Avantogen Oncology 10QSB 2004 Q3 Quarterly report (small business)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM 10-QSB

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter EndedSeptember 30, 2004

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 33-55254-28

INNOVATE ONCOLOGY, INC.
(formerly known as Hampton Berkshire Insurance & Financial Company)
(Exact name of registrant as specified in its charter)

       NEVADA                                                                                      87-0438641
(State or other jurisdiction of                                                       (IRS Employer
        incorporation or organization)                                              Identification No.)

712 Fifth Avenue, 19^th Floor New York, NY 10019

(Address of principal executive offices)

Registrant's telephone number including area code:(646) 723-8944

N/A
Former Address, if changed since last reportIndicate 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 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

22,379,832 $.001 PAR VALUE Class A
(Number of shares of common stock the registrant had outstanding as of November 2, 2004)

PART 1. FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

The condensed financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission.

In the opinion of the Company, all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the financial position of the Company as of September 30, 2004 and the results of its operations and changes in its financial position from December 31, 2003 through September 30, 2004 have been made. The results of its operations for such interim period is not necessarily indicative of the results to be expected for the entire year.

INNOVATE ONCOLOGY, INC.

(Formerly known as Hampton Berkshire Insurance & Financial Company)

BALANCE SHEETS

	(Unaudited)
	September 30,	December 31,
	2004	2003

ASSETS	$ -	$ -

LIABILITIES & STOCKHOLDER'S EQUITY
Current Liabilities
Accounts Payable	$ 10,380	$ 3,637
Accrued Interest	3,209	1,166
Notes Payable	25,140	25,140
Total Current Liabilities	38,729	29,943

Stockholders' Equity
Preferred Stock, $.001 par value;
25,000,000 shares authorized; None issued	-	-
Common Stock, $.001 par value: 125,000,000 shares
authorized, issued and outstanding 6,479,832 at
September 30, 2004 and December 31, 2003	6,480	6,480
Additional Paid-in Capital	4,794,121	4,794,121
Accumulated Deficit	(4,839,330)	(4,830,544)
Total Stockholders' Equity	(38,729)	(29,943)

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$ -	$ -

The accompanying notes are an integral part of these financial statements.

INNOVATE ONCOLOGY, INC.

(Formerly known as Hampton Berkshire Insurance & Financial, Company)

STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the Three Months		For the Nine Months
	Ended		Ended
	September 30,		September 30,
	2004	2003	2004	2003

REVENUES	$ -	$ -	$ -	$ -

OPERATING EXPENSES
General & Administrative	1,451	2,665	6,742	16,760
Gain on Settlement of Liabilities	-	-	-	(6,343)
Total Operating Expense	(1,451)	(2,665)	(6,742)	(10,147)

OTHER INCOME (EXPENSE)
Interest Expense	(681)	(47,159)	(2,044)	(174,137)
Total Other Income (Expense)	(681)	(47,159)	(2,044)	(174,137)

NET LOSS	$ (2,132)	$ (49,824)	$ (8,786)	$ (184,554)

NET LOSS PER COMMON SHARE	$ -	$ (0.01)	$ -	$ (0.09)

WEIGHTED AVERAGE NUMBER OF
OUTSTANDING (BASIC & DILUTED)	6,479,832	5,111,882	6,479,832	1,973,943

The accompanying notes are an integral part of these financial statements.

INNOVATE ONCOLOGY, INC.

(Formerly known as Hampton Berkshire Insurance & Financial, Inc.)

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the Nine Months Ended
	September 30,
	2004	2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (8,786)	$ (184,554)
Adjustments to reconcile net loss to net cash used in
operating activities:
Expense related to issuance of common stock
and common stock options for services	-	-

Changes in Assets and Liabilities:
Increase (Decrease) Accounts Payable	6,743	(8,923)
Increase (Decrease) Interest Payable	2,043	174,137

Net Cash Used in Operating Activities	-	(19,340)

CASH FLOWS FROM INVESTING ACTIVITIES:
Net Cash Used in Investing Activities	-	-

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Notes payable	-	19,340
Proceeds from Issuance of Common Stock	-	-
Net Cash Provided by Financing Activities	-	19,340

NET INCREASE IN CASH	-	-
CASH AT BEGINNING OF THE YEAR	-	-
CASH AT END OF THE YEAR	$ -	$ -

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
Cash paid during the year for interest	$ -	$ -

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING & FINANCING ACTIVITIES:

None.

The accompanying notes are an integral part of these financial statements.

INNOVATE ONCOLOGY, INC.
(Formerly known as Hampton Berkshire Insurance & Financial Company)
NOTES TO THE FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

This summary of accounting policies for Innovate Oncology, Inc. is presented to assist in understanding the Company's financial statements. The accounting policies conform to generally accepted accounting principles in the United States of America and have been consistently applied in the preparation of the financial statements.

Interim Reporting

The unaudited financial statements as of September 30, 2004 and for the three and nine month period then ended, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to fairly state the financial position and results of operations for the three and nine months. Operating results for interim periods are not necessarily indicative of the results which can be expected for full years.

Organization

Innovate Oncology, Inc., formerly known as Hampton Berkshire Insurance and Financial, Inc., formally known as First Capital Resources.com, Inc. (the "Company") is a Nevada corporation, having first been incorporated under the name Jackal Industries, Inc., pursuant to the laws of Utah on April 16, 1986, and subsequently reorganized under the laws of Nevada on December 30, 1993. During 1998, the Company ceased all business operations. The Company's name was changed to First Capital Resources.com, Inc., on April 13, 1999. On February 7, 2003 the Company changed its name to Hampton Berkshire Insurance and Financial, Inc. On September 28, 2004 the name was changed to Innovate Oncology, Inc. The Company has no products or services as of September 30, 2004.

Nature of Operations

The Company intends to acquire interests in various business opportunities, which in the opinion of management will provide a profit to the Company. In seeking a business opportunity to merge with or acquire, management is reviewing various business plans. Management has not limited their review of plans or exploration of acquisitions to any particular industry or service sector. Management has not yet identified a business to complete such a transaction with and the Company has not entered into any binding agreements for an acquisition or merger. There is no assurance that the Company will be successful in finding any business opportunity to merge with or acquire.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid debt

INNOVATE ONCOLOGY, INC.

(Formerly known as Hampton Berkshire Insurance & Financial Company)

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Continued

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

Basis of Presentation

The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has a substantial deficiency in assets.

The Company has entered into an agreement effective October 1, 2004, that subject to certain conditions the Company will acquire all of the outstanding common stock of Innovate Oncology, Inc.; a Delaware Corporation, in exchange for 15,900,000 common shares of the Company.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial reporting and tax reporting bases of assets and liabilities given the provisions of currently enacted tax laws. A valuation allowance is provided when it is more likely than not that all or some portion of the deferred income tax asset will not be realized.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted net loss per common share ("Diluted EPS") reflects the potential dilution that could occur if stock options or other common stock

INNOVATE ONCOLOGY, INC.

(Formerly known as Hampton Berkshire Insurance & Financial Company)

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Continued

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

equivalents were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an antidilutive effect on net loss per common share.

Comprehensive Income

There are no components of comprehensive income other than the net loss.

Derivative and Hedging Activities

Statement of Financial Accounting Standards (SFAS) No. 133,Accounting for Derivative Instruments and Hedging Activities, as amended, requires that all derivative instruments be recognized as either assets or liabilities at fair market value. The adoption of this statement on January 1, 2001 had no impact on the Company.

NOTE 2 - INCOME TAXES

Realization of the deferred tax asset is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. Management believes, based upon the short operating period of the Company and the bankruptcy of the 92.85% Parent of the Company (Note 4), among other things, the uncertainty of generating taxable income is such that it is more likely than not that none of the deferred tax asset will be realized, and accordingly has established a valuation allowance of $835,000 fully offsetting this asset. It is reasonably possible the Company's estimate of realizability of the deferred tax asset could materially change in the near term.Further, all or substantially, all of the deferred tax asset may be lost due to the change in ownership on December 31, 2002.

NOTE 3 - COMMITMENTS

The Company currently maintains its corporate presence from the office of the Company's legal counsel and pays no rent or expenses.

INNOVATE ONCOLOGY, INC.

(Formerly known as Hampton Berkshire Insurance & Financial Company)

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Continued

NOTE 4 - COMMON STOCK TRANSACTIONS

On March 5, 2003, the Board of Directors changed the name of the Company to Hampton Berkshire Insurance and Financial, Inc. The Board initiated a 1 for 10 reverse split of common stock and increased the number of shares authorized to 150,000,000, consisting of 125,000,000 common shares and 25,000,000 preferred shares to have such designations, preferences and rights as determined by the board.

During the third quarter of 2004, shareholders voted to change the name to Innovate Oncology, Inc. and effect a reverse split 3.8 to 1. Fractional shares were rounded up to the next full share and any shareholder that was reversed below one share will be reimbursed at par value for the pre-reverse amount of shares. All references to 2003 have been restated to reflect the stock split.

NOTE 5 - SUBSEQUENT EVENTS

On September 7, 2004, the Company entered into a agreement whereby the Company will acquire 100% of the outstanding common stock of Innovate Oncology, Inc., a Delaware Corporation, in exchange for 15,900,000 shares of the Company's common stock. In connection with the acquisition, 5,026,590 shares will be canceled. After completion of the acquisition, the total outstanding shares will be 17,353,242.

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

RESULTS OF OPERATIONS

The following presentation of management's discussion and analysis of the Company's financial condition and results of operation should be read in conjunction with the Company's financial statements and notes contained herein.

Liquidity and Capital Resources. The Company has entered into an agreement effective October 1, 2004, that subject to certain conditions the Company will acquire all of the outstanding common stock of Innovate Oncology, Inc.; a Delaware Corporation, in exchange for 15,900,000 come shares of the Company.On September 28, 2004, the Company effected a reverse split of 3.8 to 1 of the Company's common stock. Fractional shares were rounded up to the next full share and any shareholder that was reversed below one share will be reimbursed at par value for the pre-reverse amount of shares.

For the Three Months Ended. The Company reported a net loss of $2,132 and $49,824 for the quarters ended September 30, 2004, and September 30, 2003, respectively.

For the Nine months Ended. The Company reported a net loss of $8,786 and $184,554 for the quarters ended September 30, 2004 and September 30, 2003, respectively. The Company anticipates very little or no overhead from future operations other than interest, professional fees and costs associated with being a public company, unless and until the agreement with Innovate Oncology, Inc.; a Delaware Corporation is successful.

Plan of Operations.The Company has entered into an agreement effective October 1, 2004, that subject to certain conditions the Company will acquire all of the outstanding common stock of Innovate Oncology, Inc.; a Delaware Corporation, in exchange for 15,900,000 come shares of the Company.

ITEM 3 - CONTROLS AND PROCEDURES.

The Company's Chief Executive Officer and Chief Financial Officer have concluded, based on an evaluation conducted within 90 days prior to the filing date of this Quarterly Report on Form 10-QSB, that the Company's disclosure controls and procedures have functioned effectively so as to provide those officers the information necessary whether:

(i) this Quarterly Report on Form 10-QSB contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report on Form 10-QSB, and

(ii) the financial statements, and other financial information included in this Quarterly Report on Form 10-QSB, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Quarterly Report on Form 10-QSB.

There have been no significant changes in the Company's internal controls over financial

reporting or in other factors since the date of the Chief Executive Officer's and Chief Financial Officer's evaluation that could significantly affect these internal controls, including any corrective actions with regards to significant deficiencies and material weaknesses.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

On September 28, 2004, the Company effected a reverse split of 3.8 to 1 of the Company's common stock. Fractional shares were rounded up to the next full share and any shareholder that was reversed below one share will be reimbursed at par value for the pre-reverse amount of shares. Due to the reverse the amount of outstanding shares decreased from 24,624,198 to 6,479,832.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On September 28, 2004, security shareholders consented to a change in name to Innovate Oncology, Inc. and to effect a 3.8 to 1 reverse split.

ITEM 5. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8

(a) Exhibits. The following exhibits are filed with this report.

31. Written Statement of Chief Executive Officer and Chief Financial Officer with respect to compliance with Section 13(a) or 15 (d) of the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002.

32. Written Statement of Chief Executive Officer and Chief Financial Officer with respect to compliance with Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and pursuant to 18 U.S.C. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002.

(b) Reports on Form 8-K. The following reports have been filed on Form 8-K during the last fiscal quarter:

1. September 23, 2004. Item 1.01 Entry into a Material Definitive Agreement. And Item 5.01 Changes in Control of Registrant.

SIGNATURESPursuant 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 authorized officer.

Dated: November 5, 2004 Innovate Oncology, Inc.

By: /s/ Nigel RulewskiNigel Rulewski
CEO, President & Director
(Principal Executive Officer)

By: /s/ Alan Bowen

Alan Bowen

CFO, Secretary, Treasurer & Director

(Principal Financial Officer)

Exhibit 31.1

SECTION 302 CERTIFICATION

I, Nigel Rulewski, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Innovate Oncology, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in exchange act rules 13a-14 and 15d-14 for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal control which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of my most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: November 5, 2004By: /s/ Nigel RulewskiNigel Rulewski

CEO, President & Director

(Principal Executive Officer)

Exhibit 31.2

SECTION 302 CERTIFICATION

I, Alan Bowen, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Innovate Oncology, Inc.;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

Date: November 5, 2004By: /s/ Alan Bowen

Alan Bowen

CFO, Secretary, Treasurer & Director

(Principal Financial Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Innovate Oncology, Inc., on Form 10-QSB for the period ending Septempber 30, 2004 as filed with the Securities and Exchange Commission on the date hereof (the"Report"), the undersigned, Nigel Rulewski, Chief Executive Officer and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 5, 2004By: /s/ Nigel RulewskiNigel Rulewski

CEO, President & Director

(Principal Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Innovate Oncology, Inc., on Form 10-QSB for the period ending September 30, 2004 as filed with the Securities and Exchange Commission on the date hereof (the"Report"), the undersigned, Alan Bowen, Chief Financial Officer and Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 5, 2004By: /s/ Alan Bowen

Alan Bowen

CFO, Secretary, Treasurer & Director

(Principal Financial Officer)

Avantogen Oncology (IOVO) Inactive 10QSB2004 Q3 Quarterly report (small business)