SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter ended January 31, 2001 Commission File No. 0-8299
CAMELOT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Colorado 84-0691531
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
PMB 249, 6757 Arapaho Road, Ste. 711, Dallas, Texas 75248
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (972) 458-1767
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
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the period covered by this
report.
Shares outstanding at
Class January 31, 2001
Common stock, $0.01 par value 6,293,740
CAMELOT CORPORATION AND SUBSIDIARIES
I N D E X
Page No.
Part I FINANCIAL INFORMATION (UNAUDITED):
Item 1. Consolidated Balance
Sheets 3
Consolidated Statements of
Operations 5
Consolidated Statements of
Cash Flows 6
Notes to Consolidated
Financial Statements 8
Items 2. Management's Discussion
and Analysis of Financial
Condition and Results of
Operations 9
Part II OTHER INFORMATION 11
CAMELOT CORPORATION AND SUBSIDIARIES
PART I: FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
ASSETS
January 31, 2001 April 30, 2000
(Unaudited) (Audited)
CURRENT ASSETS
Cash and cash equivalents $ 1,935 $ 3,755
Total current assets $ 1,935 3,755
October 31, 2000 April 30, 2000
(Unaudited) (Audited)
CURRENT LIABILITIES
Accounts payable $ 34,316 $ 37,849
Total current liabilities $ 34,316 $ 37,849
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 50,000,000
shares authorized, 6,293,740
shares issued at January 31, 2001
and April 30, 2000, respectively 62,937 62,937
Preferred stock, $.01 par value,
100,000,000 shares authorized,
1,345,305 shares issued and outstanding at
January 31, 2001 and April 30, 2000
respectively 13,453 13,453
Additional paid-in capital 35,597,921 35,597,921
Accumulated deficit (32,871,708) (32,871,708)
Less: treasury stock, at cost,
29,245 shares at January 31, 2001
and April 30, 2000 (2,836,697) (2,836,697)
Total stockholders' equity (34,094) (34,094)
$ 1,935 $ 3,755
See accompanying notes to these consolidated financial statements.
CAMELOT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
January 31,
2001 2000
REVENUE $ - $ -
COST OF SALES - -
GROSS PROFIT (LOSS) - -
OPERATING EXPENSES:
General and administrative - 10,188
- 10,188
LOSS FROM OPERATIONS - (10,188)
OTHER INCOME (EXPENSES):
Interest income - 800
Gain (Loss) on disposition of assets - (499,452)
Total other income (expense) - (498,652)
INCOME (LOSS) FROM CONTINUING
OPERATIONS - (508,840)
DISCONTINUED OPERATIONS:
Loss on disposal - -
NET INCOME (LOSS) - (508,840)
DIVIDENDS ON PREFERRED STOCK - -
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS $ - $ (508,840)
INCOME (LOSS) PER SHARE:
Income (loss) from continuing operations $ * $ (.079)
Loss from discontinued operations * (.000)
Dividends on preferred stock * (.000)
NET INCOME (LOSS) PER COMMON SHARE $ * $ (.079)
WEIGHTED AVERAGE OF COMMON
STOCK OUTSTANDING 6,293,740 6,293,740
See accompanying notes to these consolidated financial statements.
CAMELOT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Nine Months Ended
January 31,
2001 2000
REVENUE $ - $ -
COST OF SALES - -
GROSS PROFIT (LOSS) - -
OPERATING EXPENSES:
General and administrative - 14,624
- 14,624
LOSS FROM OPERATIONS - (14,624)
OTHER INCOME (EXPENSES):
Interest income - 3,282
Gain (Loss) on disposition of assets - (499,452)
Total other income (expense) - (496,170)
INCOME (LOSS) FROM CONTINUING
OPERATIONS - (510,794)
DISCONTINUED OPERATIONS:
Loss on disposal - -
NET INCOME (LOSS) - (510,794)
DIVIDENDS ON PREFERRED STOCK - -
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS $ - $ (510,794)
INCOME (LOSS) PER SHARE:
Income (loss) from continuing operations $ * $ (.081)
Loss from discontinued operations * (.000)
Dividends on preferred stock * (.000)
NET INCOME (LOSS) PER COMMON SHARE $ * $ (.081)
WEIGHTED AVERAGE OF COMMON
STOCK OUTSTANDING 6,293,740 6,293,740
See accompanying notes to these consolidated financial statements.
CAMELOT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
January 31,
2001 2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ - $ (510,794)
ADJUSTMENTS TO RECONCILE NET GAIN (LOSS) TO
NET CASH FROM OPERATING ACTIVITIES:
Depreciation and amortization - -
(Gain) loss on disposal of assets - 499,452
Write-down of License Agreement - -
Provision for inventory obsolescence - -
Non Cash transaction for securities - -
Change in assets and liabilities
Accounts and accrued receivables - 10,000
Prepaid expenses - -
Inventories - -
Cancellation of note receivable plus
accrued interest for surrender of
treasury stock - -
Accounts payable and accrued expenses (1,820) 4,864
Net cash used by operating activities (1,820) 3,522
CASH FLOW FROM INVESTING ACTIVITIES:
Proceeds from sale of property and
equipment - -
Net cash used by investing activities - -
CASH FLOW FROM FINANCING ACTIVITIES:
Dividends on preferred stock - -
Cash provided by financing activities - -
NET INCREASE (DECREASE) IN CASH (1,820) 3,522
CASH AT BEGINNING OF PERIOD 3,755 666
CASH AT END OF PERIOD $ 1,935 $ 4,881
SUPPLEMENTAL INFORMATION:
Cash paid for interest $ - $ -
See accompanying notes to these consolidated financial statements.
CAMELOT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NONCASH INVESTING AND FINANCING ACTIVITIES
Nine Months Ended
January 31,
2001 2000
During the nine months ended January 31, 2000
the Company wrote off 700,000 shares of
Wincroft, Inc. received in cancellation of a
demand note from a company affiliated with the
President of the Company (86,500)
CAMELOT CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
ITEM 1. Financial Statements and Principles of Consolidation
The accompanying condensed consolidated financial statements have been
prepared in accordance with the instruction to Form 10-Q, 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 of normal
recurring adjustments) considered necessary for a fair presentation
have been included. These statements should be read in conjunction
with the audited financial statements and notes thereto included in
the Registrant's annual Form 10-K filing for the year ended April 30,
2000.
ITEM 2. Management Discussion and Analysis of Financial Condition
and Results of Operations
The Company's revenue for the quarter ended January 31, 2001 was $0
compared with $0 in the comparable quarter of 2000. Net profit for
the three month period was $0 compared with a profit for the previous
year of $0. The Company is now inactive.
Liquidity and Capital Resources
Net cash used by operating activities for the nine months ended
January 31, 2001 was $0 compared with $0 in 2000. Net cash supplied
by investing activities was $0 compared with net cash used of $0 in
2000. Net cash used by financing activities was $85,259 compared with
$0 provided in 2000. Cash of $1,935 compares with $3,755 at April
30, 2000.
The Company does not have any plans for capital expenditures. The
Company has negligible cash resources and will experience liquidity
problems over the next twelve months due to its lack of revenue unless
it is able to raise funds from outside sources. There are no known
trends, demands, commitments, or events that would result in or that
is reasonably likely to result in the Company's liquidity increasing
or decreasing in a material way.
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
NONE
Item 5. Exhibits and Reports on Form 8-K.
(a) Exhibits:
3(1) Articles of Incorporation: Incorporated by reference
to Registration Statement
filed on Form 10, June
23, 1976.
3(2) Bylaws: Incorporated by reference as
immediately above.
(10) 1991 Incentive Stock Option Plan: Incorporated by
reference to
proxy statement for
1991.
(b) Reports on Form 8-K: NONE
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 thereto duly authorized.
CAMELOT CORPORATION
(Registrant)
By: /s/ Daniel Wettreich
DANIEL WETTREICH,
President
Treasurer and Principal
Financial Officer
Date: March 14, 2001