U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Quarter Ended March 31, 1996
Commission file number 0-25624
LOTTOWORLD, INC.
(Exact name of registrant as specified in its charter)
Florida 65-0399794
(State of Incorporation) (IRS Employer ID No.)
2150 Goodlette Road
Suite 200
Naples, FL 34102
(Address of principal executive offices) (Zip Code)
(941) 643-1677
(Telephone Number)
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
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Common stock, par value $.001 per share; 3,973,522 shares outstanding as of May
5, 1996
LOTTOWORLD, INC.
TABLE OF CONTENTS
PART I Financial Information Page No.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 3
PART II Other Information
Item 6. Exhibits and Reports on Form 8-K 3
SIGNATURES
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Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The loss for the three months ended March 31, 1996 and 1995 are
$(857,000) and $(831,000) respectively before dividends paid to preferred
shareholders.
The Company declared a dividend in the amount of $.15 per share for
record holders of its Series A. Convertible Preferred Stock as of the Close of
business on March 31, 1996 payable on May 31, 1996.
The Company expects newsstand revenues to increase as a result of the
promotion of the Lucky 7 Prepack for display at grocery store service counters
and non-traditional magazine outlets. This promotion has already placed over
3,500 Prepacks at wholesalers throughout the Northeast United States.
The Company expects to generate the major portion of its revenues
through the sale of advertising in the controlled circulation magazine it will
be publishing. The Company expects this advertising to begin in the fourth
quarter of 1996.
Liquidity and Capital Resources
In February, 1996 the Company sold 387,500 shares of its common stock
to three entities for an aggregate of $697,500, and on March 15, 1996 the
Company sold 180,000 shares of its common stock to an entity for the sum of
$675,000.
The Company believes that its capital resources on hand at March 31,
1996, together with the above private placements and the expected revenues from
sales, will not be sufficient to satisfy its working capital requirements for
the next 12 months.
The Company anticipates that it will require additional financing of
$1,000,000 and is currently exploring various options available for this
financing and is confident it will be able to obtain said financing.
PART II Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 11. Computation of net (loss) per share of
Common Stock - not required
(b) The Registrant did not file a Form 8-K
during the quarter ended March 31, 1996.
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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.
LOTTOWORLD, INC.
DATED: February 14, 1997 s/Stuart Dubow
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Stuart Dubow
Chief Financial Officer
DATED: February 14, 1997 s/Stuart Dubow
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Stuart Dubow
Chief Financial Officer