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Previous: CHILDRENS PLACE RETAIL STORES INC, 424B4, 1997-09-22 |
Next: INDUSTRIAL DISTRIBUTION GROUP INC, S-1/A, 1997-09-22 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8
File No.: 1-13287
CIK: 0001042053
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Section 12, 13, or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
DRUCKER INDUSTRIES, INC.
----------------------------------------------------
(Exact name of Registrant as specified in its charter)
AMENDMENT NO. 1
The undersigned Registrant hereby amends the following financial statements
and exhibits or other portions of its Registration Statement on Form 10 as set
forth in the pages attached hereto:
Unaudited Financial Statements and Statement of
Operations for quarter ended June 30, 1997.
Pursuant to requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this amendment to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated: September 10, 1997
DRUCKER INDUSTRIES, INC.
by: /s/ Gerald Runolfson
--------------------------------------------
Gerald Runolfson, President
<PAGE>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
BALANCE SHEETS
June 30, 1997 and 1996
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
----------------------------------
ASSETS 1997 1996
- - ------ ---- ----
Current
Cash and term deposits $ 3,775,684 $ --
Advances receivable 3,000 --
----------- -----------
3,778,684 --
Resource project 1,446,565 --
----------- -----------
$ 5,225,249 $ --
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
- - ------------------------------------
Current
Accounts payable and accrued expenses $ 9,497 $ 28,407
Due to a related party -- 9,000
Advance payable 75,802 --
----------- -----------
Total current liabilities 85,299 37,407
----------- -----------
Stockholders' Equity (Deficiency) - Note 3
Common stock $.001 par value, authorized
50,000,000 shares:
32,476,250 shares issued and outstanding 32,115 26,555
Additional paid-in capital 6,306,803 1,094,863
Deficit accumulated during the development stage (1,198,968) (1,158,825)
----------- -----------
Total stockholders' equity 5,139,950 (37,407)
----------- -----------
$ 5,225,249 $ --
=========== ===========
<PAGE>
<TABLE>
<CAPTION>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
for the six months ended June 30, 1997, 1996
and years ended December 31, 1996, 1995 and 1994
and February 4, 1971 (Date of Inception)
to June 30, 1997
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
----------------------------------
February 4, 1971
Six months ended June 30, Year ended December 31 (Date of inception)
------------------------- ------------------------------------ to June 30,
1997 1996 1996 1995 1994 1997
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
General and administrative expenses $ 76,088 $ -- $ 3,118 $ 46,004 $ 89,541 $ 518,675
Amortization of license agreement -- -- -- -- -- 56,827
Royalties -- -- -- -- 25,000 75,000
Interest expense -- -- -- 33,451 30,719 114,063
Fiscal agent fees -- -- -- -- 9,050 64,230
Write-off of license agreement -- -- -- -- 409,236 409,236
---------- ---------- ---------- ---------- ---------- ----------
Loss before the following: (76,088) -- ( 3,118) ( 79,455) (563,546) (1,238,031)
Interest income 39,063 -- -- -- -- 39,063
---------- ---------- ---------- ---------- ---------- ----------
Net loss $ ( 37,025) $ -- $ ( 3,118) $ ( 79,455) $ (563,546) $ 1,198,968
========== ========== ========== ========== ========== ===========
Net loss per share $ ( 0.001) $ ( 0.000) $ ( 0.000) $ ( .004) $ ( .028)
========== ========== ========== ========== ==========
Weighted average shares outstanding 27,797,435 26,554,183 26,554,183 21,575,697 20,477,500
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
for the six months ended June 30, 1997 and 1996 and
years December 31, 1989 to December 31, 1996 and
February 4, 1971 (Date of Inception) to June 30,1997
(Stated in U.S. dollars)
(Unaudited - See Notice To Reader)
----------------------------------
Deficit
Common Stock Additional Accumulated
---------------- Paid in During the Dev-
Shares Amount Capital elopment Stage Total
---------- ---------- ---------- -------------- ----------
<S> <C> <C> <C> <C> <C>
Shares issued to acquire
Monetary Metals, Inc. 675,000 $ 675 $ (675) -- $ --
Shares issued to acquire net assets
of Drucker Sound Design Corporation 2,700,000 2,700 65,046 -- 67,746
Net loss from inception to
December 31, 1989 -- -- -- $ (8,115) (8,115)
Net loss for year ended
December 31, 1990 -- -- -- (144,333) (144,333)
Five for one forward split
of outstanding shares 13,500,000 13,500 (13,500) -- --
Funds contributed by stockholder -- -- 124,196 -- 124,196
Sale of units for cash, September 1991 1,050,000 1,050 103,950 -- 105,000
Sale of units for cash, December 1991 750,000 750 74,250 -- 75,000
Shares issued to settle debts 52,500 53 5,197 (5,250) --
Shares issued to directors as
compensation 450,000 450 44,550 (45,000) --
Correct funds contributed to
stockholders -- -- (24,990) -- (24,990)
Interest on note payable -- -- -- (7,370) (7,370)
Net loss for year ended
December 31, 1991 -- -- -- (38,417) (38,417)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1991,
as previously reported 19,177,500 19,178 378,024 (248,485) 148,717
Adjustments to previously
reported amounts:
Fiscal agent fees -- -- (18,000) (7,300) (25,300)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1991,
as restated 19,177,500 19,178 360,024 (255,785) 123,417
Sale of common stock, March 1992 700,000 700 69,300 -- 70,000
Sale of common stock, September 1992 500,000 500 54,500 -- 55,000
Net loss for year ended
December 31, 1992 -- -- -- (78,078) (78,078)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1992,
as previously reported 20,377,500 20,378 483,824 (333,863) 170,339
Continued
<PAGE>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
for the six months ended June 30, 1997 and 1996 and
years ended December 31, 1989 to December 31, 1996 and
February 4, 1971 (Date of Inception) to June 30, 1997
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
----------------------------------
Deficit
Common Stock Additional Accumulated
---------------- Paid in During the Dev-
Shares Amount Capital elopment Stage Total
---------- --------- ---------- -------------- ----------
Balance Forward, December 31, 1992,
as previously reported 20,377,500 20,378 483,824 (333,863) 170,339
Adjustments to previously reported amounts:
Fiscal agent fees -- -- (12,500) (20,600) (33,100)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1992, as restated 20,377,500 20,378 471,324 (354,463) 137,239
Net loss for the year ended December 31, 1993 -- -- -- (134,081) (134,081)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1993 20,377,500 20,378 471,324 (488,544) 3,158
Adjustment to previously reported amounts:
Fiscal agent fees -- -- -- (27,280) (27,280)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1993, as restated 20,377,500 20,378 471,324 (515,824) (24,122)
Sale of common stock, July, 1994 200,000 200 29,800 -- 30,000
Fiscal agent fees -- -- (3,000) -- (3,000)
Net loss for the year ended December 31, 1994 -- -- -- (563,546) (563,546)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1994 20,577,500 20,578 498,124 (1,079,370) (560,668)
Shares issued to settle debts 5,976,683 5,977 596,739 602,716
Net loss for the year ended December 31, 1995 -- -- -- (79,455) (79,455)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1995 26,554,183 26,555 1,094,863 (1,158,825) (37,407)
<PAGE>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
for the six months ended June 30, 1997 and 1996 and
years ended December 31, 1989 to December 31, 1996 and
February 4, 1971 (Date of Inception) to June 30, 1997
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
----------------------------------
Deficit
Common Stock Additional Accumulated
---------------- Paid in During the Dev-
Shares Amount Capital elopment Stage Total
---------- --------- ---------- -------------- ----------
Balance Forward, December 31, 1995 26,554,183 26,555 1,094,863 (1,158,825) (37,407)
Net loss for the six months ended June 30, 1996 -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Balance, June 30, 1996 26,554,183 26,555 1,094,863 (1,158,825) (37,407)
Shares issued to settle debts 380,002 380 37,620 -- 38,000
Net loss for the nine months ended
December 31, 1996 -- -- -- (3,118) (3,118)
---------- ---------- ---------- ---------- ----------
Balance, December 31, 1996 26,934,185 26,935 1,132,483 (1,161,943) (2,525)
Sale of units for cash, May, 1997 5,179,500 5,180 5,174,320 -- 5,179,500
Shares issued for finders' fee 362,565 -- -- -- --
Net loss for the six months ended June 30, 1997 -- -- -- (37,025) (37,025)
---------- ---------- ---------- ---------- ----------
Balance, June 30, 1997 32,476,250 $ 32,115 $ 6,306,803 $(1,198,968) $ 5,139,950
========== =========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOW
for the six months ended June 30, 1997 and 1996 and years ended December 31, 1996, 1995 and 1994
and February 4, 1971 (Date of Inception) to June 30, 1997
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
----------------------------------
February 4, 1971
(Date of
Six months ended June 30, Year ended December 31, inception to June 30,
------------------------- ----------------------- ---------------------
1997 1996 1996 1995 1994 1997
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Cash flow from operating activities:
Net loss $ (37,025) $ -- $ (3,118) $ (79,455) $ (563,546) $(1,198,968)
Adjustments to reconcile net loss
to net cash used in operations:
Amortization of license agreement -- -- -- -- -- 56,827
Stock issued for payment of
expenses -- -- -- -- -- 50,250
Write-off of license agreement -- -- -- -- 409,236 409,236
----------- ----------- ----------- ----------- ----------- -----------
(37,025) -- (3,118) (79,455) (154,310) (682,655)
Changes in non-cash items related
to the operations
Increase (decrease) in royalties
payable -- -- -- -- (12,500) --
Net decrease in assets/liabilities 3,972 -- (25,882) (533,605) 51,476 (315,108)
Stock issued for payment of
accounts payable -- -- 38,000 243,716 -- 281,716
Stock issued for payment of
promissory note -- -- -- 359,000 -- 359,000
----------- ----------- ----------- ----------- ----------- -----------
Net cash used in operating activities (33,053) -- 9,000 (10,344) (115,334) (357,047)
----------- ----------- ----------- ----------- ----------- -----------
Cash flows used in investing activities
Payments for license agreement -- -- -- -- -- (100,000)
Resource project (1,395,763) -- (50,802) -- -- (1,446,565)
----------- ----------- ----------- ----------- ----------- -----------
(1,395,763) -- (50,802) -- -- (1,546,565)
----------- ----------- ----------- ----------- ----------- -----------
.../Continued
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOW
for the six months ended June 30, 1997 and 1996 and years ended December 31, 1996, 1995 and 1994
and February 4, 1971 (Date of Inception) to June 30, 1997
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
----------------------------------
February 4, 1971
(Date of
Six months ended June 30, Year ended December 31, inception to June 30,
------------------------- ----------------------- ---------------------
1997 1996 1996 1995 1994 1997
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Cash flow from financing activities:
Payments on license agreement payable -- -- -- -- (49,013) (366,063)
Proceeds from sale of common stock 5,179,500 -- -- -- 27,000 5,481,000
Proceeds from promissory notes payable -- -- -- -- 55,000 345,000
Other capital contributions -- -- -- -- -- 99,206
Due to a related party -- -- (9,000) 9,000 44,351 44,351
Advance payable 25,000 -- 50,802 -- -- 75,802
----------- ------ ----------- ----------- ----------- -----------
Net cash provided by financing activities 5,204,500 -- 41,802 9,000 77,338 5,679,296
----------- ------ ----------- ----------- ----------- -----------
Net increase (decrease) in cash 3,775,684 -- -- (1,344) (37,996) 3,775,684
Cash, beginning of period -- -- -- 1,344 39,340 --
----------- ------ ----------- ----------- ----------- -----------
Cash, end of period $ 3,775,684 $ -- $ -- $ -- $ 1,344 $ 3,775,684
=========== ====== =========== =========== =========== ===========
Supplemental Disclosures of Cash Flows:
Interest paid in 1993 was $4,857. Interest accrued in 1995 was $33,451 (1994 was $30,719).
In 1993, $14,000 of accrued and unpaid interest was converted into notes payable.
</TABLE>
<PAGE>
DRUCKER INDUSTRIES, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 1997 and 1996
(Stated in U.S. dollars)
(Unaudited - See Notice to Reader)
Note 1 Interim Reporting
-----------------
While the information presented in the accompanying interim six months
financial statements is unaudited, includes all adjustment which are,
in the opinion of management, necessary to present fairly the
financial position, results of operations and changes in financial
position for the interim period presented.
Note 2 Resource Project
----------------
By Farm-in Agreements dated January 21, 1997, the company has agreed
to participate in an exploration and development program on oil and
gas concessions in China. The company will pay all drilling and
associated costs to earn a 50% interest in the concession. The term of
this agreement ends on the earliest of:
- January 21, 2007
- the date on which the required amount has been expended pursuant
to this agreement; or
- upon default by the company.
Note 3 Share Capital
-------------
Commitments
-----------
The company has 5,542,065 share purchase warrants outstanding which
entitles the holders thereof to acquire 5,542,065 additional units at
$1.50 per unit. These warrants expire on September 30, 1998. The
additional unit consists of one common share and one additional share
purchase warrant to acquire one common share at $2.00 per share. This
warrant expires September 30, 1999.
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