UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2002
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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 000-26607
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GREENVOLT POWER CORP.
(Exact name of registrant as specified in its charter)
NEVADA 88-0390828
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
4055 Digby Drive, Orilla, Ontario Canada L3V 6H2
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(Address of principal executive offices)
(705) 326-1117
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(Registrant's telephone number, including area code)
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.
Yes __X__ No _____
19,508,740 Common Shares were outstanding as of March 31, 2002
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GREENVOLT POWER CORP.
I N D E X
Page
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance Sheets
March 31, 2002 (Unaudited) and June 30, 2001 1
Statements of Income
Nine months ended March 31, 2002 (Unaudited) 2
Condensed Statements of Cash Flows
Nine months ended March 31, 2002 4
Selected Notes to Condensed Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
PART II. OTHER INFORMATION 6-7
G r e e n V o l t P o w e r C o r p.
Orillia, Ontario, Canada
Consolidated Balance Sheet
March 31, 2002
Unaudited
------------------------------------
03/31/02 06/30/01
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ASSETS
CURRENT ASSETS
Cash $ 2,701 $ 8,094
Accounts receivable 11,687 11,686
Other current assets 987 987
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Total Current Assets $ 15,375 $ 20,767
PROPERTY AND EQUIPMENT
Property and equipment - net of accumulated depreciation 0 0
OTHER ASSETS
Due from subsidiaries $ 0 $ 0
Due from related parties 0 0
Note receivable 0 0
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$ 0 $ 0
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TOTAL ASSETS $ 15,375 $ 20,767
============ ============
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable - trade $ 123,419 $ 129,619
Note payable - bank 0 0
Advances from Investment Bankers 284,023 284,023
Other current liabilities 0 0
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Total Current Liabilities $ 407,442 $ 413,642
OTHER LIABILITIES
Advances from shareholders 199 199
EQUITY
Issued common stock $ 15,468 $ 15,218
Paid in capital 66,340 57,981
Retained earnings (deficit) - prior periods (466,273) (114,804)
Retained earnings (deficit) - current period (7,801) (351,469)
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Total Equity $ (392,266) $ (393,074)
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TOTAL LIABILITIES AND EQUITY $ 15,375 $ 20,767
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See Accompanying Notes to Financial Statements 1
G r e e n V o l t P o w e r C o r p.
Orillia, Ontario, Canada
Consolidated Statement of Income and Expenses
For the Nine Months Ended March 31, 2002
Unaudited
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SALES
Merchandise $ 4,383
COST OF SALES
Purchases - merchandise $ 762
Other Costs 0
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Total Cost of Sales 762
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GROSS PROFIT $ 3,621
OPERATING EXPENSES
Salaries, wages $ 0
Research and development 405
Office expense 4,771
Postage, etc. 525
Professional services 4,885
Rent, maintenance, etc. 442
Telephone 394
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Total Operating Expenses 11,422
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NET INCOME (LOSS) BEFORE TAXES $ (7,801)
============
See Accompanying Notes to Financial Statements 2
G r e e n V o l t P o w e r C o r p.
Orillia, Ontario, Canada
Consolidated Statement of Retained Earnings
For the Nine Months Ended March 31, 2002
Unaudited
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Retained Earnings (Deficit) - Beginning $ (466,273)
Net Income (Loss) (7,801)
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Retained Earnings (Deficit) - Ending $ (474,074)
============
See Accompanying Notes to Financial Statements 3
G r e e n V o l t P o w e r C o r p.
Orillia, Ontario, Canada
Consolidated Statement of Cashflows
For the Nine Months Ended March 31, 2002
Unaudited
---------------------------------------------
Cash flows from operating activities:
Net income (loss) $ (7,801)
Adjustments to reconcile net income
to net cash provided
by operating activities:
Depreciation and amortization 0
Decrease (increase) in assets:
Sales contracts receivable (1)
Inventory 0
Other current assets 0
Increase (decrease) in liabilities:
Accounts payable - trade (6,200)
Note payable - bank 0
Contracts payable - equipment - short term 0
Other current liabilities 0
0
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Net cash provided by
operating activities $ (14,002)
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Cash flows from investing activities:
Issued common stock/warrants $ 250
Capital paid in 8,359
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Net cash provided by (used for)
investing activities $ 8,609
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Cash flows from financing activities:
Increase (decrease) of contracts
payable - equipment $ 0
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Net cash provided by (used for)
financing activities $ 0
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Increase (decrease) in cash $ (5,393)
Cash - beginning of period 8,094
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Cash - end of period $ 2,701
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See Accompanying Notes to Financial Statements 4
GREENVOLT POWER CORP.
ORILLIA, ONTARIO, CANADA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2002
UNAUDITED
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF ORGANIZATION
The Company was formed in Nevada in April, 1998 as Beck & Co., and initially was
active as a retail jewelry sales company. In July, 2000, the Company acquired
100% of the outstanding shares of GreenVolt Corp., a company established in
Ontario, Canada. GreenVolt Corp. is a development stage company, and is in the
process of developing fuel cell technologies for commercial and industrial use.
The company has since terminated its activity in the retail jewelry business,
and has changed its name, effective September 12, 2000, to GreenVolt Power
Corp.
ACCOUNTS RECEIVABLE
The Company intends to use the allowance method to account for bad debts. This
method provides allowances for doubtful receivables equal to the estimated
losses that will be incurred in the collection of receivables.
PROPERTY
Property and equipment is stated at cost. Depreciation is computed using the
straight line method, and is charged to expense based upon the estimated useful
lives of the assets. Expenses for additions and improvements are capitalized,
while repairs and maintenance are expensed as incurred.
INVENTORY
The Company's inventory consists of parts, supplies and finished merchandise.
Inventory is recorded at the lower of cost (determined on a first-in, first-out
basis) or market.
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GREENVOLT POWER CORP.
ORILLIA, ONTARIO, CANADA
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2002
UNAUDITED
NOTE 2 - CONDENSED FINANCIAL STATEMENTS:
The condensed balance sheet as of March 31, 2002, the statement of operations
for the nine-month period ended March 31, 2002, and the condensed statement of
cash flows for the nine month period then ended have been prepared by the
Company, without audit. In the opinion of management, all adjustments (which
include only normal recurring adjustments) necessary to present fairly the
financial position, results of operations and changes in cash flows at March 31,
2002 and for all periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these condensed financial
statements be read in conjunction with the financial statements and notes
thereto included in the Company's June 30, 2000 audited financial statements.
The results of operations for the period ended March 31, 2002 are not
necessarily indicative of the operating results for the full year.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
There were sales of $4,383 during the nine months ended March 31, 2002.
During the same period the Company expended operating expenses of $11,422 for a
net loss of $7,801, as the Company developed its product.
PART II. OTHER INFORMATION
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Item 1. Legal Proceedings
The Company is aware of no legal proceeding which is pending or
threatened to which the Company is a party or of which its property is
subject.
Item 6. Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K were filed during the three months ended
March 31, 2002
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SIGNATURE
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.
GREENVOLT POWER CORP.
Date: May 23, 2002 By: /s/ Thomas Faul
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Thomas Faul
Chief Executive Officer and Director
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