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
MAY 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 (Zip Code)
offices)
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 May 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 MAY 1996
Unaudited
Statement 1
Interim Balance Sheet
As at 31 May
Unaudited
[CAPTION]
<TABLE>
<S> <C> <C> <C>
ASSETS 1996 1995
Current Cash $ 11,295 $ 5,369
GST receivable 0 1,921
Advances receivable 900 7,099
Current portion of
prepaid expenses 88,808 133,932
Prepaid Expenses 22,922 50,764
Capital Assets Resource property
costs 3,966,018 5,338,763
Plant and equipment 76,730 73,183
4,042,748 5,411,946
Investment 2,128,352 127,028
Due from Affiliated
Company Non-interest bearing,
no specific terms 156,404 31,446
of repayment
Other 18,585 3,628
$6,470,014 $5,773,133
LIABILITIES
Accrued Expenses 242,008 0
Current Accounts payable 178,236 158,467
Notes Payable 1,553,006 0
Due to Affiliated
Companies Non-interest bearing,
and Director no specific terms 372,717 226,922
of repayment
Long Term Debt Notes Payable 29,146 0
SHAREHOLDERS' EQUITY
Share Capital 10,822,956 12,066,978
Deficit (6,728,055) (6,679,234)
4,094,901 5,387,744
6,470,014 5,773,133
</TABLE>
Statement 2
Interim Statement of Loss and Deficit
For the Six Months Ended 31 May
Unaudited
[CAPTION]
<TABLE>
<S> <C> <C> <C>
1996 1995
Sales / Revenue 0 0
Indirect and
Administrative Consulting fees 1,157,695 1,710
Management fees 7,500 1,000
Travel, promotion
and meetings 13,258 8,362
Legal fees 3,515 28,337
Transfer agent
fees 7,000 8,484
Listing and filing
fees 1,052 17,473
Audit and accounting 43,646 30,046
Rent 0 0
Printing and share-
holders' information 186 0
Bank charges, interest
and foreign exchange,
net 7,325 564
Office and mis-
cellaneous
(recovery) 19,191 5,459
Loss on Disposition 130,117 0
Profit on Equity,
Crabby Bill's (204,225) 0
Loss For the
Period 1,186,260 101,435
Deficit - Beginning
of Period 5,541,795 6,577,799
Deficit - End of Period 6,728,055 6,679,234
Loss per share (0.20)
</TABLE>
Statement 3
Interim Statement of Changes in Financial Position
For the Six Months Ended 31 May
Unaudited
[CAPTION]
<TABLE>
<S> <C> <C> <C>
Cash Resources Provided By (Used In) 1996 1995
Operating Acti-
vities Loss for the period (1,186,260) (101,435)
Changes in non-cash
working capital 435,401 63,435
(750,859) (38,000)
Investing Acti-
vities Resource property
costs 7,999 0
Item not affecting
cash Amortization 160,499 0
Investments 508,947 (127,028)
677,445 (127,028)
Financing Acti-
vities Share capital 0 106,976
Due to/from
affiliated companies
and directors, net 79,600 65,526
79,600 172,502
Net Increase in
Cash 6,186 (7,474)
Cash position -
Beginning of period 5,109 12,843
Cash Position - End of Period 11,295 5,369
</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
The Annual General Meeting was held on May 21, 1996.
The matters voted on and their results are as follows:
[CAPTION]
<TABLE>
<S> <C> <C> <C>
MATTER FOR AGAINST WITHHELD
Appointment of
Auditors 2,901,943 0 65
Fix # of
Directors 2,899,877 2,202 31
Elect Directors 2,900,079 0 2,031
Other Business 2,901,555 325 230
</TABLE>
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 did not file any
reports on Form 8-K during this period.
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: July 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> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<CASH> 12,195
<SECURITIES> 0
<RECEIVABLES> 156,404
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,309,414
<PP&E> 0
<DEPRECIATION> (7,999)
<TOTAL-ASSETS> 6,970,014
<CURRENT-LIABILITIES> 2,375,113
<BONDS> 0
0
0
<COMMON> 10,822,956
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,470,014
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,186,260)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,186,260)
<EPS-PRIMARY> (0.20)
<EPS-DILUTED> 0
</TABLE>
