UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington 25, 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 QUARTERLY PERIOD ENDED MARCH 31, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______
Commission File No. 0-23062
ATLANTA TECHNOLOGY GROUP INC.
(Exact name of issuer as specified in its charter)
Delaware 58-2077053
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
5535 STATE BRIDGE ROAD
ALPHARETTA, GA 30022
(Address of principal executive offices, zip code)
(770) 671-0600
(Issuer's telephone number)
400 EMBASSY ROW
SUITE 570
ATLANTA, GA 30328
(Former address of principal executive offices, zip code)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 March 31, 1997 the Registrant had 4,591,083 shares of Common Stock
outstanding.
Transitional Small Business Disclosure Format (Check one): Yes [ ] No[X]
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ATLANTA TECHNOLOGY GROUP, INC.
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
LIABILITIES AND SHAREHOLDERS' EQUITY
(Unaudited)
As of
March 31, 1997
<S> As of
CURRENT LIABILITIES March 3, 1997
<C>
Notes payable $ 237,425
Notes payable to shareholders and affiliates 56,087
Accounts payable - trade 230,825
Accrued liabilities 237,281
Other current liabilities 28,388
_______
TOTAL CURRENT LIABILITIES 790,006
SHAREHOLDERS' EQUITY
Common stock 4,591
Additional paid-in capital 3,957,100
Retained earnings (deficit) (3,162,084)
Stock subscription receivable (400,000)
Total Shareholders' Equity 399,607
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $1,189,613
<FN>
See notes to financial statements.
<PAGE>
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ATLANTA TECHNOLOGY GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three-Months
Ended March 31,
<C> <C>
1997 1996
Revenues $ 413,127 $410,476
Cost of sales 148,772 162,134
_______ _______
Gross profit 264,355 248,342
Operating expenses 242,649 345,104
_______ ________
Income (Loss) from operations 21,706 (96,762)
Net earnings (loss) $ 21,706 $ (96,762)
Weighted average number of
common shares outstanding 4,002,650 2,949,581
Earnings (loss) per share $.00 $(.03)
<FN>
See notes to financial statements
<PAGE>
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ATLANTA TECHNOLOGY GROUP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Three Months
Ended March 31
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES 1997 1996
Net income (loss) $ 21,706 (96,762)
Adjustments to reconcile net loss to net
cash provided (used)by operating activities:
Depreciation and amortization 22,954 93,157
Changes in operating assets and liabilities:
Increase in accounts receivable (37,548) (34,534)
Increase in other current assets (6,434) (319)
Increase in current liabilities (78,589) 110,434
Net cash provided by operating activities 4,089 71,976
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease in marketable securities 71,594
Additions to equipment and fixtures (1,089)
Additions to capitalized software
development costs (51,433) (113,199) Increase (decrease) in other
noncurrent assets (15,686) 12
Net cash used by investing activities 3,386 (116,499)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments received on stock
subscriptions 260,000 -
Costs associated with proposed
common stock offering - (32,826)
(Payments on) proceeds from
notes payable (389,295) 73,400
Payments on notes to affiliates (52,000) (17,068)
Issuance of stock upon conversion of
debt and for purchase of stock warrants 226,455 -___
Net cash provided by financing activities 45,150 23,506
NET (DECREASE) IN CASH (27,365) (21,017)
CASH AT BEGINNING OF PERIOD 163,583 53,187
CASH AT END OF PERIOD $136,218 $32,170
<FN>
See notes to financial statements.
<PAGE>
ATLANTA TECHNOLOGY GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED
MARCH 31, 1997
(Unaudited)
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations- Three Months Ended March 31, 1997
Revenues for the first quarter ended March 31,1997 were $413,127, an increase
________
of $2,651 from revenues of $410,476 for the first quarter ended March 31, 1996.
______
Operating expenses for the quarter ended March 31, 1997 were $242,649 a
________
decrease of $102,455 over the $345,104 for the period ended March 31,
_______
1996. Operating expenses for 1997 decreased due to reductions in interest
expense, rent, labor, legal and accounting fees. Also included is a gain of
$23,000 on the sale of a security.
Net earnings for the quarter ended March 31, 1997 were $21,706. This represents
_______
an increase of $118,468 from the loss of $96,762 for the quarter ended
________
March 31, 1996. The reasons for this include increasing profits from recurring
forms and support revenue, the elimination of interest owed on notes payable,
and a gain on the sale of a security.
<PAGE>
ATLANTA TECHNOLOGY GROUP, INC.
Signatures
In accordance with the requirements of Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
ATLANTA TECHNOLOGY GROUP INC.
By: _/s/ James E. Cassidy
James E. Cassidy
Chief Financial Officer
Date: December 15, 1997
</PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<PERIOD-START> JAN-01-1997
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 136218
<SECURITIES> 30579
<RECEIVABLES> 214800
<ALLOWANCES> 32000
<INVENTORY> 45209
<CURRENT-ASSETS> 408259
<PP&E> 239786
<DEPRECIATION> 135021
<TOTAL-ASSETS> 1189613
<CURRENT-LIABILITIES> 79006
<BONDS> 0
0
0
<COMMON> 4591
<OTHER-SE> 395015
<TOTAL-LIABILITY-AND-EQUITY> 1189613
<SALES> 413127
<TOTAL-REVENUES> 413127
<CGS> 148772
<TOTAL-COSTS> 148772
<OTHER-EXPENSES> 242649
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5995
<INCOME-PRETAX> 21706
<INCOME-TAX> 0
<INCOME-CONTINUING> 21706
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 21706
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
