SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
For the Quarter Ended September 30, l996 Commission File
Number 0-13338
INFOAMERICA, INC.
2600 Canton Court, Suite G
Fort Collins, Colorado 80525
Telephone: (970) 221-5599
Colorado 84-0853869
(State of Incorporation) (I.R.S. EmployerIdentification No.)
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 September 30, 1996, Registrant had 3,351,481 shares of
its $0.025 par value common stock outstanding. An additional
400,699 shares have been authorized but not issued as of
September 30, 1996. After issuing these 400,699 shares, the
number of outstanding shares will total 3,752,180.
BALANCE SHEETS
September 30, 1996
9/30/96
Unaudited 12/31/95
ASSETS
Current Assets
Cash $ 9494 $ 48878
Trade Accounts Receivable 33046 59557
Officers Accounts Receivable 0 10000
TOTAL CURRENT ASSETS 42540 118435
Property and Equipment
Furniture and Fixtures 35344 35344
Computer Equipment 64022 59600
99366 94944
Less Accumulated Depreciation (71770) (69126)
Deposits 1,598 1,598
TOTAL ASSETS $ 71534 $ 145851
============ ===========
Liabilities and Stockholders' Equity
Accounts Payable 11749 49659
Salaries Payable 0 3213
Customer Deposits 40000 92467
Accrued Bonuses & Expenses Due Officers 48653 48653
Convertible Notes Payable 15000 15000
Current Capital Leases 0 2268
Accrued Profit Sharing 20663 20663
Accrued Interest 29234 31428
Deferred Revenue 15000 15000
TOTAL CURRENT LIABILITIES 180299 278351
Convertible Notes Payable 50000 50000
Stockholders' Equity
Common Stock, $.025 Par Value
Authorized--900,000,000 shares;
shares issued & O/S 83784 83784
Additional Paid-In Capital 1974738 1974738
Accumulated Deficit (2216717) (2240452)
Deferred Compensation (570) (570)
TOTAL STOCKHOLDERS' EQUITY (158765) (182500)
TOTAL LIABILITIES & $ 71534 $ 145851
STOCKHOLDERS EQUITY ============ ===========
INFOAMERICA, INC.
STATEMENT OF OPERATIONS
For the Nine Months Ended September 30, 1996 and 1995
(Unaudited)
For the Qtr. For the Qtr. For the 9 For the 9
Ended Ended Mos. Ended Mos. Ended
9/30/96 9/30/95 9/30/96 9/30/95
Software Income 167796 100516 515575 265846
Interest 12 25 415 514
Miscellaneous 25346 7144 30882 20737
TOTAL INCOME $ 193154 107685 $ 546872 $ 287097
=========== =========== ========== ==========
Expenses
Sales Promotion
& Advertising 585 1176 2720 5455
General & Admin. 169328 137275 520418 393523
TOTAL EXPENSES $ 169913 $ 138451 $ 523137 $ 403953
Net Income (Loss) $ 23242 $ (30766) 23734 $ (116856)
======== ========== ========== =========
Net Income (Loss)
Per Share $ .000 $ (.009) $ .000 $ (.033)
========== ============= ========== =======
Weighted Avg. Shares 3752180 3538180 3752180 3538180
INFOAMERICA, INC.
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the 9 months ended September 30, 1996
(Unaudited)
Additional
Common Stock Paid-In Accumulated
Shares Amount Capital Deficit
Balance, December 31,
1995 3,752,180 $83,784 $1,974,738 ($2,240,452)
Net gain for the 9
months ended
September 30, 1996 --- --- --- $23,734
Balances,
September 30, 1996 3,752,180 $83,784 $1,974,738 ($2,216,717)
========= ======= ========== ============
INFOAMERICA, INC.
STATEMENT OF CASH FLOWS
For the 9 months ended September 30, 1995 and 1996
(Unaudited)
1995 1996
Cash flows from operating activities:
Net income (loss) $ (86,091) $23,734
Adjustments to reconcile net income (loss)
to net cash (used in) operations:
Depreciation and amortization 10,416 2,844
(Increase) decrease in trade accounts
receivable 20,795 26511
(Increase) decrease in other current assets 1,345 10,000
Increase (decrease) in accounts payable (5,092) (37,910)
Decrease in salaries payable (2,650) (3,213)
Increase (decrease) in accrued liabilities 3,136 (2,268)
Decrease in customer deposits -- 52,467
Total Adjustments 36,790 (56,503)
Net Cash Used in Operations (47,956) (32,769)
Cash flows from investing activities:
Proceeds from sale of fixed assets --- ---
Purchases of property and equipment (3,140) (4,422)
Net Cash Used in Investing Activities (3,140) (4,422)
Cash flows from financing activities:
Interest Payments --- (2,194)
Net Cash Used in Financing Activities --- (2,194)
Net Decrease in Cash (51,095) (39,385)
Cash Balance at Beginning of Period 64,032 48,878
Cash Balance at End of Period $ 12,937 $ 9,494
========= =========
INFOAMERICA, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 1996
1. Basis of Presentation
The balance sheet at September 30, 1996, and the statements
of operations and cash flows for the nine months ended
September 30, 1995 and 1996, have been prepared by the
Company without audit. In the opinion of management the
accompanying unaudited financial statements contain all
adjustments (consisting of only normal recurring accruals)
necessary for a fair presentation of the financial position
as of September 30, 1996, and the results of operations and
cash flows for the periods ended September 30, 1995 and
1996.
The financial statements have been prepared on a going
concern basis which contemplates the realization of assets
and liquidation of liabilities in the ordinary course of
business. As shown in the accompanying financial
statements, the Company has incurred significant recurring
losses and at September 30, 1996, the Company has a working
capital deficit of $137,759 and a stockholders' deficit of
$158,765. As a result, substantial doubt exists about the
Company's ability to continue to fund future operations
using its existing resources.
The Company intends to pursue the fast food industry during
1996 in an effort to establish pilot programs with major
chain accounts for the Company's order entry software. The
Company intends to reduce operating expenses where
appropriate and attempt to secure consulting contracts with
current as well as new customers. Although the Company is
hopeful these cost cutting and revenue generating strategies
will be successful, there is no assurance that sufficient
cash flows will be generated to fund current operations.
The financial statements do not include any adjustments that
might be necessary should the Company be unable to continue
as a going concern.
2. Income Taxes
No provision for income taxes is required at September 30,
1995 and 1996 because, in management's opinion, the
effective tax rate for the year will be zero.
3. Net Income (Loss) per Share
Net income (loss) per share is based on the weighted average
number of shares of common stock outstanding during the nine
month period ended September 30, 1995 and 1996.
I. CHANGES IN FINANCIAL CONDITION
Working Capital increased slightly during the first nine
months of 1996 due exclusively to the Company's $23,734 gain from
operations. It is anticipated that the Company's financial
condition will stabilize during the balance of 1996 as new fast
food contracts are realized. If revenues do not materialize as
expected, the Company will seek investment capital and/or
consulting contracts to sustain operations. There is no
assurance the Company will be successful in securing such
investment capital or consulting contracts.
II. RESULTS OF OPERATIONS
Revenues:
YTD 1995 vs. 1996: 1996 nine month results increased
90.5% from 1995 levels as revenues from one of the Company's
major customers increased dramatically from 1995 levels. The
Company anticipates that revenues from this customer will
stabilize or slightly decline during the balance of 1996 compared
to 1995.
Expenses:
YTD 1995 vs. 1996: 1996 year-to-date expenses
increased 29.5% from 1995 levels due to increased manning,
greater outside consulting services as well as higher salaries.
Income:
YTD 1995 vs. 1996: 1996 year-to-date gain represents a
$140,590 increase compared to 1995 levels reflecting increased
revenues.
ITEM 6 -- EXHIBITS AND REPORTS ON FORM 8K
A. Exhibits.
The following exhibits are filed with this report:
Exhibit 27 - Financial Data Schedule
B. No reports on Form 8-K were filed during the quarter
ending September 30, l996.
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.
INFOAMERICA, INC.
Date: April 25, l997
Paul F. Knight, President and
Chief Financial Officer
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