Article for Noram Gaming & Entmt Inc (OTC BB:NORE) 6:14 PM
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Management`s Discussions: 10QSB, NORAM GAMING & ENTERTAINMENT INC
TUESDAY, NOVEMBER 07, 2000 6:14 PM
- Edgar Online
(Edgar Online via COMTEX)
Company Name: NORAM GAMING & ENTERTAINMENT INC
(SYMBOL:NORE)
Management's Discussion and Analysis of Financial Condition and Results of Operations. LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2000, the Company had $480 cash in the bank. There is no certainty that the Company can meet its current financial commitments.
The Company is a development stage company engaged in the gaming industry.
Effective April 1, 2000, the Company's subsidiary ceased operations.
Net loss was $26,897 for the three months ended September 30, 2000 compared with net loss of $72,926 for the same period in 1999. The Company was able to reduce its general and administrative expenses substantially in 2000 compared to 1999.
Net revenue was $800 for the three months ended September 30, 2000 compared with $23,704 for the same period in 1999 for a decrease of 97%. The decrease in revenues is attributed to the decision by the Company to discontinue the bingo operations and concentrate on other areas in the gaming industry. Cost of sales for the three months ended September 30, 2000 were $0 compared to $29,123 for the same period in 1999 for a decrease of 100%.
General and administrative expenses were $24,244 for the three months ended September 30, 2000 compared to $62,560 for the same period in 1999 for a decrease of 61%. Depreciation and amortization expense was $2,058 for the three months ended September 30, 2000 compared to $1,731 for the same period in 1999 for an increase of 19%. Interest expense for the three months ended September 30, 2000 was $1,395 compared to $3, 216 for the same period in 1999 for a decrease of 57%.
Net loss was $122,855 for the nine months ended September 30, 2000 compared with net loss of $63,178 for the same period in 1999. The Company was able to reduce its general and administrative expenses substantially in 2000 compared to 1999. In 1999, the Company sold a facility which reduced the loss for the nine months.
Net revenue was $13,606 for the nine months ended September 30, 2000 compared with $233,358 for the same period in 1999 for a decrease of 94%. The decrease in revenues is attributed to the decision by the Company to discontinue the bingo operations and concentrate on other areas in the gaming industry. Cost of sales for the nine months ended September 30, 2000 were $7,981 compared to $66,915 for the same period in 1999 for a decrease of 88%.
General and administrative expenses were $111,627 for the nine months ended September 30, 2000 compared to $374,129 for the same period in 1999 for a decrease of 70%. Depreciation and amortization expense was $6,174 for the nine months ended September 30, 2000 compared to $9,483 for the same period in 1999 for a decrease of 35%. Interest expense for the nine months ended September 30, 2000 was $10,679 compared to $9,215 for the same period in 1999 for an increase of 16%.
During the nine months ended September 30, 2000, the President's son, who is not an officer or director, agreed to assume liabilities of $432, 222 in exchange for 3,758,471 shares of the Company's common stock. The son intends to use the stock to retire his obligations to the previous creditors.
(c) 1995-1999 Cybernet Data Systems, Inc. All Rights Reserved.
Received by Edgar Online: Nov. 07, 2000
CIK Code: 0000894555
SEC Accession Number: 0001016295-00-000141
NORE
0.102 n/a
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