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Ice Holdings Inc – ‘10-K’ for 3/31/97 – EX-13

As of: Wednesday, 7/9/97 · For: 3/31/97 · Accession #: 811868-97-11 · File #: 0-16205

  As Of                Filer                Filing    For·On·As Docs:Size

 7/09/97  Ice Holdings Inc                  10-K        3/31/97    3:49K

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                          9     52K 
 2: EX-13       Financial Statement                                   17     61K 
 3: EX-27       Art. 5 FDS for 1997 Form 10-Ksb                        1      5K

EX-13 — Financial Statement

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ICE HOLDINGS, INC.    
(Formerly Skydoor Media & Entertainment, Inc.)      

REPORT ON AUDIT OF FINANCIAL STATEMENTS     
AND FINANCIAL STATEMENT SCHEDULES     

FOR EACH OF THE THREE YEARS IN THE PERIOD     
ENDED MARCH 31, 1997    

F-1                                                                             

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ICE HOLDINGS, INC.                
(Formerly Skydoor Media & Entertainment, Inc.)                      
FOR EACH OF THE THREE YEARS IN THE PERIOD ENDED MARCH 31, 1997                  

CONTENTS              
----------              

                                                        Page
                                                        ----

Independent Auditor's Report                                      F-3           

- Financial Statements -            

Balance Sheet                                                     F-5           

Statements of Operations                                          F-6           

Statements of Changes in                                                        
Stockholders' Equity                                             F-7a         

Statements of Cash Flows                                          F-8           

Notes to Financial Statements                                     F-9           

- Supplementary Information -         

Schedule Rule 12-09 - Valuation and Qualifying                                  
        Accounts                                        F-14

F-2                                                                             

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(LETTERHEAD)                                                                    

Board of Directors                                                              
ICE Holdings, Inc.                                                              
Plana Del Ray, California                                                       

Independent Auditor's Report                                                    

We have audited the accompanying balance sheet of ICE Holdings, Inc.            
(formerly Skydoor Media & Entertainment) as of March 31, 1997, and the          
related statements of operations, stockholders' equity (deficit) and cash       
flows for the year then ended.  These financial statements are the              
responsibility of the Company's management.  Our responsibility is to           
express an opinion on these financial statements based on our audit.  The       
financial statements of ICE HOLDINGS, INC as Skydoor Media & Entertainment,     
Inc. as of March 31, 1996 and the years ending March 31, 1996 and 1995 were     
audited by other auditors, whose report dated August 23, 1996 on those          
statements included an explanatory paragraph that described that the            
Company had incurred significant losses since its inception which raised        
substantial doubt about the Company's ability to continue as a going            
concern as discussed in the 1996 NOTE 15 to the financial statements.           

We conducted our audit in accordance with generally accepted auditing           
standards.  Those standards require that we plan and perform the audit to       
obtain reasonable assurance about whether the financial statements are free     
of material misstatement.  An audit includes examining, on a test basis,        
evidence supporting the amounts and disclosures in the financial                
statements.  An audit also includes assessing the accounting principles         
used and significant estimates made by management, as well as evaluating        
the overall financial statement presentation.  We believe that our audit        
provides a reasonable basis for our opinion.                                    

In our opinion, the 1997 financial statements referred to above present         
fairly, in all material respects, the financial position of ICE Holdings,       
Inc. as of March 31, 1997 and the results of its operations and its cash        
flows for the year then ended, in conformity with generally accepted            
accounting principles.                                                          

F-3                                                                             

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Our audit was made for the purpose of forming an opinion on the basic           
financial statements taken as a whole.  The supplemental financial              
statement schedule is presented for purposes of complying with the              
Securities and Exchange Commission's rules and is not a required part of        
the basic financial statements.  This schedule has been subjected to the        
auditing procedures applied in the audit of the basic financial statements      
and, in our opinion, fairly states in all material respects the financial       
data required to be set forth therein in relation to the basic financial        
statements taken as a whole.                                                    

The accompanying financial statements have been prepared assuming that the      
Company will continue as a going concern.  As shown in the financial            
statements, the Company incurred a net loss of $206,321 for the year ended      
March 31, 1997.  Although Management believes that actions presently being      
taken will meet the needs of the Company's operations and financial             
requirements which are discussed in Note 1, these conditions still raise        
substantial doubt that the Company will be able to continue as a going          
concern if Management is unable to meet these goals.  The financial             
statements do not include any adjustments that might result from the            
outcome of this uncertainty.                                                    

/S/ Williams & Webster, P.S.                                                    

Williams & Webster, P.S.                                                        
Certified Public Accountants                                                    
Spokane, Washington                                                             
June 20, 1997                                                                   

F-4                                                                             

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
BALANCE SHEETS                                                                  
For the Years Ended March 31, 1997 and 1996                                     

                                                                [Download Table]


ASSETS                                                                         

                                                  1997               1996      
                                              ----------         -----------   
                                                                               
Current assets                                                                 
  Cash and cash equivalents                 $     74,287       $          32   
  Prepaid expenses                                 7,450                   -   
                                               ---------          ----------   
       Total current assets                       81,737                  32   

Property and equipment                             4,291                   -   
                                              ----------          ----------   
TOTAL ASSETS                                $     86,028       $          32   
                                              ==========          ==========   

LIABILITIES AND STOCKHOLDERS' EQUITY                                           

Current liabilities                                                            
  Accounts payable                          $      3,638       $           -   
  Accounts payable - Consultants                  25,000                   -   
  Notes payable                                  212,800                   -   
  Note payable-Shareholder                             -              50,000   
  Accrued liabilities                                  -              18,520   
  Accrued interest                                10,649                   -   
                                              ----------          ----------   
       Total current liabilities                 252,087              68,520   
                                              ----------          ----------   
Commitments and Contingencies                          -                   -   

Stockholders' equity                                                           
  Common stock $.001 par value,($.03 par value                                 
       in 1996) 50,000,000 shares authorized;                                  
       11,107,966 shares outstanding at March                                  
       31, 1997, 6,947,062 shares outstanding                                  
       at March 31, 1996                           11,108              69,773  
  Additional paid-in capital                    4,273,965           4,100,950  
  Stock options and warrants                            -               5,600  
  Accumulated deficit                          (4,451,132)         (4,244,811) 
                                               -----------          ---------- 
       Total stockholders'(deficit)              (166,059)            (68,488) 
                                               -----------          ---------- 
TOTAL LIABILITIES AND                                                          
 STOCKHOLDERS' EQUITY                        $     86,028         $        32  
                                              ===========          ============

The accompanying notes are an integral part of these statements.                

F-5                                                                             

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
STATEMENTS OF OPERATIONS                                                        
For the Years Ended March 31, 1997, 1996 and 1995                               

                                                                [Download Table]

                                       1997           1996           1995    
                                    ----------     ----------     ---------- 
                                                                             

Sales                             $          -   $          -    $   374,534 
Less: Discounts and allowances               -              -             76 
                                     ---------      ---------      --------- 
                                             -              -        374,458 

Cost of sales                                -              -        361,666 
                                     ---------     ----------       -------- 

Gross profit                                 -              -         12,790 

Selling, general and                                                         
  administrative expenses              195,672         61,257        142,115 
                                     ---------     ----------       -------- 

Loss from operations                  (195,672)       (61,257)      (129,325)
                                     ----------    -----------      ---------

Other income(expense)                                                        
  Interest expense                     (10,649)             -        (16,934)
  Other income(expense)                      -              -          1,060 
  Unusual or infrequent item                 -              -     (1,025,924)
                                     ----------    ----------     -----------
                                       (10,649)             -     (1,041,798)
                                      ---------    ----------     -----------

Loss before income tax                (206,321)       (61,257)    (1,171,123)
                                      ---------    -----------    -----------

Provision for income taxes                   -          7,232              - 
                                      --------     ----------     ---------- 

Net Loss                           $  (206,321)   $   (68,488)  $ (1,171,123)
                                      ---------      ---------    -----------

Net loss per share                 $      (.05)   $      (.01)  $       (.56)
                                      =========      =========      =========

Weighted average number of                                                   
  common shares outstanding          4,187,716      6,947,062      2,291,285 
                                     =========      =========      ========= 

The accompanying notes are an integral part of these statements.                

F-6                                                                             

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY                                    
For the Years Ended March 31, 1997, 1996 and 1995                               

(In order to file with the SEC via EDGAR, the Statement of Changes in           
Stockholders' Equity for ICE Holdings, Inc. have been formatted to              
fit across two pages.                                                           

                                                                [Download Table]

                                                                   ADDITIONAL
                                    COMMON         STOCK           PAID IN   
                                    SHARES         AMOUNT          CAPITAL   
                                  ----------       ----------      ----------
                                                                             
                                  ----------       ----------      ----------
Balance, March 31, 1994            2,291,285   $       69,000   $   4,001,800
                                  ----------       ----------      ----------

Issuance of common shares             26,777              773          99,150
Net loss for the year                      -                -               -
                                  ----------       ----------      ----------
Balance, March 31, 1995            2,317,062           69,773       4,100,950
                                  ----------       ----------      ----------

Issuance of common shares          4,630,000                -               -
Net loss for the year                      -                -               -
                                  ----------       ----------      ----------
Balance, March 31, 1996            6,947,062           69,773       4,100,950
                                  ----------       ----------      ----------

Correction for common stock                                                  
never issued                         (25,977)               -               -
Common stock issued for $25,000 or                                           
  $.00357 per share in cash to                                               
  $.001 par value                  7,000,000            7,000          18,000
Change of common stock's par                                                 
  value from $.03 per share                                                  
  to $.001 per share                       -          (62,852)         62,852
Cancellation of stock options as                                             
  conditions for ownership change          -                -           5,600
Reverse stock split/250 shares                                               
  for 1                          (13,863,119)         (13,863)         13,863
Common stock issued for $.01                                                 
  per share                        4,650,000            4,650          41,850
Common stock issued for $.005                                                
  per share                        6,050,000            6,050          24,200
Common stock issued for $.02 per                                             
   share in accordance with 1996                                             
  Stock Option Plan                  350,000              350           6,650
Net loss for the year                                                        
  ended March 31, 1997                     -                -               -
                                  ----------       ----------       ---------
Balance, March 31, 1997           11,107,966     $     11,108     $ 4,273,965
                                 ===========       ==========       =========


The accompanying notes are an integral part of these statements.                

F-7a                                                                            

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY                                    
For the Years Ended March 31, 1997, 1996 and 1995                               

(In order to file with the SEC via EDGAR, the Statement of Changes in           
Stockholders' Equity for ICE Holdings, Inc. have been formatted to              
fit across two pages.                                                           

                                                                [Download Table]


       STOCK                          TOTAL         
      OPTIONS                         SHAREHOLDERS' 
          AND        ACCUMULATED      EQUITY        
     WARRANTS          DEFICIT        (DEFICIT)     
   ----------        -----------      ------------- 
                                                    
$       5,600     $  (3,005,200)    $     1,071,200 
   ----------        -----------          --------- 

            -                 -              99,923 
            -        (1,171,123)         (1,171,123)
    ---------        -----------         -----------
        5,600        (4,176,323)                  - 
    ---------        -----------           ---------

            -                 -                   - 
            -           (68,488)            (68,488)
    ---------        -----------           ---------
        5,600        (4,244,811)            (68,488)
    ---------        -----------           ---------

            -                 -                   - 

            -                 -              25,000 

            -                 -                   - 

      (5,600)                 -                   - 

            -                 -                   - 

            -                 -              46,500 

            -                 -              30,250 

            -                 -               7,000 

            -          (206,321)           (206,321)
  -----------        -----------           ---------
$           -      $ (4,451,132)        $  (166,059)
  ===========        ===========           =========


The accompanying notes are an integral part of these statements.                

F-7b                                                                            

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
STATEMENT OF CASH FLOWS                                                         
For the Years Ended March 31, 1997, 1996 and 1995                               

                                                                [Download Table]


                                   1997            1996            1995     
                                 ---------      ----------      ----------  
                                                                            
Cash flows from operating                                                   
activities                                                                  
  Cash received from                                                        
    customers and others      $          -   $           -   $     655,058  
  Cash paid to suppliers,                                                   
    employees and others                 -               -      (1,744,741) 
  Cash paid for services                                                    
    and administration            (191,931)        (49,968)              -  
  Interest paid                          -               -         (16,934) 
                                -----------    ------------     ------------

  Net cash used in                                                          
    operating activities          (191,931)        (49,968)     (1,106,617) 
                                -----------    ------------    ------------ 

Cash flows from                                                             
  investing activities                                                      
  Purchase of equipment             (5,364)              -               -  
                                -----------     ----------     -----------  
  Net cash used in                                                          
    investing activities            (5,364)              -               -  
                                -----------     ----------    ------------  

Cash flows from                                                             
    financing activities                                                    
  Short-term borrowing, net        162,800               -               -  
  Proceeds from long term debt           -          50,000               -  
  Proceeds from issuance                                                    
    of common stock                108,750               -               -  
  Unusual or infrequent item             -               -       1,002,617  
                               -----------      ----------    ------------  
  Net cash provided by                                                      
    financing activities           271,550          50,000       1,002,617  
                               -----------      ----------    ------------  

  Net increase in cash              74,255              32        (104,000) 

Cash beginning balance                  32               -         104,000  
                               -----------      ----------    ------------  
Cash ending balance          $      74,287    $         32  $            -  
                               ===========      ==========    ============  


The accompanying notes are an integral part of these statements.                

F-8                                                                             

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
STATEMENT OF CASH FLOWS                                                         
For the Years Ended March 31, 1997, 1996 and 1995                               

                                                                [Download Table]


                                     1997             1996            1995     
                                  -----------     ----------      -----------  
                                                                               
Reconciliation of net                                                          
  loss to net cash used                                                        
  in operating activities                                                      

  Net loss                     $     (206,321)  $    (68,488)   $  (1,171,123) 
                                   -----------     ----------      ------------

  Adjustments                                                                  
  Depreciation                          1,073              -           50,505  
  Decrease in accounts                                                         
    receivable                              -              -          280,600  
  Decrease in inventory                     -              -          159,700  
  Increase in other                                                            
    current assets                          -              -           31,400  
  Increase(decrease) in                                                        
    accounts payable                   28,638              -         (306,900) 
  Increase in accrued interest         10,649              -                -  
  Increase in prepaid expense          (7,450)             -                -  
  Increase(decrease) in accrued                                                
    liabilities                       (18,520)        18,520                -  
                                   -----------    ----------     ------------  
  Total Adjustments                    14,390         18,520          150,900  
                                   -----------    ----------     ------------  
  Net cash used in                                                             
    operating activities         $   (191,931)  $    (49,968)  $   (1,106,617) 
                                   ===========    ===========    ============= 

  Interest paid                  $          -   $          -   $       16,934  
                                   ===========    ===========    ============  

  Income taxes paid              $          -   $          -                -  
                                   ===========    ============   ============  

The accompanying notes are an integral part of these statements.                

F-9                                                                             

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
NOTES TO FINANCIAL STATEMENTS                                                   
For the Years Ended March 31, 1997 and 1996                                     

NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                             

ORGANIZATION                                                                    
ICE Holdings, Inc. (the Company), formerly Skydoor Media & Entertainment,       
Inc. was incorporated on February 6, 1987 under the laws of the State of        
Delaware.  The Company was at one time a manufacturing and wholesaling          
entity for snack foods whose operations were transferred to a majority          
shareholder during the year ended March 31, 1995.  Since the disposal of        
the Company's operations, majority control of the Company has changed four      
times during 1995 and 1996.  The current controlling shareholders are           
positioning the Company as an integrated company assisting in the               
development of emerging information, communications and entertainment           
technology companies.  The restructured Company will provide working            
capital, financial and management services and strategic planning for           
several subsidiaries which are being identified and acquired.  The first        
enterprises will be acquired in the spring and summer of 1997.                  

CASH AND CASH EQUIVALENTS                                                       
The Company considers all highly liquid debt instruments purchased with a       
maturity of three months or less to be cash equivalents.                        

PROPERTY AND EQUIPMENT                                                          
Equipment is carried at cost.  Depreciation is calculated on accelerated        
methods over estimated useful lives of five years.  As of March 31, 1997,       
the Company had no lease commitments for property and equipment.                

ADVANCES TO AND FROM OFFICERS                                                   
In recent months, the officers have, as necessary, advanced funds to the        
Company.  As funds are available, these advances are repaid.                    

LOSS PER SHARE                                                                  
Loss per share is computed using the weighted average number of common          
shares outstanding or deemed to be outstanding during the period.  The          
computation of loss per share does not include  common stock equivalents,       
which are anti-dilutive.  The fully diluted and primary earnings per share      
computations are identical for the year ending March 31, 1997.                  

STOCK SPLIT                                                                     
On October 18, 1996, the Company effected a 250-for-1 reverse stock split       
for all shares outstanding at that date.  All references in the financial       
statements to issued and outstanding shares and per share data reflect this     
reverse stock split.                                                            

OTHER DEFERRED COST                                                             
The Company has incurred certain costs in connection with the registration      
of a public offering of additional shares of common stock.  These costs are     
netted against the proceeds of the offering, if successful, or are charged      
to current operations, if unsuccessful.                                         

F-9                                                                             

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
NOTES TO FINANCIAL STATEMENTS                                                   
For the Years Ended March 31, 1997 and 1996                                     

NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)                 

INCOME TAXES                                                                    
As of March 31, 1997, the Company had accumulated net operating losses of       
approximately $2,700,000.  These losses are substantially available to          
reduce taxable income and the corresponding future federal and state income     
taxes.  These losses may be carried forward for fifteen years with the          
earliest expiration date of March 31, 2004.  The Company over the past few      
years has had at least four changes of ownership which exceeded fifty           
percent of the Company's outstanding shares.  The utilization of the net        
operating loss carry-forwards will be limited in accordance with federal        
tax law by each of the ownership changes.  The determination of the amount      
of net operating loss actually available has not been made.  The loss           
attributed to the current ownership group is approximately $200,000.            

GOING CONCERN                                                                   
The financial statements of the Company have been prepared on a going-          
concern basis.  That basis of accounting contemplates the realization of        
assets and the satisfaction of liabilities in the normal course of              
conducting business operations.  As shown in the financial statements,          
operations for the year ended March 31, 1997 resulted in a net loss of          
$206,321.  The Company's future is dependent on its ability to continue to      
obtain additional capital or adequate financing to fund future acquisitions     
and developments in information, communication and entertainment                
technologies.                                                                   

The Company is currently pursuing private placement of its stock and other      
opportunities for raising capital.  These funds will allow the Company to       
pursue its targeted industries and the acquisition of operating companies       
as subsidiaries.                                                                

RECLASSIFICATIONS                                                               
Certain amounts from prior periods have been reclassified to conform with       
the current period presentation.  This reclassification has resulted in no      
changes to accumulated deficit or net losses presented.                         

NOTE 2.  EQUIPMENT                                                              

The Company's equipment at March 31, 1997 consists of the following:            

                                                                [Download Table]

                                                         
Computer equipment                          $        5364
Less:  Accumulated depreciation                      1073
                                                     ----
         Total                              $        4291
                                                     ====


F-10                                                                            

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
NOTES TO FINANCIAL STATEMENTS                                                   
For the Years Ended March 31, 1997 and 1996                                     

NOTE 3.  NOTES PAYABLE                                                          

The Company, when under the control of a prior shareholder group, borrowed      
$50,000 from John Jacobson (Jacobson Note) in November 1995.  The original      
terms on the note required repayment of the balance by November 8, 1996         
with interest at twelve percent.  The note also carried a conversion            
feature allowing the note to be converted to stock in Skydoor Media &           
Entertainment, Inc. at the rate of $0.68 per share.  During the change in       
ownership of the Company, this previous shareholder group gave the new          
controlling shareholders a representation this liability was paid in full       
and did not exist.  The Company's current management is reviewing this          
matter for appropriate actions to either settle this claim or pursue a          
resolution against the previous shareholders.  The Company has elected to       
record this note as a current liability of $50,000 with accrued interest        
owed as of March 31, 1997 of $8,371.                                            

As part of a change in ownership, shareholders canceled two notes payable       
to themselves for $50,000 each.  After reviewing the Company's transactions     
and records, the funds claimed on these notes were never advanced to the        
Company.  The Company's Management is currently reviewing these and other       
matters concerning the representations of prior shareholders before             
determining its course of action.                                               

On December 30, 1996, the Company signed a note with Conception One             
Foundation for the sum of $162,800.  This note includes interest per annum      
of six percent, and is due and payable on January 2, 1998.  At the              
discretion of the note holder, all or part of the note can be converted to      
common stock in the Company at the rate of $5.00 per share of restricted        
common stock.  As of March 31, 1997, the Company had received $162,800          
under this agreement and this amount is presented as all of the long-term       
debt of the Company.  As of March 31, 1997, the Company had accrued             
interest owed per this agreement of $2,278.                                     

NOTE 4.  SHAREHOLDERS' EQUITY                                                   

The Company had recorded 6,947,062 shares of common stock issued and            
outstanding as of March 31, 1996.  This includes 4,630,000 common shares of     
restricted stock which were issued to controlling shareholders for no           
documented consideration during March 1996.                                     

The Company's management is investigating this transaction but feels that       
any actions will be immaterial since these shares were reduced to 18,520        
shares after the reverse stock split.                                           

In September 1996, the Company agreed to issue 7,000,000 shares of              
restricted common shares for $25,000.  This resulted in a fifty-five            
percent change in ownership.  Associated with this change in ownership, the     
Company changed its name to ICE Holdings, Inc. and reduced the par value of     
the stock to $.001 per share from $.03 per share.                               

F-11                                                                            

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
NOTES TO FINANCIAL STATEMENTS                                                   
For the Years Ended March 31, 1997 and 1996                                     

NOTE 4.  SHAREHOLDERS' EQUITY (Continued)                                       

On October 18, 1996 the company effected a 250 to 1 reverse stock split of      
all issued and outstanding common shares.                                       

After the reverse split, in October 1996, the Company issued 4,650,000          
restricted common shares for $46,500.  This issuance was in accordance with     
the exemption afforded by Regulation S.  This issuance was followed by one      
for 6,050,000 restricted common shares for $30,250 sold pursuant to             
exemption under Section 4(2) of the Securities Act of 1933 involving sales      
to ten United States persons.                                                   

In October 1996, the Company adopted the 1996 Stock Option Plan to provide      
specified employees and consultants of the Corporation incentive to promote     
the success of the business and to encourage stock ownership.  The Company      
registered 350,000 common shares with the Securities and Exchange               
Commission pursuant to this plan.  These shares were issued for                 
consideration of $7,000.                                                        

In reviewing and reconciling the Company's records with that of its stock       
transfer agent, it was discovered that the original shares outstanding in       
1996 were out of balance by 25,977 common shares.  This imbalance was equal     
to 104 post-reversed stock split shares and the Company's books and records     
were adjusted accordingly.                                                      

The Company has a consulting agreement with Manhattan West, Inc. paying         
$5,000 per month for consulting services.  As of March 31, 1997, the            
Company owed $25,000 on this agreement which began November 1, 1996.  These     
fees may be paid in common stock based upon a formula price equal to 75% of     
the monthly average bid price in the month services are rendered.               

Mr. Edward G. Hanson joined the Company as its Chief Financial Officer on       
May 15, 1997.  Part of his compensation agreement provides that Mr. Hanson      
shall earn 300 warrants per day for work performed, exercisable for a term      
of five years at a price equal to 80% of the closing bid price for the          
Company's common stock on the date granted.                                     

NOTE 5.  RELATED PARTY TRANSACTIONS                                             

As of March 31, 1996, the Company had recorded that it had a loan from a        
significant stockholder of $50,000.  The Company had not issued any stock       
to this note holder as described in Note 3.  During the changes of              
ownership in 1996, certain shareholders canceled notes which had no             
significant balances outstanding during the year and certain related            
payables.  As of March 31, 1997, the Company had no current related             
parties' transactions other than payroll and consulting agreements with its     
officers.  In recognition of their contributions as Officers of the             
Company, Mr. Matthew Zuckerman and Mr. Gregory Martin received $30,000 each     
as consulting contracts in the period ended March 31, 1997.                     

F-12                                                                            

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
NOTES TO FINANCIAL STATEMENTS                                                   
For the Years Ended March 31, 1997 and 1996                                     

NOTE 6.  COMMITMENTS AND CONTINGENCIES                                          

LEASES                                                                          
In early January 1997, the Company arranged for leased office space in San      
Francisco, California.  The lease period is for six months with monthly         
payments of $1,150 per month and a $500 deposit.  The Company's liability       
for this lease agreement was terminated in April 1997.                          

CONTINGENCIES                                                                   
As described in Note 3, the Company has identified only one commitment from     
previous shareholders' representations which is considered a payable by the     
Company.  The Company has undergone numerous changes in ownership and           
shareholders in the last three years.  As of June 20, 1997, the Company has     
not been notified of any other claims or assertions.                            

NOTE 7.  SUBSEQUENT EVENTS                                                      

Acquisition of DEFAULT MANAGEMENT NETWORK, INC. ("DMN") on April 24, 1997.      
The Company entered into an agreement to acquire 1,500,000 common shares of     
Default Management Network, Inc.  This transaction results in the Company       
controlling 60% of the outstanding common stock of the DMN.  As part of         
this agreement, the Company will also make available to DMN a revolving         
line of credit in the amount of $2,000,000.  As of June 20, 1997, DMN had       
drawn $500,000 on this line of credit under an agreement which has not been     
finalized as to the terms and conditions for this interim financing.            

F-13                                                                            

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
SCHEDULE of RULE 12-09 - VALUATION AND QUALIFYING ACCOUNTS                      
For the Years Ended March 31, 1997, 1996 and 1995                               

                                                                [Download Table]


                                           Balance at            Charged to
                                           beginning of          Costs and 
Description                                Period                Expenses  
--------------------------------           ------------          ----------
                                                                           
Allowance for doubtful accounts                                            

Year ended March 31, 1997                $            -       $           -

Year ended March 31, 1996                             -                   -

Year ended March 31, 1995 (1)                     8,600               8,600

Valuation allowance for                                                    
 deferred tax asset                                                        

Year ended March 31, 1997 (2)                   760,000                   -

Year ended March 31, 1996                       760,000                   -

Year ended March 31, 1995                       760,000                   -


(1) Direct write-offs of accounts receivable                                    

(2) The Company has had a change in shareholders which reduced deferred tax     
assets to zero.                                                                 

F-14a                                                                           

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ICE HOLDINGS, INC.                                                              
(Formerly Skydoor Media & Entertainment, Inc.)                                  
SCHEDULE of RULE 12-09 - VALUATION AND QUALIFYING ACCOUNTS                      
For the Years Ended March 31, 1997, 1996 and 1995                               

[CAPTION]                                                                       

                                                                [Download Table]

Change to                                                           
other Accounts              Deductible                 Balance at   
Describe                    Describe                   End of Period
------------                ----------                 -------------
                                                                    

$           -           $               -          $               -

            -                           -                          -

            -                           -                          -

            -                     760,000                          -

            -                           -                          -

            -                           -                          -


F-14b

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-K’ Filing	Date	First	Last	Other Filings

	3/31/04	12
	1/2/98	13
Filed on:	7/9/97
	6/20/97	4	15
	5/15/97	14
	4/24/97	15
For Period End:	3/31/97	1	17	NT 10-K
	12/30/96	13
	11/8/96	13
	11/1/96	14
	10/18/96	11	14
	8/23/96	3
	3/31/96	3	17
	3/31/95	3	17
				List all Filings

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Filing Submission 0000811868-97-000011 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Ice Holdings Inc – ‘10-K’ for 3/31/97 – EX-13

As of: Wednesday, 7/9/97 · For: 3/31/97 · Accession #: 811868-97-11 · File #: 0-16205

Previous ‘10-K’: None · Next & Latest: ‘10-K’ on 8/12/22 for 3/31/22

Annual Report — Form 10-KFiling Table of Contents

EX-13 — Financial Statement

Dates Referenced Herein and Documents Incorporated by Reference

Annual Report — Form 10-K
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