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Previous: HANNA M A CO/DE, 8-K, 2000-05-11 |
Next: HOLOBEAM INC, 10-Q, 2000-05-11 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 O-10695
---------
REGENCY EQUITIES CORP.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 23-2298894
- -------------------------------------------------------------------------------
(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification no.)
11845 W. Olympic Boulevard, Suite 900 Los Angeles, CA 90064-5023
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (310) 827-9604
---------------
- -------------------------------------------------------------------------------
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. Yes X No
-------- ----------
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date. Number of Shares of
Common Stock outstanding as of May 6, 2000 is 87,283,661.
<PAGE>
REGENCY EQUITIES CORP.
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
Part I Financial information
Item 1. Financial statements
Balance sheets as of March 31, 2000
(Unaudited) and December 31, 1999..........................................1
Statements of operations for the three
months ended March 31, 2000 and 1999
(Unaudited)................................................................2
Statement of changes in shareholders' equity
for the three months ended March 31, 2000
(Unaudited)................................................................3
Statements of cash flows for the three months
ended March 31, 2000 and 1999 (Unaudited)..................................4
Notes to financial statements (Unaudited)...................................5
Item 2. Management's discussion and analysis
of financial condition and results.........................................6
Item 3. Quantitative and Qualitative
Disclosures About Market Risk..............................................6
Part II Other information
Item 6. Exhibits and reports on Form 8-K............................................7
Signature Page................................................................................8
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
REGENCY EQUITIES CORP.
BALANCE SHEETS
<TABLE>
<CAPTION>
March 31,
2000 December 31,
(Unaudited) 1999
--------------- ---------------
<S> <C> <C>
ASSETS
Cash $ 3,057,620 $ 3,068,600
Rent receivable 1,252 4,472
Rental property owned, net of write
down for possible loss of $215,000
and accumulated depreciation of
$446,992 in 2000 and $437,684 in 1999 809,449 818,757
--------------- ---------------
$ 3,868,321 $ 3,891,829
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Accounts payable and accrued
expenses $ 41,174 $ 30,591
Income taxes payable 1,410 1,220
--------------- ---------------
42,584 31,811
--------------- ---------------
SHAREHOLDERS' EQUITY
Preferred stock, par value $.01
per share, authorized 5,000,000
shares; none issued
Common stock, par value $.01
per share, authorized
125,000,000 shares; issued and
outstanding 87,283,661 shares 872,836 872,836
Additional paid-in capital 47,660,331 47,660,331
Accumulated deficit (44,707,430) (44,673,149)
--------------- ---------------
3,825,737 3,860,018
--------------- ---------------
$ 3,868,321 $ 3,891,829
=============== ===============
</TABLE>
See accompanying notes to financial statements
-1-
<PAGE>
REGENCY EQUITIES CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------------------
2 0 0 0 1 9 9 9
------------ -----------
<S> <C> <C>
REVENUES:
Interest income $ 34,038 $ 34,196
Rental income 11,705 12,045
----------- -----------
TOTAL REVENUES 45,743 46,241
----------- -----------
EXPENSES:
Administrative expense 27,786 32,318
Professional fees 19,942 28,389
Rental expense 30,886 31,311
----------- -----------
TOTAL EXPENSES 78,614 92,018
----------- -----------
LOSS BEFORE INCOME TAXES ( 32,871) ( 45,777)
PROVISION FOR INCOME TAXES 1,410 1,210
----------- -----------
NET LOSS ($ 34,281) ($ 46,987)
=========== ===========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 87,283,661 87,283,661
=========== ===========
LOSS PER SHARE ($ .000) ($ .001)
=========== ===========
</TABLE>
See accompanying notes to financial statements
-2-
<PAGE>
REGENCY EQUITIES CORP.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)
<TABLE>
<CAPTION>
Common Stock
--------------------------------- Additional
Number of Paid-In Accumulated
Shares Amount Capital Deficit
---------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Balance at
December 31, 1999 87,283,661 $ 872,836 $47,660,331 ($44,673,149)
Net loss for the
three months ended
March 31, 2000 ( 34,281)
---------- ----------- ----------- -----------
Balance at
March 31, 2000 87,283,661 $ 872,836 $47,660,331 ($44,707,430)
========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements
-3-
<PAGE>
REGENCY EQUITIES CORP.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-------------------------------------
2 0 0 0 1 9 9 9
------------ -----------
<S> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss ($ 34,281) ($ 46,987)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation 9,308 12,267
Changes in operating assets and liabilities:
Rent receivable 3,220 1,177
Accounts payable and accrued expenses 10,583 ( 4,948)
Income taxes payable 190 ( 2,410)
------------ -----------
NET CASH USED IN OPERATING ACTIVITIES ( 10,980) ( 40,901)
CASH BEGINNING OF PERIOD 3,068,600 3,113,031
------------ -----------
CASH END OF PERIOD $ 3,057,620 $ 3,072,130
============ ===========
</TABLE>
See accompanying notes to financial statements
-4-
<PAGE>
Regency Equities Corp.
Notes to Financial Statements
March 31, 2000
(Unaudited)
1. Significant accounting policies
Significant accounting policies of Regency Equities Corp. are set forth
in its Annual Report on Form 10-K as filed by the Company for the year
ended December 31, 1999 together with certain procedural disclosures.
2. Basis of reporting
The balance sheet as of March 31, 2000, the statements of operations
for the three month periods ended March 31, 2000 and 1999, the
statement of changes in shareholders' equity for the three months ended
March 31, 2000, and the statements of cash flows for the three month
periods ended March 31, 2000 and 1999, have been prepared by the
Company without audit. The accompanying unaudited financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information and pursuant to the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, such statements
include all adjustments (consisting only of normal recurring items)
which are considered necessary for a fair presentation of the financial
position of the Company at March 31, 2000 and the results of its
operations and cash flow for the three month period then ended. It is
suggested that these financial statements be read in conjunction with
the financial statements and the notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31,
1999.
3. Rental property
Real estate owned consists of a shopping center (the "Center") located
in Grand Rapids, Michigan. Approximately 12.5% of the Center is leased
to a tenant on a month-to-month basis. Minimum rent in connection with
this tenant is $3,500 per month. The remaining 87.5% of the Center is
vacant.
-5-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Results of operations
During the first quarter of 2000, the Company recorded a loss of $32,871, before
income taxes, compared to a loss of $45,777 before income taxes for the same
period in 1999. The decrease in loss resulted principally from the decrease in
directors' fees of $6,000 and a decrease in legal fees of $6,693.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable.
-6-
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) EXHIBITS:
EXHIBIT 27.1 Financial Data Schedule (included only in the
electronic filing).
(b) Reports on Form 8-K:
None.
-7-
<PAGE>
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.
REGENCY EQUITIES CORP.
-------------------------------------------
(Registrant)
DATE: May 11, 2000 By/s/ ALLAN L. CHAPMAN
-------------------------------------------
Allan L. Chapman
Chairman of the Board, Chief
Executive Officer and President
(Principal Executive Officer)
DATE: May 11, 2000 By/s/ MORRIS ENGEL
-------------------------------------------
Morris Engel
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
-8-
<PAGE>
REGENCY EQUITIES CORP.
QUARTERLY REPORT ON FORM 10-Q
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number
<S> <C>
27.1 Financial Data Schedule (included only in the electronic
filing)
</TABLE>
-9-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF REGENCY EQUITIES CORP. FOR THE PERIOD ENDED MARCH 31,
2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 3,057,620
<SECURITIES> 0
<RECEIVABLES> 1,252
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3,058,872
<PP&E> 1,256,441
<DEPRECIATION> 446,992
<TOTAL-ASSETS> 3,868,321
<CURRENT-LIABILITIES> 42,584
<BONDS> 0
0
0
<COMMON> 872,836
<OTHER-SE> 2,952,901
<TOTAL-LIABILITY-AND-EQUITY> 3,868,321
<SALES> 0
<TOTAL-REVENUES> 45,743
<CGS> 0
<TOTAL-COSTS> 30,886
<OTHER-EXPENSES> 47,728
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 32,871
<INCOME-TAX> 1,410
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 34,281
<EPS-BASIC> (.000)
<EPS-DILUTED> (.000)
</TABLE>
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