<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(X) QUARTERLY REPORT PURSUANT SECTION 13 OF 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1999.
( ) TRANSITION REPORT PURSUANT SECTION 13 OF 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-23365
NEW WORLD PUBLISHING, INC.
(Exact name of small business as specified in its charter)
Colorado 84-1290152
---------------------- ----------------
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
11872 La Grange Ave., 2nd Floor
Los Angeles, CA 90025
(Address of principal executive offices)
(877) 733-1333
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities 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
---- ----
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable dated : June 14, 1999, 22,388,667 shares.
Transitional Small Business Disclosure Format (check one) :
Yes No X
---- ----
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NEW WORLD PUBLISHING, INC.
(FORMERLY KNOWN AS JLQ, INC.)
INDEX TO FORM 10-QSB QUARTERLY REPORT
TABLE OF CONTENTS
PART I - FINANCIAL STATEMENTS
ITEM PAGE
- ---- ----
Condensed Balance Sheets as of
April 30, 1999 and January 31, 1999 ....................... 1
Condensed Statements of Operations
for the three months ended April
30, 1999 and 1998 ......................................... 2
Statement of Stockholders' Equity (Deficit)
For the three months ended April 30, 1999 ................. 3
Condensed Statements of Cash Flows
For the three months ended
April 30, 1999 and 1998 ................................... 4
Notes to Condensed Financial Statements ................... 5
Item 2 - Management's Discussion and
Analysis or Plan of Operation ........................... 6
PART II - OTHER INFORMATION
Exhibits and Reports on Form 8-K
(A) Exhibits - None
(B) Reports on Form 8-K
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NEW WORLD PUBLISHING, INC.
(FORMERLY KNOWN AS JLQ, INC.)
CONDENSED BALANCE SHEETS
April 30, 1999 January 31,
(Unaudited) 1999
----------- -----------
ASSETS
------
CURRENT ASSETS:
Cash in checking $ 35 $ 991
Inventory, Lower of
Cost or Market 26,760 26,760
----------- ----------
Total Current Assets 26,795 27,751
----------- ----------
FIXED ASSETS:
Furniture and Equipment 7,885 7,885
Less accumulated
Depreciation (6,373) (6,146)
----------- ----------
Net Fixed Assets 1,512 1,739
----------- ----------
OTHER ASSETS:
Organization Costs, net
Of amortization 119 144
----------- ----------
Total Assets $ 28,426 $ 29,634
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Note payable, Stockholder $ 1,000 $ 1,000
Accrued Interest 28 0
----------- ----------
Total Current Liabilities 1,028 1,000
----------- ----------
STOCKHOLDERS' EQUITY:
Preferred stock, no
Par value, 10,000,000
Shares authorized, none issue 0 0
Common stock, $.0001 par
Value, 100,000,000 shares
Authorized, 10,781,500 shares
Issued and outstanding 5,740 5,740
Additional Paid-In-Capital 11,497 11,497
Contributed Paid-In-Capital 29,144 29,144
(Deficit) (18,983) (17,747)
----------- ----------
Total Stockholders' Equity 27,398 28,634
----------- ----------
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $ 28,426 $ 29,634
=========== ==========
"See notes to condensed financial statements."
1
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NEW WORLD PUBLISHING, INC.
(FORMERLY KNOWN AS JLQ, INC.)
CONDENSED STATEMENTS OF OPERATIONS
For the three months ended April 30, 1999 and 1998
FOR THE THREE FOR THE THREE
MONTHS ENDED MONTHS ENDED
APRIL 30, 1999 APRIL 30, 1998
-------------- --------------
REVENUES:
Sales $ 0 $ 0
-------------- --------------
OPERATING EXPENSES:
Accounting 475 0
Amortization 25 25
Depreciation Expense 227 227
Office Expense 57 140
Entertainment 100 0
Filing and Transfer Fees 326 610
-------------- --------------
TOTAL OPERATING EXPENSES 1,210 1,002
-------------- --------------
Net (Loss) From
Operations (1,210) (1,002)
OTHER INCOME AND (EXPENSES):
Interest Expense 26 0
-------------- --------------
NET INCOME (LOSS) $ (1,236) $ (1,002)
============== ==============
NET INCOME (LOSS) PER
SHARE OF COMMON STOCK N/A N/A
============== ==============
Weighted average
Number of Shares
Outstanding 10,781,500 10,781,500
============== ==============
"See notes to condensed financial statements."
2
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<TABLE>
NEW WORLD PUBLISHING, INC.
(FORMERLY KNOWN AS JLQ, INC.)
STATEMENT OF STOCKHOLDERS' EQUITY
For the three months ended April 30, 1999
<CAPTION>
Common Stock
Stock Common Additional Holders'
Number of Stock Paid-In Contributed Equity
Shares Amount Capital Capital (Deficit) (Deficit)
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Balance
February 1,1999 10,781,500 $ 5,740 $ 11,497 $ 29,144 $ (17,747) $ 28,634
------------- ------------- ------------- ------------- ------------- -------------
Net (Loss) for three
months ended April 30,
1999 0 0 0 0 (1,236) $ (1,236)
------------- ------------- ------------- ------------- ------------- -------------
Balance,
April 30, 1999 10,781,500 $ 5,740 $ 11,497 $ 29,144 $ (18,983) $ 27,398
============= ============= ============= ============= ============ =============
</TABLE>
"See notes of condensed financial statements"
3
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NEW WORLD PUBLISHING, INC.
(FORMERLY KNOWN AS JLQ, INC.)
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE FOR THE THREE
MONTHS ENDED MONTHS ENDED
APRIL 30, 1999 APRIL 30, 1998
-------------- --------------
CASH FLOWS FROM OPERATION
ACTIVITIES:
Net Income (Loss) $ (1,236) $ (1,002)
Adjustments to Reconcile Net loss to net cash used In operating activities:
Amortization 25 25
Depreciation Expenses 227 227
Deferred offering Costs 0 (4,150)
Increase in Payables 28 0
----------- ------------
Net Cash Provided (Used)
by operating activities (956) (4,900)
CASH, BEGINNING OF PERIOD 991 6,060
----------- ------------
CASH END OF THE
PERIOD $ 35 $ 1,160
=========== ============
"See notes to condensed financial statements"
4
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NEW WORLD PUBLISHING, INC.
(FORMERLY KNOWN AS JLQ, INC.)
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Regulation S-B. Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principals for complete financial statements. The
accompanying statements should be read in conjunction with the audited financial
statements included in the Company's January 31, 1999 Annual Report on Form
10-KSB. In the opinion of management, all adjustments (consisting only of normal
recurring accruals) considered necessary in order to make the financial
statements not misleading, have been included. Operating results for the three
months ended April 30, 1999 are not necessarily indicative of the results that
may be expected for the full calendar year ended January 31, 1999. The financial
statements are presented on the accrual basis.
5
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PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements See attached financial statements.
ITEM 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations
PRELIMINARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
ALL FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE DEEMED BY THE
COMPANY TO BE COVERED BY AND TO QUALIFY FOR THE SAFE HARBOR PROTECTION
PROVIDED BY THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 THE
1995 ACT SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS SHOULD UNDERSTAND
THAT SEVERAL FACTORS GOVERN WHETHER ANY FORWARD - LOOKING STATEMENT
CONTAINED HEREIN WILL BE OR CAN BE ACHIEVED. ANY ONE OF THOSE FACTORS
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED
HEREIN. THESE FORWARD - LOOKING STATEMENTS INCLUDE PLANS AND
OBJECTIVES OF MANAGEMENT FOR FUTURE OPERATIONS, INCLUDING PLANS AND
OBJECTIVES RELATING TO THE PRODUCTS AND THE FUTURE ECONOMIC
PERFORMANCE OF THE COMPANY. ASSUMPTIONS RELATING TO THE FOREGOING
INVOLVE JUDGMENTS WITH RESPECT TO, AMONG OTHER THINGS, FUTURE
ECONOMIC, COMPETITIVE AND MARKET CONDITIONS, FUTURE BUSINESS
DECISIONS, AND THE TIME AND MONEY REQUIRED TO SUCCESSFULLY COMPLETE
DEVELOPMENT PROJECTS, ALL OF WHICH ARE DIFFICULT OR IMPOSSIBLE TO
PREDICT ACCURATELY AND MANY OF WHICH ARE BEYOND THE CONTROL OF THE
COMPANY. ALTHOUGH THE COMPANY BELIEVES THAT THE ASSUMPTIONS UNDERLYING
THE FORWARD - LOOKING STATEMENTS CONTAINED HEREIN ARE REASONABLE, ANY
OF THOSE ASSUMPTIONS COULD PROVE INACCURATE AND, THEREFORE, THERE CAN
BE NO ASSURANCE THAT THE RESULTS CONTEMPLATED IN ANY OF THE FORWARD -
LOOKING STATEMENTS CONTAINED HEREIN WILL BE REALIZED. BASED ON ACTUAL
EXPERIENCE AND BUSINESS DEVELOPMENT, THE COMPANY MAY ALTER ITS
MARKETING, CAPITAL EXPENDITURE PLANS OR OTHER BUDGETS, WHICH MAY IN
TURN AFFECT THE COMPANY'S RESULTS OF OPERATIONS. IN LIGHT OF THE
SIGNIFICANT UNCERTAINTIES INHERENT IN THE FORWARD LOOKING STATEMENTS
INCLUDED THEREIN, THE INCLUSION OF ANY SUCH STATEMENT SHOULD NOT BE
REGARDED AS A REPRESENTATION BY THE COMPANY OR ANY OTHER PERSON THAT
THE OBJECTIVES OR PLANS OF THE COMPANY WILL BE ACHIEVED.
Results of Operations
The Company has generated no substantial revenues from its operations
since inception and has been a development stage during this period.
Since the Company has not substantial generated revenues and has not
been in a profitable position, it operates with minimal overhead. The
Company entered into the Agreement and Plan of Reorganization dated as
of May 18, 1999 with Communications Television, Inc., which was
transaction was successfully completed.
Liquidity and Capital Resources
As of the end of the reporting period, the Company had minimal cash
and cash equivalents. There was no significant change in working
capital during this fiscal year.
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings.
No legal proceedings of a material nature to which the Company is a
party were pending during the reporting period, and the Company had
minimal cash and cash equivalents. There was no significant change in
working capital during this fiscal year.
ITEM 2. Changes in Securities. None.
ITEM 3. Defaults upon Senior Securities. None.
ITEM 4. Submission of Matter to a Vote of Security Holders.
None.
ITEM 5. Other Information. None.
ITEM 6. Exhibits and Report on Form 8-K.
Applicable Forms 8-K was filed for the event dated May 18, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
NEW WORLD PUBLISHING, INC.
(Registrant)
Date: June 17, 1999 /S/ David Baeza
----------------------------------
David Baeza, CEO and President
Date: June 17, 1999 /S/ William Cooper
----------------------------------
William Cooper,
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-2000
<PERIOD-START> FEB-01-1999
<PERIOD-END> APR-30-1999
<CASH> 35
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 26760
<CURRENT-ASSETS> 26795
<PP&E> 7885
<DEPRECIATION> 6373
<TOTAL-ASSETS> 28426
<CURRENT-LIABILITIES> 1028
<BONDS> 0
0
0
<COMMON> 5740
<OTHER-SE> 21658
<TOTAL-LIABILITY-AND-EQUITY> 28426
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1210
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 26
<INCOME-PRETAX> (1236)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1236)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1236)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
