-----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, TRKC2x53r0+Gpk/OcLv55nSZyZYGwNCv2NkIDqaIgCaZZDIqYaiYWGVnSZNy6fkZ nunwvtIkxMCw61qUs+MUew== 0000950148-98-002707.txt : 19981211 0000950148-98-002707.hdr.sgml : 19981211 ACCESSION NUMBER: 0000950148-98-002707 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981030 FILED AS OF DATE: 19981210 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: 98767320 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 October 31, 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 incorporation or organization) Identification No.) 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 October 31, 1998. Transitional Small Business Disclosure Format: Yes No X . --- --- 2 PART I . FINANCIAL INFORMATION JILCO INDUSTRIES, INC. BALANCE SHEETS - OCTOBER 31, 1998 AND JULY 31, 1998 (UNAUDITED) ASSETS
October 31, July 31, 1998 1998 ------------ --------- CURRENT ASSETS Cash $ 1,810 $ 2,049 ------------ --------- TOTAL CURRENT ASSETS $ 1,810 $ 2,049 ============ ========= LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES Notes payable to shareholder $ 53,250 $ 53,250 Note payable 50,000 48,000 Accrued interest 60,454 58,222 Other accrued expenses 1,600 800 ------------ --------- Total current liabilities 165,304 160,272 ------------ --------- SHAREHOLDERS' DEFICIT Common stock, no par value 1,500,000 shares authorized 449,991 shares issued and outstanding 749,950 749,950 Accumulated deficit (913,444) (908,173) ------------ --------- Total shareholders' deficit (163,494) (158,223) ------------ --------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 1,810 $ 2,049 ============ =========
See Notes to Financial Statements. 1 3 JILCO INDUSTRIES, INC. STATEMENTS OF LOSS AND DEFICIT THREE MONTHS ENDED OCTOBER 31, 1998 AND 1997 (UNAUDITED)
1998 1997 --------------- ---------------- EXPENSES Professional fees $ 2,212 $ 6,356 Interest expense 2,232 1,422 Sundry 27 18 --------------- ---------------- Total expenses 4,471 7,796 --------------- ---------------- LOSS BEFORE PROVISION FOR INCOME TAXES (4,471) (7,796) PROVISION FOR INCOME TAXES 800 800 --------------- ---------------- NET LOSS (5,271) (8,596) ACCUMULATED DEFICIT, BEGINNING OF YEAR (908,173) (858,368) --------------- ---------------- ACCUMULATED DEFICIT, END OF YEAR $ (913,444) $ (866,964) =============== ================ BASIC LOSS PER SHARE $ (0.01) $ (0.02) =============== =============== DILUTED LOSS PER SHARE $ (0.01) $ (0.02) =============== ================ WEIGHTED-AVERAGE SHARES OUTSTANDING 449,991 449,991 =============== ================
See Notes to Financial Statements. 2 4 JILCO INDUSTRIES, INC. STATEMENTS OF CASH FLOWS THREE MONTHS ENDED OCTOBER 31, 1998 AND 1997 (UNAUDITED)
1998 1997 --------------- ------------ CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (5,271) $ (8,596) Increase in accrued interest 2,232 1,422 Increase in other accrued expenses 800 800 --------------- ------------ Net cash used in operating activities (2,239) (6,374) --------------- ------------ CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable 2,000 7,000 --------------- ------------ Net cash provided by financing activities 2,000 7,000 --------------- ------------ Net increase (decrease) in cash (239) 626 CASH, BEGINNING OF YEAR 2,049 976 --------------- ------------ CASH, END OF YEAR $ 1,810 $ 1,602 =============== ============ SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION INTEREST PAID $ - $ - =============== ============ INCOME TAXES PAID $ - $ - =============== ============
See Notes to Financial Statements. 3 5 JILCO INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS THREE MONTHS ENDED OCTOBER 31, 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. FAIR VALUE OF FINANCIAL INSTRUMENTS For certain of the Company's financial instruments including cash and accrued expenses, the carrying amounts approximate fair value due to their short maturities. The amounts shown as notes payable also approximate fair value because current interest rates and terms offered to the Company for notes payable of similar maturities are substantially the same. CASH AND CASH EQUIVALENTS For purpose of reporting cash flows, the Company includes cash on deposit, cash on hand, and financial instruments purchased with an original maturity of three months or less to be cash equivalents. INTERIM FINANCIAL INFORMATION The interim financial statements reflect all adjustments (which include only the normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for such periods. The results of operations for the three months ended October 31, 1998 and 1997 are not necessarily indicative of the results that may be expected for the entire year ending July 31, 1999, or any other future periods. 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. INCOME TAXES The Company utilizes SFAS No. 109, "Accounting for Income Taxes," which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. 4 6 JILCO INDUSTRIES, INC. NOTES TO FINANCIAL STATEMENTS THREE MONTHS ENDED OCTOBER 31, 1998 AND 1997 (UNAUDITED) NOTE 2 - LOSS PER SHARE The Company calculates basic loss per share using the weighted-average number of shares outstanding for the period. Diluted loss per share includes both the weighted-average number of shares and any common share equivalents such as options or warrants in the calculation. As the Company had no common share equivalents outstanding during any periods presented, basic and diluted loss per share are the same. NOTE 3 - NOTES PAYABLE TO SHAREHOLDER Notes payable to shareholder at October 31 consisted of the following:
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 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 materially important events occurred during the last quarterly period that would require the filing of Form 8-K. 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: December 10, 1998 /S/ MARTHA J. KRETZMER ----------------------------- Martha J. Kretzmer, President 7 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 OCTOBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS JUL-31-1999 OCT-31-1998 1,810 0 0 0 0 1,810 0 0 1,810 165,304 0 0 0 749,950 (913,444) 1,810 0 0 0 0 5,271 0 0 0 0 (5,271) 0 0 0 (5,271) (0.01) (0.01)
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