U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Amendment No. 1 to
FORM 10-QSB
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 For the quarterly period ended March 31, 2002
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 No: 000-23712
ASCONI CORPORATION
(Exact name of Small Business Issuer as Specified in Its Charter)
Nevada 91-1395124
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
160 International Parkway, Suite 280
Heathrow, Florida 32746
(407) 833-8000
(Address of Principal Executive Offices)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities 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 X No ______
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Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding as of May 20, 2002
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Common Stock, $.001 par value 14,586,689
Transitional Small Business Disclosure Format (check one): [_]Yes [X] No
EXPLANATORY NOTE
----------------
This Amendment No. 1 (this "Amendment") to the Quarterly Report on Form
10-QSB filed on May 14, 2002 (File No. 333-23712) of Asconi Corporation (the
"Form 10-QSB") is being filed for the purpose of amending and correcting the
condensed consolidated statements of income for the three months ended March 31,
2002 and 2001 (unaudited) (the "Statements of Income"). The phrase
"COMPREHENSIVE LOSS" on line 15 of the Statements of Income has been revised to
read "COMPREHENSIVE INCOME." The Statements of Income as amended and modified is
attached to this Amendment. This Amendment amends and modifies only that portion
of the Form 10-QSB stated above. All other statements and provisions in the Form
10-QSB remain unchanged.
INDEX
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PART I. FINANCIAL INFORMATION Page No.
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Item 1. Financial Statements
Condensed Consolidated Statements of Income -
For the Three Months Ended March 31, 2002 and 2001 ........................... 1
SIGNATURES ........................................................................... 2
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ASCONI CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(UNITED STATES DOLLARS)
(Unaudited)
For three Months Ended
-------------------------------
MARCH 31, MARCH 31,
2002 2001
------------- -------------
SALES $ 2,627,635 $ 1,780,549
COST OF SALES 1,748,311 1,165,128
------------- -------------
GROSS PROFIT 879,324 615,421
EXPENSES
Minority interest expense 95,779 -
Depreciation 69,086 76,990
Selling and Administration expenses 321,247 239,523
Interest expense 66,103 46,702
------------- -------------
TOTAL EXPENSES 552,215 363,215
------------- -------------
INCOME BEFORE TAX PROVISION 327,108 252,206
PROVISION FOR INCOME TAXES 81,777 71,000
------------- -------------
NET INCOME 245,331 181,206
OTHER COMPREHENSIVE LOSS
FOREIGN CURRENCY TRANSLATION 103,546 -
------------- --------------
COMPREHENSIVE INCOME $ 141,785 $ 181,206
============= =============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING
BASIC AND DILUTED 14,586,689 12,986,689 (1)
============= =============
BASIC NET PER SHARE (BASIC AND DILUTED) $ 0.01 $ 0.01
============= =============
(1) Number of shares outstanding the day of merger for comparison only
The accompanying notes are an integral part of these consolidated
financial statements
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereto
duly authorized.
ASCONI CORPORATION
Date: May 22, 2002 /s/ Constantin Jitaru
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Constantin Jitaru, President and Chief
Executive Officer
Date: May 22, 2002 /s/ Anatolie Sirbu
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Anatolie Sirbu, Chief Financial Officer
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