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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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, 1997
--------------------------------
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 33-55254-14
PACIFIC FOREST CORPORATION
(Exact name of small business issuer as specified in its charter)
NEVADA 87-0438451
(State or other jurisdiction of incorporation (IRS Employer
or organization) Identification Number)
73 South Palm Avenue, Suite 223
Sarasota, Florida 34236
- -------------------------------------------- --------------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (941) 957-1009
------------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 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. [ X ] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding as of September 30, 1997
- ------------------------ --------------------------------------
CLASS A COMMON STOCK 1,100,000 shares
Par Value $0.001
1
<PAGE>
PART I - FINANCIAL INFORMATION
- -------------------------------------------------------------------------------
Item 1. Financial Statements
- -------------------------------------------------------------------------------
Financial Statements Page
Balance Sheet as of September 30, 1997 F-1
Statements of Operations for the quarter and nine months ending
September 30, 1997 and 1996 F-2
Statements of Changes in Shareholders' Equity (Deficit)
for the period from April 16, 1986 to September 30, 1997 F-3
Statements of Cash Flows for the nine months ending
September 30, 1997 and 1996 F-4
- -------------------------------------------------------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
- -------------------------------------------------------------------------------
Results of Operations
During the nine months ended September 30, 1997, the Company had no operations.
The Company's only expenses were administrative in nature in the amount of
$5,585. The Company is continuing to look for a viable business opportunity.
Liquidity and Capital Resources
At September 30, 1997, the Company has a deficit in working capital of $6,771.
Management believes that related parties will provide sufficient working capital
to allow the Company to continue as a going concern.
Subsequent to September 30, 1997, the Company issued 100,000 shares of
restricted common stock to its president in payment of $5,000 owed to him.
Impact of Inflation
The Company believes that its activities are not materially affected by
inflation.
PART II - OTHER INFORMATION
- -------------------------------------------------------------------------------
Item 5. Other Information
- -------------------------------------------------------------------------------
On February 24, 1997, Neil Green and David Stevens, who were the only officers
and directors, appointed Roger Tichenor as the Company's President and Director
and then resigned as officers and directors, leaving Mr. Tichenor as the sole
Officer and Director.
Mr. Tichenor recently acquired 250,000 shares of the Company's common stock from
FYEO A.V.V. and presently owns 350,000 shares of the Company's common stock. At
September 30, 1997, the Company had 1,100,000 issued and outstanding shares of
common stock.
2
<PAGE>
- -------------------------------------------------------------------------------
Item 6. Exhibits and Reports on Form 8-K
- -------------------------------------------------------------------------------
(a) The following exhibits are included in this filing:
27 Financial Data Schedule
(b) Reports on Form 8-K - Not applicable.
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PACIFIC FOREST CORPORATION
By: /s/
Roger Tichenor, President
Dated: 17 October 1997
4
<PAGE>
PACIFIC FOREST CORPORATION
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
<TABLE>
<CAPTION>
ASSETS 9/30/97
(Unaudited)
-----------------
CURRENT ASSETS
<S> <C>
Cash $ 0
-----------------
TOTAL CURRENT ASSETS 0
-----------------
$ 0
=================
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable $ 1,225
Payable - officer 5,546
-----------------
TOTAL CURRENT LIABILITIES 6,771
TOTAL LIABILITIES 6,771
SHAREHOLDERS' DEFICIT Common stock par value $.001:
100,000,000 shares authorized; 1,100,000 shares issued 1,100
Additional paid-in capital 50,900
(Deficit) accumulated during development stage (58,771)
-----------------
TOTAL SHAREHOLDERS' DEFICIT (6,771)
-----------------
$ 0
=================
</TABLE>
F-1
<PAGE>
PACIFIC FOREST CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Period from
4/16/86 (date
Three Months Ended Nine Months Ended of inception)
9/30/97 9/30/96 * 9/30/97 9/30/96 * to 9/30/97
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Income $ 0 $ 0 $ 0 $ 0 $ 0
General and administrative expenses 425 107,720 5,585 108,691 58,771
------------- ------------- ------------- ------------- -------------
425 107,720 5,585 108,691 58,771
------------- ------------- ------------- ------------- -------------
INCOME (LOSS) BEFORE
INCOME TAXES (425) (107,720) (5,585) (108,691) (58,771)
PROVISION FOR INCOME TAXES 0 0 0 0 0
------------- ------------- ------------- ------------- -------------
NET INCOME (LOSS) $ (425) $ (107,720) $ (5,585) $ (108,691) $ (58,771)
============= ============= ============= ============= =============
INCOME (LOSS) PER COMMON SHARE
Net income (loss) per weighted average
common share outstanding $ (.00) $ (.08) $ (.01) $ (.09)
============= ============= ============= =============
Weighted average number of common
shares outstanding 1,100,000 1,327,609 1,100,000 1,177,482
============= ============= ============= =============
</TABLE>
* Reflects activity of a former subsidiary no longer owned by the Company.
F-2
<PAGE>
PACIFIC FOREST CORPORATION
(A Development Stage Company)
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(UNAUDITED)
<TABLE>
<CAPTION>
Deficit
Accumulated
Common Stock Additional During
Par Value $0.001 Paid-in Development
Shares Amount Capital Stage
------------- ------------- ----------------- ------------------
<S> <C> <C> <C> <C>
Balances at 4/16/86 (Date of inception) 0 $ 0 $ 0 $ 0
Issuance of common stock (restricted) at
$.002 per share at 4/16/86 1,000,000 1,000 1,000
Net loss for period (1,950)
------------- ------------- ----------------- ------------------
Balances at 12/31/86 1,000,000 1,000 1,000 (1,950)
Net loss for year (10)
------------- ------------- ----------------- ------------------
Balances at 12/31/87 1,000,000 1,000 1,000 (1,960)
Net loss for year (10)
------------- ------------- ----------------- ------------------
Balances at 12/31/88 1,000,000 1,000 1,000 (1,970)
Net loss for year (10)
------------- ------------- ----------------- ------------------
Balances at 12/31/89 1,000,000 1,000 1,000 (1,980)
Net loss for year (10)
------------- ------------- ----------------- ------------------
Balances at 12/31/90 1,000,000 1,000 1,000 (1,990)
Net loss for year (10)
------------- ------------- ----------------- ------------------
Balances at 12/31/91 1,000,000 1,000 1,000 (2,000)
Net income for year 0
------------- ------------- ----------------- ------------------
Balances at 12/31/92 1,000,000 1,000 1,000 (2,000)
Net income for year 0
------------- ------------- ----------------- ------------------
Balances at 12/31/93 1,000,000 1,000 1,000 (2,000)
Net income for year 0
------------- ------------- ----------------- ------------------
Balances at 12/31/94 1,000,000 1,000 1,000 (2,000)
Issuance of common stock (restricted)
at $.50 per share at 9/12/95 100,000 100 49,900
Net income for year 0
------------- ------------- ----------------- ------------------
Balances at 12/31/95 1,100,000 1,100 50,900 (2,000)
Issuance of common stock (Regulation S) at $.9796
per share to acquire subsidiary at 6/28/96 (1) 100,000 100 97,860
Issuance of common stock (Regulation S) at $8.73
per share to retire debt of subsidiary at 6/28/96(2) 45,000 45 392,857
Issuance of common stock (Regulation S) at $10.00
per share to acquire subsidiary at 8/23/96 (3) 200,000 200 1,999,800
Stock canceled (1) (100,000) (100) (97,860)
Stock canceled (2) (45,000) (45) (392,857)
Stock canceled (3) (200,000) (200) (1,999,800)
Net loss for year (51,186)
------------- ------------- ----------------- ------------------
Balances at 12/31/96 1,100,000 1,100 50,900 (53,186)
Net loss for period (5,585)
------------- ------------- ----------------- ------------------
Balances at 9/30/97 1,100,000 $ 1,100 $ 50,900 $ (58,771)
============= ============= ================= ==================
</TABLE>
F-3
<PAGE>
PACIFIC FOREST CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Period from
4/16/86 (date
Nine Months Ended of inception)
9/30/97 9/30/96 to 9/30/97
------------- ------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C> <C>
Net loss $ (5,585) $ (108,691) $ (58,771)
Adjustments to reconcile net (loss) to net cash required by
operating activities:
Amortization 0 0 50
Foreign currency adjustment 0 4,465 0
Changes in assets and liabilities:
Prepaid expenses 0 (1) 0
Accounts and loans receivable 0 (10,441) 0
Accounts payable 0 5,910 1,225
Payable - officer 5,546 0 5,546
------------- ------------- --------------
5,546 (67) 6,821
------------- ------------- --------------
NET CASH REQUIRED BY OPERATING ACTIVITIES (39) (108,758) (51,950)
CASH FLOWS FROM INVESTING ACTIVITIES
Organization costs 0 0 (50)
Purchase of equipment 0 (138,803) 0
Cash acquired from subsidiary 0 1,385 0
------------- ------------- --------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 0 (137,418) (50)
CASH FLOWS FROM FINANCING ACTIVITIES
Stock sold 0 0 52,000
Loans - related parties 0 204,743 0
------------- ------------- --------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 0 204,743 52,000
------------- ------------- --------------
NET (DECREASE) IN CASH (39) (41,433) 0
CASH AT BEGINNING OF PERIOD 39 50,000 0
------------- ------------- --------------
CASH AT END OF PERIOD $ 0 $ 8,567 $ 0
============= ============= ==============
</TABLE>
SUPPLEMENTAL FINANCING ACTIVITIES
During the period ended September 30, 1996, the Company issued 100,000 shares
of restricted common stock to acquire a subsidiary with net assets of
$147,005 at market value. The Company also issued 45,000 shares of its
restricted common stock to retire a debt owed by its subsidiary in the amount
of $392,902. The transactions were later rescinded, effective December 31,
1996.
F-4
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted
from Pacific Forest Corporation September 30, 1997 financial
statements and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK> 0000866678
<NAME> Pacific Forest Corporation
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 6,771
<BONDS> 0
0
0
<COMMON> 1,100
<OTHER-SE> (7,871)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,585
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (5,585)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,585)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,585)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
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