UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-QSB
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(Mark one)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 2000
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[ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to
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Commission file number 000-27371
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RENT USA, INC.
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(Exact name of small business issuer as specified in its charter)
Nevada 33-5695839
-------- ------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
PO Box 10
San Dimas, CA 91773-0010
(Address of principal executive offices)
(909) 287-1500
---------------
(Issuer's telephone number)
State the number of shares outstanding of each of the issuer's classes of common
equity as of March 31, 2000: Common stock 6,098,289 shares
Transitional Small Business Disclosure Format
(Check one): Yes [ ] No [x]
TABLE OF CONTENTS
PART 1- FINANCIAL INFORMATION
PAGE
----
Item 1. Financial Statements..................................... F-1/10
Item 2. Plan of Operation........................................ 11
PART 11- OTHER INFORMATION
Item 1. Legal Proceedings........................................ 13
Item 2. Changes in Securities.................................... 13
Item 3. Defaults Upon Senior Securities.......................... 13
Item 4. Submission of Matters to a Vote of Security Holders...... 13
Item 5. Other Information........................................ 13
Item 6. Exhibits and Reports on Form 8-K......................... 13
SIGNATURES....................................................... 14
PART 1 - FINANCIAL INFORMATION
Item 1 - Financial Statements.
Unaudited Balance sheet at June 30, 2000
Unaudited Statements of Operations for the three month and six month
periods ended June 30, 2000.
Unaudited Statements of Cash Flows for the six and nine month period
ended June 30, 2000.
Notes to the financial statements.
FINANCIAL STATEMENTS
RENT USA, INC.
(Unaudited)
JUNE 30, 2000
CONTENTS
Consolidated Balance Sheets F - 2
Consolidated Statements of Income and Expense F - 4
Consolidated Statements of Cash Flows F - 5
Notes to the Financial Statements F - 6
F - 1
RENT USA, INC.
BALANCE SHEET
JUNE 30, 2000
ASSETS
Current Assets
Cash $ 28,476
Accounts Receivable 55,235
Employee Advance 3,762
-----------
Total Current Assets 87,473
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Property and Equipment
Furniture and Office Equipment 73,313
Heavy Construction Equipment 5,279,327
Attachments and Parts 1,476,068
Shop Equipment and Tools 803,774
-----------
7,632,482
Less; Accumulated Depreciation (441,042)
-----------
Total Property and Equipment 7,191,440
-----------
TOTAL ASSETS $7,278,913
===========
F - 2
RENT USA, INC.
BALANCE SHEET
JUNE 30, 2000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accrued Expenses $ 32,463
Short-Term Notes Payable 1,751,748
Notes Payable, Current Portion 86,799
-----------
Total Current Liabilities 1,871,010
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Long-Term Liabilities 327,521
-----------
Total Liabilities 2,198,531
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Stockholders' Equity
Common Stock, $.001 par value, 20,000,000
Shares authorized; 6,098,289 issued and
Outstanding 6,098
Preferred Stock, $.001 par value, 5,000,000
Shares authorized; none issued 0
Paid-in Capital 5,498,347
Retained Earnings (424,063)
-----------
Total Stockholders' Equity 5,080,382
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,278,913
===========
F - 3
RENT USA, INC.
STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999
Three Months ended Six Months ended
June 30, June 30,
2000 1999 2000 1999
------------ ------------ ------------ ------------
Income $ 125,122 $ 0 $ 225,934 $ 0
Cost of Goods Sold 247,910 0 422,425 0
------------ ------------ ------------ ------------
Gross Profit (Deficit) (122,788) 0 (196,491) 0
Operating Expenses 118,482 0 179,084 (5,000)
------------ ------------ ------------ ------------
Income (Loss) from Operations (241,270) 0 (375,575) (5,000)
Provision for Income Taxes 0 0 0 0
------------ ------------ ------------ ------------
Net Income (Loss) $ (241,270) $ 0 $ (375,575) $ (5,000)
============ ============ ============ ============
Earnings Per Share - Basic $ (0.04) $ 0 $ (0.06) $ (0.001)
============ ============ ============ ============
Weighted Average Number of Shares 6,098,289 5,000,000 6,098,289 3,333,333
============ ============ ============ ============
F - 4
RENT USA, INC.
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
2000 1999
---------- ----------
Cash Flow from Operating Activities:
Net Income $(375,575) $ (5,000)
Adjustments to reconcile net income to
net cash used in operating activities:
Depreciation 398,464 0
(Increase) Decrease in:
Accounts Receivable (55,235) 0
Employee Advance (3,762) 0
Increase (Decrease) in:
Accounts Payable (910) 0
Accrued Expenses 32,463 0
---------- ----------
Net Cash (used) by Operating Activities (4,555) (5,000)
---------- ----------
Cash Flow from Investing Activities:
Purchase of Property and Equipment (37,343) 0
---------- ----------
Net Cash used by investing Activities (37,343) 0
---------- ----------
Cash Flow from Financing Activities:
Proceeds from Issuance of Stock 0 5,000
Capital Contribution 500 0
Net Proceeds from Notes Payable 69,874 0
---------- ----------
Net Cash provided from Financing Activities 70,374 5,000
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Net Increase (Decrease) in Cash 28,476 0
Cash Balance at Beginning of Period 0 0
---------- ----------
Cash Balance at End of Period $ 28,476 $ 0
========== ==========
SUPPLEMENTAL DISCLOSURES:
Cash Paid During the Period for:
Interest $ 4,113 $ 0
========== ==========
Income Tax $ 0 $ 0
========== ==========
Schedule of Noncash Investing and Financing Activities:
In 2000
Notes Payable incurred for purchase of property
and equipment $ 434,473
==========
Paid-in Capital incurred for acquiring of property and
equipment $ 7,500
==========
F - 5
RENT USA, INC.
NOTES TO FIANNCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Presentation of Interim Information
In the Opinion of the management of Rent USA, Inc.(the Company), the
accompanying unaudited financial statements include all normal adjustments
considered necessary to present fairly the financial position as of June 30,
2000, and the results of operations for the three and six months ended June 30,
2000 and 1999, and cash flows for the six months ended June 30, 2000 and 1999.
Interim results are not necessarily indicative of results for a full year.
The financial statements and notes are presented as permitted by Form 10-QSB,
and do not contain certain information included in the Company's audited
financial statements and notes for the fiscal year ended December 31, 1999.
Former Development Stage Company
Effective this year, the Company begins its planned operations and generates
significant revenues and is no longer in the development stage as defined under
Financial Accounting Standards Board Statement No. 7.
Use of estimates
The preparation of the accompanying financial statements in conformity with
generally accepted accounting principles requires management to make certain
estimates and assumptions that directly affect the results of reported assets,
liabilities, revenue, and expenses. Actual results may differ from these
estimates.
Cash Equivalents
For purposes of the statements of cash flows, the Company considers all highly
liquid debt instruments with an original maturity of three months or less to be
cash equivalents.
Revenue Recognition
Revenues are recognized as earned as time passes from rights to use assets
(rentals) which extend continuously over time based on contractual prices
established in advance.
F - 6
RENT USA, INC.
NOTES TO FIANNCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Accounts Receivable
Management of the Company considers accounts receivable to be fully collectible;
accordingly, no allowance for doubtful accounts is required. If amounts become
uncollectible, they will be charged to operations when that determination is
made. There was no bad debt expense either for 2000 or 1999.
Property and Equipment
Property and Equipment are valued at cost. Maintenance and repair costs are
charged to expenses as incurred. Depreciation is computed on the straight- line
method based on the estimated useful lives of the assets. Depreciation expense
was $398,464 and $0 for 2000 and 1999, respectively.
Income Taxes
The Company accounts income taxes in accordance with Financial Accounting
standards Board Statement No. 109 "Accounting For Income Taxes" (SFAS No. 109).
SFAS No. 109 requires a company to recognize deferred tax liabilities and assets
for the expected future income tax consequences of events that have been
recognized in the Company's financial statements. Under this method, deferred
tax assets and liabilities are determined based on temporary differences between
the financial carrying amounts and the tax bases of assets and liabilities using
the enacted tax rates in effect in the years in which the temporary differences
are expected to reverse.
NOTE 2 - SHORT-TERM NOTES PAYABLE
a.) Note Payable to an Officer; no interest
accrued; due on demand $ 20,000
b.) Note Payable to an Officer; no interest
accrued: due on demand 39,664
c.) Note Payable to related party; interest
at 8.5%; due June 3, 2000 1,661,721
d.) Note Payable to Airgas, due on demand;
secured by equipment 5,363
F - 7
RENT USA, INC.
NOTES TO FIANNCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
NOTE 2 - SHORT-TERM NOTES PAYABLE (Continued)
e.) Note Payable to related party; interest
at 10%; due 60 days 25,000
-----------
$1,751,748
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NOTE 3 - LONG-TERM LIABILITIES
a.) 10.75% Note Payable to Anchor due in monthly
installment of $743.43 including principal
and interest, maturing March 24, 2004;
collateralized by equipment $ 27,926
b.) 9.65% Note Payable to bank due in monthly
installment of $2,645.49 including principal
and interest, maturing April 28, 2003;
collateralized by equipment 77,777
c.) 12% Note Payable to Johnson due in monthly
installment of $6,174.52 including principal
and interest, maturing April 2001 81,164
d.) 10.75% Note Payable to CIT due in monthly
installment of $5950.83 including principal
and interest, maturing May 2004; collateralized
by equipment 227,453
----------
414,320
Less Current Portion 86,799
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$ 327,521
==========
Long-term liabilities maturities during the years ending December 31:
2000 $ 86,799
2001 121,135
2002 94,734
2003 74,848
2004 36,804
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$414,320
=========
NOTE 4 - PROVISION FOR INCOME TAX
There was no provision for income tax for three and six months ended June 30,
2000 and 1999. Due to net operating losses and the uncertainty of realization,
no tax benefit has been recognized for operating losses.
F - 8
RENT USA, INC.
NOTES TO FIANNCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
NOTE 4 - PROVISION FOR INCOME TAX (Continued)
At December 31, 1999, net federal operating losses of approximately $48,488 are
available for carryforward against future years' taxable income and expire in
2020. The Company's ability to utilize its federal net operating loss
carryforwards is uncertain and thus a valuation reserve has been provided
against the Company's net deferred tax assets.
NOTE 5 - NET LOSS PER SHARE
Net loss per share is computed based on the weighted average number of shares of
common stock outstanding during the period. Basic net loss per share for six
months ended June 30, 2000 and 1999 is $0.06 and $0.001, respectively.
NOTE 6 - CAPITAL CONTRIBUTION
A shareholder contributed an equipment with a fair value of $7,500 to the
Company.
NOTE 7 - LEASE COMMITMENTS
The Company leases its office facilities for $3,250 per month. The lease expires
February 28, 2003. Rent expense totaled $6,300 and $0 for 2000 and 1999,
respectively.
As of June 30, 2000, the minimum commitments under the lease are as follows:
December 31, Amount
------------ ------
2000 $ 19,500
2001 39,000
2002 39,000
2003 6,500
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$104,000
=========
NOTE 8 - GOING CONCERN
The accompanying financial statements are presented on the basis that the
Company is a going concern. Going concern contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business over a
reasonable length of time. As shown in the accompanying financial statements,
the Company incurred a net loss of $375,575 and $5,000 for six months ended June
30, 2000 and 1999, respectively, and as of June 30, 2000, the Company has a
working capital deficiency of $1,783,537.
F - 9
RENT USA, INC.
NOTES TO FIANNCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
NOTE 8 - GOING CONCERN (Continued)
Management is currently involved in active negotiations to obtain additional
financing and actively increasing marketing efforts to increase revenues. The
Company's continued existence depends on its ability to meet its financing
requirements and the success of its future operations. The financial statements
do not include any adjustments that might result from the outcome of this
uncertainty.
F - 10
Item 2. Plan of Operation
The Company was originally organized under the laws of the State of Delaware in
1998, as RENT USA, INC, Delaware Company. On November 17, 1999 the Company
changed its domicile to the State of Nevada and is now doing business as a
Nevada Corporation.(See Part III, Articles of Incorporation and Agreement and
Plan of Merger, which is the document vehicle required by the state of Nevada to
change the company to Nevada).
Rent USA is in the business of selling and renting construction and multipurpose
equipment to construction firms, contractors, and other users of commercial
machinery.
On November 17, 1999, the Company purchased heavy duty construction equipment
valued at $7,110,588.00 from an unaffiliated and unrelated company, Pacific
Standard Financial Group, Inc. ["PSFG"] that specializes in the sale of
equipment, in exchange for common stock in the Company and assumption of
$1,661,721.00 in debt owed to the various persons from whom PSFG had purchased
the equipment for resale to the Registrant. Bill Williamson was owed a total of
$1,571,409.60 of the total debt amount. The balance was owed to various other
persons and companies. On December 10, 1999, the Company issued 1,098,289 shares
of common stock and assumed four promissory notes which PSFG owed to Bill
Williamson as noted above. The common stock issued to PSFG was issued pursuant
to Section 4(2) of the Securities & Exchange Act of 1933, as amended, which
allows the issuance of unregistered securities in exchange for assets. These
securities contain a legend condition which restricts their sale to the general
public for a period of one year from the date of issuance and then allows the
stock to be registered and sold pursuant to Regulation 230.144 by the filing of
a Form 144 with the Commission.
The Company also entered into a Marketing Agreement with Northland Supply
Company ["Northland"], a sole proprietorship owned by Denzel Harvey, a disabled
veteran and brother of Al Harvey, the Chief Executive Officer of the Company.
Under the terms of this agreement Rent USA, Inc. will provide Northland with
rental equipment and supplies which Northland will, in turn, rent to the
construction industry. Northland is certified by the State of California as a
Disabled Veterans Business Enterprise (DVBE) provider under the state of DVBE
California program.
Customer Profile-General
- ------------------------
The Company intends to provide services in four categories:
1. Equipment Rentals - the principal service, consists of renting equipment to
small and large contractors, and construction companies.
2. Equipment Sales - The sale of new and used equipment to small and large
contractors and construction companies. The Company is presently negotiating an
agreement whereby it will become a dealer for New Holland, a manufacturer of
heavy construction equipment.
3. Re-Rentals - this means re-renting equipment which the Company must rent from
others and does not own, then re-renting that equipment to an end user at an
anticipated 20% markup over the amount which the Company must pay the owner of
the equipment.
4. Trade Rentals - this means renting equipment on a long term basis to other
rental yards, which they, in turn, will mark up and re-rent to the general
public at a markup, generally 20%.
11
Presently, the Company has no agreements other than with Northland for
re-rentals or trade rentals. Also, presently, the Company has no agreements with
anyone for equipment sales. As a result, at the beginning, the only source of
income will be from the rental of equipment which the Company owns to
contractors and to Northland.
Geographic Service Area
- -----------------------
The proposed geographic marketing area for the company at present will be
limited to the southwest United States and will only include Southern
California, Nevada, Utah and Arizona.
Industry Analysis
- -----------------
According to the American Rental Association, the trade group for the equipment
rental business, construction and development in the United States has
continually increased over the last twenty years. Due to this gradual increase
of activity, demand for rental construction equipment and machinery has been
sustained at a relatively high level. The Association states that it has seen
gradual movement in the business from small, family owned, single facility
rental yards to large corporations with multiple facilities. As detailed in
"1999 Rental Year in Review" during the past year, there were changes that were
"unprecedented in the world of tool rentals. "These changes represented mergers,
hostile takeovers and consolidations." As a result, the Company believes that in
a time of large corporations without the local service which small business
owners formerly gave their customers, there is an opportunity for Rent USA to
take advantage of this consolidation to build a business limited to heavy
construction machinery and equipment by providing superior customer service
through a strategy of being in close proximity to the customer, by being able to
respond to customer needs in a timely and appropriate manner.
The equipment rental market as a whole has been growing at a rapid rate in
excess of 20% annually based on revenues reported to the American Rental
Association by its 7200 member organizations throughout the United States. The
market for these products amounted to $3 billion in 1996, increased to 3.5
billion in 1997 and continued to rise by a similar increase in 1998, according
to Rental Equipment Register, the trade publication of the American Rental
Association.
These trends which have been noticed by the American Rental Association have not
been broken down into regions and for that reason, the Company has no definitive
evidence that these trends exist in the Southwestern United States where the
Company intends to build its business. However, there is, likewise, no evidence
to the contrary and management believes that the national trends apply to the
Southwestern United States as well as to other areas.
It is management's opinion that one of the areas of greatest growth in the
equipment rental market is in the area of rentals to contractors fulfilling
state and federal contracts. This is the area where Northland will have an
advantage because of its DVBE certification. There are only 600 DVBE registered
businesses in the California and only one in the heavy construction field
according to the Disabled Veterans Alliance. The alliance between the Company
and Northland should have a positive impact on the ability of the Company to
obtain business. The reason for this is due to the fact that Northland has an
advantage over other non DVBE companies when bidding on federally mandated
construction projects. The most recent version of the law passed by Congress and
by the California State Legislature requires that at least 3% of all contracts
let in State and federally mandated projects be to DVBE owned companies. It
should be noted that Rent USA, Inc. is not a DVBE registered company nor does it
intend to obtain such a registration. However, the Company's alliance with
Northland, will, in management's opinion, have a positive and beneficial affect.
12
Currently, the entire equipment rental market is shared by approximately 7,000
equipment rental yards across the United States, with United Rental Corporation
positioned as the market leader.
Through acquisitions, United Rental has amassed over $1.7 billion in rental
revenues for fiscal 1998. United Rental began its acquisition strategies upon
its inception in 1997.
The service area for Rent USA, Inc. is a twelve-month construction Area. The
Southwestern United States does not experience any disruption in construction
due to weather or other seasonal issues which should also be advantageous to
assuring regular cash flow.
Because the company has no operating history, it is impossible at this time to
state the utilization rate for the Company's equipment, that is, the percentage
of time which the equipment will be rented to customers as opposed to the time
that it sits in the yard unrented and not generating income. The Company
believes that its utilization rate will be comparable to those in the industry,
averaging approximately 55%.
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
The Corporation advises that James Slayton, C.P.A. has resigned as the company
auditors, which resignation was accepted by the Company on January 1, 2000
effective from December 31, 1999. The reason for the resignation was at the
request of the Registrant due to the fact that Mr. Slayton is not a member of
the SEC Practice Section of the AICPA which the Company deemed to be of extreme
importance for purposes of its relationships with the stock market community and
with the Securities & Exchange Commission.
The decision to change accountants was recommended and approved by the Board of
Directors.
During the Registrant's two most recent fiscal years and any subsequent interim
period preceding the date of the dismissal, there were no disagreements with the
former accountant on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure.
The accountant's report on the financial statements for the past two years did
not contain an adverse opinion or a disclaimer of opinion and was not qualified
or modified as to uncertainty, audit scope or accounting principles other than
as stated in the Registration Statement, Amendment No. 4, wherein the
Accountant's Report states as follows:
"The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 3 to the financial
statements, the Company has had limited operations and has not generated
significant revenues from planned principal operations. This raises substantial
doubt about its ability to continue as a going concern. Management's plan in
regard to these matters is also described in Note 3. The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty."
The Accountant in Note 3 makes the following statement:
"The Company's financial statements are prepared using the generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. However, the Company has not generated significant revenues from its
planned principal operations. Without realization of additional capital, it
would be unlikely for the Company to continue as a going concern."
John Spurgeon, CPA, JD whose address is PO Box 1171, Glendora, CA 91740,
telephone number (626) 914-9449 has agreed to replace James Slayton as auditor.
Mr. Spurgeon is a member of the SEC Practice Section of the AICPA as is his
reviewing auditors, Corbin & Wertz of Irvine, California.
13
Additionally, the Company has changed officers and directors. The directors and
officers of the Company were originally as follows:
Name Age Position
- ------------ ------- --------------------
Al Harvey 56 Chairman, Chief Executive Officer, Director
Dan McCoy 37 President, Chief Financial Officer, Director
Gary Hulbert 63 Vice President & Regional Manager
As of August 1, 2000, Dan McCoy resigned and Gary Hulbert took other employment.
Neither of them are any longer connected to the Company in any manner nor do
they have anything owed to them either by way of salary or other compensation.
Dan McCoy was replaced by Charles C. Hooper as President, Chief Financial
Officer and Director. Mr. Hooper is 52 years of age.
Gary Hulbert has not as yet been replaced.
Management Responsibilities
- ----------------------------
Al Harvey, Chairman, Chief Executive Officer, Director
Mr. Harvey will act to develop and maintain the company vision. He will oversee
all areas and company departments. He will Approve all financial obligations,
will seek business opportunities and strategic alliances with other
organizations, will plan, develop and establish policies and objectives of
business organization in accordance with board directives and company charter,
direct and coordinate financial programs to provide funding for new or
continuing operations in order to maximize return on investments and increase
productivity.
Goals include: To form Rent USA into one of the premier equipment rental
companies in the Unites States by maintaining quality of equipment, service and
reliability to facilitate increased revenues, profitability, and exposure.
Charles C. Hooper, President, Chief Financial Officer, Director
Mr. Hooper will work closely with Al Harvey to develop revenue and profitability
goals. His essential obligation is to work with investors and creditors to raise
required capital to meet Companies funding requirements, to work with CEO to
target and review feasibility of potential acquisitions and to oversee the
Company's overall accounting and tax liabilities. Finally, he will work with
Sales Managers to establish optimal sales levels and pricing.
Management Team Backgrounds
- ---------------------------
Al Harvey, Chairman, Chief Executive Officer, Director
Al Harvey was from 1995 to February of 1999, president of Big Iron Rental, a
California based construction equipment rental company with approximately 2
million dollars in annual sales during the last full year of operation. Prior to
1995, Mr. Harvey worked as sales manager from L. D. Harvey Equipment Rental
Company in Chino, California which, when Mr. Harvey left the company was
grossing approximately 3.8 million dollars in annual sales. From approximately
August of 1981 until 1992 when he joined L. D. Harvey, he owned and operated
Alvin Harvey Construction Company of Oren, Utah, specializing in single family
residential construction.
14
Charles C. Hooper, President, Chief Financial Officer, Director
Mr. Hooper was from 1986 until coming with the Company, the Chief Executive
Officer of Mojave Natural Resources in Temecula, California, a company which
produces decorative rock and construction aggregate and industrial minerals.
From 1978 until 1990, he was also the owner of Old Town Financial in La Jolla,
California, a developer of shopping centers, office buildings, condominiums,
apartments, health clubs, single family homes and ranch estates. He began his
careet in 1968 with Litton Industries as a reliability systems engineer which
designed and built missle guidance systems for the U.S. Army ground to air
combat installations. He was an officer in the U.S. Navy during the Viet Nam war
and became an instructor at the Naval War College. He served two tours in Viet
Nam as Navy Seal and trained submarine diving officers. From 1974 until 1986 he
was the owner of Organizational Diagnostics Associates in San Diego, California,
a private financial and business consulting firm to Fortune 500 and local
companies pioneering the development of financial and legal software systems.
Mr. Hooper is a graduate of the University of California at Los Angeles with
High Honors, has a Master of Science Degree from the U.S. Naval Post Graduate
School and has done doctorate work in finance and human behavior. He has also
taken a number of continuing education courses in finance, real estate and
insurance. He is a 22 year member of the San Diego Yacht Club, a member of
Toastmasters International, The Veterans of Foreign Wars, the California Mining
Association and the Pacific S.W. Quarter Horse Association.
Remuneration of Directors and Executive Officers
Annual
Name: Comp.
- -------------------------------------------
Al Harvey, CEO $ 225,000
Charles C. Hooper, PRES & CFO $ 150,000
Directors are not compensated at this time for serving in the capacity as a
director and it is not anticipated that directors will receive any compensation
for their service.
Item 6. Exhibits and Reports on Form 8-K.
The following 8-K Reports were filed by the Company which relate to
the first and second quarter of 2000:
An 8-K Report filed concurrently herewith regarding changes in auditor,
officers and directors.
15
SIGNATURES
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.
Rent USA, Inc.
----------------------------
Date: September 5, 2000 /s/ Al Harvey
----------------------------
Al Harvey
Chief Executive Officer
16