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Previous: INFOAMERICA INC, 10QSB, 1999-11-22 |
Next: CHURCHILL CASH RESERVES TRUST, 24F-2NT, 1999-11-22 |
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Periods ended: June 30, 1999 Commission File No. 0-13338
INFOAMERICA, INC.
Colorado 84-0853869
-------- ----------
(State of other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5 Clover Leaf Court,
Tehachapi, California 93561
--------------------- ------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (661) 821-6018
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 and (2) has been subject to such filing requirements for
the past 90 days.
Yes X No
---- -----
<PAGE>
INFOAMERICA, INC.
BALANCE SHEET
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
---- ----
(unaudited)
ASSETS
CURRENT ASSETS
<S> <C> <C>
Cash $ - $ 4,658
Accounts Receivable - net of
allowance for doubtful accounts of $ 5,000 in 1998 and 1999
73,800 47,161
Supplies
31,034 31,034
------------ ------------
TOTAL CURRENT ASSETS 104,834
82,853
PROPERTY AND EQUIPMENT - net of accumulated
depreciation 1,757,595 1,877,595
------------ ------------
TOTAL $ 1,862,429 $ 1,960,448
============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 188,812 $ 206,727
Revenue billed in advance
50,078 52,161
Franchise fees payable
42,000 42,000
Customer Deposits
5,200 5,200
------------ ------------
Total Current Liabilities 286,090 306,088
SHAREHOLDERS' EQUITY
Preferred stock, $1 par value; 5,000,000 shares authorized,
none issued
Common stock, $.025 par value; 900,000,000 shares authorized,
19,048,521 shares issued and outstanding in 1999 and 1998 476,213 476,213
Additional paid-in capital 1,178,147 1,178,147
Accumulated deficit
(78,021) -
-------- ------------
Total Shareholders' Equity 1,576,339 1,654,360
------------ ------------
TOTAL $ 1,862,429 $ 1,960,448
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
INFOAMERICA, INC.
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
(unaudited) (unaudited) (unaudited) (unaudited)
<S> <C> <C> <C> <C>
REVENUES $ 153,198 167,530 $ 359,159 $ 336,909
EXPENSES
Programming 23,793 41,520 55,296
82,411
Operating 45,056 51,698 83,691 149,613
Administrative 113,766 87,377 178,193 104,988
Depreciation 60,000 60,000 120,000 118,657
----------- ----------- ----------- -----------
TOTAL EXPENSES 242,615 240,595 437,180 455,669
----------- ----------- ----------- -----------
LOSS BEFORE OTHER EXPENSE (89,417) (73,065) (78,021) (118,760)
OTHER INCOME (EXPENSE) - NET
- - - 60,143
----------- ----------- ----------- -----------
NET LOSS $ (89,417) $ (73,065) $ (78,021) $ (58,617)
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 19,048,521 19,048,521 19,048,521 19,048,521
=========== =========== =========== ==========
BASIC LOSS PER SHARE $ (0.005) $ (0.004) $ (0.004) $ (0.003)
========== ========== ========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
INFOAMERICA, INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Six Month Ended
June 30, June 30,
1999 1998
---- ----
(unaudited) (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net loss $ (78,021) $ (58,617)
Adjustments to reconcile net loss to net cash provided by (used
in) operating activities:
Depreciation
120,000 118,657
Changes in operating assets and liabilities:
Accounts receivable
(26,639) 2,620
Other receivable
- (42,543)
Accounts payable and accrued expenses
(17,915) (1,721)
Revenue billed in advance
(2,083) 463
------------- -------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
-----------
(4,658) 18,859
------- ------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment
- (9,640)
------------ -----------
NET CASH USED IN INVESTING ACTIVITIES
- (9,640)
------------ ------------
NET DECREASE IN CASH
(4,658) 9,219
CASH AND CASH EQUIVALENT, BEGINNING OF PERIOD
5,360
4,658
CASH AND CASH EQUIVALENT, END OF PERIOD $ - $ 14,579
============= ===========
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
INFOAMERICA, INC.
NOTES TO FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The interim financial statements presented have been prepared by
InfoAmerica, Inc. (the "Company") without audit and, in the opinion of
the management, reflect all adjustments of a normal recurring nature
necessary for a fair statement of (a) the results of operations for the
three and six months ended June 30, 1999 and 1998, (b) the financial
position at June 30, 1999 and (c) the cash flows for the six months
ended June 30, 1999 and 1998. Interim results are not necessarily
indicative of results for a full year.
The balance sheet presented as of December 31, 1998 has been derived
from the financial statements that have been audited by the Company's
independent public accountants. The financial statements and notes are
condensed and do not contain certain information included in the annual
financial statements and notes of the Company. The financial statements
and notes included herein should be read in conjunction with the
audited financial statements and notes for the years ended December 31,
1998 and 1997 included in the Company's Form 8-K/A 1 filed on November
18,1999.
Effective June 8, 1999, pursuant to the Merger Agreement and Plan of
Reorganization (the "Merger Agreement"), InfoAmerica Inc. has acquired
DDD Cablevision, Ltd., a limited liability partnership, resulting in
the partners and management of DDD Cablevision having actual and
effective control of InfoAmerica Inc., the surviving corporation. For
accounting purposes, the transaction has been treated as an acquisition
of InfoAmerica by DDD Cablevision Ltd. and as a recapitalization of DDD
Cablevision Ltd. The historical financial statements prior to the
acquisition become those of DDD Cablevision Ltd. even though they are
labeled as those of InfoAmerica Inc. In the recapitalization,
historical partners' equity of DDD Cablevision Ltd. prior to the merger
was retroactively restated for the equivalent number of shares received
in the merger with an offset to paid-in capital. Operations prior to
the merger are those of DDD Cablevision Ltd. Basic loss per share prior
to the merger are restated to reflect the number of equivalent shares
received by partners of DDD Cablevision Ltd.
2. SHAREHOLDERS' EQUITY
As described under Basis of Presentation in Note 1, the historical
partners' equity of DDD Cablevision Ltd., prior to the merger, was
retroactively restated for the equivalent number of shares received in
the merger as a credit to common stock and the remaining balance of
partners' equity as a credit to paid-in capital. At the time of merger,
DDD Cablevision's partners received an aggregate of 13,834,000
unregistered "restricted" shares with par value of $.025 per share.
Prior to the merger, InfoAmerica Inc. had 5,214,521 shares of common
stock outstanding. Total issued and outstanding shares of common stock
immediately after the merger is 19,048,521.
<PAGE>
Item 6. Exhibits and Reports on Form 8K
A. Exhibits
--------
1. Exhibit 27 - Financial Data Schedule for the period ended
June 30, 1999
B. Reports of Form 8-K
------------------
1. On May 28, 1999, the Company filed a Report on Form 8-K dated
May 28, 1999, disclosing discussions surrounding a possible merger of
the Company.
<PAGE>
2. On June 23, 1999, the Company filed a Report on Form 8-K dated
June 23, 1999, disclosing the consummation of a merger of the Company.
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: November 22, 1999
INFOAMERICA, INC.
By:/s/ Richard Lubic
------------------------
Name: Richard Lubic
Title: President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Company's consolidated financial statements for the six months ended June 30,
1999 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000760497
<NAME> INFOAMERICA, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> JUN-30-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 78,800
<ALLOWANCES> 5,000
<INVENTORY> 0
<CURRENT-ASSETS> 104,834
<PP&E> 3,660,011
<DEPRECIATION> 1,902,416
<TOTAL-ASSETS> 1,862,429
<CURRENT-LIABILITIES> 286,090
<BONDS> 0
0
0
<COMMON> 476,213
<OTHER-SE> 1,100,126
<TOTAL-LIABILITY-AND-EQUITY> 1,862,429
<SALES> 359,159
<TOTAL-REVENUES> 359,159
<CGS> 138,987
<TOTAL-COSTS> 437,180
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (78,021)
<INCOME-TAX> 0
<INCOME-CONTINUING> (78,021)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (78,021)
<EPS-BASIC> (0.004)
<EPS-DILUTED> (0.004)
</TABLE>
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