U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 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 Number: 0-28773
Tutornet.com Group, Inc.
------------------------
(Exact name of registrant as specified in its charter)
Delaware 65-0910071
------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14120 Newbrook Drive, Suite 101
--------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(703) 961-9666
--------------
(Registrant's telephone number, including area code)
N/A
-----------------
(Former name, former address and former fiscal year, if changed since last
report)
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.
[x] Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at June 30, 2000
Common stock, par value $.00001 4,750 million
<PAGE>
Part I - Financial Information
Item 1. Financial Statements
<TABLE>
<CAPTION>
Consolidated Condensed Balance Sheets
Assets
Unaudited Audited
As of Year Ended
June 30, 2000 December 31, 1999
--------------------------------------------
<S> <C> <C>
Current Assets:
Cash 60,424 115,220
Accounts Receivable, Net of Allowance for Doubtful Accou 147,176 15,785
Marketable Securities, At Market Value 570,963 570,963
Prepaid Expenses 529,447 631,105
Deferred Taxes 336,130 336,130
--------------------------------------------
Total Current Assets 1,644,141 1,669,203
Fixed Assets:
Office Furniture & Fixtures 11,687 16,031
Office Equipment 127,717 127,717
Computer Hardware & Peripherals 959,702 829,738
Computer Network 12,873 12,873
Leasehold Improvements (Net of Accumulated Amortization) 10,804 33,531
--------------------------------------------
1,122,782 1,019,890
Less: Accumulated Depreciation 133,929 54,287
--------------------------------------------
Total Fixed Assets 988,853 965,603
Other Assets:
Computer Software, Net of Accumulated Amortization 900,030 1,071,365
Software Development Costs 0 0
Goodwill, Net of Accumulated Amortization 330,066 424,196
Deposits 89,106 171,182
Other 0 0
--------------------------------------------
Total Other Assets 1,319,203 1,666,743
--------------------------------------------
Total Assets 3,952,197 4,301,549
============= =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Liabilities
Unaudited Audited
As of Year Ended
June 30, 2000 December 31, 1999
--------------------------------------------
<S> <C> <C>
Current Liabilities:
Accounts Payable 3,619,940 2,617,495
Notes Payable CSR Stockholders 52,500 52,500
Accrued Gross Margin on Contract 0 0
Accrued Salaries & Wages 364,402 0
Accrued Interest 48,025 5,422
Accrued & Withheld Payroll Taxes 496,922 39,187
Income Taxes Payable 5,637 29,691
Officer Loan Payable 0 0
Shareholder Loan Payable 5,625,340 5,625,340
--------------------------------------------
Total Current Liabilities 10,212,766 8,369,635
Long Term Liabilities:
Subordinated Shareholder Loans Payable 832,029 947,028
Deferred Income Taxes 29,450 29,450
--------------------------------------------
Total Liabilities 11,074,246 9,346,113
--------------------------------------------
Minority Interest In Net Assets (2,397,673) (2,477,750)
--------------------------------------------
SHAREHOLDER'S EQUITY
Common Stock,
Class A, ($ 0.00001 Par Value; 950,000,000 Authorized 16306356
Issued and Outstanding as of June 30, 2000 and
28,307,050 outstanding in 1999) 163 163
Class B, ($0.00001 Par Value; 50,000,000 Authorized
4,750,000 Outstanding as of June 30, 2000 ) 48 48
Preferred Stock
(10,000,0000 Authorized with a Par Value of $ 0.00001
and none iissued at June 30, 2000) 0 0
--------------------------------------------
211 211
Additional Paid In Capital 6,230,641 3,708,691
Retained Earnings (Deficit) (10,955,227) (6,275,716)
--------------------------------------------
Total Shareholders' Equity (Deficit) (4,724,375) (2,566,814)
--------------------------------------------
Total Liabilities & Shareholder's Equity 3,952,197 4,301,549
============= =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Consolidated Income Statement
Unaudited Unaudited Audited
3-Months Ended 6-Months Ended Year Ended
June 30, 2000 June 30, 2000 December 31, 1999
--------------------------------------------------------
<S> <C> <C> <C>
Net Consulting Fees & Sales 88 27,464 132,126
--------------------------------------------------------
Cost Of Fees:
Consultants & Subcontractors 267,583 772,228 1,665,868
Computer Systems Support 2,644 6,603 76,361
Customer Service Expenses 0 0 0
Amortization of Software Costs 66,468 132,936 247,091
Depreciation of Computer Equipment 11,784 11,784 47,136
Factoring Expense 0 0 0
Gross Margin Expense 0 0 0
Printing & Reproduction 1,905 1,954 176,478
--------------------------------------------------------
Total Costs Of Fees 350,385 925,506 2,212,934
Gross Profit (350,298) (898,043) (2,080,808)
--------------------------------------------------------
Selling, General & Administrative Expenses 838,880 3,713,903 9,873,218
--------------------------------------------------------
Income (Loss) From Operations (1,189,177) (4,611,945) (11,954,026)
Discontinued Operations 0 0 0
Loss on Disposal of Subsidiary 0 0 0
Abacus II of Colorado 0 0 0
--------------------------------------------------------
(1,189,177) (4,611,945) (11,954,026)
Other Income (Expenses):
Interest & Dividend Income 535 5,347 44,035
Interest Expense (26,454) (52,908) (110,043)
Loss on Investment in Tutornet UK 0 (39,375) (680,000)
Loss on Foreign Currency Exchange 0 (98) (1,503)
Realized Gains on Sales of Marketable Securities 0 0 754,908
Miscellaneous (Expense) 0 (745) (8,717)
--------------------------------------------------------
(25,919) (87,779) (1,320)
--------------------------------------------------------
Net Loss Before Extraordinary Item (1,215,096) (4,699,724) (11,955,346)
Extraordinary Item 0 0 0
Gain From Extinguishment of Debt 0 0 0
--------------------------------------------------------
Loss/Gain Before Income Taxes (1,215,096) (4,699,724) (11,955,346)
Income Taxes 0 0 (190,589)
--------------------------------------------------------
Net Loss (1,215,096) (4,699,724) (11,764,757)
Minority Interest in Net Loss/Gain 595,154 2,302,051 5,762,378
--------------------------------------------------------
Net Loss (619,942) (2,397,673) (6,002,379)
============= ============= ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Cashflows
6-Months Ended Year Ended
June 30, 2000 December 31, 1999
-------------------------------------------
<S> <C> <C>
RECONCILIATION OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
Net Loss (2,397,673) (11,744,764)
Adjustments to Reconcile Net Income to Net Cash
Provided (Used) by Operating Activities
Amortization 22,727 272,481
Depreciation 79,642 53,268
Deferred Taxes - 29,094
Changes in Current Assets and Currrent Liabilities:
(Increase) Decrease in Accounts Receivable (131,391) 19,616
Increase (Decrease) in Prepaid Expenses 101,658 (631,105)
Deferred Taxes - (267,202)
Increase (Decrease) in Accounts Payable 1,002,445 2,468,358
Accrued Gross Margin on Contract - (715,108)
Increase (Decrease) in Accrued Wages 364,402 (278,729)
Increase (Decrease) in Accrued Interest 42,603 (38,755)
Increase (Decrease) in Accrued & Withheld Taxes 457,735 39,187
(Increase) Decrease in Income Tax Payable (24,054) 22,778
-------------------------------------------
TOTAL ADJUSTMENTS 1,915,767 973,883
NET CASH (USED) BY OPERATING ACTIVITIES (481,906) (10,770,881)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (125,620) (1,006,741)
Purchase & Development of Computer Software 171,335 (112,059)
Decrease in Deposits 82,076 (171,182)
Purchase of Goodwill 94,130 (68,739)
Shareholder Loan Payable
Payments of Organization Expenses - -
-------------------------------------------
NET CASH (USED) BY INVESTING ACTIVITIES 221,921 (1,358,721)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances From Officer - -
Investments in Marketable Securities (Net) - (570,963)
Payments on Note Payable - (69,796)
Proceeds from Issuance of Stock - 12,145,791
Cost of Issuance of Stock - (25,000)
Proceeds from Borrowing - -
Reclassification of Subordinated Shareholder Loan 205,188 947,028
Payments on CSR Note Payable - (262,500)
-------------------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 205,188 12,164,560
NET INCREASE (DECREASE) IN CASH (54,797) 34,958
CASH BALANCE, BEGINNING OF PERIOD 115,220 66,128
-------------------------------------------
CASH BALANCE, END OF PERIOD 60,423 101,086
============= =============
SUPPLEMENTARY INFORMATION:
Cash Paid During the Year for:
Interest 52,908 110,043
Income Taxes - -
-------------------------------------------
52,908 110,043
============= =============
SIGNATURES*
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.
Euburn R. A. Forde
___________________________________
(Registrant)
August 21, 2000 Euburn R. A. Forde
__________________________________ ___________________________________
Date (Signature)**
___________________________________ ___________________________________
Date (Signature)**
Tutornet.com Group, Inc.
</TABLE>
