SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
(Mark One)
[/] Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2001
----------------
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from __________________ to ________________
Commission file number 0-27043
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E-VIDEOTV, INC.
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(Exact Name of Small Business Issuer as Specified in its Charter)
Delaware 51-0389325
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(State or Other Jurisdiction of IRS Employer
Incorporation or Organization) Identification No.)
7333 East Doubletree Ranch Road, Suite 205, Scottsdale, AZ 85258
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(Address of Principal Executive Offices)
480-778-1499
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(Issuer's Telephone Number, Including Area Code)
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(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
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 the past 90 days.
Yes ____/____ No _________
APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
Yes _________ No _________
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common shares, as of the latest practicable date: 16,757,072
------------------------
Transitional Small Business Disclosure Format (check one):
Yes _________ No _________
Page 1 of 14
E-VIDEOTV, INC.
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Item 2. Management's Discussion and Analysis and Plan of Operation . . . . . . . . . . . . 11
PART II OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . . . . . . . . . . . . . . 13
Item 4. Submission of Matters to a Vote of Security Holders. . . . . . . . . . . . . . . . 13
Item 5. Other Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . 13
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
The following financial statements are included as part of this quarterly report:
Unaudited Consolidated Balance Sheet at March 31, 2001 and December 31, 2000 . . . . . . . . . 3
Unaudited Consolidated Statement of Operations for the period from inception, March 5,
1999, to March 31, 2001, the quarter ended March 31, 2001 and the quarter ended March 31, 2000 4
Unaudited Consolidated Statement of Cash Flows for the period from inception, March 5,
1999, to March 31, 2001, the quarter ended March 31, 2001 and the quarter
ended March 31, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Unaudited Consolidated Statement of Shareholders' Equity for the period from inception,
March 5, 1999, to March 31, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Notes to the Unaudited Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . 8
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===========================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
UNAUDITED CONSOLIDATED BALANCE SHEET
(Expressed in U.S. Dollars)
March 31 December 31
2001 2000
===========================================================================================
ASSETS
Current
Cash $ 2,533 $ 2,276
Accounts receivable and prepaids 14,898 9,176
Prepaid royalties (Note 2) 210,783 -
------------ -------------
228,214 11,452
Computer equipment 19,930 19,622
Distribution rights and software development (Note 2) 1,152,580 1,229,418
------------ -------------
$ 1,400,724 $ 1,260,492
============ =============
===========================================================================================
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 3) $ 509,778 $ 495,149
Loans from related parties (Note 4) 103,794 99,000
------------ -------------
613,572 594,149
------------ -------------
SHAREHOLDERS' EQUITY
Capital stock (Note 5)
Authorized:
100,000,000 shares of common stock, $0.0001 par value
5,000,000 shares of preferred stock, $0.0001 par value
Issued and outstanding:
16,757,072 (2000: 16,757,072) common shares 1,676 1,676
Additional paid-in capital 3,328,136 3,328,136
Share subscriptions 524,000 45,000
------------ -------------
3,853,812 3,374,812
Deficit accumulated during the development stage (3,066,660) (2,708,469)
------------ -------------
787,152 666,343
------------ -------------
$ 1,400,724 $ 1,260,492
============ =============
===========================================================================================
Continuance of operations (Note 1)
See accompanying notes to the consolidated financial statements.
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=========================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(Expressed in U.S. Dollars)
Cumulative Quarter Quarter
March 5, 1999 Ended Ended
to March 31 March 31 March 31
2001 2001 2000
=========================================================================================
Revenue $ - $ - $ -
--------------- ---------- -----------
General and administrative expenses
Amortization 384,441 77,886 -
Compensation expense for stock option (Note 5) 392,583 - -
Corporate promotion 184,494 23,289 28,421
General corporate expenses 159,089 21,978 19,964
Management and consulting fees 883,874 143,969 93,352
Office expenses 129,600 13,411 8,229
Professional fees 264,018 15,647 74,532
Rent 94,352 16,763 10,973
Royalties 39,217 39,217 -
Travel 121,019 6,031 19,478
--------------- ---------- -----------
2,652,687 358,191 254,949
Write-off software development costs (Note 2) 424,031 - -
Interest income (10,058) - (1,077)
--------------- ---------- -----------
Net loss $ 3,066,660 $ 358,191 $ 253,872
=============== ========== ===========
Weighted average number of common shares
outstanding 13,660,176 8,800,145
========== ===========
Net loss per share, basic and diluted $ 0.03 $ 0.03
========== ===========
=========================================================================================
See accompanying notes to the consolidated financial statements.
-4-
==============================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in U.S. Dollars)
Cumulative Quarter Quarter
March 5, 1999 Ended Ended
to March 31 March 31 March 31
2001 2001 2000
=============================================================================================
Cash derived from (applied to)
OPERATING
Net loss $ (3,066,660) $(358,191) $ (253,872)
Compensation expense for stock options (Note 5) 392,583 - -
Write-off software development costs 424,031 - -
Depreciation and amortization 395,422 77,886 246
Change in non-cash operating working capital
Receivables and prepaids (2,294) (5,722) -
Prepaid royalties (210,783) (210,783) -
Payables and accruals 531,548 68,629 (125,911)
--------------- ---------- -----------
(1,536,153) (428,181) (379,537)
--------------- ---------- -----------
FINANCING
Proceeds from sale of common shares 1,048,601 - 1,048,600
Shares subscribed 470,000 425,000 -
Loans from related parties 103,794 4,794 -
Loans from parent company prior to acquisition 115,000 - -
Cash acquired on acquisition of parent company 1,001,481 - -
--------------- ---------- -----------
2,738,876 429,794 1,048,600
--------------- ---------- -----------
INVESTING
Distribution rights (300,000) - (438,776)
License (445,000) - -
Software development (424,031) - -
Office equipment (31,159) (1,356) -
--------------- ---------- -----------
(1,200,190) (1,356) (438,776)
--------------- ---------- -----------
Increase in cash 2,533 257 230,287
Cash, beginning of period - 2,276 105,002
--------------- ---------- -----------
Cash, end of period $ 2,533 $ 2,533 $ 335,289
=============== ========== ===========
NON-CASH ACTIVITIES NOT INCLUDED IN CASH FLOWS
Ascribed value of shares issued to acquire copy
protection license $ 791,773 $ - $ 791,773
Cancellation of loans from parent company on
acquisition $ 115,000 $ - $ -
Ascribed value of shares issued in excess of cash
acquired on acquisition of parent company $ 95,374 $ - $ -
Shares subscribed to settle trade payables $ 54,000 $ 54,000 $ -
=============================================================================================
See accompanying notes to the consolidated financial statements.
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====================================================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
UNAUDITED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Expressed in U.S. Dollars)
Inception, March 5, 1999, to March 31, 2001
====================================================================================================================
Additional Total
Number Par Paid-in Share Shareholders'
of Shares Value Capital Subscriptions Deficit Equity
---------- ------ ----------- -------------- --------------- -------------
Issuance of shares for cash on
incorporation 1 $ 1 $ - $ - $ - $ 1
Adjustment of change in share
structure resulting from
acquisition of e-Video U.S.A.,
Inc. 6,623,015 661 (661) - - -
Shares outstanding at date of
acquisition of e-Video U.S.A.,
Inc., previously issued for cash,
net of issue costs 8,965,343 897 1,095,958 - - 1,096,855
Net loss, inception to December 31,
1999 - - - - (478,037) (478,037)
---------- ------ ----------- -------------- --------------- ------------
Balance, December 31, 1999 15,588,359 1,559 1,095,297 - (478,037) 618,819
Issuance of shares for cash 666,000 67 1,048,533 - - 1,048,600
Issuance of shares to acquire copy
protection license 502,713 50 791,723 - - 791,773
Share subscriptions received - - - 45,000 - 45,000
Compensation exp for stock options - - 392,583 - - 392,583
Net loss, year ended December 31,
2000 - - - - (2,230,432) (2,230,432)
---------- ------ ----------- -------------- --------------- ------------
Balance, December 31, 2000 16,757,072 1,676 3,328,136 45,000 (2,708,469) 666,343
Share subscriptions received - - - 479,000 - 479,000
Net loss, period ending March 31,
2001 - - - - (358,191) (358,191)
---------- ------ ----------- -------------- --------------- ------------
Balance, March 31, 2001 16,757,072 $1,676 $3,328,136 $ 524,000 $ (3,066,660) $ 787,152
========== ====== =========== ============== =============== ============
===================================================================================================================
See accompanying notes to the consolidated financial statements.
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================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
March 31, 2001
(Unaudited)
================================================================================
1. BASIS OF PRESENTATION
While the information presented in these interim consolidated financial
statements is unaudited, it includes all adjustments that are, in the opinion of
management, necessary to the fair presentation of the interim periods reported.
As certain information has been condensed or omitted from the notes to the
financial statements, these financial statements should only be read in
conjunction with the audited consolidated financial statements for the period
from inception, March 5, 1999, to December 31, 2000, contained in the company's
annual report on Form 10-KSB.
The company has not yet commenced its planned principal operations and it has
not yet earned any revenue. The company's current operational focus is to
market the exclusive rights in the U.S.A. to license the use of Macrovision
Corporation's analog copy protection for digital video transmissions received in
Faster Than Real Time (FTRT). To that end, management is devoting substantially
all of the company's resources to this process. The company expects deployment
of over 1 million set-top boxes with caching hard drives suitable for FTRT
operations by the end of the year. The company also intends to activate
licenses in other territories and will require cash significantly in excess of
its current resources to complete its plan. The ability of the company to
execute its business plan is dependent on the company's ability to obtain
adequate additional financing, to open new territories.
The company is devoting significant efforts to obtaining private financing to
fund the continued development of its technology and software. Significant
additional cash will be required.
================================================================================
2. DISTRIBUTION RIGHTS AND SOFTWARE DEVELOPMENT
Includes the net cost to date of an exclusive license to use certain technology
for the analog copy protection of digital video transmissions received in Faster
Than Real Time (FTRT) and stored in home devices on set-top boxes for later
viewing. This five year license ends January 31, 2005. There is an extension
provision to January 31, 2010. Usage royalties of 1% of gross transaction fees
are payable to the licensor. Minimum annual royalties of $250,000 are payable
in advance each January 31 from 2000 until 2004. Should the license be
extended, royalties of $350,000 are payable each January 31.
The company paid the January 31, 2002 annual royalty prepayment during the
quarter ended March 31, 2001. This prepaid royalty will be expensed over the
period February 1, 2001 to January 31, 2002.
The company wrote off software costs of approximately $424,000 in 2000 as these
software development costs were no longer applicable in the company's current
business model of licensing.
================================================================================
3. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES March 31 December 31
2001 2000
--------- ------------
Accrued management fees $ 326,000 $ 223,000
Trade payables 183,778 272,149
--------- ------------
$ 509,778 $ 495,149
========= ============
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================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
March 31, 2001
(Unaudited)
================================================================================
4. LOANS FROM RELATED PARTIES
Includes loans from directors of $56,294 which have no specific terms of
repayment and $47,500 from a company controlled by shareholders of the company
which is interest free until August 16, 2001, and bears interest of U.S. prime
plus 2% thereafter and is payable on demand.
================================================================================
5. CAPITAL STOCK
AUTHORIZED CAPITAL
During 2000 the company increased its authorized capital from 30,000,000 common
shares with a par value of $0.0001, to 100,000,000 shares of common stock, par
value $0.0001 per share and 5,000,000 shares of preferred stock, par value
$0.0001 per share.
STOCK OPTIONS
Subject to shareholder approval, the company's directors resolved to create an
employee and director stock option plan that sets aside 5,000,000 shares of the
company's common stock for issuance upon the exercise of stock options.
The company accounts for its stock option plan in accordance with the provisions
of APB Opinion No. 25, Accounting for Stock Issued to Employees. Had
compensation cost for the stock option plan been determined based on the fair
value at the grant date consistent with the method of SFAS No. 123, Accounting
for Stock-Based Compensation, the company's net loss and net loss per share
would have been the pro forma amounts indicated below:
Period from Quarter Quarter
Inception to Ended Ended
March 31 March 31 March 31
2001 2001 2000
-------------- ------------ ----------
Actual net loss $ (3,066,660) $ (358,191) $(253,872)
Actual net loss per share $ (0.02) $ (0.03)
Pro forma net loss $ (3,950,100) $(1,241,631) $(253,872)
Pro forma net loss per share $ (0.07) $ (0.03)
The fair value of each option grant was estimated at the grant date using the
Black-Scholes option-pricing model for the period from inception to December 31,
2000, assuming a risk-free interest rate of 4.88%, a volatility factor of 2.06%,
zero dividend yield, and an expected life of five years.
-8-
================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
March 31, 2001
(Unaudited)
================================================================================
5. CAPITAL STOCK (Continued)
STOCK OPTIONS (Continued)
The Black-Scholes option valuation model was developed for use in estimating the
fair value of traded options and warrants which have no vesting restrictions and
are fully transferable. In addition, option valuation models require the input
of highly subjective assumptions, including the expected stock price volatility.
Because the company's employee stock options and warrants have characteristics
significantly different from those of traded options, and because changes in the
subjective input assumptions can materially affect the fair value estimate, in
management's opinion, the existing models do not necessarily provide a reliable
single measure of the fair value of its employee stock options.
A summary of the status of the company's options as of December 31, 2000 and
changes during the period from inception (January 20, 2000) to December 31, 2000
is presented below:
Weighted
Exercise Price Average
Per Share Exercise Price Shares
--------------- --------------- ---------
Granted at FMV during 2000 $ 0.50 $ 0.50 1,070,000
=========
Granted at FMV during 2001 0.25 0.25 3,600,000
=========
Options outstanding at March 31, 2001 0.40 4,670,000
=========
Options exercisable at March 31, 2001 0.40 4,670,000
=========
Weighted-average fair value of options
granted during the period $ 0.25
=========
The following table summarizes information outstanding and exercisable share
options at December 31, 2000:
Options Outstanding Options Exercisable
-------------------------------------------------------------- -----------------------
Average Weighted Weighted
Remaining Average Average
Exercise Contractual Exercise Exercise
Number Price Life Price Number Price
Outstanding Grant Date Per Share (In Years) Per Share Exercisable Per Share
----------- ----------- ------------ --------- ----------- --------- ------------
1,070,000 11/30/00 $ 0.50 4.67 $ 0.50 1,070,000 $ 0.50
3,600,000 01/12/01 0.25 4.79 0.25 3,600,000 0.25
----------- ---------
4,670,000 4,670,000
=========== =========
The company granted options to purchase 3,600,000 shares of the company's common
stock to directors during the three months ended March 31, 2001. No expense has
been recorded related to these options.
-9-
================================================================================
E-VIDEOTV, INC.
(A Development Stage Company)
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars)
March 31, 2001
(Unaudited)
================================================================================
5. CAPITAL STOCK (Continued)
SHARE SUBSCRIPTIONS
March 31, 2001 December 31, 2000
----------------- ----------------
Number Amount Number Amount
------- -------- ------ -------
Shares subscribed for $1 per share 45,000 $ 45,000 45,000 $45,000
Units subscribed for $0.80 per unit.
Each unit consists of one common
share and one common share
purchase warrant exercisable for two
years into one common share at $0.30
per share in the first year and $0.50 in
the second year 531,250 425,000 - -
Shares to be issued in settlement of
trade payables 180,000 54,000 - -
------- -------- ------ -------
756,250 $524,000 45,000 $45,000
======= ======== ====== =======
ESCROWED SHARES
During 1999, a former director of the company placed 345,000 shares of common
stock into escrow. These shares were released to the former director on
February 9, 2001.
In addition, all of the 6,623,016 common shares issued for the acquisition of
e-VideoTV, Inc. were held in escrow at December 31, 2000. These shares were
released from escrow on February 9, 2001.
================================================================================
6. INCOME TAXES
At March 31, 2001, the company had net operating losses carried forward of
approximately $2,500,000 (December 31, 2000: $2,100,000) that may offset
against future taxable income until 2020. The potential tax benefits of the
losses carried forward are offset by a valuation allowance of the same amount as
there is substantial uncertainty that the losses carried forward will not expire
unused.
================================================================================
7. ADVISORY SERVICES AGREEMENT
On January 30, 2001, the company entered into a 12 month exclusive agreement
with a financial advisory company, which will provide advisory services to the
company in the areas of corporate finance and capital placement transactions.
Compensation varies depending on the type of service rendered. The agreement
specifies a minimum fee of $250,000 should financing as specified in the
agreement be completed with this company.
-10-
E-VIDEOTV, INC.
A DEVELOPMENT STAGE COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
UNAUDITED
U.S. DOLLARS
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
The Company continues to formulate its plan of operation to market the exclusive
rights in the USA to license the use of Macrovision Corporation's analog copy
protection on digital video transmissions received in Faster Than Real Time
(FTRT) and stored in home devices on set-top boxes for later viewing. The
Company expects deployment of over 1 million set top boxes with caching hard
drives suitable for FTRT operations by the end of 2001. The Company further
intends to have several US operators licensed to use these devices by the end of
2002.
The Company is continuing to contact set top box manufacturers world-wide to
advise them of our exclusive licensing rights and determine their roll-out plans
for set top boxes with hard disk drives in the US. The Company intends to
license these set top box manufacturers for FTRT capability compatible with FTRT
transmissions by US operators also licensed by the Company. The Company has
signed NDAs with several manufacturers. The Company is also contacting key
cable, satellite, and broadband operators throughout the US to discuss both our
exclusive Macrovision license and the technical and economic benefits of FTRT
caching versus streaming for Video-On-Demand systems.
Macrovision copy protection allows consumers to view, but not record, programs
that are copy protected at the direction of program copyright holders. The
technology is designed to deter unauthorized home taping of digitally delivered
programs.
During the quarter ending March 31, 2001, the Company received subscription
agreements and deposits for $425,000 at $0.80 per share. This will result in
the issuance of 531,250 common shares. A warrant will be attached to these
shares allowing these investors the option of obtaining additional shares on a
one-for-one basis for two years. Each warrant shall be for 2 years and
exercisable at $0.30 in the first year and $0.50 in the second year.
The Company has also received $45,000 in share subscriptions and 45,000 common
shares at $1.00 per share will be issued for these share subscriptions.
Settlement of debt of $54,000 will result in the issuance of 180,000 restricted
shares. Loans of $103,794 include a loan for $47,500 that is interest free
until August 16, 2001 and thereafter will bear interest at US prime plus 2%. The
balance was received from directors with no set terms of repayment.
-11-
E-VIDEOTV, INC.
A DEVELOPMENT STAGE COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
UNAUDITED
U.S. DOLLARS
In February, 2001, the Company prepaid its royalties to Macrovision for the year
2001 in accordance with the terms of its agreement. While the Company does not
currently have sufficient funds to continue operation, it will continue to
pursue private placements, loans, and any other appropriate terms of financing.
The Company is continuing with the following program regarding VOD:
1. Licensing operators such as cable, satellite, wireless, DSL and other
broadband distributors for FTRT VOD service.
2. Licensing set-top box manufacturers and strategic partners.
3. Developing technologies and acquiring patents and technologies to
expand its licensing model with VOD operators and STB manufacturers.
The annual home movie market is estimated at $15 billion. Of this, it is
estimated that 85% is represented by new release movies. VOD content can be
started at anytime thus there is no discernable need for recording of the
program. It is expected that the movie industry will require new VOD
new-release-content be copy protected similar to video store rentals.
Macrovision is the accepted copy-protection standard.
The license rights from Macrovision Corp are for a five year period with an
option to renew for an additional five years. The Company has complied with all
requirements of its agreement with Macrovision Corp to date, and is cognizant of
its obligations both now and in the future regarding its commitment to
Macrovision.
In the next 12 months, the Company estimates it will require funding for:
international licenses, operating licenses in various countries, patent
purchases, and general working capital. Depending on the rollout of these items,
funding requirements could range from $5 - $10 million. The Company has financed
its development stage to date by private placements of common stock. It also
recognizes that it currently does not have sufficient funds to finance its
operation over the next 12 months. The Company plans to complete additional
private placement financings to provide the necessary funds. The inability of
the Company to arrange necessary financing will have a material adverse effect
on proposed operations.
In the year 2001, the company intends to undertake additional R&D related to the
head-end software, head-end servers, and set top box software to further support
the download model for VOD content. The company intends to work closely with
equipment manufacturers and vendors as appropriate in each of these areas. In
addition, the company intends to explore the acquisition of patents and
technologies related to its VOD licensing activities. Currently the company does
not have the resources to complete these R&D efforts.
The Company further recognizes that its development schedule will be delayed
unless additional capital required is available when needed.
Inflation has not been a factor during the quarter ending March 31, 2001.
-12-
PART II
OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
There are no reportable legal proceedings.
ITEM 2. CHANGES IN SECURITIES.
There are no changes in the Company's securities.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
There have been no defaults upon senior securities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No matters were submitted to a vote of security holders during the quarter ended
March 31, 2001.
ITEM 5. OTHER INFORMATION.
The Company has no other information to report.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits.
None.
(b) Reports on Form 8-K.
The Company did not file any reports on Form 8-K during the quarter ended March
31, 2001.
-13-
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed by the undersigned, thereunto duly authorized.
E-VIDEOTV, INC.
Date May 11, 2001 By /s/ Charles Weber
-------------- ---------------------------------------
Charles Weber
President (Chief Executive Officer)
Date May 11, 2001 By /s/ Robert G. Dinning
-------------- ---------------------------------------
Robert G. Dinning
Chief Financial Officer
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