SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------
FORM 10-Q
Quarterly Report under Section 13 or 15(d)
of the Securities Exchange Act of 1934.
-------------------------------------
For the quarter ended: March 31,1999 Commission file number: 0-17462
FILMAGIC ENTERTAINMENT CORPORATION
IMMEDIATE PREDECESSOR NAME: "ROEDEINGER MEDICAL SYSTEMS Inc."
PREDECESSOR NAME: "COTTON TREE, Inc."
-------------------------------------
(Exact name of registrant as specified in its charter)
UTAH 87-0404991
---- ----------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1152 N. Mountain Ave. Ste 210 Upland, CA. 91786
-------------------------------------------- --------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (909)946-1708
----------------------
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
---- ----
As of 3-31-99, there were 7,323,006 shares of common stock outstanding.
<PAGE>
FILMAGIC ENTERTAINMENT CORPORATION
FOR THE QUARTER ENDED
MARCH 31, 1999
INDEX
PART I. - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheet as of March 31, 1999 and
December 31, 1998 3
Statement of Operations for the three months
Ended March 31, 1999 and 1998 4
Statement of Cash Flows for the three months
Ended March 31, 1999 and 1998 5
Notes to Financial Statements 6
PART II. - OTHER INFORMATION
Item 1. Legal Proceedings 7
Item 2. Changes in Securities 7
Item 3. Defaults by the Company upon its
Senior Securities 7
Item 4. Submission of Matter to a Vote of
Security Holders 7
Item 5. Other Information 7
Item 6. Exhibits and Reports of Form 8-K 7
SIGNATURES 8
<PAGE>
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
FILMAGIC ENTERTAINMENT CORPORATION
CONSOLIDATED BALANCE SHEET
MARCH 31, 1999 AND DECEMBER 31, 1998
ASSETS
1998 1999
Unaudited
Current Assets $ 0.00 $ 0.00
Property and Equipment - Net $ 0.00 $ 0.00
Other Assets $ 10,000.00 $ 10,000.00
-------------------------------
Total Assets $ 10,000.00 $ 10,000.00
===============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities $ 0.00 $ 0.00
Long Term Liabilities $ 0.00 $ 0.00
Stockholders' Equity $ 10,000.00 $ 10,000.00
-------------------------------
Total Liabilities and Stockholders' Equity $ 10,000.00 $ 10,000.00
===============================
<PAGE>
FILMAGIC ENTERTAINMENT CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
THREE MONTHS PERIOD ENDED MARCH 31, 1999 AND 1998
UNAUDITED
1999 1998
Sales, Net of Returns and Discounts $0.00 $0.00
Cost of Goods Sold $0.00 $0.00
----------- ----------
Gross Profit
Operating Expenses
Selling, General and Administrative $0.00 $0.00
----------- ----------
Operating (Loss) $0.00 $0.00
Operating Income (Expense)
Interest Expense $0.00 $0.00
Interest Income $0.00 $0.00
----------- ----------
(Loss) Before Income Taxes $0.00 $0.00
----------- ----------
Income Taxes $0.00 $0.00
----------- ----------
Net (Loss) $0.00 $0.00
=========== ==========
Net (Loss) Per Share of Common Stock $0.00 $0.00
=========== ==========
Weighted Average Number of Shares Outstanding 7,323,006 7,323,006
Prepared without audit
<PAGE>
FILMAGIC ENTERTAINMENT CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 1999 AND 1998
UNAUDITED
1999 1998
Cash Flows from Operating Activities
Net Loss $0.00 $0.00
Adjustments to Reconcile Net Loss to Net
Cash Provided by :
Operating Activities $0.00 $0.00
Depreciation $0.00 $0.00
Changes in Assets and Liabilities $0.00 $0.00
(Increase) Decrease in Assets $0.00 $0.00
Increase (Decrease) in Liabilities $0.00 $0.00
----- -----
Total Adjustments $0.00 $0.00
----- -----
Net Cash Used by Operating Activities $0.00 $0.00
Cash Flows from Investing Activities
Property and Equipment Purchases $0.00 $0.00
----- -----
Net Cash Used in Investing Activities $0.00 $0.00
Cash Flows from Financing Activities
Issuance of Common Stock $0.00 $0.00
Loan Proceeds $0.00 $0.00
Stockholder Loans $0.00 $0.00
Sale of Treasury Stock $0.00 $0.00
Payments on Loan Proceeds $0.00 $0.00
----- -----
Net Cash Provided by Financing Activities $0.00 $0.00
Increase (Decrease) in Cash and Cash Equivalents $0.00 $0.00
Balance, Beginning of Year $0.00 $0.00
----- -----
Balance, End of Year $0.00 $0.00
===== =====
Prepared without audit
<PAGE>
FILMAGIC ENTERTAINMENT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1999
STATEMENT OF INFORMATION FURNISHED
1. Statement of Information Furnished
The accompanying unaudited consolidated financial statements have been
prepared in accordance with Form 10-Q instructions and in opinion of management
contain all adjustments (consisting of only normal recurring accruals) necessary
to present fairly the financial position as of March 31, 1999, the results of
operations for the three months ended March 31, 1999 and 1998 and the cash flows
for the three months ended March 31, 1999 and 1998. These results have been
determined on the basis of generally accepted accounting principals and
practices and applied consistently with those used in the preparation of the
Company's 1998 Annual Report on Form 10-K.
Certain information and footnote disclosures included in the financial
statements presented in accordance with generally accepted accounting principals
have been condensed or omitted. It is suggested that the accompanying
consolidated financial statements be read in conjunction with financial
statements and notes thereto incorporated by reference in the Company's 1999
Annual Report on Form 10-K.
<PAGE>
PART II. - OTHER INFORMATION
Item 1. Legal Proceeding.
Pending litigation is deemed not to have any material impact on the Company's
financial position.
Item 2. Changes in Securities.
None
Item 3. Defaults by the Company upon its Senior Securities.
None
Item 4. Submission of Matter to a Vote of Security Holders.
None
Item 5. Other Information.
None
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf by the
undersigned, thereunto duly authorized.
(Registrant)
By: By:
-------------------------------- ------------------------------
President and Chief Operations Principal Financial and
Officer Accounting Officer
Date: Date:
------------------------------ -------------------------
