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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED MARCH 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number 0-18270
COMMAND CREDIT CORPORATION
(Exact name of the registrant as specified in its charter)
NEW YORK 11-2857523
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 Garden City Plaza
Garden City, New York 11530
(Address of principal executive offices)
(516) 739-8800
(Registrant's telephone number)
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 ___
State the number of shares outstanding of each of the issuer's classes of common
equity, as of May 7, 1996, 15,779,781. This amount reflects a One Hundred Fifty
(150) to One (1) reverse stock split effective October 27, 1995.
Transitional Small Business Disclosure Format (check one):
Yes ___ No X
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COMMAND CREDIT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
MARCH 31 MARCH 31 MARCH 31 MARCH 31
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues:
Operating Revenue $ 244,323 $ 158,787 $ 614,997 $ 570,322
Interest Income 304,165 369 304,165 21,368
------------ ------------ ------------ ------------
Total Revenue 548,488 159,156 919,162 591,690
------------ ------------ ------------ ------------
Operating Expenses:
Selling Expenses (Schedule I) 1,016,882 844,337 8,844,055 1,861,200
Administrative Expenses (Schedule II) 865,052 492,018 2,067,171 1,575,141
Taxes 48,514 28,138 142,764 77,645
------------ ------------ ------------ ------------
Total Operating Expenses 1,930,448 1,364,493 11,053,990 3,513,986
------------ ------------ ------------ ------------
Net (Loss) from Operations ($ 1,381,960) ($ 1,205,337) ($10,134,828) ($ 2,922,296)
Non-Operating & Non-Recurring:
(Loss) on Investment -0- (75,825) (2,095,293) (253,786)
Gain on Investrment 98,831 -0- 98,831 -0-
Bad Debt Expense -0- -0- (671,813) -0-
------------ ------------ ------------ ------------
Net (Loss) ($ 1,283,129) ($ 1,281,162) ($12,803,103) ($ 3,176,082)
============ ============ ============ ============
Net (Loss) per Outstanding
Common Share (Note 15) ($0.13)* ($0.03) ($2.74)* (0.08)
============ ============ ============ ============
</TABLE>
* NOTE: This amount reflects a One Hundred Fifty (150) to One (1) reverse stock
split effective October 27, 1995.
The accompanying notes are an integral part of this report.
F-3
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NOTE 12: NOTES AND LOANS PAYABLE
Notes and loans payable consist of amounts lent to the Company by William G.
Lucas, the Chairman of Command as well as amounts due to third party short and
long-term lenders.
NOTE 13: SALARIES PAYABLE
Salaries payable consists of amounts owed to Mr. Lucas, the Chairman of Command.
Mr. Lucas has not drawn a salary for the past several months and will continue
not to draw a salary until such time when significant revenues are generated
from the imminent implementation of the Company's programs. Mr. Lucas has also
forgiven a significant portion of his salary in prior years.
NOTE 14: SHAREHOLDERS' EQUITY
On October 4, 1995, Command's Board of Directors approved a reverse stock split
of its common shares, pursuant to which every One Hundred Fifty (150) shares of
the Company's issued and outstanding common stock was converted to One (1)
share. This reverse split became effective on October 27, 1995. In addition, the
Company has issued to shareholders of record as of the close of business on
Thursday, October 26, 1995, a warrant equivalent to a 300% common stock dividend
(post split), at no cost to the shareholder. Eighteen months from October 27,
1995, the warrants may be exercised and converted into common stock. These
warrants will be callable by the Company on October 28, 1998 at par value.
On March 4, 1996, Command announced its intent, from time to time, to purchase
its own securities in the open market. As of March 31, 1996, Command purchased
420,000 shares of it securities in the open market. Command also has additional
shares held in treasury.
NOTE 15: LOSS PER SHARE
Loss per share was computed by dividing the net loss by the weighted average
number of shares of common stock outstanding during the period. The weighted
average number of common shares outstanding during the three months ended March
31, 1996 and 1995 was 9,818,411 and 46,728,250, respectively. The weighted
average number of common shares outstanding during the nine months ended March
31, 1996 and 1995 was 4,669,147 and 38,705,171, respectively. The amounts for
the 1996 periods reflect a One Hundred Fifty (150) to One (1) reverse stock
split effective October 27, 1995.
NOTE 16: SUBSEQUENT EVENT
On April 12, 1996, the Company filed a Registration Statement on Form SB-2 with
respect to 13,570,000 shares of its common stock, of which 10,000,000 shares are
being offered by the Company and 3,570,000 shares are being offered by a selling
shareholder. The Company will not receive any proceeds from the shares being
sold by the selling shareholder.
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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.
Dated: May 17, 1996 COMMAND CREDIT CORPORATION
(Registrant)
By: /s/ William G. Lucas
William G. Lucas, Chairman,
President, Chief Executive
Officer and Chief Financial Officer
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