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Previous: AFFORDABLE HOMES OF AMERICA INC, 10QSB, 2000-05-11 |
Next: AMERICAN SPORTS HISTORY INC, 10QSB, 2000-05-11 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2000
---------------
[] Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of
1934
For the transition period from to
----------------------
Commission File Number 33-55254-37
------------
NORAM GAMING AND ENTERTAINMENT, INC.
------------------------------------
(Exact name of Small Business Issuer as specified in its charter)
Nevada 87-0485316
- ------------------------------- ------------------
(State or other jurisdiction of (IRS Employer
incorporation ) Identification No.)
FIVE CANTON SQUARE
TOLEDO, OHIO 43624
- ---------------------------------------- ----------------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (419) 255-1515
---------------
Indicate by a check mark whether the issuer (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 issuer was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days [X] Yes [] No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding as of March 31, 2000
- ------------------------------------ -----------------------------------
$.001 par value Class A Common Stock 16,379,200 shares
1
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
BASIS OF PRESENTATION
General
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and, therefore, do not include
all information and footnotes necessary for a complete presentation of financial
position, results of operations, cash flows, and stockholders' deficit in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature. Operating results for the three
months ended March 31, 2000, are not necessarily indicative of the results that
can be expected for the year ending December 31, 2000.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2000, the Company had $10,114 cash in the bank. There is no
certainty that the Company can meet its current financial commitments.
The Company is a development stage Company engaged in selling bingo
equipment.
Net loss was $(51,780) for the three months ended March 31, 2000 compared
with net loss of $(21,404) for the same period in 1999. The Company was able to
reduce its general and administrative expenses substantially in 2000 compared to
1999.
Net revenue was $12,696 for the three months ended March 31, 2000 compared
with $159,850 for the same period in 1999 for a decrease of 92%. The decrease in
revenues is attributed to the decision by the Company to discontinue the bingo
operations and concentrate on selling bingo equipment. Cost of sales for the
three months ended March 31, 2000 were $7,056 compared to $13,626 for the same
period in 1999 for a decrease of 48%.
General and administrative expenses were $47,554 for the three months ended
March 31, 2000 compared to $160,883 for the same period in 1999 for a decrease
of 70%. Depreciation and amortization expense was $2,058 for the three months
ended March 31, 2000 compared to $5,188 for the same period in 1999 for a
decrease of 60%. Interest expense for the three months ended March 31, 2000 was
$7,808 compared to $1,557 for the same period in 1999 for an increase of 401%.
2
<PAGE>
For the three months ended March 31, 2000 the Company had a net loss of
$(50,906) and its subsidiary had a net loss of $(874) for a consolidated net
loss of $(51,780).
For the three months ended March 31, 1999 the Company had a net loss of $0
and its subsidiary had a net loss of $(21,404) for consolidated net loss of
$(21,404).
At March 31, 2000 the Company's assets were $138,542 and the subsidiary's
assets were $11,585 for total consolidated assets of $150,127. Liabilities at
March 31, 2000 were $720,110 for the Company and $252,984 for the subsidiary for
total consolidated liabilities of $973,094.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule
99-1 Financial Statements as of March 31, 2000
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NORAM GAMING AND ENTERTAINMENT, INC.
DATED: May 10, 2000 /s/
George C. Zilba, President and Director
3
<PAGE>
NORAM GAMING AND ENTERTAINMENT, INC. AND SUBSIDIARY
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------------ -----------------
ASSETS (Unaudited) (Audited)
CURRENT ASSETS
<S> <C> <C>
Cash $ 10,114 $ 429
Contract Receivable 11,410 22,429
Inventory 116,341 123,837
------------------ -----------------
TOTAL CURRENT ASSETS 137,865 146,695
PROPERTY AND EQUIPMENT 12,262 14,320
------------------ -----------------
$ 150,127 $ 161,015
================== =================
LIABILITIES & (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 32,851 $ 37,486
Bridge loans 259,000 259,000
Current portion of long-term debt 14,511 14,189
Demand loans payable - related parties 333,922 302,824
Accrued expenses 102,337 96,479
Accrued expenses - related parties 178,250 166,250
------------------ -----------------
TOTAL CURRENT LIABILITIES 920,871 876,228
LONG-TERM DEBT 52,223 55,974
------------------ -----------------
TOTAL LIABILITIES 973,094 932,202
STOCKHOLDERS' (DEFICIT)
Common Stock $.001 par value:
Authorized - 25,000,000 shares
Issued and outstanding 16,379,200 shares 16,379 16,379
Additional paid-in capital 1,637,749 1,637,749
Deficit accumulated during the development stage (2,477,095) (2,425,315)
------------------ -----------------
TOTAL STOCKHOLDERS' DEFICIT (822,967) (771,187)
------------------ -----------------
$ 150,127 $ 161,015
================== =================
</TABLE>
F-1
<PAGE>
NORAM GAMING AND ENTERTAINMENT, INC. AND SUBSIDIARY
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
3/14/90
Three months ended (Date of
March 31, inception)
2000 1999 to 3/31/00
------------- ------------- -----------------
<S> <C> <C> <C>
Net Sales $ 12,696 $ 159,850 $ 3,436,693
Cost of sales 7,056 13,626 970,913
------------- ------------- -----------------
GROSS PROFIT 5,640 146,224 2,465,780
General and Administrative expenses 47,554 160,883 4,476,138
Depreciation and amortization 2,058 5,188 133,677
Interest expense 7,808 1,557 149,009
------------- ------------- -----------------
57,420 167,628 4,758,824
------------- ------------- -----------------
NET INCOME (LOSS) BEFORE OTHER (51,780) (21,404) (2,293,044)
Termination of facility lease 0 0 (154,604)
Joint venture loss 0 0 (152,515)
Gain on facility sale 0 0 182,422
Loss on equipment disposal 0 0 (59,354)
------------- ------------- -----------------
0 0 (184,051)
------------- ------------- -----------------
NET INCOME (LOSS)
BEFORE INCOME TAXES (51,780) (21,404) (2,477,095)
INCOME TAX (BENEFIT) 0 0 0
------------- ------------- -----------------
NET INCOME (LOSS) $ (51,780) $ (21,404) $ (2,477,095)
============= ============= =================
Net income (loss) per weighted average share $ (.00) $ (.00)
============= =============
Weighted average number of common shares used to
compute net income (loss) per weighted average share 16,379,200 16,129,700
============= =============
</TABLE>
F-2
<PAGE>
NORAM GAMING AND ENTERTAINMENT, INC. AND SUBSIDIARY
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
3/14/90
Three months ended (Date of
March 31, inception)
2000 1999 to 3/31/00
------------------ ----------------- ----------------
OPERATING ACTIVITIES
<S> <C> <C> <C>
Net income (loss) $ (51,780) $ (21,404) $ (2,477,095)
Adjustments to reconcile net income (loss) to cash
provided (used) by operating activities:
Net book value of terminated lease 0 0 154,604
Book value of disposed assets 0 0 82,640
Joint venture loss non-cash 0 0 152,515
Stock issued for services and expenses 0 0 1,206,865
Depreciation & amortization 2,058 5,188 146,913
Changes in assets and liabilities:
Inventory 7,496 (690) (116,341)
Accounts receivable 0 0 0
Prepaid expenses 0 5,400 0
Accounts payable (4,635) (48,795) 27,852
Accrued expenses 48,956 9,144 280,587
------------------ ----------------- ----------------
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 2,095 (51,157) (541,460)
INVESTING ACTIVITIES
Purchase of property and equipment 0 0 (275,467)
Security deposits 0 5,400 0
Contract receivable 0 0 (50,000)
Contract collections 11,019 0 38,590
Investment in joint venture 0 0 (152,515)
------------------ ----------------- ----------------
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES 11,019 5,400 (439,392)
FINANCING ACTIVITIES
Proceeds from sale of common stock 0 0 338,163
Loan proceeds 0 48,000 760,249
Loan repayments (3,429) (1,708) (107,446)
------------------ ----------------- ----------------
NET CASH PROVIDED (USED) BY
FINANCING ACTIVITIES (3,429) 46,292 990,966
------------------ ----------------- ----------------
INCREASE IN CASH
AND CASH EQUIVALENTS 9,685 535 10,114
Cash and cash equivalents at beginning of period 429 15,721 0
------------------ ----------------- ----------------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 10,114 $ 16,256 $ 10,114
================== ================= ================
SUPPLEMENTAL INFORMATION Cash paid for:
Interest $ 2,027 $ 1,557 $ 50,372
================== ================= ================
</TABLE>
F-3
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information
extracted from Noram Gaming and Entertainment, Inc.
and Subsidiary March 31, 2000 financial statements
and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000894555
<NAME> Noram Gaming and Entertainment, Inc.
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1.00
<CASH> 10,114
<SECURITIES> 0
<RECEIVABLES> 11,410
<ALLOWANCES> 0
<INVENTORY> 116,341
<CURRENT-ASSETS> 137,865
<PP&E> 87,180
<DEPRECIATION> 74,918
<TOTAL-ASSETS> 150,217
<CURRENT-LIABILITIES> 920,871
<BONDS> 52,223
0
0
<COMMON> 16,379
<OTHER-SE> (839,346)
<TOTAL-LIABILITY-AND-EQUITY> 150,127
<SALES> 12,696
<TOTAL-REVENUES> 12,696
<CGS> 7,056
<TOTAL-COSTS> 7,056
<OTHER-EXPENSES> 57,420
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7,808
<INCOME-PRETAX> (51,780)
<INCOME-TAX> 0
<INCOME-CONTINUING> (51,780)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (51,780)
<EPS-BASIC> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
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