U.S. Securities and Exchange Commission
Washington, DC 20549
Form 10-Q SB
AMENDMENT NO. 2
(Mark One)
( X ) QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT
For the transition period from__________ to __________
Commission File Number 0-15937
GREATER CHINA CORPORATION
(f / k / a Brighton Information Systems Corporation)
_____________________________________________________
(Exact name of small business issuer as specified in its Charter)
Delaware 22-3057451
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State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
27 East 61st Street New York, New York 10021
(Address of principal executive offices)
(212) 935-0561
-----------------
(Issuer's telephone number)
____________________________________________________________
Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be Filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required
to file such report), and (2) has been subject to such filing
requirements for the past 90 days. Yes.....X..... No..........
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to
be filed by Section 12, 13 or 15 (d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.
Yes.......... No..........
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the Issuer's
classes of common equity, as of the latest practicable date:
May 15, 1996 - 5,975,640
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GREATER CHINA CORPORATION
(FORMERLY BRIGHTON INFORMATION SYSTEMS CORPORATION)
AND SUBSIDIARIES
March 31, 1996
Notes to Consolidated Financial Statements
Note 3 ----- Ability to Continue Operations
The Company's consolidated financial statements have been prepared
in conformity with generally accepted accounting principals, which
contemplate continuation of the Company as a going concern. The
Company incurred a net loss of approximately $951,161 and $41,658
for the six month period ending March 31, 1996 and 1995 respectively.
Further, the Company has a deficiency balance in stockholder's
equity of approximately $1,650,681 and current laibilities exceed
current assets by approximately $1,578,541 at March 31, 1996.
In view of the matters discussed in the preceding paragraph, recover-
ability of a major portion of the recorded asset amounts is dependent
upon the Company's ability to operate profitably, obtain additional
financing and to generate sufficient cash flow to meet its obligations
on a timely basis. The financial statements do not include any
adjustments relating to the recoverability and classification of
liabilities that might be necessary should the Company be unable to
continue as a going concern.
The deteriorization in operating results is in accordance with the
the planned winding down of all unprofitable lines of business due
to the highly competitive and low margin nature of computer hard-
ware sales in Hong Kong and China.
The Company is actively seeking to raise additional funds from several
sources in order to redevelop the Company and fund its transition.
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GREATER CHINA CORPORATION
(FORMERLY BRIGHTON INFORMATION SYSTEMS CORPORATION)
AND SUBSIDIARIES
March 31, 1996
FORM 10Q-SB
AMENDMENT NO. 2
SIGNATURE
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.
GREATER CHINA CORPORATION
---------------------------
Registrant
October 15, 1996 /s PETER R. BARKER
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DATE By: Peter R. Barker
Treasurer
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