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 JUNE 30, 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 No.)
incorporation or organization)
5535 STATE BRIDGE ROAD
ALPHARETTA, GA 30022
(Address of principal executive offices, zip code)
(770) 814-2442
(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 June 30, 1997 the Registrant had 4,591,083 shares of Common Stock
outstanding.
Transitional Small Business Disclosure Format (Check one): Yes [] No [X]
<PAGE>
<TABLE>
ATLANTA TECHNOLOGY GROUP, INC.
CONSOLIDATED BALANCE SHEET
LIABILITIES AND SHAREHOLDERS' EQUITY
(Unaudited)
As of
June 30, 1997
<S> <C>
CURRENT LIABILITIES
Notes payable $ 152,675
Notes payable to shareholders and affiliates 48,087
Accounts payable - trade 143,826
Other current liabilities 245,423
_______
TOTAL CURRENT LIABILITIES 590,011
SHAREHOLDERS' EQUITY
Common stock 4,591
Additional paid-in capital 3,875,096
Retained earnings (deficit) (3,025,593)
Stock subscription receivable (300,000)
__________
Total Shareholders' Equity 554,094
__________
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $1,144,105
<FN>
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
ATLANTA TECHNOLOGY GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Six Month Period
Ended June 30, 1997
1997 1996
____ ____
<S> <C> <C>
Revenues $ 716,992 $ 711,844
Cost of sales 243,440 319,801
_______ _______
Gross profit 473,552 392,043
Operating expenses 315,355 554,823
_______ _______
Income (loss) before income taxes 158,197 (162,780)
Provision for taxes - -
__________ __________
Net income (loss) $ 158,197 $(162,780)
Weighted average number of
common shares outstanding 4,298,492 2,949,537
Earnings (loss) per share $ .04 $(.06)
<FN>
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
ATLANTA TECHNOLOGY GROUP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six-Month Period
Ended June 30,
1997 1996
____ ____
<S>
CASH FLOWS FROM OPERATING ACTIVITIES: <C> <C>
Net income (loss) $ 158,197 $(162,780)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization 46,729 54,898
Changes in operating assets and liabilities:
Increase in accounts receivable (56,936) (10,122)
Decrease (increase) in other current assets 86,326 (14,455)
(Decrease) increase in current liabilities (185,834) 139,094
________ _______
Net cash provided by operating activities 48,482 6,635
______ _____
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease (Additions) to equipment and fixtures 1,956 (10,220)
Additions to capitalized software
development costs (110,339) (165,774)
(Increase) decrease in other non-current assets (1,000) 89,916
_________ _______
Net cash used by investing activities (109,383) (86,078)
_________ ________
CASH FLOWS FROM FINANCING ACTIVITIES:
Costs associated with proposed common stock offering - (63,406)
Conversion of notes payable and issuance of common
stock for warrants 144,451 -
Proceeds from the issuance of notes payable, net - 122,800
(Repayments to) borrowings from affiliates (60,000) 42,572
Decrease in notes payable (472,045) (50,000)
Proceeds from payment of stock subscriptions 360,000 -
_______ _______
Net cash (used in) provided by financing activities (27,594) 51,966
________ ______
NET DECREASE IN CASH (88,495) (27,477)
________ ________
CASH AT BEGINNING OF PERIOD 163,583 53,187
_______ ______
CASH AT END OF PERIOD $75,088 $25,710
_______ _______
<FN>
See notes to financial statements.
</TABLE>
<PAGE>
ATLANTA TECHNOLOGY GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
JUNE 30, 1997
(Unaudited)
Results of Operations - Six Months Ended June 30, 1996
Revenues for the six month period ended June 30,1997 were $716,992, an increase
_______
of $5,148 over revenues of $711,844 for the six month period ended June 30,
______
1996. During this time, the Company was also able to cut operating expenses
from $554,823 during the six months ended June 30,1996 to $315,355, a savings
________
of $239,468 for the six months ended June 30,1997. Lowered operating costs were
_______
accounted for primarily by savings in interest expense and professional fees.
Cost of sales during the six month period ended June 30, 1997 decreased by
$76,361 primarily because increased sales of the customized forms have allowed
the Company to purchase these forms in greater quantities which results in a
lower cost of sales.
The Company earned a net profit for the six months ended June 30, 1997 of
$158,197. This compares to a loss of $162,780 for the six months ended
________
June 30, 1996. This increase was due to the increased level of business
achieved by TVC and the lowering of expenses during the six month period.
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<PERIOD-START> MAR-01-1997
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-97
<CASH> 75088
<SECURITIES> 0
<RECEIVABLES> 239102
<ALLOWANCES> 32000
<INVENTORY> 40593
<CURRENT-ASSETS> 345351
<PP&E> 236741
<DEPRECIATION> 141839
<TOTAL-ASSETS> 1144105
<CURRENT-LIABILITIES> 590011
<BONDS> 0
0
0
<COMMON> 4591
<OTHER-SE> 549502
<TOTAL-LIABILITY-AND-EQUITY> 1144105
<SALES> 303865
<TOTAL-REVENUES> 303865
<CGS> 94668
<TOTAL-COSTS> 94668
<OTHER-EXPENSES> 154706
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4845
<INCOME-PRETAX> 54491
<INCOME-TAX> 0
<INCOME-CONTINUING> 54491
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 54491
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
