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Previous: ALLERGAN LIGAND RETINOID THERAPEUTICS INC, SC 13D/A, 1997-07-03 |
Next: ANICOM INC, S-3, 1997-07-03 |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K\A 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: July 3, 1997
DETOUR MAGAZINE, INC.
f/k/a ICHI-BON INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
COLORADO
(State or other jurisdiction of incorporation)
0-25388 84-1156459
(Commission File No.) (IRS Employer
Identification No.)
201 N. Service Road
Melville, N.Y. 11747
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (516) 423-9300
<PAGE>
Item 7(a) and 7(b). Financial Statements and Pro Forma Financial
Statements
The unaudited financial statements of Detour, Inc. for the
three month periods ended March 31, 1997 and 1996 are attached
hereto.
Item 7(c). Exhibits.
Number Exhibit
27.0 Financial Data Schedule
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
DETOUR MAGAZINE, INC.
By: s/James Turner
---------------------------
James Turner,
President
Dated: July 3, 1997
3
<PAGE>
DETOUR, INC.
DETOUR MAGAZINE
BALANCE SHEET
(Unaudited)
March 31, 1997 and 1996
ASSETS
CURRENT ASSETS 1997 1996
--------- ---------
Accounts receivable 449,543 266,761
Loan receivable - officer 61,059 9,923
Prepaid expenses and other current assets 30,748 60,470
--------- ---------
Total Current Assets 541,350 337,154
--------- ---------
PROPERTY AND
EQUIPMENT, Net 140,201 155,195
--------- ---------
OTHER ASSETS
Security Deposits 19,520 19,335
--------- ---------
Total Other Assets 19,520 19,335
--------- ---------
TOTAL ASSETS 701,071 511,684
========= =========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Cash overdrafts 1,790 20,460
Accounts payable and accrued expenses 723,590 493,041
Unexpired subscriptions 25,664 15,720
Note payable 190,000 300,000
Due to stockholder 45,490 0
Note payable to stockholders 932,313 1,141,123
Interest payable stockholders 115,766 87,969
--------- ---------
Total Current Liabilities 2,034,613 2,058,313
EQUITY
Common stock 9,366 8,445
Additional paid-in capital 855,161 155,875
Accumulated deficit (2,198,069) (1,710,949)
--------- ---------
TOTAL EQUITY (1,333,542) (1,546,629)
--------- ---------
TOTAL LIABILITIES
AND EQUITY 701,071 511,684
========= =========
4
<PAGE>
DETOUR INC.
DETOUR MAGAZINE
STATEMENT OF CASH FLOW
(Unaudited)
For the Three Months ended March 31 1997 and 1996
1997 1996
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) 14,582 (324,126)
------- -------
Depreciation 8,684 8,273
Bad debt expense 0 0
Decrease (increase) in
accounts receivable (275,464) 1,136
Decrease (increase) in
prepaid expenses and other
current assets 6,030 16,502
Increase in accounts payable
and accrued expenses 222,839 79,046
Increase in interest payable,
stockholder 36,519 27,290
------- -------
TOTAL ADJUSTMENTS (1,392) 132,247
------- -------
NET CASH USED IN OPERATING ACTIVITIES 13,190 (191,879)
------- -------
CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of fixed assets 0 (4,784)
Loan to officer (8,818) (9,923)
------- -------
NET CASH USED IN INVESTING ACTIVITIES (8,818) (14,707)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stockholder 16,900 0
Net proceeds of loan payable stockholder 0 208,810
------- -------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 16,900 208,810
------- -------
NET DECREASE IN CASH 21,272 2,224
CASH - beginning (23,062) (22,684)
------- -------
CASH (OVERDRAFT) - ending (1,790) (20,460)
======= =======
5
<PAGE>
DETOUR INC.
DETOUR MAGAZINE
INCOME STATEMENT
(Unaudited)
For the Three Months ended March 31 1997 and 1996
1997 1996
--------- -------
SALES 1,108,191 476,847
COST OF SALES 536,748 440,904
--------- -------
GROSS LOSS 571,443 35,943
SELLING GENERAL AND
ADMINISTRATIVE EXPENSES 520,342 329,928
--------- -------
OPERATING LOSS 51,101 (293,985)
Interest expense (36,519) (30,141)
--------- -------
NET INCOME 14,582 (324,126)
========= =======
6
<PAGE>
DETOUR INC.
DETOUR MAGAZINE
SCHEDULE OF COST OF SALES
(Unaudited)
For the Three Months ended March 31 1997 and 1996
1997 1996
------- -------
Paper printing and binding 381,846 297,115
Production salaries 67,540 62,100
Fashion/photo 63,775 62,388
Editorial 23,234 19,301
Art 353 0
Miscellaneous 0 0
------- -------
TOTAL COST OF SALES 536,748 440,904
======= =======
7
<PAGE>
DETOUR INC.
DETOUR MAGAZINE
SCHEDULE OF SELLING GENERAL AND ADMINISTRATIVE EXPENSES
(Unaudited)
For the Three Months ended March 31 1997 and 1996
1997 1996
------- -------
Salaries - officers 30,000 30,000
Salaries - other 77,156 49,355
Payroll taxes 19,167 16,660
Travel 26,608 27,356
Entertainment 9,914 7,919
Auto leases and expenses 7,853 7,644
Bank charges 920 1,716
Bad debt expenses (5,000) 0
Contributions 250 0
Commissions 115,998 628
Computer supplies 1,557 5,077
Delivery 18,719 10,175
Depreciation 8,684 8,273
Dues and subscriptions 2,947 3,277
Equipment rental 2,555 547
Insurance 15,901 20,129
Miscellaneous 3,752 1,851
Office 12,957 16,805
Postage 11,738 11,508
Professional fees 76,217 46,070
Subscription processing 4,427 5,853
Promotion 17,279 605
Rent 29,619 35,657
Telephone 25,232 20,796
Utilities 5,892 2,027
------- -------
TOTAL SELLING GENERAL AND
ADMINISTRATIVE EXPENSES 520,342 329,928
======= =======
8
<PAGE>
DETOUR, INC.
DETOUR MAGAZINE
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1 -
In the opinion of management, the balance sheets at March 31,
1997 and 1996, the statements of operations and the statements
of cash flows for the three months ended March 31, 1997 and
1996 have been prepared by management without audit. In the
opinion of management, all necessary adjustments (which
include only normal recurring adjustments) have been made in
order to present fairly the financial position at March 31,
1997 and 1996 and for the three months ended March 31, 1997
and 1996. The results of operations for the three months
ended March 31, 1997 and 1996 are not necessarily an
indication of the operating results for the entire year.
NOTE 2 - SUBSEQUENT EVENT:
On June 6, 1997, the Company consummated a reverse merger
with Ichi-Bon Investment Corporation ("IBI"), a Colorado
public reporting company, wherein it exchanged all of its
issued and outstanding stock for 4,500,000 "restricted" common
shares of IBI. The Company did not survive this transaction,
and IBI, as the surviving company, changed its name to
"Detour Magazine, Inc." The 4,500,000 shares of IBI's
stock issued to the shareholders of the Company in exchange
for their shares represented approximately 90% of IBI's
then outstanding common stock. The officers and directors of
IBI resigned and new management was appointed consisting of
former management of the Company.
9
<PAGE>
DETOUR MAGAZINE, INC.
------------------------------
EXHIBIT 27.0 TO FORM 8-K\A 1
------------------------------
FINANCIAL DATA SCHEDULE
------------------------------
10
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED FINANCIAL STATEMENTS FOR THE FISCAL QUARTER ENDED MARCH 31, 1997, AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 510,602
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 541,350
<PP&E> 140,201
<DEPRECIATION> 0
<TOTAL-ASSETS> 701,071
<CURRENT-LIABILITIES> 2,034,613
<BONDS> 0
0
0
<COMMON> 9,366
<OTHER-SE> (1,342,908)
<TOTAL-LIABILITY-AND-EQUITY> 701,071
<SALES> 1,108,191
<TOTAL-REVENUES> 1,108,191
<CGS> 536,748
<TOTAL-COSTS> 536,748
<OTHER-EXPENSES> 520,342
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (36,519)
<INCOME-PRETAX> 14,582
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,582
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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