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, 2004
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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 Levine Weinberg LLC, 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, 2004, 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 9
Page 1 of 10
NEW HARVEST CAPITAL CORPORATION
INDEX
Page
Part I. Financial Information: ----
Item 1. Financial Statements.
Condensed Balance Sheets at July 31, 2004 and
April 30, 2004 3
Condensed Statements of Operations for the three
months ended July 31, 2004 and 2003 4
Condensed Statements of Cash Flows for the
three months ended July 31, 2004 and 2003 5
Notes to Condensed Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operation. 7
Item 3. Controls and Procedures 7-8
Part II. Other Information:
Item 6. Exhibits and Reports on Form 8-K. 9
Signature 10
NEW HARVEST CAPITAL CORPORATION
CONDENSED BALANCE SHEETS (Unaudited)
PART I. FINANCIAL INFORMATION
ASSETS
July 31, April 30,
2004 2004
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(Unaudited)
Current assets:
Cash $ 149,578 $ 149,428
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Total assets $ 149,578 $ 149,428
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accrued expenses and
taxes payable $ 25,500 $ 22,500
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Total current liabilities 25,500 22,500
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Stockholders' equity
Preferred stock - $.0001 par value,
authorized 5,000,000 shares; issued
and outstanding - none - -
Common stock - $.0001 par value,
authorized 300,000,000 shares;
issued 128,559,999 at July
31, 2004 and April 30, 2004; 12,856 12,856
Additional paid-in capital 574,324 574,324
Accumulated deficit (463,102) (460,252)
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Total stockholders' equity 124,078 126,928
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$ 149,578 $ 149,428
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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, 2004 AND 2003
(Unaudited)
THREE MONTHS ENDED
JULY 31,
2004 2003
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Revenues:
Interest $ 150 $ 134
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Costs and expenses:
General and administrative 3,000 9,139
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Net loss $ (2,850) $ (9,005)
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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, 2004 AND 2003
(Unaudited)
THREE MONTHS ENDED
JULY 31,
2004 2003
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Cash Flows from operating activities:
Net loss $ (2,850) $ (9,005)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Changes in operating assets and
liabilities:
Increase (decrease) in accrued expenses 3,000 (1,215)
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Net Cash provided by (used in) Operating
Activities 150 (10,220)
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Net Increase (decrease) in cash 150 (10,220)
Cash beginning of period 149,428 171,061
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Cash end of period $149,578 $160,841
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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, 2004, the
condensed statements of operations for the three month periods
ended July 31, 2004 and 2003 and the condensed statements of cash
flows for the three month periods ended July 31, 2004 and 2003,
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, 2004 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, 2004, which was filed with the Securities and Exchange
Commission.
Item 2. Management's Discussion and Analysis or Plan of
Operations.
Results of Operations
The Company had limited operations in both periods and a
loss of $2,850 for the three months ended July 31, 2004 and
$9,005 for the same period last year.
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; the results of the Company's business plan and the
impact on the Company of its relationship with its lender.
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.
3.3 The Company's By-Laws are incorporated
by reference to Exhibit 6 of the Registration
Statement.
31.1 Certification pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906
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 and 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 20, 2004