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<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended: March 31, 1996
Commission file number: 33-24464-NY
SPECTRUM EQUITIES, INC.
-----------------------
(Exact name of registrant as specified in its charter)
Delaware 11-2958856
- ------------------------------ -------------------
(State of Incorporation) (IRS Employer
Identification No.)
9942 N.W. 6th Place, Plantation, FL 33324
- ------------------------------------------------ -------------------
(Address of principal executive offices) (Zip code)
Registrant's Telephone No. including area code: (954) 967-4916
----------------------
Indicate 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 reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X . No .
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes X No .
--- ---
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: 237,701,667 shares as of
July 30, 1996.
<PAGE> 2
SPECTRUM EQUITIES, INC.
FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
BALANCE SHEET
<TABLE>
<CAPTION>
MARCH 31, SEPTEMBER 30,
1996 1995
----------- -------------
(UNAUDITED)
ASSETS
<S> <C> <C>
CURRENT ASSETS
Cash $ 1,022 $ -0-
------- --------
OTHER ASSETS
Organization Costs 178 -0-
------- --------
Total Assets $ 1,200 $ -0-
======= ========
LIABILITIES AND OWNERS' EQUITY
Current Liabilities
Payable as per Bankruptcy $ -0- $ 37,991
Loan Payable 39,013 -0-
------- --------
Total Liabilities 39,013 37,991
------- --------
Shareholders' Equity
Common Stock - Par Value $.000001
and $.001, 250,000,000 Shares
Authorized, Issued 223,751,667
and 19,275,000 224 19,275
Paid in Capital 38,678 19,449
Retained Earnings - Deficit (76,715) (76,715)
------- --------
Total Shareholders' Equity (37,813) (37,991)
------- --------
Total Liabilities and
Shareholders' Equity $ 1,200 $ -0-
======= ========
</TABLE>
See Notes to Financial Statements
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Registrant's Financial Statements filed herewith begin on page 3.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations and Liquidity and Capital Resources
The Company is still in the developmental stage since emerging from
Chapter 11 in October 1995. The Company anticipates that it will require minimal
working capital in order to continue the search for an operating company to
acquire. Since emerging from bankruptcy all of its minimal working capital needs
were met by its shareholders. There can be no assurance that the Company will be
able to successfully complete the transition from a development stage company to
an operating company.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reprts of Form 8-K
(a) Exhibit No. 27 Financial Data Schedule (For SEC use only)
(b) There were no reports on Form 8-K during the quarter reported on.
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.
SPECTRUM EQUITIES, INC.
By: s/Robert Harris
-----------------------------
Robert Harris
President
July 30, 1996
<PAGE> 4
SPECTRUM EQUITIES, INC.
FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCK PAID RETAINED SHARE-
IN EARNINGS HOLDERS'
SHARES AMOUNT CAPITAL (DEFICIT) EQUITY
------ ------ ------- -------- -------
<S> <C> <C> <C> <C> <C>
Balance September 30, 1995 19,275,000 $ 19,275 $ 19,449 $(76,715) $(37,991)
Balance December 31, 1995 19,275,000 19,275 19,449 (76,715) (37,991)
Retired - As Per Agreement (12,323,500)
Issued By Court Order 38,725,167
Change in Par Value
to $.000001 (19,229) 19,229
Sale - Common Stock 178,075,000 178 178
----------- -------- -------- -------- --------
Balance March 31, 1996 223,751,667 $ 224 $ 38,678 $(76,715) $(37,813)
=========== ======== ======== ======== ========
</TABLE>
See Notes to Financial Statements
<PAGE> 5
SPECTRUM EQUITIES, INC.
FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
BALANCE SHEET
<TABLE>
<CAPTION>
MARCH 31, SEPTEMBER 30,
1996 1995
----------- -------------
(UNAUDITED)
ASSETS
<S> <C> <C>
CURRENT ASSETS
Cash $ 1,022 $ -0-
------- --------
OTHER ASSETS
Organization Costs 178 -0-
------- --------
Total Assets $ 1,200 $ -0-
======= ========
LIABILITIES AND OWNERS' EQUITY
Current Liabilities
Payable as per Bankruptcy $ -0- $ 37,991
Loan Payable 39,013 -0-
------- --------
Total Liabilities 39,013 37,991
------- --------
Shareholders' Equity
Common Stock - Par Value $.000001
and $.001, 250,000,000 Shares
Authorized, Issued 223,751,667
and 19,275,000 224 19,275
Paid in Capital 38,678 19,449
Retained Earnings - Deficit (76,715) (76,715)
------- --------
Total Shareholders' Equity (37,813) (37,991)
------- --------
Total Liabilities and
Shareholders' Equity $ 1,200 $ -0-
======= ========
</TABLE>
See Notes to Financial Statements
<PAGE> 6
FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
STATEMENT OF INCOME AND EXPENSE
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31, MARCH 31,
1996 1995
----------- ----------
(UNAUDITED) UNAUDITED
<S> <C> <C>
Sales $ -0- $ -0-
Selling and General Expenses -0- -0-
---- ----
NET INCOME (LOSS) $ -0- $ -0-
==== ====
EARNINGS PER SHARE $ -0- $ -0-
==== ====
</TABLE>
See Notes to Financial Statements
<PAGE> 7
SPECTRUM EQUITIES, INC.
FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
STATEMENT OF INCOME AND EXPENSE
<TABLE>
<CAPTION>
SIX MONTHS ENDED
MARCH 31, MARCH 31,
1996 1995
----------- ---------
(UNAUDITED) UNAUDITED
<S> <C> <C>
Sales $ -0- $ -0-
Selling and General Expenses -0- -0-
---- ----
NET INCOME (LOSS) $ -0- $ -0-
==== ====
EARNINGS PER SHARE $ -0- $ -0-
==== ====
</TABLE>
See Notes to Financial Statements
<PAGE> 8
SPECTRUM EQUITIES, INC.
FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
THREE MONTHS SIX MONTHS YEAR
ENDED ENDED ENDED
MARCH 31, MARCH 31, SEPTEMBER 30,
1996 1996 1995
----------- ----------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (Loss) for
the Periods $ -0- $ -0- $ -0-
Increase (Decrease) Payables (1,130) (37,991) -0-
------- ------- -------
Cash Flows Used by Operating
Activities (1,130) (37,991) -0-
------- ------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase - Organization Costs (178) (178) -0-
Proceeds from Borrowing 1,319 39,013 -0-
Sale of Common Stock 178 178 -0-
------- ------- -------
Cash Flows from Financing
Activities 1,319 39,013 -0-
------- ------- -------
Increase (Decrease) in Cash 189 1,022 -0-
------- ------- -------
Cash - Beginning 833 -0- -0-
------- ------- -------
Cash - Ending $ 1,022 $ 1,022 $ -0-
======= ======= =======
</TABLE>
See Notes to Financial Statements
<PAGE> 9
SPECTRUM EQUITIES, INC.
FORMERLY DIVERSIFIED PHOTOGRAPHIC INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
The accompanying financial statements reflect all adjustments
which, in the opinion of management, are necessary for a fair presentation of
the financial position and the results of operations for the interim period
presented.
Certain financial information which is normally included in
financial statements prepared in accordance with generally accepted accounting
principals, but which is not required for interim reporting purposes has been
condensed or omitted. The accompanying financial statements should be read in
conjunction with the financial statements and notes thereto as of September 30,
1995 contained in the Company's Form 10-K.
2. EARNINGS (LOSS) PER SHARE
Per share information is computed on the weighted average
number of shares outstanding during the period.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS FOR THE PERIOD ENDED MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.<F1>
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 1,022
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,022
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,200
<CURRENT-LIABILITIES> 39,013
<BONDS> 0
0
0
<COMMON> (37,813)
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,200
<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-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>AMOUNTS INAPPLICABLE OR NOT DISCLOSED AS A SEPARATE LINE ON THE FINANCIAL
STATEMENTS ARE REPORTED AS 0 HEREIN.
</FN>
</TABLE>
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