AGTP...Reporting shell starting to get active.
.AGTSPORTS INC (AGTP)
Quarterly Report (SEC form 10QSB)
Management's Discussion and Analysis
In the fiscal quarter ending December 31, 1999, the Company was primarily engaged in the restructuring of operations. For the three-month period ended December 31, 1999, the Company had limited revenues and a net loss of ($19,260). The Company has abandoned its former sports technology business plan in favor of pursuing a potential merger or business combination with other entities as yet unidentified. In the opinion of management, the Company has not improved significantly as compared to the same period last year when it reported a net loss of $119,350.
The Company has experienced ongoing working capital shortages that have limited its ability to pursue new business strategies. During the Quarter ended December 31, 1999, substantially all of the Company's note holders have agreed to cancel the notes in exchange for shares of common stock. As of the date of filing of this report, no shares of common stock have been issued to the note holders pending review of disclosure filing requirements by the Company's securities counsel. These efforts have been made for the purpose of increasing shareholders' equity and profitability on a going forward basis. However, no assurance can be provided the Company will be successful in these endeavors.
Liquidity and Capital Resources
Cash and cash equivalent's balance on December 31, 1999 was $ 0
Provided new sources of working capital can be secured, in the opinion of management, the Company will be able to successfully meet all of its current obligations. However, no assurances can be given the Company will be successful in these endeavors.
PART II.
ITEM 1. Legal Proceedings
During the quarter ended December 31, 1999, the Company was not a party to, nor aware of, any legal proceedings involving the Company that, in the opinion of Management, were material to the future of the Company.
ITEM 2. Changes in Securities
During the Quarter ended December 31, 1999, the Company issued 7,850,000 shares of it's restricted common stock in accordance with the terms of agreements reached with a creditor and preferred shareholder of the Company. 1,000,000 shares of the Company's issued and outstanding preferred stock were cancelled in exchange for 2,000,000 restricted common shares of the Company. The common shares were issued as follows: 1,000,000 shares were issued on December 17, 1999, and 1,000,000 shares were issued subsequent to December 31, 1999. Accrued preferred stock dividends of app. $873,000 were waived by the Holder in exchange for 2,695,203 restricted common shares of the Company. At December 31, 1999, the shares have not been issued pending the completion and filing of various securities disclosure documents and registration statements by the Company.
Pursuant to the terms of the Company's May 22, 1997 joint venture agreement with Global Links Trading, Ltd., on December 17, 1999, the Company issued 6,850,000 restricted common shares to GLT's assignee and the agreement was thereby terminated.
ITEM 3. Default on Senior Securities.
As of December 31, 1999, the Company is in arrears on notes payable and related interest and has subsequently entered into negotiations to settle the arrearages through conversion into the Company's restricted common stock.
ITEM 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of the Security Holders during this reporting period.
ITEM 5. Other Information.
As of December 31, 1999, the Company had no other reportable events which were not previously disclosed in the below referenced exhibits and reports.
ITEM 6. Exhibits and Reports on Form 8-K
None.
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Recent Filings: Aug 1999 (Qtrly Rpt) | Jan 2000 (Annual Rpt) | Feb 2000 (Qtrly Rpt)
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