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Form 10QSB for PACKAGING PLUS SERVICES INC filed on Jun 2 1998
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED MARCH 31, 1998
Commission File Number 0-18094
PACKAGING PLUS SERVICES, INC.
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(Exact name of Registrant as specified in its charter)
NEVADA 11-2781803
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(State or other jurisdiction of (I.R.S. Employer Ident Number)
incorporation or organization)
20 SOUTH TERMINAL DRIVE, PLAINVIEW, NEW YORK 11803
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 349-1300.
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Securities registered pursuant to Section 12 (g) of the Act:
COMMON STOCK
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(Title of Class)
Indicate by check mark whether the registrant (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 (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
--- ---
State the aggregate market value of the voting stock held by non-affiliates of
the registrant on March 31, 1998:
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$2,104,338.48
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Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
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COMMON STOCK OUTSTANDING AT MARCH 31, 1998:
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CLASS "A" 35,784,429
CLASS "B" 1,280,000
PACKAGING PLUS SERVICES, INC.
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INDEX
PAGE
NUMBER
------
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheet - March 31, 1998 1
Combined Statement of Operations - Three and nine
months ended March 31, 1998 2
Combined Statement of Cash Flows -- Three and 3
and nine months ended March 31, 1998.
Notes to Combined Financial Statements 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 5-9
PART II - OTHER INFORMATION 10
SIGNATURE 10
-1-
PACKAGING PLUS SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS AT MARCH 31, 1998
AT 3/31/98 AT 12/31/97 CHANGE IN
YEAR TO DATE YEAR TO DATE PERIOD AT 3/31/1997
ASSETS NINE MONTHS SIX MONTHS 3/31/98 YEAR AGO
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CURRENT ASSET
Cash (50,213) 96,102 $ (146,315) $ 29,649
Restricted Cash 102,000 102,000 0 292,704
Accounts receivable, net of allowance
for doubtful accounts of $190,000
& $67,500 resp 438,432 334,483 103,949
Inventory 94,836 94,836 0 22,700
Loans & Notes receivable, net of
allowance of $161,000 70,443 67,743 2,700 59,743
Loans to Officers 420,581 310,653 109,928
Other, primarily prepaid expenses 767,840 366,484 401,356 1,267,072
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TOTAL CURRENT ASSETS 1,843,919 1,372,301 471,618 1,671,868
FURNITURE, EQUIPMENT AND LEASEHOLD
IMPROVEMENTS, net 343,515 372,914 (29,399) 315,337
REORGANIZATION VALUE, net of amortization 460,584 494,513 (33,929) 596,298
GOODWILL, Net 1,075,035 1,098,011 (22,976) 688,333
Deferred Financing costs & Other 1,078,915 1,331,946 (253,031)
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TOTAL ASSETS $ 4,801,968 4,669,685 $ 132,283 $ 3,271,836
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses 1,087,995 854,357 233,638 516,489
Payroll taxes payable 60,501 47,289 13,212 10,403
Other 26,357 29,622 (3,265) 6,131
Loans/Notes Payable 596,241 423,349 172,892
Convertible Debentures 1,126,016 1,652,440 (526,424)
Current maturities of long-term liabilities 0 62,128 (62,128) 524,863
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TOTAL CURRENT LIABILITIES 2,897,110 3,069,185 (172,075) 1,057,886
LONG-TERM LIABILITIES 1,617,213 1,617,213 0 47,708
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TOTAL LIABILITIES $ 4,514,323 $ 4,686,398 $ (172,075) $ 1,105,594
STOCKHOLDERS' EQUITY
Common stock, Class "A", $0.06 par value;
authorized 47,000,000 shares; 35,784,429
issued and outstanding 2,191,444 578,716 1,612,728 270,358
Common stock, Class "B", $0.005 par value;
authorized 3,000,000 shares; 1,280,000
issued and outstanding 6,400 6,400 0 6,400
Additional paid-in capital 12,285,754 12,546,320 (260,566) 9,785,220
Deferred compensation related to stock
issued for services (1,207,841) (1,249,820) 41,979 (225,000)
Valuation allowance 0 0 (425,000)
Accumulated deficit (9,662,474) (9,662,475) 0 (7,245,736)
Current income (deficit) (3,325,638) (2,235,854) (1,089,784)
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TOTAL STOCKHOLDERS' EQUITY 287,645 (16,713) 304,357 2,166,242
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,801,968 4,669,685 $ 132,283 $ 3,271,836
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