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SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1O-QSB/A
(X) Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 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 No. 0-26665
WINNERS INTERNET NETWORK, INC.
---------------------------------
(Name of registrant in its charter)
NEVADA 91-1844567
(State of incorporation) (I.R.S.Employer Identification No.)
145 OVIEDO STREET
ST. AUGUSTINE, FLORIDA 32084
-------------------------------------------------
(Address of principal executive offices) (zip code)
(904)824-7447
-------------------------------------------------
(Registrant's telephone number including area code)
GLENNAIRE FINANCIAL SERVICES, INC.
(Former name of registrant, if changed since last report)
3158 REDHILL AVE., SUITE 240
COSTA MESA, CALIFORNIA 92626
(Former address of registrant, if changed since last report)
Indicate by check mark whether the Registrant (1) had 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
--- ---
The number of shares outstanding of Registrant's common stock, par value $.001
per share, as of November 17, 2000 were 20,984,339 common shares.
<PAGE>
Text of the Amendment
Explanatory note:
Each of the below listed items is hereby amended by deleting the item in its
entirety and replacing it with the items attached hereto and filed herewith.
The purpose of this amendment is to amend the Company's 10-QSB for the period
ending September 30, 2000 (the "Original Filing"). The amendment is being filed
as of result of the Original Filing having omitted line items from the Statement
of Operations for "Stock issued for marketing expense" and "issuance of Ordinary
Shares. The omitted information has been inserted. The Statement of Operations
in the Original Filing also omitted required comparative data for the three
months ended September 30, 2000 and September 30, 1999. The omitted information
has been inserted.
<PAGE>
Item 1. Financial Statements
WINNERS INTERNET NETWORK INC.
Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
ASSETS:
Current Assets:
<S> <C> <C>
Cash in Bank $ 43,903 32,961
Accounts Receivable 313,928 548,912
--------------- ---------------
Total current assets 357,831 581,873
--------------- ---------------
Fixed Assets:
Software 1,300,000 516,138
SupraNet AG 116,250 -
Glennaire Financial Services 157,864 -
Equipment 84,289 84,289
Furniture & Fixtures 4,489 4,489
Vehicle 44,500 44,500
--------------- ---------------
1,707,392 649,416
--------------- ---------------
Less: Depreciation (650,276) (100,276)
--------------- ---------------
Total fixed assets 1,057,116 549,140
--------------- ---------------
TOTAL ASSETS $1,414,947 $1,131,013
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts Payable & Accrued Expenses $ 11,544 $ 174,507
Loan Payable 93,300 -
Note Payable - Ford Credit 9,788 10,788
--------------- ---------------
Total current liabilities 114,632 185,295
--------------- ---------------
Stockholders' equity:
Common Stock, par value $0.001: 50,000,000 shares
authorized; 20,984,369 shares issued and
outstanding for 2000, and 15,990,863 shares issued 20,984 15,991
and outstanding for 1999.
Additional Paid-In Capital 5,683,970 2,948,093
Accumulated Defict (4,404,639) (2,018,366)
--------------- ---------------
Total stockholders' equity 1,300,315 945,718
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,414,947 $1,131,013
=============== ===============
</TABLE>
<PAGE>
WINNERS INTERNET NETWORK, INC.
Statements of Cash Flow
For the Nine-Months Ended September 30,
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
---- ----
CASH FLOW FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net Income (Loss) $(2,386,273) $ 537,956
Adjustments to reconcile net income to cash
used in/provided by operating activities:
Depreciation 650,276 (43,713)
Stock issued for marketing expense 1,159,505 -
Changes in Assets and Liabilities:
GGLS Payable - (250,000)
Accounts Payable 162,963 313,246
Accounts Receivable (86,828) -
Notes Payable - Ford Credit (302) 1,210
Prepaid Expenses - (3,700)
------------- ------------
Net Cash Provided by Operating Activities (1,660,164) 554,999
------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditure - (1,512)
------------- ------------
Net Cash Used In Investing Activities - (1,512)
------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Loan 24,300 -
Issuance of Ordinary Shares 518,396 (311,645)
------------- ------------
Net Cash Provided by Financing Activities 542,696 (311,645)
------------- ------------
Net Increase in Cash & Cash Equivalents 42,037 241,842
Cash & Cash Equivalents at Beginning of Period 1,866 28,857
------------- ------------
Cash & Cash Equivalents at End of Period $ 43,903 $ 270,699
============= ============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest $ - $ -
============= ============
Income Taxes $ - $ -
============= ============
</TABLE>
<PAGE>
WINNERS INTERNET NEWTWORK INC.
Statements of Operations
For the Nine-Months Ended September 30,
(Unaudited)
<TABLE>
<CAPTION>
Nine month ended Three months ended
September 30, September 30,
------------------------------ -----------------------
2000 1999 2000 1999
---- ---- ---- ----
REVENUE:
<S> <C> <C> <C> <C>
Processing Income $ 326,196 $ 744,878 $ 165,583 $ 59,387
Other Income 10,901 - - -
Lease of Software - 5,000 - -
------------- ------------ --------- ----------
Total Revenue 337,097 749,878 165,583 59,387
------------- ------------ --------- ----------
EXPENSES:
Advertsing $ - $ 300 - -
Auto Expense 59 332 59 332
Bank Charges 20,994 2,112 16,456 1,925
Commission 26,000 12,500 - -
Consulting Fees 64,887 9,600 3,000 -
Contract Services 35,565 46,547 - 30,347
Depreciation Expense 550,000 29,035 120,000 29,035
Dues & Subscriptions - 2,395 - 2,335
Insurance 28,899 14,790 5,568 12,029
Internet 1,931 17,300 - 1,000
Marketing 1,565,845 - 296,360 -
Meals & Entertainment - 45,140 - 45,140
Miscellaneous Expense 6,019 - - -
Office Expenses 13,736 7,769 10,728 7,349
Postage & Freight 1,825 776 139 282
Professional & Legal Fees 64,230 24,583 20,000 3,267
Rent 46,330 46,763 7 27,925
Rent of Equipment 262 473 - 47
Repairs 938 - - -
Security 222 222 - 111
Taxes & Licenses 22,962 1,676 5,282 318
Telephone 32,101 28,117 12,545 8,454
Travel 3,788 119,985 137 87,404
Utilities 1,565 11,740 307 5,387
Wages 235,212 227,543 24,891 115,702
------------- ------------ -------- --------
Total Expenses 2,723,370 649,698 515,479 378,389
------------- ------------ -------- --------
NET PROFIT(LOSS) $(2,386,273) $ 100,180 $(349,896) $(319,002)
============= ============ ========= =========
NET PROFIT (LOSS) PER COMMON STOCK $ (0.14) $ 0.04 $ (0.02) $ (0.02)
------------- ------------ --------- ---------
WEIGHTED AVERAGE SHARES OUTSTANDING 16,869,626 14,898,551 16,869,626 14,898,551
------------- ------------ ---------- ----------
</TABLE>
<PAGE>
WINNERS INTERNET NETWORK, INC.
Stockholders' Equity
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Additional Accumulated Total
COMMON STOCKS Paid-In Earnings Stockholders'
Shares Amount Capital (Deficit) Equity
-------------------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Davki Agency Ltd., Inc. Merger 8,000,000 8,000 359,287 (367,287) -
Comstock/Empire International, Inc. Merger 294,944 295 703,373 (703,668) -
Issuance of Stock for Cash & Services 2,539,912 2,540 110,160 - 112,700
Net Loss - (111,918) (111,918)
---------- ------- --------- ---------- ---------
Balance - December 31, 1997 10,834,856 10,835 1,172,820 (1,182,873) 782
========== ======= ========= ========== =========
Issuance of Stock for Services 500,000 500 49,500 - 50,000
Issuance of Stock for Cash 1,000,000 1,000 299,000 - 300,000
Issuance of Stock for Cash 500,000 500 199,500 - 200,000
Issuance of Stock for Services 500,000 500 24,500 - 25,000
Issuance of Stock for Cash 550,000 550 219,450 - 220,000
Issuance of Stock for Cash 285,000 285 99,465 - 99,750
Issuance of Stock for Services 21,358 21 10,658 - 10,679
Issuance of Stock for Services 500,000 500 24,500 - 25,000
Issuance of Stock for Cash 100,000 100 99,900 - 100,000
Issuance Correction (Comstock Merger) 141 - - - -
Net Loss - - - (840,560) (840,560)
---------- ------ --------- ----------- ----------
Balance - December 31, 1998 14,791,355 14,791 2,199,293 (2,023,433) 190,651
========== ====== ========= =========== ==========
Issuance of Stock for Cash 100,000 100 99,900 - 100,000
Issuance of Stock for Cash 225,000 225 202,275 - 202,500
Issuance of Stock for Services 10,000 10 7,488 - 7,498
Issuance Correction (Comstock Merger) 1,350 2 - - 2
Issuance of Stock for Cash 400,000 400 219,600 - 220,000
Issuance of Stock for Cash 315,789 316 149,684 - 150,000
Issuance of Stock for Cash 147,369 147 69,853 - 70,000
Net Loss - - - 5,067 5,067
---------- ------ --------- ---------- ---------
Balance - December 31, 1999 15,990,863 15,991 2,948,093 (2,018,366) 945,718
========== ====== ========= ========== =========
Issuance of Stock for Services 1,632,500 1,632 965,326 - 966,958
Issuance of Stock for Cash 100,000 100 299,900 - 300,000
Issuance of Stock for Cash 27,000 27 13,473 - 13,500
Issuance of Stock for Services 28,600 29 21,518 - 21,547
Issuance of Stock for Services 10,000 10 2,990 - 3,000
Issuance of Stock for Services 300,000 300 83,700 - 84,000
Issuance of Stock for Asset 1,523,926 1,524 998,476 - 1,000,000
Issuance of Stock for Cash 375,000 375 259,625 - 260,000
Issuance of Stock for Acquisition 686,480 686 6,179 - 6,865
Issuance of Stock for Acquisition 10,000 10 990 - 1,000
Issuance of Stock for Services 300,000 300 83,700 - 84,000
Net Loss - - - (2,386,273) (2,386,273)
---------- -------- ---------- ------------ ------------
Balance - September 30, 2000 20,984,369 $ 20,984 $5,683,970 $(4,404,639) $ 1,300,315
========== ======== ========== ============ ============
</TABLE>
<PAGE>
WINNERS INTERNET NETWORK, INC.
Notes to Financial Statements
September 30, 2000
(Unaudited)
1. Presentation of Interim Information
In the opinion of the management of Winners Internet Network, Inc., the
accompanying unaudited financial statements include all normal adjustments
considered necessary to present fairly the financial position as of September
30, 2000, and the results of operations for the nine months ended September 30,
2000, and 1999, and cash flows for the nine months ended September 30, 2000 and
1999. Interim results are not necessarily indicative of results for a full year.
The financial statements and notes are presented as permitted by Form 10-Q, and
do not contain certain information included in the Company's audited financial
statements and notes for the fiscal year ended December 31, 1999.
<PAGE>
SIGNATURES
In accordance with 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.
WINNERS INTERNET NETWORK, INC.
Dated: December 5, 2000 By: /s/ David C. Skinner, Jr.
------------------------------
President and Chief Financial Officer
<PAGE>
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