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Previous: PUTNAM FLORIDA TAX EXEMPT INCOME FUND, N-30D, 1998-07-24 |
Next: DEL MONTE FOODS CO, S-1/A, 1998-07-24 |
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 March 31, 1998
--------------
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
-----------
GREEN CAPITAL GROUP, INC.
(FORMERLY 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 Identification
or organization) Number)
1221 Brickell Avenue, Suite 905
Miami, Florida 33131
- -------------------------------------------- ---------------
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code (305) 377-8796
--------------
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 July 1,1998
-------------------- -----------------------------
CLASS A COMMON STOCK 15,616,073 shares
Par Value $0.001
1
<PAGE>
PART I - FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
Item 1. Financial Statements
- --------------------------------------------------------------------------------
Financial Statements Page
Balance Sheet as of March 31, 1998 F-1
Statements of Operations for the quarter ending March 31, 1998 and 1997 F-2
Statement of Shareholders' Equity for the period
from April 16, 1986 to March 31, 1998 F-3
Statements of Cash Flows for the quarter ending March 31, 1998 and 1997 F-4
Note to Unaudited Financial Statements F-5
- --------------------------------------------------------------------------------
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
- --------------------------------------------------------------------------------
Results of Operations
- ---------------------
During the quarter ended March 31, 1998, the Registrant had no operations. The
Registrant's only expenses were administrative in nature in the amount of
$6,250. The expenses related to public filings, looking for a new business
venture, and other administrative expenses.
Liquidity and Capital Resources
- -------------------------------
At March 31, 1998, the Registrant had no assets or liabilities. Management
believes that the acquisition of Green Capital N.V. as disclosed in Item 5 will
provide sufficient working capital to allow the Registrant to continue as a
going concern.
Impact of Inflation
- -------------------
The Registrant believes that its activities are not materially affected by
inflation.
PART II - OTHER INFORMATION
- --------------------------------------------------------------------------------
Item 5. Other Information
- --------------------------------------------------------------------------------
Effective as of April 14, 1998, the Registrant acquired Green Capital N.V., a
privately held Netherlands Antilles company, through an exchange of shares. As a
result of the acquisition, which was approved by a majority of the issued and
outstanding shares of the Registrant, Green Capital N.V. became a wholly-owned
subsidiary of the Registrant. In accordance with the terms of an exchange
agreement among the parties, the Registrant effected a 2.1 for 1 forward split
of its issued and outstanding common stock prior to the acquisition. Further,
the Registrant changed its name to Green Capital Group, Inc. and adopted a stock
option plan. The sole officer and director of the Registrant
2
<PAGE>
resigned and the officer and directors of Green Capital N.V. became the officer
and directors of the Registrant.
- --------------------------------------------------------------------------------
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:
A Current Report on Form 8-K reporting the acquisition of Green Capital
N.V. was filed on May 7, 1998 with the Commission.
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.
GREEN CAPITAL GROUP, INC.
By: /s/ Oscar S. Christian
-----------------------------
Oscar S. Christian, President
Dated : July 23, 1998
3
<PAGE>
<TABLE>
<CAPTION>
GREEN CAPITAL GROUP, INC.
(FORMERLY PACIFIC FOREST CORPORATION)
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
ASSETS 3/31/98
- ------ (Unaudited)
-----------------
<S> <C>
CURRENT ASSETS
Cash $ 0
-----------------
TOTAL CURRENT ASSETS $ 0
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES
Accounts payable $ 0
-----------------
TOTAL CURRENT LIABILITIES 0
-----------------
TOTAL LIABILITIES 0
SHAREHOLDERS' EQUITY Common stock par value $.001:
100,000,000 shares authorized; 1,325,000 shares issued 1,325
Additional paid-in capital 61,925
(Deficit) accumulated during development stage (63,250)
-----------------
TOTAL SHAREHOLDERS' EQUITY 0
-----------------
$ 0
=================
</TABLE>
F-1
<PAGE>
<TABLE>
<CAPTION>
GREEN CAPITAL GROUP, INC.
(FORMERLY PACIFIC FOREST CORPORATION)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Period from
March 31, 4/16/86 (date
----------------------------- of inception)
1998 1997 to 3/31/98
------------- ------------- -------------
<S> <C> <C> <C>
Income $ 0 $ 0 $ 0
General and administrative expenses 6,250 30 63,250
------------- ------------- -------------
6,250 30 63,250
------------- ------------- -------------
INCOME (LOSS) BEFORE INCOME TAXES (6,250) (30) (63,250)
PROVISION FOR INCOME TAXES 0 0 0
------------- ------------- -------------
NET INCOME (LOSS) $ (6,250) $ (30) $ (63,250)
============= ============= =============
INCOME (LOSS) PER COMMON SHARE
Net income (loss) per weighted average common
share outstanding $ (.01) $ .00
============= =============
Weighted average number of common shares outstanding 1,234,722 1,100,000
============= =============
</TABLE>
F-2
<PAGE>
<TABLE>
<CAPTION>
GREEN CAPITAL GROUP, INC.
(FORMERLY PACIFIC FOREST CORPORATION)
(A Development Stage Company)
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(UNAUDITED)
Common Stock Deficit
------------------------------ Accumulated
Par Value $0.001 Additional During
------------------------------ Paid-in Development
Shares Amount Capital Stage
------------- ------------- ----------------- ------------------
<S> <C> <C> <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)
Issuance of common stock to officer at $.05 per
share to retire debt at 10/12/97 100,000 100 4,900
Net loss for year (3,814)
------------- ------------- ----------------- ------------------
Balances at 12/31/97 1,200,000 1,200 55,800 (57,000)
Issuance of common stock to officer at $.05 per
share to retire debt at 3/6/98 125,000 125 6,125
Net loss for period (6,250)
------------- ------------- ----------------- ------------------
Balances at 3/31/98 1,325,000 $ 1,325 $ 61,925 $ (63,250)
============= ============= ================= ==================
</TABLE>
F-3
<PAGE>
<TABLE>
<CAPTION>
GREEN CAPITAL GROUP, INC.
(FORMERLY PACIFIC FOREST CORPORATION)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended Period from
March 31, 4/16/86 (date
---------------------------- of inception)
1998 1997 to 3/31/98
------------- ------------- ---------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (6,250) $ (30) $ (63,250)
Adjustments to reconcile net (loss) to net cash required by
operating activities:
Amortization 0 0 50
Changes in assets and liabilities:
Prepaid expenses 0 (1,500) 0
Accounts payable 0 0 0
Payable - officer 0 1,500 0
------------- ------------- --------------
0 0 50
------------- ------------- --------------
NET CASH REQUIRED BY OPERATING ACTIVITIES (6,250) (30) (63,200)
CASH FLOWS FROM INVESTING ACTIVITIES
Organization costs 0 0 (50)
------------- ------------- --------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 0 0 (50)
CASH FLOWS FROM FINANCING ACTIVITIES
Stock sold 6,250 0 63,250
------------- ------------- --------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 0 0 63,250
------------- ------------- --------------
NET INCREASE (DECREASE) IN CASH 0 (30) 0
CASH AT BEGINNING OF PERIOD 0 39 0
------------- ------------- --------------
CASH AT END OF PERIOD $ 0 $ 9 $ 0
============= ============= ==============
</TABLE>
F-4
<PAGE>
NOTE TO UNAUDITED FINANCIAL STATEMENTS FOR
GREEN CAPITAL GROUP, INC.
(FORMERLY PACIFIC FOREST CORPORATION)
Note 1. Subsequent Event.
- -------------------------
Effective as of April 14, 1998,the Registrant acquired Green Capital N.V., a
privately held Netherlands Antilles company, through an exchange of shares. The
Registrant issued 11,925,000 shares of its restricted common stock to the sole
shareholder of Green Capital N.V. for all issued and outstanding capital shares
of Green Capital N.V. As a result of the acquisition, Green Capital N.V. became
a wholly-owned subsidiary of the Registrant. In accordance with the terms of the
agreement among the Registrant, Green Capital N.V., and the sole shareholder of
Green Capital NV., the Registrant effected a 2.1 for 1 forward split of its
issued and outstanding common stock prior to the acquisition. The Registrant
also changed its name to Green Capital Group, Inc. and adopted a stock option
plan. The sole officer and director of the Registrant resigned and the officer
and directors of Green Capital N.V. became the officer and directors of the
Registrant.
F-5
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted
from Green Capital Group, Inc. March 31, 1998 financial
statements and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,325
<OTHER-SE> (1,325)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,250
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (6,250)
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,250)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,250)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
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