-----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, QF1YAFjWnMbdzQ98h6OMzyiCGD7zumf8FFr50V9RxEPxBSnch+m3p6bPgN3b2UPK e/uCUu7vUCJYjovgGJFrHw== 0000278165-98-000002.txt : 19980513 0000278165-98-000002.hdr.sgml : 19980513 ACCESSION NUMBER: 0000278165-98-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980512 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL GAMING & TECHNOLOGY INC CENTRAL INDEX KEY: 0000278165 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990] IRS NUMBER: 020314487 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-09047 FILM NUMBER: 98615987 BUSINESS ADDRESS: STREET 1: 2575 S HIGHLAND DR CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: 7027940336 MAIL ADDRESS: STREET 1: 2575 S HIGHLAND DRIVE CITY: LAS VEGAS STATE: NV ZIP: 89109 FORMER COMPANY: FORMER CONFORMED NAME: GAMEX INDUSTRIES INC DATE OF NAME CHANGE: 19890928 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Nine Months Ended March 31, 1998 Commission File Number: 0-9047 GLOBAL GAMING AND TECHNOLOGY, INC. - ------------------------------------------------------ (Exact Name of Registrant as specified in its charter) Delaware 02-0314487 - ------------------------------- ---------------------------- (State or other jurisdiction of (IRS Employer Identification incorporation or organization) Number) 2575 South Highland Drive, Las Vegas, Nevada 89109 - -------------------------------------------------- (Address of principal executive offices) Registrant's Telephone Number, including Area Code: (702) 732-1414 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 12 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. X YES NO As of March 31, 1998, there was issued and outstanding 26,378,577 shares of Common Stock of Registrant. The aggregate market value of the shares of Common Stock held by non-affiliates (without admitting that any person whose shares are not included in determining such value is an affiliate) was not available because the prices for such shares are not quoted by the National Association of Securities Dealers through NASDAQ, its automated system for reporting quotes. Global Gaming and Technology, Inc. Form 10-Q Quarter Ended March 31, 1998 TABLE OF CONTENTS Page PART I - Financial Information: - -------------------------------- Item I - Financial Statements Accountants Review Report 4 Balance Sheet 5 Statement of Operations and Deficit 6-7 Statement of Cash Flows 8 Summary of Significant Accounting Policies and Notes to Financial Statements 9-15 Item II - Management's Discussion and Analysis of Financial Condition and Results of Operations. 16 PART II - Other Information: 17 - ---------------------------- Item 1 - Legal Proceedings. Item 2 - Changes in Securities. Item 3 - Defaults upon Senior Securities. Item 4 - Submission of Matters to a vote of security holders. Item 5 - Related Party Transactions. Item 6 - Exhibits and Reports on Form 8-K. - 2 - PART I Global Gaming and Technology, Inc. Financial Statements March 31, 1998 (See Accountant's Review Report) - 3 - Joseph F. Zerga, Ltd Certified Public Accountants 2950 E Flamingo Rd, Ste L Las Vegas, NV 89121 (702)732-2775 To the Board of Directors and Stockholders of Global Gaming and Technology, Inc. We have reviewed the accompanying balance sheet of Global Gaming and Tech- nology, Inc. as of March 31, 1998 and the related statements of operations, deficit, and cash flows for the three months and nine months ended March 31, 1998 and 1997, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Account- ants. All information included in these financialstatements is the represen- tation of the management of Global Gaming and Technology, Inc. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an examination in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statement taken as a whole. Accordingly, we do not express such an opinion. Based on our review and subject to the preceding paragraph, we are not aware of any material modifications that should be made to the accompanying comparative financial statements in order for them to be in conformity with generally accepted accounting principles. The financial statements for the year ended June 30, 1997 were audited by us and we expressed an unqualified opinion on them in our report dated September 8, 1997, but we have not performed any auditing procedures since that date. As discussed in Note 1 to the financial statements, the Company is involved in current litigation, the outcome of which is uncertain, which raises substan- tial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Joseph F. Zerga Las Vegas, Nevada April 28, 1998 - 4 - Global Gaming and Technology, Inc. Balance Sheet March 31, 1998 and June 30, 1997 (See Accountant's Review Report)
March 31 June 30 1998 1997 (Unaudited) ASSETS CURRENT ASSETS Cash $ 22,297 $ 29,935 Inventories (Note 2) 28,500 28,500 Notes Receivable-Current (Note 3) 511,574 22,291 ----------- ----------- Total Current Assets 562,371 80,726 ----------- ----------- PROPERTY AND EQUIPMENT-At Cost Net of Accumulated Depreciation (Note 4) -0- -0- ----------- ----------- OTHER ASSETS Note Receivable (Note 3) 11,675 523,249 Deposits 300 300 ----------- ----------- Total Other Assets 11,975 523,549 ----------- ----------- TOTAL ASSETS $ 574,346 $ 604,275 =========== =========== LIABILITIES AND STOCKHOLDER'S DEFICIENCY CURRENT LIABILITIES Accounts Payable $ 8,186 $ 8,202 Accrued Interest 1,150,758 1,080,957 Notes Payable (Note 5) 1,155,353 1,155,353 ----------- ----------- Total Current Liabilities 2,314,297 2,244,512 ----------- ----------- LONG-TERM LIABILITIES Notes Payable - Net of Current Maturities (Note 5) -0- -0- ----------- ----------- STOCKHOLDER'S DEFICIENCY (Note 6) Preferred Stock, $.01 par value, 1,000,000 Shares Authorized, none issued. -0- -0- Common Stock, $.01 par value, 27,000,000 Shares Authorized, 26,378,577 Shares Issued (Including 51,382 held in the company name at no cost). 263,786 263,786 Paid in Capital in excess of par value 3,395,062 3,395,062 Deficit ( 5,398,799) ( 5,299,085) ----------- ----------- Total Stockholder's Deficit ( 1,739,951) ( 1,640,237) ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIENCY $ 574,346 $ 604,275 =========== =========== The Accompanying Summary of Significant Accounting Policies and Notes are an integral part of these financial statements. - 5 -
Global Gaming and Technology, Inc. Statement of Operations and Deficit For the Nine Months Ended March 31, 1998 and 1997 (See Accountant's Review Report) (Unaudited)
Nine Months Ended March 31 March 31 1998 1997 REVENUE AND INCOME Interest Income 2,709 20,601 ----------- ----------- Total Income 2,709 20,601 ----------- ----------- COSTS AND EXPENSES Professional Services 13,319 102,429 Interest 69,801 68,600 Transfer Fees 2,250 2,250 Telephone 233 619 Travel -0- 1,633 Office Expense -0- 298 Dues & Subscriptions 25 -0- License and Taxes 493 368 Salaries and Wages 14,625 3,250 Payroll Tax Expense 1,671 378 Miscellaneous 6 8 Bad Debt Expense -0- 2,500 Advertising -0- 882 ----------- ----------- Total Costs and Expenses 102,423 183,215 ----------- ----------- Net Income (Loss) ( 99,714) ( 162,614) Deficit Beginning of Period ( 5,299,085) ( 5,096,994) ----------- ----------- Deficit End of Period ($5,398,799) ($5,259,608) =========== =========== Income (Loss) per Common Share (Note 7) ($ .004) ($ .006) =========== =========== Weighted Average Number of Common shares outstanding 26,378,577 26,378,577 =========== =========== The accompanying Summary of Significant Accounting Policies and Notes are an integral part of these financial statements. - 6 -
Global Gaming and Technology, Inc. Statement of Operations and Deficit For the Three Months Ended March 31, 1998 and 1997 (See Accountants Review Report) (Unaudited)
Three Months Ended March 31 March 31 1998 1997 Revenue & Income: Interest Income $ 2,709 $ 15,309 ----------- ----------- Total Revenue 2,709 2,709 ----------- ----------- Operating Costs and Expenses: Professional Services 3,171 45,508 Interest 22,927 22,345 Transfer Fees 750 500 Telephone -0- 306 Office Expense -0- 148 Dues & Subscriptions 25 -0- Licenses & Taxes 419 340 Salaries & Wages 4,875 3,250 Payroll Tax Expense 590 378 Miscellaneous 6 8 Bad Debt Expense 0 2,500 Advertising 0 446 ----------- ----------- Total Costs & Expenses 32,763 75,729 ----------- ----------- Net Income (Loss) for the Period ( 30,054) ( 60,420) Deficit Beginning of Period ( 5,368,745) ( 5,199,188) ----------- ----------- Deficit End of Period ($5,398,799) ($5,259,608) =========== =========== Income (Loss) per Common Share (Note 7) ($ 0.0011) ($ 0.0023) =========== =========== Weighted Average Number of Common Shares Outstanding 26,378,577 26,378,577 =========== =========== The accompanying summary of significant accounting policies and notes are an integral part of these financial statements. - 7 -
Global Gaming and Technology, Inc. Statement of Cash Flows For the Nine Months Ended March 31, 1998 and 1997 (See Accountant's Review Report) (Unaudited)
Nine Months Ended March 31 March 31 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES Net Income (Loss) ($ 99,714) ($ 162,614) (Increase) Decrease in: Notes Receivable 22,291 202,087 Machine Inventory -0- ( 28,500) Increase (Decrease in: Accounts Payable ( 16) 1,203 Accrued Interest Payable 69,801 35,403 ----------- ----------- NET OPERATING CASH ( 7,638) 47,579 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES Capital Expenditure -0- -0- ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES Principal Payments on Debt -0- ( 11,316) ------------ ------------ Net Increase (Decrease) in Cash ( 7,638) 36,263 Cash Beginning of Period 29,935 10,157 ----------- ----------- Cash End of Period $ 22,297 $ 46,420 =========== =========== The accompanying Summary of Significant Accounting Policies and Notes are an integral part of these financial statements. - 8 -
Global Gaming and Technology, Inc. Summary of Significant Accounting Policies and Notes to Financial Statements March 31, 1998 THE COMPANY ----------- The Company was incorporated in the State of Delaware in 1973 and has elected June 30 as its year end. The Company has been engaged in the research, devel- opment, manufacture, and marketing of electronic gaming devices and coinless games of chance. PROPERTY AND EQUIPMENT ---------------------- Property and equipment, including significant improvements thereto, are car- ried at cost, less accumulated depreciation. Expenditures for repairs and main- tenance are charged to expenses as incurred. When assets are retired or dis- posed of, the cost and related accumulated depreciation are removed from the accounts. Gains and losses from the disposition of property are included in operations. Depreciation is provided using Straight-Line methods. As of March 31, 1998, the Company has no real or personal property. INCOME TAXES ------------ Because of a net operating loss carry forward from prior years, the Company does not have an income tax obligation. LITIGATION ---------- On or about May, 1994, the Company instituted litigation in the United States District Court for the District of New Jersey for patent infringement against Bally's Park Place, Inc., Trump Plaza Associates, Trump Taj Mahal Associates, Trump Castle Associates, The Claridge Hotel and Casino Corporation, Resorts International Hotel, Atlantic Showboat Inc., and Greate Bay Hotel and Casino, Inc. Global was seeking damages to adequately compensate for the past infringement of the patent in suit by each of the defendants together with interest and costs. In this lawsuit, Global Gaming and Technology, Inc. contends that the defendants named in the complaint infringed upon a patent owned in connection with the manufacture, use or sale of slot machines driven by stepper motors. As a result of this action, on June 30, 1994 the Company entered into a license agreement with Bally Gaming, whereby the Company grants a non- exclusive, personal, non-transferable right and paid-up license to make, have made, use and sell, test, lease or otherwise dispose of licensed products under claims of this license patent. The Company was to receive a non-refund- able net royalty payment in the amount of one million dollars ($1,000,000). (See Note 3(1) for details). - 9 - Global Gaming and Technology, Inc. Summary of Significant Accounting Policies and Notes to Financial Statements March 31, 1998 LITIGATION - Continued ---------------------- The Company reports that, as of May 1997, Bally Gaming International, Inc. ("Bally") ceased making payments pursuant to the promissory note dated May 2, 1994. As a result, the Company initiated a breach of contract action in the Circuit Court of Cook County located in Chicago, Illinois. In response to this lawsuit, Bally asserted in a counterclaim that it is not obligated to make any further payments and demands a refund of all prior payments made. On April 16, 1998, Global was able to settle the lawsuit which had been pend- ing against Bally. After a judgement was entered in Global's favor by the trial court, a favorable settlement was reached and has been fully funded by Bally (see Note 8 - Subsequent Event). On or about July 6, 1994, IGT North America, Universal Distributing of Nevada, Inc. and Sigma Game, Inc. filed a civil complaint in the United States District Court for the District of Nevada against the Company for declaratory judgment of non-infringement, invalidity, unenforceability and laches. This lawsuit arose as a result of the New Jersey litigation described above, and was filed for the purpose of having Global's patent declared invalid. The Company filed a counterclaim for infringement against IGT North America, Universal Distri- buting of Nevada, Inc., and Sigma Game, Inc. The Company has settled indepen- dently with Universal Distributing of Nevada, Inc. and Sigma Game, Inc. (See Note 3 for details). On February 18, 1997, the United States District Court for the District of Nevada entered a Decision and Order regarding the Company's patent infringe- ment claim which was pending against IGT. In the Decision and Order, the Court found that IGT's reel-type slot machines infringe the Company's patent, but held that the patent was invalid under 35 U.S.C. Section 102(b) because the invention disclosed therein was on sale more than one year prior to the date on which Global's patent application was filed. Global has appealed that de- termination, however, it is uncertain at present whether that appeal will be successful. Additionally, IGT has appealed the finding of infringement and it is equally uncertain whether that appeal will be successful. A ruling on these matters is not expeceted until at least the end of 1998, which date could be delayed significantly in view of the fact the United States Supreme Court decided in March of 1998 to review whether the lower courts have been properly interpreting 35 U.S.C. Section 102(b). It is not known how the United States Suprime Court will resolve those issues. The Company will be incurring legal costs regarding the prosecution of its in- fringement claims. Per Counsel for the Company, at present it is difficult to determine these future legal costs. - 10 - Global Gaming and Technology, Inc. Summary of Significant Accounting Policies and Notes to Financial Statements March 31, 1998 ESTIMATES --------- The preparation of financial statements in conformity with generally accepted accounting principles requires the use of management's estimates. NET OPERATING LOSS CARRYFORWARDS TO 1998 ---------------------------------------- Expires ------- 1983 $1,184,519 1998 1984 455,313 1999 1985 276,972 2000 1986 226,859 2001 1987 216,931 2002 1988 451,580 2003 1989 104,956 2004 1990 136,629 2005 1991 362,469 2006 1992 122,207 2007 1993 356,521 2008 1995 137,588 2010 1997 202,091 2012 --------- $4,234,635 ========= Note 1 - Organization's Ability to Continue as a Going Concern: - --------------------------------------------------------------- As discussed in Item II-Management's Discussion and Analysis of Financial Condition and Results of Operations (page 16), the Company has been dormant for the past several years and lacks the resources to be competitive in the gaming industry at the present time. As of March 31, 1998, the Company has negative working capital of $1,751,926 and negative stockholders' equity of $1,739,951. As discussed in the Summary of Significant Accounting Policies (pages 9-10), the Company is involved in current litigation. The manner in which the liti- gation is resolved is likely to have a significant financial impact on the Company. Note 2 - Inventories - -------------------- The Company has inventory consisting of ten (10) slot machines from a settle- ment arising out of litigation with Universal Distributing of Nevada, Inc. The Company's share of the slot machines is valued at $28,500 as of March 31, 1997. (See Note 3(3) for details). - 11 - Global Gaming and Technology, Inc. Summary of Significant Accounting Policies and Notes to Financial Statements March 31, 1998 NOTE 3 - Notes Receivable - ------------------------- (1) The total amount due pursuant to the promissory note from Ballys Gaming shall be paid in sixty consecutive installments, pursuant to the fol- lowing schedule: A. $10,166.66 per month was paid on the first day of each month, starting on July 1, 1994, and continuing through December 1, 1996. B. $21,500 per month shall be paid on the first day of each month, starting on January 1, 1997, and continuing through June 1, 1999. C. The scheduled payments under this note have been discounted at 8% to reflect the present value of the note. Note Receivable - Current Portion $500,000 Note Receivable - Non-Current 11,675 ------- Balance as of March 31, 1998 $511,675 ======= The amount of this royalty payment is secured by a note from Bally's Gaming. From June 1994 to May 1997, the company received timely monthly installment payments on this note. However, as of May 1997, Bally has ceased making payments on the promissory note which it signed, pending final resolution of the patent infringement litigation against IGT. On April 16, 1998, Global reached a favorable settlement which has been fully funded by Bally (see Note 8-Subsequent Event). (2) The promissory note due from Sigma Game, Inc. was from a settlement arising out of litigation. $25,000 was received in February 1997 and $25,000 was received in February 1998. The following scheduled payments have been discounted at 8% to reflect the present value on March 31, 1998 of the note of 11,574. February 7, 1999 12,500 (3) The note due from Universal Distributing of Nevada, Inc. was from a settlement arising out of litigation. Payments totaling $39,026 were received in the year ended June 30, 1996. The final payments due from this note consisted of $19,513 collected in July 1996 and ten (10) slot machines, received in August 1996, the Company's share valued at $28,500. - 12 - Global Gaming and Technology, Inc. Summary of Significant Accounting Policies and Notes to Financial Statements March 31, 1998 NOTE 4 - Property and Equipment - ------------------------------- The Company has no real or personal property as of December 31, 1997. NOTE 5 - Notes Payable - ----------------------
Current Non-Current Maturities Maturities Total Michael Wichinsky Payable upon demand. Interest payable quarterly at 8% $ 723,983 $ - 0 - $ 723,983 Michael Wichinsky Payable upon demand. Interest payable quarterly at 10% 105,490 - 0 - 105,490 Estate of William T. O'Donnell, Sr. Payable upon demand. Interest payable quarterly at 8% 306,436 - 0 - 306,436 State of New Jersey Payable in monthly installments of $1,363 including interest. This note is in arrears. 19,444 - 0 - 19,444 ---------- --------- ---------- TOTAL $1,155,353 - 0 - $1,155,353 ========== ========= ========== Total accrued interest payable at 03/31/98 is $1,150,758. $34,331 of this amount is owed to the Estate of William T. O'Donnell, Sr. and the balance of $1,116,427 is owed to Michael Wichinsky. - 13 -
Global Gaming and Technology, Inc. Summary of Significant Accounting Policies and Notes to Financial Statements March 31, 1998 NOTE 6 - Stockholders' Deficiency - ---------------------------------
Common Paid in Stock Capital in Number of $.01 Par Excess of Shares Value Par Value (Deficit) ----------- -------- ---------- ------------ Balance at June 30, 1995 26,378,577 $263,786 $3,395,062 ($5,101,888) Net Income (Loss) For The Year Ended June 30, 1996 4,894 ----------- -------- ---------- ------------ Balance at June 30, 1996 26,378,577 $263,786 $3,395,062 ($5,096,994) ----------- -------- ---------- ------------ Net Income (Loss) For The Year Ended June 30, 1997 ( 202,091) ----------- -------- ---------- ------------ Balance at June 30, 1997 26,378,577 $263,786 $3,395,062 ($5,299,085) =========== ======== ========== ============ Net Income (Loss) For The Nine Month Period Ended March 31, 1998 ( 99,714) ----------- -------- ---------- ------------ Balance at March 31, 1998 26,378,577 $263,786 $3,395,062 ($5,398,799) ========== ======== ========== ============
NOTE 7 - Earnings (Loss) Per Share - ---------------------------------- Income (Loss) per share was computed by dividing the net income or loss by the weighted average number of shares outstanding during the period. - 14 - Global Gaming and Technology, Inc. Summary of Significant Accounting Policies and Notes to Financial Statements March 31, 1998 NOTE 8 - Subsequent Event - ------------------------- On April 16, 1998, Global Gaming and Technology, Inc. was able to settle the lawsuit which had been pending against Bally Gaming International, Inc. This lawsuit was initiated by Global to collect the settlement of a previously filed patent infringement claim. After a judgment was entered in Global's favor by the trial court, a favorable settlement was reached and has been fully funded by Bally (see Note 3(1)). - 15 - ITEM II - Management's Discussion and Analysis of Financial Condition and Results of Operations As of March 31, 1998, the Company had negative working capital of $1,751,926. The Company has no commitments for capital expenditures. As of March 31, 1998, the Company had negative stockholders' equity of $1,739,951. During the nine months ended March 31, 1998, the Company had interest income of $2,709, realized no other revenues and incurred expenses of $102,423. GLOBAL GAMING AND TECHNOLOGY, INC. has been engaged in the design, manufacture, and marketing of electronic microprocessor-controlled gaming machines. The Company, which was incorporated in Delaware in 1973, maintains its principal offices at 2575 South Highland Drive, Las Vegas, Nevada 89109. No machines have been manufactured during the six months ended December 31, 1997. The Company has been dormant for the past several years. Patents expired at the end of July, 1995 and are the subjects of current litigation pending a ruling by the court. Primary North American markets for gaming devices are Las Vegas, Nevada, and Atlantic City, New Jersey. Because of the high cost of obtaining gaming licenses in Nevada and New Jersey, the Company does not sell its machines in these states. Compared to Nevada and New Jersey, other markets are relatively immaterial, but growing. The Company does not have the resources to apply for licenses in Nevada and New Jersey at the present time. The gaming industry is highly competitive, and the Company is at a severe competitive disadvantage because of its size and lack of resources. The Company has not generated any sales in the last nine months and does not anticipate sales in the foreseeable future. The Company employs approximately one person on a part-time basis. The lack of gaming licenses in Nevada and New Jersey is a severe detriment to growth. During the nine months ended March 31, 1998, the Company did not achieve any sales. - 16 - PART II - OTHER INFORMATION ITEM 1 - Legal Proceedings - -------------------------- See Part I - Summary of Significant Accounting Policies - Litigation (Pages 9-10) ITEM 2 - Changes in Securities - ------------------------------ None. ITEM 3 - Defaults Upon Senior Securities - ---------------------------------------- Not Applicable ITEM 4 - Submission of Matters to a Vote of Security Holders - ------------------------------------------------------------ None ITEM 5 - Related Party Transactions - ----------------------------------- Michael Wichinsky (19% stockholder) has a note to the Company with a current balance of $723,983, 8% interest, payable on demand. Michael Wichinsky has a second note to the Company in the amount of $105,490 (10% interest, payable on demand). The Estate of William T. O'Donnell, Sr. (17% stockholder) has a note to the Company with a current balance of $306,436, 8% interest, payable on demand. There were no principal or interest payments on these notes during the nine months ended March 31, 1998. Accrued interest payable on notes as of March 31, 1998 amounts to $1,150,758, of which $1,116,427 is payable to Wichinsky and $34,331 is payable to O'Donnell. ITEM 6 - Exhibits and Reports on Form 8-K - ----------------------------------------- Not Applicable - 17 - SIGNATURES ---------- Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DATED: 5/06/98 ------------------- GLOBAL GAMING & TECHNOLOGY, INC. BY: Mark Sarason -------------------------- Mark Sarason President and Director Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons as a majority of the members of the Board of Directors of the registrant and in the capacities and on the dates indicated. DATED: 5/06/98 ----------------------- Mark Sarason -------------------------- Mark Sarason Secretary/Treasurer & Director EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 3RD QTR 10-Q
5 1 9-MOS Jun-30-1998 Jul-01-1997 Mar-31-1998 22297 0 511574 0 28500 562371 0 0 574346 2314297 0 263786 0 0 (2003737) 574346 0 2709 0 0 102423 0 69801 (99714) 0 (99714) 0 0 0 (99714) (.004) (.004)
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