U.S. 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
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Quarterly Period Ended September 30, 2000
Commission File Number 0-24940
PIONEER COMMERCIAL FUNDING CORP.
-------------------------------
(Exact name of small business issuer as specified in its charter)
New York 13-3763437
(State or Other Jurisdiction of (IRS Employer Identification No.)
Incorporation or Organization)
1 Rockefeller Plaza, New York, New York 10020
----------------------------------------------
(Address and Zip Code of Principal Executive Offices)
(212) 218-1850
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 past 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 .
There were 3,203,665 shares of the registrant's common stock
outstanding as of September 30, 2000.
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PIONEER COMMERCIAL FUNDING CORP.
- FORM 10QSB INDEX -
Page(s)
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Balance Sheets at September 30, 2000 (unaudited) and December 31, 1999 1
Statements of Operations for the Three and Nine Month Periods
Ended September 30, 2000 and 1999 (unaudited) 2
Statements of Comprehensive Income (Loss) for the Three and
Nine Month Periods Ended September 30, 2000 and 1999 (unaudited) 3
Statements of Cash Flows for the Nine Month Periods Ended September 30, 2000
and 1999 (unaudited) 4
Notes to Financial Statements (unaudited) 5 - 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations 8 - 10
PART II Other Information
Exhibits and Reports on Form 8-K 11
SIGNATURES 12
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The accompanying notes are an integral part of these financial statements.
- 4 -
PART I. Financial Information
Item 1. Financial Statements
PIONEER COMMERCIAL FUNDING CORP.
BALANCE SHEETS
- ASSETS -
September 30, December 31,
2000 1999
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 430,847 $ 1,979,395
Mortgage warehouse loans receivable, net of allowance for loan losses 1,000,172 1,572,550
Loans held for resale, net of allowance for loan losses 178,276 236,179
Receivable for loans shipped 1,716,969 1,716,969
Accrued interest and fee receivable 140,261 208,256
Notes receivable-current portion 817,843 1,067,696
Prepaid and other current assets 72,330 138,688
---------------- --------------
TOTAL CURRENT ASSETS 4,356,698 6,919,733
OTHER ASSETS:
Investment securities available for sale 123,250 108,750
Other assets 189,038 192,282
---------------- --------------
TOTAL ASSETS $ 4,668,986 $ 7,220,765
============ ============
- LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) -
CURRENT LIABILITIES:
Mortgage warehouse loans payable $ 3,261,010 $ 4,721,817
Accounts payable and accrued expenses 268,862 152,131
Accrued interest and fees 779,565 511,349
Deferred loan fees 29,000 29,000
Deferred legal fees 65,395 65,395
------------- --------------
TOTAL CURRENT LIABILITIES 4,403,832 5,479,692
SUBORDINATED DEBT 1,000,000 1,626,000
------------- --------------
TOTAL LIABILITIES 5,403,832 7,105,692
------------- --------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock - $.01 par value; authorized 20,000,000 shares; 3,203,665 and
2,771,136 shares issued and outstanding for 2000 and 1999, respectively 32,036 27,712
Additional paid-in capital 15,877,927 14,584,663
Accumulated deficit (16,543,059) (14,381,052)
Accumulated other comprehensive income (loss) (101,750) (116,250)
-------------- --------------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (734,846) 115,073
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 4,668,986 $ 7,220,765
============ ===========
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PIONEER COMMERCIAL FUNDING CORP.
------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- ---------------------------
2000 1999 2000 1999
---- ---- ---- ----
INCOME:
Interest income $ 30,375 $ 293,508 $ 171,500 $ 1,455,091
Commissions and facility fees - 5,250 - 63,208
Processing fees 3,600 100,668 40,800 492,953
------------- ------------- -------------- -----------
Total Income 33,975 399,426 212,300 2,011,252
------------- ------------- -------------- -----------
Interest and Fee Costs:
Interest expense-warehouse and lines of credit 123,250 302,623 387,263 1,427,794
Bank charges and facility fees 861 8,333 3,961 56,250
Bank processing fees - 3,989 10 34,415
------------- ------------- -------------- -----------
Total Interest and Fee Costs 124,111 314,945 391,234 1,518,459
------------- ------------- -------------- -----------
Net Interest and Fee Income (Loss) (90,136) 84,481 (178,934) 492,793
Loan loss provision 100,000 311,055 200,000 819,698
------------- ------------- -------------- -----------
(190,136) (226,574) (378,934) (326,905)
-------------- -------------- --------------- ------------
Other Operating Expenses:
Compensation and benefits 57,016 247,088 171,434 718,303
Depreciation and amortization - 48,244 - 144,508
Professional fees 471,086 117,695 1,544,590 411,619
Utilities 6,325 5,994 9,552 23,439
Rent 44,065 43,117 137,405 145,614
Repairs and maintenance - 404 - 2,579
Other 86,610 78,530 169,546 228,746
------------- ------------- -------------- -----------
Total Other Operating Expenses 665,102 541,072 2,032,527 1,674,808
------------- ------------- -------------- -----------
LOSS FROM OPERATIONS (855,238) (767,646) (2,411,461) (2,001,713)
-------------- -------------- --------------- ------------
Other income (expense):
Interest income - other 4,548 7,305 26,121 44,915
Interest expense - other - (393) - (2,749)
Gain on disposal of fixed assets - 90,577 - 90,577
Litigation settlement - - 219,828 -
Other income - - 5,504 -
------------- ------------- -------------- --------
Total Other Income (Expense) 4,548 97,489 251,453 132,743
------------- ------------- -------------- -----------
Loss Before Taxes Based on Income (850,690) (670,157) (2,160,008) (1,868,970)
Provision (credit) for taxes based on income 855 64 1,999 864
------------- ------------- -------------- -----------
NET LOSS $ (851,545) $ (670,221) $ (2,162,007) $(1,869,834)
============== ============= ============== ============
Basic and Diluted Loss
Per Share of Common Stock $ (0.30) $ (0.24) $ (0.78) $ (0.67)
============== ============= ============== ============
Weighted Average Number of Shares 2,785,240 2,771,136 2,775,872 2,771,136
============= ============= ============== ===========
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PIONEER COMMERCIAL FUNDING CORP.
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
NET LOSS $ (851,545) $ (670,221) $(2,162,007) $(1,869,834)
Change in unrealized gain (loss) on investment in securities
available for sale --------------- (24,000) 14,500 (212,750)
-------------- -------------- -------------
(2,750)
COMPREHENSIVE NET LOSS $ (854,295) $ (694,221) $(2,147,507) $(2,082,584)
=============== ============= ============ ===========
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PIONEER COMMERCIAL FUNDING CORP.
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
2000 1999
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (2,162,007) $ (1,869,834)
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
Depreciation and amortization - 144,508
Loan loss reserve 200,000 819,698
Gain on disposal of fixed assets - (90,577)
Changes in assets and liabilities:
Decrease in mortgage warehouse loans receivable 422,378 25,535,265
Decrease in loans held for resale 7,903 125,486
Decrease (increase) in accrued interest receivable 67,995 (295,392)
Decrease in prepaid expenses 66,358 54,468
Decrease (increase) in notes receivable 249,853 (268,498)
Decrease in other assets 3,244 282,631
Increase in accrued interest payable 359,802 864,517
Increase in due to mortgage banking companies - 21,323
Increase (decrease) in accounts payable and accrued expenses 116,731 (158,065)
------------------ --------------
Net cash (used in) provided by operating activities (667,743) 25,165,530
------------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets - (113,773)
Net proceeds from sale of fixed assets - 792,638
------------------ -------------
Net cash provided by investing activities - 678,865
------------------ -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in borrowings used in operations, net of issuance costs (1,460,807) (24,429,231)
Increase in deferred expenses - 2,749
Proceeds from sale of stock 580,002 -
Increase in convertible note - (100,000)
------------------ -------------
Net cash (used in) financing activities (880,805) (24,526,482)
------------------- --------------
NET (DECREASE) INCREASE IN CASH (1,548,548) 1,317,913
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 1,979,395 1,503,788
------------------ -------------
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD $ 430,847 $ 2,821,701
============== =============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid $ 25,000 $ 563,605
============== =============
Income taxes paid $ 2,925 $ 864
============== =============
NONCASH FINANCING ACTIVITIES:
Conversion of mortgage loans receivable to notes receivable $ - $ 658,070
============== =============
Conversion of notes payable and accrued interest payable to shares $ 792,586 $ -
============== ==========
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PIONEER COMMERCIAL FUNDING CORP.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(Unaudited)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Pioneer Commercial Funding Corp. (the Company) was a mortgage warehouse lender
providing short-term financing to mortgage bankers who need to hold the mortgage
loans they originate pending the nonrecourse sale of such loans to institutional
investors in the secondary mortgage market. The Company is in the process of
winding down its current operations and is looking for other business
opportunities.
Basis of Presentation:
In the opinion of management, the accompanying September 30, 2000 unaudited
interim financial statements for the Company, contain all adjustments of a
recurring nature considered necessary for a fair presentation of its financial
position as of September 30, 2000 and December 31, 1999 (audited), and the
results of operations and comprehensive income (loss) for the three and nine
months ended September 30, 2000 and 1999 and cash flows for the nine month
periods ended September 30, 2000 and 1999. The results of operations for the
three and nine month periods ended September 30, 2000 and 1999 are not
necessarily indicative of the results of operations to be expected for the
entire year.
The accompanying unaudited interim financial statements, have been prepared in
accordance with instructions to Form 10-Q and, therefore, do not include all
information and footnotes required to be in conformity with generally accepted
accounting principles. The financial information provided herein, including the
information under the heading, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," is written with the presumption
that the users of the interim financial statements have read, or have access to,
the Company's December 31, 1999 audited financial statements and notes thereto,
together with the Management's Discussion and Analysis of Financial Condition
and Results of Operations as of December 31, 1999 included in the Company's Form
10-KSB.
From March of 1997 until September 30th of 1999 the Company had a revolving line
of credit with Bank One. The credit limit on the line increased from $25 million
to $60 million at its peak and decreased to $30 million when the line expired on
September 30th. As collateral security for its indebtedness to Bank One under
the Credit Agreement, the Company granted to Bank One a security interest in
various assets including, but not limited to, all promissory notes acquired by
the Company with respect to any loans funded by the Company with proceeds of the
Bank One credit line and all mortgages or other forms of collateral securing the
funding of such loans. In addition, Leedan Business Enterprises Ltd., a major
shareholder of the Company, had guaranteed Bank One that it would maintain the
Company's net worth through an additional investment or loan of up to $2
million.
As a result of severe losses incurred due to the burden of carrying $1,716,969
in non-producing receivables for loans shipped since 1997 (see Note D), the
related strain on the Company's relationship with its lender, and to a lesser
extent secondary market changes, credit lines to the Company were reduced. The
Company saw no prospects of operating at a profit without increased lines of
credit and such additional lines were no longer available, causing the Company
to exit the mortgage warehouse banking business. Accordingly, after stockholder
approval, operational assets of the Company were sold.
For the three and nine month periods ended September 30, 2000, no new loans were
funded.
<PAGE>
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued):
Basis of Presentation (Continued):
At present, no new loans are being funded and every effort is being made to
reduce bank indebtedness by selling loans in the Company's possession and by
collecting outstanding receivables.
NOTE B - GOING CONCERN UNCERTAINTY:
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles, which contemplates continuation of the
Company as a going concern. However, the Company is winding down its mortgage
warehouse lending business, has sustained substantial operating losses over the
last two years and has used substantial amounts of working capital in its
operations. Management of the Company determined that the Company did not meet
the revenue objectives for its mortgage warehouse lending business and did not
expect the Company to be able to meet these objectives in the foreseeable
future. The Company therefore decided to sell all its operating assets and will
explore other business opportunities.
In view of these matters, realization of the assets of the Company is dependent
upon the Company's ability to meet its financing requirements and the success of
future operations. The financial statements do not include adjustments relating
to the recoverability and classification of recorded asset amounts and
classification of liabilities that might be necessary should the Company be
unable to continue in existence (see also Note D regarding litigation gain
contingency).
NOTE C - LOANS HELD FOR RESALE:
In September 1999, the Company used a portion of the proceeds from the sale of
its fixed assets and acquired 36 stale loans for $574,774 from Bank One. At
September 30, 2000, the balance of these loans are reflected in the financial
statements at net realizable value aggregating $178,276, which includes an
aggregate reserve of $359,000.
NOTE D - RECEIVABLE FOR LOANS SHIPPED:
During October 1997, the Company warehoused $1.7 million in mortgages for a
customer who used a third party conduit, American Financial Mortgage
Corporation, to sell its loans to an investor, Norwest Funding, Inc. The Company
provided instructions to the third party conduit that the funds were to be wired
by the investor to the Company's bank. The investor miswired the funds to the
conduit's bank, Corestates Bank, N.A. The conduit's bank refused to return the
funds. The Company took actions, including legal action, to collect the funds
from the conduit, the conduit's guarantor, the investor (Norwest) and the
conduit's bank. The Company's lender, Bank One Texas, N.A. ("Bank One"), joined
the litigation as a co-plaintiff in support of the Company's position. In
addition, the Company has a $5 million personal guarantee from the third party
conduit's primary shareholder and an additional $2 million guarantee from the
customer's primary shareholder. In June 2000, the Company received a check in
the amount of $219,828 which represented payment for a settlement reached with
Norwest Funding, Inc.
NOTE D - RECEIVABLE FOR LOANS SHIPPED (Continued):
On July 26, 2000, a jury verdict in the case awarded the Company direct damages
of $1,779,000, consequential damages of $13,400,000 and punitive damages in the
amount of $337,500,000 for an aggregate total of $352,679,000 from the
defendant, First Union Bank, successor by merger to Corestates Bank. First Union
has stated that it will appeal the verdict.
<PAGE>
NOTE E - SHAREHOLDERS' EQUITY TRANSACTIONS:
In September 2000, the Company received (a) $505,002 in exchange for the
issuance of 168,334 new shares, (b) converted notes payable and accrued interest
aggregating $792,586 into 264,195 new shares and (c) granted note holders and
other individuals 104,630 warrants to purchase 104,630 shares at an exercisable
price of $4.00 per share. These warrants expire on December 31, 2002.
Various warrants issued when the Company completed its initial public offering
were due to expire on August 12, 2000. The expiration date of these warrants was
extended to October 31, 2000 at which date they all expired.
NOTE F - SUBSEQUENT EVENT:
On October 3, 2000, subsequent to the balance sheet date, the Company received
$600,000 in exchange for the issuance of 200,000 new shares.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Pioneer Commercial Funding Corp. (the Company) was a mortgage warehouse lender
providing short-term financing to mortgage bankers who need to hold the mortgage
loans they originate pending the nonrecourse sale of such loans to institutional
investors in the secondary mortgage market. The Company is in the process of
winding down these operations.
General
From March of 1997 until September 30th of 1999 the Company had a revolving line
of credit with Bank One. The credit limit on the line increased from $25 million
to $60 million at its peak and decreased to $30 million when the line expired on
September 30th. As collateral security for its indebtedness to Bank One under
the Credit Agreement, the Company granted to Bank One a security interest in
various assets including, but not limited to, all promissory notes acquired by
the Company with respect to any loans funded by the Company with proceeds of the
Bank One credit line and all mortgages or other forms of collateral securing the
funding of such loans. In addition, Leedan Business Enterprises Ltd., a major
shareholder of the Company, had guaranteed Bank One that it would maintain the
Company's net worth through an additional investment or loan of up to $2
million.
As a result of severe losses incurred due to the actions of CoreStates Bank
(First Union) and the related strain on the Company's relationship with its
lender, and to a lesser extent secondary market changes, credit lines to the
Company were reduced. The Company saw no prospects of operating at a profit
without increased lines of credit and such additional lines no longer were
available, causing the Company to exit the mortgage warehouse banking business.
Accordingly, after stockholder approval, operational assets of the Company were
sold.
During the quarter ended September 30, 1999, business activities were in the
process of being shut down in an orderly manner. Clients were advised that we
would no longer be able to provide them with funding and operational assets were
transferred to the purchaser. The number of new loans and total fundings were
greatly reduced during this termination process and no new loans were funded
during the nine month period ended September 30, 2000.
At present, no new loans are being funded and every effort is being made to
reduce bank indebtedness by selling loans in the Company's possession and by
collecting outstanding receivables.
<PAGE>
During October 1997, the Company warehoused $1.7 million in mortgages for a
customer who used a third party conduit, American Financial Mortgage
Corporation, to sell its loans to an investor, Norwest Funding, Inc. The Company
provided instructions to the third party conduit that the funds were to be wired
by the investor to the Company's bank. The investor miswired the funds to the
conduit's bank, Corestates Bank, N.A. The conduit's bank refused to return the
funds. The Company took actions, including legal action, to collect the funds
from the conduit, the conduit's guarantor, the investor (Norwest) and the
conduit's bank. The Company's lender, Bank One Texas, N.A. ("Bank One"), joined
the litigation as a co-plaintiff in support of the Company's position. In
addition, the Company has a $5 million personal guarantee from the third party
conduit's primary shareholder and an additional $2 million guarantee from the
customer's primary shareholder. In June 2000, the Company received a check in
the amount of $219,828 which represented payment for a settlement reached with
Norwest Funding, Inc.
On July 26, 2000, a jury verdict in the case awarded the Company direct damages
of $1,779,000, consequential damages of $13,400,000 and punitive damages in the
amount of $337,500,000 for an aggregate total of $352,679,000 from the
defendant, First Union Bank successor by merger to Corestates Bank. A post-trial
hearing has since been held and the Company is presently awaiting a judgment
decision.
Results of Operations
Nine Month Period Ended September 30, 2000 Compared With The Nine Month Period
Ended September 30, 1999.
Revenues. During the nine month period ended September 30, 2000, revenues
decreased to $212,300. Revenues for the nine month period ended September 30,
1999 were $2,011,252. Such decrease in revenue was due to no new loans being
funded during the latter period.
Direct Costs. During the nine month periods ended September 30, 2000 and 1999,
interest expense and other bank charges accrued on the Company's revolving line
of credit amounted to $391,234 and $1,518,459, respectively. The decrease in
interest and bank fees was due to a decrease in the use of the Company's bank
facility engendered by the above-described decrease in credit limit and winding
down of operations.
Other Operating Expenses. The Company's other operating expenses of $2,032,527
during the nine month period ended September 30, 2000 consists primarily of
salary and benefits of $171,434; accounting and legal fees of $1,544,590 and
rent of $137,405. The Company's other operating expenses of $1,674,808 during
the nine month period ended September 30, 1999 consisted primarily of salary and
benefits of $718,303; accounting and legal fees of $411,619; rent of $145,614
and depreciation of $144,508. The significant legal fees in 2000 were due to the
litigation with Corestates (First Union) described above.
Net Loss. During the nine month period ended September 30, 2000 the Company
incurred a net loss of $2,162,007 primarily due to the Company's decision to
exit the mortgage business and legal costs incurred in litigation. The net loss
for the nine month period ended September 30, 1999 of $1,869,834 resulted from
the reduction in volume of business, the burden of non-performing loans in the
portfolio and the recognition of additional reserves of $819,698 against loans
and fees receivable.
<PAGE>
Three Month Period Ended September 30, 2000 Compared With The Three Month Period
Ended September 30, 1999.
Revenues. During the three month period ended September 30, 2000, revenues
decreased to $33,975 from $399,426 for the three month period ended September
30, 1999. Such decrease in revenues was due to no new loans being funded during
the latter period.
Direct Costs. During the three month periods ended September 30, 2000 and 1999,
interest expense and other bank charges accrued on the Company's revolving line
of credit amounted to $124,111 and $314,945, respectively. The decrease in
interest expense and bank fees was due to a decrease in the use of the Company's
bank credit facility engendered by the above-described decrease in credit limit
and winding down of operations.
Other Operating Expenses. The Company's other operating expenses of $665,102
during the three month period ended September 30, 2000 consisted primarily of
salary and benefits of $57,016, accounting and legal fees of $471,086, and rent
of $44,065. The Company's operating expenses of $541,072 during the three month
period ended September 30, 1999 consisted primarily of salaries and benefits of
$247,088, legal and accounting fees of $117,695, rent of $43,117 and
depreciation of $48,244. As mentioned previously, the legal costs were due to
the Corestates (First Union) litigation.
Net Loss. During the three month period ended September 30, 2000 the Company
incurred a net loss of $851,545 primarily due to the Company's decision to exit
the mortgage business and legal costs incurred in litigation. The net loss for
the three months ended September 30, 1999 of $670,221 resulted from the
reduction in volume of business and the burden of non-performing loans in the
portfolio and the recognition of additional reserves of $311,055 against loans
and fees receivable. Liquidity and Capital Resources. At September 30, 2000, the
Company had cash of $430,847, a working capital deficit of $47,134 and a current
ratio of 1. to 1. At the Company's year end of December 31, 1999, it reflected
cash of $1,979,395, working capital of $1,440,041 and a current ratio of 1.26 to
1.
Cash Flow. During the nine months ended September 30, 2000, the Company used
cash of $1,548,548, primarily as a result of reducing bank debt and its net
loss. During the nine months ended September 30, 1999, the Company was able to
provide $1,317,913 net increase in cash flows, primarily as a result of reducing
its' net loans receivable.
The Company believes that its cash position including expected cash collections
will be sufficient to meet its financing requirements for the next twelve
months, during the time of winding down current operations (see narrative above
as regards litigation with Corestates Bank).
Other. This report contains forward-looking statements and information that is
based on management's beliefs and assumptions, as well as information currently
available to management. When used in this document, the words "anticipate,"
estimate," "expect," "intend" and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct. Such statements are
subject to certain risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize, or should the underlying assumptions
prove incorrect, actual results may vary materially from those anticipated,
estimated or expected.
<PAGE>
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(b) Reports on Form 8-K
The Company did not file any reports on Form 8-K during the
quarter for which this report has been filed.
The following document has been filed exclusively with the
Securities and Exchange Commission:
Exhibit No. Description
27 Financial Data Schedule
<PAGE>
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Pioneer Commercial Funding Corp.
By:
------------------
Albert Nissim
President, Principal Accounting Officer
Dated: November 13, 2000
