-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A+TqVWB5rJv06gOeqf9S1ugfNZlAwinrbGIPnShRddHRgJQD2vgEJGw3WFNTCGga L9AhNxqQVFePy4LK/RkgcA== 0000897101-96-000719.txt : 19960823 0000897101-96-000719.hdr.sgml : 19960823 ACCESSION NUMBER: 0000897101-96-000719 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960822 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH AMERICAN RESORTS INC CENTRAL INDEX KEY: 0001000686 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEMBERSHIP SPORTS & RECREATION CLUBS [7997] IRS NUMBER: 841286065 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-26760 FILM NUMBER: 96619005 BUSINESS ADDRESS: STREET 1: 315 EAST ROBINSON ST CITY: ORLANDO STATE: FL ZIP: 32801 BUSINESS PHONE: 4078411917 10QSB 1 FORM 10-QSB SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 1996 Commission File No. 0-26760 NORTH AMERICAN RESORTS, INC. (Exact name of registrant as specified in its charter) Colorado 84-126065 (State or other jurisdiction (IRS Employer Identification No.) of Incorporation or Organization) 315 East Robinson Street, Orlando, Florida 32801 (Address of principal executive office) (Zip Code) Registrant's telephone number: (407) 841-1917 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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____
NORTH AMERICAN RESORTS, INC. CONDENSED CONSOLIDATED BALANCE SHEET FOR THE QUARTER ENDED JUNE 30, 1996 ASSETS June 30, December 31, 1996 1995 -------- ------------ (Unaudited) Current Assets Cash $ 31,035 $ 1,080 Inventory 1,006,963 1,004,837 Deposits 229 229 Employee loans 7,595 26,212 Accounts receivable 351,512 250,661 ---------- ---------- Total Current Assets 1,397,334 1,283,019 ---------- ---------- Furniture, Equipment, and Leasehold Improvements Furniture 7,075 7,075 Equipment 104,391 92,957 Leasehold improvements 9,153 9,153 ---------- ---------- 120,619 109,185 Less Accumulated Depreciation 17,946 7,327 ---------- ---------- 102,673 101,858 ---------- ---------- Other Assets Cypress Island 267,134 27,500 Prepaid expenses 322,485 -- Time share weeks 55,000 55,000 Franchise loans receivable 50,000 50,000 Loan receivable 207,924 -- Organization costs, net of amortization of $2,840 and $1,700 8,490 9,630 Goodwill, net of amortization of $30,520 and $18,520 339,885 351,885 ---------- ---------- Total Other Assets 1,250,918 494,015 ---------- ---------- TOTAL ASSETS $2,750,925 $1,878,892 ========== ========== See Notes to Condensed Consolidated Financial Statements
LIABILITIES AND STOCKHOLDERS' EQUITY June 30, December 31, 1996 1995 -------- ------------ (Unaudited) Current Liabilities Accounts payable $ 162,394 $ 89,193 Advance customer deposits 125,978 130,368 Room rent reserve 80,391 30,769 Accrued wages 2,409 4,817 Accrued interest payable 1,500 1,500 Withholding payable 711 4,711 Contract pay 23,126 23,126 Tickets payable 25,050 -- ----------- ----------- Total Current Liabilities 421,559 284,484 ----------- ----------- Long-Term Debt 233,196 177,138 ----------- ----------- Deferred Revenue Memberships 597,863 598,674 Franchise sales 50,000 50,000 ----------- ----------- Total Deferred Revenue 647,863 648,674 ----------- ----------- Capital Common stock 1,518,560 1,062,060 Preferred stock 710,937 710,937 Retained earnings (781,190) (1,004,401) ----------- ----------- Total Capital 1,448,307 768,596 ----------- ----------- TOTAL LIABILITIES AND CAPITAL $ 2,750,925 $ 1,878,892 =========== =========== NOTE: The balance sheet at December 31, 1995 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. NORTH AMERICAN RESORTS, INC. CONDENSED CONSOLIDATED STATEMENT OF EARNINGS FOR THE QUARTER ENDED JUNE 30, 1996 Three Months Six Months Ended Ended June 30, June 30, 1996 1996 ------------ --------- Sales Sales $ 752,383 $1,599,771 Prepaid packages redeemed 58,487 92,990 Commissions 33,984 55,831 Other income 215 306 ---------- ---------- Net Sales 845,069 1,748,898 ---------- ---------- Cost and Expenses Cost of sales 318,969 675,977 General and administrative expenses 404,373 826,760 Depreciation and amortization 11,880 22,950 ---------- ---------- Total Cost and Expenses 735,222 1,525,687 ---------- ---------- NET PROFIT BEFORE TAXES $ 109,847 $ 223,211 ========== ========== See Notes to Condensed Consolidated Financial Statements NORTH AMERICAN RESORTS, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Six Months Ended Ended June 30, June 30, 1996 1996 ------------ ----------- Cash Flows From Operations $(136,610) $(471,169) - -------------------------- Cash Flows From Investing Activities Purchase of furniture and equipment -- (11,434) --------- --------- Net Cash Provided by Investing Activities -- (11,434) --------- --------- Cash Flows From Financing Activities Net change in debt 82,497 56,058 Issue of Stock 71,000 456,500 --------- --------- Net Cash Provided by Financing Activities 153,497 512,558 --------- --------- Net Increase in Cash $ 16,887 $ 29,955 - -------------------- ========= ========= See Notes to Condensed Consolidated Financial Statements NORTH AMERICAN RESORTS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED JUNE 30, 1996 NOTE A BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 1996 are not necessarily indicative of the results that may be expected for the year ended December 31, 1996. The Company started operations April 1, 1995 and, thus, there was not a full year of operations in 1995. For further information refer to the refer to the financial statements and footnotes thereto included in the North American Resorts, Inc. annual report on Form 10-KSB for the period ended December 31, 1995. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS The Company had no operations until April of 1995, thus it is impossible to make a comparison of results of operations and financial conditions with other periods. The business operations started with the sale of low cost vacations in the Orlando, Florida area. Income for the second quarter was the sale of memberships, hotel rooms, airline tickets and car rentals, gross sales for these was $845,069, and expenses directly associated with these sales was $318,969, other expenses were $416,253, leading to a net profit of $109,847. There are no commitments for capital expenditures at this time. There are no known trends expected to have a material impact on the Company. There are no significant elements of income or loss that do not arise from the Company's continuing operations. ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8K None SIGNATURES In accordance with Section 12 of the Securities Exchange Act of 1934, the registrant caused this registration statement to be signed on its behalf by the undersigned thereunto duly authorized. Date: North American Resorts, Inc. By /s/________________________ Brian Nelson, President EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-1996 APR-01-1996 31,035 0 351,512 0 1,006,963 1,397,334 120,619 17,946 2,750,925 451,559 0 0 0 1,518,560 710,937 2,750,559 845,069 845,069 318,969 735,222 0 0 0 109,847 0 109,847 0 0 0 109,847 0 0
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