SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: (DATE OF EARLIEST EVENT REPORTED) : June 6, 2003
COMMISSION FILE NO. 000-497756
THE WORLD GOLF LEAGUE, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 95-0201235
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(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
258 EAST ALTAMONTE DRIVE, ALTAMONTE SPRINGS, FLORIDA 32701
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(407) 331-6272
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(ISSUER TELEPHONE NUMBER)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
In an effort to provide some financial information about The World Golf League,
Inc. The World Golf League, Inc. is filing this report on Form 8-K to provide
the investment community with financial information, as well as to provide an
update about the company. The financial statements provided were prepared by the
management of The World Golf League without audit. Readers should be cautioned
that the financial statements may be substantially revised after an audit is
conducted.
Pursuant to the Share Exchange Agreement entered into between The World Golf
League, Inc. and Novus Laboratories, Inc., shareholders of Novus Laboratories
("Novus Shareholders") agreed to raise the company a minimum of $500,000 or they
would cancel 30,000,000 post-split shares of their common stock. The company and
the Novus Shareholders have amended the terms of the Share Exchange Agreement to
provide that proceeds received from the sale of the shares by the shareholders
will be delivered to the company in lieu of canceling the shares. In addition,
the Share Exchange Agreement stated that in the event $1,000,000 was not raised
by the Novus Shareholders, shareholders of The World Golf League would receive
an additional 30,000,000 post-split shares on a pro rata basis as their original
shares were issuable pursuant to the Share Exchange Agreement. As $1,000,000 has
not been raised, The World Golf League will be issuing an additional 30,000,000
shares of its restricted common stock in the near future.
The World Golf League needs to raise substantial capital to sustain its
operations and in order to host a tournament.
Item 7. Financial Statements and Exhibits:
Unaudited Balance Sheet as of March 31, 2003
Statement of Operations for the Three Months Ended March 31, 2003
Signatures
Pursuant to the requirement 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.
THE WORLD GOLF LEAGUE, INC.
June 6, 2003
/s/ Michael S. Pagnano
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Michael S. Pagnano
Chief Executive Officer
Financial Statements
THE WORLD GOLF LEAGUE, INC.
BALANCE SHEET
MARCH 31, 2003
(UNAUDITED)
ASSETS
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Current assets:
Cash and cash equivalents $ -
License fee receivable, current 674,725
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Total current assets 674,725
Property and equipment, net 11,235
License fee receivable, net of current portion 674,725
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Total assets $ 1,360,685
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current liabilities:
Accounts payable $ 1,029,600
Book overdraft 1,562
Accrued liabilities 21,425
Notes payable to stockholders 405,000
Deferred license revenue, current 674,725
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Total current liabilities 2,132,312
Deferred license revenue, net of current portion 674,725
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Total liabilities 2,807,037
Stockholders' deficit:
Common stock 200,000
Additional paid-in capital 5,073,500
Accumulated deficit (6,719,852)
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Total stockholders' deficit (1,446,352)
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Total liabilities and stockholders' deficit $ 1,360,685
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THE WORLD GOLF LEAGUE, INC.
STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2003
(UNAUDITED)
License revenue $ 59,980
Operating, general and administrative expenses 116,183
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Net loss $ (56,203)
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Note 1
License Fee Receivable
The current portion of the license fee receivable reflects licenses
sold which are due in November 2003, and the long-term license fee
receivable reflects licenses sold which are due in November 2004.
The company provides no assurance that such fees will be collected.