UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JULY 31, 2003
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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
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Commission file number 0-25824
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NEW HARVEST CAPITAL CORPORATION
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(Exact name of small business issuer as specified in its charter)
Delaware 13-3337553
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
c/o Kalin & Associates, P.C., 494 Eighth Avenue, Suite 800, New
York, New York 10001
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(Address of Principal Executive Offices)
(212) 819-1066
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Issuer's telephone number
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(Former name, former address and former fiscal year, if changed
since last report)
As of September 18, 2003, there were 128,559,999 shares of common
stock, par value $.0001 per share, outstanding.
Transitional small business disclosure format (check one)
Yes [ ] No [ X ]
The Exhibit Index is located on Page 8
Page 1 of 9
NEW HARVEST CAPITAL CORPORATION
INDEX
Page
Part I. Financial Information: ----
Item 1. Financial Statements.
Condensed Balance Sheets at July 31, 2003 and
April 30, 2003 3
Condensed Statements of Operations for the three
months ended July 31, 2003 and 2002 4
Condensed Statements of Cash Flows for the
three months ended July 31, 2003 and 2002 5
Notes to Condensed Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation. 6
Item 3. Controls and Procedures 7
Part II. Other Information:
Item 6. Exhibits and Reports on Form 8-K. 8
Signature 9
NEW HARVEST CAPITAL CORPORATION
CONDENSED BALANCE SHEETS (Unaudited)
PART I. FINANCIAL INFORMATION
ASSETS
July 31, April 30,
2003 2003
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(Unaudited)
Current assets:
Cash $ 160,841 $ 171,061
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Total assets $ 160,841 $ 171,061
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accrued expenses and
taxes payable $ 5,000 $ 6,215
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Total current liabilities 5,000 6,215
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Stockholders' equity
Preferred stock - $.0001 par value,
authorized 5,000,000 shares; issued
and outstanding - none - -
Common stock - $.0001 par value,
authorized 300,000,000 shares;
issued 128,559,999 at July 31, 2003
and April 30, 2003; 12,856 12,856
Additional paid-in capital 574,324 574,324
Accumulated deficit (431,339) (422,334)
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Total stockholders' equity 155,841 164,846
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$ 160,841 $ 171,061
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See accompanying notes to condensed financial statements.
NEW HARVEST CAPITAL CORPORATION
CONDENSED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JULY 31, 2003 AND 2002
(Unaudited)
THREE MONTHS ENDED
JULY 31,
2003 2002
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Revenues:
Interest $ 134 $ 413
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Costs and expenses:
General and administrative 9,139 22,269
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Net loss $ (9,005) $ (21,856)
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Net loss per weighted average
number of common shares $ - $ -
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Weighted average number of common
shares outstanding 128,559,999 128,559,999
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See accompanying notes to condensed financial statements.
NEW HARVEST CAPITAL CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JULY 31, 2003 AND 2002
(Unaudited)
THREE MONTHS ENDED
JULY 31,
2003 2002
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Cash Flows from operating activities:
Net loss $ (9,005) $(21,856)
Adjustments to reconcile net loss
to net cash used in operating activities:
Changes in operating assets and liabilities:
Decrease in accrued expenses (1,215) (12,904)
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Net Cash used in Operating Activities (10,220) (34,760)
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Net decrease in cash (10,220) (34,760)
Cash beginning of period 171,061 214,332
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Cash end of period $160,841 $179,572
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See accompanying notes to condensed financial statements.
NEW HARVEST CAPITAL CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 1.
The condensed balance sheet as of July 31, 2003, the condensed
statements of operations for the three month periods ended July 31,
2003 and 2002 and the condensed statements of cash flows for the
three month periods ended July 31, 2003 and 2002 have been prepared
by the Company, without audit. In the opinion of management, all
adjustments necessary to present fairly the financial position,
results of operations and cash flows, as of July 31, 2003 and for
all periods presented have been made. The results of operations are
not necessarily indicative of the results to be expected for the
full year.
Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally
accepted accounting principles have been omitted. It is suggested
that these financial statements be read in conjunction with the
financial statements and notes thereto included in the Company's
Form 10-KSB for its fiscal year ended April 30, 2003, which was
filed with the Securities and Exchange Commission.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Results of Operations
The Company had limited operations in both periods and a loss
of $9,005 for the three months ended July 31, 2003 and $21,856 for
the same period last year. With the Company's limited activities
and resources, there is no assurance the Company will be able to
develop or conduct profitable operations at any time in the future.
The current period's loss was due primarily to legal and other
administrative fees. The Company is presently looking for suitable
merger candidates.
Liquidity and Capital Resources
The Company reduced its non-cash assets during its fiscal year
ended April 30, 2003. At July 31, 2003, the Company's assets were
principally its cash resources.
Safe Harbor Statement
Statements which are not historical facts, including
statements about the Company's confidence and strategies and its
expectations about new and existing products, technologies and
opportunities, market and industry segment growth, demand and
acceptance of new and existing products are forward looking
statements that involve risks and uncertainties. These include,
but are not limited to, product demand and market acceptance risks;
the impact of competitive products and pricing; the results of
financing efforts; the loss of any significant customers of any
business; the effect of the Company's accounting policies; the
effects of economic conditions and trade, legal, social, and
economic risks, such as import, licensing, and trade restrictions
and the results of the Company's business plan.
Item 3. Controls and Procedures.
The Company maintains "disclosure controls and procedures," as
such term is defined in Rules 13a-15e and 15d-15e of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), that are
designed to ensure that information required to be disclosed in our
reports, pursuant to the Exchange Act, is recorded, processed,
summarized and reported within the time periods specified in the
SEC's rules and forms, and that such information is accumulated and
communicated to management, including the Chief Executive Officer
and Chief Financial Officer, as appropriate, to allow timely
decisions regarding the required disclosures. In designing and
evaluating the disclosure controls and procedures, management has
recognized that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurances of
achieving the desired control objectives, and management
necessarily is required to apply its judgment in evaluating the
cost benefit relationship of possible controls and procedures.
The Company's Chief Executive Officer and Chief Financial
Officer (its principal executive officer and principal financial
officer, respectively) has evaluated the effectiveness of its
"disclosure controls and procedures" as of the end of the period
covered by this Quarterly Report on Form 10-QSB. Based on their
evaluation, the principal executive officer and principal financial
officer concluded that the Company's disclosure controls and
procedures are effective. There were no significant changes in the
Company's internal controls or in other factors that could
significantly affect these controls subsequent to the date the
controls were evaluated.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
3.1 Articles of Incorporation of the Company,
incorporated by reference to Form S-18 Registration
Statement No. 33-2034-NY (the "Registration
Statement").
3.2 Certificate of Renewal and Revival of Certificate
of Incorporation of the Company filed with the
Delaware Secretary of State on August 3, 2000
incorporated by reference to the Company's
Quarterly Report on Form 10-QSB for the quarterly
period ended October 31, 2000.
3.3 The Company's By-Laws are incorporated by reference
to Exhibit 6 of the Registration Statement.
31.1 Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
32.1 Certification pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002.
(b) Reports on Form 8-K.
None.
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.
NEW HARVEST CAPITAL CORPORATION
Registrant
By:/s/Joseph L. Murphy
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Joseph L. Murphy, President
(Duly authorized officer)
Dated: September 17, 2003