U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB/A
[X]QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT 1934
For the Third Quarter ending December 31, 1999
[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from ____________to________________
Commission file number 333-6388_______
GREEN MACHINE DEVELOPMENT CORP,
(Name of small business issuer in its charter)
FLORIDA 65-0594832
(State of incorporation ) I.R.S. Employer Identification Number)
200 MacFarlane Dr., Ste 405, Delray Beach, FL 33483
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (561) 276-8226
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past
12 months (or for such shorter periods that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
There were 11,700,000 shares of common stock outstanding at 02/01/2000,
no preferred shares issued.
Transitional Small business Disclosure Format (Check one): Yes _ No X__
INDEX
PART I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheet as of December
31, 1999
Consolidated Statements of Operations for the
nine month periods ended December 31, 1999,
and 1998
Consolidated Statements of Operations for the
three month periods ended December 31, 1999,
and 1998
Consolidated Statements of Cash Flows for the
nine month periods ending December 1999 and
1998
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis or Plan of
Operation
PART II - Other Information
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports
Signature
PART 1 FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
GREEN MACHINE DEVELOPMENT CORP.
F/K/A/ VIVA GOLF MANUFACTURING, INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEET
Dec 31, 1999 Mar 31, 1999
(Unaudited) (Audited)
Current Assets:
Cash and cash equivalents $ 8,118 $
Invesments 139
Prepaid 2,496
10,753
Fixed Assets (net) 550 823
Other Assets:
Investment in Real Estate 412,444
Deposit on Real Estate 15,000
Organization costs (net) 3,164 4,664
415,608 4,664
Total Assets $426,911 $5,487
====== =====
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Mortgages and Loans Payable $ 25,000 $89,886
Shareholder Loans 472,437
Accrued expense 12,745 _______
510,182 89,886
Stockholders' Equity:
Common stock, $.001 par
value, 50,000,000 shares
authorized; 11,700,000 shares,
issued and outstanding 11,700,000 11,700,000
Additonal Paid in Capital 25,000
Deficit accumulated during
development stage (119,971) ( 96,099)
Total stockholder equit (83,271) (84,399)
Total liabilities and
stockholder equity $426,911 5,487
====== ======
GREEN MACHINE DEVELOPMENT CORP.
F/K/A VIVA GOLF MANUFACTURING, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
For the nine months ended
Dec 31,
1999 1998
Revenue $ -0- $ -0-
Expenses:
Amortization and depreciation 591 591
General and administrative 3,852 10,357
Professional fees -0- 3,500
Selling and marketing 2,600 1,863
7,043 16,311
------ ------
Operating Loss (7,043) (16,311)
Other income 54 ( 254)
------ -------
Net loss $(6,989) $(16,565)
======= =======
Net loss per share $(0.001) $(0.001)
====== ======
Basic diluted weighted average-
common stock outstanding 11,700,000 11,700,000
======== ========
GREEN MACHINE DEVELOPMENT CORP.
F/K/A/ VIVA GOLF MANUFACTURING, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
For the 3 months ended
Dec. 31
1999 1998
Revenue $ 0 $6,000
------- ------
Expenses:
Amortization and depreciation 1,774 1,773
General and administrative 14,629 25,666
Professional fees 7,935 5,000
Selling and marketing 7,648 6,592
------- -------
31,986 39,031
------- -------
Operating Loss (31,986) (33,031)
------- ------
Other income 3,171 (1,571)
------- -------
Net loss $(28,815) (34,602)
====== =======
Net loss per share $(0.001) $(0.001)
====== ======
Basic diluted weighted average-
common stock outstanding 11,700,000 11,700,000
======= =======
See accompanying notes
GREEN MACHINE DEVELOPMENT CORP.
F/K/A VIVA GOLF MANUFACTURING, INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
For the nine months ended
DEC 31,
1999 1998
Operating activities:
Net loss $(28,815) $(34,602)
Adjustments to reconcile net loss
to net cash provided by operating
activities:
Amortization and depreciation 1,774 1,773
Changes in Assets and Liabilities:
(Increase) decrease-investments 1,151 38,064
(Increase) decrease-prepaid (2,496)
(Increase) decrease-notes rec. 15,000 (11,000)
Increase (decrease)-accrued 12,745
------ ------
Net cash provided (used) in
Operating activities ( 641) ( 5,765)
Investing activities:
Purchase - investments ( 5,000)
Purchase real estate ( 59,288) (262,040)
------- -------
Net cash provided (used) by
investing activities (64,288) (262,040)
------ -------
Financing activities:
Proceeds from mortgage and loan 25,000
Proceeds from shareholder loan 19,615 315,805
Proceeds (Payout)-capital stock ( 10,000)
Proceeds-Paid in capital 25,000
Net cash provided (used) ------ ---------
by financing activities 69,614 305,805
------ --------
Net decrease in cash 4,685 38,000
Cash - beginning 3,433 21,545
------ ------
Cash - ending $ 8,118 $ 59,545
====== ======
See accompanying notes
GREEN MACHINE DEVELOPMENT CORP.
F/K/A/ VIVA GOLF MANUFACTURING, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. BASIS OF REPRESENTATION
The accompanying financial statements reflect all adjustments
which, in the opinion of management, are necessary for a fair
presentation of the financial position and the results of
operations for the interim periods represented.
Certain financial information which is normally included in
financial statements prepared in accordance with generally
accepted accounting principals, but which is not required for
interim reporting purposes has been condensed or omitted.
The accompanying financial statements should be read in
conjunction with the financial statements and notes thereto as
of March 31, 1999, contained in the Company's Annual
Report on Form 10-KSB.
2. EARNINGS (LOSS) PER SHARE
Per share information is computed based on the weighted
average number of shares outstanding during the period.
PART 1 FINANCIAL INFORMATION
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS
The Company had $5,487 in assets at the beginning of Fiscal
Ending (FYE) 2000 on April 1, 1999 and had $426,911 at the end of
the 3rd quarter due to the contribution to capital on June 17, 1999 by
Green Machine Management, Corp. There were no revenues for the
3rd quarter ending 12/31/1999 nor were there any revenues for the
previous 2 quarters compared to $6,000 in revenue for the same nine
month period in 1998.
Quarterly operating expenses were reduced over 50% in the 3rd quarter
1999 compared to 3rd quarter 1998 and operating losses were reduced
from $34,602 to $28,815, for the same nine month period in 1998.
PLAN OF OPERATION
The Company owns two parcels of real estate and has a contract to
purchase another property across the street from Parcel "A"
A. 2 building lots #25/27 south side of Hudson Ave., on
the Intracoastal Waterway (ICW) in Ocean Ridge,
Palm Beach County, Florida.
B. Two triplex lots which will be developed as a (7)
seven unit townhouse condominium in Delray Beach,
Florida.
C. Parcel on the north side of Hudson Avenue on the
ICW, Ocean Ridge, Florida, across the street from
Parcel "A" under contract for $605,000.
Parcel "A"
This property is owned free and clear and has been divided into two
building lots. The site work, fill and clearing, has been completed
and a "Rip Rap" seawall has been constructed along the ICW. The
Department of Environmental Protection is expected to make final
inspection in January and to approve an agreed administrative order
for several minor violations of the permit. This agreement results
in the future payment by the Company of a settlement of $1250.
Preliminary plans for the two new dwellings were reviewed and
approved by the town of Ocean Ridge and construction drawings are
being completed. The marketing of the two luxury homes has been
planned and magazine advertisement will commence with the Listing
of the new construction in the Palm Beach Multiple Listing within
45 days. Construction of the two luxury homes will begin upon the
sale of at least (1) one unit. The listing price of $1.3 million is
expected to generate an actual sale of between $1.2 and $1.4 million
for each unit, depending on custom features required by the purchasers.
The "Rip Rap" wall permit also included the approval of approximately
200 feet of "Fishing Docks", 30 feet into the ICW from the new water
line. This area may be developed into a protected dock area for each
of these two luxury homes.
Parcel "B"
The Company owns (2) triplex lots which will be developed as 2.5
story townhouses. Preliminary review for the seven (7) unit
condominium has been approved by the building inspector. The
Company holds title to the property, subject to a $25,000 mortgage.
The Company plans to sell or joint venture this project.
Parcel "C"
The Company has a contract to Purchase #26 Hudson Ave., Ocean
Ridge, Florida which is expected to close in June or July, pending
the sale of at least one new Luxury home on Parcel "A". The
Company plans to complete a tax free third party exchange, through
the new home purchsaer, to finance the acquisition of the property
and defer income taxes.
The Company will provide a plan for a preliminary review to vacate
the Hudson Avenue section (60' R.O.W.) between parcels "A and C"
for consideration by the municipality. If the R.O.W. abandonment is
ultimately completed the Company plans to build a marine basin to
provide dockage for the expected (6) six or (7) seven units to be
developed.
PART II - OTHER INFORMATION
ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF
SECRUITY HOLDERS
On December 21, 1999, a special meeting of the Shareholders was
called by the Board of Directors, at which all Directors and the holders
of a majority of shares of Common Stock attended. A Resolution was
unanimously passed by the Shareholders authorizing the Board, as an
alternative, to restructure the Company and eliminate debt since recent
financing was not obtained nor did the Company obtain trading authority.
The Company may attempt to trade some assets for debt, spinoff other
real estate to a subsidiary and acquire other real estate for future
development when the debt was satisfied, minimizing the company's
liabilities.
It was further resolved that S.E.C. Counsel would be consulted on
material changes and review all documents and reports prior to filing
in order to better comply with S.E.C. requirements.
Director Ralph T. Woolbright announced that he intended to resign,
effective upon the Company's announcement of a replacement.
ITEM 5: OTHER INFORMATION
The Company has tentatively agreed with certain Shareholders to
convey the lots at #25 / 27 Hudson Avenue, Ocean Ridge, Florida in
consideration for outstanding loans and interest of approximately
$500,000. When this debt is eliminated the Company intends to
enter into an agreement for acquisition of two major real estate
development projects:
1. 35+ acres of office / commercial Orlando, Florida
2. An approved 948 unit residential development in Port
Richey, Pasco County, Florida
The Company plans a stock dividend to it's shareholders sometime in
the next quarter, in the subsidiary which will hold title to the parcel of
real estate suitable for the development of a (7) seven unit townhouse
condominium in Delray Beach, Florida.
ITEM 6: EXHIBITS
Exhibit 27, financial data schedule.
This schedule contains summary financial information extracted from
the balance sheet as of December 31, 1999 and the statement of
operations of Green Machine Development, Corp. for the nine months
ended December 31, 1999 included on form 10-QSB for the quarterly
period ended December 31, 1999 and is qualified in its entirety by
reference to such financial statements.
Legend
Multiplier 1,000
[PERIOD-TYPE] 9 MOS
[FISCAL-YEAR-END] MAR-31-2000
[PERIOD-START] OCT-01-1999
[PERIOD-END] DEC-31-1999
[CASH] 8
[SECURITIES] 0
[RECEIVABLES] 0
[ALLOWANCES] 0
[INVENTORY] 0
[CURRENT-ASSETS] 418
[PP&E] 1
[DEPRECIATION] 0
[TOTAL-ASSETS] 427
[CURRENT-LIABILITIES] 510
[BONDS] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 12
[OTHER-SE] (95)
[TOTAL-LIABILITY-AND-EQUITY] 427
[SALES] 0
[TOTAL-REVENUES] 3
[CGS] 0
[TOTAL-COSTS] 0
[OTHER-EXPENSES] 32
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 0
[INCOME-PRETAX] (29)
[INCOME-TAX] 0
[INCOME-CONTINUING] 0
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] (29)
[EPS-BASIC] (0.001)
[EPS-DILUTED] (0.001)
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
GREEN MACHINE DEVELOPMENT, CORP
FEBRUARY 15, 2000 JUNE-ANN FOX, CEO
FEBRUARY 15, 2000 JAMES T. MARTIN, CFO
