<PAGE>
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
-------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-24829
-------------
FULL TILT SPORTS, INC.
----------------------
(Exact name of registrant as specified in its charter)
Colorado 84-1416864
- ---------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5525 Erindale Drive, Suite 200, Colorado Springs, Colorado 80918
- ---------------------------------------------------------- -----------
(Address of principal executive offices) (Zip Code)
(719) 535-0260
--------------------
(Registrant's telephone number, including area code)
N/A
-----------------------------
(Former name, former address and former fiscal year, if changed since last
report)
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 XX No
---- ----
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.
Class of Stock Amount Outstanding
---------------------- ------------------------------
$.001 par value 3,729,202 shares outstanding
Common Stock at August 13, 1999
<PAGE>
FULL TILT SPORTS, INC.
Index
Page
----
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements...........................1-6
Item 2. Management's Discussion and Analysis Or
Plan of Operation..............................7-9
Part II - OTHER INFORMATION....................................10
SIGNATURES.....................................................11
ii
<PAGE>
Full Tilt Sports, Inc.
(A Development Stage Company)
Balance Sheets
- ------------------------------------------------------------------------
Unaudited Audited
June December
30, 1999 31, 1998
ASSETS -------- --------
Current Assets
Cash $248,971 $101,716
Accounts Receivable (Less an Allowance of $-0-) 3,497 10,303
Accounts Receivable - Employees 5,424 0
Accounts Receivable - Other 1,120 0
Inventory 33,417 8,573
Prepaid Supplies 0 1,464
Prepaid Personal Services 249,206 0
Prepaid Trade Agreements 70,720 0
Prepaid Salaries 50,000 0
------ -
Total Current Assets 662,355 122,056
------- -------
Property, Plant, and Equipment
Furniture and Equipment 20,278 6,845
------ -----
Total Property, Plant, and Equipment 20,278 6,845
Less Accumulated Depreciation (4,642) (2,311)
------ -----
Net Property, Plant, and Equipment 15,636 4,534
------ -----
Other Assets
Deposits 2,516 50
Prepaid Personal Services 35,833 0
Prepaid Trade Agreements 10,618 0
Organizational Costs
(Less amortization of $305 and $228) 457 533
--- ---
Total Other Assets 49,424 583
------ ---
TOTAL ASSETS 727,415 127,173
======= =======
LIABILITIES
Current Liabilities
Accounts Payable 45,930 18,600
Accrued Salaries 4,500 2,500
Preferred Dividends Payable 0 3,589
Deferred Income - Trade Agreements 70,720 0
Other Accrued Expenses 4,595 2,218
----- -----
Total Current Liabilities 125,745 26,907
------- ------
Long-Term Liabilities
Deferred Income - Trade Agreements 10,618 0
------ -
Total Long-Term Liabilities 10,618 0
------ -
TOTAL LIABILITIES 136,363 26,907
------- ------
STOCKHOLDERS' EQUITY
Preferred Stock [Authorized 5,000,000 Shares,
Par Value $.01;
50,000 Shares Issued And Outstanding (Unaudited);
50,000 Shares Issued and Outstanding (Audited)] 500 500
Common Stock [Authorized 25,000,000 Shares,
Par Value $.001;
3,729,202 Shares Issued and
Outstanding (Unaudited);
3,126,261 Shares Issued and
Outstanding (Audited)] 3,729 3,136
Additional Paid In Capital 1,184,533 335,697
Retained Deficit (597,710) (239,067)
------- -------
Total Stockholders' Equity 591,052 100,266
------- -------
TOTAL LIABILITES AND STOCKHOLDERS' EQUITY $727,415 $127,173
======== ========
The Accompanying Notes Are An Integral Part Of These Financial Statements.
1
<PAGE>
Full Tilt Sports, Inc.
(A Development Stage Company)
Income Statements
- -------------------------------------------------------------------------------
Unaudited Unaudited Unaudited
Six Month Six Month June 30, 1997
Interim Period Interim Period (Inception)
Ended Ended Through
June June June
30, 1999 30, 1998 30, 1999
-------- -------- --------
REVENUE FROM OPERATIONS
Sales of Merchandise $39,190 $4,292 $58,193
Advertising/Promotion Income 17,500 0 17,500
Trade Agreements Income 29,643 0 29,643
Miscellaneous Income 1,519 0 1,522
----- - -----
Total Revenue From Operations 87,852 4,292 106,858
------ ----- -------
COST OF GOODS SOLD
Cost of Merchandise Sold 22,964 4,002 38,090
Freight-In 505 0 1,001
--- - -----
Total Cost of Goods Sold 23,469 4,002 39,091
------ ----- ------
GROSS PROFIT 64,383 290 67,767
------ --- ------
GENERAL AND ADMINISTRATIVE EXPENSES
Administrative Services 15,000 15,000 47,500
Advertising 183,603 33,743 209,875
Amortization 76 76 304
Auto Expense 2,392 0 2,392
Consulting Expense 3,000 0 3,000
Contract Labor 1,025 0 1,025
Depreciation 2,331 390 4,642
Design Expense 724 0 3,264
Education/Reference 418 0 418
Entertainment 2,469 0 3,680
Filing and Recording Fees 6,121 15 6,121
Insurance 1,108 0 1,108
Listing Fees 3,975 0 3,975
Offering Expense 0 0 14,877
Office and Miscellaneous Expenses 6,170 3,883 13,005
Payroll Tax 9,035 2,978 15,883
Professional Fees 53,551 4,104 86,469
Promotion and Public Relations 27,192 0 47,828
Rent 10,000 0 10,000
Salary 83,477 30,000 163,477
Samples Expense 2,814 0 4,362
Sponsorships 600 0 5,887
Telephone 9,330 1,380 15,439
Travel 3,914 2,066 5,713
----- ----- -----
Total General and Administrative Expense 428,325 93,635 670,244
------- ------ -------
INCOME (LOSS) FROM OPERATIONS (363,942) (93,345) (602,477)
------- ------ -------
OTHER INCOME (EXPENSE)
Interest Income 5,302 172 8,587
Interest (Expense) (3) (55) (231)
- -- ---
Total Other Income (Expense) 5,299 117 8,356
----- --- -----
INCOME (LOSS) BEFORE TAXES (358,643) (93,228) (594,121)
------- ------ -------
Provision for Income Taxes 0 0 0
- - -
NET (LOSS) ($358,643) ($93,228) ($594,121)
-------- ------- --------
Preferred Stock Dividends Applicable
to the Period 0 0 (3,589)
Net (Loss) Applicable to
Common Stockholders ($358,643) ($93,228) ($597,710)
======== ======= ========
Basic (Loss) Per Common Share ($0.10) ($0.03)
Weighted Average Shares Outstanding 3,557,449 3,537,710
========= =========
The Accompanying Notes Are An Integral Part Of These Financial Statements.
2
<PAGE>
Full Tilt Sports, Inc.
(A Development Stage Company)
Income Statements
- ---------------------------------------------------------------------------
Unaudited Unaudited
Three Month Three Month
Interim Period Interim Period
Ended Ended
June June
30, 1999 30, 1998
-------- --------
INCOME FROM OPERATIONS
Sales of Merchandise $38,345 $4,292
Advertising/Promotional Income 17,500 0
Trade Agreements Income 25,743 0
Miscellaneous Income 2 0
- -
Total Revenue From Operations 81,590 4,292
------ -----
COST OF GOODS SOLD
Cost of Merchandise Sold 22,478 3,941
Freight-In 505 60
--- --
Total Cost of Goods Sold 22,983 4,001
------ -----
GROSS PROFIT 58,607 291
------ ---
GENERAL AND ADMINISTRATIVE EXPENSES
Administrative Services 7,500 7,500
Advertising 131,786 8,800
Amortization 38 38
Auto Expense 2,392 0
Consulting Expense 3,000 0
Depreciation 1,345 200
Design Expense 724 1,710
Entertainment 1,088 743
Filing and Recording Fees 5,782 0
Insurance 858 0
Listing Fees 3,975 0
Offering Expense 0 (5,445)
Office and Miscellaneous Expenses 3,420 939
Payroll Tax 6,505 1,684
Professional Fees 23,335 2,659
Promotion and Public Relations 18,863 3,951
Rent 6,000 0
Salary 52,000 15,000
Samples Expense 2,462 25
Sponsorships 600 5,287
Telephone 4,283 545
Travel 1,760 0
----- -
Total General and Administrative Expense 277,716 43,636
------- ------
INCOME (LOSS) FROM OPERATIONS (219,109) (43,345)
------- ------
OTHER INCOME (EXPENSE)
Interest Income 2,988 172
Interest (Expense) (3) (35)
- --
Total Other Income (Expense) 2,985 137
----- ---
INCOME (LOSS) BEFORE TAXES (216,124) (43,208)
------- ------
Provision for Income Taxes 0 0
- -
NET (LOSS) ($216,124) ($43,208)
======== =======
The Accompanying Notes Are An Integral Part Of These Financial Statements.
3
<PAGE>
<TABLE>
Full Tilt Sports, Inc.
(A Development Stage Company)
Statement of Shareholders Equity
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Preferred Stock Common Stock
Number of Number of Capital Paid Capital Paid
Common Preferred Preferred Common In Excess Of In Excess Of Accumulated
Shares Shares Stock Stock Par Value Par Value (Deficit) Total
------ ------ ----- ----- --------- --------- --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at June 30, 1997 0 0 $0 $0 $0 $0 $0 $0
Issuance Of Common Stock
July 5, 1997 For Cash @
$.0071 Per Share 2,800,000 0 2,800 17,200 20,000
July 7, 1997 For Cash @
$.02 Per Share 500,000 0 500 9,500 10,000
December 1997 For Cash @
$.20 Per Share 200,000 200 39,800 40,000
Net (Loss) December 31, 1997 (52,612) (52,612)
--------- ------ --- ----- ------ ------ ------ ------
Balance At December 31, 1997 3,500,000 0 0 3,500 0 66,500 (52,612) 17,388
April 14, 1998 For Cash @
$1 Per Share 50,000 500 0 49,500 50,000
Private Stock Offering:
June 30, 1998 For Cash @
$1 Per Share 211,400 211 211,189 211,400
(Less Deferred Offering Costs) (11,928) (11,928)
June 30, 1998 Services Valued
@ $1 Period 14,861 15 14,846 14,861
August 1, 1998 Cancelled Shares
@ $.001 Per Share (600,000) (600) 600 0
November 3, 1998 Services
Valued @ $.50 Per Share 10,000 10 4,990 5,000
Preferred Dividends Declared (3,589) (3,589)
Net (Loss) December 31, 1998 (182,866) (182,866)
--------- ------ --- ----- ------ ------- ------- -------
Balance at December 31, 1998 3,136,261 50,000 500 3,136 49,500 286,197 (239,067) 100,266
January 2, 1999 Personal Service
Contracts @ $1 Per Share 150,000 150 149,850 150,000
January 2, 1999 Employment
Contract @ $1 Per Share 80,000 80 79,920 80,000
February 8, 1999 Trade Agreement
@ $1.50 Per Share 10,000 10 14,990 15,000
March 1, 1999 Trade Agreement
@ $1.50 Per Share 15,000 15 22,485 22,500
March 2, 1999 Personal Service
Contract @ $1.50 Per Share 50,000 50 74,950 75,000
Stock Offering:
March 20, 1999 For Cash @
$1.50 Per Share 239,518 240 359,037 359,277
(Less Deferred Offering Costs) (5,222) (5,222)
April 30, 1999 Warrants Exercised
@ $1.50 Per Share 2,500 2 3,747 3,749
May 3, 1999 Personal Service
Contract @ $3.50 Per Share 5,000 5 17,495 17,500
May 17, 1999 Personal Service
Contract @ $3.8125 Per Share 10,000 10 38,115 38,125
May 31, 1999 Warrants Exercised
@ $1.50 Per Share 2,500 2 3,747 3,749
June 16, 1999 Personal Service
Contract @ $3.25 Per Share 26,923 27 87,473 87,500
June 30, 1999 Warrants Exercised
@ $1.50 Per Share 1,500 2 2,249 2,251
Net (Loss) June 30, 1999 (358,643) (358,643)
----- ------ ---- ------ ------- ---------- ------- -------
Unaudited Balance at June 30, 1999 3,729,202 50,000 $500 $3,729 $49,500 $1,135,033 ($597,710) $591,052
========= ====== ==== ====== ======= ========== ======== =======
The Accompanying Notes Are An Integral Part Of These Financial Statements.
</TABLE>
4
<PAGE>
<TABLE>
Full Tilt Sports, Inc.
(A Development Stage Company)
Statements of Cash Flows
- ------------------------------------------------------------------------------------------
<CAPTION>
Unaudited Unaudited Unaudited
Six Month Six Month June 30, 1997
Interim Period Interim Period (Inception)
Ended Ended Through
June June June
30, 1999 30, 1998 30, 1999
-------- -------- --------
<S> <S> <S> <S>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) ($358,643) ($93,228) ($597,710)
Adjustments to Reconcile Net Loss to Net
Cash Provided By Operating Activities
Items Not Affecting Cash Flows:
Depreciation Expense 2,331 390 4,642
Amortization Expense 76 76 304
Stock Issued for Services, Contracts,
& Trade Agreements 485,625 0 505,486
(Increase) Decrease In Accounts Receivable 262 (4,304) (10,041)
(Increase) Decrease In Inventory (24,844) 0 (33,417)
(Increase) Decrease In Stock
Subscriptions Receivable 0 10,000 0
(Increase) In Other Assets (417,379) 0 (419,654)
Increase (Decrease) In Accounts Payable 27,330 7,453 45,930
Increase (Decrease) In Accrued Salaries 2,000 (2,500) 4,500
Increase (Decrease) In Other Accrued Expenses 80,126 2,205 85,933
------ ----- ------
Net Cash Used By Operating Activities (203,116) (79,908) (414,027)
------- ------ -------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Equipment (13,433) (4,449) (20,278)
------ ----- ------
Net Cash Used By Investing Activities (13,433) (4,449) (20,278)
------ ----- ------
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Common Stock 363,804 215,140 633,276
Issuance of Preferred Stock 0 50,000 50,000
- ------ ------
Net Cash Provided By Financing Activities 363,804 265,140 683,276
------- ------- -------
Net Increase In Cash 147,255 180,783 248,971
Cash At Beginning Of Year 101,716 26,291 0
------- ------ -
Cash At End Of Period $248,971 $207,074 $248,971
======== ======== ========
Non-Cash Activities:
Common Stock Issued For Services $0 $14,861 $19,861
Common Stock Issued For Personal Service Contract 368,125 0 368,125
Common Stock Issued On Employment Contract 80,000 0 80,000
Common Stock Issued for Trade Agreements $37,500 $0 $37,500
The Accompanying Notes Are An Integral Part Of These Financial Statements.
</TABLE>
5
<PAGE>
Full Tilt Sports, Inc.
(A Development Stage Company)
Notes to the Unaudited Financial Statements
For the Interim Period Ended June 30, 1999
- ------------------------------------------
Note 1 - Unaudited Financial Information
- ----------------------------------------
The condensed financial information furnished herein was taken from the books
and records of the Company without audit and was prepared in accordance with
the instructions to Form 10-QSB. The Company believes, however, that it has
made all adjustments necessary to reflect properly the results of operations
for the six month interim period ended June 30, 1999. The adjustments consist
only of normal reoccurring accruals. The results of operations for the six
month interim period ended June 30, 1999 are not necessarily indicative of the
results to be expected for the year ended December 31, 1999.
Note 2 - Financial Statements
- -----------------------------
Management has elected to omit substantially all footnotes relating to the
condensed financial statements of the Company included in the report. For a
complete set of footnotes, reference is made to the Company's Annual Report on
Form 10-KSB for the year ended December 31, 1998 as filed with the Securities
and Exchange Commission and the audited financial statements included therein.
Note 3 - Stock Offering
- -----------------------
In January 1999, the Company offered to sell up to 500,000 shares of Common
Stock at $1.50 per share, on a best efforts basis. The shares of Common Stock
were issued pursuant to an exemption from registration under Section 3(b) and
Regulation D, Rule 505, of the Securities Act of 1933, as amended, and to an
exemption to registration provided by state securities law. In March, 1999,
the Company completed the offering and sold 239,518 Common Shares for gross
proceeds of $359,277.
Note 4 - Advertising Expenses and Personal Services
- ---------------------------------------------------
Stock was issued to an employee and to various consultants in exchange for
services. The shares will be earned over a period of 12 months, and therefore
the total cost has been capitalized and expensed over this time period to
either advertising expenses or services.
Note 5 -Prepaid Services
- ------------------------
Certain agreements were reached with various other businesses where the
Company will trade services for certain advertising and an automobile. The
value has been capitalized and will be written off over the period of time
that the services are received with an offset to revenue for the value of the
services given.
6
<PAGE>
FULL TILT SPORTS, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Introduction
Certain statements contained herein constitute "forward looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward looking statements include, without limitation,
statements regarding the Company's plan of business operations, potential
contractual arrangements, anticipated revenues and related expenditures.
Factors that could cause actual results to differ materially include, among
others, the following: acceptability of the Company's products in the retail
market place, general economic conditions, and the overall state of the retail
clothing industry. Most of these factors are outside the control of the
Company. Investors are cautioned not to put undue reliance on forward looking
statements. Except as otherwise required by applicable securities statutes or
regulations, the Company disclaims any intent or obligation to update publicly
these forward looking statements, whether as a result of new information,
future events or otherwise.
Liquidity and Capital Resources
The liquidity and capital resources of Full Tilt Sports, Inc. (the
"Company") improved substantially from year end December 31, 1998, and remained
generally constant from the end of the prior fiscal quarter at March 31, 1999.
At June 30, 1999, the Company had working capital of $536,610, consisting of
current assets of $662,355 and current liabilities of $125,745. This
represents an increase in working capital of $441,461 from fiscal year end.
Although the Company's financial condition improved considerably from the end
of its prior fiscal year, management is of the opinion that the Company remains
dependent on obtaining additional capital from outside sources and generating
revenue from the sale of its products to continue as a going concern. A
considerable portion of the working capital at June 30, 1999 consisted of
prepaid personal services, which, while important to the Company's future
development, will not help in financing items such as additional inventory.
The Company's immediate needs for additional capital include funds for
production of additional inventory. These funds would be paid to third-party
manufacturers which produce the Company's products. At present, management
anticipates financing this immediate need through a combination of private debt
and equity financing, although no specific arrangements exist.
7
<PAGE>
At June 30, 1999, the Company had no long-term debt and relatively limited
liabilities. Liabilities consisted of accounts payable in the approximate
amount of $46,000 and deferred income of $71,000 associated with trade
agreements negotiated by the Company for advertising and other general and
administrative expenses. However, management does not deem the Company a
viable candidate for conventional debt financing from commercial lenders due to
its relatively small asset base and limited revenue. Accordingly, the Company
has and will continue to rely on private sources of financing for capital in the
foreseeable future.
Additional capital requirements in the next twelve months include payment
of general and administrative expenses, primarily advertising, marketing and
employee salaries. To date, the Company has relied somewhat on the issuance of
equity securities to various consultants and vendors in exchange for services.
Management believes the Company may continue to rely on issuance of equity
securities as a source of capital, although the Company must obtain cash for
payment of expenses through more traditional means of marketing and
advertising. Employee salaries are minor relative to the Company's overall
operating expenses (see " - Results of Operations" below).
During the six month period ended June 30, 1999, the Company relied
primarily on the issuance of equity securities to finance operations. The
Company sold approximately 246,000 shares of stock for a price of $1.50 per
share to a limited number of investors in non-public offerings during that
time. The Company also issued an aggregate of 405,624 shares of Common Stock
for personal services and trade agreements with vendors. The issuance of
equity securities during the Company's development stage has allowed it to
conserve valuable working capital. Management anticipates the Company will
continue to rely on such financing as a source of funds, although in a lesser
proportion relative to its overall capital needs.
With the marketing and promotion conducted to date, management believes
the Company is positioned to gain market acceptance of its products on a larger
scale. Toward that end, the Company has undertaken investigation of an agent
or underwriter to conduct an additional equity financing to obtain capital to
finance inventory and accounts receivable. While preliminary discussions have
occurred with different entities, no definitive agreement exists and there is
no assurance that such efforts will be successful.
Results of Operations
During the six month period ended June 30, 1999, the Company realized a
net loss of $358,643 (or $.10 per share) on revenues of $87,852. Comparable
figures for the three month period ended June 30, 1999 were a loss of $216,124
on revenues of $81,590. Revenues for the six month period ended June 30, 1999
increased substantially from the comparable period ended June 30, 1998, from
$4,292 to $87,852. Despite this increase in revenue, however, the Company's
loss also increased due to increased advertising, promotion and other general
and administrative expenses. To date, the Company's gross profit on sales has
been insufficient to cover general and administrative expenses.
8
<PAGE>
General and administrative expenses increased substantially from the six
month period ended June 30, 1998 to the comparable period ended June 30, 1999,
from $93,635 to $428,325. Contributing to this increase were advertising
expenses, which increased from $33,743 to $183,603 as a result of substantial
advertising and promotion conducted by the Company. Professional fees
increased from $4,104 to $53,551, primarily as a result of attorney's fees
incurred in connection with numerous contracts negotiated by the Company during
this period and audit expenses associated with the Company's status as a
publicly traded entity. Salaries increased from $30,000 to $83,477,
commensurate with an increase in employees. Management anticipates that the
Company will continue to incur losses until such time as the Company can
generate a gross profit from sales sufficient to cover these and future general
and administrative expenses.
Notwithstanding these increases in expenses, management has endeavored to
keep cash requirements to a minimum. A substantial portion of the expenses
incurred during the six months ended June 30, 1999 were paid with equity
securities. As a result, cash used by operating activities was held to a
minimum. During the six month period ended June 30, 1999, the Company used
$203,116 of cash, compared to $79,908 for the six months ended June 30, 1998.
While the net loss increased approximately 285%, cash used by operations
increased only 154%.
9
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
No report required.
Item 2. Changes in Securities.
No report required.
Item 3. Defaults Upon Senior Securities.
No report required.
Item 4. Submission of Matters to a Vote of Security Holders.
No report required.
Item 5. Other Information.
No report required.
Item 6. Exhibits and Reports on Form 8-K.
A. Exhibits:
None.
B. Reports on Form 8-K:
None.
10
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
FULL TILT SPORTS, INC.
Date: August 16, 1999 By: /s/ Roger K. Burnett
-------------------- ------------------------
Roger K. Burnett, President, Chief Executive
Officer, Chief Financial Officer and
Chairman of the Board of Directors
(Principal Executive Officer)
Date: August 16, 1999 By: /s/ Joseph F. DeBerry
--------------------- ------------------------
Joseph F. DeBerry, Vice-President,
Secretary, Treasurer and Director
(Principal Financial Officer)
11
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE 6/30/99 FORM
10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-QSB.
</LEGEND>
<CIK> 0001062663
<NAME> FULL TILT SPORTS, INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 248,971
<SECURITIES> 0
<RECEIVABLES> 10,041
<ALLOWANCES> 0
<INVENTORY> 33,417
<CURRENT-ASSETS> 662,355
<PP&E> 20,278
<DEPRECIATION> 4,642
<TOTAL-ASSETS> 727,415
<CURRENT-LIABILITIES> 125,745
<BONDS> 0
0
500
<COMMON> 3,729
<OTHER-SE> 586,823
<TOTAL-LIABILITY-AND-EQUITY> 727,415
<SALES> 39,190
<TOTAL-REVENUES> 87,852
<CGS> 22,964
<TOTAL-COSTS> 23,469
<OTHER-EXPENSES> 428,325
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3
<INCOME-PRETAX> (358,643)
<INCOME-TAX> 0
<INCOME-CONTINUING> (358,643)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (358,643)
<EPS-BASIC> (.10)
<EPS-DILUTED> (.10)
</TABLE>
