<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended: September 30, 1999
Commission File No. 33-31067
BEECHPORT CAPITAL CORP.
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(Exact Name of Small Business Issuer as Specified in its Charter)
COLORADO 84-1137359
- ------------------------------- ------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identi-
Incorporation or Organization) fication Number)
750 Prospect Avenue, Cleveland, Ohio 44115
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(Address of Principal Executive Offices, Including Zip Code)
(216) 621-6300
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(Issuer's telephone number)
Check whether the issuer (1) 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 Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No___
As of September 30, 1999, Registrant had 3,348,006 shares of common stock
outstanding.
Transitional Small Business Disclosure Format (check one): Yes___ No X
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INDEX
Page
Number
Part I. Financial Information
Item I. Financial Statements
Balance Sheets as of September 30, 1999
and December 31, 1998 3
Statements of Operations, Three Months
Ended September 30, 1999 and 1998 4
Statements of Operations, Nine Months
Ended September 30, 1999 and 1998 5
Statements of Cash Flows, Nine Months
Ended September 30, 1999 and 1998 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 8
Part II. Other Information 9
2
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BEECHPORT CAPITAL CORP.
BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1999 1998
------------ -----------
Current Assets
Cash $ 619 $ 12,957
Held in trust - 3,561
----------- ----------
Total Current Assets 619 16,518
----------- ----------
Total Assets $ 619 $ 16,518
=========== ==========
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities:
Accounts payable $ 14,998 $ 3,960
Advances from related parties 22,761 21,985
----------- ----------
Total Current Liabilities 37,759 25,945
----------- ----------
Stockholders' (Deficit):
Preferred Stock, no par value
10,000,000 shares authorized
none issued and outstanding - -
Common Stock, no par value,
750,000,000 shares authorized
3,348,006 shares issued and
outstanding 190,688 190,688
Additional paid-in capital 13,600 13,600
Accumulated deficit (241,428) (213,715)
----------- ----------
Total Stockholders' (Deficit) (37,140) (9,427)
----------- ----------
Total Liabilities and Stockholders' (Deficit) $ 619 $ 16,518
=========== ==========
The accompanying notes are an integral part of the financial statements.
3
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BEECHPORT CAPITAL CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Three Months
Ended Ended
September 30, September 30,
1999 1998
------------ ------------
Revenues $ - $ -
----------- -----------
Operating Expenses:
Professional fees 17,390 3,377
Travel 1,014 1,010
Other 1,381 865
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Total Operating Expenses 19,785 5,252
----------- -----------
Net Loss (19,785) $ (5,252)
=========== ===========
Per Share $ (.01) $ nil
=========== ===========
Weighted Average Number of
Shares Outstanding 3,348,006 3,348,006
=========== ===========
The accompanying notes are an integral part of the financial statements.
4
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BEECHPORT CAPITAL CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Nine Months
Ended Ended
September 30, September 30,
1999 1998
------------ ------------
Revenues $ - $ -
----------- -----------
Operating Expenses:
Professional fees 21,582 9,038
Travel 2,876 1,010
Other 3,255 1,423
----------- -----------
Total Operating Expenses 27,713 11,471
----------- -----------
Net Loss (27,713) $ (11,471)
=========== ===========
Per Share $ (.01) $ (.01)
=========== ===========
Weighted Average Number of
Shares Outstanding 3,348,006 3,346,006
=========== ===========
The accompanying notes are an integral part of the financial statements.
5
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BEECHPORT CAPITAL CORP.
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Nine Months
Ended Ended
September 30, September 30,
1999 1998
------------ ------------
Cash Flows Operating Activities:
Net (loss) $ (27,713) $ (11,471)
(Increase) decrease in trust
account 3,561 (4,581)
Increase in accounts payable 11,038 28
---------- ----------
Net Cash (Used in) Operating
Activities (13,114) (16,024)
---------- ----------
Cash Flows from Investing
Activities - -
---------- ----------
Cash Flows from Financing
Activities
Issuance of common stock - 20,000
Advances from related party 11,315 4,275
Repayment of advances from
related party (10,539) (8,579)
---------- ----------
Net Cash Provided by (Used in)
Financing Activities 776 15,696
---------- ----------
Increase (decrease) in Cash (12,338) (328)
Cash, Beginning of Period 12,957 328
---------- ----------
Cash, End of Period $ 619 $ -
========== ==========
Interest Paid $ - $ -
========== ==========
Income Taxes Paid $ - $ -
========== ==========
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
BEECHPORT CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
September 30, 1999 (Unaudited)
(1) Condensed Financial Statements
The financial statements included herein have been prepared by Beechport
Capital Corp. without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in the financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted as allowed by such rules and regulations, and Beechport Capital Corp.
believes that the disclosures are adequate to make the information presented
not misleading. It is suggested that these financial statements be read in
conjunction with the December 31, 1998 audited financial statements and the
accompanying notes thereto. While management believes the procedures followed
in preparing these financial statements are reasonable, the accuracy of the
amounts are in some respect's dependent upon the facts that will exist, and
procedures that will be accomplished by Beechport Capital Corp. later in the
year.
The management of Beechport Capital Corp. believes that the accompanying
unaudited condensed financial statements contain all adjustments (including
normal recurring adjustments) necessary to present fairly the operations and
cash flows for the periods presented.
7
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ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Beechport Capital Corp. (the "Company") was organized as a Colorado corporation
on January 24, 1989, in order to evaluate, structure and complete a merger with,
or acquisition of, prospects consisting of private companies, partnerships of
sole proprietorships. The Company may seek to acquire a controlling interest in
such entities in contemplation of later completing an acquisition. The Company
is not limited to any operation or geographic area in seeking out opportunities.
Management has not identified any particular business or industry within which
the Company will seek an acquisition or merger. The Company has not conducted,
nor have others made available to it, market research supporting the viability
of the Company's proposed operations.
The Company generated no revenues during the quarter ended September 30, 1999,
and management does not anticipate any revenues until following the conclusion
of a merger or acquisition, if any, as contemplated by the Company's business
plan.
The Company's capital is limited. The Company anticipates operational costs
will be limited until such time as significant evaluation work is undertaken
regarding prospective mergers or acquisitions.
At September 30, 1999, the Company had no material commitments for capital
expenditures.
8
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
The proposed transaction with March Indy which was previously disclosed
was terminated during September due to a lack of proper accounting information
regarding March Indy.
Item 6. Exhibits and Reports on Form 8-K
None.
9
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SIGNATURES
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.
Beechport Capital Corp.
Date: November 10, 1999 By: /s/ Lawrence Schmelzer
Lawrence Schmelzer, President
10
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<PAGE>
EXHIBIT INDEX
EXHIBIT METHOD OF FILING
- ------- ----------------
27. FINANCIAL DATA SCHEDULE Filed herewith
electronically
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheets and statements of operations found on pages 3 and 4 of the Company's
Form 10-QSB for the quarter ended September 30, 1999, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1999
<CASH> 619
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 619
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 619
<CURRENT-LIABILITIES> 37,759
<BONDS> 0
0
0
<COMMON> 190,688
<OTHER-SE> (227,828)
<TOTAL-LIABILITY-AND-EQUITY> 619
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 27,713
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (27,713)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
