SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-KA
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
MAY 8, 2000
DIGITAL TECHNOLOGIES MEDIA GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-9311 87-0269260
(State or other (Commission File Number) IRS Employer
Jurisdiction Identification
of incorporation) Number)
2660 TOWNSGATE ROAD, SUITE 310, WESTLAKE VILLAGE, CA 91361
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(805) 494-4766
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Financial Information (Unaudited)
Information as to the Company's assets and liabilities as of the date of the
Order Confirming Digital Technologies Media Group, Inc. Third Amended Chapter 11
Plan of Reorganization, was entered as presented below. The Company estimates
that it will have 2,685,872 Units (comprised of one share of common stock and
one series A common stock purchase Warrant) issued and reserved for issuance
under the Plan as of May 31, 2000. The divisor for issuance among Interest
Holders is 0.00918173603; no Interest Holder who held less than 110 shares of
Digital Technologies Media Group, Inc. will receive a distribution under the
Third Plan of Reorganization. In addition, Digital Technologies Media Group,
Inc. issued 683,225 shares of common stock pursuant to its registration
statement on Form S-8 dated November 22, 1996, which offering the Company has
subsequently withdrawn; the Company has issued 6,273 Units under the Plan to
Treasury, in case of future litigation related to the aforementioned S-8
offering withdrawal.
On or about August 30, 2000, during the normal course of auditing the
Registrant's first Investee Company, DataNet Information Systems, Inc., the
Registrants' management with the help of the Registrant's Independent Auditors,
Grant Thornton LLP, discovered that Bernie Budney, the President of DataNet
Information Systems, Inc. (Nevada), placed assets purchased by the Registrant
via the "MOTION AND MOTION BY DEBTOR FOR AN ORDER AUTHORIZING:(1) OBTAINING OF
CREDIT PURSUANT TO BANKRUPTCY CODE SECTIONS 364(b), (c) AND (f) THROUGH THE
ISSUANCE OF DEBTOR'S NOTES; AND (2) THE PURCHASE OF DATANET INFORMATION SYSTEMS,
INC." dated January 12, 2000, belonging to Millennium Information Systems, Inc.,
into Datanet Information Systems, Inc. an Alberta, Canada Corporation, in which
the Registrant's Investee Company Datanet Information Systems, Inc., was only
declared a 49% shareholder, in accordance with documents Mr. Budney delivered to
Grant Thornton and reviewed by the Registrant. The Board of Directors of the
Registrant did not authorize these actions, nor were they authorized by any
actions of any Directors of DataNet Information Systems, Inc. Ultimately on
October 18, 2000 Mr. Budney resigned from the Board of Directors of the
Registrant, and thereafter was removed for cause from the positions of President
and Chief Executive Officer of DataNet Information Systems, Inc. (Nevada) on
November 28, 2000.
It has been further ascertained that Datanet Information Systems, Inc. (Alberta)
was originally formed as Millennium Information Systems, Inc. on February 25,
1997, and Mr. Bernie Budney caused that corporation to change its name to
Datanet Information Systems Inc. on January 5, 2000. None of the account income
per the "MOTION AND MOTION BY DEBTOR FOR AN ORDER AUTHORIZING:(1) OBTAINING OF
CREDIT PURSUANT TO BANKRUPTCY CODE SECTIONS 364(b), (c) AND (f) THROUGH THE
ISSUANCE OF DEBTOR'S NOTES; AND (2) THE PURCHASE OF DATANET INFORMATION SYSTEMS,
INC." dated January 12, 2000, belonging to Millennium Information Systems, Inc.,
was ever transferred to DataNet Information Systems, Inc. (Nevada) per the
purchase agreement, and was always kept in the Alberta Corporation. The
accompanying balance sheet adjusts the original by offsetting the Canadian
Subsidiary to 49% equity ownership.
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CENTRAL CAPITAL VENTURE CORPORATION
STATEMENT OF ASSETS AND LIABILITES
(UNAUDITIED SUBJECT TO ADJUSTMENT UPON AUDIT)
MAY 8, 2000
(US Dollar amounts in
thousands)
Central DataNet DataNet Consolidation
Capital Information Canadian Total
Venture Systems, Inc. (49 % owned)
Corp. US
Assets------------------------------------------------------
Current Assets
Cash and cash equivalents 181,600 128,119 2,988 312,706
Accounts Receivable 32,026 1,617 33,643
Prepaid expenses and other 130 130
current assets
Receivable due from 854 854
Affiliate
Undeposited Funds 2,004 2,004
------------------------------------------------------
Total Current Assets 181,730 162,149 5,459 349,338
Property, plant and 643 2,011,279 2,011,922
equipment, net
Investment in DataNet 100,100 100,100
Investment in Datanet 32,100 32,100
Canadian Sub.------------------------------------------------------
Total Assets 282,473 2,205,528 5,459 2,493,459
Liabilities and
Shareholders' Equity
Current Liabilities
Accounts payable 7,785 28,327 5,092 41,204
Due to Parent Company (16,725) 14,391 (2,334)
Other accrued expenses (4,292) (548) (4,840)
------------------------------------------------------
Total current liabilities 7,785 7,310 18,935 34,030
Long-term Debt
First Corp Operating Lease 496,000 496,000
Promissory Note #1-Bernie 95,000 95,000
Budney
Promissory Note #2-Bernie 104,000 104,000
Budney------------------------------------------------------
Total Long Term Note 695,000 695,000
Payable------------------------------------------------------
Total Liabilities 7,785 702,310 18,935 729,030
Shareholders' Equity
Digital Technologies Media 100,000 100,000
Group
Paid in Capital 1,296,050 1,296,050
Capital stock 1,614,291 . 1,614,291
Preferred A 100 100
Retained Earnings (1,228,074) 19,797 33 (1,208,244)
Net Income (111,629) 87,371 (13,509) (37,767)
------------------------------------------------------
Total Shareholders' Equity 274,688 1,503,218 (13,476) 1,764,430
Total Liabilities and 282,473 2,205,528 5,459 2,493,460
Shareholders' Equity
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Footing assets - 0 (0) (0) (0)
liabilities
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Digital Technologies Media Group, Inc.
(Registrant)
By: /s/ Ely Jay Mandell
---------------------------------
Ely Jay Mandell
President & CEO
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