UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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Quarterly report pursuant to Section 13 OR 15(D) of the Securities Exchange Act of 1934 |
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For the quarterly period ended June 30, 2002 |
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OR |
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¨ |
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Transition report pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934 |
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For the transition period from to |
Commission File Number: 0-08962
KENILWORTH SYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
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New York |
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13-2610105 |
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(State of incorporation) |
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(I.R.S. employer identification no.) |
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343 Beebe Road, Mineola, New York |
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11501 |
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(Address of principal executive offices) |
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(Zip Code) |
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(516) 741-1352 |
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(Registrant’s telephone number, including area code) |
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Securities registered pursuant to section 12(b) of the Act:
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Name of each exchange on |
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Title of each class |
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which registered |
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NONE |
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OTC PINK SHEETS |
Securities registered pursuant to section 12(g) of the Act:
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(Title of Class) |
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COMMON STOCK, PAR VALUE $.01 PER SHARE |
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 ý No ¨
The number of shares of common stock, $.01 par value of the Registrant outstanding as of June 30, 2002 was: 75,285,048
KENILWORTH SYSTEMS CORPORATION
INDEX TO FORM 10-Q
2
FINANCIAL INFORMATION
KENILWORTH SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
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June 30 |
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December 31 |
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2002 |
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2001 |
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(unaudited) |
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ASSETS |
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Cash |
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$ |
25,706 |
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$ |
15,266 |
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Due from shareholder/Note Holder |
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23,000 |
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55,077 |
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Other current assets |
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42,461 |
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42,461 |
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Property, Plant and Equipment, Net |
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6,863 |
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8,007 |
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TOTAL ASSETS |
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$ |
98,030 |
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$ |
120,811 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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Accrued Liabilities |
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$ |
98,648 |
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$ |
94,182 |
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Payroll Taxes Payable |
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3,878 |
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6,548 |
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Cumulative Convertible Promissory |
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Notes (including accrued interest) |
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120,986 |
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TOTAL LIABILITIES |
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$ |
223,508 |
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$ |
100,730 |
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Common Stock, $.01 par value, authorized 200,000,000 shares; issued and outstanding 73,115,484 December 31, 2001 and 75,285,048 June 30, 2002 |
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$ |
752,850 |
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$ |
731,154 |
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Paid in capital |
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24,437,277 |
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24,245,867 |
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Deficit |
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(25,064,649 |
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(24,956,940 |
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TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) |
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$ |
125,478 |
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$ |
20,081 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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$ |
98,030 |
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$ |
120,811 |
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See accompanying notes.
3
KENILWORTH SYSTEMS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATION AND DEFICIT
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Three-Months Ended |
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Six-Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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Revenues: |
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Sales |
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0 |
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0 |
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0 |
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0 |
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Costs and Expenses: |
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0 |
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0 |
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0 |
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0 |
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Selling, general and administrative expenses |
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$ |
69,167 |
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$ |
138,236 |
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$ |
107,709 |
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$ |
215,960 |
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Placement cost of Convertible |
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0 |
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0 |
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0 |
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0 |
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Note Interest expense (income) |
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Total Costs and Expenses |
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Net income (loss) before other income and (losses) |
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(69,167 |
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(138,336 |
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(107,709 |
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(215,960 |
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Net income (loss) |
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(69,167 |
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(138,180 |
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(107,709 |
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(215,960 |
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Deficit—Beginning of period |
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(24,995,482 |
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(24,613,074 |
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(24,956,940 |
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(24,535,450 |
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Deficit—End of of period |
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(25,064,649 |
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(24,751,410 |
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(25,064,649 |
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(24,751,410 |
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Earnings (Loss) per Share of common stock (Note 4) |
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0 |
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0 |
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0 |
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0 |
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Average number of shares outstanding |
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75,285,048 |
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64,888,865 |
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75,285,048 |
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64,888,865 |
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See accompanying notes.
4
KENILWORTH SYSTEMS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
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Six-months ended |
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2002 |
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2001 |
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(unaudited) |
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(unaudited) |
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CASH FLOWS USED IN OPERATING ACTIVITIES |
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