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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A-1
[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 period from _________ to ____________
Commission File Number 000-22681
FINANTRA CAPITAL, INC.
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(Exact name of small business issuer as specified in its charter)
Delaware 13-3571419
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(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification Number
150 South Pine Island Road, Suite 500, Plantation, Florida 33324
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(Address of Principal Executive Offices)
(954) 577-9225
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(Issuer's Telephone Number)
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 X No
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State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:
Number of Shares Outstanding
Class on November 12, 1999
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Common Stock, par value $.01 per share 9,275,224 shares
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Transitional Small Business Disclosure Format Yes No X
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This Amendment No. 1 to Form 10-QSB for Finantra Capital, Inc., a
Delaware corporation (the "Company"), for the quarterly period ended September
30, 1999 (the "September 1999 Form 10-QSB"), is being filed solely to correct
typographical errors appearing in the Stockholders' equity section of the
Company's Condensed Consolidated Balance Sheet at September 30, 1999.
Specifically, the Company has authorized 50,000,000 shares of Common Stock, $.01
par value per share, and 10,000,000 shares of Preferred Stock, $.01 par value
per share, and not 10,000,000 shares of Common Stock and 5,000,000 shares of
Preferred Stock as initially reported in the Company's September 1999 Form
10-QSB. Only the revised Liabilities and Stockholders' Equity section of the
Company's Condensed Consolidated Balance Sheet at September 30, 1999 is being
filed herewith.
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FINANTRA CAPITAL, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1999
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
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<TABLE>
<CAPTION>
1999
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<S> <C>
Current liabilities:
Accounts payable $ 1,582,768
Accrued expenses 429,068
Client payouts 1,253,926
Client reserves 4,192,645
Line-of-credit 27,319,082
Notes payable 500,000
Current portion of long-term debt 803,091
Obligation under capital lease 3,791
Notes payable - related parties 130,000
Due to factoring clients 1,281,651
Dividends payable - preferred stock 91,281
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Total current liabilities 37,563,014
Other liabilities:
Deferred lease interest 161,991
Notes payable, net of current portion 8,545,823
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Total long-term debt 8,707,814
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Total liabilities 46,270,828
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Minority interest 24,289
Stockholders' equity:
Preferred stock, 10,000,000 shares authorized, 3,458,817 issued:
Series A 10% redeemable convertible preferred stock, $.01 par
value, 2,958,817 shares issued and outstanding ( liquidation value
of $2,958,817 plus accumulated dividends) 29,587
Series B convertible preferred stock, $.01 par value, 500,000 shares
authorized, 500,000 shares issued and outstanding 5,000
Series C 6% convertible preferred stock, $.01 par value, 3780 shares
authorized, 3780 shares issued and outstanding 38
Common Stock, $.01 par value, 50,000,000 shares authorized,
6,389,927 shares issued and outstanding 85,093
Treasury stock, 14,600 shares at cost (34,644)
Additional paid-in-capital 23,258,389
Accumulated deficit (5,057,039)
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Total stockholders' equity 18,286,424
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Total liabilities and stockholders' equity $ 64,605,830
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</TABLE>
See accompanying notes to condensed consolidated financial statements.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this Amendment No. 1 to Form 10-QSB to be signed on its behalf of the
undersigned, thereunto duly authorized.
FINANTRA CAPITAL, INC.
Dated: December 1, 1999 By: /s/ Robert D. Press
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ROBERT D. PRESS, Chairman of the Board,
Chief Executive Officer and
Chief Financial Officer
(Principal Executive and Financial
Officer)
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