U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(MARK ONE)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED
JUNE 30, 2000
[ ] 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 000-24803
VESTIN GROUP, INC. AND SUBSIDIARIES
(FORMERLY SUNDERLAND CORPORATION AND SUBSIDIARIES)
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
DELAWARE 52-2102142
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
2901 EL CAMINO AVENUE, LAS VEGAS, NEVADA 89102
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
702/227-0965
(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 ___
Number of shares outstanding of each of the issuer's classes of common equity,
as of June 30, 2000:
Common 6,989,270
<PAGE>
VESTIN GROUP, INC.
AND SUBSIDIARIES
(FORMERLY SUNDERLAND CORPORATION AND SUBSIDIARIES)
INDEX
PART I FINANCIAL INFORMATION
Item 1. Financial Statements Page No.
--------
Consolidated Balance Sheets as of June 30, 2000
and December 31, 1999 (unaudited) 1
Consolidated Statements of Operations for the
three months and six months ended June 30, 2000
and 1999 (unaudited) 2
Consolidated Statements of Cash Flows for the
three months and six months ended June 30, 2000
and 1999 (unaudited) 3
Notes to Consolidated Financial Statements 4
Item 2. Management's Discussions and Analysis 5
PART II OTHER INFORMATION
Item 1. Legal Proceedings 9
Item 2. Changes in Securities and Use of Proceeds 9
Item 3. Defaults Upon Senior Securities 9
Item 4. Submission of Matters to a Vote of Security Holders 9
Item 5. Other Information 9
Item 6. Exhibits and Reports on Form 8-K 10
SIGNATURES 10
<PAGE>
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VESTIN GROUP, INC.
AND SUBSIDIARIES
(FORMERLY SUNDERLAND CORPORATION AND SUBSIDIARIES)
CONSOLIDATED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
(Unaudited) (Audited)
----------- ------------
<S> <C> <C>
Assets
Cash $ 1,415,942 $ 1,109,454
Accounts receivable 1,484,828 1,157,047
Due from stockholder 207,915 --
Notes receivable 1,249,210 323,000
Investments in marketable securities 621,043 114,949
Investment in real estate held for sale 1,306,901 1,293,194
Investments in mortgage loans on real estate 3,893,579 5,516,244
Deferred tax asset 27,542 27,542
Property and equipment, net 133,293 107,988
Other assets, net 403,062 134,089
----------- -----------
Total assets $10,743,315 $ 9,783,507
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable $ 190,002 $ 250,765
Accrued expenses 164,580 205,477
Income taxes payable 1,743,472 736,875
Due to related party -- 269,641
Note payable 1,284,339 1,290,000
Lines of credit 57,684 1,985,564
Obligations under capital leases -- 24,127
----------- ----------
Total liabilities 3,440,077 4,762,449
Commitments and contingencies -- --
Stockholders' equity
Preferred stock, $.0001 par value; 20 million
shares authorized; no shares issued -- --
Common stock, $.0001 par value; 100 million shares
authorized; 6,989,270 shares issued and outstanding 699 699
Additional paid-in capital 2,206,879 1,739,427
Retained earnings 5,095,660 3,280,932
----------- ----------
Total stockholders' equity 7,303,238 5,021,058
----------- ----------
Total liabilities and stockholders' equity $10,743,315 $9,783,507
=========== ==========
</TABLE>
See Accompanying Notes to Financial Statements
1
<PAGE>
VESTIN GROUP, INC.
AND SUBSIDIARIES
(FORMERLY SUNDERLAND CORPORATION AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------- ---------------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues
Revenues from lending services and
income investments $3,643,151 $3,336,267 $6,368,454 $4,941,094
Revenue from financial services 586,968 365,888 1,084,403 794,243
Interest income 164,386 143,504 282,218 171,149
Other income -- -- 4,182 --
---------- ---------- ---------- ----------
Total revenues 4,394,505 3,845,659 7,739,257 5,906,486
Operating expenses
Sales and marketing 282,262 1,080,740 853,028 1,309,638
General and administrative 1,835,306 1,025,537 3,337,414 2,173,356
---------- ---------- ---------- ----------
Total operating expenses 2,117,568 2,106,277 4,190,442 3,482,994
Income Before Provision for Income Taxes 2,276,937 1,739,382 3,548,815 2,423,492
Provision for Income Taxes 774,159 591,390 1,206,597 823,987
---------- ---------- ---------- ----------
Net income $1,502,778 $1,147,992 $2,342,218 $1,599,505
========== ========== ========== ==========
Basic and fully diluted earnings per
common share $ 0.22 $ 0.16 $ 0.34 $ 0.23
========== ========== ========== ==========
Weighted average number of common
shares used in per share calculation 6,989,270 6,989,270 6,989,270 6,989,270
========== ========== ========== ==========
</TABLE>
See Accompanying Notes to Financial Statements
2
<PAGE>
VESTIN GROUP, INC.
AND SUBSIDIARIES
(FORMERLY SUNDERLAND CORPORATION AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------------------- -----------------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net income $1,502,778 $1,147,992 $2,342,218 $1,599,505
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 10,460 5,707 19,163 11,378
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 255,785 (498,153) (327,781) (537,435)
Decrease (increase) in other assets (192,959) 6,541 (272,507) 21
Increase in due from stockholder (239,749) (176,631) (207,915) (176,631)
Increase (decrease) in accounts payable and
accrued expenses 160,191 (228,521) (101,666) (389,260)
Decrease in due to related party (54,675) -- (269,641) --
Increase in income taxes payable 774,730 591,437 1,006,597 823,987
---------- ---------- ---------- ----------
Net cash provided by operating activities 2,216,561 848,372 2,188,468 1,331,565
---------- ---------- ---------- ----------
Cash flows from investing activities:
Cash outlay for property and equipment (26,096) (9,333) (40,934) (23,727)
Increase in notes receivable (957,113) -- (926,210) --
Net proceeds (purchases) from investments 534,316 (571,225) 1,102,864 (142,875)
---------- ---------- ---------- ----------
Net cash provided (used) by
investing activities (448,893) (580,558) 135,720 (166,602)
---------- ---------- ---------- ----------
Cash flows from financing activities:
Distribution to the stockholders -- (1,193,304) (60,032) (1,891,998)
Stockholder contributions -- 12,000 -- 12,000
Payments received on stockholder loan -- 535,646 -- 535,646
Payments on capital lease obligations -- (16,824) -- (17,821)
Advances (payments) on notes payable
and lines of credit (1,018,557) 23,520 (1,957,668) 22,558
---------- ---------- ---------- ----------
Net cash used by financing activities (1,018,557) (638,962) (2,017,700) (1,339,615)
---------- ---------- ---------- ----------
Net change in cash 749,111 (371,148) 306,488 (174,652)
Cash-beginning balance 666,831 699,303 1,109,454 502,807
---------- ---------- ---------- ----------
Cash-ending balance $1,415,942 $ 328,155 $1,415,942 $ 328,155
========== ========== ========== ===========
</TABLE>
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
On March 15, 2000, 10,300 shares of common stock were issued to acquire all of
the outstanding shares of DM Financial Services, Inc.
On March 31, 2000, 800,000 shares of common stock were issued to acquire all of
the outstanding shares of L.L. Bradford & Company.
On January 31, 2000, 17,700 shares of common stock were issued to acquire all of
the outstanding shares of DM Mortgage Advisors, Inc.
See Accompanying Notes to Financial Statements
3
<PAGE>
VESTIN GROUP, INC.
AND SUBSIDIARIES
(FORMERLY SUNDERLAND CORPORATION AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION
The accompanying consolidated financial statements have been prepared in
accordance with Securities and Exchange Commission requirements for interim
financial statements. Therefore, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. The financial statements should be read in conjunction
with the Form 10-KSB/A for the year ended December 31, 1999 of Vestin Group,
Inc. ("Vestin" or "the Company").
The results of operations for the interim periods shown in this report are not
necessarily indicative of results to be expected for the full year. In the
opinion of management, the information contained herein reflects all adjustments
necessary to make the results of operations for the interim periods a fair
statement of such operation. All such adjustments are of a normal recurring
nature.
NOTE 2 - COMPANY NAME CHANGE
On June 23, 2000, shareholders approved the Company's name change from
Sunderland Corporation to Vestin Group, Inc. to become effective immediately on
that date.
NOTE 3 - DUE FROM STOCKHOLDER
As of June 30, 2000, due from stockholder of $207,915 consist of advances made
to an officer and director of the Company. Due from stockholder is non-interest
bearing and due on demand.
NOTE 4 - LINE OF CREDIT
In June 2000, the Company secured an additional $3,000,000 line of credit with a
financial institution. As of June 30, 2000, no amounts have been drawn on this
additional line of credit. The line of credit, which is guaranteed by the
Company's majority shareholder and secured by various promissory notes and deeds
of trust, is payable in monthly installments of interest only at the prime
lending rate plus 1.0% (9.5% at June 30, 2000) and expires on June 12, 2001.
NOTE 5 - LETTER OF INTENT
In June 2000, the Company entered into a letter of intent for the acquisition of
Mortgage Source, Inc. (MSI), a Las Vegas based mortgage company currently
licensed in 13 states. The Company is currently in negotiations for shares of
its common stock to be issued in exchange for one hundred percent (100%) of the
issued and outstanding shares of MSI.
The purchase price of MSI will be based on the MSI stockholder's equity as at
the closing date of the proposed transaction plus a multiple of adjusted
earnings before taxes.
NOTE 6 - STOCK OPTION PLAN
The Company's stockholders have approved the adoption of a stock option plan for
the benefit of its eligible employees, consultants, officers and directors. The
plan, effective August 1, 2000, allows for the 600,000 shares of common stock to
be issued upon exercise of stock options.
4
<PAGE>
PART I FINANCIAL INFORMATION (continued)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
The following information should be read in conjunction with the consolidated
financial statements and the accompanying notes thereto included in Item 1 of
this Quarterly Report, the Form 8-K/A filed on June 13, 2000, and the form
10-KSB/A for the year ended December 31, 1999 of Sunderland Corporation.
FORWARD LOOKING STATEMENTS
When used in this Quarterly Report on Form 10-QSB the words or phrases "will
likely result," "are expected to," "will continue," "is anticipated," or similar
expressions are intended to identify "forward looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks and uncertainties, including but not limited to
changes in interest rates, the Company's dependence on debt financing and
securitizations to fund operations, and fluctuations in operating results. Such
factors, which are discussed in Management's Discussion and Analysis of
Financial Condition and Results of Operations, could affect the Company's
financial performance and could cause the Company's actual results for future
periods to differ materially from any opinion or statements expressed herein
with respect to future periods. As a result, the Company wishes to caution
readers not to place undue reliance on any such forward looking statements,
which speak only as of the date made.
The following financial review and analysis is intended to assist in
understanding and evaluating the financial condition and results of operations
of the Company for the three and six months ended June 30, 2000 and 1999. This
information should be read in conjunction with the financial statements and
accompanying notes included in this quarterly report.
COMPANY OVERVIEW
Vestin Group, Inc., formerly known as Sunderland Corporation, provides financial
services throughout United States. In the past, the Company's principal business
activity has been offering an Income Investment to private investors arising
from the origination of short-term loans secured by real estate, primarily for
commercial and residential developers. The Company is currently diversifying its
operations to provide an array of financial services, including income-producing
investments, financial consulting, corporate finance, Internet financial
services, insurance and investment services.
Since January 1, 2000, the Company has significantly expanded the range of its
financial products and services and its geographical reach and has reorganized
into three divisions: Lending/Income Investments, Financial Services, and
Internet Services.
Lending/Income Investments
Vestin, through the Company's Lending/Income Investment Division, is one of
the nation's largest lenders of private funds. Its largest subsidiary,
Vestin Mortgage, Inc. (formerly Capsource, Inc., doing business as Del Mar
Mortgage), has facilitated more than $700 million in lending transactions
for the last three years without the loss of principal or interest to any
of its 4,500 investors.
The division's primary operation involves real estate collateralized income
investments. Vestin uses its own resources along with funds from private
investors to originate loans to real estate developers and owners for land
acquisitions, development, residential construction, commercial
constructions and "mezzanine" loans. The average term of the loans
originated by the Company is one year.
The Lending/Income Division generates revenue from several sources
including:
(i) Loan origination fees ranging from 2-4% of the loan
(ii) Administrative fees on the loans it originates, and
5
<PAGE>
(iii) Loan progress fees equal to the difference between the interest
rate collected from borrowers and the interest rate paid
to investors/institutional sources.
Because of the expediency of the Company's loan approval and funding process
(typically 10-20 days) compared to other conventional lenders (typically 30-120
days), borrowers have been willing to pay a higher interest rate. Accordingly,
this high rate of interest on a secured investment attracts investors willing to
fund such loans.
Following the Company's strategic growth plan, DM Mortgage Advisors, Inc. was
acquired in January 2000. DM Mortgage Advisors, Inc. is an Arizona based
mortgage company that provides access to that state's fast growing real estate
markets.
The Company is in the process of acquiring 100% of the stock of Mortgage Source,
Inc. (MSI) in exchange for a to-be-determined amount of the Company's common
stock. MSI is a Las Vegas based mortgage company that performs conventional
residential lending and is licensed in 13 states. The proposed acquisition will
significantly increase the Company's range of products and services. MSI
completed more than $65 million in residential home loans in 1999. It intends to
be licensed in all 50 states and is seeking to open offices in Utah, Idaho and
two additional locations in Nevada by year-end. In addition to their conforming
home loans, MSI specializes in zero-down mortgages and second chance loans for
consumers with average credit. MSI generates 10 percent of its loans through its
website, www.ezlend.com.
Financial Services
The Company is rapidly expanding its financial services division to provide
clients with multiple products through various resources available to the
Company. Collectively, the products and services will allow clients to integrate
a wide variety of financial planning products through the Vestin Group.
In the first quarter of Fiscal Year 2000, the Company completed a merger with
L.L. Bradford and Company, one to the largest accounting and consulting firms in
Las Vegas, Nevada. The merger significantly expands the range of financial
products and services offered by the Financial Services Division, including
consulting, accounting, tax, estate planning and other financial services.
The Company began building a national financial services network with the
acquisition in the early part of 2000 of Vestin Capital, Inc., formerly DM
Financial Services, Inc. Vestin Capital is registered as a broker-dealer in 40
states, and is currently in the process of being registered in the remaining 10
states, which process is likely to be completed by the end of 2000. Vestin
Capital, Inc. will provide various insurance and mutual fund products to the
Company's clients. In addition, Vestin Mortgage is the manager of DM Mortgage
Investors, LLC, which will invest in mortgage loans secured by commercial and
residential real property, primarily in Nevada, Arizona and California
(including properties under construction). In March 2000, DM Mortgage Investors,
LLC filed a form S-11 with the Securities and Exchange Commission for an offer
and sale of 100,000,000 units for $1.00 per unit.
Internet services
The Company has recently established a new subsidiary, Vestinet, to serve as its
Internet Financial Services Group. The Company is currently negotiating two
Internet-related agreements to provide financial related type services via the
internet.
6
<PAGE>
RESULTS OF OPERATIONS
Summary Financial Results
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- Percentage ------------------------- Percentage
2000 1999 Increases 2000 1999 Increases
------------------------- ---------- ------------------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Total revenues $ 4,395 $ 3,846 14% $ 7,739 $ 5,906 31%
Total expenses $ 2,117 $ 2,106 --% $ 4,190 $ 3,483 20%
Net income $ 1,503 $ 1,148 31% $ 2,342 $ 1,600 46%
Earnings per share:
Basic and diluted $ 0.22 $ 0.16 38% $ 0.34 $ 0.23 48%
Weighted average number
of common shares 6,989,270 6,989,270 -- 6,989,270 6,989,270 --
</TABLE>
Net Income. For the second quarter of 2000, net income increased $0.4 million,
or 31%, to $1.5 million from $1.1 million for the second quarter of 1999. Basic
and fully diluted earnings per common share increased to $.22 compared to $.16
per share for the second quarter of 1999 on average common shares of 6,989,270
for both periods.
For the six months ended June 30, 2000, net income increased $0.7 million, or
46%, to $2.3 million from $1.6 million for the six months ended June 30, 1999.
Basic and fully diluted earnings per common share increased to $.34 compared to
$.23 for the six months ended June 30, 1999.
Increase in net income and earnings per share primarily resulted from higher
origination fees and growth in volume of loans originated from the Company's
lending/Income Investment division during the period.
Financial data for all periods presented have been retroactively adjusted to
reflect the effect of the recent mergers with L.L. Bradford & Company, Vestin
Capital, Inc., and DM Mortgage Advisors, Inc., each of which was accounted for
as a pooling of interest transaction.
Total Revenues. For the second quarter of 2000, total revenues increased $0.5
million, or 14%, to $4.4 million from $3.8 million for the second quarter of
1999. Growth in total revenues primarily resulted from increased loan
origination fees from the Company's lending services division in the second
quarter of 2000, as a result of increased origination rates and loan volume by
approximately $29.2 million, or 67%, to $72.8 million from $43.6 million for the
second quarter of 1999.
For the six months ended June 30, 2000, total revenues increased $1.8 million,
or 31%, to $7.7 million from $5.9 million for six months ended June 30, 1999.
Growth in total revenues primarily resulted from increased loan origination fees
from the Company's lending services division in the first six months of 2000, as
a result of the increased loan volume by approximately $33.5 million, or 49%, to
$101.9 million from $68.4 million for the six months ended June 30, 1999.
Total Expenses. For the second quarter of 2000, total expenses increased $11
thousand as compared to the second quarter of 1999. For the six months ended
June 30, 2000, total expenses increased $0.7 million, or 20%, to $4.2 million
from $3.5 million for the six months ended June 30, 1999. Increase in total
expenses primarily related to marketing fees paid as a result of a transition
agreement consummated in the second quarter of 1999. The transition agreement
expired in April of second quarter of 2000.
7
<PAGE>
CAPITAL AND LIQUIDITY
Liquidity is a measure of a company's ability to meet potential cash
requirements, including ongoing commitments to fund lending activities and for
general operation purposes. Cash for originating loans and general operating
expenses is primarily obtained through cash flows from operations, lines of
credit and private investors. As of June 30, 2000, lines of credit totaling $10
million were available.
The Company continues to significantly rely on access to private investors for
funding of its lending activities through real estate collateralized
investments. As a result of real estate collateralized investments, the Company
has been able to increase its cash flow from its lending activities. The Company
currently has its private investors placed in approximately 120 real estate
collateralized investments totaling $270 million. The Company will need to seek
new investors to support its continued growth in the lending activities. In
March 2000, DM Mortgage Investors, LLC filed a form S-11 with the Securities and
Exchange Commission for an offer and sale of 100,000,000 units for $1.00 per
unit in a real estate mortgage investment fund in which Vestin Mortgage, Inc. is
the manager.
The Company has historically relied upon the cash flow from operations to
provide for its capital requirements. Management believes that cash generated
from operations, together with cash and investments in loans on hand at June 30,
2000 will be sufficient to provide for its capital requirements for at least the
next 12 months. The Company, on June 22, 2000, obtained a $3,000,000 unsecured
line of credit from Silver State Bank in Las Vegas, Nevada making a total of
over $10,000,000 in lines of credit from financial institutions. The Company may
seek additional equity financing for working capital in the early part of 2001
through an offering of its common stock, and contemplates that offering, before
expenses relating to the offering, will be no less than $20 million and no more
than $50 million. Further, the Company will be actively seeking initial credit
line arrangements of no less than $100 million. There can be no assurance that
the Company will be able to complete a secondary offering or obtain credit
lines.
During the six months ended June 30, 2000, cash flows provided by operating
activities approximated $2.2 million compared to $1.3 million provided by
operating activities during the same period in 1999. Investing activities
consisted primarily of proceeds from maturities of real estate collateralized
investments in the amount of $1.1 million and an increase in notes receivable of
approximately $0.9 million. Financing activities consisted primarily of payments
on lines of credit of approximately $2.0 million.
At June 30, 2000, Vestin had $1.4 million of cash and $10.7 million in total
assets. On the same date, total liabilities were $3.4 million. Accordingly,
Vestin appears to have sufficient working capital to meet its operating needs in
the near term without the need for additional external financing.
8
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no legal proceedings against the Company and the Company is unaware of
such proceedings contemplated against it.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the annual meeting of Shareholders held on June 23, 2000, the following
proposals were adopted by the margins indicated
1. To elect a Board of Directors to hold office until the next annual meeting of
the shareholders and until their successors are duly elected and qualified.
Nominee Votes
------------------- ---------
Michael V. Shustek 4,452,400
Stephen J. Byrne 4,452,400
Robert J. Aalberts 4,452,400
Robert W. Fine 4,452,400
Lance Bradford 4,452,400
John E. Dawson 4,452,400
Robert E. Forbuss 4,452,400
To approve the proposal to change the Company's name to Vestin Group, Inc.
For 4,452,400
Against --
Abstain --
To approve the adoption of the 2000 stock option plan.
For 4,382,400
Against --
Abstain 70,000
To approve the appointment of Grant Thornton LLP as the Company's auditors.
For 4,452,400
Against --
Abstain --
ITEM 5. OTHER INFORMATION
The Company, on June 26, 2000, announced that Stephen A. Schneider joined the
Company in the newly formed position of Chief Operations Officer, effective July
3, 2000.
9
<PAGE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Form 8-K/A dated and filed on June 13, 2000 regarding the acquisition of L.L.
Bradford & Company and related exhibits.
Exhibit 27 - Financial Data Schedule
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned there unto duly
authorized.
VESTIN GROUP, INC.
By: /s/ Lance K. Bradford
LANCE K. BRADFORD, Chief Financial Officer
(Authorized Officer and Principal Accounting
Officer)
Date: August 1, 2000
