SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-QSB
[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 under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period from _______ to _______.
Commission file number 000-28267
VDO.COM, INC.
---------------
(Exact name of registrant as specified in its charter)
Florida 68-0427012
------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
5315 New Utrecht Avenue, Brookly, New York 11219
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
(718) 437-4523
----------------
(Registrant's telephone number, including area code)
Thoroughbred Racing Associates, Inc.
16910 Dallas Parkway, Suite 100, Dallas, Texas 75248
-----------------------------------------------------------
(Registrant's Former Name and Address)
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
--- ---
As of August 10, 2000 the aggregate market value of voting stock held by
non-affiliates, computed by reference to the closing price on the OTC Bulletin
Board was $3,972,917. As of August 10, 2000 the number of shares outstanding of
the Registrant's common stock was 10,629,963.
Transitional Small Business Disclosure Format Yes No X
--- ---
<PAGE>
VDO.Com, Inc.
Financial Statements
June 30, 2000
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors and Stockholders of
VDO.Com Inc.
Brooklyn New York
We have reviewed the accompanying condensed balance sheet of VDO.Com, Inc. as of
June 30, 2000 and the related condensed statements of income and cash flows for
the period then ended. These financial statements are the responsibility of the
company's management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
Crouch, Bierwolf & Chisholm
June30, 2000
<PAGE>
<TABLE>
<CAPTION>
VDO.Com, Inc.
Balance Sheets
ASSETS
------
June30, June 30,
1999 2000
--------- ---------
CURRENT ASSETS (Unaudited) (Unaudited)
<S> <C> <C>
Cash and Cash Equivalents $ 2,128
Accounts receivable 100,308 --
Equipment 35,000
Goodwill --
Investments 198,000
---------
Total Current Assets 100,308 235,128
---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 18,772 $ 76,772
Accounts payable - related party $ 42,000 --
Debenture 8% due March 28, 2002 112,000
---------
Total Liabilities 60,772 188,772
---------
Common stock, $.001 par value, 50,000,000 shares,
authorized, 17,700,000 shares issued and outstanding 13,400 17,700
Additional paid in capital 95,100 400,800
Deficit accumulated during development stage (68,964) (373,144)
---------
Total Stockholders' Equity 39,536 62,310
---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 100,308 $ 235.128
=========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
VDO.Com, Inc.
Consolidated Statements of Operations
For the three
months ended
March 31
2000
------------
(Unaudited)
SALES $ --
OPERATING EXPENSES
General And Administrative 186,793
Research and Development 25,000
------------
TOTAL EXPENSES 211,793
------------
OPERATING INCOME (LOSS) (211,793)
------------
NET INCOME (LOSS) $ (211,793)
============
NET INCOME (LOSS) PER SHARE $ (.01)
============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES 18,140,000
============
The accompanying notes are an integral part of these financial statements
<PAGE>
VDO.Com, Inc.
Consolidated Statements of Cash Flows
For the three
months ended
March 31
2000
---------
Cash Flows From Operating Activities (Unaudited)
Net income (loss) $(211,793)
Adjustments to Reconcile Net Income (Loss) to
Net Cash Used in Operating Activities:
Stock issued for services 31,339
Change in Assets and Liabilities
(Increase) Decrease in:
Accounts Receivable 127,147
Increase/(decrease) in:
Accounts Payable and Accrued Expenses 65,000
---------
Net Cash Provided (Used) by Operating Activities 11,693
---------
Cash Flows from Investing Activities
Purchase Investments (198,000)
Purchase Equipment (35,000)
---------
Net Cash Provided (Used) by Investing Activities (233,000)
---------
Cash Flows from Financing Activities
Proceeds from sale of shares 10,000
---------
Proceeds from debt financing 112,000
---------
Net Cash Provided (Used) by Financing Activities 122,000
---------
Net Increase (Decrease) in Cash and Cash Equivalents (99,307)
---------
Cash and Cash Equivalents
Beginning 101,435
---------
Ending $ 2,128
=========
Supplemental Disclosures of Cash Flow Information:
Cash payments for interest $ --
=========
Cash payments for income taxes $ --
=========
Supplemental Schedule of Noncash Investing and Financing Activities
Common shares issued for services $ --
=========
The accompanying notes are an integral part of these financial statements
<PAGE>
VDO.Com, Inc.
June30, 2000
NOTES TO FINANCIAL STATEMENTS
VDO.Com, Inc. (the "Company") has elected to omit substantially all
footnotes to the financial statements for the three months ended
June30, 2000, since there have been no material changes (other than
indicated in other footnotes) to the information previously reported by
the Company in their Annual Audit for the year ended December 31, 1999.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records
of the Company without audit. However, such information reflects all
adjustments which are, in the opinion of management, necessary to
properly reflect the results of the period presented. The information
presented is not necessarily indicative of the results from operations
expected for the full fiscal year.
