U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
xQuarterly report under Section 13, or 15 (d) of the Securities
Exchange Act of 1934
For the quarterly period ended July 31, 1999
oTransition report under Section 13 or 15 (d) of the Exchange
Act
For the transition period from ________________ to
_________________
Commission file number 33-19435
eVentures Group, Inc.
(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware 75-2233445
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
6959 Arapaho, Suite 122, Dallas, Texas 75248
(Address of Principal Executive Offices)
(972) 386-8907
(Issuer's Telephone Number, Including Area Code)
Adina, Inc., 2415 Midway Road, Suite 115, Carrollton, Texas 75006
(Former Name, Former Address and Former Fiscal Year, if Changed Since
Last Report)
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 past 90 days.
xYes oNo
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13, or 15 (d) of the Exchange Act
after the distribution of securities under a plan confirmed by a
court.
oYes oNo
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
10,330,610
<PAGE>
eVentures Group, Inc.
I N D E X
Page No.
Part I FINANCIAL INFORMATION (UNAUDITED):
Item 1. Consolidated Balance
Sheets 3
Consolidated Statements of
Operations 4
Consolidated Statements of
Cash Flows 5
Notes to Consolidated
Financial Statements 6
Items 2. Management's Discussion
and Analysis of Financial
Condition and Results of
Operations 6
Part II OTHER INFORMATION 8
2
<PAGE>
eVentures Group, Inc.
PART I: FINANCIAL INFORMATION
ITEM 1. Financial Statements
<TABLE>
CONSOLIDATED BALANCE SHEETS
ASSETS
<S> <C> <C>
July 31, 1999 April 30, 1999
(Unaudited) (Audited)
CURRENT ASSETS
Cash and cash equivalents $ 91 $ 91
Total current assets 91 91
LIABILITIES AND STOCKHOLDERS' EQUITY
July 31, 1999 April 30, 1999
(Unaudited) (Audited)
CURRENT LIABILITIES
Accounts payable - related parties $ 2,986 $ 2,986
Total current liabilities 2,986 2,986
STOCKHOLDERS' EQUITY
Common stock, $.0.00002 par value, 75,000,000
shares authorized, 10,330,610 shares outstanding
at July 31, 1999 and April 30, 1999 207 207
Additional paid-in capital 2,907 2,907
Accumulated deficit (6,009) (6,009)
Total stockholders' equity (2,895) (2,895)
TOTAL LIABILITITES
AND STOCKHOLDERS' EQUITY $ 91 $ 91
</TABLE>
See accompanying notes to these consolidated financial statements.
3
<PAGE>
eVentures Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<S> <C> <C>
Three Months Ended
July 31,
1999 1998
REVENUE $ - $ -
COST OF SALES - -
GROSS PROFIT (LOSS) - -
OPERATING EXPENSES:
General and administrative - -
Write down of nonmarketable securities - -
- -
LOSS FROM OPERATIONS - -
NET INCOME (LOSS) - -
NET INCOME (LOSS) Per Common Share
(*less than $0.001 per share) * *
WEIGHTED AVERAGE OF COMMON
STOCK OUTSTANDING 10,330,610 10,330,610
</TABLE>
See accompanying notes to these consolidated financial statements.
4
<PAGE>
eVentures Group, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<S> <C> <C>
Three Months Ended
July 31,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ - $ -
ADJUSTMENTS TO RECONCILE NET GAIN (LOSS) TO
NET CASH FROM OPERATING ACTIVITIES:
Depreciation and amortization - -
Change in assets and liabilities
Accounts and accrued receivables - -
Accounts payable and accrued expenses - -
Net cash used by operating activities - -
CASH FLOW FROM INVESTING ACTIVITIES - -
CASH FLOW FROM FINANCING ACTIVITIES - -
NET INCREASE (DECREASE) IN CASH - -
CASH AT BEGINNING OF PERIOD 91 91
CASH AT END OF PERIOD $ 91 $ 91
SUPPLEMENTAL INFORMATION:
Cash paid for interest $ - $ -
</TABLE>
See accompanying notes to these consolidated financial statements.
5
<PAGE>
eVentures Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
ITEM 1. Financial Statements and Principles of Consolidation
The accompanying condensed consolidated financial statements have
been prepared in accordance with the instruction to Form 10-QSB, and
do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements.
In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair presentation
have been included. These statements should be read in conjunction
with the audited financial statements and notes thereto included in
the Registrant's annual Form 10-KSB filing for the year ended April
30, 1999.
ITEM 2. 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 has no operations or substantial assets.
Registrant's expenses to date have consisted of fees relating to its
requirements for record keeping and public filings. 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. 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.
6
<PAGE>
Year 2000 Readiness Disclosure
The Company is aware of the issues associated with the programming
code in existing computer systems as the year 2000 approaches. The
issue is whether computer systems will properly recognize date-
sensitive information when the year changes to 2000. The Company
presently believes that the Year 2000 issue will not pose significant
operational problems for the Company's computer systems. The Company
also believes that the Year 2000 issue will not have a material
adverse effect on the Company's financial condition or results of
operations.
7
<PAGE>
PART II - OTHER INFORMATION
Item 5.Exhibits and Reports on Form 8-K.
(a) Exhibits:
3(1)Articles of Incorporation: Incorporated by reference
to Registration Statement
filed on Form 10, June 23,
1976.
3(2)Bylaws: Incorporated by
reference as
immediately above.
(10)1991 Incentive Stock Option Plan: Incorporated by
reference to
proxy statement for
1991.
Reports on Form 8-K: Report dated August 24,
1999
reporting Item 5.
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 thereto duly authorized.
eVentures Group, Inc.
(Registrant)
By:/s/ Daniel Wettreich
Daniel Wettreich, President
Date: September 3, 1999
8
[ARTICLE] 5
<TABLE>
<S> <C>
[PERIOD-TYPE] 3-MOS
[FISCAL-YEAR-END] APR-30-1999
[PERIOD-END] JUL-31-1999
[CASH] 91
[SECURITIES] 0
[RECEIVABLES] 0
[ALLOWANCES] 0
[INVENTORY] 0
[CURRENT-ASSETS] 91
[PP&E] 0
[DEPRECIATION] 0
[TOTAL-ASSETS] 91
[CURRENT-LIABILITIES] 2986
[BONDS] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 207
[OTHER-SE] (3102)
[TOTAL-LIABILITY-AND-EQUITY] 91
[SALES] 0
[TOTAL-REVENUES] 0
[CGS] 0
[TOTAL-COSTS] 0
[OTHER-EXPENSES] 0
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 0
[INCOME-PRETAX] 0
[INCOME-TAX] 0
[INCOME-CONTINUING] 0
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 0
[EPS-BASIC] 0
[EPS-DILUTED] 0
</TABLE>
