-----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, TDUiZ0XB8ydPBzWQT/aVTDMN9fShvTQ0cnwsn1aigGI6t4CiP2SN0yQfOWaTFudX vUJ7gXYy8TsWdnaPEXrDpw== 0000897101-97-000979.txt : 19970912 0000897101-97-000979.hdr.sgml : 19970912 ACCESSION NUMBER: 0000897101-97-000979 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970905 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: SEC FILE NUMBER: 000-26760 FILM NUMBER: 97675970 BUSINESS ADDRESS: STREET 1: 301 E HILLCREST 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 March 31, 1997 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 of (IRS Employer Identification No.) Incorporation or Organization) 301 East Hillcrest 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____ MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS The Company had slightly higher net sales for the quarter ending March 31, 1997 than in 1996; $390,186 as opposed to $316,458. Costs and expenses however were much higher; $550,154 as opposed to $139,695, which led to a loss of $159,968 in 1997 as compared to a gain of $176,763 in 1996. There were no income taxes due because of the loss in this quarter. This translated to a loss of $.01 per share in 1997, compared to a gain of $.06 per share in 1996. 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: August 14, 1997 North American Resorts, Inc. By ___/s/________________________ Anthony Arrigoni, Vice, President NORTH AMERICAN RESORTS, INC. COMPILATION OF FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 1997 GARY A. LaPALME, C.P.A. CERTIFIED PUBLIC ACCOUNTANTS Minneapolis, Minnesota NORTH AMERICAN RESORTS, INC. CONTENTS THREE MONTHS ENDED MARCH 31, 1997 Page Accountant's Compilation Report 2 Financial Statements Condensed Balance Sheets 3 Condensed Statements of Earnings 4 Condensed Statements of Cash Flows 5 Notes to Financial Statements 6 GARY A. LaPALME, C.P.A. CERTIFIED PUBLIC ACCOUNTANTS MAPLE GROVE EXECUTIVE CENTRE 7200 HEMLOCK LANE, SUITE 110 MAPLE GROVE, MINNESOTA 55369 (612) 424-5330 FAX (612) 424-2601 MEMBER MINNESOTA SOCIETY OF C.P.A.s AMERICAN INSTITUTE OF C.P.A.s Board of Directors and Stockholders NORTH AMERICAN RESORTS, INC. I have compiled the accompanying balance sheet of NORTH AMERICAN RESORTS, INC. as of March 31, 1997, and the related statements of earnings for the three 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. I 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 operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. /s/ Gary A. LaPalme Gary A. LaPalme, C.P.A. Certified Public Accountants Minneapolis, Minnesota May 27, 1997 NORTH AMERICAN RESORTS, INC. CONDENSED BALANCE SHEETS
ASSETS March 31, December 31, 1997 1996 ----------- ----------- (Unaudited) (*Note) Current Assets Cash $ (8,149) $ 869 Accounts receivable-trade 8,322 146,877 Accounts receivable-other 105,974 114,993 ----------- ----------- Total Current Assets 106,147 262,739 ----------- ----------- Furniture, Leasehold Improvements And Equipment-Net 26,361 25,905 ----------- ----------- Other Assets 825,970 832,710 ----------- ----------- TOTAL ASSETS $ 958,478 $ 1,121,354 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 151,919 $ 190,512 Current portion of long-term debt 5,192 10,402 Loans from stockholders 137,152 163,563 Accrued expenses 98,561 103,517 Reserve for discontinued operations -- 49,493 ----------- ----------- Total Current Liabilities 392,824 517,487 ----------- ----------- Deferred Revenues 460,942 481,606 ----------- ----------- Long-Term Debt, less current portion 7,293 8,773 ----------- ----------- Stockholders' Equity Preferred stock, no par value, 50,000,000 shares authorized, 771,465 issued and outstanding in 1996 and 539,965 shares issued and outstanding March 31, 1997 1,306,717 1,575,373 Common stock, no par value, 100,000,000 shares authorized, 60,657,446 issued and outstanding in 1996 and 64,372,467 shares issued and outstanding March 31, 1997 3,562,796 3,442,141 Rescinded Stock -- (291,900) Accumulated deficit (4,772,094) (4,612,126) ----------- ----------- Total Stockholders' Equity 97,419 113,488 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 958,478 $ 1,121,354 =========== ===========
*Note: The balance sheet at December 31, 1996 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. See Notes To Condensed Financial Statements NORTH AMERICAN RESORTS, INC. CONDENSED STATEMENTS OF EARNINGS (Unaudited) Three Months Ended March 31 ---------------------------- Net Sales $ 390,186 $ 316,458 ------------ ----------- Cost and Expenses Direct costs-memberships 181,151 29,275 General and administrative 335,666 49,814 Salaries and related expenses 24,552 57,310 Depreciation and amortization 8,785 3,296 ------------ ----------- 550,154 139,695 ------------ ----------- Earnings (Loss) Before Taxes (159,968) 176,763 Income Taxes -- (60,100) ------------ ----------- Net Earnings (Loss) $ (159,968) $ 116,663 ============ =========== Net Earnings Per Share $ (.01) $ .06 ============ =========== Weighted Average Shares Outstanding 65,749,045 1,805,978 ============ =========== See Notes To Condensed Financial Statements NORTH AMERICAN RESORTS, INC. STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31 ----------------------- Cash Flows From Operating Activities $(117,315) $ 102,585 Cash Flows From Investing Activities (2,501) (475,722) Cash Flows From Financing Activities 110,798 324,561 --------- --------- Net Decrease in Cash $ (9,018) $ (48,576) ========= ========= See Notes To Condensed Financial Statements NORTH AMERICAN RESORTS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS MARCH 31, 1997 (Unaudited) Note A BASIS OF PRESENTATION The accompanying unaudited condensed 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 three months ended March 31, 1997 are not necessarily indicative of the results that may be expected for the year ended December 31, 1997. For further information, refer to the refer to the financial statements and footnotes thereto included in the annual report on Form 10-KSB for the period ended December 31, 1996. EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 (8,149) 0 114,296 0 0 106,147 26,361 0 958,478 392,824 0 0 1,306,717 3,562,796 0 958,478 390,186 390,186 0 550,154 0 (159,968) 0 (159,968) 0 0 0 0 0 (159,968) (.01) (.01)
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