UNITED STATES
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 December 31, 1996
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 33-22097-NY
Havenwood Ventures, Inc.
(Exact name of registrant as specified in its charter)
Delaware 11-2908692
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
PO Box 1451, Sedona, AZ 86339
(Address of principal executive offices)
(520) 282-1275
(Registrant's telephone number, including area code)
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(Former name, former address and former
fiscal year if changed since last year)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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 ___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes____ No____
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
258,365,000 common sharesoutstanding as of February 9, 1997
The document is comprised of 8 pages.
<PAGE>
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Index
Part I Page
Item 1. Financial Information
Condensed balance sheet as of
December 31, 1996........................... 2
Condensed statements of operations,
three and six months ended December 31,
1996 and 1995 and April 28, 1988 through
December 31, 1996........................... 3
Condensed statements of cash flows,
six months ended December 1996 and 1995
and April 28, 1988 through
December 31, 1996........................... 4
Notes to condensed financial
statements.................................. 5
Item 2. Management's discussion and analysis or
plan of operation........................... 6
Part II
Other information............................. 7
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote
of Security Holders
Item 5. Other information
Item 6. Exhibits and Reports on Form 8-K
Signatures.................................... 8
-1-
<PAGE>
Part I. Item 1. Financial information
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Condensed Balance Sheet
ASSETS
December 31,
1996
-------------
ASSETS
Cash................................................ $ 1,004
============
LIABILITIES AND SHAREHOLDERS' DEFICIT
LIABILITIES
Accounts payable.................................... $ 3,668
------------
TOTAL LIABILITIES 3,668
============
SHAREHOLDERS' DEFICIT
Common stock........................................ 2,584
Other shareholders' deficit......................... (5,248)
------------
TOTAL SHAREHOLDERS' DEFICIT (2,664)
------------
$ 1,004
============
See accompany notes to financial statements.
-2-
<PAGE>
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Condensed Statements of Operations
<TABLE>
<S> <C> <C> <C> <C> <C>
April 28, 1988
(Inception)
Three months ended Six months ended through
December 31, December 31, December 31,
1996 1995 1996 1995 1996
---- ---- ---- ---- ----
Selling, general and administrative expenses...... $ 277 $ 1,745 $ 577 $ 6,829 $ 146,430
Loss on development of Theme Park................. - - - - 612,705
---------- ------------ ------------ ------------ ------------
OPERATING LOSS (277) (1,745) (577) (6,829) (759,135)
Non operating income
Gain on disposal of Theme Park assets........... - - - - 124,841
Other........................................... - - - - 43,081
--------- ------------ ----------- ----------- -----------
NET LOSS $ (277) $ (1,745) $ (577) $ (6,829) $ (591,213)
=========== =========== =========== =========== ===========
Weighted average shares outstanding............... 258,365,000 258,365,000 258,365,000 258,365,000 234,072,380
=========== =========== =========== =========== ===========
Net (loss) per share.............................. $ * $ * $ * $ * $ *
============ =========== =========== ============ ===========
*Less than $.01
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
Havenwood Ventures, Inc.
(A Development Stage Enterprise)
Condensed Statements of Cash Flows
<TABLE>
<S> <C> <C> <C>
April 28, 1988
(Inception)
Six months ended through
December 31, December 31,
1996 1995 1996
---- ---- ----
OPERATING ACTIVITIES
Net cash (used in) operating activities.....................................$ (1,522) $ (6,436) $ (464,847)
----------- -------- ----------
INVESTING ACTIVITIES
Acquisition of land, property and equipment ................................ - - (845,140)
Organization costs incurred................................................. - - (5,671)
----------- -------- ----------
Net cash (used in) investing activities..................................... - - (850,811)
----------- -------- ----------
FINANCING ACTIVITIES
Net proceeds from issuance of common stock.................................. - - 527,095
Acquisition of treasury shares; subsequently cancelled...................... - - (51)
Offering costs incurred..................................................... - - (61,189)
Debt issued to stockholder.................................................. - - 453,500
Long term debt issuance..................................................... - - 400,000
Loan to shareholder, net of repayment....................................... - - -
Principal payments on long-term debt........................................ - - (2,786)
Capital contribution by president........................................... - - 93
----------- -------- ----------
Net cash provided by financing activities................................... - - 1,316,662
----------- -------- ----------
Net increase (decrease) in cash and cash equivalents.......................... (1,522) (6,436) 1,004
Cash and cash equivalents at beginning of period.............................. 2,526 ,150 -
----------- -------- ----------
Cash and cash equivalents at end of period ...................................$ 1,004 $ 2,714 $ 1,004
=========== ========= =========
Supplementary disclosure of cash flow information:
Cash paid during the period for:
Interest.................................................................. $ - $ - $ 77,274
Income taxes.............................................................. $ - $ - $ -
Noncash transactions:
Exchange of property and equipment (Theme Park) for debt assumption
and forgiveness with related party........................................ $ - $ - $ 832,191
Assumption of long-term debt by related party............................... $ - $ - $ (397,214)
Forgiveness of long-term debt by related party.............................. $ - $ - $ (453,500)
Increase in additional paid-in capital (surrender of shares)................ $ - $ - $ (140)
Common stock issued for services............................................ $ - $ - $ 63,137
Common stock issued for shareholder debt.................................... $ - $ - $ 58,464
Common stock issued for interest............................................ $ - $ - $ 1,093
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Notes to Condensed Financial Statements
December 31, 1996
Note A: Basis of presentation
The financial statements presented herein include the accounts of
Havenwood Ventures, Inc. and its wholly-owned subsidiary, SST
Productions, Inc. Intercompany balances and transactions have been
eliminated in consolidation.
The financial statements presented herein have been prepared by the
Company in accordance with the accounting policies in its annual
10-KSB report dated June 30, 1996 and should be read in conjunction
with the notes thereto.
In the opinion of management, all adjustments (consisting only of
normal recurring adjustments) which are necessary to a fair
presentation of operating results for the interim periods presented
have been made.
Interim financial data presented herein are unaudited.
Note B: Related party transactions
The Company utilizes office space on a rent-free basis from its
President. The Company anticipates the continuation of this
arrangement until the Company's operations have commenced.
Note C: Reclassifications
Certain reclassifications have been made in the December 31, 1995
financial statements to conform with the classifications used in the
current year.
-5-
<PAGE>
Part I. Item 2. Plan of Operation
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
The plan of the Company's management, for the next 12 months, is for the Company
to continue to search for a privately held company with which it could
consummate a merger or acquisition. The Company does not anticipate any
purchases of equipment nor any changes in the number of employees in the next 12
months.
Financial condition
No material changes to the Company's financial condition occurred during the
quarter to which this Quarterly Report is filed. The Company continued to seek a
merger candidate although no target company was identified during the most
recent quarter.
Results of operations
No operations were conducted during the most recent quarter. Expenses consisted
of accounting fees, bank charges and filing fees.
-6-
<PAGE>
Part II. Other Information
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Item 1. Legal Proceedings
not applicable
Item 2. Changes In Securities
not applicable
Item 3. Defaults Upon Senior Securities
not applicable
Item 4. Submission Of Matters To A Vote Of Security Holders
not applicable
Item 5. Other Information
not applicable
Item 6. Exhibits And Reports On Form 8-K
a) Exhibits
not applicable
b) Reports On Form 8-K
not applicable
-7-
<PAGE>
SIGNATURES
The financial information furnished herein has not been audited by an
independent accountant; however, in the opinion of management, all adjustments
(only consisting of normal recurring accruals) necessary for a fair presentation
of the results of operations for the three and six months ended December 31,
1996 have been included.
Pursuant to the requirements 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.
Havenwood Ventures, Inc.
(Registrant)
Date:
------------------ ------------------------------
Mark Leibovit
President
-8-
<PAGE>
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