<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
----------------------
FORM 10-QSB
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the quarterly period ended June 30, 1995.
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the transition period from to .
------------ -------------
Commission File No. 0-15501
BIKERS DREAM, INC.
(Exact name of Registrant as specified in its charter)
California 33-0140149
------------------------------- ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1420 Village Way, Santa Ana, California 92705
--------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(714) 835-8464
----------------------------------------------------
(Registrant's telephone number, including area code)
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether Registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities and 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
-------- ----------
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<PAGE> 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
BIKERS DREAM, INC.
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
-------- ------------
(UNAUDITED)
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 234,228 $ 18,136
Accounts receivable 117,643 98,014
Inventories 1,211,125 701,301
Note receivable from stockholder --- 24,616
Employee advances 15,844 1,870
Prepaid expenses 58,329 58,426
Current portion note receivable 7,560 ---
----------- -----------
Total current assets 1,644,729 920,363
PROPERTY AND EQUIPMENT, at cost, less
accumulated depreciation and
amortization of $61,721 and $28,082 429,837 114,282
DEFERRED TAX ASSET --- 64,785
NOTE RECEIVABLE, less current portion 11,389 ---
DEPOSITS 29,170 37,219
----------- -----------
$ 2,115,125 $ 1,118,649
=========== ===========
</TABLE>
See the accompanying notes to these financial statements
2
<PAGE> 3
BIKERS DREAM, INC.
BALANCE SHEET
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
(UNAUDITED)
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable $ 197,178 $ 5,116
Other accrued expenses 313,942 125,748
Current portion of long-term debt 666,359 1,230
Notes payable --- 521,000
----------- -----------
Total current liabilities 1,177,479 653,094
DEFERRED RENT 82,624 73,504
DEFERRED TAX LIABILITY 3,425 5,859
LONG-TERM DEBT, less current portion 93,943 72,324
----------- -----------
1,357,471 804,781
----------- -----------
STOCKHOLDERS' EQUITY
Common stock, no par value;
25,000,000 and 1,000,000 shares
authorized at June 30, 1995 and
December 31, 1994, respectively;
4,700,000 and 658,013 shares issued
and outstanding at June 30, 1995
and December 31, 1994, respectively 448,990 448,990
Additional paid-in-capital 1,340,565 ---
Accumulated deficit (1,031,901) (135,122)
----------- ------------
Total stockholders' equity 757,654 313,868
----------- -----------
$ 2,115,125 $ 1,118,649
=========== ===========
</TABLE>
See the accompanying notes to these financial statements
3
<PAGE> 4
BIKERS DREAM, INC.
STATEMENT OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS FOR THE SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
1995 1994 1995 1994
-------- -------- -------- -------
<S> <C> <C> <C> <C>
NET SALES $1,820,650 $1,255,108 $3,246,266 $1,878,290
COST OF GOODS SOLD 1,485,713 871,085 2,504,869 1,356,753
---------- ---------- ---------- ----------
GROSS PROFIT 334,937 384,023 741,397 521,537
---------- ---------- ---------- ----------
OTHER (INCOME) AND EXPENSES
Selling, general and administrative
expenses 999,042 246,994 1,553,629 419,205
Depreciation and amortization 25,823 6,238 33,639 12,476
Interest (income) expense (57) 995 (153) 6,127
Franchise income (6,500) --- (8,500) (15,000 )
Other expense (income) 3,668 --- (3,590) ---
---------- ---------- ----------- ----------
1,021,976 254,227 1,575,025 422,808
---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES (687,039) 129,796 (833,628) 98,729
PROVISION FOR INCOME TAXES 104,804 39,150 63,151 31,050
---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (791,843) $ 90,646 $ (896,779) $ 67,679
========== ========== ========== ==========
NET INCOME (LOSS), per common share $ (0.17) $ 0.14 $ (0.19) $ 0.10
========== ========== ========== ==========
</TABLE>
See the accompanying notes to these financial statements
4
<PAGE> 5
BIKERS DREAM, INC.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED JUNE 30,
1995 1994
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ (896,779) $ 67,679
----------- ---------
Adjustments to reconcile net income (loss) to net
cash used in operating activities
Deferred income taxes 62,351 26,450
Depreciation and amortization 33,639 12,476
Change in assets and liabilities
Increase in accounts receivable (19,629) (94,468)
Increase in inventories (509,824) (299,582)
Decrease in deposits 8,049 ---
Decrease in prepaid expenses 100 ---
Increase in employee advances (13,974) ---
Increase in accounts payable 192,052 108,484
Increase in deferred rent 9,120 ---
Increase in other accrued expenses 188,191 67,755
Increase in income taxes payable --- 3,800
---------- ---------
Total adjustments (49,925) (175,085)
----------- ----------
Net cash used in operating activities (946,704) (107,406)
----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for purchase of fixed assets (349,184) (6,577)
----------- ----------
Net cash used in investing activities (349,184) (6,577)
----------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Advances received on employee note receivable (18,949) ---
Principal payments made on long-term debt (40,055) (9,805)
Proceeds from issuance of common stock 840,565 ---
Payments received on note receivable from stockholder 24,616 ---
Proceeds from issuance of long-term debt 705,803 265,690
---------- ---------
Net cash provided by financing activities 1,511,980 255,885
---------- ---------
</TABLE>
See the accompanying notes to these financial statements
5
<PAGE> 6
BIKERS DREAM, INC.
STATEMENT OF CASH FLOWS (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED JUNE 30,
1995 1994
-------- --------
<S> <C> <C>
NET INCREASE IN CASH AND CASH
EQUIVALENTS 216,092 141,902
CASH AND CASH EQUIVALENTS (DEFICIT),
beginning of period 18,136 (41,922)
-------- ---------
CASH AND CASH EQUIVALENTS,
end of period $234,228 $ 99,980
======== ========
SUPPLEMENTAL DISCLOSURE OF NON-CASH
FINANCING ACTIVITY:
A note payable in the amount of $500,000 was converted to stock at March 31, 1995.
</TABLE>
See the accompanying notes to these financial statements
6
<PAGE> 7
BIKERS DREAM, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - GENERAL
The consolidated financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations. The Company believes, however, that
the disclosures are adequate to make the information presented not misleading.
The interim financial statements reflect all adjustments which are, in the
opinion of management, necessary for a fair presentation of the results for the
interim periods presented. It is suggested that these unaudited financial
statements be read in conjunction with the financial statements and notes
thereto included in the Company's December 31, 1994 audited financial
statements. The results of operations for the three months and six months
ended June 30, 1995 and 1994 are not necessarily indicative of the operating
results for the full year.
NOTE 2 - THE COMPANY
The Company, which was formerly known as HDL Communications, was
engaged in the publishing business until June, 1989 when it discontinued
operations. The Company remained inactive until March 13, 1995, when it
acquired all of the outstanding stock of Bikers Dream, Inc., a California
corporation engaged in sales and service of used Harley-Davidson motorcycles
and in retail sales of aftermarket accessories and parts for Harley-Davidson
motorcycles. Prior to its acquisition of Bikers Dream, Inc., the Company
effected a I for 1,363.341473 reverse split of its outstanding common stock.
After the acquisition, Bikers Dream, Inc. was merged into HDL Communications
and HDL Communications changed its name to Bikers Dream, Inc., and the
substance of the transaction was a recapitalization by Bikers Dream, Inc. in
exchange of Bikers Dream's shares for HDL shares.
7
<PAGE> 8
NOTE 3 - INVENTORIES
Inventories are valued using a cost method which approximates at the
first-in, first-out (FIFO) method at the lower of cost or market.
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
----------- ----------
(UNAUDITED)
<S> <C> <C>
Finished goods $1,211,125 $701,301
========== ========
</TABLE>
NOTE 4 - PROPERTY AND EQUIPMENT
Property and equipment, at cost, consists of the following:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
----------- ----------
(UNAUDITED)
<S> <C> <C>
Furniture and fixtures $ 55,150 $ 31,012
Equipment 41,915 29,756
Computers 171,680 29,493
Leasehold improvements 190,450 22,255
Phone system 9,069 6,554
Displays 23,294 23,294
--------- ----------
Less: accumulated depreciation and
amortization (61,721) (28,082)
---------- ----------
$ 429,837 $ 114,282
========= ==========
</TABLE>
NOTE 5 - NOTE RECEIVABLE FROM STOCKHOLDER
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
----------- ----------
(UNAUDITED)
<S> <C> <C>
The Company had a note receivable from its
majority stockholder that was non-interest
bearing and was payable on demand. $ --- $ 24,616
=========== =========
</TABLE>
8
<PAGE> 9
NOTE 6 - NOTE RECEIVABLE
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
----------- ----------
(UNAUDITED)
<S> <C> <C>
The Company has a note receivable from an
employee that is non-interest bearing and
is payable in semi-monthly installments
of $315. $ 18,949 $ ---
Less: current portion (7,560) ---
----------- --------
$ 11,389 $ ---
=========== ========
</TABLE>
NOTE 7 - LONG-TERM DEBT
Long-term debt consists of the following at June 30, 1995 and December 31,
1994:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
----------- ----------
(UNAUDITED)
<S> <C> <C>
Note payable to lender in monthly installments
of $492 including principal and interest at
7.5%, matures January 2023. Monthly
installments are subject to change every
six months. $ 54,499 $ 73,554
Convertible notes payable to various lenders
under a Note Agreement dated June 19, 1995,
accruing interest at a rate of 8% per annum,
principal and accrued interest due and payable
one year after the date of each note through
June 1996. The notes may, at the option of
the holders, be converted into shares of
common stock of the Company pursuant to and
in accordance with the terms of the Note
Agreement. 625,000 ---
</TABLE>
9
<PAGE> 10
<TABLE>
<S> <C> <C>
Capitalized lease obligation payable to a
finance company, collateralized by certain
computer equipment, requiring principal and
interest payments of $2,272 per month, with
interest accruing at 20% per annum through
May 2000. 80,803 ---
------------ -------------
760,302 73,554
Less: current portion (666,359) (1,230)
------------- --------------
$ 93,943 $ 72,324
============ =============
</TABLE>
NOTE 8 - NOTES PAYABLE
The notes payable consist of the following at June 30, 1995 and December 31,
1994:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
----------- ----------
(UNAUDITED)
<S> <C> <C>
Note payable to related party, HDL
Communications, Inc. accruing interest
at 1% plus the prime rate on $200,000
of the unpaid principal balance, principal
plus any accrued interest due March 1995,
collateralized by all assets of the Company.
This note was converted to 333,333 shares
of common stock in March 1995. $ --- $500,000
Note payable to lender, accruing no interest,
due on demand. This note was paid off in
February 1995. --- 21,000
---------- --------
$ --- $521,000
========== ========
</TABLE>
10
<PAGE> 11
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Bikers Dream, Inc. incorporated in California in December of
1991, sells used Harley-Davidson motorcycles ("Harleys") and aftermarket parts,
accessories and related apparel to Harley enthusiasts. Until late 1993, the
business operated in a facility of approximately 2,400 square feet in
Huntington Beach, California. In December, 1993, the Company opened its first
Superstore, a 12,000 square foot facility located in an up-scale commercial
center in Santa Ana, California. The Company's second Superstore, a 10,000
square foot facility, was opened on April 8, 1995 in Dallas, Texas. The third
Company-owned Superstore, a 10,500 square foot facility, was opened on July 28,
1995, in Tampa Bay, Florida.
In addition to retail sales at its Superstores, aftermarket
parts, accessories and related apparel are sold through the Company's 100 page
full color mail order catalogue. The Company plans to publish its second
catalogue in late 1995 which is expected to be three times the size of its
first such endeavor.
The Company is also in the process of establishing a network
of franchised Bikers Dream stores, 10 of which have been sold to date. The
Company's franchise sales activities were suspended during the second quarter
of 1995 pending receipt of required Federal Trade Commission (FTC) and state
regulatory approval. The Company has been advised by its special franchise law
counsel that prior sales of most, if not all of its franchises were not made in
compliance with FTC and applicable state franchise laws and regulations. The
Company, through its wholly owned subsidiary, Bikers Dream International, Inc.,
received approval to sell franchises in all FTC states on July 11, 1995 as well
as several other franchise registration states, and has commenced the sales of
franchises in those states. No previously sold franchises were rescinded
during the second quarter. Franchisees who do not elect to rescind their
franchise agreement within a specified period of time after receipt of notice
from the Company will be deemed to have waived their rights with respect to any
prior violation by the Company of any FTC or applicable state franchise laws
and regulations. There can be no assurance as to the number of franchisees, if
any, who elect not to rescind their franchise agreements.
Three of the previously sold franchises commenced operations
during the second quarter of this year, bringing the total number of opened and
operating franchises to six as of June 30, 1995.
The Company's objective is to become the market leader in
sales of used Harleys and aftermarket parts, accessories and related apparel in
the United States. The Company's strategy for growth includes (i) targeting
the opening of one more Company-owned Superstore in 1995, four additional
Superstores in 1996 and two additional Superstores in 1997, (ii) selling and
opening 12 new franchises in 1995 and 16 per year beginning in 1996 to a total
of 79 franchised stores by year-end 1999, (iii) opening, staffing and stocking
a central warehouse in 1995 to replenish inventories of Superstores and
franchised stores and fill mail-order catalogue
11
<PAGE> 12
orders and (iv) publishing and distributing a new 300 page color mail-order
catalogue.
RESULTS OF OPERATIONS
The following table sets forth for the period indicated the income and expense
items.
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended June 30, Ended June 30,
-------------------- -------------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Sales $ 1,820,650 $ 1,255,108 $ 3,246,266 $ 1,878,290
Cost of goods sold 1,485,713 871,085 2,504,869 1,356,753
----------- ----------- ----------- -----------
Gross Profit 334,937 384,023 741,397 521,537
----------- ----------- ----------- -----------
Other expenses (income)
Selling, general & 999,042 246,994 1,553,629 419,205
administrative
Depreciation and 25,823 6,238 33,639 12,476
amortization
Interest (income) (57) 995 (153) 6,127
expense
Franchise income (6,500) --- (8,500) (15,000)
Other expense (income) 3,668 --- (3,590) ---
---------- ---------- ----------- -----------
1,021,976 254,227 1,575,025 422,808
---------- ---------- ----------- -----------
Income (Loss) before (687,039) 129,796 (833,628) 98,729
provision for income taxes
Provision for income taxes 104,804 39,150 63,151 31,050
---------- ---------- ----------- -----------
Net Income (Loss) $ (791,843) $ 90,646 $ (896,779) $ 67,679
=========== ========== ============ ===========
</TABLE>
COMPARISON OF SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1995 AND 1994:
12
<PAGE> 13
Net sales for the second quarter ended June 30, 1995 were
$1,820,650, an increase of $565,542 or 45.1% from the second quarter ended June
30, 1994. The increase in net sales is primarily due to the opening of the
Company's second Superstore in Dallas, Texas, increased sales in the
Company-owned Superstore in Santa Ana, California, and sales of parts and
accessories to opened and operating franchises.
Comparable store sales increased 30.9% over the same period of
the prior year. This increase in sales was due to increased sales of used
motorcycles as previously mentioned, as authorization to sell used motorcycles
was not received from the California Department of Motor Vehicles until late
March, 1994.
Net sales for the six months ended June 30, 1995 were
$3,246,266 an increase of $1,367,976 or 72.8% over the same period ended June
30, 1994. The increase in net sales is due to the same reasons outlined above
for the second quarter results, plus the move in late 1993 into the Santa Ana
Superstore.
Total gross profit for the second quarter ended June 30, 1995
was $334,937, a decrease of $49,086, or 12.8% from the second quarter of 1994.
The decrease in gross profit is due to: 1) a higher mix of lower margin
products such as used motorcycles, 2) initial establishment of reserves for
inventory shrinkage, and obsolescence, and 3) the result an adjustment to the
perpetual inventory records as a result of implementing a cycle count procedure
during the second quarter in the Company's Santa Ana Superstore. The latter
two items account for approximately 10 percentage points of the gross profit
rate erosion which occurred between the two quarters. As a result of this
inventory adjustment, the Company initiated a physical inventory of the
Santa Ana Superstore in mid August. This physical inventory highlighted
the need for management to thoroughly review all inventory movement
transactions and their effects on the general ledger, and immediately take
action to modify or change those procedures which effect the accuracy of the
financial statements. This has also prompted management to accelerate it's
plans to replace the current point of sale and perpetual inventory systems with
the integrated financial systems package which was purchased during the second
quarter of this year. Management has not modified the financial statements for
the quarter ended June 30, 1995 as a result of the physical inventory, and
believes that the current financial statements conservatively reflect the
results of operations and inventory balances as of June 30, 1995.
Gross profit for the first half of 1995 was $741,397, an
increase of $219,860 or 42.2% over the same period in 1994. The gross profit
rate for the first six months of 1995 was 22.8% as compared to 27.8% for the
same period last year. The change in gross profit rate was caused mainly by
the mix changes and the inventory reserves which relate to the second quarter
1995 activities mentioned previously. The inventory reserve and cycle count
policy change reduced the gross profit rate by 6 percentage points for the six
month period ended June 30, 1995.
Selling, general and administrative expenses were $999,042 for
the second quarter ended June 30, 1995 which represents an increase of $752,048
or 304.5% from the comparable period for the prior year. The increase is due
to higher costs associated with: 1) the opening of the second Superstore
located in Texas; 2) accounting and legal fees relating to filings with the SEC
to register the Company's newly issued shares in conjunction with its reverse
acquisition of HDL Communications on March 13, 1995, 3) legal fees relating to
the re- registration and approval for the Company to continue selling
franchises throughout the United States, 4) the establishment of an in-house
accounting function which was previously performed by an outside service
bureau, and 5) an increase in the number of employees to support the third
Company-owned Superstore that opened in the third quarter of 1995.
13
<PAGE> 14
Selling, general and administrative expenses were $1,553,629 for the
first six months of 1995, an increase of $1,134,424 or 270.6% over the same
period in 1994. The increase was due to the same reasons as outlined above for
the second quarter 1995, plus additional costs associated with a publicly
traded company which commenced in March, 1995 following the reverse acquisition
of HDL Communications.
Depreciation and amortization expense was $25,823 and $6,238 for the
second quarter ended June 30, 1995 and 1994, respectively. The increase of
$19,585 or 314.0% is due almost entirely to the acquisition of new equipment
and leasehold improvements to support the new Company- owned Dallas Superstore,
and the newly acquired computer and software required to operate the in-house
accounting system.
Depreciation and amortization expense was $33,639 for the
first six months ended June 30, 1995. This increase of $21,163 or 169.6% from
the same period last year was due to the same items previously discussed in the
results for the second quarter ended June 30, 1995.
The provision for income taxes was $104,804 for the quarter
ended June 30, 1995 as compared to $39,150 for the same period last year. The
provision for income taxes in the second quarter ended June 30, 1995 results
from the Company's decision to fully reserve the previously recognized Deferred
Tax Asset related to its net operating loss carry forwards. The Company's
management has concluded that, based upon its assessment of all available
evidence, the future benefit of this asset cannot be projected accurately at
this time. The major underlying reason which led to this conclusion is the
uncertainty of the Company's ability to raise sufficient debt and equity
capital necessary to expand the number of Company-owned Superstores and absorb
the corporate overhead structure costs.
The income tax provision for the first half of 1995 was
$63,151, an increase of $32,101 or 103.4% over the same period in 1994. This
increase results from the Company's decision to fully reserve for the Deferred
Tax Asset as previously discussed.
The net loss for the quarter ended June 30, 1995 was $791,843
as compared to a net profit of $90,646 for the quarter ended June 30, 1994.
The loss for the second quarter 1995 was due to the continued investment by the
Company to grow the business through the opening of new Superstores in various
parts of the U.S. as well as the costs associated with the reverse acquisition
of HDL Communications in March, 1995 and becoming a publicly traded company,
and the write off of the Deferred Tax Asset.
The net loss for the first six months ended June 30, 1995 was
$896,779 versus a profit of $67,679 for the same period in 1994. The loss for
the first half of 1995 is due to continued investment by the Company to grow
the number of Superstores and franchises as identified in previous commentary
on the second quarter ended June 30, 1995, and the Company's decision to fully
reserve for the Deferred Tax Asset.
14
<PAGE> 15
While the Company does not expect inflation to have a material
impact upon its operating results, there can be no assurance that inflation
will not affect the Company's business in the future. The Company expects to
mitigate inflationary increases through securing additional purchase volume
discounts as net sales increase through the opening of future Superstores and
franchises.
LIQUIDITY AND CAPITAL RESOURCES
To date, the Company has relied upon equity capital to sustain
its present growth. In connection with the Company's reverse acquisition of
HDL Communications on March 13, 1995, the Company received $1.4 million from
the private placement of common stock.
The Company intends to finance future expansion through a
combination of equity and debt financing. The Company is aggressively pursuing
various alternatives to obtain either debt or equity capital to continue its
growth. Although the Company received $1,225,000 from the private placement
of its convertible promissory notes in June and July, 1995, such amount was
less than anticipated and is not sufficient to fund all future planned
expansion. The Company cannot, therefore, project its success of future
endeavors with a high degree of accuracy nor can it project the related impact
on the business of not securing appropriate levels of financing.
PART II - OTHER INFORMATION
ITEM 6(a). REPORTS ON FORM 8-K.
On May 24, 1995, the Company filed a Form 8-K/A amendment to
its Form 8-K dated March 13, 1995, which amendment includes the audited
financial statements of Bikers Dream, Inc. for the fiscal years ended December
31, 1993 and 1994 and the unaudited financial statements of Bikers Dream, Inc.
as of March 31, 1995 and the three months then ended.
(b) EXHIBITS
Exhibit 27 Financial Data Schedule
15
<PAGE> 16
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.
<TABLE>
<S> <C>
BIKERS DREAM, INC.
Date: August 18, 1995 By: /s/ Dennis Campbell
-----------------------------
Dennis Campbell, President
By: /s/ William R. Gresher
-----------------------------
William R. Gresher,
Vice President and
Chief Financial Officer
</TABLE>
16
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> APR-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 234,228
<SECURITIES> 0
<RECEIVABLES> 132,554
<ALLOWANCES> (14,911)
<INVENTORY> 1,211,125
<CURRENT-ASSETS> 1,644,729
<PP&E> 491,558
<DEPRECIATION> (61,721)
<TOTAL-ASSETS> 2,115,125
<CURRENT-LIABILITIES> 1,177,479
<BONDS> 0
<COMMON> 448,990
0
0
<OTHER-SE> 308,664
<TOTAL-LIABILITY-AND-EQUITY> 2,115,125
<SALES> 3,246,266
<TOTAL-REVENUES> 3,258,509
<CGS> 2,504,869
<TOTAL-COSTS> 1,572,126
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 14,911
<INTEREST-EXPENSE> 231
<INCOME-PRETAX> (833,628)
<INCOME-TAX> (63,151)
<INCOME-CONTINUING> (896,779)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (896,779)
<EPS-PRIMARY> (0.19)
<EPS-DILUTED> (0.19)
</TABLE>
