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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 29, 1997
NEXT GENERATION MEDIA CORP.
(Exact name of registrant as specified in its charter)
Nevada 2-74785-B 88-0169543
(State of (Commission File Number) (IRS Employer
incorporation) Identification No.)
900 North Stafford Street, Suite 2003, Arlington, Virginia 22203
(Address of principal executive offices)
Registrant's telephone number, including area code (703) 516-9888
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Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits
(a) Financial Statements.
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NEXT GENERATION MEDIA CORP.
PRO FORMA BALANCE SHEET
SEPTEMBER 30, 1997
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Generation Independence Pro Forma
Media News, Inc. Adjustments Total
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<S> <C> <C> <C> <C>
Assets
Current Assets
Accounts Receivable $ -- $ 89,209 $ -- $ 89,209
Other current assets 10,509 2,836 -- 13,345
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Total current assets 10,509 92,045 -- 102,554
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Property and equipment, net -- 64,569 -- 64,569
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Other Assets
Intangible assets 88,229 (A) 113,615 178,005
(B) (23,839)
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Total Assets $ 98,738 $156,614 $ 89,776 $ 345,128
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NEXT GENERATION MEDIA CORP.
PRO FORMA BALANCE SHEET
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Generation Independence Pro Forma
Media News, Inc. Adjustments Total
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<S> <C> <C> <C> <C>
Liabilities and Stockholders' Equity
Current liabilities
Cash overdraft $ -- $ 7,341 $ -- $ 7,341
Notes payable, current -- 25,000 -- 25,000
Accounts payable 79,267 111,671 (A) 4,200 195,138
Due to shareholders 4,000 -- -- 4,000
Other current liabilities 134 -- -- 134
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Total current liabilities 83,401 144,012 4,200 231,613
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Other liabilities
Long term debt -- 76,229 -- 76,229
Due to stockholders -- 55,040 (A) 15,000 70,040
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Total other liabilities -- 131,269 15,000 146,269
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Total liabilities 83,401 275,281 19,200 377,882
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Stockholders' equity
Common stock 29,509 1,000 -- 30,509
Additional paid in
capital 379,541 220,000 (C) (204,300) 395,241
Accumulated deficit (34,663) (339,667)(C) 274,876 (99,454)
Stock subscription (359,050) -- -- (359,050)
receivable
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Total stockholders' equity 15,337 (118,667) 70,576 (32,754)
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Total liabilities and
stockholders' equity $ 98,738 $ 156,614 $ 89,776 $ 345,128
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The proforma condensed consolidated financial statements reflect the acquisition
of Independence News, Inc. as if it occurred on January 1, 1997. The pro forma
condensed consolidated financial statements set forth are not necessarily
indicative of the actual financial position and results of operation if such
events had occurred as indicated or of future periods.
Pro forma adjustments
(A) Intangibles recognized upon acquisition
(B) Additional Amortization
(C) Net effect of pro forma changes upon equity
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NEXT GENERATION MEDIA CORP.
PRO FORMA INCOME STATEMENT
NINE MONTHS ENDED SEPTEMBER 30, 1997
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Generation Independence Pro Forma
Media News, Inc. Adjustments Total
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<S> <C> <C> <C> <C>
Sales $ -- $ 1,072,816 $ $ 1,072,816
Cost of goods sold -- 711,180 711,180
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Gross profit -- 361,636 -- 361,636
Operating expenses
Selling, general and 45,038 426,464 (A) 23,839 495,341
Administrative
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Loss from operations (45,038) (64,828) (23,839) (133,705)
Other income (expense)
Interest expense (1,068) (150) (1,218)
Interest income 11,443 91 11,534
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Net loss $(34,663) $ (64,887) $ (23,839) $ (123,389)
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Loss per common share (.06)
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Pro Forma Adjustments
(A) Additional Amortization
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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 hereunto duly authorized.
NEXT GENERATION MEDIA CORP.
(Registrant)
Date: May 26, 1998 /s/ Lawrence Grimes
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By: Lawrence Grimes
Title: President