U.S. 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 June 30, 2000
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-25765
PATRIOT INVESTMENT CORPORATION
(Exact name of small business issuer as specified in its charter)
Nevada 87-0429748
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
6169 Jamestown Court, Salt Lake City, Utah 84121
(Address of principal executive offices)
801-566-6627
(Issuer's telephone number)
Not Applicable
(Former name, address and fiscal year, if changed since last report)
Check whether the issuer (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the issuer
was required to file such reports), 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 has filed all documents and reports
required to be filed by Sections 12, 13, or 15(d) of the
Exchange Act subsequent to 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 June 30, 2000: 25,000,000
shares of common stock.
Transitional Small Business Format: Yes [ ] No [ X ]
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FORM 10-QSB
PATRIOT INVESTMENT CORPORATION
INDEX
Page
PART I. Financial Information
Item I. Financial Statements (unaudited) 3
Condensed Balance Sheets - June 30, 2000
(unaudited) and December 31, 1999 4
Condensed Statements of Operations
(unaudited) for the Three Months and Six
Months Ended June 30, 2000 and 1999, and
for the Period from January 13, 1986
(Inception) to June 30, 2000 5
Condensed Statements of Cash Flows
(unaudited) for the Six Months Ended June
30, 2000 and 1999, and from the Period
from January 13, 1986 (Inception) to June
30, 2000 6
Notes to Consolidated Financial 7
Statements
Item 2. Management's Discussion and
Analysis of Financial Condition or Plan
of Operation 8
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K 9
Signatures 10
(Inapplicable items have been omitted)
2
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PART I.
Financial Information
Item 1. Financial Statements (unaudited)
In the opinion of management, the accompanying unaudited
financial statements included in this Form 10-QSB reflect all
adjustments (consisting only of normal recurring accruals)
necessary for a fair presentation of the results of operations
for the periods presented. The results of operations for the
periods presented are not necessarily indicative of the results
to be expected for the full year.
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PATRIOT INVESTMENT CORPORATION
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
Current Assets - Cash $ 1,471 $ 376
Total Assets $ 1,471 $ 376
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
Accounts payable $ 227 $ -
Advance from officer/director 3,500 -
Total Liabilities 3,727 -
Stockholders' (Deficit) Equity
Preferred Stock, $0.001 par value; 10,000,000
shares authorized; no shares issued and
outstanding $ - $ -
Common Stock, $0.001 par value; 50,000,000
shares authorized; 25,000,000 shares issued
and outstanding at June 30, 2000 and
December 31, 1999 25,000 25,000
Additional paid in capital 141,376 141,376
Deficit accumulated during development
stage (168,632) (166,000)
Total Stockholders' (Deficit) Equity (2,256) 376
Total Liabilities and Stockholders'
(Deficit) Equity $ 1,471 $ 376
4
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PATRIOT INVESTMENT CORPORATION
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
From Inception
On January 13,
For the Three Months For the Six Months 1986 Through
June 30, Ended June 30, June 30,
2000 1999 2000 1999 2000
Revenue $ - $ - $ - $ - $ -
Expenses 406 1,475 2,632 4,695 25,156
Loss from discontinued
operations - - - - 143,476
Net Loss $ (406) $(1,475) $(2,632) $(4,695) $(168,632)
Basic and Diluted
Loss Per Share $(0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.02)
Weighted Average
Shares Outstanding 25,000,000 20,000,000 25,000,000 20,000,000 8,005,160
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PATRIOT INVESTMENT CORPORATION
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
From Inception
On January 13,
1986 Through
For the Six Months June 30,
Ended June 30, 2000
2000 1999
Cash Flows from Operating Activities
Net loss $(2,632) $(4,695) $(168,632)
Adjustments to reconcile net loss to cash
used by operating activities:
Change in accounts payable 227 - 227
Net Cash Used in Operating Activities (2,405) (4,695) (168,405)
Cash Flows from Financing Activities
Proceeds from issuance of common stock - - 161,376
Advances from officer 3,500 - 8,500
Net Cash Provided by Financing
Activities 3,500 - 169,876
Net Increase (Decrease) in Cash 1,095 (4,695) 1,471
Cash at Beginning of Year 376 4,914 -
Cash at End of Period $ 1,471 $ 219 $ 1,471
Supplemental Cash Flow Information
No interest was paid during the six months ended June 30, 2000
and 1999 nor for the period from January 13, 1986 (date of
inception) through June 30, 2000.
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PATRIOT INVESTMENT CORPORATION
(A Development Stage Company)
NOTE TO THE CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1- CONDENSED FINANCIAL STATEMENTS
The accompanying condensed financial statements are unaudited. In
the opinion of management, all necessary adjustments (which
include only normal recurring adjustments) have been made to
present fairly, the financial position, results of operations and
cash flows for the periods presented. Certain information and
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have
been condensed or omitted. It is suggested that these condensed
financial statements be read in conjunction with the Company's
annual financial statements and notes thereto included in the
Company's annual report on Form 10-KSB as of December 31, 1999.
The results of operations for the six month period ended June 30,
2000 are not necessarily indicative of the operating results to
be expected for the full year.
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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION OR PLAN OF OPERATION
Forward-Looking Statement Notice
When used in this report, the words "may," "will," "expect,"
"anticipate," "continue," "estimate," "project," "intend," and
similar expressions are intended to identify forward-looking
statements within the meaning of Section 27a of the Securities
Act of 1933 and Section 21e of the Securities Exchange Act of
1934 regarding events, conditions, and financial trends that may
affect the Company's future plans of operations, business
strategy, operating results, and financial position. Persons
reviewing this report are cautioned that any forward-looking
statements are not guarantees of future performance and are
subject to risks and uncertainties and that actual results may
differ materially from those included within the forward-looking
statements as a result of various factors. Such factors are
discussed under the "Item 2. Management's Discussion and
Analysis of Financial Condition or Plan of Operations," and also
include general economic factors and conditions that may directly
or indirectly impact the Company's financial condition or results
of operations.
Three Month periods Ended June 30, 2000 and 1999
The Company had no revenue from continuing operations for the
three-month periods ended June 30, 2000 and 1999.
General and administrative expenses for the three month periods
ended June 30, 2000 and 1999, consisted of general corporate
administration, legal and professional expenses, and accounting
and auditing costs. These expenses were $406 and $1,475 for the
three-month periods ended June 30, 2000 and 1999, respectively.
As a result of the foregoing factors, the Company realized a net
loss of $406 for the three months ended June 30, 2000, as
compared to a net loss of $1,475 for the same period in 1999.
Six Month periods Ended June 30, 2000 and 1999
The Company had no revenue from continuing operations for the six-
month periods ended June 30, 2000 and 1999.
General and administrative expenses for the six month periods
ended June 30, 2000 and 1999, consisted of general corporate
administration, legal and professional expenses, and accounting
and auditing costs. These expenses were $2,632 and $4,695 for
the six-month periods ended June 30, 2000 and 1999, respectively.
As a result of the foregoing factors, the Company realized a net
loss of $2,632 for the six months ended June 30, 2000, as
compared to a net loss of $4,695 for the same period in 1999.
Liquidity and Capital Resources
At June 30, 2000, the Company had $1,471 cash in hand and a
working capital deficit of approximately $2,256, as compared to a
working capital of approximately $376 at December 31, 1999.
Management believes that the Company has sufficient cash and
short-term investments to meet the anticipated needs of the
Company's operations through at least the next 12 months.
However, there can be no assurances to that effect, as the
Company has no significant revenues and the Company's need for
capital
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may change dramatically if it acquires an interest in a business
opportunity during that period. The Company's current operating
plan is to (i) handle the administrative and reporting
requirements of a pubic company, and (ii) search for potential
businesses, products, technologies and companies for acquisition.
At present, the Company has no understandings, commitments or
agreements with respect to the acquisition of any business
venture, and there can be no assurance that the Company will
identify a business venture suitable for acquisition in the
future. Further, there can be no assurance that the Company
would be successful in consummating any acquisition on favorable
terms or that it will be able to profitably manage any business
venture it acquires.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
Reports on Form 8-K: No reports on Form 8-K were filed by the
Company during the quarter ended June 30, 2000.
Exhibits: Included only with the electronic filing of this report
is the Financial Data Schedule for the six month period ended
June 30, 2000 (Exhibit ref. No. 27).
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SIGNATURES
In accordance with the Exchange Act, the registrant caused this
report to be signed on its behalf by the undersigned thereunto
duly authorized.
PATRIOT INVESTMENT CORPORATION
Date: August 8, 2000 By: /s/ Bradley S. Shepherd,
President, Secretary and Treasurer
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