U.S SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-KSB
AMENDMENT NO. 1
(Mark One)
[x] Annual report under Section 13 or 15 (d) of the Securities Exchange Act of
1934
(Fee required)
For the fiscal year ended April 30, 1998
[ ]Transition report under Section 13 or 15 (d) of the Securities Exchange Act
of 1934
(No fee required)
For the transition period from to
Commission file number 33-19435
ADINA, INC.
(Name of Small Business Issuer in Its Charter)
DELAWARE 75-2233445
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
2415 Midway Road, Suite 115, Carrollton, Texas 75006
(Address of Principal Executive Offices) (Zip Code)
(972) 733-3005
(Issuer's Telephone Number, Including Area Code)
Securities registered under Section 12(b) of the Exchange Act:
Name of Each Exchange
Title of Each Class on Which Registered
None None
Securities registered under Section 12(g) of the Exchange Act:
None
(Title of Class)
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.
[x] Yes [ ] No
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 a 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]
Issuer's revenues for its most recent fiscal year is $ 3,692.
As of July 18, 1998, the aggregate market value of the voting stock held by
non-affiliates was $7,813.
The number of shares outstanding of the Registrant's common stock $0.00002
par value was 10,330,610 at July 18, 1998.
Documents Incorporated by Reference.
NONE
Item 1. Business
Adina, Inc. (Registrant) was incorporated in Delaware on June 24,
1987, as a wholly owned subsidiary of Forme Capital, Inc. and on December 9,
1987 all Registrant's then issued shares were distributed to Forme stockholders.
Registrant had no operations or substantial assets until subsequent to the end
of the 1997 fiscal year.
On May 20, 1997 Registrant issued 42,450,000 new common
shares to Daniel Wettreich the President of Registrant in return
for majority control of the outstanding common shares of
Alexander Mark Investments(USA), Inc. ("AMI") a NASDAQ OTC
Bulletin Board public company. Further Registrant
subscribed for 53,811,780 Preferred Shares, Series J of
Camelot Corporation ("Camelot") the consideration being the AMI
shares described above. At that time, Mr. Wettreich was a
director and officer of AMI and Camelot. On July 14, 1997
Camelot shareholders approved a one for forty reverse stock split
of all outstanding common shares and Preferred Shares, Series J.
As a result Registrant then owned 1,345,295 Preferred Stock,
Series J of Camelot.
In August 1997 Registrant's shareholders approved a 1-30 reverse stock split so
as to reduce the number of outstanding shares and enable future issuance of new
shares to be facilitated.
In September 1997, Forsam Venture Funding, Inc. ("Forsam"), a private company of
which Mr. Wettreich was a director and officer, subscribed for 11,700,000
restricted common shares for the sum of $117,000.
In September 1997, Registrant loaned $60,000 to Louis Investments, Inc. a
private company owned by the wife and children of Daniel Wettreich, evidenced
by a demand note carrying a 6% per annum interest rate. In November 1997,
Registrant loaned $55,000 to the children of Daniel Wettreich evidenced by a
demand note carrying a 6% per annum interest rate.
In order to better position the Registrant to be able to conclude a merger or
acquisition transaction in the future, the Registrant determined to enter into a
series of transactions on April 28, 1998 which were intended to simplify its
corporate structure. On April 28, 1998 Forsam issued
1,345,295 Preferred Shares, Series X ("Series X") to Registrant
in exchange for the 1,345,295 Camelot Corporation Preferred
Shares, Series J then owned by Registrant. The Series X are non-
voting, non-yielding and have a preference over the common shares
of Forsam in the event of liquidation.
Also April 28, 1998, Registrant agreed with Forsam to exchange the 11,700,000
common shares in
Registrant owned by Forsam for two note
receivables plus interest in the total amount of $118,475. Registrant
canceled the 11,700,000 common shares so they are no longer
outstanding. Further Registrant also accepted the tendering by Forsam of
1,466,939 shares to the Company for cancellation with no
consideration. Mick Y. Wettreich now owns 98.5% of the
outstanding common shares and is the controlling shareholder of Registrant. By
Written Consent of
Shareholders representing over 80% of the outstanding shares, a
10-1 forward stock split was approved April 28, 1998.
Item 2. Properties
Registrant shares offices at 2415 Midway Road, Suite 115, Carrollton, Texas
75006 with
an affiliate of its President on an informal basis.
Item 3. Legal Proceedings
No legal proceedings to which the Registrant is a party is subject or
pending and no such proceedings are known by the Registrant to be contemplated.
There are no proceedings to which any director, officer or affiliate of the
Registrant, or any owner of record (or beneficiary) of more than 5% of any class
of voting securities of the Registrant is a party adverse to the Registrant.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted for a vote of security holders during the
period under review. By written consent of shareholders representing over 80%
of the outstanding shares a 10-1 forward stock split was approved April 28,
1998.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
Registrant's common stock is traded on the NASDAQ OTC Bulletin Board under
the symbol ADII and the market for the stock has been relatively inactive. The
range of high and low bid quotations for the quarters since April, 1995 are
taken from the "pink sheets" of the National Quotation Bureau. They reflect
inter-dealer prices, without retail mark-up, mark-down or commission, and may
not necessarily represent actual transactions.
<TABLE>
<S> <C> <C> <C> <C>
Bid Ask
Quarter Ending Low High Low High
April 30, 1998 0.015625 0.015625 0.25 0.25
January 31, 1998 0.015625 0.015625 0.25 0.25
October 31, 1998 0.015625 0.015625 0.25 0.25
July 31, 1998 0.015625 0.015625 0.25 0.25
April 30, 1997 0.015625 0.015625 0.25 0.25
January 31, 1997 0.015625 0.015625 0.25 0.25
October 31, 1996 0.015625 0.015625 0.25 0.25
July 30, 1996 0.015625 0.015625 0.25 0.25
April 30, 1996 0.015625 0.015625 0.25 0.25
January 31, 1996 0.015625 0.015625 0.25 0.25
October 31, 1995 0.015625 0.015625 0.25 0.25
July 31, 1995 0.015625 0.015625 0.25 0.25
April 30, 1995 0.015625 0.015625 0.25 0.25
</TABLE>
As of July 18, 1998, there were approximately 627 shareholders on record of
Registrant's common stock.
Item 6.Selected Financial Data
<TABLE>
<S> <C> <C>
Year Ended Year Ended
April 30 April 30
1998 1997
Gross Revenue $ 3,692 $ -
Income (loss)
from continuing
operations (1,012) -
Income (loss)
from continuing
operations
per share * *
Total Assets 1,405 470
Long-term
Obligations
and redeemable
Preferred Stock - -
Cash Dividends Per
Share - -
</TABLE>
Item 7. Management Discussion and Analysis of Financial Condition and Results of
Operations
Registrant was incorporated in Delaware on June 24, 1987, as a wholly owned
subsidiary of Forme Capital, Inc. and on December 9, 1987 all Registrant's then
issued shares were distributed to Forme stockholders. Registrant had no
operations or substantial assets until the fiscal 1998 year. (See Item 1.
Business)
Registrant incurred a loss of $1,012 for the 1998 fiscal year. Revenues of
$3,692 comprised interest
received and accrued. Registrant's expenses to date have consisted of fees
relating to its requirements for record keeping and public filings. The only
asset of Registrant, other than a nominal cash amount is non-voting, non-
yielding, preferred stock in a private company affiliated with the president of
Registrant. Registrant is seeking a business combination, merger or
acquisition.
Liquidity and Capital Resources
During the period under review the Registrant had not conducted any
business operations other than an investment in a public company which has since
been sold (See Item 1. Business). Registrant is
a development-stage company. The Registrant's cash resources and liquidity are
extremely limited. The Registrant has no assets to use as collateral to allow
the Registrant to borrow, and there is no available external funding source
other than Forme which has agreed to provide up to $9,200 for expenses connected
with the attempt to find a business combination partner. If no combination
partner can be found within twelve months, Registrant will experience severe
cash flow difficulties. Registrant's principal needs for capital are for
Securities and Exchange Commission reporting requirements, bookkeeping and
professional fees.
Item 8. Financial Statement and Supplementary Data
Index to Financial Statements
Report of Independent Certified Accountants
Financial Statements for April 30, 1998, and 1997
Balance Sheets
Statement of Operations
Statement of Changes in Stockholders Equity
Statement of Cash Flows
Notes to Financial Statements
<PAGE>
Larry O'Donnell, CPA PC
2280 South Xanadu Way
Suite 370
Aurora, Colorado 80014
Auditor's Report
To: Board of Directors
ADINA, INC.
I have audited the accompanying balance sheets of Adina, Inc., a development
stage company, as of April 30, 1998, and the related statements of operations,
changes in stockholders equity and cash flows for the years ended April 30, 1998
and 1997. These financial statements are the responsibility of the Company's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that our audits provide a reasonable basis for our opinion.
In my opinion, the financial statements referred to in the first paragraph
present fairly, in all material respects, the financial position of Adina, Inc.
as of April 30, 1998, and the results of its operations, statement of changes in
stockholders' equity, and its cash flows for the years ended April 30, 1998, and
1997, in conformity with generally accepted accounting principles.
Larry O'Donnell, CPA
Aurora, Colorado
April 14, 1999
<PAGE>
ADINA, INC.
(a development stage company)
BALANCE SHEETS
For the year ended April 30, 1998
<TABLE>
<S> <C>
ASSETS
Year Ended
April 30, 1998
CURRENT ASSETS
Cash $ 91
Non-marketable securities 1,314
Total assets $1,405
LIABILITIES AND STOCKHOLDERS EQUITY
LIABILITIES
Current Liabilities
Accounts Payable - related parties $ 1,098
Total Liabilities $1,098
Stockholders' equity:
Common stock (number of
shares authorized 75,000,000,
issued and outstanding
10,330,610 shares, par value
$.00002/share $ 207
Additional paid in capital 2,907
Deficit accumulated during the development stage $ (2,807)
Stockholders' Equity $ 307
Total Liabilities and
Stockholders' Equity $ 1,405
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
ADINA, INC.
(a development stage company)
<TABLE>
<S> <C> <C>
STATEMENTS OF OPERATION
For the years ended April 30, 1998 and April 30, 1997
Year Ended Year Ended
April 30, 1998 April 30,1997
Income-interest $ 3,692 $ -
Expenses-General and
administrative 4,704 -
Net Income (loss) $ (1,012) $ -
Earnings per common
share*
*(less than $0.001
per share)
Weighted average number
of shares outstanding 14,198,333 32,550,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
ADINA, INC.
(a development stage company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the years ended April 30, 1998, and 1997
<TABLE>
<S> <C> <C> <C> <C> <C>
Common Deficit
Stock Additional During the
Shares Par Paid-In Development Shareholders
Issued Value Capital Stage Equity
Balance at April
30, 1996 32,550,000 $ 651 $1,614 $ (1,795) $470
Net Profit (loss)
for the period
ended April 30,
1997 - - - - -
Balance at April
30, 1997 32,550,000 $ 651 $ 1,614 $ (1,795) $470
New common stock
issuance 42,450,000 $849 $849 - -
Reverse Stock split (72,500,000) (1,450) 1,450 - -
New common stock
issuance 11,700,000 $234 $116,766 - $117,000
Cancellation of
outstanding stock
for notes receivable (11,700,000) (234) (116,766) - (117,000)
for no consideration (1,466,939) (29) 29 - -
Forward Stock
Split 9,297,549 186 (186) - -
Net Profit (loss)
for the period
ended April 30,
1998 - - - (1,012) (1,012)
Balance at April
30, 1998 10,330,610 207 2,907 (2807) 307
</TABLE>
The accompanying notes are an integral part of these financial statements.
ADINA, INC.
(a development stage company)
STATEMENT OF CASH FLOWS
For the years ended April 30, 1998 and April 30, 1997
<TABLE>
<S> <C> <C>
1998 1997
Net Income (loss) $ (1,012) $ -
CASH FLOWS FROM
OPERATING ACTIVITIES
Adjustments to reconcile net loss
to net cash used in operating
activities:
Accrued interest addition to
notes receivable (3,475) -
Write off of interest 1,475 -
Write up of non-marketable
securities 293 -
Increase (decrease) in accounts
payable 1,098 -
NET CASH RECEIVED
(USED) in operating activities (1,621) -
CASH FLOWS FROM IN-
VESTING ACTIVITIES
NET CASH PROVIDED(USED)
BY INVESTING ACTIVITIES - -
CASH FLOWS FROM FINAN-
CIAL ACTIVITIES
Issuance of note receivable
related party (115,000) -
Issuance of new common
stock 117,000 -
NET CASH PROVIDED(USED)
BY FINANCIAL ACTIVITIES 2,000 -
NET INCREASE (DECREASE)
IN CASH (379) -
BEGINNING CASH BALANCE 470 470
CASH BALANCE AT APRIL 30 $ 91 $ 470
</TABLE>
The accompanying notes are an integral part of these financial statements.
ADINA, INC.
(a development stage company)
Notes to Financial Statements
Organization and Summary of Significant Accounting Policies
This summary of significant accounting policies is presented to assist
in understanding the financial statements of Adina, Inc. These accounting
policies conform to generally accepted accounting principles.
Organization
The Company was organized on June 24, 1987 as a Delaware corporation and a
fiscal year end of April 30 was selected. The Company was formed by Forme
Capital, Inc. which distributed 100% of the Common Stock in issue to its
stockholders in December, 1987.
Through April 30, 1998 the operations of the Company have been primarily
organizational in nature. The Company intends to evaluate, structure and
complete a merger or acquisition.
Income Taxes
For the years ended April 30, 1997 and 1998, the Company has incurred
approximately $1,795 in operating losses. Since realization of the tax benefits
of these net operating losses is not assured beyond any reasonable doubt, no
recognition has been given to possible future tax benefits in the April 30,
1998 financial statements.
Net Income (Loss) Per Common Share
The net income/loss per common share is computed by dividing the net income
(loss) for the period by the number of shares outstanding at April 30, 1998.
Capital Stock
On March 14, 1994, shareholders approved an increase in the number of
authorized shares and a reduction in the par value of each share. In August
1997 shareholders approved a 1 for 30 reverse stock split.
The number of shares authorized are 75,000,000, and the number of shares
issued and outstanding at April 30, 1998 are 10,330,610 with the par value of
each share being $0.00002. During the year additional shares were
issued to Daniel Wettreich an officer and director resulting in 75,000,000
shares issued and outstanding. In August 1997, shareholders approved a 1 for 30
reverse stock split effecting all the outstanding shares but not the par value.
In September 1997, the Company issued
11,700,000 new shares to Forsam Venture Funding, a private company of which
Daniel Wettreich, is an officer and director, for $117,000. In April 1998,
11,700,000 common shares were tendered to the Company in cancellation of
$118,475 in outstanding note receivables plus interest and the Company
subsequently cancelled the shares. An additional 1,466,939 were tendered to and
cancelled by the Company for no consideration. By written consent of
shareholders, in April 1998 a forward stock split of 10-1 was effected on the
outstanding shares.
The holders of the Company's stock are entitled to receive dividends at
such time and in such amounts as may be determined by the Company's Board of
Directors. All shares of the Company's Common Stock have equal voting rights,
each share being entitled to one vote per share for the election of directors
and for all other purposes.
Related Party Transactions
In May 1997, during the period under review, Registrant acquired
6,029,921
restricted shares of Alexander Mark Investments (USA), Inc. ("AMI") a NASDAQ
OTC Bulletin Board public company of which Mr. Wettreich is an officer and
director by the issuance of 42,450,000 restricted common shares of the
Registrant to Mr. Wettreich.
In May 1997, Registrant subscribed for 53,811,780
Preferred Shares, Series J of Camelot Corporation, a NASDAQ listed public
company of which Mr. Wettreich is an officer and director. Registrant exchanged
all the shares it owned in AMI for the Camelot Preferred Shares.
In September 1997, Forsam Venture Funding, Inc., a private company of which
Daniel
Wettreich, is an officer and director, subscribed for 11,700,000 restricted
common shares for the sum of $117,000.
In September 1997, Registrant loaned $60,000 to Louis Investments, Inc., a
private company owned by the wife and children of Daniel Wettreich, evidenced
by a demand note carrying a 6% per annum interest rate. In November 1997,
Registrant loaned $55,000 to the children of Daniel Wettreich, evidenced by a
demand note carrying a 6% per annum interest rate.
On April 28, 1998 Forsam Venture Funding, Inc. issued 1,345,295 Preferred
Shares, Series X ("Series X") to Registrant in exchange for the 1,345,295
Camelot Corporation Preferred Shares, Series J owned by Registrant. The
Series
X are non-voting, non-yielding and have a preference over the common shares
of Forsam Venture Funding, Inc. in the event of liquidation.
On April 28, 1998, Registrant agreed with Forsam Venture
Funding, Inc., to exchange the 11,700,000 common shares in
Registrant owned by Forsam Venture Funding, Inc. for two note
receivables plus interest in the total amount of $118,475. Registrant has
canceled the 11,700,000 common shares so they are no longer
outstanding. Registrant has also accepted the tendering by Forsam of
1,466,939 shares to the Company for cancellation with no
consideration. Mick Y. Wettreich now owns 98.5% of the
outstanding common shares and has control. By Written Consent of
Shareholders representing over 80% of the outstanding shares, a
10-1 forward stock split was approved April 28, 1998.
Registrant paid approximately $1,600.00 for stock transfer services to Stock
Transfer Company of
America, Inc., a company of which Daniel Wettreich is an officer and director.
Item 9. Disagreements on Accounting and Financial Disclosure
None.
<PAGE>
PART III
Item 10. Directors and Executive Officers of the Registrant
The following person serves as director and/or officer of the
Registrant:
<TABLE>
<S> <C> <C> <C> <C>
Name Age Position Period Served Term Expires
Daniel Wettreich 46 Director, June 24, 1987 Next Annual
President, Meeting
Treasurer
</TABLE>
Daniel Wettreich
Daniel Wettreich is Chairman, President and Director of the Company since June
1987. Since September 1988, he has been President and Director of Camelot
Corporation<F1>, a public company. Additionally, he currently holds
directors positions in the following public companies Malex, Inc., Forme
Capital, Inc., and Tussik, Inc. From July 1996 to July 1998 he was a Director of
Constable Group plc (formerly Meteor Technology plc), a United Kingdom public
company(3). In July 1993, he was appointed a Director of Goldstar Video
Corporation<F2> following an investment by Camelot. Mr. Wettreich has a
Bachelor of Arts in Business Administration from the University of
Westminister, London, England.
[FN]
(1) A subsidiary of Camelot Corporation, Camelot Entertainment filed
Chapter 7 liquidation in January, 1995.
(2) Goldstar Video Corporation filed for protection from creditors
pursuant to Chapter 11 in October, 1993, and has converted to a liquidation
proceeding.
(3) A subsidiary, Meteor Payphones Ltd and subsidiaries filed for voluntary
liquidation in March 1998.
Constable Group plc filed for voluntary liquidation in July 1998.
[/FN]
Item 11. Executive Compensation
The following table lists all cash compensation paid to Registrant's
executive officers as a group for services rendered in all capacities during the
fiscal year ended April 30, 1998. No individual officer received compensation
exceeding $100,000; no bonuses were granted to any officer, nor was any
compensation deferred.
CASH COMPENSATION TABLE
Name of individual Capacities in Cash
Number in Group Which Served Compensation
NONE
Directors of the Registrant receive no salary for their services as such,
but are reimbursed for reasonable expenses incurred in attending meetings of the
Board of Directors.
Registrant has no compensatory plans or arrangements whereby any executive
officer would receive payments from the Registrant or a third party upon his
resignation, retirement or termination of employment, or from a change in
control of Registrant or a change in the officer's responsibilities following a
change in control.
Item 12.Security Ownership of Certain Beneficial Owners and Management
The following table shows the amount of common stock, $0.00002 par value,
owned as of July 18, 1998, by each person known to own beneficially more than
five percent (5%) of the outstanding common stock of the Registrant, by each
director, and by all officers and directors as a group (1 persons). Each
individual has sole voting power and sole investment power with respect to the
shares beneficially owned.
<TABLE>
<S> <C> <C>
Name and Address of Amount and Nature of Percent
Beneficial Owner Beneficial Ownership of Class
Daniel Wettreich 0 0%
2415 Midway Road, Ste. 115
Carrollton, Texas 75006
All Officers and Directors
as a group (1 persons)
Mick Y. Wettreich
34 Monarch Ct 10,183,330 98.5%
Lyttleton Road
London England N2ORA
Item 13. Certain Relationships and Related Transactions
Registrant was incorporated in Delaware on June 24, 1987, as a wholly owned
subsidiary of Forme Capital, Inc. a company of which Mr. Daniel Wettreich is a
director and officer and on December 9, 1987 all Registrant's then issued shares
were distributed to Forme stockholders. Registrant had no operations or
substantial assets until the fiscal year ended April 1998.
On May 20, 1997 Registrant issued 42,450,000 new common shares
to Daniel Wettreich the President of Registrant in return for
majority control of the outstanding common shares of
Alexander Mark Investments(USA), Inc. ("AMI") a NASDAQ OTC
Bulletin Board public company. Further Registrant
subscribed for 53,811,780 Preferred Shares, Series J of
Camelot Corporation ("Camelot") the consideration being the AMI
shares described above. At that time, Mr. Wettreich was a
director and officer of AMI and Camelot. On July 14, 1997
Camelot shareholders approved a one for forty reverse stock split
of all outstanding common shares and Preferred Shares, Series J.
As a result Registrant then owned 1,345,295 Preferred Stock,
Series J of Camelot.
In August 1997 Registrant's shareholders approved a 1-30 reverse stock split so
as to reduce the number of outstanding shares and enable future issuance of new
shares to be facilitated.
In September 1997, Forsam Venture Funding, Inc. ("Forsam"), a private company
of which Mr. Wettreich was a director and officer, subscribed for 11,700,000
restricted
common shares for the sum of $117,000.
In September 1997, Registrant loaned $60,000 to Louis Investments, Inc. a
private company owned by the wife and children of Daniel Wettreich, evidenced
by a demand note carrying a 6% per annum interest rate. In November 1997,
Registrant loaned $55,000 to the children of Daniel Wettreich evidenced by a
demand note carrying a 6% per annum interest rate.
In order to better position the Registrant to be able to conclude a merger or
acquisition transaction in the future, the Registrant determined to enter into a
series of transactions on April 28, 1998 which were intended to simplify its
corporate structure. On April 28, 1998 Forsam issued 1,345,295 Preferred
Shares, Series X ("Series X") to Registrant
in exchange for the 1,345,295 Camelot Corporation Preferred Shares,
Series J then owned by Registrant. The Series X are non-voting, non-
yielding and have a preference over the common shares
of Forsam in the event of liquidation.
Also April 28, 1998, Registrant agreed with Forsam to exchange the 11,700,000
common shares in Registrant owned by Forsam for two note receivables plus
interest
in the total amount of $118,475 . Registrant canceled the 11,700,000
common shares so they are no longer outstanding. Further Registrant
also accepted the tendering by Forsam of 1,466,939 shares to the
Company for cancellation with no consideration. Mick Y. Wettreich
now owns 98.5% of the outstanding common shares and is the controlling
shareholder of Registrant. By Written Consent of Shareholders representing
over 80% of the outstanding shares, a 10-1 forward stock split was
approved April 28, 1998.
Registrant paid approximately $1,600.00 for stock transfer services to Stock
Transfer Company of America, Inc., a company of which Daniel Wettreich is an
officer and director.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a)(1) The following financial statements are included in Part II, Item 8 of
this report for fiscal year ended April 30, 1998.
Balance Sheets
Statements of Operations
Statements of Changes in Stockholders' Equity
Statements of Cash Flows
Notes to Consolidated Financial Statements
(a)(2) All schedules for which provision is made in the applicable accounting
regulations of the Securities and Exchange Commission are not required under the
related instructions or are inapplicable and have therefore been omitted.
(a)(3) Exhibits included herein: NONE
Reports on Form 8-K: Report dated May 20, 1997 and amendments reflecting
Items 2 and 7.
Reports on Form 8-K: Report dated April 28, 1998 reporting Items 1 and
2.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
ADINA, INC.
(Registrant)
By: /s/Daniel Wettreich
Daniel Wettreich, President
Chief Executive
Officer); Treasurer (Principal
Financial Officer)
Date: APRIL 14, 1999
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> APR-30-1998
<CASH> 91
<SECURITIES> 1314
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1405
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1405
<CURRENT-LIABILITIES> 1098
<BONDS> 0
0
0
<COMMON> 207
<OTHER-SE> 100
<TOTAL-LIABILITY-AND-EQUITY> 1405
<SALES> 0
<TOTAL-REVENUES> 3692
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4704
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1012)
<INCOME-TAX> (1012)
<INCOME-CONTINUING> (1012)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1012)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
