SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d)
Of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) May 3, 2002
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NuWay Energy, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 33-43423 65-0159115
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
formation)
19100 Von Karman Ave, Ste 450 Irvine, CA 92612
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (949) 553-8002
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(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits
The following is a preliminary balance sheet for the quarter ended
Match 31, 2002. Registrant anticipates filing its Form 10-QSB for the quarter
ended March 31, 2002 in a timely fashion.
CONSOLIDATED BALANCE SHEETS
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AS OF MARCH 31, 2002 AND DECEMBER 31, 2001
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ASSETS
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March 31, December 31,
2002 2001
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CURRENT ASSETS
Cash and Cash Equivalents $ 102,624 $ 440,827
Accounts Receivable, Net of
$25,000 of Allowance for Doubtful Accounts 259,480 234,054
Inventory 462,991 475,291
Notes receivable Officers and Affiliates,
Current Portion 400,000 --
Prepaid Expenses and Other Current Assets 106,888 156,958
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Total Current Assets 1,331,983 1,307,130
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PROPERTY AND EQUIPMENT - NET 2,289,053 2,360,135
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OTHER ASSETS
Accounts Receivable Long-Term, Net of Allowance
For Doubtful Accounts of $150,000 436,000 450,000
Deposits 45,093 26,693
Notes Receivable - Officers and Affiliates
Net of Current Portion 40,000 440,000
Other Assets 7,448 6,374
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Total Other Assets 528,541 923,067
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TOTAL ASSETS $ 4,149,577 $ 4,590,332
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES
Accounts Payable and Accrued Expenses $ 779,104 $ 985,776
Debentures Payable 300,004 2,400,004
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Total Current Liabilities 1,079,108 3,385,780
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COMMITMENTS AND CONTINGENCIES -- --
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Total Liabilities 1,079,108 3,385,780
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STOCKHOLDERS' EQUITY
Common Stock, $.00067 Par Value 15,000,000
Shares Authorized, 6,520,496 shares Issued
6,475,596 Shares Outstanding and 44,900 Shares
held as Treasury Stock 4,370 3,402
Additional Paid-In Capital 15,949,507 15,137,225
Accumulated Other Comprehensive Income (Loss) (503,834) (544,539)
Retained Earnings (Deficit) (12,252,570) (13,264,532)
Treasury Stock, at cost (127,004) (127,004)
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Total Stockholders' Equity 3,070,469 1,204,552
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,149,577 $ 4,590,332
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NUWAY ENERGY, INC.
Dated: May 3, 2002 By: /s/ TODD SANDERS
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Todd Sanders
President