-----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, GIH/aSsAlQqxN4OR8Jccg2yCVrogz8UyHuhBJUww/Hy/wUPab7UpAyFojIOtigVK kd8tm/ryFxEz52Olw5W8Xw== 0000950148-98-001472.txt : 19980609 0000950148-98-001472.hdr.sgml : 19980609 ACCESSION NUMBER: 0000950148-98-001472 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980608 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: JILCO INDUSTRIES INC CENTRAL INDEX KEY: 0000053540 STANDARD INDUSTRIAL CLASSIFICATION: GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES) [3944] IRS NUMBER: 952075885 STATE OF INCORPORATION: CA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-06649 FILM NUMBER: 98643839 BUSINESS ADDRESS: STREET 1: PO BOX 10539 CITY: BEVERLY HILLS STATE: CA ZIP: 90213 BUSINESS PHONE: 2132788193 MAIL ADDRESS: STREET 1: P O BOX 10539 CITY: BEVERLY HILLS STATE: CA ZIP: 90213 FORMER COMPANY: FORMER CONFORMED NAME: SPORTSWAYS INC DATE OF NAME CHANGE: 19721106 10QSB 1 FORM 10-QSB 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------------- FORM 10-QSB Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended April 30, 1998. Commission file number 0-6649 Jilco Industries, Inc. - -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) California 95-2075885 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) P. O. Box 10539, Beverly Hills, California 90213 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (310) 274-1986 (Issuer's telephone number) Not Applicable ---------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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____. 449,991 shares of the issuer's common stock, no par value, are outstanding as of April 30, 1998. Transitional Small Business Disclosure Format: Yes_____ No X . 2 PART I. FINANCIAL INFORMATION JILCO INDUSTRIES, INC. BALANCE SHEETS - APRIL 30, 1998 AND JULY 31, 1997 (UNAUDITED) ASSETS
April 30, July 31, 1998 1997 --------- --------- CURRENT ASSETS Cash $ 403 $ 976 --------- --------- TOTAL CURRENT ASSETS $ 403 $ 976 ========= ========= LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES Notes payable to shareholder (Note 3) $ 53,250 $ 53,250 Note payable (Note 4) 43,000 5,000 Accrued interest 56,060 51,144 Other accrued expenses 800 -- --------- --------- Total current liabilities 153,110 109,394 --------- --------- SHAREHOLDERS' DEFICIT Common stock, no par value 1,500,000 shares authorized 449,991 shares issued and outstanding 749,950 749,950 Accumulated deficit (902,657) (858,368) --------- --------- Total shareholders' deficit (152,707) (108,418) --------- --------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 403 $ 976 ========= =========
See Notes to Financial Statements. 1 3 JILCO INDUSTRIES, INC. STATEMENTS OF LOSS AND DEFICIT NINE MONTHS ENDED APRIL 30, 1998 AND 1997 (UNAUDITED)
1998 1997 --------- --------- EXPENSES General and administrative $ 43,489 $ 6,462 State franchise tax 800 800 --------- --------- Total expenses 44,289 7,262 --------- --------- NET LOSS (44,289) (7,262) ACCUMULATED DEFICIT, BEGINNING OF PERIOD (858,368) (849,736) --------- --------- ACCUMULATED DEFICIT, END OF PERIOD $(902,657) $(856,998) ========= ========= BASIC LOSS PER SHARE (NOTE 2) $ (0.10) $ (0.01) ========= ========= DILUTED LOSS PER SHARE (NOTE 2) $ (0.10) $ (0.01) ========= =========
See Notes to Financial Statements. 2 4 JILCO INDUSTRIES, INC. STATEMENTS OF LOSS AND DEFICIT THREE MONTHS ENDED APRIL 30, 1998 AND 1997 (UNAUDITED)
1998 1997 -------- -------- EXPENSES General and administrative $ 22,789 $ 3,841 State franchise tax -- -- Total expenses 22,789 3,841 -------- -------- NET LOSS $(22,789) (3,841) ======== ======== BASIC LOSS PER SHARE (NOTE 2) $ (0.05) $ (0.01) ======== ======== DILUTED LOSS PER SHARE (NOTE 2) $ (0.05) $ (0.01) ======== ========
See Notes to Financial Statements. 3 5 JILCO INDUSTRIES, INC. STATEMENTS OF CASH FLOWS NINE MONTHS ENDED APRIL 30, 1998 AND 1997 (UNAUDITED)
April 30, April 30, 1998 1997 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(44,289) $ (7,262) Increase in accrued interest 4,916 3,886 Increase in other accrued expenses 800 -- -------- -------- Net cash used in operating activities (38,573) (3,376) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 38,000 4,000 -------- -------- Net cash provided by financing activities 38,000 4,000 -------- -------- Net increase (decrease) in cash (573) 624 CASH, BEGINNING OF PERIOD 976 370 -------- -------- CASH, END OF PERIOD $ 403 $ 994 ======== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION INTEREST PAID $ -- $ -- ======== ======== INCOME TAXES PAID $ -- $ 800 ======== ========
4 6 JILCO INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS NINE MONTHS ENDED APRIL 30, 1998 AND 1997 (UNAUDITED) NOTE 1 - THE COMPANY Jilco Industries, Inc. (the "Company") has been inactive since April 2, 1968 when it was discharged from bankruptcy under its previous name of Sportways, Inc. The expenses the Company has incurred represent those necessary to keep the Company in good standing in its state of residence. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Accordingly, actual results could differ from those estimates. NOTE 2 - LOSS PER SHARE The Company computes loss per share in accordance with Statement of Financial Accounting Standards No. 128, "Earnings per Share." All per share computations are based on 449,991 shares outstanding. There are no common stock equivalents. NOTE 3 - NOTES PAYABLE TO SHAREHOLDER Notes payable to shareholder consisted of the following:
April 30, April 30, 1998 1997 ------- ------- Revolving note payable, interest accrues at 9% per annum. Principal and accrued interest are due on demand. $40,000 $40,000 Revolving note payable, interest accrues at 11% per annum. Principal and accrued interest are due on demand. 8,250 8,250 Revolving note payable, interest accrues at 10% per annum. Principal and accrued interest are due on demand. $ 5,000 $ 5,000 ------- ------- TOTAL $53,250 $53,250 ======= =======
NOTE 4 - NOTE PAYABLE The note payable is a revolving demand note due on demand. Interest accrues at 8% per annum and is payable on December 31 of each year. 5 7 JILCO INDUSTRIES, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Registrant has not conducted any business operations during the last five (5) fiscal years, except that during the above fiscal years it has incurred expenses necessary to keep its good standing in its state of residence and to comply with the periodic reporting requirements of the Exchange Act. PART II. OTHER INFORMATION None of Items 1 through 5 of Part II are applicable. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit No. Description ----------- ----------- 27 Financial Data Schedule (b) No reports on Form 8-K were filed during the quarter. SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. JILCO INDUSTRIES, INC. Date: June 8, 1998 /s/ MARTHA J. KRETZMER ------------------------------------ Martha J. Kretzmer, President EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF JILCO INDUSTRIES FOR THE QUARTER ENDED APRIL 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS JUL-31-1998 APR-30-1998 403 0 0 0 0 403 0 0 403 153,110 0 0 0 749,950 (902,657) 403 0 0 0 0 44,289 0 0 0 0 (44,289) 0 0 0 (44,289) (.10) (.10)
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