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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT
OR
[ ] TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended July 31, 1998
Commission File No. 33-4460-NY
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TASTY FRIES, INC.
(Exact name of registrant as specified in its charter)
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Nevada 65-0259052
State or other jurisdiction (I.R.S. Employer Identification No.)
incorporation or organization
650 Sentry Parkway, Suite One
Blue Bell, PA 19422
(Address Of Principal Executive Offices)(Zip Code)
(610) 941-2109
(Registrant's telephone number, including area code)
ADELAIDE HOLDINGS, INC.
11098 Biscayne Boulevard, Suite 403
Miami, Florida
(305) 899-0200
(Former name and address)
Check whether the registrant (1) filed all reports required to be filed
by Section 13 or 15 (d) of the Exchange Act during the past 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
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As of July 31, 1998: 14,208,712 shares of common stock were outstanding.
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TASTY FRIES, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
(UNAUDITED)
ASSETS
April 30, January 31,
1998 1998
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(Unaudited)
Current assets:
Cash $ 5,217 $ 380,136
Vending machines 70,000 70,000
Machines 36,503
Loan receivable, officers 9,197 30,377
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Total current assets 120,917 480,513
Property and equipment, net 33,631 36,581
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Other assets:
Loan costs, net of accumulated
amortization of $47,812 189,045 208,782
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$ 343,593 $ 725,876
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LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Accounts payable and accrued expenses $ 737,292 $ 633,042
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Total current liabilities 737,292 633,042
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Convertible notes payable 1,503,947 2,202,321
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Unearned revenue 251,000 376,000
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Stockholders' deficiency:
Common stock, $.001 par value; authorized
25,000,000 shares; issued and outstanding
10,838,054 shares at April 30, 1998 and
8,638,630 at January 31, 1998 10,837 8,638
Additional paid-in capital 10,475,295 9,570,693
Deficit accumulated in development stage (12,634,778) (12,064,818)
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(2,148,646) (2,485,487)
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$ 343,593 $ 725,876
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See notes to financial statements.
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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.
TASTY FRIES, INC.
/s/ Edward C. Kelly
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Edward C. Kelly,
Date: September 18, 1998 President and Principal Financial Officer
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