SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2000
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[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
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Commission file number 001-13559
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Restaurant Teams International, Inc.
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(Name of small business issuer in its charter)
Texas 75-2337102
(State of other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
911 N.W. Loop 281, Suite 111, Longview, Texas 75604
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (903) 758-2811
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[ ]
Number of shares outstanding of each of the issuer's classes of common stock, as
of August 15, 2000 : 14,261,340 shares of common stock, par value $.01.
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RESTAURANT TEAMS INTERNATIONAL, INC.
Page No.
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PART I FINANCIAL INFORMATION........................................ 2
Item 1. Financial Statements......................................... 2
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Condensed Balance Sheet for the Six Month Period
Ended June 30, 2000.......................................... 2
Condensed Income Statement For Three Month and
Six Month Periods Ended June 30, 1999 and June 30, 2000 .... 4
Condensed Statement of Cash Flows for the Six Month
Periods Ended June 30, 1999 and June 30, 2000................ 5
Notes to Interim Condensed Financial Statements (Unaudited).. 6
Item 2. Management's Discussion and Analysis of
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Financial Condition and Results of Operations................ 7
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PART II OTHER INFORMATION............................................ 9
Item 2. Changes in Securities........................................ 9
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Item 4. Submission of Matters to a Vote of Security Holders.......... 9
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Item 6. Exhibits and Reports on Form 8-K............................. 9
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Signatures ...................................................... 10
Exhibit Index ...................................................... 11
1
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PART 1 - FINANCIAL STATEMENTS
Item 1: FINANCIAL STATEMENTS
Restaurant Teams International, Inc.
Condensed Balance Sheet
For The Six Month Period Ended
June 30, 2000
December 31,1999 June 30, 2000
(Audited) (Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 2,521 $
Trade accounts receivable -
Prepaid Expenses 18,657
Inventory 13,690
Federal Income Tax Receivable 38,030
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Total Current Assets 72,898
PROPERTY AND EQUIPMENT, net 3,608,114
NOTE RECEIVABLE -
GOODWILL, net -
OTHER ASSETS
Assets Held for Sale, Net 1,844,586
Fatburger Acquisition (Pending) 3,861,632
Debenture issuance costs 62,150
TOTAL ASSETS 9,449,380
2
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Restaurant Teams International, Inc.
Condensed Balance Sheet
For The Six Month Period Ended
June 30, 2000
December 31, 1999 June 30, 2000
(Audited) (Unaudited)
<S> <C> <C>
LIABILITIES AND SHAREHOLDER EQUITY
CURRENT LIABILITIES
Accounts payable $ 76,324 $
Accrued expenses and other liabilities 430,997
Income tax payable 10,000
Notes payable -
Current portion of long term debt 719,380
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Total Current Liabilities 1,236,701
LONG TERM DEBT, net of current portion 1,328,276
DEFERRED LIABILITIES 24,819
CONVERTIBLE DEBENTURE, less discount 2,227,846
STOCKHOLDERS EQUITY
Preferred stock, $.01 par value, no shares issued -
Preferred stock - Series A, $.10 par value,
No shares issued -
Common Stock, $.01 Par Value,
9,661,066 outstanding 12/31/99
14,261,340 outstanding 8/15/00 149,416
Additional paid in capital 8,921,335
Treasury stock, 280,440 shares, at cost (761,150)
Accumulated deficit (3,311,120)
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Notes receivable - related parties (366,743)
Total Shareholders Equity 4,631,738
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY 9,449,380
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