UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Commission File #: 000-30194
For the month of: September 30, 2002 (3rd Quarter)
(Unaudited Financial Statements)
BIOFOREST PACIFIC, INC.
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(Translation of registrant's name into English)
2200 - 181 UNIVERSITY AVENUE, TORONTO, ONTARIO, CANADA M5H 3M7
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(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the information in
this Form is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [X] No [ ]
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-1918.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
BIOFOREST PACIFIC INC.
Date: November 08, 2002 By: /s/ Ross J. McGroarty
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Ross J. McGroarty, Chairman, ASO
BIOFOREST PACIFIC INC.
BALANCE SHEETS
(Unaudited)
September 30, December 31,
2002 2001
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ASSETS
Current assets
Cash $ 102,303 $ 637,352
Accounts receivable 6,070 7,202
Marketable securities, at market value (cost $220,892) 210,175 -
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318,548 644,554
Investment in related company
Acquisition cost 1 1
Advances to related party 984,759 813,340
Capital assets 3,515 -
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$ 1,306,823 $ 1,457,895
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LIABILITIES
Current liabilities
Accounts payable $ 97,979 $ 79,864
Shareholder loan 995,482 938,216
Convertible debenture 513,023 513,023
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1,606,484 1,531,103
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CAPITAL DEFICIENCY
Share capital
Authorized
Unlimited number of common shares
Issued
42,169,302 shares (December 31, 2001 - 42,169,302 shares) 13,728,739 13,728,739
Deficit (14,028,400) ( 13,801,947)
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( 299,661) ( 73,208)
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$ 1,306,823 $ 1,457,895
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Approved by the Board:
/s/ Ross J. McGroarty
Ross J. McGroarty, Director
/s/ David L. Hynes
David L. Hynes, Director
BIOFOREST PACIFIC INC.
STATEMENTS OF OPERATIONS AND DEFICIT
(Unaudited)
Nine months ended
September 30,
2002 2001
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Revenue $ 4 $ 7,021
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Costs and expenses
Administration and general 80,905 63,349
Legal fees 45,546 78,700
Consulting fees, travel and promotion 1,281 926,713
Interest 88,008 68,388
Write down of marketable securities 10,717 -
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226,457 1,137,150
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Net loss 226,453 1,130,129
Deficit, beginning of the period 13,801,947 12,699,734
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Deficit, end of the period $ 14,028,400 $ 13,829,863
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Net loss per share $ 0.01 $ 0.03
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BIOFOREST PACIFIC INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
2002 2001
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Cash resources provided by (used in):
Operating activities
Operating loss $( 226,453) $( 1,130,129)
Change in non-cash working capital balances
Amortization of capital assets 903 -
(Increase) decrease in accounts receivable 1,132 3,135
Increase (decrease) in accounts payable ( 12,582) ( 114,225)
Increase (decrease) in interest payable 30,697 26,934
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( 206,303) ( 1,214,285)
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Financing activities
Share subscriptions received - 2,802,858
Related party loans - repayment 57,266 ( 1,594,324)
Shareholder loan - 919,672
Director advance - ( 73,994)
Convertible debenture - ( 253,762)
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57,266 1,800,450
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Investing activities
Purchase marketable securities ( 220,892) -
Write down of marketable securities 10,717 -
Investments - ( 360,507)
Capital assets ( 4,418) -
Advances to related company ( 171,419) -
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( 386,012) ( 360,507)
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Increase (decrease) in cash ( 535,049) 225,658
Cash, beginning of the period 637,352 546,146
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Cash, end of the period $ 102,303 $ 771,804
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