SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 1997
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: 33 7945 D
HAAS NEUVEUX & COMPANY
(Exact name of small business issuer as specified in its charter)
Colorado 84-103219
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
4221 East Pontatoc Canyon Dr., Tucson, Arizona 85718
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code:(520) 577-6611
Indicate by check mark whether the issuer (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
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: As of
August 18, 1997, there were approximately 20,504,058 shares
outstanding.
I. PART I FINANCIAL INFORMATION
Item 1. Financial Statements
HAAS NEUVEUX & COMPANY
(a development stage company)
BALANCE SHEET
June 30,
1997 1996
ASSETS:
Cash $ - $ -
Property and Equipment - -
Other - -
Total Assets $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY:
Liabilities
Accounts payable, trade $ - $ -
Accounts payable, related party - -
Total Liabilities: $ - $ -
Stockholders' Equity
Common stock, $.0001 par value,
100,000,000 authorized; 20,504,058
shares issued and outstanding 2,050 2,050
Additional paid in capital 797,339 797,339
Accumulated deficit (799,389) (799,389)
Total equity - -
Total liabilities and equity $ - $ -
See accompanying Notes to Financial Statements
HAAS NEUVEUX & COMPANY
(a development stage company)
STATEMENTS OF OPERATIONS
Nine Months Ended June 30,
1997 1996
Revenues $ - $ -
Costs and expenses - -
Net income (loss) $ - $ -
Net income (loss) per common share * *
Weighted average number of
common shares outstanding 20,504,058 20,504,058
* Less than $.01 per share
See accompanying Notes to Financial Statements
HAAS NEUVEUX & COMPANY
(a development stage company)
STATEMENTS OF CASH FLOWS
Nine Months Ended June 30,
1997 1996
Cash Flows from operating activities:
Net gain (loss) $ - $ -
Adjustments to reconcile net gain
(loss) to net cash provided by
operating activities - -
Depreciation and amortization - -
Increase (decrease) in payables - -
Net cash used in operations: $ - $ -
Net increase (decrease) in cash
equivalents $ - $ -
See accompanying Notes to Financial Statements
HAAS NEUVEUX & COMPANY
(a development stage company)
Notes to Financial Statements
June 30, 1997
(Unaudited)
In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair presentation
of the financial condition of registrant have been included, and
the disclosures are adequate to make the information presented not
misleading.
Note 1. A summary of significant accounting policies is currently
on file with the U.S. Securities and Exchange Commission in
registrant's Form S-18 effective October 27, 1986.
Note 2. The loss per share was computed by dividing net loss by
the weighted average number of shares of common stock outstanding
during the period.
Note 3. Registrant has not declared or paid dividends on its
common shares since inception.
Note 4. The accompanying unaudited condensed financial statements
have been prepared in accordance with the instructions to Form 10
Q and do not include all information and footnotes required by
generally accepted accounting principles for complete financial
statements.
Note 5. Income taxes have not been provided for in that registrant
has not had a tax liability from inception through March 31, 1997,
due to operating losses.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity and Capital Resources: Haas Neuveux & Company (the
Company) was incorporated under the laws of Colorado on May 23,
1986. The Company initially provided for its operations from a
private capitalization followed by a public offering, which closed
in 1987. The Company then unsuccessfully pursued several municipal
lease transactions. In 1992, the Company acquired a Swiss
corporation, Ancienne Manufacture des Montres Haas & Compagnie
S.A., which was sold on June 30, 1994. Immediately after this
sale, Mr. Michael Harrop assumed control of the Company.
The Company, subsequent to the period encompassed by this report,
on July 2, 1997, acquired two separate subsidiaries engaged in a
variety of business related to the polo field. These entities were
acquired from Mr. Harrop, who infused working capital in the amount
of $1,200,000 for the purpose of funding the operations of these
businesses. The first subsidiary owns and is developing land in
Uruguay to provide a polo facility and club surrounded by
residential real estate. The second primarily provides for the
import of polo ponies from South America to Europe. The Company
will, as a result of these acquisitions, change its name to more
closely identify with its new business.
The Company had not generated any cash flows from operating or
investing activities from inception through the period of this
report, having supplied its working capital needs from capital
fundings which occurred in 1986 and 1987. The Company has now
obtained an infusion of working capital from Mr. Harrop, as
discussed above.
Results of Operations:
Three and Nine Months Ended June 30, 1997, as Compared to Three and
Nine Months Ended June 30, 1996: The Company had no operations
during the first nine months of 1997 or 1996.
PART II OTHER INFORMATION
Item 1. Litigation: No material legal proceedings to which the
Company (or any officer or director of the Company, or any
affiliate or owner of record or beneficially of more than five
percent of the Common Stock, to management's knowledge) is a party
or to which the property of the Company is subject is pending and
no such material proceeding is known by management of the Company
to be contemplated.
Item 2. Change in Securities: This item is not applicable to the
Company for the period covered by this report.
Item 3. Defaults Upon Senior Securities: This item is not
applicable to the Company for the period covered by this report.
Item 4. Submission of Matters to a Vote of Security Holders:
There were no meetings of security holders during the period
covered by this report; thus, this item is not applicable.
Item 5. Other Information: There is no additional information
which the Company is electing to report under this item at this
time.
Item 6. Exhibits and Reports on Form S K: No reports on Form 8
K were filed by the Company during the period covered by this
report.
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 this 19th day of August, 1997.
HAAS NEUVEUX & COMPANY
(Registrant)
By:/s/ Michael Harrop
Michael Harrop, President and
Chief Executive Officer
By: /s/ Michael Harrop
Michael Harrop, Chief Financial
and Accounting Officer and
Treasurer
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