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Previous: STRATASYS INC, 10-Q, 2000-05-15 |
Next: DSP GROUP INC /DE/, 10-Q, 2000-05-15 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended: Commission File Number
March 31, 2000 0-23672
SMART GAMES INTERACTIVE, INC
----------------------------
(Exact name of Small Business Issuer as specified in its charter)
Delaware 34-1692323
-------- ----------
(State of Incorporation) (IRS Employer Identification Number)
1612 N. Osceola Avenue
Clearwater, Florida 33755
(727) 443-3434
(Address of principal executive offices and telephone number)
Securities registered pursuant to Section 12 (g) of the Act:
Common Stock, $.0002 par value
Common Stock Purchase Warrants
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
27,648,244 SHARES OF COMMON STOCK, $.0002 PAR VALUE, AT May 15, 2000.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 12 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 [_] No [X]
Traditional Small Business Disclosure Format (Check One):
Yes [_] No [X]
<PAGE>
SMART GAMES INTERACTIVE, INC.
Notes to Financial Statements
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. The statements are unaudited but,
in the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three-month period ended March 31, 1999 amd 2000 are
not
necessarily indicative of the results that may be expected for the year ending.
For further information, refer to the financial statements and footnotes thereto
for the year ended December 31, 1999 included in the registrant's Annual Report
on Form 1O-KSB filed on April 19,2000.
NOTE 2. NET LOSS PER COMMON SHARE
Net loss per common share is computed using the weighted average number of
shares of common stock and common equivalent shares outstanding.
NOTE 3. EXTRAORINARY ITEM
10KSB -- filed April 19, 2000, incorporated by reference.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
RESULTS OF OPERATIONS
Incorporated by reference 10ksb filed April 19, 2000
PART 2. OTHER INFORMATION
ITEM 1 LEGAL PROCEEDINGS
None
ITEM 2 CHANGES IN SECURITIES
None
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5 OTHER INFORMATION
The Company has ceased operations, terminated all employees
and is not likely to restart operations with its former
business.
ITEM 6 REPORTS OF FORM 8-K
April 17, 2000 Itmes 1, 5, 7
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
has caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized:
SMART GAMES INTERACTIVE. INC.
-----------------------------
Date: May 15, 2000 /s/ Sally A. Fonner, President
------------------ ------------------------------
/s/ Sally A. Fonner, Director
-----------------------------
<PAGE>
<TABLE>
<CAPTION>
SMART GAMES INTERACTIVE, INC.
Balance Sheets
March 31, 2000 and March 31, 1999
Audited Unaudited
03/31/00 3/31/99
-------- -------
<S> <C> <C>
ASSETS
Current Assets
- --------------
Cash $ 64,500 $ 0
Accounts Receivable 0 0
Inventory 0 0
Prepaid Expenses and Other Current Assets 0 0
----------- -----------
Total Current Assets 64,500 0
----------- -----------
Property, Plant & Equipment, less Accumulated
- ---------------------------------------------
Depreciation and Amortization
Furniture & Fixtures 29,170 29,170
----------- -----------
29,170 29,170
----------- -----------
Less Accumulated Depreciation and Amortization (28,923) (24,757)
----------- -----------
Total Property, Plant & Equipment 247 4,413
----------- -----------
Other Assets 0 0
- ------------ ----------- -----------
Total Assets $ 64,747 $ 4,413
----------- -----------
LIABILITIES AND SHAREHOLDER'S EQUITY (DEFICIT)
Current Liabilities
- -------------------
Note Payable $ 14,000 $ 14,000
Accounts Payable 570,279 151,604
Accrued Settlement Expenses 50,000 0
Other Accrued Expenses 46,828 14,900
----------- -----------
Total Current Liabilities 681,107 180,504
----------- -----------
Shareholders' Equity (Deficit)
- ------------------------------
Preferred Stock at par value ($.0002), 5,000,000 shares authorized,
- - 0 - shares issued and outstanding 0 0
Common Stock at par value ($.0002), 50,000,000 shares authorized, 27,648,244
shares issued and outstanding in 2000 5,530 2,530
Paid-in Capital 6,334,943 6,262,943
Accumulated Deficit (6,956,833) (6,441,564)
----------- -----------
Total Shareholders' Equity (Deficit) (616,360) (176,091)
----------- -----------
Total Liabilities & Shareholders' Equity (Deficit) $ 64,747 $ 4,413
----------- -----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMART GAMES INTERACTIVE, INC.
Statements of Operations
For the Three Months Ended March 31, 2000
and the Three Months Ended March 31, 1999
UnAudited Unaudited
03/31/00 3/31/99
<S> <C> <C>
Net Sales $ 0 $ 0
Cost of Goods Sold 0 0
------------ ------------
Gross Margin 0 0
------------ ------------
Selling, General and Administrative Costs 4,568 1,042
Research and Development Costs 0 0
Non-recurring Charges 0 0
------------ ------------
Loss from Operations ( 4,568) (1,042)
------------ ------------
Other Expenses 300
------------ ------------
Loss before Extraordinary Items ( 4,568) (1,342)
------------ ------------
Extraordinary Items 0
------------ ------------
Net Income (Loss) (4,568) (1,342)
------------ ------------
Net Income (Loss) per common share before extraordinary item (0.00) 0.00
------------ ------------
Net Income (Loss) per common share 0.00 (0.00)
------------ ------------
Shares used in calculation of net income (loss) per share 27,648,244 12,648,244
------------ ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMART GAMES INTERACTIVE, INC.
Statements of Cash Flows
For the Three Months Ended March 31, 2000
and the Three Months Ended March 31, 1999
Audited Unaudited
03/31/00 3/31/99
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before extraordinary activities ($ 4,568) ($ 1,342)
Extraordinary item 0
--------- ---------
Net income (loss) (4,568) (1,342)
--------- ---------
Adjustments to reconcile net loss to net cash used
by operating activities
Depreciation and amortization 1,041 1,042
Cash provided (used) by the change in:
Accounts receivable 0
Inventories 0
Prepaid expenses and other assets 0
Note Payable 0 0
Accounts payable ( 6,973) 0
Accrued expenses 300
--------- ---------
NET CASH USED BY OPERATING ACTIVITIES (10,500) 0
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES 0 0
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES 75,000 0
--------- ---------
NET INCREASE (DECREASE) IN CASH 64,500 0
--------- ---------
Cash and Cash equivalents, beginning of year 0 0
Cash and Cash equivalents, end of year $ 64,500 $ 0
--------- ---------
</TABLE>
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