SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD
ENDED SEPTEMBER 30, 2000
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________
Commission file number: 0-22622
CREATOR CAPITAL LIMITED
(FORMERLY INTERACTIVE ENTERTAINMENT LIMITED)
(Exact name of registrant as specified in its charter)
BERMUDA 98-0170199
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
Cedar House, 41 Cedar Street
Hamilton HM 12, Bermuda
(Address of principal executive offices)
(604) 947-2555
(Registrant's telephone number, including area code)
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 _____
The registrant had 50,000,000 shares of common stock outstanding as of
September 30, 2000.
Exhibit index is located on page 10.
CREATOR CAPITAL LIMITED
(INTERACTIVE ENTERTAINMENT LIMITED)
INDEX
PART I. FINANCIAL INFORMATION PAGE
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets - September 30, 2000 and December 31, 1999 3
Consolidated Statements of Operations
- Three Months ended September 30, 2000 and September 30, 1999 4
Consolidated Statements of Operations
- Nine Months ended September 30, 2000 and September 30, 1999 4
Consolidated Statements of Cash Flows
- Nine Months ended September 30, 2000 and September 30, 1999 5
Consolidated Statement of Shareholders' Equity (Deficit) 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and 10
Results of Operations
PART II. OTHER INFORMATION
Item 6.(a) Exhibits 10
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CREATOR CAPITAL LIMITED
(Formerly Interactive Entertainment Limited)
CONSOLIDATED BALANCE SHEETS
For the Nine Months Ended September 30, 2000
(with comparative figures to September 30, 1999 and December 31, 1999)
(UNAUDITED)
ASSETS
September 30,
September 30,
December 31,
2000
1999
1999
Current Assets
Cash and cash equivalents
$ 68,403
$ 46,101
$ 56,785
Accounts and notes receivable,
152,980
119,618
92,481
Prepaid expenses
Total current assets
100,254
120,379
89,106
321,637
286,098
38,372
Furniture, fixtures and equipment
174,862
346,490
243,999
Game software
210,637
491,483
421,271
Goodwill (net of amortization)
145,376
658,469
530,196
Total assets
$ 852,512
$ 1,782,540
$ 1,433,838
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
Notes Payable, Current Liabilities
$ 963,749
9,000
$ 876,176
--
$ 755,173
18,000
Total current liabilities
972,749
876,176
773,173
Notes Payable, Long Term
105,117
--
81,322
1,077,866
876,176
854,495
SHAREHOLDERS' EQUITY
Class A preferred shares, $0.01 par value,
Authorized: 3,000 shares;
Issued: 2,237 shares
22
22
22
Class B preferred shares, $0.01 par value,
Authorized: 5,000,000 shares;
Issued: 2,075 and 2,662 shares
21
21
21
Common shares, $0.01 par value,
Authorized: 100,000,000 shares;
Issued: 50,000,000 shares
500,000
500,000
500,000
Additional paid-in-capital
65,616,313
65,616,313
65,616,313
Accumulated deficit
(66,341,710)
(65,209,992)
(65,537,013)
225,354
906,364
579,343
Total liabilities and shareholders' equity
$ 852,512
$ 1,782,540
$ 1,433,838
APPROVED ON BEHALF OF THE BOARD:
"Deborah Forterscue-Merrin" "Stephen Rosenberg"
DEBORAH FORTESCUE-MERRIN STEPHEN ROSENBERG
CREATOR CAPITAL LIMITED
(Formerly Interactive Entertainment Limited)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Nine Months Ended September 30, 2000
(with comparative figures to September 30, 1999)
(UNAUDITED)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2000
1999
2000
1999
Revenue
$ 140,420
$ 120,075
$ 407,895
$ 372,574
Operating Expenses
Sky Play Management
44,000
--
92,000
--
General and administrative (Schedule "A")
40,784
95,125
141,535
266,269
Consulting and contract labor
7,500
--
31,897
27,276
Marketing
3,885
5,650
4,285
6,200
Legal
7,074
7,788
16,995
42,996
Business discontinuation
--
--
--
17,877
Depreciation and amortization
221,198
238,479
663,595
715,439
324,441
347,042
950,307
1,076,057
Other (Income) and Expense
$( 184,021)
$( 226,967)
$(542,412)
$(703,483)
Gain (Loss) on Debt Extinguishment
Interest expense
--
( 973)
--
(787)
5,755
( 973)
--
( 787)
Interest income
647
754
2,575
1,920
(326)
(33)
7,357
1,133
Net (gain) loss
$( 184,347)
$( 227,000)
$(535,055)
$(702,350)
BASIC AND DILUTED LOSS PER SHARE
Numerator for basic and diluted loss per share:
Net loss
$ 184,347
$ 227,000
$ 535,055
$ 702,350
Preferred stock dividends
90,722
90,722
269,642
276,429
Loss to common shareholders
$ 275,069
$ 317,722
$ 804,697
$ 978,779
Net loss per share
$ 0.0055
$ 0.0068
$ 0.0161
$ 0.0211
CREATOR CAPITAL LIMITED
(Formerly Interactive Entertainment Limited)
STATEMENT OF CHANGES IN FINANCIAL POSITION
For the Nine Months Ended September 30, 2000
(with comparative figures to September 30, 1999)
(UNAUDITED)
Nine Months
Nine Months
Ended
Ended
September 30,
September 30,
2000
1999
CASH PROVIDED (USED) BY:
OPERATING ACTIVITIES
Activity for the period:
$ ( 804,697)
$ ( 702,350)
Changes in non-cash working capital balances:
Depreciation and amortization
663,597
715,439
Accounts receivable
(60,499)
(37,262)
Prepaid expenses
(11,148)
( 5,147)
Accounts payable and accrued expenses
208,576
209,203
Net cash provided by (used in) operating activities
$ ( 4,171)
$ 179,883
FINANCING ACTIVITIES
(Purchases) sales of property and equipment
994
3,646
Net cash provided by (used in) financing activities
994
3,646
INVESTING ACTIVITIES
Issuance of Notes Payable
14,795
86,717
Payment of Notes Payable
--
( 43,358)
Payment of Preferred Stock Dividends
--
( 276,429)
Net cash provided by (used in) investing activities
14,795
( 233,070)
Net increase (decrease) in cash
11,618
( 49,541)
Cash, beginning of period
56,785
95,642
Cash, end of period
$ 68,403
$ 46,101
CREATOR CAPITAL LIMITED
(Formerly Interactive Entertainment Limited)
CONSOLIDATED STATEMENT OF ACCUMULATED DEFICIT
For the Nine Months Ended September 30, 2000
(with comparative figures to September 30, 1999)
(UNAUDITED)
September 30, September 30,
2000 1999
Balance, beginning of Period $( 65,537,013) $( 64,231,213)
Net (Loss) for the Period ( 804,697) ( 978,779)
Balance, end of Period $( 66,341,710) $( 65,209,992)
SCHEDULE "A"
CREATOR CAPITAL LIMITED
(Formerly Interactive Entertainment Limited)
CONSOLIDATED STATEMENT OF GENERAL AND ADMINISTRATIVE EXPENSES
For the Nine Months Ended September 30, 2000
(with comparative figures to September 30, 1999)
(UNAUDITED)
September 30, 2000 September 30, 1999
Accounting and Audit $ ( 1,044) $ 67,288
Administration 19,896 --
Board Expenses -- 4,119
Business Insurance 85,626 103,162
Collection Fees 2,059 --
Contract Services -- 2,550
Investor Relations 2,192 15,550
Maintenance & Repairs 103 2,157
Matsushita Aviation 5,000 --
Office Operations 14,367 15,200
Payroll & Related -- 1,960
Rent 2,607 2,162
Taxes and Licenses 7,022 17,399
Travel 3,707 34,722
$ 141,535 $ 226,269
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Recent Developments
On September 18, 2000, the Company held its Annual General Meeting.
There was unanimous approval for the corporate name change. The new
name of the Company is now "Creator Capital Limited", effective September
27, 2000.
On January 5, 1999, the Company's Common Stock was delisted from the NASDAQ
SmallCap Market for failing to maintain a bid price greater than or equal to
$1.00 per share for the prior thirty consecutive trading days. Maintenance
of a $1.00 stock price is required for continued listing of the Company's
Common Stock on the NASDAQ SmallCap Market. The Common Stock currently
trades through the OTC Bulletin Boardr, which is a regulated quotation
service of the NASDAQ Stock Market, Inc.
Delisting of the Company's Common Stock from the Nasdaq SmallCap Market
placed the Company in default of certain agreements related to the sale of
the Class B Preference Shares. A default requires the Company to redeem the
remaining outstanding Class B Preference Shares at 130% of the stated value
of the shares. The Company does not currently have the resources to redeem
such shares. The Company is currently in default under its Registration
Rights Agreement with the holders of the Class B Preference Shares.
Overview
Interactive Entertainment Limited ("IEL" or the "Company"), formerly known
as Sky Games International Ltd. ("SGI"), is a Bermuda exempted company which
was incorporated on January 28, 1981. The Company's activities had been
focused on providing inflight gaming software and services by developing,
implementing and operating a computer-based interactive video entertainment
system of gaming and other entertainment activities on, but not limited to,
the aircraft of international commercial air carriers.
On November 12, 1998, the Company announced that it had been unable to
attract the additional capital necessary for continued development of its
Sky Games inflight gaming business and that it had discontinued all
operations associated with the Sky Games product line. The Company stated
that it would refocus its business efforts to concentrate exclusively on its
non-gaming inflight Sky Play PC games, customers and business. All
employees were terminated as of November 13, 1998. Those former employees
retained on a part time basis to assist with the management of Sky Play are
no longer so retained. Two former employees, through their corporate entity
have been formally contracted to attend to the Sky Play business. The
discontinuation of the Sky Games business has not had an adverse impact on
the Sky Play business.
On January 13, 1998, the Company completed the acquisition of all the
outstanding stock of Inflight Interactive Limited ("IIL") in exchange for
500,000 shares of the Company's Common Stock. IIL is a U. K. developer and
provider of amusement games to the airline industry marketed under the name
Sky Play. IIL's games are currently operating on approximately 128
aircraft of a number of airlines, including Air China, American Airlines,
Cathay Pacific, Continental, Egyptair, Lauda Air, Malaysia Airlines, and
Virgin Atlantic.
Results of Operations
Three Months Ended September 30, 2000 and 1999
Revenue from operations for the three months ended September 30, 2000 was
$140,420 compared to $120,075 during the nine months ended September 30,
1999. Revenue consisted of fees generated from the Sky Play amusement
games acquired with the purchase of IIL. The increase in revenue is
attributable to an increase in the average number of aircraft licensed to
use the Company's software.
General and administrative expense decreased from $95,125 in the 1999
period to $40,784 in the 2000 period. The decrease is attributable to the
overall effort to reduce overhead.
Consulting and contract labor expenses have increased by $7,500 due to
reallocation of the expense, marketing expenses decreased by $1,765 and
legal expense by $714.
Depreciation and amortization expenses decreased by $17,281.
Nine Months Ended September 30, 2000 and 1999
Revenue from operations for the nine months ended September 30, 2000 was
$407,895 compared to $372,574 during the nine months ended September 30,
1999. Revenue consisted of the fees generated from the Sky Play amusement
games. The increase in revenue is attributable to an increase in the
average number of aircraft licensed to use the Company's software.
General and administrative expense decreased from 266,269 in the 1999
period to $141,535 during the 2000 period. The decrease is attributable to
the overall effort to reduce overhead. This includes elimination of payroll
and related costs; reduction in office operations of $833, investor
relations of $13,358, travel of $31,015, taxes of $10,377, business
insurance of $77,536 and accounting and audit down by $68,332.
Consulting and contract labor expenses increased by $4,621, marketing
expenses decreased by $1,915 and legal expense by $26,001.
Depreciation and amortization expenses decreased by $51,844.
Liquidity and Capital Resources
At September 30, 2000, the Company had a working capital deficit of $904,346.
Although the Company had positive cash flow from operations during the nine
months ended September 30, 2000, cash flow was not sufficient to provide the
necessary funds to fund payment of the Company's dividend obligations on
outstanding preference shares.
Forward-Looking Information
This Form 10-Q contains forward-looking statements that include among others,
statements concerning the Company's plans to implement its software products,
commence generating revenue from certain of its products, expectations as to
funding its capital requirements, the impact of competition, future plans and
strategies, statements which include the words "believe," "expect," and
"anticipate" and other statements of expectations, beliefs, anticipated
developments and other matters that are not historical facts. These
statements reflec the Company's views with respect to such matters.
Management cautions the reader that these forward-looking statements are
subject to risks and uncertainties that could cause actual events or results
to materially differ from those expressed or implied by the statements.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The Company held its Annual General Meeting for the fiscal period ended
December 31, 1999 on September 18, 2000. The following matters was voted
upon at the Meeting:
1. To change the name of the Company to "Creator Capital Limited";
2. To increase the authorized share capital of the Company to U.S.
$1,000,030.00, consisting of 100,000,000 common shares (par value U.S.
$0.01) and 5,003,000 preference shares par value U.S. $0.01);
3. To grant discretion to the Board, to effect a consolidation of the
Company's common shares by up to 10 to 1, and thereafter to reduce the
authorized capital of the Company by decreasing the par value of the
Company's common stock from a maximum of $0.10 per share to $0.001 per
share, and thereafter to increase the authorized shares of the Company's
common stock to 100,000,000 common shares (par value U.S. $0.001) and
5,003,000 preference shares (par value U.S. $0.01);
4. To elect six persons to the Board of Directors;
5. To re-appoint Buckley Dodds as the Company's auditors;
6. To receive and consider the report of the directors to the
shareholders and the financial statements of the Company together with the
auditor's report thereon for the financial year ended December 31, 1999, and
7. To transact such other business as may properly come before the Annual
General Meeting.
There were 20,532,967 shares of common stock (41% of outstanding shares)
voted at the Annual General Meeting as follows. Percentages are percentages
of shares voted.
1. Change the name of the Company to "Creator Capital Limited".
Number %
For 20,532,967 100,000
Against - -
Abstain - -
Not Voted - -
2. Increase the authorized share capital.
Number %
For 20,532,967 100,000
Against - -
Abstain - -
Not Voted - -
3. Consolidation of the Company's common shares at discretion of the Board.
Number %
For 20,532,967 100,000
Against - -
Abstain - -
Not Voted - -
4. Election of Directors.
Michael L. Bartlett Number %
Anthony P. Clements For 20,532,967 100,000
Deborah Fortescue-Merrin Against - -
Jack Iles Abstain - -
Anastasia Kostoff-Mann Not Voted - -
Stephen Rosenberg
5. Ratification of Buckley Dodds as independent public accounts.
Number %
For 20,532,967 100,000
Against - -
Abstain - -
Not Voted - -
Item 5. Exhibits and Reports on Form 8-K
(a) Exhibits
EXHIBIT
DESCRIPTION
2. Plan and Agreement of Merger and Amalgamation, dated as of May 13,
1997, among the Company, SGI Holding Corporation Limited, IEL and Harrah's
Interactive Investment Company. (Incorporated by reference to the same
numbered exhibit to the Registrant's Form 8-K as filed with the SEC on
June 27, 1997.)
3.i(a) Articles of Incorporation (Yukon Territory). (Incorporated by
reference to Exhibit 1.1 to the Registrant's Annual Report on Form 20-F
(File No. 0-22622) as filed with the SEC on October 12, 1993.)
3.i(b) Certificate of Continuance (Bermuda). (Incorporated by reference
to Exhibit 1.2 to the Registrant's Annual Report on Form 20-F (File No.
0-22622) as filed with the SEC on September 16, 1996.)
3.ii Bye-Laws as amended. (Incorporated by reference to the same numbered
exhibit to the Registrant's Annual Report on Form 10-K/A No. 2 as filed with
the SEC on July 8, 1998.)
4.1 Escrow Agreement dated May 27, 1992, as amended, among Montreal Trust
Company of Canada, the Company and certain shareholders. (Incorporated by
reference to Exhibit 3.2 to the Registrant's Annual Report on Form 20-F
(File No. 0-22622) as filed with the SEC on October 12, 1993.)
4.2 Redemption Agreement, dated as of February 25, 1997, between the
Company and Anthony Clements and Rex Fortescue. (Incorporated by reference
to Exhibit 3.12 to the Registrant's Annual Report on Form 20-F (File No.
0-22622) as filed with the SEC on September 12, 1997.)
4.3 Redemption and Cancellation Agreement, dated as of April 30, 1997,
between the Company and Sky Games International, Inc. (Incorporated by
reference to Exhibit 3.13 to the Registrant's Annual Report on Form 20-F
(File No. 0-22622) as filed with the SEC on September 12, 1997.)
4.4 Shareholder Rights Agreement, dated June 17, 1997, between the
Company and Harrah's Interactive Investment Company. (Incorporated by
reference to Exhibit 3.15 to the Registrant's Annual Report on Form 20-F
(File No. 0-22622) as filed with the SEC on September 12, 1997.)
4.5 Registration and Preemptive Rights Agreement, dated June 17, 1997,
between the Company and Harrah's Interactive Investment Company.
(Incorporated by reference to Exhibit 4(a) to the Registrant's Form 8-K as
filed with the SEC on June 27, 1997.)
4.6 Registration Rights Agreement, dated June 17, 1997, between the
Company and B/E Aerospace, Inc. (Incorporated by reference to Exhibit 4(b)
to the Registrant's Form 8-K as filed with the SEC on June 27, 1997.)
4.7 Subscription Agreement, dated as of October 22, 1997, between the
Company and Henderson International Investments Limited. (Incorporated by
reference to Exhibit 3.22 to the Registrant's Quarterly Report on Form
10-Q/A No. 1 as filed with the SEC on July 8, 1998.)
4.8 Subscription Agreement, dated as of October 22, 1997, between the
Company and Michael A. Irwin. (Incorporated by reference to Exhibit 3.23 to
the Registrant's Quarterly Report on Form 10-Q/A as filed with the SEC on
July 8, 1998.)
4.9 First Amendment to Registration and Preemptive Rights Agreement dated
March 18, 1998 between the Company and Harrah's Interactive Investment
Company. (Incorporated by reference to Exhibit 99.22 to the Registrant's
Amended Registration Statement on Form S-3 as filed with the SEC on July
15, 1998.)
4.10 First Amendment to Subscription Agreement between the Company and
Henderson International Investments Limited dated as of April 2, 1998.
(Incorporated by reference to Exhibit 99.23 to the Registrant's Amended
Registration Statement on Form S-3 as filed with the SEC on July 15, 1998.)
4.11 Securities Purchase Agreement between the Company and each of
Marshall Capital Management, Inc. (formerly Proprietary Convertible
Investment Group, Inc.) and CC Investments, LDC dated as of December 17,
1997. (Incorporated by reference to Exhibit 99 to the Registrant's Form 8-K
as filed with the SEC on December 24, 1997.)
4.12 Registration Rights Agreement between the Company and each of
Marshall Capital Management, Inc. (formerly Proprietary Convertible
Investment Group, Inc.) and CC Investments, LDC dated as of December 17,
1997 (Incorporated by reference to Exhibit 4(c) to the Registrant's Form
8-K as filed with the SEC on December 24, 1997.)
4.13 Securities Purchase Agreement between the Company and Palisades
Holding, Inc. dated February 20, 1998. (Incorporated by reference to
Exhibit 99.6 to the Registrant's Amended Registration Statement on Form
S-3 as filed with the SEC on July 15, 1998.)
4.14 Registration Rights Agreement between the Company and Palisades
Holding, Inc. dated February 20, 1998. (Incorporated by reference to
Exhibit 99.5 to the Registrant's Amended Registration Statement on Form
S-3 as filed with the SEC on July 15, 1998.)
4.15 Securities Agreement between the Company and B/E Aerospace, Inc.
dated June 25, 1998. (Incorporated by reference to Exhibit 99.1 to the
Registrant's Form 8-K filed with the SEC on July 2, 1998.)
10.5* Services Agreement, dated as of November 7, 1995, between IEL and
Singapore Airlines Limited. (Incorporated by reference to Exhibit 3.9 to
the Registrant's Annual Report on Form 20-F (File No. 0-22622) as filed
with the SEC on September 16, 1996.)
10.6* Software License and Software Services Agreement, dated as of
November 7, 1995, between IEL and Singapore Airlines Limited. (Incorporated
by reference to Exhibit 3.10 to the Registrant's Annual Report on Form 20-F
(File No. 0-22622) as filed with the SEC on September 16, 1996.)
10.7 Sublease Agreement dated as of June 5, 1997, between IEL and
Harrah's Operating Company, Inc. (Incorporated by reference to Exhibit
3.11 to the Registrant's Annual Report on Form 20-F (File No. 0-22622) as
filed with the SEC on September 12, 1997.)
10.8 Consulting Agreement, dated as of April 30, 1997, between the
Company and James P. Grymyr. (Incorporated by reference to Exhibit 3.14
to the Registrant's Annual Report on Form 20-F (file No. 0-22622) as filed
with the SEC on September 12, 1997.)
10.9* Software License Agreement, dated June 17, 1997, between the
Company and Harrah's Interactive Investment Company. (Incorporated by
reference to Exhibit 3.16 to the Registrant's Annual Report on Form 20-F
(File No. 0-22622) as filed with the SEC on September 12, 1997.)
10.10 Continuing Services Agreement, dated June 17, 1997, between the
Company and Harrah's Interactive Entertainment Company. (Incorporated by
reference to Exhibit 3.17 to the Registrant's Annual Report on Form 20-F
(File No. 0-22622) as filed with the SEC on September 12, 1997.)
10.11 Termination Agreement and Release, dated as of June 17, 1997, among
the Company, SGI Holding Corporation Limited, IEL, Harrah's Interactive
Investment Company, and Harrah's Interactive Entertainment Company.
(Incorporated by reference to Exhibit 3.21 to the Registrant's Annual
Report on Form 20-F (File No. 0-22622 as filed with the SEC on September
12, 1997.)
27** Financial Data Schedule.
* Confidential treatment has been granted.
** Submitted herewith.
Signature
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has dulycaused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
INTERACTIVE ENTERTAINMENT LIMITED
November 14, 2000 BY: "Deborah Fortescue-Merrin"
President
This schedule contains summary financial information extracted from the
Consolidated Balance Sheets and the Consolidated Statements of Operations
and is qualified in its entirety by reference to such financial statements.
[PERIOD-TYPE]
9-MOS
[FISCAL-YEAR-END]
DEC-31-1999
[PERIOD-START]
JAN-01-2000
[PERIOD-END]
SEP-31-2000
[CASH]
68403
[SECURITIES]
0
[RECEIVABLES]
199808
[ALLOWANCES]
46828
[INVENTORY]
0
[CURRENT-ASSETS]
321637
[PP&E]
1194470
[DEPRECIATION]
663595
[TOTAL-ASSETS]
852512
[CURRENT-LIABILITIES]
972749
[BONDS]
0
[PREFERRED-MANDATORY]
0
[PREFERRED]
43
[COMMON]
500000
[OTHER-SE]
65616313
[TOTAL-LIABILITY-AND-EQUITY]
852512
[SALES]
407895
[TOTAL-REVENUES]
407895
[CGS]
0
[TOTAL-COSTS]
950307
[OTHER-EXPENSES]
0
[LOSS-PROVISION]
0
[INTEREST-EXPENSE]
<INTEREST-REVENUE
(973)
2575
[INCOME-PRETAX]
(535055)
[INCOME-TAX]
0
[INCOME-CONTINUING]
(535055)
[DISCONTINUED]
0
[EXTRAORDINARY]
5755
(269642)
[NET-INCOME]
(804697)
[EPS-BASIC]
(.01617)
[EPS-DILUTED]
(.01617)
[FN]
Amounts inapplicable or not disclosed as a separate line item on the
Balance Sheet or Statement of Operations are reported as 0 herein.
CREATOR CAPITAL LIMITED
September 30, 2000 10-Q
Page 8
