0001021408-01-508182.txt : 20011019 0001021408-01-508182.hdr.sgml : 20011019 ACCESSION NUMBER: 0001021408-01-508182 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20011015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL ASSETS HOLDING CORP CENTRAL INDEX KEY: 0000913760 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 592921318 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-23554 FILM NUMBER: 1759452 BUSINESS ADDRESS: STREET 1: 250 PARK AVENUE SOUTH STREET 2: SUITE 200 CITY: WINTER PARK STATE: FL ZIP: 32789 BUSINESS PHONE: 4076291400 MAIL ADDRESS: STREET 1: 250 PARK AVENUE SOUTH STREET 2: SUITE 200 CITY: WINTER PARK STATE: FL ZIP: 32789 10QSB/A 1 d10qsba.txt 06/30/2001 U.S. Securities and Exchange Commission Washington D.C. 20549 Amendment No. 1 to Form 10-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2001 [_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 33-70334-A ---------- INTERNATIONAL ASSETS HOLDING CORPORATION ---------------------------------------- (Exact name of small business issuer as specified in its charter) Delaware 59-2921318 -------------------------------------------------------------------------------- (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 250 Park Avenue South, Suite 200 Winter Park, FL 32789 --------------------- (Address of principal executive offices) (407) 629-1400 -------------- (Issuer's telephone number) NA -------------------------------------------------------------------------------- (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 [_]. The number of shares outstanding of Common Stock was 2,294,376 as of August 2, 2001. Transitional small business disclosure format Yes [_] No [X] INTRODUCTORY STATEMENT This Amendment No. 1 to the Form 10-QSB for the quarterly period ended June 30, 2001 is being filed to correct the Condensed Consolidated Statements of Cash Flows that were set forth in Part 1, Item 1, of the 10-QSB for the period ended June 30, 2001 and filed with the Commission on August 6, 2001. The filing on August 6, 2001 contained a clerical error, which presented the prior period statement of cash flow for the six months ended March 31, 2000 in lieu of the nine months ended June 30, 2000. The current period presentation, for the nine months ended June 30, 2001, was properly presented. The following table restates the Condensed Consolidated Statements of Cash Flows in its entirety. The enclosed Condensed Consolidated Statements of Cash Flows should be read in conjunction with the entire 10-QSB filing for the period ending June 30, 2001, filed with the Commission on August 6, 2001. INTERNATIONAL ASSETS HOLDING CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows For the Nine Months Ended June 30, 2001 and 2000
(Unaudited) Corrected 2001 2000 ---- ---- Cash flows from operating activities: Net (loss) income $(2,222,728) 478,728 Adjustments to reconcile net (loss) income to net cash (used for) provided by operating activities: Depreciation and amortization 383,513 280,584 Deferred income taxes (1,337,791) 51,586 Non-cash compensation 198,657 0 Loss from Joint Venture 20,353 43,462 Tax benefit from disqualifying dispositions of incentive stock options 11,001 320,121 Cash provided by (used for) changes in: Receivable from clearing broker, net (729,335) 0 Other receivables 54,801 (7,750) Securities owned, at market value (6,938,035) (1,545,420) Income taxes receivable 452,032 (168,702) Prepaid expenses and other assets 31,586 (9,551) Foreign currency 444,544 (27,566) Securities sold, but not yet purchased, at market value 7,687,203 2,424,712 Payable to clearing broker, net (24,330) (127,480) Accounts payable (142,711) (1,114) Accrued employee compensation and benefits (852,581) 196,565 Accrued expenses (74,936) (62,990) Payable to Joint Venture 308 (7,138) Other liabilities (60,612) 1,865 ----------- ----------- Net cash (used for) provided by operating activities (3,099,061) 1,839,912 =========== =========== Cash flows from investing activities: Investment in joint venture 0 (45,000) Loans to officers 0 (257,201) Collection of loans to officers 81,096 120,000 Costs of additional property, equipment and software development (557,421) (272,329) ----------- ----------- Net cash used for investing activities (476,325) (454,530) ----------- ----------- (continued)
3 INTERNATIONAL ASSETS HOLDING CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows, Continued For the Nine Months Ended June 30, 2001 and 2000
(Unaudited) Corrected 2001 2000 ---- ---- Cash flows from financing activities: Exercise of employee stock options -- 618,309 ----------- ----------- Net cash provided by financing activities -- 618,309 ----------- ----------- Net (decrease) increase in cash and cash equivalents (3,575,386) 2,003,691 Cash and cash equivalents at beginning of period 5,271,859 4,209,004 ----------- ----------- Cash and cash equivalents at end of period $ 1,696,473 6,212,695 =========== =========== Supplemental disclosure of cash flow information: Cash paid for interest $ 2,265 4,831 =========== =========== Income taxes paid $ -- 132,200 =========== =========== Supplemental disclosure of noncash financing activities: During the nine months ended June 30, 2001 the Company paid for the following transactions by issuance of its common stock: Software development services, 12,283 common shares $ 70,020 $ -- =========== =========== Employee bonus compensation, 15,000 common shares $ 35,000 $ -- =========== =========== Purchase promissory note due by an officer, 57,625 common shares $ 163,657 -- =========== =========== On March 24, 2000 the Company issued 198,269 shares of common stock in conjunction with a ten percent stock dividend
4 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. INTERNATIONAL ASSETS HOLDING CORPORATION Date 10/09/2001 /s/ Diego J. Veitia ---------- ---------------------- Diego J. Veitia President and Chief Executive Officer Date 10/09/2001 /s/ Jonathan C. Hinz ---------- -------------------- Jonathan C. Hinz Chief Financial Officer and Treasurer