U.S. Securities and Exchange Commission
Washington, DC 20549
Form 10-QSB
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal quarter ended December 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 33-11324-LA
NETUSA, INC.
(Name of small business issuer in its charter)
Colorado 84-1035751
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification Number)
201 San Antonio Cir., C250, Mountain View, CA 94040
(Address of principal executive offices)
Issuer's telephone number: (650) 948-6200
Check whether the issuer (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 ___ No__X
Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B contained in this form, and no disclosure will be contained,
to the best of registrant s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.__X
PART I - FINANCIAL INFORMATION
Item 1: Financial Statements
(Note: unaudited, as permissible under Item 310(b) of Regulation S-B.)
<TABLE>
<CAPTION>
NetUSA, Inc.
Condensed Consolidated Financial Statements
for the three months ended December 31, 1996
<S> <C>
Assets
---------
Cash and Cash Equivalents $434,411
Accounts Receivable, Net 360,224
Inventory 7,073
Prepaid Expenses 17,040
------------
Total Current Assets $818,748
Property and Equipment $75,778
Other Assets
------------
Notes Receivable $50,000
Investment 50,000
------------
Total Other Assets $200,000
------------
Total Assets $1,094,526
============
Liabilities and Stockholders' Equity
-------------------------------------------
Account Payable and Accruals/
Current Liabilities $ 280,802
Stockholders' Equity $ 4,146
Total Stockholders' Equity $ 813,724
Total Liability and Capital $1,094,526
Revenues and Expenses
=======================
Sales $ 435,235.74
Cost of Sales 156,689.07
----------------
Operating Income $ 278,546.67
Other Income 25,554.34
----------------
Total Revenues $ 304,101.01
Salaries and Wages $ 97,880.00
Employee Benefits 9,286.12
Administrative/General Expenses 180,091.04
Marketing Expenses 167,332.26
Interest Expense 6,773.57
--------------
Total Operating Expense $ 461,362.99
Net Income (Loss) Before
and After Taxes (157,261.98)
Item 2: Management's Discussion and Analysis or Plan of Operation
See 10-KSB, Items 2 and 6, for the fiscal year ending Sep. 30, 1997, filed
concurrently herewith
PART II: OTHER INFORMATION
Item 6: Exhibits and Reports on Form 8-K
There are no exhibits to this form, and no Form 8-K was filed during this
quarter.
SIGNATURES
In accordance with the requirements of the Exchange Act, Registrant has caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
NetUSA,INC.
Dated: May 4, 1998 /s/ Wun C. Chiou, President
and Chairman of the Board
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> DEC-31-1996
<CASH> 434,411
<SECURITIES> 0
<RECEIVABLES> 360,224
<ALLOWANCES> 0
<INVENTORY> 7,073
<CURRENT-ASSETS> 818,748
<PP&E> 75,778
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,094,526
<CURRENT-LIABILITIES> 280,802
<BONDS> 0
0
0
<COMMON> 4,187
<OTHER-SE> 3,794,648
<TOTAL-LIABILITY-AND-EQUITY> 1,094,526
<SALES> 435,236
<TOTAL-REVENUES> 304,101
<CGS> 156,689
<TOTAL-COSTS> 156,689
<OTHER-EXPENSES> 461,363
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,774
<INCOME-PRETAX> (157,262)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (157,262)
<EPS-PRIMARY> (.04)
<EPS-DILUTED> (.04)
</TABLE>
