10
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 September 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 (IRS Employer Identification No.)
jurisdiction of
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 September 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 - September 30, 4
2000 (unaudited) and December 31, 1999
Condensed Statements of Operations 5
(unaudited) for the Three Months and Nine
Months Ended September 30, 2000 and 1999,
and for the Period from January 13, 1986
(Inception) to September 30, 2000
Condensed Statements of Cash Flows 6
(unaudited) for the Nine Months Ended
September 30, 2000 and 1999, and from the
Period from January 13, 1986 (Inception)
to September 30, 2000
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.
3
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PATRIOT INVESTMENT CORPORATION
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(Unaudited)
ASSETS
September 30,
December 31,
2000 1999
Current Assets - Cash $ 882 $ 376
Total Assets $ 882 $ 376
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
Accounts payable $ 1,533 $ -
Advance from officer/director 3,500 -
Total Liabilities 5,033 -
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 September 30, 2000 and December 31, 1999 25,000 25,000
Additional paid in capital 141,376 141,376
Deficit accumulated during development stage
(170,527) (166,000)
Total Stockholders' (Deficit) Equity (4,151) 376
Total Liabilities and
Stockholders' (Deficit) Equity $ 882 $ 376
See accompanying notes to condensed financial statements.
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 Nine Months 1986 Through
Ended September 30, Ended September30, September 30,
2000 1999 2000 1999 2000
Revenue $ - $ - $ - $ - $ -
Expenses 1,895 435 4,527 5,130 27,051
Loss from discontinued
operations - - - - 143,476
Net Loss $(1,895) $(435) $(4,527) $(5,130) $(170,527)
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 8,296,101
See accompanying notes to condensed financial statements.
5
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PATRIOT INVESTMENT CORPORATION
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
From Inception
On January
13,1986
For the Nine Months Through
Ended September 30, September 30,
2000 1999 2000
Cash Flows from Operating Activities
Net loss $(4,527) $(5,130) $(170,527)
Adjustments to reconcile net
loss to cash used by
operating activities:
Change in accounts payable 1,533 - 1,533
Net Cash Used in Operating
Activities (2,994) (5,130) (168,994)
Cash Flows from Financing Activities
Proceeds from issuance of common
stock - - 161,376
Advances from officer 3,500 4,000 8,500
Net Cash Provided by
Financing Activities 3,500 4,000 169,876
Net Increase (Decrease) in Cash 506 (1,130) 882
Cash at Beginning of Year 376 4,914 -
Cash at End of Period $ 882 $ 3,784 $ 882
Supplemental Cash Flow Information
No interest was paid during the nine months ended September 30, 2000 and
1999 nor for the period from January 13, 1986 (date of inception) through
September 30, 2000.
See accompanying notes to condensed financial statements.
6
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PATRIOT INVESTMENT CORPORATION
(A Development Stage Company)
NOTES 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 nine month period ended September 30, 2000 are not
necessarily indicative of the operating results to be expected for the full
year.
NOTE 2-ADVANCE FROM OFFICER/DIRECTOR
During the nine month period ended September 30, 2000, an officer/director of
the Company advanced $3,500 to the Company. The advances are due on demand
and have no provision for interest.
NOTE 3-SUBSEQUENT EVENTS
During October 2000, an officer/director of the Company advanced $1,500 to
the Company. Outstanding advances from the officer/director total $5,000
to date. There are no terms of repayment on the advances and no interest
has been accrued or expenses related to these advances.
7
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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 September 30, 2000 and 1999
The Company had no revenue from continuing operations for the three-
month periods ended September 30, 2000 and 1999.
General and administrative expenses for the three month periods
ended September 30, 2000 and 1999, consisted of general corporate
administration, legal and professional expenses, and accounting and
auditing costs. These expenses were $1,895 and $435 for the three-
month periods ended September 30, 2000 and 1999, respectively.
As a result of the foregoing factors, the Company realized a net
loss of $1,895 for the three months ended September 30, 2000, as
compared to a net loss of $435 for the same period in 1999.
Nine Month periods Ended September 30, 2000 and 1999
The Company had no revenue from continuing operations for the nine-
month periods ended September 30, 2000 and 1999.
General and administrative expenses for the nine month periods ended
September 30, 2000 and 1999, consisted of general corporate
administration, legal and professional expenses, and accounting and
auditing costs. These expenses were $4,527 and $5,130 for the nine-
month periods ended September 30, 2000 and 1999, respectively.
As a result of the foregoing factors, the Company realized a net
loss of $4,527 for the nine months ended September 30, 2000, as
compared to a net loss of $5,130 for the same period in 1999.
8
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Liquidity and Capital Resources
At September 30, 2000, the Company had $882 cash in hand and a
working capital deficit of approximately $4,151, as compared to
working capital of approximately $376 at December 31, 1999.
The Company believes that its current cash needs can be met with the
cash on hand or from loans from officers and directors for at least
the next twelve months. However, should the Company obtain a
business opportunity, it may be necessary to raise additional
capital. This may be accomplished by selling common stock of the
Company or debt financing.
The Company's need for capital 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 September 30, 2000.
Exhibits: Included only with the electronic filing of this report is
the Financial Data Schedule for the nine month period ended
September 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: 11/6/2000
By:/s/Bradley S. Shepherd
Bradley S. Shepherd,
President, Secretary and Treasurer
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