FORM 8-K
AMENDMENT NO. 1
----------
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Earliest Event Reported: February 3,2000
COBB RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
New Mexico 0-4395 85-0206160
(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation Identification No.)
or organization)
1041 N Formosa Avenue
Mary Pickford Building, Suite 101
Los Angeles, CA 90046
(Address of principal executive offices, including zip code)
(323) 850-2800
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. OTHER EVENTS
Effective May 22, 2000, COBB Resources Corporation's name will change
to Family Room Entertainment Corporation, and its corresponding OTC:BB trading
symbol "COBB" will change to "FMLY."
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(b) Proforma Financial Information required pursuant to Article II of
Regulation S-X.
COBB RESOURCES CORPORATION
Unaudited Condensed Consolidated Proforma Financial
Statements F-1
Condensed Consolidated Proforma Balance Sheet as of
December 31, 1999 F-2
Condensed Consolidated Proforma Statement of Operations
for the year ended June 30, 1999 F-3
Condensed Consolidated Proforma Statement of Operations
for the six months ended December 31, 1999 F-4
Notes to Unaudited Proforma Condensed Consolidated
Financial Statements F-5
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COBB RESOURCES CORPORATION
UNAUDITED PROFORMA CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1999
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COBB RESOURCES CORPORATION
UNAUDITED PROFORMA CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1999
__________
<TABLE>
<CAPTION>
AS PROFORMA PROFORMA
REPORTED ADJUSTMENTS BALANCES
---------------- ---------------- ------------
ASSETS
- --------------------------------------------
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents. . . . . . . . . $ 15,782 (a) $(15,782) $ -
Marketable equity securities, trading. . . 126,878 (a) (126,878) -
Notes receivable . . . . . . . . . . . . . 60,000 (a) (60,000) -
Accrued interest receivable. . . . . . . . 19,249 (a) (19,249) -
---------------- ---------------- ------------
Total current assets . . . . . . . . . . 221,909 (221,909) -
Film projects. . . . . . . . . . . . . . . . - (c) 1,812,000 1,812,000
Property and equipment, net. . . . . . . . . 6,249 (a) (6,249) -
Non-producing oil and gas properties . . . . 133,503 (a) (133,503) -
---------------- ---------------- ------------
Total assets . . . . . . . . . . . . . . . . $ 361,661 $ 1,450,339 $ 1,812,000
================ ================ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
- --------------------------------------------
Current liabilities:
Notes payable and current portion of
long-term debt . . . . . . . . . . . . . $ 4,321 (a) $(4,321) $ -
Accounts payable and accrued liabilities . 10,000 (a) (10,000) -
---------------- ---------------- ------------
Total current liabilities. . . . . . . . 14,321 (14,321) -
Long-term debt, net of current portion . . . - - -
---------------- ---------------- ------------
Total liabilities. . . . . . . . . . . . . . 14,321 (14,321) -
---------------- ---------------- ------------
Commitments and contingencies
Stockholders' equity:
Common Stock, par value $.10; 25,000,000
shares authorized; 8,534,257 shares
issued (13,560,425 proforma), 8,533,907
shares outstanding (13,360,390 proforma) 853,426 (b) (768,084)
(c) 1,270,700 1,356,042
Treasury stock, 350 shares at cost
(200,035 proforma) . . . . . . . . . . . (2,450) (a) (347,340) (349,790)
Additional paid-in capital . . . . . . . . 6,156,172 (b) 768,084
(c) 541,300 7,465,556
Accumulated deficit. . . . . . . . . . . . (6,659,808) - (6,659,808)
---------------- ---------------- ------------
Total stockholders' equity . . . . . . . 347,340 1,464,660 1,812,000
---------------- ---------------- ------------
$ 361,661 $ 1,450,339 $ 1,812,000
================ ================ ============
</TABLE>
See Selected Notes to Unaudited Proforma
Condensed Consolidated Financial Statement.
F-2
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COBB RESOURCES CORPORATION
UNAUDITED PROFORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1999
----------
<TABLE>
<CAPTION>
AS PROFORMA PROFORMA
REPORTED ADJUSTMENTS CONSOLIDATED
---------------- ---------------- ------------
<S> <C> <C> <C>
Revenues:
Mining royalty income, net. . . . . . $ 16,500 (a) $(16,500) $ -
Interest and other income . . . . . . 41,257 (a) (41,257) -
---------------- ---------------- ------------
Total revenues. . . . . . . . . . . . 57,757 (57,757) -
---------------- ---------------- ------------
Costs and expenses:
Property lease expenses . . . . . . . 4,163 (a) (4,163) -
Dry hole expense. . . . . . . . . . . 26,405 (a) (26,405) -
Loss on sale of property. . . . . . . 16,965 (a) (16,965) -
Depreciation expense. . . . . . . . . 8,724 (a) (8,724) -
General and administrative. . . . . . 215,686 (a) (215,686) -
Realized loss on marketable equity
securities. . . . . . . . . . . . . . 219,515 (a) (219,515) -
Unrealized loss on marketable equity
securities. . . . . . . . . . . . . . 6,936 (a) (6,936) -
Interest expense. . . . . . . . . . . 1,407 (a) (1,407) -
---------------- ---------------- ------------
Total costs and expenses. . . . . . . 499,801 (499,801) -
---------------- ---------------- ------------
Loss from continuing operations . . . (442,044) 442,044 -
Loss from discontinued operations . . - (a) (442,044) (442,044)
---------------- ---------------- ------------
Net loss. . . . . . . . . . . . . . . $ (442,044) $ - $ (442,044)
================ ================ ============
Basic and diluted net loss per common
share . . . . . . . . . . . . . . . . $ (0.05) $ (0.03)
================ ============
Weighted average shares outstanding . 8,534,257 (b) (7,680,832)
(c) 12,707,000 13,560,425
================ ============
</TABLE>
See Selected Notes to Unaudited Proforma
Condensed Consolidated Financial Statement.
F-3
<PAGE>
<TABLE>
<CAPTION>
COBB RESOURCES CORPORATION
UNAUDITED PROFORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1999
---------------
AS PROFORMA PROFORMA
REPORTED ADJUSTMENTS CONSOLIDATED
------------- -------------- ------------
<S> <C> <C> <C>
Revenues:
Unrealized gain on marketable equity
securities . . . . . . . . . . . . . . $ 4,859(a) $ (4,859) $ -
Other income . . . . . . . . . . . . . . 5,349(a) (5,349) -
Realized gain on sale of equipment . . . 5,953(a) 5,953 -
------------- -------------- ------------
Total revenues . . . . . . . . . . . . 16,161 16,161 -
------------- -------------- ------------
Costs and expenses:
Depreciation, depletion and amortization 3,947(a) (3,947) -
General and administrative . . . . . . . 63,955(a) (63,955) -
Realized loss on marketable equity
securities . . . . . . . . . . . . . . 14,925(a) (14,925) -
Interest expense . . . . . . . . . . . . 292(a) (292) -
------------- -------------- ------------
Total costs and expenses . . . . . . . 83,119 (83,119) -
Loss from continuing operations. . . . . . (66,958) 66,958 -
Loss from discontinued operations. . . . . - (a) (66,958) (66,958)
------------- -------------- ------------
Net loss . . . . . . . . . . . . . . $ (66,958) $ - $ (66,958)
============= ============== ============
Basic and diluted loss per common share. . $ (0.01) $ (0.00)
============= ============
Weighted average number of common shares
and common share equivalents outstanding 8,534,257 (7,680,832)
(12,707,000) 13,560,425
============= ============
</TABLE>
See Selected Notes to Unaudited Proforma
Condensed Consolidated Financial Statement.
F-4
<PAGE>
COBB RESOURCES CORPORATION
NOTES TO UNAUDITED PROFORMA CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
__________
1. BASIS OF PRESENTATION
-----------------------
On February 3, 2000, control of Cobb Resources Corporation (the "Company")
was acquired by three individual investors and certain entities under their
control (collectively referred to as the "Investors"). The acquisition was
accomplished through a combination of transactions, hereinafter referred to
as the "Corporate Restructuring".
- The Investors each acquired 666,666 shares (approximately 7.8%
individually and 23.4% in the aggregate of the Company's common stock
from the Company's most significant stockholder (the "Stockholder").
- The Company sold substantially all of its existing assets, including
mineral interests, cash, equity securities and other assets, to the
Stockholder in exchange for 2,000,000 shares of the Company's common
stock (that were placed in treasury) and the Stockholder's assumption
of all known and unknown liabilities of the Company, fixed and
contingent, that had accrued up to February 3, 2000. The aggregate
purchase price paid by the Stockholder in connection with this
transaction was approximately $347,000. As a result of this
transaction, the Company discontinued all current operations in which
it was engaged.
- The Company enacted a ten for one reverse stock split that was
effective for stockholders of record on February 17, 2000. A
requirement in conjunction with the reverse split eas that the Company
establish a new OTCBB trading symbol.
- The Company acquired certain assets (the "Asset Purchase"), tangible
property and all other intangible property related to a number of film
projects in exchange for 12,707,000 post split shares, representing an
aggregate purchase price of approximately $1,812,000 based upon
independent appraisal. The film projects were acquired from the
Investors and/or entities owned by the Investors.
The Company believes that the assumptions used in preparing the unaudited
proforma condensed consolidated financial statements provide a reasonable
basis for presenting all of the significant effects of the Corporate
Restructuring (other than any synergies anticipated by the Company, and
nonrecurring charges directly attributable to the Asset Purchase), and that
the proforma adjustments give effect to those assumptions in the Unaudited
Proforma Condensed Consolidated Statements of Operations.
F-5
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COBB RESOURCES CORPORATION
NOTES TO UNAUDITED PROFORMA CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
__________
2. EARNINGS PER SHARE
--------------------
Net loss per share of common stock was computed by dividing the net income
available to common stockholders by the weighted average number of shares
of common stock outstanding during the period.
3. PROFORMA ADJUSTMENTS
---------------------
Proforma adjustments to the Unaudited Proforma Condensed Consolidated
Balance Sheet are as follows:
a. Reflects the sale of substantially all existing assets of the Company
(including mineral interests, cash, equity securities, and other
assets) to the Stockholder in exchange for 2,000,000 shares of the
Company's common stock and the Stockholder's assumption of all known
and unknown liabilities of the Company that had accrued as of February
3, 2000.
b. Reflects the effects of a one for ten reverse stock split effective
for stockholders of record at February 17, 2000.
c. Reflects the acquisition of interests in eight film projects valued in
accordance with an independent appraisal.
Proforma adjustments to the Unaudited proforma Condensed Consolidated
Statements of Operations area as follows:
a. Reflects the discontinuation of current operations based upon the sale
of substantially all existing assets to the stockholder.
b. Reflects the effects of a one for ten reverse stock split for
stockholders of record at February 17, 2000.
c. Reflects the effects of the issuance of 12,707,000 post-split shares
in connection with the Asset Acquisition.
F-6
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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.
COBB RESOURCES CORPORATION
Date: May 18, 2000 By: /s/ George Furla
------------------
George Furla
Chief Executive Officer
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