SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported) July 6, 1999
GENISYS RESERVATION SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
1-12689 22-2719541
(Commission File Number) (I.R.S. Employer Identification No.)
2401 Morris Avenue, Union, New Jersey 07083
(Address of principal executive offices) (Zip Code)
(908) 810-8767
(Registrant's telephone number, including area code)
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ITEM 5.Other Matters
At the request of the Panel of The NASDAQ-Amex Market Group reviewing
the continued listing of the Company's securities, the Company was requested:
"On or before July 7, 1999, the Company must make a public filing with the SEC
and Nasdaq evidencing a minimum of $2,550,000 in net tangible assets. The filing
must contain a May 31,1999 balance sheet with pro forma adjustments for any
significant events or transactions occurring or before the filing date."
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(b) Pro Forma Financial information
1. Pro Forma Balance Sheet at May 31, 1999.
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 hereunto duly authorized.
Genisys Reservation Systems, Inc.
(Registrant)
By: /s/ John Wasko
John Wasko, Treasurer
DATED: July 6, 1999
GENISYS RESERVATION SYSTEMS, INC. AND SUBSIDIARIES
Development Stage Companies
ESTIMATED CONSOLIDATED BALANCE SHEETS
May
31, 1999
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 835,415
Accounts receivable, less allowance for doubtful
accounts of $15,000 48,330
Prepaid expenses 41,434
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Total Current Assets 925,179
INVESTMENT IN, AND ADVANCES TO, GEN 02, INC. 434,777
PROPERTY AND EQUIPMENT 105,929
COMPUTER SOFTWARE, TECHNOLOGY LICENSE AND
RELATEDASSETS, LESS ACCUMULATED AMORTIZATION 2,144,634
OTHER ASSETS 93,155
----------
$3,703,674
==========
LIABILITES AND STOCKHOLDERS EQUITY
CURRENT LIABILITES:
Current maturities of long-term debt $334,375
Accounts payable and accrued expenses 425,940
Accrued interest payable-related party 188,269
----------
Total current liabilities 948,584
----------
LONG-TERM DEBT, LESS CURRENT MATURITIES 78,125
----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDER EQUITY:
Preferred Stock, $.0001 par value: 24,294,000 shares
authorized: none outstanding -
Series A preferred stock, $.0001 par value, 706,000 shares
authorized: issued and outstanding 381,177 shares 38
Common Stock, $.0001 par value; 75,000,000 shares
authorized: issued and outstanding 7,822,076*
shares (1999)and 6,913,965* shares (1998) 782
Additional paid in capital 9,865,889
Deficit Accumulated During the Development Stage (7,189,654)
----------
Total Stockholders Equity 2,676,965
----------
$3,703,674
==========
*2,000,000 shares issued are subject to shareholder approval.
