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 January 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
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)
(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
March 13, 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 9
There is no Exhibit Index.
INDEX
Page
Part I. Financial Information:
Item 1. Financial Statements.
Balance Sheets at January 31, 2000 and
April 30, 1999 3
Statements of Operations and Comprehensive
Income for the nine months ended
January 31, 2000 and 1999 4
Statements of Cash Flows for the
nine months ended January 31, 2000
and 1999 5
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation. 6-7
Part II. Other Information:
Item 6. Exhibits and Reports on Form 8-K. 8
Signature 9
<PAGE>
HARVEST CAPITAL CORPORATION
(A Development Stage Corporation)
BALANCE SHEETS
(Unaudited)
ASSETS
January 31, April 30,
2000 1999
Current assets:
Cash $ 274 $ 359
Total current assets 274 359
Other assets:
Securities available for sale 157,480 157,480
Total assets $157,754 $157,839
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and taxes payable $ 691 $ 691
Due to related party 60,350 54,500
Total current liabilities 61,041 55,191
Stockholder's 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 and outstanding 88,999,999
at April 30, 1999 and 1998 8,900 8,900
Additional paid-in capital 442,980 442,980
Retained (deficit) - prior to
development stage inception (314,120) (314,120)
Retained (deficit) - development
stage (128,416) (122,481)
Unrealized gain on securities
available-for-sale, net of taxes 87,369 87,369
Total stockholders' equity 96,713 102,648
$157,754 $157,839
See accompanying notes to financial statements.
HARVEST CAPITAL CORPORATION
(A Development Stage Corporation)
STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Unaudited)
(Unaudited)
Nine Months Ended
January 31,
2000 1999
Revenues:
Interest $ 5 $ 6
Costs and expenses:
General and adminis-
trative $ 1,440 $ 1,430
Management fee -
related party 4,500 4,500
5,940 5,930
(Loss) from operations 5,935 5,924
Provision for income taxes - -
Net(Loss) (5,935) (5,924)
Other Comprehensive income
Unrealized (loss) on
securites - 1,214
Total Comprehensive (loss) (5,935) (4,710)
Net (loss) per common
share $ - $ -
Weighted average
common shares
outstanding 88,999,999 88,999,999
See accompanying notes to financial statements.
<PAGE>
HARVEST CAPITAL CORPORATION
(A Development Stage Corporation)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
January 31,
2000 1999
Cash flows from operating
activities:
Net (loss) $ (5,935) $ (5,924)
Adjustments to reconcile net
(loss) to net cash (used)
by operating activities:
Unrealized gain (loss) on
securities available for sale - 1,214
Loss on sale of securities - -
Changes in assets and
liabilities:
(Increase) decrease in
marketable securities - (1,214)
Decrease in organization
expense - -
Increase (decrease) in
accounts payable, accrued
expenses and taxes - -
Increase in amounts due to
related party 5,850 5,850
Net cash (used) by operating
activities (85) (74)
Cash flows from investing
activities:
Proceeds from sale of
securities - -
Net cash provided by
investing activities - -
Net increase (decrease)
in cash and cash equivalents (85) (74)
Cash and cash equivalents,
beginning of year 359 471
Cash and cash equivalents,
end of year $ 274 $ 397
Supplemental disclosures of
cash flow information:
Cash received from interest income $ 5 $ 6
See accompanying notes to financial statements.
HARVEST CAPITAL CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1.
The balance sheets as of January 31, 2000 and April 31, 1999, the
statements of operations and comprehensive income for the nine
months ended January 31, 2000 and 1999 and the statements of cash
flows for the nine month periods ended January 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
January 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, 1999 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 $5,935
for the nine months ended January 31, 2000 and $5,924 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.
PART II. OTHER INFORMATION
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 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.
HARVEST CAPITAL CORPORATION
Registrant
By:s/Joseph L. Murphy
Joseph L. Murphy, President
(Duly authorized officer)
Dated: March 13, 2000
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0
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