SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter ended March 31, 2000
Commission File No 1-15613
RC HOLDING CORP
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(Exact name of registrant as specified in its charter)
Delaware 13-4025362
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(State or other jurisdiction (IRS Employer ID Number)
of incorporation or organization)
515 Madison Avenue,21st Floor,New York, New York 10022
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(Address of principal executive offices (Zip Code)
Registrant's Telephone Number including area code (212) 688-4668
N/A
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Former name, former address and former fiscal year, if changed since last report
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 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.
Yes x No
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INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE CLOSE OF THE PERIOD COVERED BY THIS REPORT.
Common Stock, Par Value $.001 600,000
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Class Outstanding at March 31, 2000
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
RC Holding Corp.
By: /s/ John R. Rice, III
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John R. Rice, III, President
Dated: April 26, 2000
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RC HOLDING CORP.
(A Development Stage Company)
INCOME STATEMENT
FOR THE QUARTER ENDED MARCH 31, 2000
Sales 12,813
Cost of Sales 0
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Gross Profit 12,813
Selling and Administrative 1,740
Other Income (Expenses) Net
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Net Income (Loss) Before Taxes 11,073
Provision For Income Taxes
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Net Income (Loss) 11,073
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Net Income (Loss) Per Share 0.01845495
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Average Number of Shares Outstanding 600,000
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RC HOLDING CORP.
(A Development Stage Company)
BALANCE SHEET
MARCH 31, 2000
CURRENT ASSETS:
Subscriptions Receivable 359
Accounts Receivable 12,813
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TOTAL CURRENT ASSETS 13,172
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TOTAL ASSETS 13,172
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LIABILITIES AND STOCKHOLDERS EQUITY
LIABILITIES:
Accounts Payable and Accrued Expenses 13,001
STOCKHOLDERS EQUITY:
Common stock - $0.001 par value, 600,000 shares authorized, 600
600,000 shares issued & outstanding.
Paid - in capital 0
Accumulated Deficit (429)
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TOTAL STOCKHOLDERS EQUITY 171
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TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 13,172
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RC HOLDING CORP.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED MARCH 31, 2000
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) 11,073
Changes in assets and liabilities
Increase (Decrease) in accounts payable 1,740
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CASH PROVIDED (USED) BY OPERATING ACTIVITIES 12,813
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CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of Common Stock -
Additional Paid in Capital -
-
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CASH PROVIDED (USED) BY FINANCING ACTIVITIES -
NET INCREASE (DECREASE) IN CASH 12,813
CASH AT BEGINNING OF QUARTER -
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CASH AT END OF QUARTER 12,813
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RC Holding Corp.
Notes to Quarterly Financial Statements
March 31, 2000
Note 1 - Organization and Summary of Significant Accounting Policies
Organization: On November 22, 1996 RC Holding Corp. (the "Company")
was incorporated under the laws of Delaware, to
engage in any business, which is permitted by General
Corporation Law of Delaware.
The majority of the shareholders voted on February
10, 2000 at the Company's annual meeting to change
the corporate domicile from Delaware to Nevada.
The majority of the shareholders voted on February
10, 2000 at the Company's annual meeting to change
the corporate name from RC Holding Corp. to RICH
Holding Corp. As of the date of this financial
statement the Certificate of Amendment to the
Articles of Incorporation have not been filed by the
Company's legal counsel.
Operations: The majority of the shareholders voted on February
10, 2000 at the Company's annual meeting to divide
the Company into four operating divisions and to
commence operations in each and simultaneously seek
out the acquisition of operating companies in the
following business sectors: (i) financial services
industry; (ii) consumer products industry; (iii)
E-commerce industry; and, (iv) emerging technology.
In February 2000 the Company entered into an
agreement with MSA Apparel Corp. of New York to
provide all of its back office support services for a
fee of 5% of sales. Shipments for the month of March
2000 totaled $256,259.40. MSA Apparel is projecting
sales of $9,000,000 for the remained of calendar year
2000. The Company is in negotiations with other small
apparel contract manufacturers to provide back office
support services.
Income Taxes: Income taxes are provided for the tax effects of
transactions reported in the financial statements and
consist of taxes due plus deferred taxes relate
primarily to differences between the recorded book
basis and tax basis of assets and liabilities for
financial and income tax reporting. The deferred tax
assets and liabilities represent the future tax
return consequences of those differences, which will
either be taxable or deductible when the assets and
<PAGE>
RC Holding Corp.
Notes to Quarterly Financial Statements
March 31, 2000
liabilities are recovered or settled. Deferred taxes
are also recognized for operating losses that are
available to offset future taxable income and tax
credits that are available to offset federal income
taxes.
Based upon the Company's limited operations no
provision has been made for Federal Income taxes. It
is anticipated that a provision for income taxes will
be made in the financial statement for the next
quarter once the Company has increased it number of
clients.
Statement of
Cash Flows: For purposes of the statement of cash flows, the
Company considers demand deposits and highly liquid
debt instruments with maturity of three months or
less to be cash equivalents.
Cash paid for interest and taxes in period ended
March 31, 2000 was $-0-.
Net (Loss) Per
Common Share: The net (loss) per common share is computed by
dividing the net (Loss) for the period by number of
shares outstanding at March 31, 2000.
Note 2- Capital Stock
Common Stock: The Company initially authorized 1,500 shares no par
value.
On August 20, 1999 a majority of the Company's
shareholders authorized the amendment to the
Company's Certificate of Incorporation to increase
the number of shares the company authorized to issue
from 1,500 shares of common stock, no par value, to
20,000,000 share of common stock, par value $.001.
The shareholders also authorized a forward split on a
400 share for 1 basis effective following the
amendment of the Certificate of Amendment of the
Certificate of Incorporation.
