U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
-------------- ------------------
Commission File No. 0-21733
MICRO-HYDRO POWER, INC.
(Name of Small Business Issuer in its Charter)
UTAH 87-0369035
(State or Other Jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
(Address of Principal Executive Offices)
Issuer's Telephone Number: (801)262-8844
Indicate by check mark whether the Registrant (1) has filed all
reports
required to be filed by Sections 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.
(1) Yes X No (2) Yes X No
---- ---- ---- ----
<PAGE>
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
THE
PRECEDING FIVE YEARS
None; not applicable.
APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of
shares
outstanding of each of the Registrant's classes of common stock, as of
the
latest practicable date:
September 30, 1997
300,010
*Reflects a 100 for 1 reverse split of the outstanding voting securities of
the Company, as discussed in Part II, Item 5 of this Report.
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements.
The Financial Statements of the Registrant required to be filed with
this
10-QSB Quarterly Report were prepared by management and commence on
the
following page, together with related Notes. In the opinion of management,
the
Financial Statements fairly present the financial condition of the Registrant.
<PAGE>
<TABLE>
<CAPTION>
MICRO-HYDRO POWER, INC.
BALANCE SHEETS
September 30, 1997 and December 31, 1996
9/30/97
12/31/96
- ---------------- ----------------
[Unaudited]
<S> <C> <C>
<C> <C>
ASSETS
Total Current Assets $
0 $ 0
- ---------------- ----------------
TOTAL ASSETS $
0 $ 0
================ ================
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Loans from stockholders $
7,916 5,293
Accounts Payable
2,619 2,894
Income Taxes Payable
0 100
- ---------------- ----------------
Total Current Liabilities
10,535 8,287
- ---------------- ----------------
TOTAL LIABILITIES
10,535 8,287
EQUITY
Common Stock
3 3
Paid-in Capital
163,976 163,976
Accumulated Deficit
(174,514) (172,266)
- ---------------- ----------------
TOTAL EQUITY
(10,535) (8,287)
- ---------------- ----------------
TOTAL LIABILITIES & EQUITY $
0 $ 0
================ ================
</TABLE>
NOTE TO FINANCIAL STATEMENTS: Interim financial statements reflect
all
adjustments which are, in the opinion of management, necessary to a
fair
statement of the results for the periods. The December 31, 1996 balance
sheet
has been derived from the audited financial statements. These interim
financial
statements conform with the requirements for interim financial statements
and
consequently do not include all the disclosures normally required by
generally
accepted accounting principles.
<PAGE>
<TABLE>
<CAPTION>
MICRO-HYDRO POWER, INC.
STATEMENTS OF OPERATIONS
For the Three and Nine Month Periods Ended September 30, 1997 and 1996
Three Months Three Months
Nine Months Nine Months
Ended Ended
Ended Ended
09/30/97 09/30/96
09/30/97 09/30/96
----------- -----------
----------- -----------
[Unaudited] [Unaudited]
[Unaudited] [Unaudited]
<S> <C> <C> <C> <C>
<C> <C> <C> <C>
REVENUE
Income $ 0 $ 0
$ 0 $ 0
------------ -------------
------------- ------------
NET REVENUE 0 0
0 0
OPERATING EXPENSES
Office Expenses 0 21
121 539
Professional Fees 0 1,994
2,128 2,447
Income/Franchise Tax 0 0
100 100
------------ -------------
------------- ------------
TOTAL OPERATING EXPENSES 0 2,015
2,349 3,086
------------ -------------
------------- ------------
NET INCOME/(LOSS) $ 0 $
(2,015) (2,349) (3,086)
============ =============
============= ============
NET LOSS PER SHARE $ (0.01) $
(0.01) $ (0.01) $ (0.01)
============ =============
============= ============
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 300,010 22,280,147
300,010 22,280,147
============ =============
============= ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MICRO-HYDRO POWER, INC.
STATEMENTS OF CASH FLOWS
For the Three and Nine Month Periods Ended September 30, 1997 and 1996
Three Months
Three Months Nine Months Nine Months
Ended
Ended Ended Ended
9/30/97
9/30/96 9/30/97 9/30/96
------------
- ------------ ------------ ------------
[Unaudited]
[Unaudited] [Unaudited] [Unaudited]
<S> <C> <C>
<C> <C> <C> <C> <C> <C>
Cash Flows Used For Operating Activities
- ----------------------------------------
Net Loss $ 0
$ (2,015) $ (2,249) $ (3,086)
Adjustments to reconcile net loss to net cash
used in operating activities:
Increase/(Decrease) in accounts payable 0
0 (275) 0
Increase/(Decrease) in franchise taxes payable 0
0 (100) 0
------------
- ------------ ------------ ------------
Net Cash Used For Operating Activities 0
(2,015) (2,624) (3,086)
============
============ ============ ============
Cash Flows Provided by Financing Activities 0
2,015 2,624 3,086
- ------------------------------------------- ------------
- ------------ ------------ ------------
Increase/(Decrease) in loans from shareholder 0
2,015 2,624 3,086
Net Increase In Cash 0
0 0 0
Beginning Cash Balance 0
0 0 0
Ending Cash Balance $ 0
$ 0 $ 0 $ 0
------------
- ------------ ------------ ------------
</TABLE>
<PAGE>
Item 2.Management's Discussion and Analysis or Plan of Operation.
Plan of Operation.
The Company has not engaged in amy material operations in the period
ending
September 30, 1997, or since on or before November 1988. The Company intends
to
continue to seek out the acquisition of assets, property or business that may
be
beneficial to the Company and its stockholders.
The Company's only foreseeable cash requirements during the next 12
months
will relate to maintaining the Company in good standing in the State of Utah
and
keeping its reports "current" with the Securities and Exchange
Commission.
Management does not anticipate that the Company will have to raise
additional
funds during the next 12 months.
Results of Operations.
The Company has had no operations since November 1988. During the
quarterly
period covered by this Report, the Company received no revenue and
incurred
nominal expenses. At September 30, 1997, the Company had no assets
and
liabilities of $10,535.
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.
None; not applicable.
Item 2.Changes in Securities.
None; not applicable.
Item 3.Defaults Upon Senior Securities.
None; not applicable.
Item 4.Submission of Matters to a Vote of Security Holders.
None; not applicable.
Item 5.Other Information.
On September 20, 1996, the Company filed with the Secretary of State of
the
State of Utah Articles of Amendment to its Articles of Incorporation,
which
provided for a reverse split the Company's 30,000,000 of $0.00001 par
value
common stock on a basis of one share for 100, while retaining the
authorized
shares at 30,000,000 and the par value at $0.00001 per share, with
appropriate
adjustments being made in the additional paid in capital and stated
capital
accounts of the Company, resulting in a total of 300,010 shares of $0.00001
par
value common voting stock being issued and outstanding; provided, however,
that
no stockholders holding shall be reduced to less than 100 shares as a result
of
the reverse split; and provided, however, further, the 100 share minimum
shall
be as determined by the President, whether on a stockholder or per
certificate
basis.; and (ii) the amendment adopting the reverse split of the
Company's
common stock was adopted by the stockholders at a meeting held July 23, 1996,
at
which time, 15,123,100 of the Company's 30,000,000 issued and outstanding
shares
of common stock voted in favor of the reverse split; and (iii) The amendment
was
not adopted by the incorporators or the Board of Directors without
stockholder
action. A copy of the Articles of Amendment to the Articles of
Incorporation
effecting these changes is attached as an exhibit to the Company's
Registration
Statement filed on Form 10-SB, as filed on November 15, 1996, and
is
incorporated herein by this reference.
Item 6.Exhibits and Reports on Form 8-K.
(a)Exhibits.*
Registration Statement on Form 10-SB, filed November 15, 1996.**
(b)Reports on Form 8-K.
None; Not Applicable.
*A summary of any Exhibit is modified in its entirety by reference to
the
actual Exhibit.
**This exhibit has previously been filed with the Securities and
Exchange Commission.
<PAGE>
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.
MICRO-HYDRO POWER, INC.
Date: By
Quinton Hamilton, President and Director
Date: By
Thomas J. Howells, Vice President and Director
Date: By
Kathleen L. Morrison, Secretary, Treasurer
and Director
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001026488
<NAME> MICRO-HYDRO POWER, INC.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JUL-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 10,535
<BONDS> 0
0
0
<COMMON> 3
<OTHER-SE> (10,538)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
