UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended September 30, 1996
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 (No fee required) for the transition period from
____________________ to _____________________
Commission file number: 0-11734
OMAP HOLDINGS INCORPORATED
(Name of Small Business Issuer in Its Charter)
Nevada 87-0548148
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
82-66 Austin Street, Kew Gardens, New York 11415
(Address of Principal Executive Offices) (Zip Code)
(801) 575-8073
(Issuer's Telephone Number, Including Area Code)
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 XX No
The number of shares outstanding of Registrant's common stock ($0.001 par value)
as of September 30, 1996 was 25,875,344.
<PAGE>
OMAP HOLDINGS INCORPORATED AND SUBSIDIARIES
(FORMERLY LOGOS INTERNATIONAL, INC. AND SUBSIDIARIES)
NOTES TO CONSOLIDATED UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying consolidated unaudited condensed financial statements
have been prepared by management in accordance with the instructions in Form
10-QSB and, therefore, do not include all information and footnotes required by
generally accepted accounting principles and should, therefore, be read in
conjunction with the Company's Annual Report to Shareholders on Form 10-KSB for
the fiscal year ended December 31, 1995. These statements do include all normal
recurring adjustments which the Company believes necessary for a fair
presentation of the statements. The interim operations results are not
necessarily indicative of the results for the full year ended December 31, 1996.
2. Consulting Fees Owed to Canton Financial Services Corporation
During the third quarter of 1996, the Company continued to rely on the
services provided by Canton Financial Services Corporation, a Nevada corporation
("CFSC"), pursuant an April 1, 1996 Consulting Agreement. From July 1 to
September 30, 1996, CFSC billed the Company $123,448 for services rendered. As
of September 30, 1996, the Company was indebted to CFSC for consulting fees in
the amount of $197,155.
3. Changes in Investment Securities
During the third quarter of 1996, the Company purchased 21,277
restricted shares of common Stock in Tianrong Building Material Holdings, Ltd.,
a Utah Corporation. The Company paid $10,000 in cash for the shares.
4. Common Stock Warrants
On September 23, 1996, the Company issued four classes of Common Stock
Warrants totaling 6,000,000 warrants to an investor. Each warrant entitles the
holder to purchase one share of the Company's Common Stock. The Company received
$6,000 from the sale of warrants.
5. Subsequent Events
On October 2, 1996, the Company received a letter of resignation from
Aster De Schrijver, the Company's chairman of the board of directors. For more
information on the resignation, see "Item 5 - Other Information." On the same
date, the Company appointed Lawrence Derrick Ashcroft as one of its directors.
On October 4, 1996, the Company entered into an Agreement with CEA Lab,
Inc., a Kansas Corporation ("CEA"). Pursuant to the Agreement, the Company will
transfer all of its investments securities to CEA in exchange for free-trading
investment securities in various public companies. The investment securities
that the Company transferred were all restricted pursuant to Rule 144 of
Securities Act of 1993 and were valued $436,702 as of September 30, 1996. The
Company and CEA are in the process of transferring to the Company the
free-trading investments valued at no less than $430,000, as stated in the
Agreement.
6. Additional footnotes included by reference
Except as indicated in Notes 1-5 above, there have been no other
material changes in the information disclosed in the notes to the financial
statements included in the Company's Annual Report on Form 10-KSB for the
year ended December 31, 1995. Therefore, those footnotes are included herein
by reference.
F-5
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized this 13TH day of November 1996.
OMAP Holdings Incorporated
/s/ James Tilton
James Tilton, President
In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on
the dates indicated.
Signature Title Date
/s/ James Tilton Chief Executive Officer, President, November 13, 1996
- ----------------- Treasurer and Director
James Tilton
/s/ Jane Zheng Secretary and Director November 13, 1996
- ---------------
Jane Zheng
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CONSOLIDATED UNAUDITED CONDENSED FINANCIAL STATEMENTS FILED WITH THE COMPANY'S
SEBTEMBER 30, 1996 QUARTERLY REPORT ON FORM 10 QSB AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCC BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000717228
<NAME> OMAP Holdings Incorporated
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-01-1996
<PERIOD-END> Sep-30-1996
<EXCHANGE-RATE> 1
<CASH> 14,899
<SECURITIES> 436,702
<RECEIVABLES> 877,466
<ALLOWANCES> 0
<INVENTORY> 675,501
<CURRENT-ASSETS> 1,567,866
<PP&E> 4,014,211
<DEPRECIATION> (1,910,885)
<TOTAL-ASSETS> 6,655,226
<CURRENT-LIABILITIES> 1,323,203
<BONDS> 0
0
0
<COMMON> 23,706
<OTHER-SE> 5,288,580
<TOTAL-LIABILITY-AND-EQUITY> 6,655,226
<SALES> 2,218,874
<TOTAL-REVENUES> 2,222,588
<CGS> 1,382,430
<TOTAL-COSTS> 1,861,969
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<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 19,593
<INCOME-PRETAX> (1,041,404)
<INCOME-TAX> 506
<INCOME-CONTINUING> (1,041,910)
<DISCONTINUED> 0
<EXTRAORDINARY> (8,460)
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<EPS-DILUTED> (0.05)
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