<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------------------------------------
FORM 10-QSB/A-1
(MARK ONE) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
[X] OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
[ ] OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ______ TO ______ .
-----------------------------------------
COMMISSION FILE NUMBER 0-27673
EUROTELECOM COMMUNICATIONS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 87-0409699
(STATE OR OTHER JURISDICTION OF I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.
MEXBOROUGH BUSINESS CENTRE, COLLEGE ROAD,
MEXBOROUGH, S64 9JP, YORKSHIRE, UNITED KINGDOM
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
011 44 1709 590899
011 44 1709 590939
(Registrants Telephone Number, Including Area Code)
-----------------------------------------
Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
As at 26 April 2000, there were outstanding 17,946,222 shares of Common Stock
and 11,165,763 shares of Class A Common Stock, each of $0.01 par value.
<PAGE>
EUROTELECOM COMMUNICATIONS, INC. AND SUBSIDIARIES
-------------------------------------------------
INDEX
-----
PART I FINANCIAL INFORMATION 3
ITEM I FINANCIAL STATEMENTS 3
Consolidated Balance Sheets of the Company at March 31, 2000
(unaudited) and June 30, 1999 (audited) 3
Consolidated Statements of Operations of the Company (unaudited) for
the three months and nine months ended March 31, 2000 and 1999. 5
Consolidated Statements of Cash Flows of the Company (unaudited) for
the nine months ended March 31, 2000 and 1999. 6
Consolidated Statement of Stockholders' Deficit (unaudited) for the
three months ended March 31, 2000 7
Consolidated Statement of Comprehensive Loss (unaudited) for the
three months ended March 31, 2000 7
Notes to Consolidated Financial Statements 8
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS. 9
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 11
PART II OTHER INFORMATION 12
ITEM 1 LEGAL PROCEEDINGS 12
ITEM 2 CHANGES IN SECURITIES AND USE OF PROCEEDS 12
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 12
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 12
ITEM 5 OTHER INFORMATION 12
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K 12
SIGNATURES 12
2
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PART 1 - FINANCIAL INFORMATION
------------------------------
ITEM 1 FINANCIAL STATEMENTS
EUROTELECOM COMMUNICATIONS, INC. AND SUBSIDIARIES
------------------------------------------------
CONSOLIDATED BALANCE SHEETS
---------------------------
MARCH 31, JUNE 30,
2000 1999
(UNAUDITED) (AUDITED)
------------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 28,957 $ -
Accounts receivable 1,268,018 884,381
Accounts receivable - related party - 56,913
Other receivables - 185,358
Inventories 1,491,695 357,952
Prepaid expenses 60,089 27,803
Unearned compensation 204,519 -
------------- -------------
TOTAL CURRENT ASSETS $ 3,053,278 $ 1,512,407
Property and equipment, net 608,054 90,718
Goodwill, net 308,161 381,868
Investments at cost 89,708 43,964
Deferred offering costs 880,000 -
------------- -------------
TOTAL ASSETS $ 4,939,201 $ 2,028,957
============= =============
See accompanying notes to Consolidated Financial Statements
3
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EUROTELECOM COMMUNICATIONS, INC. AND SUBSIDIARIES
-------------------------------------------------
CONSOLIDATED BALANCE SHEETS (CONTINUED)
---------------------------------------
MARCH 31, JUNE 30,
2000 1999
(UNAUDITED) (AUDITED)
------------- -------------
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Bank facility $ 1,284,254 $ 375,261
Current maturities of long-term obligations 46,321 470,627
Accounts payable 3,443,836 743,063
Accounts payable - related party 15,288 9,464
Accrued liabilities 170,731 207,554
Accrued income and other taxes 280,630 311,807
------------- -------------
TOTAL CURRENT LIABILITIES $ 5,241,060 $ 2,117,776
Long-term liabilities:
Notes payable 155,463 941,240
Less: current maturities of long term obligations (46,321) (470,627)
------------- -------------
TOTAL LONG TERM LIABILITIES $ 109,142 $ 470,613
------------- -------------
TOTAL LIABILITIES $ 5,350,202 $ 2,588,389
============= =============
Stockholders' (deficit):
Preferred Stock $.01 par value. Authorized
10,000,000 shares; none issued.
Common Stock, $.01 par value. Authorized
20,000,000 shares; 17,946,222 and 8,988,102
shares issued and outstanding in March 31,
2000 and June 30, 1999 respectively 179,463 89,882
Additional paid-in capital 27,120,361 23,556,427
Less subscriptions receivable - (131,788)
Accumulated deficit (27,794,589) (24,078,967)
Other comprehensive income 83,764 5,014
------------- -------------
TOTAL STOCKHOLDERS' DEFICIT $ (411,001) $ (559,432)
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT
BALANCE AS OF MARCH 31, 2000 $ 4,939,201 $ 2,028,957
============= =============
See accompanying notes to Consolidated Financial Statements
4
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<TABLE>
EUROTELECOM COMMUNICATIONS, INC. AND SUBSIDIARIES
-------------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
2000 1999 2000 1999
-------------------------------- ----------------------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net revenues $ 1,515,000 395,523 $ 4,976,488 427,523
Cost of revenue 1,078,142 177,571 3,599,800 177,571
------------- --------------- --------------- ---------------
GROSS PROFIT $ 436,858 217,952 $ 1,376,688 249,952
------------- --------------- --------------- ---------------
Expenses:
Selling and administrative 1,580,221 765,074 4,814,766 1,274,282
Depreciation 13,921 16,423 37,736 27,595
Amortization of intangible assets 20,388 - 73,707 -
Loss from closed subsidiary - 123,928 - 415,851
------------- --------------- --------------- ---------------
OPERATING LOSS $ (1,177,672) (687,473) $ (3,549,521) (1,467,776)
------------- --------------- --------------- ---------------
Other Income/(expense):
Interest expense 26,808 17,013 122,137 58,991
Investment writedown - - 43,964 -
Loan stock beneficial conversion expense - 918,750 - 918,750
------------- --------------- --------------- ---------------
LOSS BEFORE INCOME TAXES $ (1,204,480) (1,623,236) $ (3,715,622) (2,445,517)
------------- --------------- --------------- ---------------
Income tax expense - - - 100
------------- --------------- --------------- ---------------
Net loss for the Period (1,204,480) (1,623,236) (3,715,622) (2,445,617)
------------- --------------- --------------- ---------------
Net loss per common share
- basic (0.067) (0.239) (0.276) (0.381)
============= =============== =============== ===============
Weighted average number of common shares
17,946,222 6,788,040 13,461,662 6,417,441
------------- --------------- --------------- ---------------
</TABLE>
Basic and diluted loss per share are the same due to any effect of warrants
outstanding being anti-dilutive.
See accompanying notes to Consolidated Financial Statements
5
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EUROTELECOM COMMUNICATIONS, INC. AND SUBSIDIARIES
-------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-------------------------------------
NINE MONTHS ENDED MARCH 31,
---------------------------
2000 1999
------------ ------------
(UNAUDITED)
NET LOSS $(3,715,622) $(2,445,617)
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
Non-cash items:
Depreciation and amortization 111,443 27,595
Investment write down 43,964 -
Write off subscription receivable 131,788 -
Stock issued for services 696,240 356,456
Loan stock beneficial conversion - 918,750
Amortization of unearned compensation 45,481 -
CHANGES IN CURRENT ASSETS AND LIABILITIES
Receivables (326,724) (218,466)
Inventories (1,133,743) (24,678)
Other current assets 153,072 (90,124)
Accrued expenses (36,823) 161,082
Accounts payable 2,706,597 122,411
Other liabilities (47,435) (233,401)
Net cash provided by (used in) operating ------------ ------------
Activities (1,371,762) (1,425,992)
============ ============
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments (90,341) -
Purchase/Disposal of fixed assets (511,244) 13,778
Net cash (used in) provided by investing ------------ ------------
Activities (601,585) 13,778
============ ============
CASH FLOW FROM FINANCING ACTIVITIES
Fees associated with company stock issue (880,000) -
Repayment of debt (13,347) (48,000)
Proceeds from line of credit 908,993 273,871
Proceeds from issuance of common stock 1,907,275 211,250
Proceeds from issuance of debt - 975,093
Net cash provided by financing ------------ ------------
Activities 1,922,921 1,412,214
============ ============
Effect of exchange rate changes on cash 79,383 -
============ ============
INCREASE IN CASH
Cash and cash equivalents at beginning of period - -
------------ ------------
Cash and cash equivalents at end of period 28,957 -
============ ============
6
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<TABLE>
EUROTELECOM COMMUNICATIONS, INC. AND SUBSIDIARIES
-------------------------------------------------
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT
-----------------------------------------------
FROM July 1, 1999 TO MARCH 31, 2000
--------------------------------------
<CAPTION>
ACCUMULATED
OTHER
ACCUMULATED COMPREHENSIVE
SHARES AMOUNT PAID IN CAPITAL DEFICIT INCOME
------------ ------------ --------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Balance July 1, 1999 8,988,102 89,882 23,556,427 (24,078,967) 5,014
Shares issued during period:
Loan stock conversion 5,500,000 55,000 745,000 -- --
Cash 310,000 3,100 303,075 -- --
Net loss for period
ended September 30, 1999 -- -- -- (834,788) --
Currency translation
differences on foreign
currency net investment (3,311)
------------ ------------ --------------- ------------ ------------
Balance October 1, 1999 14,798,102 $ 147,982 $ 24,604,502 (24,913,755) $ 1,703
Shares issued during period:
Acquisition of RTC Inc. 150,000 1,500 248,500 -- --
Consultancy fees 780,000 7,800 252,200 -- --
Employee bonuses 218,120 2,181 434,059 -- --
Cash 2,000,000 20,000 1,581,100 -- --
Net loss for the period
ended December 31, 1999 -- -- -- (1,676,354) --
Currency translation
differences on foreign
currency net investments -- -- -- -- 48,423
------------ ------------ --------------- ------------ ------------
Balance January 1, 2000 17,946,222 179,463 27,120,361 (26,590,109) 50,126
Net loss for the period
ended March 31, 2000 -- -- -- (1,204,480) --
Currency translation
differences on foreign
currency net investments -- -- -- -- 33,638
------------ ------------ --------------- ------------ ------------
17,946,222 179,463 27,120,361 (27,794,589) 83,764
============ ============ =============== ============ ============
</TABLE>
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
--------------------------------------------
Net loss for the period ended March 31, 2000 $(3,715,622)
Currency translation differences on foreign
currency net investments 90,224
------------
Comprehensive loss $(3,625,398)
============
7
<PAGE>
EUROTELECOM COMMUNICATIONS, INC. AND SUBSIDIARIES
-------------------------------------------------
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------
FOR THE NINE MONTHS AND THREE MONTHS ENDED MARCH 31, 2000
---------------------------------------------------------
BASIS OF PRESENTATION
The accompanying consolidated financial statements have been prepared by the
Company without audit in accordance with generally accepted accounting
principles for interim financial statements and with instructions to Form 10-Q.
In the opinion of management, all adjustments (consisting only of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the three and nine months ended March 31, 2000
are not necessarily indicative of the results that may be expected for the year
ended June 30, 2000.
The accompanying consolidated financial statements do not include certain
footnotes and financial presentations normally required under generally accepted
accounting principles and, therefore should be read in conjunction with the
audited financial statements included in the Company's Form 10-SB as of June 30,
1999.
On July 1, 1999 unsecured convertible loan notes in the amounts of $80,000,
$360,000 and $360,000 issued on February 11, 1999 were converted into 550,000,
2,475,000 and 2,475,000 shares of Common Stock respectively.
On July 22, 1999 the Company raised additional equity through the issue of
150,000 Common Stock for $150,000 cash.
On August 16, 1999, the Company entered into a transaction which at the time it
described as an "Agreement of Sale" with Ray May for all of the shares of
capital stock of RTC, Inc. As part of the agreement Ray May simultaneously
entered into a three-year employment contract with the Company and a covenant
not to compete. The purchase price was 150,000 shares of the common stock of the
Company valued at $250,000. At the time of the transaction, RTC had no assets,
liabilities or contracts in progress and no financial statements. The Company
now believes, after consultations with its newly appointed auditors, that the
transaction, in substance, was not an acquisition but an employment agreement
with Ray May for future services. The Company has revised its financial
statements accordingly. To properly match costs and revenues the Company will
amortize the value of the stock over the employment agreement.
The impact of this revised accounting treatment has been to reduce goodwill by
$263,445 and record an asset for unrecorded compensation of $204,519. Within the
consolidated statement of operations for the three months ended March 31, 2000
$17,502 of previously recorded amortization expense has been reclassified to
selling and administrative expenses. For the nine months ended March 31, 2000
the loss for the period has increased by $53,911 and $35,063 has been
reclassified from amortization expense to selling and administrative expenses.
On September 28, 1999 the Company raised additional equity through the issue of
160,000 Common Stock for $156,175 cash.
In the three months ended December 31, 1999 the Company raised additional equity
through issuing Common Stock pursuant to Regulation S promulgated under the
Securities Act of 1933, as amended. The Company issued 2,998,120 shares for
$2,297,340 to non US persons representing a mixture of cash and services
provided to the Company.
8
<PAGE>
In the three months ended March 31, 2000 the Company incurred professional fees
and expenses in relation to an equity offering of a new class of securities,
designated Class A Common Stock par value $.001, of which 11,165,763 were issued
on April 5, 2000 pursuant to Regulation S promulgated under the Securities Act
of 1933, as amended.
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULT OF OPERATIONS FOR THE PERIOD ENDED MARCH 31, 2000
This Form 10-Q contains certain forward looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward looking statements
involve risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, the forward looking
statements. Factors that might cause such a difference include, but are not
limited to, those relating to: general economic conditions in which the Company
operates, dependence on suppliers, third party manufacturers and channels of
distribution; customer and product concentration; fluctuations in customer
demand, maintaining access to external sources of capital; ability to execute
management's margin improvement; overall management of the Company's expansion;
and other risk factors detailed from time to time in the Company's filings with
the Securities and Exchange Commission.
RESULTS OF OPERATIONS
COMPARISON OF THIRD QUARTER AND FIRST NINE MONTHS OF 1999/2000 TO EQUIVALENT
PERIODS IN 1998/1999
The Company's financial year end is June 30. The third quarter therefore refers
to the three months ended March 31, 2000 and the first nine months refers to the
nine months ended March 31, 2000.
NET REVENUE
Revenues increased by $1,119,477 from $395,523 for the three months ended March
31, 1999 to $1,515,00 for the three months ended March 31, 2000, an increase of
183%.
The increase is due to increased volume of sales in the period.
The third quarter of 1999 show the continued development of the Company. For the
nine months ended March 31, 2000, revenues totalled $4,976,488, an increase of
$4,548,965 from $427,523 for the nine month period ended March 31, 1999, an
increase of 1064%
The individual divisions of the Company showed revenue growth for the quarter.
Easy IP Limited contributed net revenues for the three months ended March 31,
2000 of $626,418 this being the third full quarter of contribution since
acquisition in April 1999 with no revenues for the three months ended March 31,
1999.
RTC Inc. contributed net revenues of $92,101 for the three months ended March
31, 2000 this being an acquisition in August 1999, with no revenues for the
three months ended March 31, 1999.
The commercial security division in Mexborough contributed net revenues of
$204,499 for the three months ended March 31, 2000.
9
<PAGE>
The defense division in Blandford contributed net revenues of $1,004,293 for the
three months ended March 31, 2000 with no revenues for the three months ended
March 31, 1999.
The air conditioning subsidiary, Chunlan Limited, contributed net revenues of
$110,423 for the three months ended March 31, 2000 with no revenues for the
three months ended March 31, 1999.
GROSS PROFIT
Gross profit for the three months ended March 31, 2000 increased to $436,858
compared with the three months ended March 31, 1999 of $217,952, an increase of
100%. The nine month period ended March 31, 2000 showed a gross profit of
$1,376,688 compared with a gross profit of $249,952 for the nine months ended
March 31, 1999, an increase of 450% This increase was due to the increased
volume of sales.
SELLING AND ADMINISTRATIVE EXPENSES
Selling and administrative expenses increased by $815,147 from $765,074 for the
three months ended March 31, 1999 to $1,580,221 for the three months ended March
31, 2000, an increase of 107%. Selling and administrative expenses increased by
$3,540,484 from $1,274,282 for the nine months ended March 31, 1999 to
$4,814,766 for the nine months ended March 31, 2000, an increase of 278%.
The increase was due to the Company's continuing expansion plans; employing more
staff, the increased overheads associated with the additional offices opened and
additional overheads to service the increased sales. Wages and salaries
increased from $108,704 for the three months ended March 31, 1999 to $739,651
for the three months ended March 31, 2000, an increase of 580%. Advertising and
sales promotions increased from $0 for the three months ended March 31, 1999 to
$72,721 in the three months ended March 31, 2000. Motor expenses increased from
$44,111 for the three months ended March 31, 1999 to $371,712 for the three
months ended March 31, 2000, an increase of 742% due to the increase in the
number of employees employed in the period.
AMORTIZATION OF INTANGIBLE ASSETS
The amount of amortization of intangible assets has increased by $20,388 in the
three months ended March 31, 2000 from $0 in the three months ended March 31,
1999. The charge relates to the goodwill associated with the acquisition Easy IP
Limited.
INTEREST EXPENSE
The interest expense increased to $26,808 in the three months ended March 31,
2000 from $17,013 in the three months ended March 31, 1999 and to $122,137 in
the nine months ended March 31, 2000 from $58,991 in the nine months ended March
31, 1999. The increase was due to obtaining additional lines of bank credit in
the period.
LIQUIDITY AND CAPITAL RESOURCES
Net cash used in operations during the nine months ended March 31, 2000 amounted
to $(1,371,762) and consisted of the $(3,715,622) net loss decreased by the
$2,343,860 decrease in working capital and other non cash items.
Accounts payable and accruals were a source of funding to the extent of
$2,669,774.
Accounts receivable used $108,258 of funds due to increased revenues.
The Company has a credit facility with National Westminster Bank of $560,000
repayable on demand. By informal agreement with the bank, the Company has been
permitted to borrow in excess of this amount on a demand basis. As of March 31,
2000, the Company owed $1,284,254 to the bank under such facility.
INVESTING ACTIVITIES
Capital expenditure of $601,585 for the three months ended March 31, 2000
consisted primarily of fixed asset additions.
10
<PAGE>
LIQUIDITY
The Company has to date not generated positive cash flow from operations.
Accordingly, the Company has required additional capital to fund activities and
to provide for increased working capital requirements which arise from increased
sales activities. Since June 30, 1999, the Company's working capital
requirements have been met by collections of accounts receivable and by
borrowings under the revolving credit facility together with additional sales of
common stock. The Company completed an additional equity raise on April 5, 2000,
pursuant to Regulation S promulgated under the Securities Act of 1933, as
amended, in which 11,165,763 shares of a new class of securities, designated
Class A Common Stock par value $0.01, were issued to non US persons for
$26,797,831.
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company does not invest in risk sensitive instruments, such as derivative
financial instruments, other financial instruments or derivative commodity
instruments, either for trading or non trading purposes. Most of the Company's
activities are conducted in the United Kingdom in British Pounds Sterling; a
smaller part of its activities are conducted in the United States through the
Company's subsidiary, RTC, Inc., in United States Dollars. The Pound Sterling to
Dollar exchange rate has remained stable for the past few years at about 1 Pound
to 1.6 Dollars. Variations in the Pound Sterling to Dollar exchange rate could
effect a proportional change in asset value and income.
11
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM 1 LEGAL PROCEEDINGS
None.
ITEM 2 CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Effective February 7, 2000, the Company's shareholders adopted an amendment to
the Certificate of Incorporation which increased the number of shares of Common
Stock $.01 par value the Company is authorized to issue to 50,000,000, and added
a new class of stock consisting of 50,000,000 shares of Class A Common Stock. On
or about January 16, 2000, such amendments were proposed to the shareholders by
the Company's Board of Directors, and approved by the written consents of the
holders of 9,681,820 shares of Common Stock, which represented approximately 54%
of the Company's outstanding Common Stock. An Information Statement on Schedule
14-C (which included the text of the Certificate of Amendment to the Certificate
of Incorporation of the Company) was filed on February 7, 2000, and was mailed
to each of the holders of record of the Company's Common Stock, but no proxies
or other vote of shareholders was requested. The Certificate of Designations
describing the terms of the Class A Common Stock is attached as exhibit 4.0.
Article 2.6 (Quorum and Required Vote) of the by-laws of the Company were
amended on 28 March 2000. The amended and restated by-laws of the Company are
attached as exhibit 3.2.
ITEM 5 OTHER INFORMATION
None.
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits.
Exhibit No. Exhibit
----------- -------
3.2 By-laws of the Company as amended through March 28, 2000*
4 Certificate of Designations of Class A Common Stock*
27 Financial Data Schedule
*Filed with the Company's Form 10-QSB filed with the Securities and Exchange
Commission on May 19, 2000 and incorporated herein by reference.
b. Reports on Form 8-K
No reports on Form 8-K were filed by the Registrant for the period.
SIGNATURES
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 thereunto duly authorized.
EUROTELECOM COMMUNICATIONS, INC.
(REGISTRANT)
Date: December 21, 2000 By: /S/ David Linell
-----------------------
David Linell
Chief Financial Officer
12
