10QSB/A 1 globaltake2amen.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10QSB/A

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Three Months Ended September 30, 2002

Commission File Number 0-9047

____________

GLOBAL GAMING TECHNOLOGY, INC.
(Exact Name of Registrant as specified in its charter)

____________

Delaware____________ 02-0314487______________
(State of Incorporation) (IRS Employer Identification Number)

1200 N Federal Highway #200, Boca Raton, FL 33432
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code : (561) 447-8222

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 September 30, 2002 there was issued and outstanding 26,328,028 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 Technology, Inc.
Form 10-Q
Quarter Ended September 30, 2002
TABLE OF CONTENTS

Page

PART I Financial Information:

Item I Financial Statements:

Balance Sheet s 4

Condensed Statements of Operations
and Deficit 5

Statements of Cash Flows 6

Summary of Significant Accounting Policies
and Notes to Financial Statements 7-9

Item II Management's Discussion and
Analysis of Financial Condition and
Results of Operations. 9-10

PART II Other Information: 11

Item 1 Legal Proceedings.

Item 2 Changes in Securities.

Item 3 Defaults upon Senior Securities.

Item 4 Submission of Matters to Vote of Security Holders.

Item 5 Exhibits and Reports on Form 8-K.

PART I

Global Gaming Technology, Inc.
Financial Statements
September 30, 2002

PART I

Global Gaming Technology, Inc.

Financial Statements

September 30, 2002

		Global Gaming Technology, Inc.
		Condensed Balance Sheets
		September 30, 2002 and June 30, 2002
		(Unaudited)

			9/30/2002	6/30/2002

ASSETS
Current Assets:
	Cash		$2,682	$4,405
		Total Current Assets	2,682	4,405

Other Assets:
	Deposits/Prepayments		200	390
		Total Other Assets	200	390
TOTAL ASSETS			$2,882	$4,795


LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
	Accounts Payable/Accruals		$10,275	$52
Accounts Payable, related parties (Note 3)			2,032	2,032
	Accrued Interest Payable (Note 3)		1,341,374	1,323,874
	Note Payable (Note 3)		841,492	841,492
		Total Current Liabilities	2,195,173	2,167,450

Stockholders' Deficit:
	Preferred Stock, $.01 par value, 1,000,000
		Shares authorized, none issued.	0	0
	Common Stock, $.01 par value, 27,000,000
		Shares authorized, 26,328,028 issued
		and outstanding	263,280	263,280
	Additional Paid-in-Capital		3,419,680	3,410,868
	Accumulated Deficit		(5,875,251)	(5,836,803)
		Total Stockholders' Deficit	(2,192,291)	(2,162,655)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT			$2,882	$4,795

		Global Gaming Technology, Inc.
			Condensed Statements of Operations and Accumulated Deficit
		For the Three Months Ended September 30, 2002 and 2001
		(Unaudited)

			Three Months Ended
			September 30
			2002	2001
Revenue & Income:
	Sales		$0	$0

Cost of Sales:
	Cost of Sales		0	0
	Transportation & Warehouse		0	442
	Total Cost of Sales		0	442

		Gross Profit (Loss)	0	(442)

Operating Expenses:
	Interest		17,500	17,500
	Salaries		9,312	17,175
	Professional Services		8,625	5,500
	Travel		530	2,243
	Taxes and Licenses		832	1,600
	Payroll Tax Expense		38	1,382
	Rent		570	392
	Transfer & Escrow Fees		900	800
	Miscellaneous		141	385
		Total Operating Expenses	38,448	46,977

Net Loss for the Period			(38,448)	(47,419)

Accumulated Deficit Beginning of Preiod			(5,836,803)	(5,803,948)

Accumulated Deficit End of Period			$(5,875,251)	$(5,851,367)

Loss per Common Share			$0.223	$(0.222)
	Weighted Average Number of
	Common Shares Outstanding		26,328,028	26,328,028

Global Gaming Technology, Inc.
		Condensed Statements of Cash Flows
		For the Three Months Ended September 30, 2002 and 2001
(Unaudited)


			Three Months Ended
			September 30
			2002	2001
Cash Flow From Operating Activities:
	Net Income (Loss)		$(38,448)	$(47,419)
	Services Contributed by Officers		$8,812	$0
	Changes in:
		Notes Receivable, related party	0	30,000
		Deposits/Prepayments	190
		Deferred Revenue	0	442
		Accounts Payable	10,223	(205)
		Accrued Interest Payable	17,500	17,500
	Net Cash (Used in) Provided by Operating Activities		(1,723)	318

Net (Decrease) Increase in Cash			(1,723)	318

Cash at Beginning of Period			4,405	8,593

Cash at End of Period			$2,682	$8,911

Supplemental Disclosures
	Services Contributed by Officers		$8,812	$0

Global Gaming Technology, Inc.
Notes to Condensed Financial Statements
(Unaudited)

September 30, 2002

NOTE 1 Summary of Significant Accounting Policies:

As permitted by the Securities and Exchange Commission under Rule 10-01 of Regulation S-X, the accompanying financial statements and notes have been condensed and, therefore, do not contain all disclosures required by generally accepted accounting principles. For additional disclosures, refer to the Annual Report on Form 10-K of the Company for the year ended June 30, 2002 ("Fiscal 2002").

In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the results for interim periods.

Organization and nature of business:

Global Gaming and Technology, Inc. (the "Company") was incorporated in the State of Delaware in 1973 and has elected June 30th as its year end. The Company has been engaged in the research, development, manufacture, and marketing of electronic gaming devices and coinless games of chance.

Uses of estimates in preparation of financial statements:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Loss per share:

Loss per share was computed by dividing the net loss by the weighted average number of shares outstanding during the period.

Revenue recognition:

The Company recognizes revenue after the machines are delivered, installed, tested and accepted by the buyer.

NOTE 2 Organization's Ability to Continue as a Going Concern:

The Company lacks the resources to be competitive in the gaming industry at the present time. As of September 30, 2002, the Company has negative working capital of $2,192,491 and Stockholders' Deficit of $2,192,291 . Management plans to continue to seek joint venture opportunities in which the Company would provide the expertise and licensing and the joint venture partner would provide the capital.

Global Gaming Technology, Inc.
Notes to Condensed Financial Statements
September 30, 2002
(Unaudited)
continued

NOTE 3 Related Party Transactions:

Notes payable at September 30, 2002 and June 30, 2002 consist of $841,492 due to stockholders bearing interest at 8% and 10% and are due on demand. Accrued interest at September 30, 2002 and June 30, 2002, was $1,341,374 and $1,323,874, respectively, and the company incurred interest expense of $17,500 during each of three months ended September 30, 2002, and 2001. See "Note 4 Notes Payable" for details. Accounts payable, related parties, consists of amounts due to stockholders and a company under common control, are non-interest bearing, and due on demand.

During the three months ended September 30, 2002, two officers contributed their services, valued at $8,812 to the company. Constance Koplow, Director, contributed services valued at $4,875 and Glenn E. Wichinsky, President, contributed part-time services of approximately fifteen hours per week valued at $3,937. The values were determined by management upon reasonable estimate of value of services provided.

NOTE 4 Notes Payable:

Notes Payable at September 30, 2002, and June 30, 2002, consisted of the following:

September 30, 2002 June 30, 2002

Michael Wichinsky, a stockholder,
bearing interest at 8%, due on
demand. $ 511,644 $ 511,644

Michael Wichinsky, a stockholder,
bearing interest at 10%, due on
demand. 105,491 105,491

Estate of William T. O'Donnell, Sr.,
a stockholder, bearing interest
at 8%, due on demand. 224,357 224,357

TOTAL $ 841,492 $ 841,492

The Company incurred interest expense totaling $17,500 on these notes during each of three months ended September 30, 2002, and 20012002.

Global Gaming Technology, Inc.
Notes to Condensed Financial Statements
September 30, 2002
(Unaudited)
continued

NOTE 5 Commitments and Contingencies:

During the year ended June 30, 2000, the Company entered into a verbal agreement with an individual for sales and marketing. The individual's compensation is on a commission basis and she has been granted an option to purchase up to 100,000 shares each year for $.025 per share, for five years, commencing July 1, 2000. During the quarter ended September 30,2002, no options were exercised.

ITEM II Management's Discussion and Analysis of

Financial Condition and Results of Operations

As of September 30, 2002, the Company had negative working capital of $2,192,491. The Company has no commitments for capital expenditures and salaried corporate officers and administrative support personnel have continued in their corporate capacities without seeking or receiving compensation.

As of September 30, 2002, the Company had a stockholders' deficit of $2,192,291. Expenses for the three months totaled $38,448, of which $17,500 is accrued interest expense.

There was no income for the three months ending September 30. 2002.

Global Gaming Technology, Inc., has been engaged in the design, manufacture and marketing of electronic microprocessor-controlled gaming machines. The Company, incorporated in the state of Delaware in 1973, maintains principal offices at 1200 North Federal Highway, Ste. 200, Boca Raton, Florida 33432.

During the past two fiscal years, the Company has not engaged in any research and development of new gaming products and no new gaming machines were manufactured. The Company has been offered exclusive options on licensed gaming product and technology, based upon the ability of the company to secure appropriate funding.

Efforts are continuing for the realization of suitable bridge financing and additional funding to enable the Company to exercise those options to acquire or license gaming technology which the Company deems promising for successful marketing and distribution.

The gaming machine industry is highly competitive. Bally Gaming and International Gaming Technology are principal domestic competitors. Asian and Australian manufacturers and marketing companies have also entered the domestic market and have become a significant competitive factor. Newer technology has made certain products obsolete. The Company has lacked the financial resources to compete in markets for the sale of new products and has redirected its emphasis into the market of quality used gaming equipment while reviewing opportunities to develop and introduce new technology into the gaming industry.

Some of the principal shareholders of the Company have informally agreed to participate in the contribution of shares to the Company which the Company will have available for acquisition of assets of other businesses. With the exception of the program to make acquisitions through the use of the shares, the Company has not currently formulated any specific financing arrangements.

The lack of financial resources has prohibited the Company from expanding operations. The primary gaming markets cannot be serviced unless the Company obtains gaming licenses in the states. The Company has included licensing and investigative costs for targeted jurisdictions into its proposed financing budget.

PART II OTHER INFORMATION

ITEM 1 Legal Proceedings

The Company is not a party to any current or pending litigation.

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

No matter was submitted to the vote of security holders during the period ended September 30, 2002.

ITEM 5 Exhibits and Reports on Form 8-K.

No exhibits and no reports on Form 8-K were filed during the period covered by this Form 10Q.

SIGNATURES

Pursuant to the requirements of Section 13 or 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.

GLOBAL GAMING TECHNOLOGY, INC.

By: /S/Glenn E. Wichinsky Date:
Glenn E. Wichinsky
President, Secretary and Treasurer

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.

By: /S/ Claudia D. Wichinsky Date:
Claudia D. Wichinsky, Director

By: /S/ Constance L. Koplow Date:
Constance L. Koplow, Director