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Previous: OMNIAMERICA INC, SC 13G, 1999-02-12 |
Next: SEEC INC, 10-Q, 1999-02-12 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A-1
[X] ANNUAL REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ______________________ to ______________________
Commission file number 0-25276
-------
QUIKBIZ INTERNET GROUP, INC.
- --------------------------------------------------------------------------------
Exact name of small business issuer as specified in its charter
Nevada 88-0320364
------ ----------
(State or other jurisdiction I.R.S. Employer Identification No.
of incorporation)
5310 NW 33rd Drive, Suite 212, Ft. Lauderdale, FL 33309
-------------------------------------------------------
(Address of principal executive offices and Zip code)
(954) 739-7005
(Issuer's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last
report
Securities registered under Section 12(b) of the Exchange Act:
Title of each class Name of each exchange on which registered
------------------- -----------------------------------------
Securities registered under Section 12(g) of the Exchange Act:
Common Stock
------------
(Title of class)
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 [ ]
(ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS)
- --------------------------------------------------------------------------------
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by Court. Yes [ ] No [ ]
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: September 30, 1996: 12,356,225 shares
of common stock.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [x]
1
<PAGE>
WANT & ENDER, CPA, P.C.
- --------------------------------------------------------------------------------
CERTIFIED PUBLIC ACCOUNTANTS 37 East 28th Street, Suite 806
New York, NY 10016
Telephone (212) 684-2414
Fax (212) 684-5433
E mail [email protected]
MARTIN ENDER, CPA
STANLEY Z. WANT, CPA, CFP
Independent Auditor's Report
----------------------------
To the Shareholders and Board of Directors:
Digimedia USA, Inc.
We have audited the accompanying balance sheet of DIGIMEDIA USA, INC. as at
December 31, 1996 and 1995, the related statements of income and cash flows for
the years then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We have conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit also includes examining on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of DIGIMEDIA USA, INC. as at
December 31, 1996 and 1995, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
The Company is in the development stage. Recovery of the Company's assets is
dependent upon future events, the outcome of which is uncertain. In addition,
successful completion of the Company's development program and its transition,
ultimately, to attaining profitable operations dependent upon obtaining adequate
financing to fulfill its development activities and achieving a level of revenue
adequate to support the Company's cost structure. The accompanying financial
statements have been prepared assuming that the Company will continue as a going
concern.
/s/ Martin Ender
- ----------------------------
Martin Ender, CPA
Want & Ender CPA, P.C.
Certified Public Accountants
New York, NY
December 15, 1998
2
<PAGE>
DIGIMEDIA USA, INC.
(Formerly International Training & Education Corp.)
Balance Sheet
As At December 31, 1996
<TABLE>
<CAPTION>
Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
Current Assets:
Cash 32,079 108 (1,974)
Accounts Receivable 0 54,256 350
Prepaid Expenses 0 0 9,410
Total Current Assets: 32,079 54,364 7,786
Fixed Assets:
Office Equipment 650 127,828 244,426
Accum Depr Office Equip (410) (48,930) (29,205)
Furniture & Fixture 1,700 24,393 37,498
Accum Depr Furn & Fixt (1,105) (11,275) (5,301)
Leasehold Improvements 0 0 93,603
Accum Depr Leasehold 0 0 (213)
Copyright 32,236 32,236 32,236
Acc Amortization (4,298) (2,149) 0
Total Fixed Assets: 28,773 122,103 373,044
Other Assets:
Organization Costs 52,668 52,668 2,668
Acc Amort (21,068) (10,534) 0
Security Deposit 1,075 1,075 12,993
Total Other Assets: 32,675 43,209 15,661
Total Assets 93,527 219,676 396,491
========== ========== ==========
Current Liabilities:
Accounts Payable 0 26,675 37,000
Note Payable 16,667 16,667 50,000
Capital Lease 0 0 6,279
Accrued Expense 0 63,222 89,844
Stock Subscription Payable 0 0 364,000
Note Payable Officer 0 16,607 0
Total Current Liabilities: 16,667 123,171 547,123
Long Term Liabilities 0 0 52,953
Total Liabilities: 16,667 123,171 600,076
Shareholders' Equity:
Convertible Preferred Stock, $.001 par value
12% Cumulative, Authorize 3,000 Shares
Impaired and Outstanding 441,597,968 17,248 23,348 37,861
Common Stock, $.00046 par value
Authorized 75,000,000 shares
Issued and outstanding
12,056,255 6,897,814, 5,031,227 5,546 3,173 2,314
Additional Paid in Capital 1,473,147 1,315,430 963,476
Retained Earnings (1,419,081) (1,245,446) (1,207,236)
Total Equity: 76,860 96,505 (203,585)
Total Liabilities & Equity: 93,527 219,676 396,491
========== ========== ==========
</TABLE>
See Accountants' Audit Report and Notes to Financial Statements
3
<PAGE>
DIGIMEDIA USA, INC.
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP.)
Income Statement
for the Year Ended December 31, 1996
<TABLE>
<CAPTION>
Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
Revenues:
Sales 25,905 50,345 0
Cancelled Sales (57,400) 0 0
Miscellaneous Income 0 698 0
Total Revenues (31,495) 51,043 0
Expenses:
Research and Development 52,815 24,295 170,990
Marketing 13,659 4,720 81,481
General and Administrative 72,587 60,238 747,872
Total Operating Expenses: 139,062 89,253 1,000,343
Loss from Operations (170,557) (38,210) (1,000,343)
Loss on Disposition (3,078) 0 0
Interest 0 0 7,392
Loss on Deposit 128,359
Net Loss (173,635) (38,210) (1,173,954)
Preferred dividend requirement 37,860
Net Loss applicable to Common Stockholders (173,635) (38,210) (1,211,814)
Net Loss Per Share (.024) (.006) (.24)
Weighted Average Common
Shares Outstanding 7,150,464 5,956,090 5,031,227
</TABLE>
See Accountants' Audit Report and Notes to Financial Statements
4
<PAGE>
DIGIMEDIA USA, INC.
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP.)
Statements of Shareholders' Equity
<TABLE>
<CAPTION>
Accumulated
Additional Deficit Total
Common Stock Preferred Stock Paid in Shareholders'
Shares Amount shares Amount Capital Equity
<S> <C> <C> <C>
Balance Nov 12, 1991 4,023,039 300 - - - - 300
(Inception)
Net Loss from Inception
To Dec. 31, 1991 (3,998) (3,998)
Bal. Dec. 31, 1991 4,023,039 300 - - - (3,998) (3,698)
Net Loss for the Year (20,038) (20,038)
Bal. Dec. 31, 1992 4,023,039 300 - - - (24,036) (23,736)
Net Loss for the Year (9,246) (9,246)
Bal. Dec. 31, 1993 4,023,039 300 - - - (33,282) (32,982)
Issuance of Pref Stock 968 1 1
Issuance of Common 1,008,188 78 965,412 965,490
Pref Dividend 37,860 37,860
Net Loss for the Year (1,173,954) (1,173,954)
Bal. Dec. 31, 1994 5,031,227 *2314 968 37,861 *963,476 (1,207,236) (303,558)
Issuance of Comm 1,736,737 799 337,441 303,558
Conversion of Pref 129,850 60 (371) (14,513) 14,513 60
Net Loss for the Year (38,210) (38,210)
Bal. Dec. 31, 1995 6,897,814 3173 597 23,348 1,315,430 (1,245,446) 96,505
Issuance of Comm 5,103,811 2348 151,617 153,965
Conversion of Pref 54,600 25 (156) (6,100) 6,100 25
Net Loss for the Year (173,035) (173,635)
Bal. Dec. 31, 1996 12,056,225 5546 441 17,248 1,473,147 (1,419,081) 76,860
*Reflects reverse split.
</TABLE>
See Accountants' Audit Report and Notes to Financial Statements
5
<PAGE>
DIGIMEDIA USA, INC.
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP.)
Statement of Cash Flow
For the Year Ended December 31, 1996
<TABLE>
<CAPTION>
12-31-96 12-31-95 12-31-94
-------- -------- --------
<S> <C> <C> <C>
Cash Flows from Operating Activities:
Net Income (173,635) (38,210) (1,173,954)
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation and Amortization 49,168 38,382 37,135
(Increase) Decrease in Accounts Receivable 54,256 (53,906) (175)
(Increase) Decrease in Prepaid Expenses 9,410 (9,410)
(Increase) Decrease in Other Assets 11,918 (10,743)
Increase (Decrease) in Accounts Payable (26,675) (10,325) 37,000
Increase (Decrease) in Other Litigation (79,829) (430,294) 437,334
Total Adjustments (3,080) (434,815) 491,141
Net Cash Provided (Used) By Operating Activities (176,715) (473,025) (682,813)
Cash Flows from Investing Activities
Purchase of Property (386,068)
Released from Debt for Property 54,696 223,093 -
Deferred Organization Costs (50,000) (2,668)
Net Cash Provided (Used) By Investing Activities 54,696 173,093 (388,736)
Cash Flows from Financing Activities
Proceeds from Issuance of Stock 153,991 338,300 965,491
Preferred Dividend 37,860
Increase (Decrease) in Long Liabilities (36,286) 52,953
Net Cash Provided (used) by Financing Activities 153,991 302,014 1,036,304
Net Increase (Decrease) in Cash 31,971 2,082 (15,245)
Cash at Beginning of Period 108 (1,974) 13,271
Cash at End of Period 32,079 108 (1,974)
</TABLE>
See Accountants' Audit Report and Notes to Financial Statements
6
<PAGE>
SIGNATURES
In compliance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned duly
authorized.
QUIKBIZ INTERNET GROUP, INC.,
by:s/ Andrew Smith, President
---------------------------
ANDREW SMITH, President
Dated: January 29, 1999
In accordance with the Exchange Act, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.
s/Andrew Smith Dated: January 29, 1999
- ---------------------------------
Andrew Smith, President, director
s/David Bawarsky Dated: January 29, 1999
- ---------------------------------
David Bawarsky, CEO, Secretary, director
s/Kirk J. Girrbach Dated: January 29, 1999
- ---------------------------------
Kirk J. Girrbach, Treasurer, director
s/ Bohdan Moroz Dated: January 29, 1999
- ---------------------------------
Bohdan Moroz, director
7
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