UNITES STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number 0-25824
NEW HARVEST CAPITAL CORPORATION
(Exact name of small business issuer as specified in its charter)
Delaware 13-3334512
(State or other jurisdiction of (IRS Employer)
incorporation or organization) Identification No.)
225 West 37th Street, New York, New York 10018
(212) 819-1066
Registrant's telephone number, (including area code)
HARVEST CAPITAL CORPORATION
(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 of 1934 during the
past 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
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date: As of
September 14, 2000, there were 89,999,999 shares of common stock,
par value $.0001 per share.
Transitional small business disclosure format (check one)
Yes No X
Page 1 of 10.
There is no Exhibit Index.
INDEX
Page
Part I. Financial Information:
Item 1. Financial Statements.
Balance Sheets at July 31, 2000 and
April 30, 2000 3-4
Statements of Operations for the three
months ended July 31, 2000 and 1999 5
Statements of Cash Flows for the
three months ended July 31, 2000 and 1999 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation. 7-8
Part II. Other Information:
Item 5. Other Information. 9
Item 6. Exhibits and Reports on Form 8-K. 9
Signature 10
PART I. FINANCIAL INFORMATION
NEW HARVEST CAPITAL CORPORATION
BALANCE SHEETS
ASSETS
July 31, April 30,
2000 1999
(Unaudited)
Current assets:
Cash $ 188 $ 234
Total current assets 188 234
Other assets:
Securities available for sale 206,692 172,244
$ 206,880 $ 172,478
See accompanying notes to financial statements.
<PAGE>
NEW HARVEST CAPITAL CORPORATION
BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
July 31, April 30,
2000 2000
(Unaudited)
Current liabilities
Accrued expenses and
taxes payable $ 10,941 $ 691
Due to related party 63,800 62,300
Total current liabilities 74,741 62,991
Shareholders' equity
Preferred stock - $.0001 par value,
authorized 5,000,000 shares; issued
and outstanding- none - -
Common stock - $.0001 par value,
authorized 300,000,000 shares;
issued 88,999,999 at July 31, 2000
and April 30, 2000; 8,900 8,900
Additional paid-in capital 442,980 442,980
Retained (deficit)-prior to
development stage (314,120) (314,120)
Retained stage (deficit)-
development stage (142,202) (130,406)
Unrealized gain on securities
available for sale, net of taxes 136,581 102,133
Total stockholders' equity 132,139 109,487
$ 206,880 $ 172,478
See accompanying notes to consolidated financial statements
NEW HARVEST CAPITAL CORPORATION
STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JULY 31, 2000 AND 1999
(Unaudited)
THREE MONTHS ENDED
JULY 31,
2000 1999
Revenues:
Interest $ - $ 2
Costs and expenses:
General and administrative 10,296 480
Management fees - related party 1,500 1,500
11,796 1,980
(Loss) from operations (11,796) (1,978)
Provision for taxes - -
Net (loss) $ (11,796) $ (1,978)
Other Comprehensive income:
Unrealized gain (loss)
on securities 34,448 29,528
Total Comprehensive Income
Net (loss) per common share $ - $ -
Weighted average common shares
outstanding 88,999,999 88,999,999
See accompanying notes to financial statements.
NEW HARVEST CAPITAL CORPORATION
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED
JULY 31,
2000 1999
Cash Flows from Operating Activities
Net (loss) $ (11,796) $ (1,978)
Adjustments to reconcile net (loss)
to net cash used in operations:
Changes in operating assets and liabilities
accrued expenses and taxes 11,750 1,950
Net Cash (used in) Operating Activities (46) (28)
(Decrease) in cash - (28)
Cash-beginning of period 234 359
Cash-end of period $ 188 $ 331
See accompanying notes to financial statements.
<PAGE>
NEW HARVEST CAPITAL CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1.
The balance sheet as of July 31, 2000, the statements of
operations for the three month periods ended July 31, 2000 and 1999
and the statements of cash flows for the three month periods ended
July 31, 2000 and 1999, have been prepared by the Company, without
audit. In the opinion of management, all adjustments necessary to
present fairly the financial position, results of operations and
cash flows, as of July 31, 2000 and for all periods presented have
been made. The results of operations are not necessarily indicative
of the results to be expected for the full year.
Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally
accepted accounting principles have been omitted. It is suggested
that these financial statements be read in conjunction with the
financial statements and notes thereto included in the Company's
Form 10-KSB for its fiscal year ended April 30, 2000, which was
filed with the Securities and Exchange Commission.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Results of Operations
Liquidity and Capital Resources
The Company had limited operations in both periods and lost
$11,796 for the three months ended July 31, 2000 and $1,978 for the
same period in the prior year.
Recent Accounting Pronouncements
In 1997, the Financial Accounting Standards Board issued SFAS
No. 130, "Reporting Comprehensive Income." This standard
establishes requirements for the reporting and display of
comprehensive income and its components in a full set of general
purpose financial statements. Comprehensive income is the total of
net income and all other nonowner changes in equity. The objective
of this statement is to report a measure of all changes in equity
of a company that result from transactions and other economic
events in the period other than transactions with owners. This
standard is effective for the Company's fiscal year beginning
November 1, 1998. The Company does not have any transactions other
than with owners. As such, disclosure of comprehensive income is
not necessary. As this statement relates solely to disclosure
provisions, the Company believes that the adoption of this standard
will not have an effect on its financial position or results of
operations.
In June 1997, the Financial Accounting Standards Board issued
SFAS No. 131, "Disclosures About Segments of an Enterprise and
Related Information," ("SFAS 131"). This pronouncement establishes
standards for companies to report information about operating
segments in financial statements based on the approach that
management utilizes to organize the segments within the company for
management reporting and decision making. In addition, SFAS No.
131 requires that companies report disclosures about products and
services, geographic areas and major customers. SFAS No. 131 is
effective for the Company's fiscal year beginning November 1, 1998.
Financial statement disclosures for prior periods are required to
be restated. As this statement relates solely to disclosure
provisions, the Company believes that the adoption of this
statement will not have an effect on its financial position or
results of operations.
Safe Harbor Statement
Statements which are not historical facts, including
statements about the Company's confidence and strategies and its
expectations about new and existing products, technologies and
opportunities, market and industry segment growth, demand and
acceptance of new and existing products are forward looking
statements that involve risks and uncertainties. These include,
but are not limited to, product demand and market acceptance risks;
the impact of competitive products and pricing; the results of
financing efforts; the loss of any significant customers of any
business; the effect of the Company's accounting policies; the
effects of economic conditions and trade, legal, social, and
economic risks, such as import, licensing, and trade restrictions;
the results of the Company's business plan and the impact on the
Company of its relationship with its lender.
<PAGE>
PART II. OTHER INFORMATION
Item 5. Other Information.
On August 3, 2000 the Company filed a Certificate of
Renewal and Revival of Certificate of Incorporation with
the Delaware Secretary of State changing its name from
Harvest Capital Corporation to New Harvest Capital
Corporation.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
3.1 Articles of Incorporation of the Company, incorporated by
reference to Form S-18 Registration Statement
No. 33-2034-NY (the Registration Statement").
3.2 Certificate of Renewal and Revival of Certificate of
Incorporation of the Company filed with the Delaware
Secretary of State on August 3, 2000.
3.3 The Company's By-Laws are incorporated by reference to
Exhibit 6 of the Registration Statement.
27 Financial Data Schedule.
(b) Reports on Form 8-K.
None.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
NEW HARVEST CAPITAL CORPORATION
Registrant
By:/s/Joseph L. Murphy
Joseph L. Murphy, President
(Duly authorized officer)
Dated: September 18, 2000
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