U,S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996.
Commission File No. 0-25276
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DIGIMEDIA USA, INC.
-------------------
(Exact name of small business issuer in its charter)
Nevada 88-0320364
------ ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2454 NE 13th Ave., Fort Lauderdale, FL. 33305
---------------------------------------------
(Address of principal executive offices)
(954) 565-8726
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(Issuer's telephone number)
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 No x
--- ---
The number of shares of issuer's Common Stock outstanding as of September 30,
1996 was 8,286,165.
<PAGE>
WANT & ENDER, CPA, P. C.
________________________________________________________________________________
CERTIFIED PUBLIC ACCOUNTANTS
37 East 28th Street 8th Floor
New York, NY l0016
MARTIN ENDER, CPA Telephone (212) 684-2414
STANLEY Z. WANT, CPA, CFP Fax (212) 684-5433
To the Stockholders' and Board of Directors of:
DigiMedia USA, Inc.
2454 NE 13TH AVENUE
FT LAUDERDALE, FL 33305
We have compiled the accompanying balance sheet of DigiMedia USA, Inc. as of
June 30, 1996 and the related income statement for the six months then ended, in
accordance with standards established by the American Institute of Certified
Public Accountants.
A compilation is limited to presenting, in the form of financial statements,
information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures and the
statement of cash flows required by generally accepted accounting principles. If
the omitted disclosures and statement of cash flows were included in the
financial statements, they might influence the user's conclusions about the
Company's financial position, results of its operations and changes in cash
flows. Accordingly, these statements are not designed for those who are not
informed about such matters.
/s/ Want & Ender CPA, P.C.
Certified Public Accountants
New York, NY
September 6, 1996
<PAGE>
DIGIMEDIA USA, INC.
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP.)
BALANCE SHEET
Current Year Prior Year 1
Jun. 30, 1996 Dec. 31, 1995
(Unaudited)
--------- ---------
Assets
Current Assets
Cash - Checking $ 49,299 108
Accounts Receivable 54,256 54,256
--------- ---------
Total Current Assets 103,555 54,364
--------- ---------
Fixed Assets
Office Equipment 127,828 127,828
Acc Depr Office Eqpt (48,930) (48,930)
Furniture And Fixtures 25,052 24,393
Acc Depr Furn And Fixt (11,275) (11,275)
Leasehold Improvements 0 223,993
--------- ---------
Total Fixed Assets 92,675 316,009
--------- ---------
Other Assets
Organization Costs 52,668 102,668
Copyright (net) 30,087 30,087
Acc Amort Org Costs (10,534) (10,534)
Security Deposits 1,075 1,075
--------- ---------
Total Other Assets 73,296 123,296
--------- ---------
Total Assets 269,526 493,669
========= =========
See Accountants' Compilation Report
<PAGE>
DIGIMEDIA USA, INC.
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP.)
BALANCE SHEET
Current Year Prior Year 1
Jun. 30, 1996 Dec. 31, 1995
(Unaudited)
--------- ---------
Liabilities
Current Liabilities
Accounts Payable $ 26,675 $ 26,675
Accr Expenses 63,222 63,222
Notes Payable Offer 11,894 16,607
----------- -----------
Total Current Liabilities 101,791 106,504
----------- -----------
Long Term Liabilities
Morts,Notes,Bonds - l Yr 16,667 16,667
Capital Lease - Long Term 0 (16,667)
----------- -----------
Total Long Term Liabilities 16,667 0
----------- -----------
----------- -----------
Total Liabilities 118,458 106,504
----------- -----------
Stockholders' Equity
Common Stock 378 378
Convertible Preferred 37,861 37,861
Addtl Paid In Capital 1,417,703 1,636,008
Retained Earnings - Un Ap (1,304,874) (1,245,446)
----------- -----------
Total Equity 151,068 428,801
----------- -----------
Total Liabilities & Equity 269,526 535,305
=========== ===========
See Accountants' Compilation Report
<PAGE>
DIGIMEDIA USA, INC.
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP.)
Statement of Operations
3 Months Ended 6 Months Ended
June 30 June 30
1996 1995 1996 1995
-------- -------- -------- --------
Revenues $ 0 $ 0 $ 12,400 $ 0
-------- -------- -------- --------
Operating Expenses:
Video Production 10,928 13,316 10,928 24,295
Marketing 13,216 89 13,216 4,721
General & Administrative 44,768 8,974 47,683 26,444
-------- -------- -------- --------
Total Operating Expenses 68,912 22,379 71,827 55,460
-------- -------- -------- --------
Net Profit/(Loss) $(68,912) $(22,379) $(59,427) $(55,460)
======== ======== ======== ========
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION.
Results of Operations
- ---------------------
The Company recorded no revenue for the three month period.
Liquidity and Capital Resources
- -------------------------------
The Company recorded an increase in current assest of approximately 58% from
$65,352 at March 31, 1996 to $103,555.00 at June 30, 1996. Current liabilities
were reduced by approximately 4% from %106,504.00 to $101,791.00 for the period.
The Company believes that in addition to its anticipated cash flow from
operations, additional financing is necessary to fund its working capital needs.
PART 11 - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
A former consultant to the Company brought an action relating to $8,000 claimed
to be due from the Company. This matter is currently in litigation. The position
of the Company is that the $8,000 will be paid.
Another former consultant to the Company brought an action relating to dismissal
and monies claimed. Three of four counts have been dismissed with prejudice.
Management expects no liability for the Company.
ITEM 5. OTHER INFORMATION.
In June of this year, the Company announced the signing of letters of intent to
acquire two private security companies with revenues in excess of $60 million.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
DigiMedia USA, Inc.
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(Registrant)
Date: September 30, 1996 /s/ Gene Farmer
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Gene Farmer, Vice-President
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 49,299
<SECURITIES> 0
<RECEIVABLES> 54,256
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 103,555
<PP&E> 152,910
<DEPRECIATION> 60,205
<TOTAL-ASSETS> 269,526
<CURRENT-LIABILITIES> 101,791
<BONDS> 0
0
37,861
<COMMON> 378
<OTHER-SE> 113,007
<TOTAL-LIABILITY-AND-EQUITY> 269,526
<SALES> 12,400
<TOTAL-REVENUES> 12,400
<CGS> 0
<TOTAL-COSTS> 71,827
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (59,427)
<INCOME-TAX> 0
<INCOME-CONTINUING> (59,427)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (59,427)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
