Annual Report (Form 10-K), fiscal year 1994

ITEM 1. Business
Registrant is not engaged in any business operations and has not been so engaged since 1968.
ITEM 2.



ITEM 2. Properties
Registrant does not have an interest in any properties.
ITEM 3.

ITEM 3. Legal Proceedings
None.
PART II.
ITEM 5.


ITEM 5. Market for the Registrant's Common Stock and Related Security Holder Matters
Increase and Decrease in Outstanding Securities Indebtedness
None.
Changes in Securities and Changes in Securities for Registered Securities
None.
Defaults Upon Senior Securities
None.
Approximate Number of Equity Security Holders
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Number of Record Holders Title of Class As of July 31, 1994 -------------- ---------------------
Common Stock 785
Submission of Matters to a Vote of Security Holders
Not applicable.
ITEM 6.

ITEM 6. Selected Financial Data
Five Year Summary of Operations
Year ended July 31, --------------------------------------------------
The numerical note referred to above is included in the Notes to Financial Statements. Registrant has not conducted any business operations during its last five (5) fiscal years, except that during the above fiscal years it has incurred expenses necessary to keep its good standing in its state of residence.
ITEM 7.

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Refer to notes and financial statements.
ITEM 8.


ITEM 8. Financial Statements and Supplementary Data
The financial statements of Registrant are attached hereto as Exhibit 14(a).
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PART III.
ITEM 10.




ITEM 10. Directors and Executive Officers of the Registrant
ITEM 11.

ITEM 11. Management Remuneration and Transaction
No officer or director of Registrant receives any remuneration.
ITEM 12.

ITEM 12. Security Ownership of Certain Beneficial Owners and Management
Leonard M. Ross owns 400,955 shares of the issued and outstanding stock of Registrant which constitutes approximately 89% of such stock. Registrant does not have any subsidiaries.
Indemnification of Directors and Officers
The by-laws of the Corporation provide that the Corporation shall indemnify each of its officers and directors, whether or not then in office, to the extent permitted by the California General Corporation Law against all reasonable expenses actually and necessarily incurred by such individuals in connection with the defense of any litigation to which he or she may have been made a party because he or she is or was a director or officer of the Corporation. Directors and officers have no right to reimbursement in relation to any matter in which such officer or director has been adjudged liable to the Corporation for gross negligence or comparable misconduct in the performance of his or her duties.
PART IV
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ITEM 14.


ITEM 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The Registrant's financial statements are attached hereto.
(b) No materially important events occurred during the fiscal year of Registrant that would require filing of Form 8-K.
(c) The Exhibits listed in the accompanying Exhibit Index on Page 12 are filed as part of this Form 10-K.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duty authorized.
(Registrant) JILCO INDUSTRIES, INC.
By: /s/ Martha J. Kretzmer -------------------------------- Martha J. Kretzmer President
Date: August 7, 1997
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JILCO INDUSTRIES, INC.
List of Financial Statements
The following financial statements of Jilco Industries, Inc. are included in Item 8:
Balance sheets -- Years ended July 31, 1994 and 1993.
Statements of operations -- Years ended July 31, 1994, 1993 and 1992.
Statements of cash flows -- Years ended July 31, 1994, 1993 and 1992.
Notes to financial statements -- July 31, 1994.
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JILCO INDUSTRIES, INC. BALANCE SHEETS AS OF JULY 31, (UNAUDITED)
ASSETS
The accompanying notes are an integral part of these financial statements.
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JILCO INDUSTRIES, INC. STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT FOR THE YEARS ENDED JULY 31, (UNAUDITED)
The accompanying notes are an integral part of these financial statements.
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JILCO INDUSTRIES, INC. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JULY 31,
The accompanying notes are an integral part of these financial statements.
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NOTE 1 - THE COMPANY
The Company has been inactive since April 2, 1968 when it was discharged from bankruptcy under its previous name of Sportways, Inc. The expenses the Company has incurred represent those necessary to keep the Company in good standing in its state of residence.
Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with generally accepted accounting principles. For certain of the Company's financial instruments, including cash, accounts payable, and accrued expenses, the carrying amounts approximate fair value due to their short maturities. The amounts shown as notes payable also approximate fair value because current interest rates offered to the Company for notes payable of similar maturities are substantially the same.
Estimates In preparing financial statements in conformity with generally accepted accounting principles, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
NOTE 2 - LOSS PER SHARE
All per share computations are based on 449,991 shares outstanding. There are no common stock equivalents.
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NOTE 3 - NOTES PAYABLE TO SHAREHOLDER
Notes payable to shareholder consist of the following:
(A) Accrued interest at 9% per annum. Principal and accrued interest due on demand.
(B) Accrued interest at 11% per annum. Principal and accrued interest due on demand.
(C) Accrued interest at 10% per annum. Principal and accrued interest due on demand.
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EXHIBIT INDEX
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