SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter ended July 31, 1999 Commission File No. 0-8299
CAMELOT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Colorado 84-0691531
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
PMB 249 6757 Arapaho, Suite 711, Dallas, Texas 75248
(Address of principal executive office) (Zip Code)
(Former Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code:(972) 458-1767
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
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the period covered by this
report.
Shares outstanding at
Class July 31, 1999
Common stock, $0.01 par value 6,293,740
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CAMELOT CORPORATION AND SUBSIDIARIES
I N D E X
Page No.
Part I FINANCIAL INFORMATION (UNAUDITED):
Item 1. Consolidated Balance
Sheets 3
Consolidated Statements of
Operations 5
Consolidated Statements of
Cash Flows 6
Notes to Consolidated
Financial Statements 7
Items 2. Management's Discussion
and Analysis of Financial
Condition and Results of
Operations 7
Part II OTHER INFORMATION 9
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CAMELOT CORPORATION AND SUBSIDIARIES
PART I: FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
ASSETS
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<S> <C> <C>
July 31, 1999 April 30, 1999
(Unaudited) (Audited)
CURRENT ASSETS
Cash and cash equivalents $ (52) $ 666
Accounts receivable 15,199 15,800
Total current assets $ 15,147 16,466
OTHER ASSETS
Note receivable - related party 86,500 86,500
Note receivable - officer, net of
allowance of $1,914,216 - -
Preferred stock -
related party 530,917 530,917
Total other assets 617,417 617,417
$ 632,564 $ 633,883
</TABLE>
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CAMELOT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
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<S> <C> <C>
July 31, 1999 April 30, 1999
(Unaudited) (Audited)
CURRENT LIABILITIES
Accounts payable $ 46,452 $ 47,570
Total current liabilities 46,452 47,570
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 50,000,000
shares authorized, 6,293,740
shares issued at July 31, 1999
and April 30, 1999 62,937 62,937
Preferred stock, $.01 par value,
100,000,000 shares authorized,
1,345,305 shares issued and outstanding at
July 31, 1999 and April 30, 1999 13,453 13,453
Additional paid-in capital 35,729,588 35,597,919
Accumulated deficit (32,252,619) (32,251,300)
Less: treasury stock, at cost,
29,245 shares at July 31, 1999
and April 30, 1999 (2,836,696) (2,836,696)
Total stockholders' equity 586,112 586,313
$ 632,564 $ 633,883
</TABLE>
See accompanying notes to these consolidated financial statements.
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CAMELOT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three Months Ended
July 31,
1999 1998
REVENUE $ - $ 1,047
COST OF SALES - 2,658
GROSS PROFIT (LOSS) - (1,611)
OPERATING EXPENSES:
General and administrative 1,319 316,358
Depreciation and amortization - -
Provision for Inventory E & O - -
1,319 316,358
LOSS FROM OPERATIONS (1,319) (317,969)
OTHER INCOME (EXPENSES):
Interest expense - -
Interest income - 494
Dividend income - affiliate - -
Gain (Loss) on disposition of assets - 117,780
Total other income (expense) - 118,274
INCOME (LOSS) FROM CONTINUING
OPERATIONS (1,319) (200,683)
DISCONTINUED OPERATIONS:
Loss on disposal - -
NET INCOME (LOSS) (1,319) (200,683)
DIVIDENDS ON PREFERRED STOCK - (4,800)
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS $ (1,319) $ (205,483)
INCOME (LOSS) PER SHARE:
Income (loss) from continuing operations $ * $ (.04)
Loss from discontinued operations * (.00)
Dividends on preferred stock * (.00)
NET INCOME (LOSS) PER COMMON SHARE $ * $ (.04)
WEIGHTED AVERAGE OF COMMON
STOCK OUTSTANDING 6,293,740 4,580,064
</TABLE>
See accompanying notes to these consolidated financial statements.
<PAGE>
CAMELOT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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Three Months Ended
July 31,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (1,319) $ (205,483)
ADJUSTMENTS TO RECONCILE NET GAIN (LOSS) TO
NET CASH FROM OPERATING ACTIVITIES:
(Gain) loss on disposal of assets - (117,780)
Provision for inventory obsolescence - (40,000)
Change in assets and liabilities
Accounts and accrued receivables - 40,486
Cancellation of note receivable plus
accrued interest for surrender of
treasury stock - (81,059)
Accounts payable and accrued expenses 601 21,797
Net cash used by operating activities (718) 143,251
CASH FLOW FROM INVESTING ACTIVITIES:
Net cash used by investing activities - -
CASH FLOW FROM FINANCING ACTIVITIES:
Dividends on preferred stock - (4,800)
Purchase of Treasury Stock
Cash provided by financing activities - (4,800)
NET INCREASE (DECREASE) IN CASH (718) (148,051)
CASH AT BEGINNING OF PERIOD 666 152,051
CASH AT END OF PERIOD $ (52) $ 4,714
</TABLE>
See accompanying notes to these consolidated financial statements.
<PAGE>
CAMELOT CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
ITEM 1. Financial Statements and Principles of Consolidation
The accompanying condensed consolidated financial statements have been
prepared in accordance with the instruction to Form 10-Q, and do not
include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair presentation
have been included. These statements should be read in conjunction
with the audited financial statements and notes thereto included in
the Registrant's annual Form 10-K filing for the year ended April 30,
1999.
ITEM 2. Management Discussion and Analysis of Financial Condition
and Results of Operations
The Company's revenue for the quarter ended July 31, 1999 was $0
compared with $1,047 in the comparable quarter of 1998. Net loss for
the three month period was $(1,319) compared with a loss for the
previous year of $(205,483). The Company is now inactive.
The consolidated balance sheets for the period show stockholders'
equity of $586,112 compared with $586,313 for the financial year ended
April 30, 1999. Total assets were $632,564 compared with $633,883.
Liquidity and Capital Resources
Net cash used by operating activities for the period was $718 compared
with $143,251 in 1998. Net cash used by financing activities was $0
compared with $4,800 provided in 1998. Cash of $(52)compares with
$666 at April 30, 1999.
The Company does not have any plans for capital expenditures. The
Company has negligible cash resources and will experience liquidity
problems over the next twelve months due to its lack of revenue unless
it is able to raise funds from outside sources. There are no known
trends, demands, commitments, or events that would result in or that
is reasonably likely to result in the Company's liquidity increasing
or decreasing in a material way.
Year 2000 Readiness Disclosure
The Company is aware of the issues associated with the programming
code in existing computer systems as the year 2000 approaches. The
issue is whether computer systems will properly recognize date-
sensitive information when the year changes to 2000. The Company
believes that the Year 2000 issue will not pose significant
<PAGE>
operational problems for the Company's computer systems and will not
have a material adverse effect on the Company's financial condition
or results of operations.
<PAGE>
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
NONE
Item 5. Exhibits and Reports on Form 8-K.
(a)Exhibits:
3(1) Articles of Incorporation: Incorporated by reference
to Registration Statement
filed on Form 10, June
23, 1976.
3(2) Bylaws: Incorporated by reference as
immediately above.
(10) 1991 Incentive Stock Option Plan: Incorporated by
reference to
proxy statement for
1991.
(b) Reports on Form 8-K: NONE
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 thereto duly authorized.
CAMELOT CORPORATION
(Registrant)
By: /s/ Daniel Wettreich
DANIEL WETTREICH,
President
Treasurer and Principal
Financial Officer
Date: September 14, 1999
[ARTICLE] 5
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[PERIOD-TYPE] 3-MOS
[FISCAL-YEAR-END] APR-30-1999
[PERIOD-END] JUL-31-1999
[CASH] (52)
[SECURITIES] 0
[RECEIVABLES] 15199
[ALLOWANCES] 0
[INVENTORY] 0
[CURRENT-ASSETS] 15147
[PP&E] 0
[DEPRECIATION] 0
[TOTAL-ASSETS] 632564
[CURRENT-LIABILITIES] 46452
[BONDS] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 13453
[COMMON] 62937
[OTHER-SE] 586112
[TOTAL-LIABILITY-AND-EQUITY] 632564
[SALES] 0
[TOTAL-REVENUES] 0
[CGS] 0
[TOTAL-COSTS] 1319
[OTHER-EXPENSES] 0
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 0
[INCOME-PRETAX] (1319)
[INCOME-TAX] (1319)
[INCOME-CONTINUING] (1319)
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] (1319)
[EPS-BASIC] 0
[EPS-DILUTED] 0
</TABLE>
