FORM 10-QSB/A
GRAND TOYS INTERNATIONAL, INC.
Consolidated Balance Sheets
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
Unaudited)
<S> <C> <C>
Liabilities and Stockholders' Equity
Current liabilities:
Bank indebtedness (note 4) 7,882,998 1,633,068
Trade accounts payable 3,663,279 2,207,896
Other accounts payable and
accrued liabilities 932,100 509,903
Royalties payable 329,557 354,066
Income taxes payable 1,266,115 979,455
Total current liabilities 14,074,049 5,684,388
Loan payable to a director (note 5) - 427,129
Minority interest 100 100
Stockholders' equity:
Capital stock (note 6) 1,578 7,888
Additional paid-in capital 10,599,559 10,593,249
Deficit (6,192,674) (7,248,104)
Cumulative currency translation
adjustment (394,897) (440,602)
4,013,566 2,912,431
Commitments and contingencies
(notes 9 and 10)
Total liabilities and
stockholders' equity $18,087,714 $9,024,048
</TABLE>
See accompanying notes to consolidated financial statements.
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<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated: October 23, 1997 GRAND TOYS INTERNATIONAL, INC.
/s/ Stephen Altro
Stephen Altro
President
In accordance with the requirements of the Exchange Act., this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
Signature Title Date
/s/ Stephen Altro President and Director October 23, 1997
Stephen Altro Director (Principal
Executive Officer)
/s/ Ron Goldenberg Vice President, Chief October 23, 1997
Ron Goldenberg Financial Officer, Secretary,
Treasurer and Director
(Principal Financial and
Accounting Officer)
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