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Previous: GIT EQUITY TRUST, 497, 1995-12-14 |
Next: WEGENER CORP, 10-K, 1995-12-14 |
<PAGE>
U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-QSB/A
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1995
( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ TO ______________
Commission file number 0-12962
CAMBRIDGE HOLDINGS, LTD.
(Exact name of small business issuer as specified in its charter)
Colorado 84-0826695
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
8100 W. Crestline Avenue, Suite A-15, 80123-1200
#330 Littleton, Colorado (Zip Code)
(Address of principal executive offices)
Issuer's telephone number, (970) 479-2800
including area code
191 University Blvd., #302, Denver, CO 80206
(Former address)
Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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
State the number of shares outstanding of each of the Issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at October 31, 1995
Common Stock, $.025 par value 3,107,940
SIGNATURES
CAMBRIDGE HOLDINGS, LTD.
Dated: December 14, 1995 By: /s/ Gregory Pusey
---------------------------------------
Gregory Pusey
President, Treasurer and Director
(Chief Executive and Financial Officer)
<PAGE>
CAMBRIDGE HOLDINGS, LTD.
FORM 10-QSB/A
TABLE OF CONTENTS
Part I. Financial Information................................ 3
Balance Sheets as of September 30, 1995 and June 30, 1995..... 4 & 5
Statements of Income for the three month periods ended
September 30, 1995 and September 30, 1994.................... 6
Statements of Cash Flows for the three month periods ended
September 30, 1995 and September 30, 1994.................... 7 & 8
Form 10-QSB/A
Page 2 of 8
<PAGE>
CAMBRIDGE HOLDINGS, LTD.
FORM 10-QSB/A
SEPTEMBER 30, 1995
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
The unaudited financial statements reflect all adjustments and
contain all information necessary, in the opinion of management, for
a fair presentation of the financial position and results of
operation for the interim periods reported when these statements are
read in conjunction with the notes to financial statements included
in the Registrant's Form 10-KSB for the year ended June 30, 1995.
Form 10-QSB/A
Page 3 of 8
<PAGE>
CAMBRIDGE HOLDINGS, LTD.
BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
SEPTEMBER 30, JUNE 30,
1995 1995
ASSETS
------
<S> <C> <C>
CURRENT:
Cash and cash equivalents $ 646,635 $ 698,635
Investment securities 743,667 332,345
Prepaids and other 18,018 8,140
---------- ----------
TOTAL CURRENT ASSETS 1,408,320 1,039,120
---------- ----------
PROPERTY:
Land 200,000 200,000
Building and improvements 1,415,796 1,415,796
---------- ----------
1,615,796 1,615,796
Less accumulated depreciation 213,073 192,424
---------- ----------
NET PROPERTY 1,402,723 1,423,372
---------- ----------
OTHER ASSETS:
Lease commissions, net 50,981 56,028
Deferred rent 32,137 32,137
Note receivable 20,768 21,559
Loan acquisition costs 19,100 19,630
Restricted securities 20,000 -
TOTAL OTHER ASSETS 142,986 129,354
---------- ----------
$2,954,029 $2,591,846
---------- ----------
---------- ----------
</TABLE>
Form 10-QSB/A
Page 4 of 8
<PAGE>
CAMBRIDGE HOLDINGS, LTD.
BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
SEPTEMBER 30, JUNE 30,
1995 1995
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable $ 17,261 $ 18,850
Accrued property taxes and other 27,344 18,807
Security deposits 22,985 22,985
Current maturities of long term debt 19,396 18,841
----------- -----------
TOTAL CURRENT LIABILITIES 86,986 79,483
LONG-TERM DEBT, less current maturities 797,839 802,985
----------- -----------
TOTAL LIABILITIES 884,825 882,468
----------- -----------
STOCKHOLDERS' EQUITY
Common Stock - $.025 par value,
15,000,000 shares authorized: 3,107,940
shares issued and outstanding as of
September 30, 1995 and 3,087,940 shares
issued and outstanding as of June 30, 1995 77,684 77,184
Additional paid in capital 3,085,522 3,079,422
Accumulated deficit (1,391,762) (1,419,013)
Unrealized gain (loss) on investment
equity securities 297,760 (28,215)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 2,069,204 1,709,378
----------- -----------
$ 2,954,029 $ 2,591,846
----------- -----------
----------- -----------
</TABLE>
Form 10-QSB/A
Page 5 of 8
<PAGE>
CAMBRIDGE HOLDINGS, LTD.
STATEMENTS OF INCOME
(unaudited)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
SEPT. 30, 1995 SEPT. 30, 1994
<S> <C> <C>
REVENUES:
Rental income $ 155,574 $ 146,547
Gain on sales of
investment securities 20,925 -
Interest income 8,567 4,085
Dividend income 2,876 -
---------- ----------
TOTAL REVENUES 187,942 150,632
---------- ----------
EXPENSES:
Operating, general, and
administrative 142,747 111,656
Interest 17,944 18,327
---------- ----------
TOTAL EXPENSES 160,691 129,983
---------- ----------
NET INCOME $ 27,251 $ 20,649
---------- ----------
---------- ----------
NET INCOME PER COMMON
SHARE: $.01 $.01
---------- ----------
---------- ----------
TOTAL WEIGHTED AVERAGE
SHARES OUTSTANDING 3,095,962 3,087,940
---------- ----------
---------- ----------
</TABLE>
Form 10-QSB/A
Page 6 of 8
<PAGE>
CAMBRIDGE HOLDINGS, LTD.
STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
SEPT. 30, 1995 SEPT. 30, 1994
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 27,251 $ 20,649
Adjustment to reconcile net income
to cash provided by operating
activities:
Depreciation and amortization 26,226 22,006
Gain on sales of investment securities (20,925) -
Change in operating assets and
liabilities:
Prepaids and other (9,878) (10,427)
Accounts payable (1,589) 6,783
Accrued liabilities and other 8,537 7,838
--------- --------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 29,622 46,849
--------- --------
INVESTING ACTIVITIES:
Purchase of investment securities (134,216) (53,619)
Proceeds from sales of investment
securities 49,793 -
Lease commissions paid - (1,717)
Collections on note receivable 792 717
--------- --------
NET CASH USED IN INVESTING ACTIVITIES (83,631) (54,619)
--------- --------
</TABLE>
Form 10-QSB/A
Page 7 of 8
<PAGE>
CAMBRIDGE HOLDINGS, LTD.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
SEPT. 30, 1995 SEPT. 30, 1994
<S> <C> <C>
FINANCING ACTIVITIES:
Principal payments on notes payable $ (4,591) $ (4,207)
Proceeds from the sale of common stock 6,600 -
-------- --------
NET CASH PROVIDED (USED) IN
FINANCING ACTIVITIES 2,009 (4,207)
-------- --------
INCREASE (DECREASE) IN CASH (52,000) (11,977)
CASH, beginning of period 698,635 596,301
-------- --------
CASH, end of period $646,635 $584,324
-------- --------
-------- --------
</TABLE>
Form 10-QSB/A
Page 8 of 8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 646,635
<SECURITIES> 743,667
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,408,320
<PP&E> 1,615,796
<DEPRECIATION> 213,073
<TOTAL-ASSETS> 2,954,029
<CURRENT-LIABILITIES> 86,986
<BONDS> 797,839
<COMMON> 3,163,206
0
0
<OTHER-SE> (1,094,002)
<TOTAL-LIABILITY-AND-EQUITY> 2,954,029
<SALES> 0
<TOTAL-REVENUES> 187,942
<CGS> 0
<TOTAL-COSTS> 142,747
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 17,944
<INCOME-PRETAX> 27,251
<INCOME-TAX> 0
<INCOME-CONTINUING> 27,251
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27,251
<EPS-PRIMARY> .01
<EPS-DILUTED> 0
</TABLE>
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