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 September 30, 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
(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
(Issuer's telephone number)
---------------------------------------------------------------------
(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
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:
Check whether the registrant filed all documents and reports required to be
filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 after
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 the latest practicable date:
258,365,000 common shares outstanding as of November 3, 1996.
The document is comprised of 8 pages.
<PAGE>
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Index
Part I Page
Item 1. Financial Statements
Condensed balance sheet as of
September 30, 1996.......................... 2
Condensed statements of operations,
three months ended September 30, 1996
and 1995 and April 28, 1988 through
September 30, 1996.......................... 3
Condensed statements of cash flows,
three months ended September 30, 1996 and
1995 and April 28, 1988 through September
30, 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 Statements
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Condensed Balance Sheet
ASSETS
September 30,
1996
-----------
ASSETS
Cash............................................... $ 2,191
============
LIABILITIES AND SHAREHOLDERS' DEFICIT
LIABILITIES
Accounts payable................................... $ 4,578
------------
TOTAL LIABILITIES 4,578
------------
SHAREHOLDERS' DEFICIT
Common stock....................................... 2,584
Other shareholders' deficit........................ (4,971)
------------
TOTAL SHAREHOLDERS' DEFICIT (2,387)
------------
$ 2,191
============
See accompany notes to financial statements
-2-
<PAGE>
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Condensed Statements of Operations
<TABLE>
<S> <C> <C> <C>
April 28, 1988
(Inception)
Three Months Ended through
September 30, September 30,
1996 1995 1996
---- ---- ----
Selling, general and administrative expenses.............................. $ 300 $ 5,084 $ 146,153
Loss on development of Theme Park......................................... - - 612,705
---------- ----------- -----------
OPERATING LOSS (300) (5,084) (758,858)
Non operating income
Gain on disposal of Theme Park assets................................... - - 124,841
Other................................................................... - - 43,081
---------- ----------- -----------
NET LOSS $ (300) $ (5,084) $ (590,936)
=========== =========== ===========
Weighted average shares outstanding...................................... 258,365,000 258,365,000 233,350,817
=========== =========== ===========
Net loss per share........................................................ $ * $ * $ *
=========== =========== ===========
* Less than $.01
</TABLE>
See accompanying notes to financial statements
-3-
<PAGE>
Havenwood Ventures, Inc.
(A Development Stage Enterprise)
Condensed Statements of Cash Flows
<TABLE>
<S> <C> <C> <C>
April 28, 1988
(Inception)
Three months ended through
September 30, Sept 30,
1996 1995 1996
---- ---- ----
OPERATING ACTIVITIES
Net cash (used in) in operating activities.................................$ (335) $ (5,164) $ (463,660)
--------- --------- -----------
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
Purchase of treasury stock; subsequently cancelled......................... - - (51)
Offering costs incurred.................................................... - - (61,189)
Proceeds on loan from shareholder.......................................... - - 50,000
Principal payment on loan from shareholder................................. - - (50,000)
Proceeds from debt issued to shareholder................................... - - 453,500
Proceeds from long-term debt issuance...................................... - - 400,000
Issuance of loan to shareholder............................................ - - (50,000)
Proceeds from repayment of shareholder loan................................ - - 50,000
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......................... (335) (5,164) 2,191
Cash and cash equivalents at beginning of period............................. 2,526 9,150 -
--------- --------- -----------
Cash and cash equivalents at end of period................................... $ 2,191 $ 3,986 $ 2,191
========== ========= ===========
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
September 30, 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 provide 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 September 30, 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 bank charges, taxes, accounting fees, transfer agent costs, and filing fees.
-6-
<PAGE>
Havenwood Ventures, Inc.
(a Development Stage Enterprise)
Part II. Other Information
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 months ended September 30, 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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