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Previous: PROGOLFTOURNAMENTS COM, S-1/A, EX-27.1, 2000-09-07 |
Next: LOUGHRAN GO CORP, NTN 10Q, 2000-09-07 |
<PAGE> 1
_____ Transition report under Section 13 or 15(d) of the Exchange Act for the
transition period from _____ to _____
Commission file number: 000-28373
AdPads Incorporated
--------------------------------------------------------------------------------
(Exact name of Small Business Issuer as Specified in Its Charter)
Colorado 84-1306598
----------- ---------------
(State of Incorporation) (I.R.S. Employer Identification No.)
FORM 10-QSB-A
September 15, 2000
AdPads Incorporated
1000 Highway 34, Matawan, New Jersey 07747
-------------------------------------------------------------
(Address of Principal Executive Offices)
(732) 290-8940
---------------------
(Issuer's Telephone Number, Including Area Code)
----------------------------------------------------
(Former Name, Former Address and former Fiscal Year,
if Changed Since Last Report)
Check whether the issuer: (1) filed all reports required to be filed by Section
12 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 / /
APPLICABLE ONLY TO CORPORATE ISSURES
As of August 14, 2000 the Issuer had 24,275,015 shares of Common Stock, no par
value outstanding.
Transitional Small Business Disclosure Format (check one):
Yes / / No /X/
<PAGE> 2
On or about August 21, 2000 the registrant submitted Form 10-QSB - financials
for the quarter ended June 30, 2000.
The consolidated statements of cash flows period ended June 30, 2000 contained
addition errors. This amendment is submitted with the correct figures.
ADPADS, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S> <C>
Page No.
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Statements of Cash Flows for the Six Months Ended
June 30, 2000 4 and 1999 and the Cumulative Period from Inception to 4
June 30, 2000 (Unaudited)
</TABLE>
1
<PAGE> 3
ADPADS, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
ADPADS, INC. AND SUBSIDIARIES
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
August 12, 1998,
Date of
Six Months Inception, to
Ended June 30, June 30,
2000 1999 2000
--------- --------- ---------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(265,376) $ 10,566 $(362,948)
Adjustments to reconcile net income (loss) to net cash flows
from operating activities:
Depreciation and amortization 32,238 2,344 54,501
Provision for losses on accounts receivable 12,000 -- 13,000
Changes in operating assets and liabilities:
Accounts receivable 25,226 (5,231) (24,542)
Inventories (459) (2,232) (8,826)
Prepaid expenses and other current assets (1,401) (670) (4,457)
Accounts payable and accrued expenses 46,863 17,754 70,312
Deferred revenue (9,189) -- 42,454
Billings in excess of costs -- -- 11,700
--------- --------- ---------
Net cash flows from operating activities (160,098) 22,531 (208,806)
-------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (81,419) (17,419) (159,285)
Cost of Acquired Business (150,000) (150,000)
-------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES: (231,419) (17,419) (309,285)
--------- --------- ---------
Proceeds from cash overdraft 1,751 -- 5,187
Contributions from shareholders 8,594 1,587 102,068
Distributions to shareholders (17,552) (8,495) (35,522)
Proceeds from sale of stock and exercise of warrants 380,000 -- 380,000
Due to shareholder (13,000) -- 18,500
Payments on long-term debt (5,012) (516) (6,786)
Proceeds of long-term debt 36,736 3,998 54,644
--------- --------- ---------
Net cash flows from financing activities 391,517 (3,426) 518,091
--------- --------- ---------
NET CHANGE IN CASH -- 1,686 --
CASH, BEGINNING OF PERIOD -- 211 --
--------- --------- ---------
CASH, END OF PERIOD $ -- $ 1,897 $ --
========= ========= =========
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid $ 3,520 $ 478 $ 4,749
--------- --------- ---------
Noncash financing and investing activities:
Equipment additions by capital leases $ -- $ -- $ 28,129
========= ========= =========
Issuance of Common Stock for Acquisition $ 25,000 $ -- $ 25,000
========= ========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
4
<PAGE> 4
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.
(Registrant)
/s/ David I. Brownstein
----------------------------
David I. Brownstein
President
/s/ David I. Brownstein
----------------------------
David I. Brownstein
Chief Financial Officer
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