UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-01337
FULL MOON UNIVERSE, INC.
Washington 91-0239195
(State of other jurisdiction of incorporation (I.R.S. Employer Id. No.)
or organization)
1645 North Vine Street - 9th Floor, Hollywood, CA 90028
Address of principal executive offices) (Zip Code)
(323) 468-0599
(Issuer's telephone number, including area code)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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 at least the past 90 days. Yes No
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date. 22,899,985
Transitional Small Business Disclosure Format (check one);
Yes ( ) No (X)
FULL MOON UNIVERSE, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
PART I. - FINANCIAL INFORMATION
Item 1 Financial Information
MARCH 31, 2001
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
TABLE OF CONTENTS
Page
----
PART I. FINANCIAL STATEMENTS:
Item 1. Financial statements (unaudited)
Balance sheet 3
Statements of income 4
Statement of stockholders' equity 5
Statements of cash flows 6
Notes to financial statements 7
Item 2. Management's Discussion and Analysis of Financial Statements 13
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 14
2
FULL MOON UNIVERSE, INC.
FORMERLY KNOWN AS CIMARRON-GRANDVIEW GROUP, INC.
BALANCE SHEET (UNAUDITED)
March 31, 2001
----------------
ASSETS
CURRENT ASSETS:
Cash $ 39,009
Accounts receivable 169,324
Contracts receivable 71,397
Inventory 101,955
Prepaid assets 10,230
----------------
Total current assets 391,915
NOTE RECEIVABLE, related party 2,477,245
FILM INVENTORY, net of amortization of $640,546 1,904,180
EQUIPMENT AND WEB SITE DEVELOPMENT, net
of depreciation of $18,756 57,730
LOAN FEES 48,904
PARTNERSHIP PROPERTIES 5,067
----------------
$ 4,885,041
================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 465,688
Accrued liabilities 27,799
Accrued wages 6,567
Accrued interest 127,130
Current maturities of long-term debt 2,452,930
Deferred revenue 62,000
----------------
Total current liabilities 3,142,114
LONG-TERM DEBT:
Notes payable 223,426
----------------
Total liabilities 3,365,540
STOCKHOLDERS' EQUITY:
Common stock - 100,000,000 shares, $.001 par value,
authorized; 22,949,985 shares issued and outstanding 22,950
Additional paid-in capital 1,102,943
Note receivable, stock purchase (2,381)
Retained earnings 395,989
----------------
Total stockholdersequity 1,519,501
----------------
$ 4,885,041
================
See accompanying notes to financial statements.
3
FULL MOON UNIVERSE, INC.
FORMERLY KNOWN AS CIMARRON-GRANDVIEW GROUP, INC.
STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended March 31,
----------------------------------------------
2001 2000 2000
-------------- -------------- --------------
(historical) (pro forma)
REVENUES $ 930,459 $ - $ 535,649
COST OF REVENUES, including
film amortization 335,375 - 143,905
-------------- -------------- --------------
GROSS PROFIT 595,084 - 391,744
SELLING, GENERAL, AND
ADMINISTRATIVE EXPENSES 381,823 1,268 84,313
-------------- -------------- --------------
INCOME FROM OPERATIONS 213,261 (1,268) 307,431
-------------- -------------- --------------
OTHER INCOME (EXPENSE):
Interest income 45,706 1,092 1,155
Interest expense (99,237) - (1,210)
-------------- -------------- --------------
(53,531) 1,092 (55)
-------------- -------------- --------------
INCOME (LOSS) BEFORE FEDERAL
AND STATE INCOME TAXES 159,730 (176) 307,376
FEDERAL AND STATE INCOME TAXES - - 120,000
-------------- -------------- --------------
NET INCOME (LOSS) $ 159,730 $ (176) $ 187,376
============== ============== ==============
BASIC AND DILUTED EARNINGS
PER COMMON SHARE NIL NIL NIL
============== ============== ==============
See accompanying notes to financial statements.
4
FULL MOON UNIVERSE, INC.
FORMERLY KNOWN AS CIMARRON-GRANDVIEW GROUP, INC.
STATEMENT OF STOCKHOLDERS' EQUITY
QUARTER ENDED MARCH 31, 2001
Stock
Number of Sub- Additional
Shares scription Common Paid-in Retained
Outstanding Receivable Stock Capital Earnings Total
----------- ----------- ---------- ----------- ---------- ----------
BALANCES,
DEC. 31, 2000 22,483,320 $ (4,666) $ 22,483 $ 534,036 $ 236,259 $ 788,112
ADD:
Net income - - - - 159,730 159,730
Beneficial
Conversion
feature of
convertible
debt - - - 200,000 - 200,000
Payment
Received
on stock
subscription - 2,285 - - - 2,285
Shares issued 466,665 - 467 368,907 - 369,374
----------- ----------- ---------- ----------- ---------- ----------
BALANCES,
MAR 31, 2001 22,949,985 $ (2,381) $ 22,950 $ 1,102,943 $ 395,989 $1,519,501
=========== =========== ========== =========== ========== ==========
See accompanying notes to financial statements.
5
FULL MOON UNIVERSE, INC.
FORMERLY KNOWN AS CIMARRON-GRANDVIEW GROUP, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
-----------------------------
2001 2000
-------------- -------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 159,730 $ (176)
-------------- -------------
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation 6,300 -
Amortization of film inventory 187,916 -
Other amortization 21,316 -
Loss on sale of investments 450 -
(Increase) decrease in assets:
Accounts receivable (25,879) -
Contracts receivable (54,108) -
Inventory (681) -
Prepaid assets 735 -
Film inventory (270,061) -
Increase (decrease) in liabilities:
Accounts payable 60,604 -
Accrued liabilities 18,604 -
Accrued wages payable (15,573) -
Accrued interest 51,167 -
Due to factor (114,577) -
Deferred revenue 62,000 -
-------------- -------------
Total adjustments (71,787) -
-------------- -------------
Net cash used in operating activities 87,943 (176)
-------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in stockholder receivable (919,513) -
Proceeds from sale of investments 10,375 -
Purchases of long-lived assets (3,070) -
-------------- -------------
Net cash used in investing activities (912,208) -
-------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shareholder note receivable payment 2,285 -
Proceeds from issuance of long-term debt 561,073 -
Proceeds from issuance of capital stock 287,500 -
-------------- -------------
Net cash provided by financing activities 850,858 -
-------------- -------------
NET INCREASE (DECREASE) IN CASH 26,593 (176)
CASH, BEGINNING OF PERIOD 12,416 144,098
-------------- -------------
CASH, END OF PERIOD $ 39,009 $ 143,922
============== =============
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid during the period for interest $ 34,701 $ -
============== =============
SUPPLEMENTAL CASH FLOW INFORMATION:
Exchanged note payable for 33,333 shares of
Company common stock $ 25,000 $ -
============== =============
See accompanying notes to financial statements.
6
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE 1 BASIS OF PRESENTATION:
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB. Accordingly, they 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 considered necessary for a fair presentation have been included.
The results of operations for the three months ended is not necessarily
indicative of the results to be expected for the full year. For further
information, refer to the financial statements and footnotes thereto included in
the Company's annual report for the year ended December 31, 2000, included in
its Annual Report filed on Form 10-KSB. The Independent Auditor's Report dated
March 9, 2001, on the Company's financial statements states that the Company's
current liabilities exceed its current assets and that it has not been able to
generate positive cash flow from operations, which raises substantial doubt
about its ability to continue as a going concern. The accompanying financial
statements do not include any adjustments that may result from the Company's
inability to continue as a going concern.
NOTE 2 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Organization:
Full Moon Universe, Inc. (the Company) was incorporated under the laws of the
state of California and commenced operations on November 19, 1999. The Company
is an independent producer of motion pictures that specializes in
direct-to-video films. Additionally, the Company designs and wholesales toys
based on characters in the films. A substantial portion of the Company's sales
and accounts receivable are attributable to a limited number of customers.
Summary of Significant Accounting Policies:
a. Cash -- Cash includes cash on hand, cash in banks, and short-term cash
investments. Such balances are insured by the Federal Deposit Insurance
Corporation up to $100,000.
b. Equipment and web site development -- Equipment and web site development
are stated at cost. Depreciation is computed using primarily the straight-line
method over the assets' estimated service lives.
c. Prepaid loan fees - The Company issued 50,000 shares of its common stock
to Coast Capital Partners, L.L.C. in connection with a borrowing agreement. The
fees will be amortized over the term of the agreement.
d. Fair value of financial instruments -- The Company's carrying value of
cash, accounts receivable, contracts receivable and accounts payable, and
accrued liabilities approximate fair value because of the short-term maturity of
these instruments. The fair value of the Company's long-term obligations is
estimated by discounting the future cash flows of each instrument at rates
currently offered to the Company for similar debt instruments of comparable
maturities by the Company's lenders. Based upon the borrowing rates available
to the Company for loans with similar terms and average maturities, the
estimated fair value to the notes payable approximates carrying value at March
31, 2001.
7
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED):
Summary of Significant Accounting Policies (continued):
e. Revenue and cost recognition -- At inception, the Company adopted
Statement of Position 00-2 (SOP 00-2), "Accounting by Producers and Distributors
of Films." SOP 00-2 established new film accounting standards, including
changes in revenue recognition and accounting for advertising, development, and
overhead costs. Revenues from film productions are recognized on the date the
completed film is delivered or becomes available from delivery, is available for
exploitation in the relevant media window purchased by that customer or
licensee, and certain other conditions of sale have been met. SOP 00-2 requires
development costs for abandoned projects and certain indirect overhead costs to
be charged directly to expense. Additionally, SOP 00-2 requires all film costs
to be classified in the balance sheet as noncurrent assets.
Productions costs of released films are amortized based on the ratio of revenues
earned during the current period to management's estimate of total lifetime
revenue to be derived from the related productions. It is anticipated that
production costs will be amortized over various periods of generally up to 10
years although for certain films, the amortization may be longer or shorter
based upon most recent revenue forecasts.
The market trend of each film is regularly examined to determine the estimated
future revenues and corresponding lives. Due to the nature of the industry,
management's estimates of future revenues may change within the next year and
the change could be material.
f. Concentrations of credit risk -- The Company grants credit to companies
located throughout the United States. The Company expects to incur no
significant losses related to granting such credit. The Company generally does
not require collateral and its trade receivables are unsecured. Management has
not experienced nor does it expect to incur significant losses from these
receivables.
g. Income taxes -- The Company accounts for income taxes in accordance with
Statement of Financial Accounting Standards No. 109 (SFAS 109), "Accounting for
Income Taxes." SFAS 109 is an asset and liability approach that requires the
recognition of deferred tax assets and liabilities for the expected future tax
consequences of events that have been recognized in the Company's financial
statements or tax return. In estimating future tax consequences, SFAS 109
generally considers all expected future events other than enactments of changes
in tax law or rates.
h. Earnings per common share -- The Company has adopted Statement of
Financial Accounting Standards No. 128 (SFAS 128), "Earnings per Share," which
established standards for computing and presenting earning per share (EPS). The
statement simplifies the standards for computing EPS, replaces the presentation
of primary EPS with a presentation of basic EPS and requires a dual presentation
of basic and diluted EPS of the face of the income statement. Basic EPS are
based upon the weighted-average number of common shares outstanding during the
period. Diluted EPS are based upon the weighted-average number of common shares
for all dilutive potential common shares outstanding.
8
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE 2 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED):
Summary of Significant Accounting Policies (continued):
i. Estimates -- Management uses estimates and assumptions in preparing
financial statements. Those estimates and assumptions affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities, and the reported amounts of revenues and expenses. Significant
estimates include those related to valuation of deferred tax assets, accounts
receivable and inventories of released productions. It is at least reasonably
possible that the significant estimates used will change within the next year.
NOTE 3 FILM INVENTORIES:
Inventories related to film production (which include direct production costs,
production overhead, and acquisition costs) are stated at the lower of amortized
cost or net realizable value. Inventories are amortized on an individual
product basis based on the proportion that current revenues bear to the
estimated remaining total lifetime revenues. Estimates of total lifetime
revenues and expenses are periodically reviewed. The Company expects to
amortize 75 to 85 percent of film costs during the first year of release.
Film inventories are comprised of the following components, net of amortization
of $640,546 at March 31, 2001.
Released $ 845,988
Completed, but not released 108,745
Currently in production 949,447
-------------
$ 1,904,180
NOTE 4 EQUIPMENT AND WEBSITE DEVELOPMENT:
Equipment and leasehold improvements consisted of the following:
Office equipment $ 35,875
Furniture and fixtures 11,284
Web site development 29,327
------------
76,486
Accumulated depreciation 18,756
------------
$ 57,730
9
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE 5 NOTES PAYABLE:
The Company has the following long-term notes payable:
Note payable to Capital Coast Partners, L.L.C. (CCP) with interest
At 20%. Beginning June 25, 2001 until September 3, 2001, weekly
payments of $2,000 are required. From September 10, 2001 until
February 25, weekly payments of $3,000 are required. From March 4,
2002 until March 29, 2004, weekly payments of $5,000 are required.
CCP has the right to convert $200,000 of the advance amount,
or through a payment to the Company following repayment of the
advance, into shares of the Company's common stock, at a price
that is the lesser of the price paid by any private purchaser of the
Company's common stock during the time any portion of the loan
is unpaid: 1) 50% below the average of the 90-day closing bid price
of the Company's common stock price commencing January 17, 2001,
or 2) 50% below the prior 30-day closing bid price of the Company's
common stock prior to any notice of conversion by CCP. CCP has
the right to make payment of the purchase price in cash, should the
loan already be repaid in whole or part, or through reduction of the
loan in an amount equivalent to the purchase price required to be
paid.
CCP may convert up to $200,000 of the loan until January 30, 2004.
The note is personally guaranteed by the Company's majority
stockholder, Charles Band. $ 478,011
Amount convertible to common stock less amortization of beneficial
conversion feature (186,655)
Note payable to Wolas Family Limited Partnership, due July 31, 2001,
together with interest at 10%. The note is personally guaranteed by
Charles Band, the Company's majority shareholder. 250,000
Note payable to Michael Wolf, due May 31, 2001, together with
interest at 10%. The note is personally guaranteed by Charles
Band, the Company's majority shareholder. 50,000
Note payable to Albert M Zlotnick, the unpaid sum of all advances made
on Secured Note for Multiple Advances in the amount of $210,000
with interest at 9.5%. A payment of $70,000 plus all accrued
interest on or before May 31, 2001. A payment of $70,0000 plus
all accrued interest on or before September 30, 2001. The remaining
balance, including all accrued interest is payable on January 30,
2002. 210,000
10
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE 5 NOTES PAYABLE (CONTINUED):
Note payable to Albert M. Zlotnick, the unpaid sum of all advances
made on Master Note for Multiple Advances, with the maximum
amount not to exceed $1,875,000, with interest at 9.5%. A payment
of $500,000 plus accrued interest is due on April 30, 2001. A payment
of $500,000 plus accrued interest is due on May 31, 2001. A payment
of $375,000 plus accrued interest is due on September 30, 2001. The
remaining unpaid principal, including all principal and accrued
interest is payable on January 30, 2002. The note is secured by
substantially all assets of the Company and is personally guaranteed
by Charles Band. Mr. Zlotnick is a majority stockholder of
Cimarron-Grandview Group, Inc. $1,875,000
----------
2,676,356
Less current maturities 2,452,930
----------
Long-term portion (due in 2002) $ 223,426
NOTE 6 PROVISION FOR INCOME TAXES:
The Company recognizes a liability or asset for the deferred tax consequences of
temporary differences between the tax bases of assets or liabilities and their
reported amounts in the financial statements. These temporary differences will
result in taxable or deductible amounts in future years when the reported
amounts of the assets or liabilities are recovered or settled.
A valuation allowance is provided for deferred tax assets if it is more likely
than not these items will either expire before the company is able to realize
their benefit, or that future deductibility is uncertain.
At quarter end, the Company's film library had approximately $5,000,000 of
additional tax basis than the amount reported in the financial statements. The
deferred tax asset associated with the excess future deductible amounts has been
100 percent reserved through a valuation allowance, as it is more likely than
not that future deductibility is uncertain.
The provision for income taxes differs from the amount of income tax determined
by applying the applicable federal and state statutory rates as follows:
Expected rates using statutory federal and state rates 40%
Tax effect of excess tax basis film library amortization (40)
---
Effective tax rate - %
11
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE 6 PROVISION FOR INCOME TAXES (CONTINUED):
At March 31, 2001, the Company had deferred tax assets which were fully reserved
by valuation allowances. Following are the components of such assets and
allowances:
Deferred tax assets arising from:
Net operating loss carryforwards $ 40,000
Film library basis difference 2,026,000
------------
2,066,000
Less valuation allowance (2,066,000)
------------
Net deferred tax assets $ -
The Company had federal tax basis net operating loss carryforwards of
approximately $100,000 at March 31, 2001, which expire in 2021.
NOTE 7 RELATED-PARTY TRANSACTIONS:
The Company has a receivable from the Company's majority stockholder, Charles
Band. The balance owed was $2,477,245 at March 31, 2001. The stock is
collateralized by shares of the Company's common stock.
NOTE 8 SHARE EXCHANGE AGREEMENT:
In August 2000, the Company entered into a Share Exchange Agreement with
Cimarron-Grandview Group, Inc. (Cimarron) whereby Cimarron proposed to acquire
all of the outstanding shares of the company for authorized but yet unissued
shares of Cimarron common stock. The effective date of the share exchange was
January 5, 2001.
Prior to the share exchange transaction, Cimarron completed a 1-for-5 reverse
stock split, resulting in a total of 3,372,498 common shares outstanding. The
transaction was consummated by Cimarron's issuance of 19,110,822 common shares
to Full Moon's stockholders in exchange for all the outstanding common stock of
Full Moon. This resulted in a total of 22,483,320 common shares of Cimarron
issued and outstanding after the transaction. Cimarron also increased its
authorized common shares to 100,000,000 and established a par value of $.001 per
share. In addition, Cimarron authorized a class of preferred stock consisting
of 10,000,000 shares at $.001 par value per share. Concurrent with the
transaction, Cimarron changed its name to Full Moon Universe, Inc.
For accounting purposes, the acquisition of the Company's common shares has been
treated as a recapitalization (reverse acquisition) of the Company with the
Company as the acquirer of Cimarron.
12
FULL MOON UNIVERSE, INC.
FORM 10-QSB QUARTERLY REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE 9 - GOING CONCERN:
These financial statements are presented on the basis that the Company is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business over a reasonable length of
time. The accompanying financial statements show current liabilities exceeding
current assets and net cash used in operations.
Management's plans for the continuation of the Company as a going concern
include the refinancing of debt and obtaining additional capital through a
private placement offering (see note 10).
The Company plans to increase sales by expanding its current customer base.
Management is continuing to evaluate the Company to reduce costs and improve
results from operations.
The financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
NOTE 10 - ADDITIONAL CAPITAL:
During the period January 1 to April 13, 2001, the Company issued 416,665 shares
of common stock for $312,500 through a private placement offering and incurred
an additional $210,000 in notes payable to Albert M. Zlotnick.
NOTE 11 - COMMITMENTS:
The Company entered into an agreement with a creditor and shareholder, Albert M.
Zlotnick, to provide monthly consulting services. The agreement is effective
for the period September 1, 2000 through August 31, 2003. The Company paid
$10,000 per month from September 2000 through January 2001. Beginning February
2001, monthly payments will be $12,500 per month.
13
FULL MOON UNIVERSE, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The following discussion and analysis should be read together with our financial
statements and notes to the financial statements included elsewhere in this form
10-KSB.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2001 the Company had approximately $39,000 of cash. The Company's
continuation as a going concern is dependent on its ability to raise additional
capital for working capital purposes and restructuring the Company's Notes
Payable. Insufficient funds have required the Company to scale back its
operations. The Independent Auditor's Report dated March 9, 2001 on the
Company's financial statements states the Company's liabilities exceeds its
current assets and that it has not been able to generate positive cash flow from
operations, which raises substantial doubt about its ability to continue as a
going concern. The accompanying financial statements do not include any
adjustments that may result from the Company's inability to continue as a going
concern.
RESULTS FROM OPERATIONS
For the quarter ending March 31, 2001, the Company had a net income of
approximately $160,000 compared to $187,000 for quarter ending March 31, 2000.
REVENUES
Revenues for the three months ending March 31, 2001 were approximately $930,000
compared to $536,000 for the three months ending March 31, 2000.
COST OF REVENUES
Cost of Revenues for the three months ending March 31, 2000 was approximately
$335,000 compared to $144,000 for quarter ending March 31, 2001. Cost of
Revenues consists primarily of the amortization of capitalized film production
costs, cost of goods sold relating to video duplication and shipping and cost of
goods sold relating to the manufacture and shipping of action figures for the
Company's toy business.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses for the three months ending March
31, 2001 were approximately $382,000 compared to $84,000 for the three months
ending March 31, 2000. Selling, general and administrative expenses consist
primarily of marketing and advertising expenses, distribution expenses, salaries
and related benefits, office rent and services, and administrative expenses.
OTHER INCOME AND EXPENSE
Other income and expense for the three month ending March 31, 20001 were
approximately $54,000 compared to $100 for the three months ending March 31,
2000. Other income and expense consists primarily of interest income and
interest expense.
14
FULL MOON UNIVERSE, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
PART II OTHER INFORMATION
Item 6. Exhibits and Reports of Form 8-K
(b) Reports on Form 8-K
During the Quarter ended March 31, 1999 the Registrant filed Form 8-Ks on the
following dates:
January 12, 2001 (Filed under prior name Cimarron Grandview Group, Inc.)
January 26, 2001
February 16, 2001
March 5, 2001
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
FULL MOON UNIVERSE, INC.
/s/ Charles Band
BY: -------------------------------- DATE: May 23, 2001
Charles Band, President
/s/ Gregory B. Lipsker
BY: ------------------------------- DATE: May 23, 2001
Gregory B. Lipsker, Secretary
15