FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1996
Commission File Number 0-23462
ASIA MEDIA COMMUNICATIONS, LTD.
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(Exact name of registrant as specified in Charter)
Nevada
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(State or other jurisdiction of Incorporation)
88-0207089
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(IRS Employer Identification Number)
Rue-Fritz-Courvoisier 40
2300 La Chaux-de-Fonds
Switzerland
011-4139-7656
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(Address and Telephone Number of Principal Executive Offices)
None
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(Former name or former address, if changed since last report)
Indicated 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 (or for such shorter period that the
Registrant was required to file such report(s), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ ] No [ ]
The number of shares outstanding of each of the Registrant's classes of
stock as of the date of this Report are:
Class of Securities Outstanding at 9/30/96
- --------------------------------------- ----------------------------------------
Common Stock, Par Value $.01 4,785,586 Shares
An Index to the Exhibits is contained herein at Page 3
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
The unaudited financial statements of Registrant at September 30, 1996 are
attached hereto as Exhibit 1 and incorporated herein by reference.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Since Registrant has been inactive since its federal bankruptcy proceedings
under Chapter 11 of the U.S. Bankruptcy Code during the period September 30,
1992 until January 31, 1994, there is no analysis of financial condition or
operations.
PART II
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
Subsequent to approval of its Plan of Reorganization approved by the U.S.
Bankruptcy Court on January 31, 1994, Registrant had attempted to distribute
videos in the Far East; however, the business was never successful and
Registrant is continuing to seek other opportunities and business ventures.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibit 1 - Financial Statements at March 31, 1996
2
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -------------------------------------------------------------------
1 Financial Statements September 30, 1996
27 Financial Data Schedule (provided for the information of the
Securities and Exchange Commission only)
3
<PAGE>
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.
ASIA MEDIA COMMUNICATIONS, LTD.,
a Nevada Corporation
Dated: October 19, 1996 /s/Ian W. Rice
----------------------------------------
Ian W. Rice, President
4
ASIA MEDIA COMMUNICATIONS, LTD.
(FORMERLY SPERZEL-NV, INC.)
CONDENSED BALANCE SHEET
ASSETS
September 30, December 31,
1996 1995
------------ ------------
(Unaudited)
$ -- $ --
============ ============
LIABILITIES AND DEFICIT IN STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable ............................. $ 14,448 $ 3,422
Advances from Related Parties .................... 16,746 16,746
------------ ------------
Total Liabilities ........................ 31,194 20,168
------------ ------------
Deficit in Stockholders' Equity:
Common stock, $.01 par value, 100,000,000
shares authorized, 4,785,586 shares issued
and outstanding in 1996 and 8,037,586 shares
issued and outstanding in 1995 ............. 170,132 170,132
Additional paid-in capital ................... 626,549 626,549
Retained earnings (deficit) .................. (94,154) (83,128)
------------ ------------
702,527 713,553
Less: Treasury stock ......................... (733,721) (733,721)
------------ ------------
Total Deficit in Stockholders' Equity .... (31,194) (20,168)
------------ ------------
$ -- $ --
============ ============
1
<PAGE>
ASIA MEDIA COMMUNICATIONS, LTD.
(FORMERLY SPERZEL-NV, INC.)
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
--------- --------- --------- ---------
Revenues:
Net Sales .................. $ -- $ -- $ -- $ --
Costs and Expenses:
Selling and
Administrative ........... 11,026 1,483 11,026 9,829
--------- --------- --------- ---------
Net Loss ....................... $ (11,026) $ (1,483) $ (11,026) $ (9,829)
========= ========= ========= =========
Loss per share, based on
average weighted number of
shares outstanding ........... $ (--) $ (--) $ (--) $ (--)
========= ========= ========= =========
Number of Shares ............... 4,785,586 8,037,586 5,508,253 8,037,586
========= ========= ========= =========
2
<PAGE>
ASIA MEDIA COMMUNICATIONS, LTD.
(FORMERLY SPERZEL-NV, INC.)
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
For the Nine Months
Ended September 30,
1996 1995
------------ ------------
Cash Flows from Operating Activities:
Cash paid for goods and services .............. $ -- $ (774)
Cash Flows from Financing Activities:
Repayment of shareholders loan ................ -- (9,145)
------------ ------------
Decrease in cash .................................. -- (9,919)
Cash balance, beginning ........................... -- 9,919
------------ ------------
Cash balance, end ................................. $ -- $ --
============ ============
3
<PAGE>
ASIA MEDIA COMMUNICATIONS, LTD.
(FORMERLY SPERZEL-NV, INC.)
CONDENSED STATEMENT OF CASH FLOWS
UNAUDITED
For the Nine Months
Ended September 30,
1996 1995
------------ ------------
Reconciliation of Net Loss to Cash Flows
from Operating Activities:
Net Loss .......................................... $ -- $ (9,829)
Adjustments:
Increase in accounts payable
and accrued expenses ...................... -- 9,055
------------ ------------
Cash Flows from Operating Activities .............. $ -- $ (774)
============ ============
4
<PAGE>
ASIA MEDIA COMMUNICATIONS, LTD.
(FORMERLY SPERZEL-NV, INC.)
NOTES TO FINANCIAL STATEMENTS
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying balance sheet includes the accounts of Asia Media
Communications, Ltd., (herein the "combine"), a corporation purchased by
Sperzel-NV, Inc. on January 31, 1994. On the same date, Sperzel-NV, Inc.
changed its name to Asia Media Communications, Ltd. As Asia Media
Communications, Ltd., the Company had attempted to acquire the licensing
rights for distribution of videos in the Far East. However, the
acquisition was never completed and the Company is seeking opportunities
in other business ventures.
NOTE 2: UNAUDITED FINANCIAL STATEMENTS
The financial statements, as of September 30, 1996, and for the periods
ended September 30, 1996 and 1995, included herein are unaudited;
however, such information reflects all adjustments consisting of normal
recurring adjustments, which are, in the opinion of management,
necessary for a fair presentation of the information for such periods.
In addition, the results of operations for the interim periods are not
necessarily indicative of results for the entire year. The accompanying
financial statements are in condensed form and should be read in
conjunction with the Company's annual report filed on Form 10K.
NOTE 3: SUBSEQUENT EVENT
On March 18, 1996, the Company filed form 8K with respect to a merger
with Kremlyorskey Group, Inc., (KGI), a privately held Delaware
Corporation. As a result of the merger, KGI would be a successor
corporation to the Company. On October 15, 1996, the Company filed an 8K
rescinding the planned merger.
5
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR ASIA MEDIA COMMUNICATIONS, LTD. AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000823190
<NAME> ASIA MEDIA COMMUNICATIONS, LTD.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 14,448
<BONDS> 0
0
0
<COMMON> 170,132
<OTHER-SE> (201,326)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 11,026
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (11,026)
<INCOME-TAX> 0
<INCOME-CONTINUING> (11,026)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,026)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
