U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C, 20549
FORM 1O-QSB
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996.
Commission File No. 0-25276
DIGIMEDIA USA, INC.
(Exact name of small business issuer in its charter)
Nevada .
88-0320364
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
2454 NE 13th Ave., Fort Lauderdale, FL. 33305
( Address of principal executive offices)
(954) 565-8726
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 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____ No__X__
The number of shares of issuer's Common Stock outstanding as of September 30,
1996 was
8,286,166.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of
Operation.
Results of Operations
The Company recorded no revenue for the three month period.
Liquidity and Capital Resources
The Company recorded an increase in current assets of approximately 1.6% from
$219,676 for stub period, 1995 to $223,371 on September 30, 1996. Total
liabilities were reduced by approximately 22% from $123,171 to $95,618 over the
same period.
The Company believes that, in addition to its anticipated cash flow from
operations, additional financing is necessary to fund its working capital needs.
PART II - OTHER INFORMATION
Item I. Legal Proceedings.
A former consultant to the Company brought an action relating to $8,000 claimed
to be due from the Company. This matter has been settled.
Another former consultant to the Company brought an action relating to
dismissal and monies claimed. This matter has been settled.
Item 5. Other Information.
In June of this year, the Company announced the signing of letters of intent to
acquire two private security companies with revenues in excess of $60 million.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
DigiMedia USA, Inc.
(Registrant)
Date:
________________
Gene Farmer
Vice-President
WANT & ENDER, CPA, P. C.
CERTIFIED PUBLIC ACCOUNTANTS
37 East 28th Street, 8th Floor
New York, NY 10016
MARTIN ENDER, CPA
Telephone (212) 684-2414
STANLEY Z. WANT, CPA, CFP
Fax (212) 684-5433
To the Stockholders' and Board of Directors of:
DIGIMEDIA USA, INC.
2454 NE 13TH AVENUE
FT LAUDERDALE,, FL 33305
We have compiled the accompanying balance sheet of DIGIMEDIA USA, INC, as of
September 30, 1996 and the related income statement for the nine months then
ended, in accordance with Statements on Standards for Accounting & Review
Services issued by the American Institute of Certified Public Accountants,
A compilation is limited to presenting, in the form of financial statements,
information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the
disclosures and the statement of cash flows required by generally accepted
accounting principles, If the omitted disclosures and statement of cash flows
were included in the financial statements, they might influence the user's
conclusions about the Company's financial position, results of its operations
and changes in cash flows. Accordingly, these statements are not designed for
those who are not informed about such matters,
Want & Ender CPA, P,C.
Certified Public Accountants
New York, NY
November 14, 1996
DIGINEDIA USA, INC*
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP*)
Balance Sheet
Current Year Prior Year 1
Sep, 30, 1996 Dec, 31, 1995
(Unaudited)
Assets
Current Assets
Cash - Checking
$ 3,144 108
Accounts Receivable 54,256 54,256
Total Current Assets 57,400 54,364
Fixed Assets
Office Equipment 127,828 127,828
Acc Depr Office Eqpt
( 48,930) (48,930)
Furniture And Fixtures 25,052 24,393
Acc Depr Furn And Fixt
( 11,275) (11,275)
Total Fixed Assets 92,675 92,016
Other Assets
organization Costs 52,668 52,668
Copyright (Net)
( 30,087 (30,087)
Acc Amort Org Costs 10,534) 10,534)
Security Deposits 1,075 1,075
Total other Assets 73,296 73,296
Total Assets $223,371 $ 219,676
See Accountants' Compilation Report
Current Year Prior Year 1
Sep. 30, 1996 Dec, 31, 1995
(Unaudited)
Liabilities
Current Liabilities
Accounts Payable $26,675 $26,675
Accr Expenses 52,276 63,222
Notes Payable Offcr 0 16,607
Total current Liabilities 78,951 l06,504
Long Term Liabilities
Morts,Notes,Bonds>l Yr 16,667 16,667
Total Long Term Liabilities 16, 667 16,667
Total Liabilities 95,618 123,171
Stockholders' Equity
Common Stock 556 378
Convertible Preferred 37,683 37,861
Addtl Paid In Capital l,4l7,7O3 l,303,7l2
Retained Earnings - Un Ap
( 1,328,189) (1,245,446)
Total Equity 127,753 96,505
Total Liabilities & Equity $ 223,371 $ 219,676
See Accountants' Compilation Report
DIGIMEDIA USA, INC.
(FORMERLY INTERNATIONAL TRAINING & EDUCATION CORP.)
Statement of Operation
3 Months Ended 9 Months Ended
Sept 30 Sept 30
1996 1995 1995 1996
Revenues $ 0
$ 0 12,400 48,198
Operating Expenses:
Video Production 10,928 13,316 36,598 240,295
Marketing 13,216 89 130,660 41,721
General & Administrative 32,874 8,974 44,884 33i,847
Interest 0 0 0 200
Total Operating Expenses 57,Ol8 22,379 95,142 63,063
Net Profit/(Loss) ($ 57,018)
($ 22,379) ($ 82,742) ($ 14,865
)
See Accountants' Compilation Report