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Previous: DEVON ENERGY CORP, 10-Q, 2000-05-11 |
Next: DODGE CITY HEALTHCARE GROUP LP, 15-15D, 2000-05-11 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) 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 0-28383
Table Trac, Inc.
----------------
(Exact name of registrant as specified in its charter)
Nevada 88-0336568
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
4200 Kemrich Minnetonka, Minnesota 55345
(Address of principal executive offices)
(612) 939-9679
(Registrant's 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 ___
2,859,862 Shares Of Common Stock were outstanding as of March 31, 2000
<PAGE>
Table Trac, Inc.
I N D E X
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance Sheets
March 31, 2000 and 1999 (Unaudited) 1
Statements of Income
Three months ended March 31,
2000 and 1999 (Unaudited) 2
Condensed Statements of Cash Flows
Three months ended March 31,
2000 and 1999 (Unaudited) 3
Selected Notes to Condensed Financial
Statements (Unaudited) 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
PART II. OTHER INFORMATION 6-7
Item 1. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
<TABLE>
<CAPTION>
Part I. FINANCIAL INFORMATION
Item I. FINANCIAL STATEMENTS
Table Trac, Inc.
(A Development Stage Company)
Condensed Balance Sheets
(Unaudited)
As of March 31, 2000
----------- -----------
Mar 31, '00 Mar 31, '99
----------- -----------
ASSETS
<S> <C> <C>
Current Assets
Cash $ 118,695 $ 67
Accounts Receivable 3,697 1,870
Prepaid expenses 2,863 180
--------- ---------
Total Current Assets 125,255 2,117
--------- ---------
Fixed Assets
At cost 22,731 22,731
Accumulated depreciation 20,235 14,840
--------- ---------
Net Fixed Assets 2,496 7,891
--------- ---------
Other assets:
Inventory 19,271 28,287
Loans To Shareholders 32,630 38,530
Other asset 2,500 --
Intangible assets, net 33,929 22,132
--------- ---------
Total Other Assets 88,330 88,949
--------- ---------
TOTAL ASSETS $ 216,081 $ 98,957
========= =========
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable $ 2,200 $ 4,215
Accrued expenses 2,027 --
Notes and debentures payable - stockholders 122,500 122,500
--------- ---------
Total Current Liabilities 126,727 126,715
Long-term liabilities:
Convertible debentures 100,000 --
Note payable -- 16,000
--------- ---------
Total Liabilities 226,727 142,715
--------- ---------
Stockholders' Equity (Deficit)
Common Stock 571,617 362,277
Accumulated Deficit During Development Stage (582,263) (406,035)
--------- ---------
Total Stockholders' Equity (Deficit) (10,646) (43,758)
--------- ---------
TOTAL LIABILITIES & EQUITY $ 216,081 $ 98,957
========= =========
See Notes To Financial Statements.
1
</TABLE>
<PAGE>
Table Trac, Inc.
(A Development Stage Company)
Statement Of Operations
(Unaudited)
January through March 2000
------------- -------------
Jan - Mar '00 Jan - Mar '99
------------- -------------
Ordinary Income/Expense
Sales $ 7,419 $ 10,766
Cost of Sales 3,010 3,566
----------- -----------
Gross Profit 4,409 7,200
----------- -----------
Operating Expenses 56,897 21,219
----------- -----------
Loss from Operations (52,488) (14,019)
Other Income/Expense
Interest Income 951 --
----------- -----------
Net Income before income taxes (51,537) (14,019)
Income Taxes -- --
----------- -----------
Net Loss $ (51,537) $ (14,019)
=========== ===========
Primary Earnings Per Share $ (0.02) $ (0.01)
=========== ===========
Fully diluted Earnings Per Share $ (0.02) $ (0.01)
=========== ===========
Weighted average oustanding shares 2,859,862 2,586,999
=========== ===========
See Notes To Financial Statements.
2
<PAGE>
<TABLE>
<CAPTION>
Table Trac, Inc.
(A Development Stage Company)
Condensed Statements Of Cash Flows
(Unaudited)
January through March 2000
Jan - Mar '00 Jan - Mar '99
------------- -------------
OPERATING ACTIVITIES
<S> <C> <C>
Net Income (loss) $ (51,537) $ (14,020)
Adjustments to reconcile net income (loss)
to net cash provided by operations:
Depreciation 1,079 --
Amortization 103 --
Accounts Receivable 236 3,303
Inventory 2,956 1,760
Loans To Shareholders 3,500 (12,690)
Prepaid Expenses 180 1,106
Accounts Payable 730 990
Accrued Expenses (45) (2,263)
--------- ---------
Net cash provided by Operating Activities (42,798) (21,814)
--------- ---------
INVESTING ACTIVITIES
Other (2,500) --
Deferred Loan Costs (10,542) --
--------- ---------
Net cash provided by Investing Activities (13,042) --
--------- ---------
FINANCING ACTIVITIES
Loan Payable -- 10,000
Convertible Debentures 100,000 --
Capital Stock -- 6,000
Capital Stock:offering expenses (3,086) (3,127)
--------- ---------
Net cash provided by Financing Activities 96,914 12,873
--------- ---------
Net cash increase for period 41,074 (8,941)
--------- ---------
Cash at beginning of period 77,621 9,008
--------- ---------
========= =========
Cash at end of period $ 118,695 $ 67
========= =========
See Notes To Financial Statements.
3
</TABLE>
<PAGE>
Table Trac, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Condensed Financial Statements:
The condensed balance sheet as of March 31, 2000, the statement of
operations for the three-month periods ended March 31, 2000 and 1999,
and the condensed statement of cash flows for the three-month periods
then ended have been prepared by the Company, without audit, in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and
Article 10 of Regulation S-X. In the opinion of management, all
adjustments (which include only normal recurring adjustments)
necessary to present fairly the financial position, results of
operations and changes in cash flows at March 31, 2000 and for all
periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these condensed financial statements be read in conjunction with
the financial statements and notes thereto included in the Company's
December 31, 1999 audited financial statements. The results of
operations for the period ended March 31, 2000 are not necessarily
indicative of the operating results for the full year.
4
<PAGE>
Table Trac, Inc.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations
- ---------------------
Revenues decreased in 2000 to $7,419 from $10,766 in 1999. There were
increased license fees, no sales, and decreased consulting fees in 2000 to
account for the difference.
Costs of sales decreased in 2000 to $3,010 from $3,566 in 1999 as a result
of no sales in 2000.
Operating expenses increased in 2000, to $56,897 from $21,219. The major
changes were increased sales expense in 2000.
The result was that there was a net loss of $51,537 in 2000, compared to a
net loss of $14,019 in 1999. The net loss per share in 2000 was $.02 compared to
a net loss per share of $.01 in 1999.
5
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is aware of no legal proceeding that is pending or
threatened to which the Company is a party or of which its property is
subject.
Item 6. Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K were filed during the three months ended
March 31, 2000.
6
<PAGE>
SIGNATURE
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.
Table Trac, Inc.
Date May 5, 2000 By: /s/ Chad Hoehne
-------------------
President and Director
7
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 118,695
<SECURITIES> 0
<RECEIVABLES> 3,697
<ALLOWANCES> 0
<INVENTORY> 19,271
<CURRENT-ASSETS> 125,255
<PP&E> 22,731
<DEPRECIATION> 20,235
<TOTAL-ASSETS> 216,081
<CURRENT-LIABILITIES> 126,727
<BONDS> 0
0
0
<COMMON> 571,617
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 216,081
<SALES> 7,419
<TOTAL-REVENUES> 7,419
<CGS> 3,010
<TOTAL-COSTS> 56,897
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (51,537)
<INCOME-TAX> 0
<INCOME-CONTINUING> (51,537)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (51,537)
<EPS-BASIC> (0.02)
<EPS-DILUTED> (0.02)
</TABLE>
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