Rent 9,413
Income taxes 16,154 150,373
------ -------
Cash (used-in) operating activities (72,651)
Cash flows (used-in) investing activities:
Purchase of equipment 134,542
Advances to related party 19,634
Other 395 (154,571)
----
Cash flow from financing activity:
Proceeds from sale of common stock 1,170,000
---------
Increase in cash and equivalents 942,778
Cash and equivalents, beginning 16,294
------
Cash and equivalents, ending $959,072
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US DATA AUTHORITY, INC
STATEMENT OF CASH FLOWS (CONTINUED)
FOUR MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
Reconciliation of net (loss) to cash (usen-in operating activities:
Net (loss) ($308,714)
Adjustments to reconcile net (loss) to cash (used-in)
operating activities:
Provision for doubtful collections $91,842
Depreciation 13,341
Changes in assets and liabilities:
Accoubnts receivable 32,485
Advances to related party (19,634)
Other (2,074)
Accounts payable and accrued liabilities 125,403
Deferrals (5,300) 236,063
-------- -------
Cash (used in) operating activities ($72,651)
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Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
SUNVEST RESORTS, INC.
By: /S/ Dominick F. Maggio
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Dominick F. Maggio
President
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