-----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, NOzmUkLX8Cgc9hEOlh4/c8IgavIPgom+3l2DxpYMgrEaiM2XBMOfFakpXbEU6TLN 0+Jth75tsmLeXeqdeHbLXQ== 0000944897-96-000003.txt : 19960921 0000944897-96-000003.hdr.sgml : 19960921 ACCESSION NUMBER: 0000944897-96-000003 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960919 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FUN TYME CONCEPTS INC CENTRAL INDEX KEY: 0000944897 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 113157259 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-27542 FILM NUMBER: 96632030 BUSINESS ADDRESS: STREET 1: 290 WILD AVE CITY: STATEN ISLAND STATE: NY ZIP: 10314 BUSINESS PHONE: 7187616100 MAIL ADDRESS: STREET 1: 290 WILD AVE CITY: STATEN ISLAND STATE: NY ZIP: 10314 10QSB 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Period Ended June 30, 1996 Commission File Number O-27542 FUN TYME CONCEPTS, INC. (Exact name of Registrant as specified in its charter) New York 11-3157259 (State of (I.R.S. employer Incorporation) identification No.) 290 Wild Avenue Staten Island, New York 10314 (718) 761-6100 (Address and Telephone Number of Principal Executive Offices) Check whether the Issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No On September 17, 1996 there were outstanding 2,676,000 shares of Common Stock, par value $.001 per share. Documents incorporated by reference: None.
PART I - Financial Information ITEM 1. Financial Information. Annexed hereto. FUN TYME CONCEPTS, INC. CONDENSED BALANCE SHEETS June 30, 1996 March 31, 1996 ASSETS Current Assets: Cash $66,596 $32,388 Inventories 14,735 14,735 Prepaid expenses and other current assets 27,635 15,214 Total current assets 108,966 62,377 Property and equipment (net of accumulated depreciation) 789,917 781,517 Deferred registration costs 226,333 227,433 Other assets 25,324 24,754 Total $1,150,540 $1,096,041 LIABILITIES Current Liabilities: Accounts payable and accrued expenses $131,457 $116,717 Customer deposits 15,008 68,196 Current portion of lease payable 16,857 16,857 Loans form stockholders 1,468 1,468 Total current liabilities 164,790 203,238 Deferred officers compensation 30,257 - Notes payable 200,000 200,000 Capital lease payable (net of current portion) 49,222 38,865 Deferred rent 22,560 22,560 Total liabilities 466,829 464,663 STOCKHOLDERS EQUITY Preferred Stock - par value $.01, authorized 500,000 shares, none issued and outstanding - - Common stock - par value $.001, authorized 10,000,000 shares, 1,876,000 1,876 1,876 shares issued and outstanding Additional paid-in capital 932,189 932,189 Deficit (250,354) (302,687) Total stockholders equity 683,711 631,378 Total $1,150,540 $1,096,041 The accompanying notes to financial statements are an integral part hereof. FUN TYME CONCEPTS, INC. CONDENSED STATEMENTS OF OPERATIONS THREE MONTHS ENDED JUNE 30, 1996 1995 Operating revenue $180,804 $169,801 Merchandise revenue 66,208 56,341 Total revenue 247,012 226,142 Operating expenses (211,785) (217,222) Cost of merchandise sold (34,414) (40,988) Selling, general and administrative expenses (48,453) (46,019) (Loss) from operations (47,640) (78,087) Other expense (4,693) (5,557) Net(loss) $(52,333) $(83,644) Net (loss) per share $(.03) $(.05) Weighted average common shares and equivalents 1,816,195 1,816,195 The accompanying notes to financial statements are an integral part hereof. FUN TYME CONCEPTS, INC. CONDENSED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED JUNE 30 1996 1995 Cash flows from operating activities: Net (loss) $(52,333) $(83,644) Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 24,312 22,142 Decrease in inventories - 15,664 Decrease in prepaid expenses and other current assets 12,421 11,114 Increase (decrease) in accountspayable and accrued expenses (44,997) 52,003 Increase (decrease) in customer deposits 53,188 (3,341) Increase in other assets 570 1,900 (Increase) in deferred registration costs (1,100) (4,900) Net cash (used in) provided by operating activities (7,989) 10,938 Cash flows from investing activities: Acquisition of fixed assets (15,912) (7,822) Net cash (used in) investing activities (15,912) (7,822) Cash flows from financing activities: Repayments of capital lease obligations - 2,846 Repayment of notes payable to stockholders 10,357 12,800 Net cash used in financing activities 10,357 15,646 NET (DECREASE) IN CASH (34,208) (12,530) Cash - beginning of period 66,596 21,633 CASH - END OF PERIOD $32,388 $9,103 Supplemental disclosures of cash flow information Interest paid 4,693 5,557
The accompanying notes to financial statements are an integral part hereof. FUN TYME CONCEPTS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS JUNE 30, 1996 Note A - The Company: Fun Tyme Concepts, Inc. (the "Company") operates a childrens entertainment center in Staten Island, New York for children of ages two through twelve under the trade name "Fun Bubble, Party/Play Center". Note B - Accompanying Financial Statements: In the opinion of the Company, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as of June 30, 1996, the results of operations for the three month periods ended June 30, 1996 and 1995 and statements of cash flows for the three month periods ended June 30, 1996 and 1995. While the Company believes the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed financial statements be read in conjunction with the Companys registration statement on Form SB-2. The results of operations for the three month period ended June 30, 1996 are not necessarily indicative of the results for the full year. Note C - Public Offering: On July 30, 1996 the Company completed its initial public offering whereby it sold 800,000 units, each unit consisting of one share of common stock and one common stock purchase warrant, at a price of $6.25 per unit. Net proceeds to the Company were approximately $3,780,000. ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations Results of Operations During the quarter ended June 30, 1996 revenues of the Company were $247,012 as compared with $226,142 during the comparable quarter in 1995. This increase of 9.2% was attributable to both an increase in operating revenue ( 6.5%) and an increase in merchandise revenue (17.5%). Operating revenues increased during the quarter ended June 30, 1996 as a result of an increase in revenues from programs that had just begun during the quarter ended June 30, 1995 and from a new program started during the quarter ended June 30, 1996. Cost of merchandise sold amounted to 52.0% and 72.7% of merchandise revenue during the quarters ended June 30, 1996 and 1995 respectively. Cost of merchandise sold varies based on product mix and value discounts earned. Operating expenses and selling, general and administrative expenses (consisting primarily of lease payments, salaries, marketing expenses, professional fees and other corporate expenses) remained relatively unchanged for the quarter ended June 30, 1996 as compared with the quarter ended June 30, 1995. Although operating expenses and selling, general and administrative expenses are high as compared to total revenue, the Company now has the corporate overhead in place which will enable it to support additional facilities. During the quarter ended June 30, 1996 the Company incurred a net loss of $52,633, or $.03 per share, as compared with $83,644, or $.05 per share , during the comparable quarter in 1995. The primary reason for the decrease in the net loss and net loss per share was the increase in total revenue from the quarter ended June 30, 1995 to the comparable quarter in 1996. Financial Condition As of June 30, 1996 the Company had a working capital deficiency of $140,861 and shareholders equity of $631,378. On July 30, 1996 the Company completed its initial public offer as compared with providing cash of $10,938 during the comparable quarter in 1995. The Company acquired fixed assets of $15,912 and $7,822 during the quarters ended June 30, 1996 and 1995, respectively. Cash used in financing activities decreased from $15,646 during the quarter ended June 30, 1995 to $10,357 during the quarter ended June 30, 1996. At this time , the Company does not have any commitments for the acquisition of play equipment of construction for any additional facilities. The proceeds from the initial public offering will be used primarily for the opening of additional facilities and working capital. Although no leases have been entered into at this point, the Company is conducting feasibility studies and demographic surveys on prospective future sites. The Company believes that funds it generates from ongoing operations and the proceeds from the initial public offering will be adequate to fund its present operations and any additional operations it plans to commence in the future. PART II - Other Information ITEM 1. Legal Proceedings. None. ITEM 2. Changes in Securities. None. ITEM 3. Defaults Upon Senior Securities. None ITEM 4. Submission of Matters to a Vote. None ITEM 5. Other Information. None ITEM 6. Exhibits and Reports on Form 8-k. (a) None. (b) None SIGNATURES 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. Dated: September 17, 1996 Fun Tyme Concepts, Inc. By: \s\ Daniel Catalfumo Daniel Catalfumo, President By: \s\ Richard Rosso Richard Rosso, Treasurer -----END PRIVACY-ENHANCED MESSAGE-----