<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from the
Form 10-QSB of Edudata Corporation for the three months ended October 31, 1995
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000738194
<NAME> EDUDATA CORPORATION
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> OCT-31-1995
<CASH> 682,211
<SECURITIES> 0
<RECEIVABLES> 1,224
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 683,435
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 683,435
<CURRENT-LIABILITIES> 24,220
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 659,215
<TOTAL-LIABILITY-AND-EQUITY> 683,435
<SALES> 0
<TOTAL-REVENUES> 9,354
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 12,561
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (3,207)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3,207)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,207)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: October 31, 1995
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________ to _________.
Commission File No.: 0-12850
EDUDATA CORPORATION
(Exact name of small business issuer as specified in its charter)
Delaware 13-3152648
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
376 Main Street, P.O. Box 74, Bedminster, New Jersey 07921
(Address of principal executive offices) (Zip Code)
(908) 234-0042
(Issuer's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 _____
State the number of shares outstanding of each of the issuer's classes of
common stock: As of November 30, 1995, the issuer had 2,509,900 shares of its
common stock, par value $.01 per share, outstanding.
Transitional Small Business Disclosure Format (check one) Yes ___ No X
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
EDUDATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
October 31,
1995
-----------
<S> <C>
ASSETS:
Current assets:
Cash and cash equivalents $ 682,211
Interest receivable and other assets 1,224
----------
Total current assets $ 683,435
==========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable and
accrued liabilities $ 24,220
----------
Total current liabilities 24,220
----------
Stockholders' equity:
Common stock, $.01 par value,
10,000,000 shares authorized,
2,509,900 shares issued and
outstanding 25,099
Paid-in capital 2,667,171
Accumulated deficit (2,033,055)
----------
Total stockholders' equity 659,215
----------
Total liabilities and stockholders'
equity $ 683,435
==========
</TABLE>
See accompanying note to consolidated financial
statements.
<PAGE>
EDUDATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
October 31,
1995 1994
---------- ----------
<S> <C> <C>
Revenues:
Interest income $ 9,354 $ 7,396
General and administrative
expenses 12,561 5,142
---------- ----------
Income (loss) before income taxes ( 3,207) 2,254
Provision for income taxes - -
---------- ----------
Net income (loss) ($ 3,207) $ 2,254
========== ==========
Income (loss) per share $ - $ -
========== ==========
Weighted average number of
shares outstanding 2,509,900 2,509,900
========== ==========
</TABLE>
See accompanying note to consolidated
financial statements.
<PAGE>
EDUDATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
October 31,
1995 1994
--------- ----------
<S> <C> <C>
Net cash provided by (used in)
operating activities ($ 13,729) $ 1,283
Net cash flows from investing activities:
Purchase of U.S. Treasury securities - ( 29,261)
--------- ---------
Net cash used in investing
activities - ( 29,261)
--------- ---------
Net decrease in cash and cash
equivalents ( 13,729) ( 27,978)
Cash and cash equivalents at
beginning of period 695,940 692,066
--------- ---------
Cash and cash equivalents at
end of period $ 682,211 $ 664,088
========= =========
Reconciliation of net income (loss)
to net cash provided by operating
activities:
Net income (loss) ($ 3,207) $ 2,254
Adjustments:
Change in other current assets 40 ( 59)
Change in accounts payable and
accrued liabilities ( 10,562) ( 912)
--------- ---------
Net cash provided by (used in)
operating activities ($ 13,729) $ 1,283
========= =========
</TABLE>
See accompanying note to consolidated
financial statements.
<PAGE>
EDUDATA CORPORATION AND SUBSIDIARIES
NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 1995 AND 1994
(Unaudited)
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of Edudata
Corporation and subsidiaries (the "Company") as of October 31, 1995 and
for the three-month periods ended October 31, 1995 and 1994 reflect all
material adjustments consisting of only normal recurring adjustments
which, in the opinion of management, are necessary for a fair
presentation of the results of operations for the interim periods
presented. Certain information and footnote disclosures required under
generally accepted accounting principles have been condensed or omitted
pursuant to the rules and regulations of the Securities and Exchange
Commission (the "Commission"), although the Company believes that the
disclosures are adequate to make the information presented not
misleading. These consolidated financial statements should be read in
conjunction with the year-end consolidated financial statements and
notes thereto included in the Company's Annual Report on Form 10-KSB
for the fiscal year ended July 31, 1995 as filed with the Commission.
The results of operations for the three months ended October 31, 1995
are not necessarily indicative of the results to be expected for the
entire fiscal year or for any other period.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Operations
- ----------
The Company's operations resulted in a net loss of $3,207 for the three
months ended October 31, 1995, compared to net income of $2,254 for the
comparable period of the prior fiscal year. Significant fluctuations in revenue
and expense items were as follows:
a. Interest income for the quarter ended October 31, 1995 was $9,354,
compared to $7,396 in the comparable period in 1994. The Company's funds were
invested principally in U.S. Treasury securities for the quarters ended October
31, 1995 and 1994. This increase in interest income is attributable primarily to
higher interest rates during the three months ended October 31, 1995, compared
to the same period in 1994.
b. General and administrative expenses were $12,561 for the quarter ended
October 31, 1995 compared to $5,142 for the same quarter in 1994. An increase in
management fees and professional fees were the principal reasons for the
increase. The management fee charged by an affiliate of the Company was $3,000
for the quarter ended October 31, 1995 and was for accounting, cash management,
and other general and administrative expenses incurred by the affiliate on
behalf of the Company. The charge is based on the affiliate's estimated costs,
and management believes the allocation method is reasonable. The increase in
professional fees was incurred in connection with the review of a potential
operating business for the Company. The Company is not party to any agreement or
potential agreement at this time.
c. No income tax expense was recorded in the quarter ended October 31, 1994
due to the utilization of net operating loss carryforwards.
<PAGE>
Liquidity and Capital Resources
- -------------------------------
Cash and cash equivalents of $682,211 at October 31, 1995 consisted
principally of U.S. treasury bills of $646,327 with maturity dates in January
1995. The yields on these securities averaged 5.47%. Net working capital at
October 31, 1995 was $659,215, a decrease of $3,207 from July 31, 1995. This
decrease was due entirely to the results of operations for the three months
ended October 31, 1995. Management believes the Company's cash and cash
equivalents are adequate for its current business activities and for seeking and
acquiring an operating business. Management is actively seeking an acquisition
with the goal of becoming an operating company as soon as possible.
<PAGE>
PART II - OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K were filed during the quarter for which this Form
10-QSB is filed.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
EDUDATA CORPORATION
Dated: December 12, 1995 By: /s/ Mark Koscinski
----------------------------------
Mark Koscinski
Vice President
Principal Finance and
Accounting Officer
