U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
Quarterly Report Under
the Securities Exchange Act of 1934
For Quarter Ended: March 31, 2000
Commission File Number: 0-28103
AMERICA'S SPORTS VOICE, INC.
----------------------------
(Exact name of small business issuer as specified in its charter)
New York
(State or other jurisdiction of incorporation or organization)
11-3363563
(IRS Employer Identification No.)
247 Broadway
Huntington, New York
(Address of principal executive offices)
11743
(Zip Code)
(631) 754-9200
(Issuer's Telephone Number)
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
__X__ No ____.
The number of shares of the registrant's only class of common stock issued and
outstanding, as of March 31, 2000, was 8,637,500 shares.
PART I
ITEM 1. FINANCIAL STATEMENTS.
The unaudited financial statements for the nine month period ended March
31, 2000, are attached hereto.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the America's
Sports Voice, Inc.'s (the "Company" or "ASV") unaudited financial statements and
notes thereto included herein. In connection with, and because it desires to
take advantage of, the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, the Company cautions readers regarding certain
forward looking statements in the following discussion and elsewhere in this
report and in any other statement made by, or on the behalf of the Company,
whether or not in future filings with the Securities and Exchange Commission.
Forward looking statements are statements not based on historical information
and which relate to future operations, strategies, financial results or other
developments. Forward looking statements are necessarily based upon estimates
and assumptions that are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are beyond the
Company's control and many of which, with respect to future business decisions,
are subject to change. These uncertainties and contingencies can affect actual
results and could cause actual results to differ materially from those expressed
in any forward looking statements made by, or on behalf of, the Company. The
Company disclaims any obligation to update forward looking statements.
The Company generated no revenues during the nine month period ended March
31, 2000. The Company incurred $403,290 in selling, general and administrative
expenses during the nine month period ended March 31, 2000, as compared to
$118,466 for the similar period ended March 31, 1999, primarily as a result of
expenses incurred by the Company relating to the filing of a registration
statement on Form 10-SB with the Securities and Exchange Commission during the
applicable period, as well as additional legal and accounting expenses related
to an acquisition consummated by the Company in April 2000. In addition, a
portion of this increase is attributable to moving expenses, as the Company
moved its principal place of business during the three month period ended March
31, 2000. In addition, during the nine month period ended March 31, 2000,
management elected to write off an account receivable due from an unaffiliated
party in the amount of $339,808, as it appeared to management that the
likelihood of recovering all or a portion of such receivable was not expected to
occur in the foreseeable future, or at all.
2
Management of the Company anticipates that the Company will not generate
any significant revenues until the Company accomplishes its business objectives
outlined hereinbelow under "Plan of Operation."
Plan of Operation
ASV is a high technology, multi-media marketing company utilizing both the
Internet and publishing businesses to accomplish its business objectives. The
Company intends to provide timely sports information, sports programming,
discounted travel benefits and sports merchandise to its members through it's
quarterly magazine and website. In addition, management is also reviewing
various business opportunities which have been presented, which opportunities
are outside of the current scope of the Company's business.
ASV has earmarked a national and international audience to market its
sports membership program. The Company is currently positioning to launch its
membership drive in the northeast United States, commencing in the New York
metropolitan area. To promote the ASV brand name to new regions and markets, the
Company expects to utilize television, radio, print, direct mail advertising and
trade shows in addition to Internet advertising. Each of the advertising media
is intended to solicit a different segment of the Company's target market. Along
with radio and print media, ASV expects to work with local retail organizations,
such as sporting good stores, sports bars and sports memorabilia stores. This is
expected to strengthen the ASV brand name to sports fans in the places they
frequent most.
The Company is presently positioning strategic alliances with various
organizations to place "take-one" applications in their multiple locations, thus
developing alliance members. The locations in different businesses will provide
prospective members with discounts on goods and/or services. For participating
in this network, ASV will pay the retailer or organization a commission on each
member that signs up through their store or location. The Company will utilize
all efficient and cost effective means of attracting additional members.
Management feels that recent history and public outcry make this the perfect
time to launch the ASV membership marketing campaign.
ASV's membership program is offered for a $29.95 fee and intends to provide
its members with several benefits including (i) a multi-media website for them
to interact and access areas of interest; (ii) a comprehensive quarterly
magazine of approximately 16-24 pages, in full color; (iii) sports ticket
discounts; (iv) contests, prizes and giveaways; and (v) travel, merchandise and
service discounts. In addition, as the Company grows and if the membership
numbers increase (of which there can be no assurance)
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the Company's eventual ability to influence the owners, players and sponsors
should also increase.
ASV also intends to develop multi-media platforms from which to launch
other entertainment oriented projects. In this regard, ASV is currently in
negotiations with a radio station, Internet service provider and theatrical and
event ticket providers. These recent negotiations involve the production and
broadcast of the future ASV Sports Hour. The format will consist of sports
interviews and call-ins, a format sports fans are accustomed to and follow. This
broadcast will be available through the Company's website, providing ASV an
international reach with a local market and future syndication program. With the
Internet distribution the Company will reach more of its members and they can
listen live or at any convenient time because the content will be archived and
available on the website.
ASV's aggressive multi-media marketing campaigns will include utilizing the
Company's Internet website and quarterly magazine along with traditional print
media, radio, television, billboard and sports trade shows. The Company plans
targeting sports enthusiasts through the use of each of the above media. The
Internet advertising will consist of strategically placed ads on the world wide
web. Utilizing ASV's quarterly magazine, the Company will promote its brand
identity. Print media advertising will be represented by sports periodicals,
daily newspapers and entertainment magazines. Radio advertising will target
sports based broadcast stations across the country. Television commercials will
run during sporting events. Billboards will be used nationally throughout major
metropolitan cities. ASV also intends to attend the sports trade show circuit to
market its products.
The Company has reached an agreement with CPNM, Jenkintown, Pennsylvania,
whereby CPNM has agreed to provide multimedia marketing services to the Company,
including: (i) Internet services; (ii) cross promotion with various other sports
related entities, including sports collectibles; (iii) fax broadcast campaigns;
(iv) television, where ASV will be featured on various television programs
specializing in direct response programming and spot advertising; and (v)
various other public relations activities, including press releases, increasing
visibility of the Company through newspaper and magazine advertising and
consumer mail inserts. In exchange for these services, the Company has agreed to
form a joint venture with CPNM and divide all membership fees received through
CPNM's efforts. Following is a more detailed description of the Company's
marketing activities.
ASV plans to capitalize on management's perceived enormous growth of the
Internet. Management believes Internet usage is growing significantly. Thus far,
Internet usage has grown from 50 million dollars in 1996, to a projected one
billion dollars by the
4
year 2000. According to IBM's publicly reported research, in 1996 there was $900
million in Internet based sales, $2 billion in 1997 and projected to $200
Billion in 2000.
ASV has been developed to capitalize on opportunities in the field of
Internet commerce. Retail customer acceptance of secure electronic financial
transactions on the Internet have accelerated and the Company expects that it
will continue to grow. The Company will produce and distribute timely sports
news and scores, team information and player statistics at its web page and
print magazine. The scores and articles will be provided by a national news
service provider, downloaded to the Company's site multiple times a day and
integrated into the Company's magazine. By having both an Internet presence with
the Company's website and print magazine, ASV can expand its research to a
broader market group. The website content programming will include both sports
and non- sports celebrity interviews and editorials written by in-house
correspondents and freelance journalists. Daily Internet sports trivia contests,
in addition to weekly and monthly give away promotions, will include ASV
products (hats, T-shirts, bags, etc.) and sporting event tickets. These
promotions will contribute to ASV's brand image. Management believes that it is
extremely important to build ASV's brand image, which should enable the Company
in the near future to attract advertisement revenue on the website and in the
magazine producing an additional stream of income from advertising revenues as
the Company's concept grows. The advertising and marketing campaign will blanket
targeted markets with saturation advertising. This will promote the America's
Sports Voice, Inc. brand name in the consumer marketplace. The national and
international market place will be broken down into regions. The first region to
be actively advertised and marketed will be the northeast United States focusing
on the New York metropolitan area marketplace to launch the Company's campaign.
The campaign will include the use of the major Internet search engines, such as
Excite, Yahoo, Lycos and Webcrawler, which will target a nationwide audience in
addition to European nations as far away as Japan, which alone has millions of
fans of American professional sports.
ASV's website will offer a multitude of timely and comprehensive sports
information. Only the home page (first i.e. magazine cover) will be available to
all, but the core of the content will not be accessible unless the person is a
member. They can join by calling the Company's toll free marquee number or
instantly by a simple secure transaction with a credit card over the Internet.
This quick transaction will provide the new member with a log on name and
password allowing instant access to all member content areas of the website,
interviews, statistics information, chat rooms and contest areas.
The site provides ASV with an additional future advertising revenue stream
as the site is visited and becomes a viable medium
5
to other companies interested in marketing products or services to its members.
Because Internet sites which receive high visitor traffic develop huge
databases, if the site is successful (of which there can be no assurance) ASV
will be able to capitalize on this high visitor volume by offering marketing and
consulting services to multiple businesses which require database information in
order to expand their market penetration. Alliance members will be listed on the
site as they are signed up to instantly notify members of new locations to
receive discounts on goods or services. The website will hold a multitude of
contests such as daily sports trivia, weekly contests and monthly drawings. The
contests will interest members to check the site often, even multiple times
daily from home or office quickly and easily. This traffic visiting the
Company's website will act as an incentive for potential advertisers to market
their goods to the website's visitors. The content of the website will change
often, specifically daily wherein sports related stories and scores will be
updated multiple times throughout the day.
In addition to the Company's on-line interactive website, ASV intends to
offer its members a quarterly magazine that will focus on important sports
issues and how they relate to the average fan. The publishing industry is
benefiting from the tremendous growth in the popularity of sports in this
country over the past two decades. According to the Sports Management Research
Bureau research, the four major monthly magazines (Sports Illustrated, Inside
Sports, Sporting News and Sport) have a total of over 192 million adult readers
each month. Sports Illustrated ranked second among U.S. magazines in advertising
revenues in 1996. Due to the frustration with sports in this country today,
ASV's magazine is expected to be attractive to the majority of the current
sports magazine readers.
ASV's magazine will differ from traditional sports publications which tend
to consist of the news aspect of the games, most serving only to relay
information of what is happening without any offering of how fans relate to the
situations. These magazines and newspapers track the "what" while ASV can
include the "why" and the "how" of sporting events. In addition, alliance member
businesses who offer the Company's members a discount will be listed in each
issue. The magazine is expected to be between 16-24 pages in length and
management has reached an agreement with a publisher to publish up to 60,000
copies in full color, at a cost of approximately $.37 per copy.
As membership grows in the organization (of which there can be no
assurance) the magazine is expected to become an additional revenue stream
generating advertisers dollars. In the initial issues the Company will offer
deep discounts to organizations that will commit to a term of advertising based
on an increasing fee scale as membership builds.
6
Aside from the serious issues in sports today, ASV will also offer its
members an entertaining side. This will consist of trivia questions, rotisserie
and fantasy league sections, fan mail and columns written by in-house staff,
freelance journalists, players and agents. The magazine and website will report
the hottest issues that concern the fan. These include franchise movement,
expansion, contract negotiations, ticket allocation, price increases, revenue
sharing and player conduct. Each quarter will include a section dedicated to
fans' comments. This will allow fans an additional venue besides the website to
express their opinions and concerns every quarter. In addition, ASV will track
player movements via trades and free agency, conduct player and owner
interviews, and invite players, owners and sports columnists to write a guest
column.
ASV's long term print media plan is to advertise in the sports section of
all major market newspapers throughout the country. The Company will also
advertise in many of the sports related magazines (i.e., Sporting News). In
addition, ASV will promote its membership via 24-hour sports talk radio
stations. The Company's plan is to strategically place ads on these stations
throughout the country during various segments and shows each day. These two
advertising venues will be launched simultaneously to ensure saturation of each
particular market.
In addition to radio and print media, ASV will work with local retail
organizations, such as sporting goods stores, sports bars and sports memorabilia
stores. This will help broaden the reach of the Company name to all sports fans
in every area of the country. These organizations will place "take-one"
applications in their stores and they will offer members discounts on their
products. For their services, ASV will offer a commission for each member that
signs up in their particular store. They will also be on a list of alliance
member organizations that offer members a discount, which are featured on the
Company's website and quarterly in the Company's magazine.
Revenues are derived from membership fees, renewal fees, advertising sales
and merchandise sales. Each income stream is driven by the membership base, as
the membership increases the advertising rates will increase as well as an
increase in volume of merchandise sales. ASV's advertising revenues will be
derived from the Company's two main outlets: its website and the quarterly
magazine. ASV's merchandise will include licensed and private label apparel,
sports memorabilia, historical sports videos and CD ROM's.
The Company anticipates that it will not require infusion of additional
capital to accomplish its business objectives described herein, in that
anticipated revenues from operations will be sufficient to fund operations.
However, if the Company requires additional funding or determines it appropriate
to raise additional
7
funding during such period, there is no assurance that adequate funds, whether
through additional equity financing, debt financing or other sources, will be
available when needed or on terms acceptable to the Company. Further, any such
funding may result in significant dilution to existing stockholders. The
inability to obtain sufficient funds from operations and external sources when
needed would have a material adverse affect on the Company's business, results
of operations and financial condition.
Subsequent Event
In May 2000, the Company consummated an acquisition of all of the issued
and outstanding stock of Gourmet Cuisines International, Ltd., a privately held
company and its three wholly owned subsidiary companies (hereinafter jointly
referred to as "GCI") in exchange for the issuance of an aggregate of 400,000
shares of the Company's "restricted" common stock. GCI is engaged in the
business of processing gourmet meals for first class passengers on many
airlines. The Company initially received an assignment of a security interest
from Finova Capital Corporation ("Finova"), which held a first position security
interest in all of the assets of GCI as security for a loan with a principal
balance of $1,228,000 at the time the relevant note was acquired by the Company,
for which the Company paid an aggregate of $219,000.
In order to obtain the $219,000 necessary to acquire the security interest,
the Company obtained a loan from a minority shareholder in such amount. The
terms of this loan included interest accruing at the rate of 10% per annum,
which loan is due and payable two years from issuance. The relevant note
requires that interest only be paid during the two year term of the note, which
interest is payable quarterly.
The Company has filed a report on Form 8-K with the Securities and Exchange
Commission, describing this acquisition in greater detail.
Liquidity and Capital Resources
The Company presently has nominal cash or cash equivalents. Because the
Company is not required to pay rent or salaries to any of its officers or
directors, management believes that the Company has sufficient funds to continue
operations through the foreseeable future. The President of the Company has
agreed to waive any salaries due pursuant to his employment agreement with the
Company until such time as the Company begins generating revenues from
operations, of which there can be no assurance.
The Company's cash flow issues have substantially changed as a result of
the acquisition of Gourmet described above herein. These changes are more fully
described in the relevant Form 8-K filed by the Company relating to this matter.
8
Year 2000 Disclosure
Many existing computer programs use only two digits to identify a year in
the date field. These programs were designed and developed without considering
the impact of the recent change in the century. If not corrected, many computer
applications were expected to fail or create erroneous results by or at the Year
2000. As a result, many companies were required to undertake major projects to
address the Year 2000 issue. The Company did not incur any negative impact as a
result of this problem and no problems in this regard are anticipated in the
future.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS - NONE
ITEM 2. CHANGES IN SECURITIES -
During the three month period ended March 31, 2000, the Company issued
additional shares of the Company's Common Stock as a result of exercise of
options as follows: 250,000 shares were issued to Angelo Panzarella, the
President of the Company at $.15 per share, and 2,000,000 to MGZ International
Corp. at $.015 per share.
Additionally, during the three month period ended March 31, 2000, the
Company issued additional shares of the Company's Common Stock for consulting
services as follows: 50,000 shares to Enid Elfman at $.15 per share, 300,000
shares to Twin Towers at $.60 per share, and 50,000 shares to Cosmo Saranceno at
$.40 per share.
In issuing the above shares, the Company relied upon the exemption from
registration afforded by REgulation D, Regulation S and Section 4(2) under the
Securities Act of 1933.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES - NONE
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION - NONE.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -
(a) Exhibits
EX-27 Financial Data Schedule
(b) Reports on Form 8-K
None.
9
AMERICA'S SPORTS VOICE, INC.
(a development stage company)
CONDENSED BALANCE SHEETS
ASSETS
March 31, June 30,
2000 1999
(unaudited)
------------ --------------
Current assets:
Cash $ 100 $ (10)
Loans receivable, net of allowance 111,082 379,707
------------ --------------
Total current assets 111,182 379,679
Office equipment and computer software,
net of accumulated depreciation 530 1,685
Other assets 5,075 75
------------ --------------
Total assets $ 116,787 $ 381,457
============ ==============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued expenses $ 269,266 $ 65,937
------------ --------------
Total current liabilities 269,266 65,937
------------ --------------
Stockholders' equity (deficit):
Common stock, $.0001 par value
150,000,000 shares authorized
4,987,500 shares issued and
outstanding at June 30, 1999
8,637,500 shares issued and
outstanding at March 31, 2000 864 499
Additional paid-in capital 998,241 723,506
Deficit accumulated during
the development stage (1,151,584) (408,485)
------------ --------------
Total stockholders' equity (deficit) (152,479) 315,520
------------ --------------
Total liabilities and stockholders'
equity (deficit) $ 116,787 $ 381,457
============ ==============
10
AMERICA'S SPORTS VOICE, INC.
(a development stage company)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
February
Nine-month 17, 1997
periods ended (inception)
March 31, through
-------------------- March
2000 1999 31, 2000
--------- --------- -----------
Revenues $ - $ - $ -
--------- --------- -----------
Selling, general and administrative 403,290 118,466 711,776
Bad debt expense 339,808 - 439,808
--------- --------- -----------
743,098 118,466 1,151,584
--------- --------- -----------
Net loss $(743,098) $(118,466) $(1,151,584)
========= ========= ===========
Basic loss per share $ (0.12) $ (0.03) $ (0.26)
========= ========= ===========
Weighted average common shares outstanding 6,275,864 4,208,850 4,385,854
========= ========= ===========
11
AMERICA'S SPORTS VOICE, INC.
(a development stage company)
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three-month periods ended
March 31,
-----------------------
2000 1999
--------- ---------
Revenues $ - $ -
--------- ---------
Selling, general and administrative expenses 301,677 55,405
Bad debt expense - -
--------- ---------
301,677 55,405
--------- ---------
Net loss $(301,677) $ (55,405)
========= =========
Basic loss per share $ (0.03) $ (0.01)
========= =========
Weighted average common shares outstanding 8,637,500 4,987,500
========= =========
12
AMERICA'S SPORTS VOICE, INC.
(a development stage company)
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
February
17, 1997
Nine-month periods ended (inception)
ended March 31, through
---------------------- March
2000 1999 31, 2000
--------- --------- -----------
Net loss $(743,098) $(118,466) $(1,151,584)
--------- --------- -----------
Adjustments to reconcile net loss to
net cash used in operating activities:
Bad debt 339,808 - 439,808
Depreciation 1,155 574 2,545
Increase in accounts payable
and accrued expenses 110,216 65,937 176,153
Increase in security deposit (5,000) (75) (5,075)
--------- --------- -----------
Net cash used in
operating activities (296,919) (52,030) (538,153)
--------- --------- -----------
Cash flows used in investing activities:
Capital expenditures - (1,225) (3,075)
Loans (advanced) repaid 203,917 (66,744) (275,789)
--------- --------- -----------
Net cash provided by (used in)
investing activities 203,917 (67,969) (278,864)
--------- --------- -----------
Cash flows from financing activities:
Stockholder loans 93,112 - 93,112
Proceeds from issuance of
common stock 0 123,155 724,005
--------- --------- -----------
Net cash provided by
financing activities 93,112 123,155 817,117
--------- --------- -----------
Net increase (decrease) in cash 110 3,156 100
Cash, beginning of period (10) (11) -
--------- --------- -----------
Cash, end of period $ 100 $ 3,145 $ 100
========= ========= ============
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AMERICA'S SPORTS VOICE, INC.
(a development stage company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 2000
1. Unaudited interim financial statements
The accompanying unaudited financial statements have been prepared in
accordance with the instructions for Form 10-QSB and do not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion
of management, all adjustments, consisting only of normal recurring
adjustments considered necessary for a fair presentation, have been
included. Operating results for any quarter are not necessarily
indicative of the results for any other quarter or for the full year.
These statements should be read in conjunction with the financial
statements of America's Sports Voice, Inc. and notes thereto included
in the Company's Quarterly Report on Form 10-QSB for the nine-month
period ended March 31, 2000.
Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the period. Actual results could differ from those
estimates.
History and business activity
America's Sports Voice, Inc. (the "Company") (a development stage
company) was incorporated in the State of New York in February 1997.
The Company was formed to create a sports fan advocacy group that
provides sports information, sports programming and sports merchandise.
Since inception, the Company did not generate any revenues from its
principal business activity. In November 1999, the Company filed a
registration statement with the US Securities and Exchange Commission
on Form 10-SB, registering its common stock under the Securities and
Exchange Act of 1934, as amended (the "34 Act"). The Company's
intention at that time was to seek to acquire assets or shares of an
entity actively engaged in business which generated revenues or
provided a business opportunity, in exchange for its securities. In
effect, this filing caused the Company to be a full "reporting company"
under the 34 Act.
Basic loss per common share
Basic loss per common share is computed by dividing the net loss
applicable to common shareholders by the weighted average number of
shares outstanding during the period. Diluted loss per share amounts
are not presented because they are anti-dilutive.
14
AMERICA'S SPORTS VOICE, INC.
(a development stage company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
March 31, 2000
2. Review of Report by Independent Auditor
Effective March 15, 2000, the Securities and Exchange Commission
adopted a rule requiring that interim auditor reviews must be
undertaken by all companies subject to the Section 12(g) reporting
requirements promulgated under the Securities Exchange Act of 1934, as
amended. The Company's independent auditors have not reviewed the
interim financial statements included in this Report, but it is
anticipated that they will do so in the near future and in the event of
any requirement that revisions be undertaken by the Company to this
Report, the Company will file an amendment accordingly.
3. Subsequent Event
In May 2000, the Company consummated an acquisition of all of the
issued and outstanding stock of Gourmet Cuisines International, Ltd., a
privately held company and its three wholly owned subsidiary companies
(hereinafter jointly referred to as "GCI"), in exchange for the
issuance of an aggregate of 400,000 shares of the Company's
"restricted" common stock. GCI is engaged in the business of processing
gourmet meals for first class passengers on many airlines. The Company
initially received an assignment of a security interest from Finova
Capital Corporation ("Finova"), which held a first position security
interest in all of the assets of GCI, for which the Company paid an
aggregate of $219,000. The outstanding principal balance owed by GCI to
Finova was $1,228,000 immediately prior to the assignment of the
security interest by the Company.
In order to obtain the $219,000 necessary to acquire the security
interest, the Company obtained a loan from a minority shareholder in
such amount. The terms of this loan included interest accruing at the
rate of 10% per annum, which loan is due and payable two years from
issuance. The relevant note requires that interest only be paid during
the two year term of the note, which interest is payable quarterly.
The Company has filed a report on Form 8-K with the Securities and
Exchange Commission relating to this acquisition.
15
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
AMERICA'S SPORTS VOICE, INC.
(Registrant)
Dated: June 2, 2000
By:s/ Angelo J. Panzarella
--------------------------
Angelo J. Panzarella, President
16
AMERICA'S SPORTS VOICE, INC.
EXHIBIT INDEX TO QUARTERLY REPORT ON FORM 10-QSB
FOR THE QUARTER ENDED MARCH 31, 2000
EXHIBITS Page No.
EX-27 Financial Data Schedule ......................................... 18
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