SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD
ENDED AUGUST 31, 1996.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
FROM ______________ TO _____________.
Commission file number: 0-12197
LRG RESTAURANT GROUP, INC.
(Exact name of registrant as specified in its charter)
Province of British Columbia, Canada 59-3286607
(State or other jurisdiction of (I.R.S. Employer
incorporation of organizations) Identification No.)
580 Cape Cod Lane, Suite 5,
Altamonte Springs, Florida 32714
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 407-786-3700
(Former name or former address, If changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 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 [ ]
As of August 31, 1996, the registrant has 5,916,335 shares of
Common Stock, no par value, issued and outstanding.
_____Transitional Small Business Disclosure Format
Yes [ ] No [ X ]
TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION. . . . . . . .
PART II OTHER INFORMATION. . . . . . . . . .
Item 1 Legal Proceedings. . . . . . . . . .
Item 2 Change in Securities . . . . . . . .
Item 3 Defaults Upon Senior Securities. . .
Item 4 Submission of Matters to a Vote of
Security Holders . . . . . . . . . .
Item 5 Other Information. . . . . . . . . .
Item 6 Exhibits and Reports on Form 8-K . .
Signature. . . . . . . . . . . . . . . . . . . . .
Exhibit Index. . . . . . . . . . . . . . . . . . .N/A
PART I - FINANCIAL INFORMATION
LRG RESTAURANT GROUP, INC.
INTERIM FINANCIAL STATEMENTS
31 AUGUST 1996
Unaudited
Statement 1
Interim Balance Sheet
As at 31 August
Unaudited
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ASSETS 1996 1995
Current Cash $8,456 $(11,931)
GST receivable 0 3,036
Advances receivable 900 0
Current portion of
prepaid expenses 88,808 34,511
Prepaid Expenses 10,431 50,764
Capital Assets Resource property
costs 3,970,017 5,356,238
Plant and equip-
ment 72,730 56,749
_________ _________
4,042,747 5,412,987
Investment 2,130,459 0
Due from Affiliated
Company Non-interest
bearing,
no specific 156,404 192,947
terms of repayment
Other 18,585 3,628
_________ _________
6,456,790 5,685,942
LIABILITIES
Accrued Expenses 257,008 0
Current Accounts payable 167,078 89,367
Notes Payable 1,553,006 75,359
Due to Affiliated Non-interest
Companies and bearing, 338,400 137,844
Director specific terms
of repayment
Long Term Debt Notes Payable 29,146 0
SHAREHOLDERS' EQUITY
Share Capital 10,822,956 12,464,279
Deficit (6,755,804)(7,080,907)
__________ _________
4,067,152 5,383,372
6,456,790 5,685,942
</TABLE>
Statement 2
Interim Statement of Loss and Deficit
For the Nine Months Ended 31 August
Unaudited
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1996 1995
Sales / Revenue 0 0
Indirect and
Administrative Consulting fees 1,164,670 329,674
Management fees 7,500 22,500
Travel, promotion
and meetings 23,941 9,916
Legal fees 38,214 37,332
Transfer agent fees 8,354 16,168
Listing and filing
fees 1,052 22,054
Audit and account-
ing 19,416 39,059
Rent 0 0
Printing and share-
holders' informa-
tion (344) 24,945
Bank charges, interest
and foreign exchange,
net 7,456 1,795
Office and mis-
cellaneous
(recovery) 19,958 6,262
Loss on Dis-
position 130,117 0
Profit on Equity,
Crabby Bill's (206,325) 0
Loss For the Period 1,214,009 509,705
Deficit - Beginning of
Period 5,541,795 6,571,202
Deficit - End of Period 6,755,804 7,080,907
Loss per share (0.21)
</TABLE>
Statement 3
Interim Statement of Changes in Financial Position
For the Nine Months Ended 31 August
Unaudited
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Cash Resources Provided By (Used In) 1996 1995
Operating Activi-
ties Loss for the
period (1,214,009) (509,705)
Changes in
non-cash
working capital 424,523 101,095
_________ _________
(789,486) (408,610)
Investing Activi-
ties Resource property
costs 11,998 0
Item not affecting
cash
Amortization 164,498 64,612
Investments 511,054 0
_______ ________
687,550 64,612
Financing Activi-
ties Share capital 0 504,277
Due to/from
affiliated
companies and
directors, net 105,283 (185,053)
_______ ________
105,283 319,224
Net Increase in Cash 3,347 (24,774)
Cash position -
Beginning of
period 5,109 12,843
______ _______
Cash Position - End of Period 8,456 (11,931)
</TABLE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not involved in any legal or arbitration
proceedings which may have or have had a materially adverse
effect on the Company's operations or financial position; nor, as
far as the Company is aware, are any such proceedings pending or
threatened against the Company.
ITEM 2. CHANGES IN SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS OF A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 5. OTHER INFORMATION
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - NONE
(b) Reports on Form 8-K. The Company filed a Form 8-K
on June 28, 1996.
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, thereunto duly
authorized.
LRG RESTAURANT GROUP, INC.
Date: October 10, 1996 By:/s/Gerald C. Parker
Gerald C. Parker, Chief
Executive Officer
By:/s/Patricia M. LoDolce
Patricia M. LoDolce,
Chief Accounting Officer
and Chief Financial
Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> AUG-31-1996
<CASH> 9,356
<SECURITIES> 0
<RECEIVABLES> 156,404
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,303,028
<PP&E> 0
<DEPRECIATION> (11,998)
<TOTAL-ASSETS> 6,456,790
<CURRENT-LIABILITIES> 2,344,638
<BONDS> 0
0
0
<COMMON> 10,822,956
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,456,790
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,214,009)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,214,009)
<EPS-PRIMARY> (0.21)
<EPS-DILUTED> 0
</TABLE>
