<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-QSB/A
(Amendment No.1)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED MARCH 31, 1996
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the transition period from ____________ to ______________
Commission file number 0-13803
GATEWAY INDUSTRIES, INC.
(Exact name of small business issuer as specified in its charter)
Delaware 33-0637631
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101-01 Foster Avenue
Brooklyn, New York 11236
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(Address of principal executive offices) (Zip code)
Issuer's telephone number, including area code: 718-272-9700
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Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act of 1934 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 [_]
Transition Small Business Disclosure Format (check one):
Yes [_] No [X]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable data.
As of May 1, 1996, the Registrant had approximately 1,025,000 shares of Common
Stock outstanding.
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Item 6 EXHIBITS AND REPORTS ON FORM 8-K
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The Registrant hereby amends Item 6 of its Form 10-QSB for the quarter ended
March 31, 1996 to include as Exhibit 27, the Financial Data Schedule filed
herewith.
In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
SIGNATURE
Gateway Industries, Inc.
Date: July 1, 1996 By: /s/ Jack Howard
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Jack Howard, Acting President
<TABLE> <S> <C>
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 574,000
<SECURITIES> 0
<RECEIVABLES> 2,675,000
<ALLOWANCES> 411,000
<INVENTORY> 3,345,000
<CURRENT-ASSETS> 6,525,000
<PP&E> 6,777,000
<DEPRECIATION> 115,000
<TOTAL-ASSETS> 13,187,000
<CURRENT-LIABILITIES> 9,987,000
<BONDS> 8,512,000
0
0
<COMMON> 1,000
<OTHER-SE> 2,685,000
<TOTAL-LIABILITY-AND-EQUITY> 13,187,000
<SALES> 4,431,000
<TOTAL-REVENUES> 4,431,000
<CGS> 3,932,000
<TOTAL-COSTS> 3,932,000
<OTHER-EXPENSES> 775,000
<LOSS-PROVISION> 15,000
<INTEREST-EXPENSE> 185,000
<INCOME-PRETAX> (449,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (449,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (449,000)
<EPS-PRIMARY> (.44)
<EPS-DILUTED> (.44)
</TABLE>
