U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported): June 14, 2000
GREEN MACHINE DEVELOPMENT CORP.
(Exact name of registrant as specified in its charter)
Florida 333-6388 65-0594832
State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
200 MacFarlane Drive, Suite 405, Delray Beach, FL 33483
(Address of principle executive offices) (Zip Code)
Registrant's telephone number, including area code: (561) 276-8226
Item 2. Acquisition or Disposition of Assets
Pursuant to a resolution dated May 18, 2000, the Company offered a
subscription of 1 million common shares to Green Machine Management, Ltd.,
a Bahamian I.B.C. and the related party advancing the Shareholder loans, in
the aggregate amount of $512,242, plus accrued interest of $44,900 totaling
$567,142. It was previously agreed to pay the loans in full by June 16, 2000
and the Company was not in the financial positon to do so.
Most of the proceeds of the loans were used to finance the acquisition and
improvements to a large lot at 25 Hudson Avenue, Ocean Ridge, Florida, on
the Intracoastal Waterway (ICW). The Company acquired the property through
the June 1999 Contribution to Capital by Green Machine Management, Corp.
The large lot was divided and preliminarily approved for the development of
two luxury homes. Two quit claim deeds were filed on April 5, 2000;
Parcel "B" was deeded to the Company and Parcel "A" was deeded to Mercard
Credit Services, Inc., a wholly owned subsidiary.
One June 13, 2000, the Company adopted a Corporate Resolution authorizing
the exchange of the 1 million common shares subscribed to by GMMLtd for
$567,142 to be exchanged for the 1 million outstanding shares the Company
held in the subsidiary Mercard Credit Services. In effect the Company
increased it's capitalization, disposing of (1) lot and retaining (1)
building lot, about half of the parcel, debt free.
An appraisal report was completed on May 22, 2000 by Michael Mehcham, M.A.I.
and state certified of Fort Lauderdale, Florida. The report valued Parcel
"A" at $550,000 and improvements of $35,000, a total of $585,000. Parcel "B"
was appraised for a similiar amount.
The Administrator for Green Machine Management, Ltd., is George B. Liddy,
the father of Geoffrey D. Liddy, the major shareholder of the Company and
the contributor to capital of this Company on June 17, 1999. On that date,
the Company acquired the assets of Green Machine Management, Corp, a Florida
Corporation, also a subsidiary of this Company. Those assets included
the real estate parcel divided into "A" titled to Mercard Credit Services
and now owned by GMMLtd through the exchange of stock on June 14, 2000 and
Parcel "B" which was retained by the Company.
Item 6. Resignations of Registrant's Directors
The Company wants to clarify the fact the Ralph T. Woolbright was a Director
of Green Machine Management, Corp., and he did not choose to continue after
that acquisition because of his relocation and employment requirements.
John J. Brehm was a Director of this Company at the time of acquisition and
continues as a Director/Vice President.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
Green Machine Development, Corp.
/S/
June 14, 2000 June-Ann Fox, President
