-----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, KLuRxvB80EGAfclORlvZSyNT57JMyrLsf4HtBTukAMmkTYFv5/Weroi4l9ccCqYO oCu8KLhOPN9oBchIoGQzEQ== 0000949728-00-000007.txt : 20000515 0000949728-00-000007.hdr.sgml : 20000515 ACCESSION NUMBER: 0000949728-00-000007 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED CASINO CORP CENTRAL INDEX KEY: 0000949728 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 880106514 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-29987 FILM NUMBER: 629657 BUSINESS ADDRESS: STREET 1: 17612 JORDAN AVE STREET 2: STE 1A CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 9495596955 MAIL ADDRESS: STREET 1: 17612 JORDAN AVE STREET 2: STE 1A CITY: IRVINE STATE: NV ZIP: 92612 10QSB 1 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-QSB Quarterly Report Under the Securities Exchange Act of 1934 For Quarter Ended: March 31, 2000 Commission File Number: 0-29987 UNITED CASINO CORPORATION (Exact name of small business issuer as specified in its charter) Nevada 88-0106514 ------ ---------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 17612 Jordan Ave., No. 1A Irvine, California (Address of principal executive offices) 92612 (Zip Code) (949) 559-6955 (Issuer's Telephone Number) -------------------------------------------------- (Former name, former address and former fiscal year, if changed last report) Check whether the issuer (1) filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 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 of the registrant's only class of common stock issued and outstanding, as of March 31, 2000, was 12,999,368 shares. 1 PART I ITEM 1. FINANCIAL STATEMENTS.
UNITED CASINO CORPORATION (A Development Stage Enterprise) CONSOLIDATED BALANCE SHEET March 31, 2000 (Unaudited) ASSETS ------ March 31,2000 --------------- CURRENT ASSETS Cash $ 72,903 Notes Receivable 200,000 ------------- Total Current Assets 272,903 PROPERTY AND EQUIPMENT Fixed Assets (Net of depreciation of $1,697) 15,512 ------------- Total Property and Equipment 15,512 OTHER ASSETS Advances 15,674 Receivable (Net of allowance for doubtful account $160,937) 0 Software for Licensing 242,907 ------------- Total Assets $ 546,996 ============= LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES Accounts payable $ 6,574 ------------- Total current Liabilities 6,574 STOCKHOLDERS' EQUITY Common Stock (50,000,000 shares authorized and 12,999,368 issued and outstanding) (see Note 3) 12,999 Additional Paid-in Capital 1,005,480 Retained Deficit - accumulated during Development Stage (478,057) ------------- Total Stockholders' Equity 540,422 ------------ Total Liabilities and Stockholders' Equity $ 546,996 ========= See Accompanying Notes 2
UNITED CASINO CORPORATION (A Development Stage Enterprise) CONSOLIDATED STATEMENT OF INCOME For the Wuarters ended March 31, 1999, and 2000 and Inception through March 31, 2000 (Unaudited) Inception thru March 31, 2000 March 31, 1999 March 31, 2000 ----------- ---------- ---------- REVENUES Consulting Fees $ $ $ 544,894 Interest Income 3,764 ---------- ---------- ---------- Total Revenues 548,658 EXPENSES General and Administrative 18,750 6,742 643,032 Allowance for Uncollectable Debt 0 0 160,937 Depreciation and Amortization 674 0 38,217 ---------- ---------- ---------- Total Expenses 19,424 6,742 842,186 Income (Loss) from activities of NetBet, Inc. 0 (118,250) Loss on sale of NetBet Stock 0 0 (66,278) ---------- ---------- ---------- Net Income (Loss) ($19,424) ($6,742) ($478,056) =========== ============ ========== Loss per Common Share, basic and diluted ($0.003) ($0.022) ($0.731) =========== ============ ========== Weighted Average number of Common Shares outstanding, basic and diluted adjusted for 1/50 reverse split in 1999 6,491,571 307,066 654,296 =========== =========== =========== See Accompanying Notes 3
UNITED CASINO CORPORATION (A Development Stage Enterprise) CONSOLIDATED STATEMENT OF CASH FLOWS For the Quarter ended March 31, 2000 and Inception through March 31, 2000 March 31, 2000 Inception thru March 31, 2000 OPERATING ACTIVITIES -------------- -------------- - ---------------------------------- Net Loss ($19,425) ($478,057) Adjustments to reconcile Net Loss to Cash provided (used) by operating activities: Depreciation and Amortization 674 14,672 Changes in operating assets and liabilities: Decrease (increase) in Notes Receivable (200,000) (200,000) Decrease (increase) in Deferred Offering Costs 15,550 0 Increase (decrease) in Accounts Payable (21,010) 6,573 (Increase) decrease in Advances (15,674) (15,674) ---------- ---------- Net cash provided by Operating Activities (239,885) (672,486) INVESTMENT ACTIVAITIES - -------------------------------------- Decrease (increase) in Property and Equipment (800) (34,707) (Decrease (increase) in Software for License (120,320) (242,907) Decrease (increase) in Organization Costs (1,190) ---------- ---------- Net cash (used) by Investment activities (121,120) (278,804) FINANCING ACTIVITIES - --------------------------------- Disposal of Computer Equip 5,714 Increase (decrease) in Common Stock 430,450 1,018,479 ---------- ---------- Net cash provided by Financing Activities 430,450 1,024,193 ---------- ---------- Increase (decrease) in Cash 69,445 72,903 Cash at Beginning of Period 3,458 0 ---------- ---------- Cash at End of Period $ 72,903 $ 72,903 ========== ========== See Accompany Notes 4
UNITED CASINO CORPORATION (A Development Stage Enterprise) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2000 1. ORGANIZATION - ------------------------- United Casino Corporation (hereinafter referred to as "the Registrant") was formed as a corporation under the laws of the State of Nevada in 1952 under the name "Blue Jacket Mining Company". In December 1994 the Registrant's shareholders approved a reverse merger with United Casino Corporation, a Nevada Corporation, and the Registrants name was changed at that time to United Casino Corporation. The Registrant then pursued the general business objectives of providing consulting and product support for the entertainment industry particularly as applied to the world wide Internet, and continues to concentrate on Internet related activities through the development of software for Internet activities and the development of Internet sites to expand its e-commerce exposure. In November of 1999 the Registrant effected a 50/1 reverse split of its issued and outstanding common stock, and in February and March, 2000 sold 12,000,000 shares of its stock in two transactions for cash and software consulting services. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ------------------------------------------------------------------------------ a. Investments Investments are carried at cost except, where in the opinion of management, there has been a loss in value other than a temporary decline in which case the carrying value is reduced to its estimated value. b. Software for Licensing Expenditures incurred for the acquisition of and development of computer software for licensing to third parties has been capitalized and will be amortized over a 5 year period from the date of the first licensing of the software, expected to occur in this fiscal year. c. Income Taxes The Company utilizes the asset and liability method of accounting for income taxes as set forth in FASB Statement No. 109, "Accounting for Income Taxes." Under the asset and liability method, deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. 3. COMMON STOCK - ----------------------------- The Company effected a reverse split of its common stock $0.001 par value on November 2, 1999 on the basis of one share of common stock $0.001 par value (identified by its new CUSIP number) for each 50 shares of issued and outstanding common stock $0.0001 par value (identified by its CUSIP number). The authorized capitalization of the Company remained unchanged, with 50,000,000 (par value $0.001) common shares and 20,000,000 (par value $0.001) preferred stock authorized. At March 31, 2000, there were 12,997,066 common shares and no preferred shares outstanding. 4. PROVISION FOR INCOME TAXES - ------------------------------------------------ Since the Company has generated no accounting taxable income which would require a tax provision, and due to the uncertainty as to the timing of the realization of tax benefits from accumulated losses, no tax credit is being claimed at this time. 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS The following discussion should be read in conjunction with the Financial Statements and notes thereto included herein. The Company generated no revenues during the three month period ended March 31, 2000. Forward Looking Statements In connection with, and because it desires to take advantage of, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on the behalf of the Company, whether or not in future filings with the Securities and Exchange Commission. Forward looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company disclaims any obligation to update forward looking statements. Plan of Operation The Registrant plans to continue development of its software applicable to niche e-commerce Internet applications for licensing and to intensify its marketing efforts for already developed software during the next 12-month period. The Registrant is utilizing the proceeds of its sale of Registrant's securities in February and March, 2000 to fund its operation, including the software planned to be developed over the next twelve months. In addition, the Registrant believes it will receive funds from its revenue sharing agreement with Malt Ltd. and make one or more licensing sales of its software at some time during the next twelve months. If additional funds are required during the next twelve months the Registrant would plan to obtain funds through one or more of the following sources; loans to the Registrant, sale of additional common stock and/ or additional profits from operations. There can be no assurances that such funding will be available on terms acceptable to Registrant or available at all. The Registrant plans to procure approximately $32,000 in computers and related equipment during the next twelve months. The Registrant does not plan to hire any new full time employees during the next 12 months. All additional work is planned to be performed by outside consultants who are currently available to the Registrant. 6 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - NONE ITEM 2. CHANGES IN SECURITIES a) NONE b) NONE c) The Table below summarizes the information required for all the sales of unregistered securities by Registrant for the reporting period (January 1, through .March 31, 2000. DATE SHARES (POST BASIC RULES SHAREHOLDER CONSIDERATION NOVEMBER,1999 RELIED UPON FOR NAME OR OTHER THAN STOCK SPLIT) EXEMPTION FROM CLASS CASH REGISTRATION ======== ========== =============== ========== ========== Reg S & Section $100,000 2-2000 10,000,000 4(2) of the Act BFI Ltd. Consulting Services & $200,000 Promissory Note ________ __________ _______________ __________ __________ a) Reg D Section Sales made Cash $150,000 3-2000 2,000,000 504 in Nevada, Gross Proceeds b) Nevada Revised to four Net Proceeds Statues unaccredited $147,000 90.490 investors ________ _________ _______________ __________ __________ d) 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 8-K - (a) Exhibits EX-27 Financial Data Schedule (b) Reports on Form 8-K - NONE Pursuant to the requirements 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. UNITED CASINO CORPORATION Date: May, 11 2000 By:/S/IAN ANDERSON ---------------- IAN ANDERSON, CORP. SECRETARY 7 EX-27 2 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF MOTORVAC TECHNOLOGIES,INC. FOR THE QUARTER ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS DEC-31-2000 JAN-07-2000 MAR-31-2000 72,903 0 200,000 160,937 0 272,903 15,512 1,697 546,996 6,574 0 0 0 12,999 527,423 546,996 0 0 0 0 18,750 0 0 -19,424 0 -19,424 0 0 0 -19,424 -0.0030 -0.0030 8
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