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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) October 6, 2000
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HomeSeekers.com, Incorporated
(Exact Name of Registrant as Specified in its Charter)
Nevada 0-23835 87-0397464
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
6490 South McCarran Blvd., Suite D-28, Reno, Nevada 89509
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (775) 827-6886
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N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
RESTATEMENT OF UNAUDITED QUARTERLY FINANCIAL RESULTS
As described in Note 4 to the consolidated financial statements as of
June 30, 1999 and 2000 and for each of the years in the two-year period ended
June 30, 2000, the Company entered into various agreements with BuySellBid.com,
a related company, which included the purchase and sale of advertising on their
respective websites. Subsequent to the issuance of the Company's financial
results for the second and third quarters in fiscal year 2000, it was determined
that these advertising arrangements should be treated as a non-monetary exchange
resulting in advertising revenue being netted with advertising expenses, instead
of being reported as revenue.
The Company has also reevaluated the recognition of revenue in
connection with two separate advertising and marketing agreements in which it
has received $1,050,000 as of June 30, 2000, and for which it reported revenue
of approximately $676,000 in the third quarter. The Company has elected to defer
and recognize the amounts received over the three and five year contractual
terms of the arrangements.
Summarized unaudited quarterly financial information for the years 2000
and 1999 are noted below (in thousands, except per share amounts):
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<CAPTION>
2ND QUARTER 2ND QUARTER 3RD QUARTER 3RD QUARTER
1ST QUARTER AS REPORTED RESTATED AS REPORTED RESTATED 4TH QUARTER
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<S> <C> <C> <C> <C> <C> <C>
Fiscal year 2000
Revenues........... $1,443 $2,712 $2,574 $4,312 $3,396 $ 3,677
Loss from
operations....... $2,751 $5,119 $4,923 $5,203 $5,786 $12,052
Net loss........... $2,638 $4,983 $4,787 $5,101 $5,684 $11,925
Basic and diluted net
loss per share... $ 0.17 $ 0.30 $ 0.28 $ 0.29 $ 0.32 $ 0.70
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The above restatements do not affect previously reported net cash flows
for the quarterly periods.
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<CAPTION>
1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER
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<S> <C> <C> <C> <C>
Fiscal year 1999
Revenues.................... $ 375 $1,068 $1,130 $ 846
Loss from operations........ $ 957 $ 597 $ 993 $2,612
Net loss.................... $ 963 $ 587 $ 726 $2,566
Basic and diluted net
loss per share............ $ 0.14 $ 0.08 $ 0.11 $ 0.20
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
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Exhibit No. Description
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23.1 Consent of Ernst & Young LLP.
23.2 Consent of Albright, Persing & Associates, LTD.
99.1 HomeSeekers.com, Incorporated's Consolidated
Financial Statements as of June 30, 1999 and
2000 and for each of the years in the two-year
period ended June 30, 2000 (incorporated by
reference pages F-1 to F-28 of HomeSeekers.com
Incorporated's Annual Report on Form 10-KSB
for the fiscal year ended June 30, 2000).
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SIGNATURE
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.
Dated: October 6, 2000
HomeSeekers.com, Incorporated
By: /s/ Gregory L. Costley
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Gregory L. Costley, Chairman and
Chief Executive Officer
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EXHIBIT INDEX
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<CAPTION>
Exhibit No. Description
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<S> <C>
23.1 Consent of Ernst & Young LLP.
23.2 Consent of Albright, Persing & Associates, LTD.
99.1 HomeSeekers.com, Incorporated's Consolidated
Financial Statements as of June 30, 1999 and 2000
and for each of the years in the two-year period
ended June 30, 2000 (incorporated by reference
pages F-1 to F-28 of HomeSeekers.com
Incorporated's Annual Report on Form 10-KSB for
the fiscal year ended June 30, 2000).
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