U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2002
Commission File Number 0-18260
THE NEW WORLD POWER CORPORATION
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(Exact name of small business issuer as specified in its charter)
Delaware 52-1659436
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(State or Other Jurisdiction of (IRS Employer Identification No.)
Incorporation or Organization)
The Farmhouse 558 Lime Rock Road, Lime Rock Ct. 06039
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(Address and Zip Code of Principal Executive Offices)
(860) 435-7000
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Issuer's Telephone Number
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 .
There were 5,439,813 shares of the registrant's common stock
outstanding as of April 30, 2002.
THE NEW WORLD POWER CORPORATION
- FORM 10QSB - INDEX -
PAGE(S)
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Consolidated Condensed Balance Sheets at March 31, 2002 (unaudited)
and December 31, 2001 3
Consolidated Condensed Statements of Operations for the Three
Month Periods Ended March 31, 2002 and 2001 (unaudited) 4
Consolidated Condensed Statements of Cash Flows for the Three
Month Periods Ended March 31, 2002 and 2001 (unaudited) 5
Notes to Interim Consolidated Condensed Financial Statements 6
Item 2. Management's Discussion and Plan of Operations 11
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 2. Changes in Securities and Use of Proceeds 14
Item 3. Defaults Upon Senior Securities 14
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE NEW WORLD POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
- ASSETS -
MARCH 31, December 31,
2002 2001
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(UNAUDITED)
CURRENT ASSETS:
Cash and cash equivalents $ 15,898 $ 26,209
Cash restricted in use 2,741 19,108
Accounts receivable 156,784 108,708
Other current assets - 8,695
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TOTAL CURRENT ASSETS 175,423 162,720
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Property, plant and equipment, net 13,512,202 13,685,701
Goodwill, net of accumulated amortization 322,453 467,875
Other assets 270,906 272,520
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14,105,561 14,426,096
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TOTAL ASSETS $ 14,280,984 $ 14,588,816
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- LIABILITIES AND STOCKHOLDERS' EQUITY -
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $ 3,382,549 $ 3,196,035
Due to related parties 2,158,843 2,019,499
Current portion of lease obligations 4,546,992 1,010,595
Current portion of long-term debt 982,236 959,243
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TOTAL CURRENT LIABILITIES 11,070,620 7,185,372
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Long-term portion of lease obligations - 3,536,397
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TOTAL LIABILITIES 11,070,620 10,721,769
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock - $.01 par value; authorized 40,000,000 shares; 5,439,813 shares
issued and outstanding 54,398 54,398
Additional paid-in capital 84,084,032 84,084,032
Accumulated deficit (80,928,066) (80,271,383)
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TOTAL STOCKHOLDERS' EQUITY 3,210,364 3,867,047
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 14,280,984 $ 14,588,816
============== ==============
See accompanying notes to interim consolidated condensed financial statements.
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THE NEW WORLD POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED
MARCH 31, 2002 AND 2001
(UNAUDITED)
2002 2001
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OPERATING REVENUE $ 320,241 $ 297,521
COST OF OPERATIONS 247,884 279,085
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GROSS PROFIT 72,357 18,436
Selling, general and administrative expenses 348,481 194,252
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OPERATING LOSS (276,124) (175,816)
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OTHER INCOME (EXPENSE):
Interest expense (235,431) (211,651)
Interest income - 3,760
Goodwill impairment charge
(145,422) -
Other
294 (58,911)
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TOTAL OTHER EXPENSE (380,559) (266,802)
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LOSS BEFORE TAXES (656,683) (442,618)
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Provision for income taxes
NET LOSS $ (656,683) $ (442,618)
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BASIC AND DILUTED LOSS PER SHARE:
Net loss from continuing operations available to common stockholders
- Basic $ (0.12) $ (0.08)
============== ==============
- Diluted $ (0.12) $ (0.08)
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AVERAGE NUMBER OF BASIC COMMON SHARES OUTSTANDING 5,439,813 5,339,757
============== =============
AVERAGE NUMBER OF DILUTED COMMON SHARES OUTSTANDING 5,439,813 5,339,757
============== =============
See accompanying notes to interim consolidated condensed financial statements.
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THE NEW WORLD POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTH PERIODS ENDED
MARCH 31, 2002 AND 2001
(UNAUDITED)
2002 2001
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (656,683) $ (442,618)
Adjustments to reconcile net loss to net cash (used by) operating activities:
Depreciation and amortization 174,729 180,977
Amortization of goodwill - 4,466
Goodwill impairment loss 145,422 -
Amortization of deferred costs 1,614 1,614
Change in assets and liabilities, net of effect of acquisitions/disposals:
(Increase) in accounts receivable (48,076) (55,159)
Decrease (increase) in other current assets 8,695 (61,515)
Decrease in other assets - 11,528
Increase (decrease) in accounts payable and accrued liabilities 186,514 (1,002,401)
Increase in deferred revenue - 1,080,000
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NET CASH FLOWS (USED BY) OPERATING ACTIVITIES (187,785) (283,108)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,230) (929,373)
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NET CASH FLOWS (USED BY) INVESTING ACTIVITIES (1,230) (929,373)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in due to related parties 139,344 (350,000)
Increase of long-term debt 22,993 -
Payment of capital lease obligations - (572,120)
Proceeds from issuance of common stock, net - 37,000
Decrease in restricted cash 16,367 1,496
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NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 178,704 883,624
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Net change in cash and cash equivalents (10,311) (2,096,105)
Cash and cash equivalents at beginning of period 26,209 2,877,855
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CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 15,898 $ 781,750
============== ==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest paid $ - $ 219,544
Income taxes paid - -
Non-cash transactions:
During the three month period ended March 31, 2001, the Company issued
7,000 shares of common stock valued at $7,000 for services rendered.
See accompanying notes to interim consolidated condensed financial statements.
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THE NEW WORLD POWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2002 AND 2001
(UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION:
The New World Power Corporation ("the Company") was incorporated in the
State of Delaware in 1989. The Company is an independent power producer that
focuses on distributed power solutions, including renewable and modular
generation facilities. The Company sells electrical energy to major utilities
under long-term and mid-term contracts.
In the opinion of management, the accompanying unaudited interim
consolidated condensed financial statements of The New World Power Corporation
("the Company") and its subsidiaries, contain all adjustments of a recurring
nature considered necessary for a fair presentation of the Company's financial
position as of March 31, 2002 and the results of operations and cash flows for
the three month period ended March 31, 2002.
The consolidated condensed balance sheet presented as of December 31,
2001 has been derived from the consolidated financial statements that have been
audited by the Company's independent public accountants. The consolidated
financial statements and notes are condensed as permitted by Form 10-QSB and do
not contain certain information included in the annual financial statements and
notes of the Company. The consolidated condensed financial statements and notes
included herein should be read in conjunction with the financial statements and
notes included in the Company's Annual Report on Form 10-KSB.
The results of operations for the three month period ended March 31,
2002 are not necessarily indicative of the results to be expected for a full
year. The Company recognizes revenues from the 2 power sales agreements (the
"PPAs"), between its Modular Power Systems, LLC subsidiary ("Modular") and the
Consumers Power Company ("Consumers"), known as the Modular I PPAs , only during
the second and third quarters of the year when the Modular I PPAs are in force.
However, it recognizes certain costs relating to its Modular business in the
period that expenses are incurred, generally each quarter. Furthermore,
subsequent to the end of the Company's first quarter, Consumers has notified
Modular that it has elected to terminate the Modular I PPAs. The Company is
evaluating its alternatives, which include litigation, as well as a sale of its
ownership interest in Modular.
RECENT ACCOUNTING PRONOUNCEMENT:
In June 2001, the Financial Accounting Standards Board issued
Statements of Financial Accounting Standards No. 141, Business Combinations, and
No. 142, Goodwill and Other Intangible Assets, effective for fiscal years
beginning after December 15, 2001. Under the new rules the pooling of interests
method of accounting for business combinations is no longer allowed and goodwill
[and intangible assets deemed to have indefinite lives] will no longer be
amortized but will be subject to annual impairment tests in accordance with the
Statements. Other intangible assets will continue to be amortized over their
useful lives. The Company adopted these new standards effective January 1, 2002
and based on a preliminary impairment evaluation wrote off all goodwill in the
aggregate amount of $145,422 related to the purchase of the Modular Power
Systems, LLC subsidiary in the first quarter of 2002, as a result of the
contract dispute with Consumers as more fully described in note 3.
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NOTE 2 - GOING CONCERN UNCERTAINTY:
The accompanying consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America, which contemplates continuation of the Company as a going concern.
However, the Company is in a dispute with its major customer which raises doubt
about the continuation of the Company's revenues from its Modular operations. In
addition, as a result of the cancellation of Modular II facilities, the Company
has been named a defendant in several lawsuits. The Company's liquidity
difficulties have caused the default on its obligations to certain lenders. As a
result of the defaults, and continued operating losses, the Company has negative
working capital of approximately $10,900,000 at March 31, 2002.
Management of the Company determined that, as a result of the dispute
with its major customer and the default on certain of its debt obligations, the
Company should seek potential purchasers of its assets. Management's plan
includes the selling of its Wolverine Power Corporation Subsidiary ("Wolverine")
and selling its Modular assets, in whole or in part.
In view of these matters, realization of the assets of the Company is
dependent upon the Company's ability to meet its financial requirements and the
success of future operations and for the sale of its assets. These consolidated
financial statements do not include adjustments relating to the recoverability
and classification of recorded asset amounts and classification of liabilities
that might be necessary should the Company be unable to continue in existence.
NOTE 3 - MODULAR POWER SYSTEMS CONTRACT
On December 14, 2000, Modular signed a new, one-year PPA to provide 46.4 MW
of capacity and related energy to Consumers ("Modular II PPA"). Under the
Modular II PPA, the Company received $2,784,000 and recorded that amount as
deferred revenues (See Note 6 - Deferred Revenues). The Company hoped to extend
the Modular II PPA for an incremental five years and with such extended PPA in
place, finance and build permanent facilities. The Company retained agents to
petition Consumers for an extension of the Modular II PPA. During 2001, the
Company expended funds to pay for the development, procurement and construction
of permanent Modular II facilities, including the acquisition of the necessary
permits to begin construction of the facilities as well as the procurement of
essential long lead-time equipment and other items for the facilities, totaling
approximately $2.0 million. The Company was unable to obtain to successfully
complete the above tasks for Modular II , and was forced to cancel the planned
construction of the Modular II facility and reduce the cost of its development
and procurement expenditures to date, to net realizable value. The Company has
recorded approximately $1,820,000 in 2001 to reflect the write-down to net
realizable value of these assets.
In late July and early August 2001, Michigan suffered through extremely
hot conditions. Accordingly, Modular received notice to provide electricity to
Consumers pursuant to the PPAs (both Modular I and Modular II). Because Modular
II was not fully operational and also because of certain equipment failures at
Modular I, the Company is subject to liquidated damages payable to Consumers in
the amount of approximately $750,000 which was reflected as an expense in the
Company's financial statements for the year ended December 31, 2001.
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In January 2002, Consumers withheld the payment due to the Company
under one of the Modular I PPAs. The payment of approximately $1,080,000 was due
on January 5, 2002. In April, 2002, Consumers notified Modular that it was
electing to terminate the Modular I PPAs. The Company does not believe that
Consumers has any grounds to terminate the PPAs, and has informed Consumers of
their position on this matter. The Company and Consumers are currently in
negotiations. There can be no assurance that the Company will be able to resolve
its disputes with Consumers in a means that would be satisfactory to the
Company.
NOTE 4 - DUE TO RELATED PARTIES:
In July 1998, the Company obtained a convertible debt investment from
Synex Energy Resources Ltd., the power project development subsidiary of
Vancouver-based Synex (altogether, "Synex"). Synex provided the Company with
$1,000,000 in the form of a convertible debenture which originally matured on
July 1, 2001. The convertible debenture is secured by a first mortgage position
on Wolverine. The Company and Synex have been discussing terms under which the
convertible debenture maturity date could be extended. In August 2001, the
Company and Synex reached an agreement whereby the maturity date of the
convertible debenture was extended to November 1, 2001 and a further extension
to November 30, 2001 has been agreed to by the Company and Synex. The
convertible debenture is currently in default and the Company and Synex are in
discussions to cure the default.
In connection with the acquisition of Modular in March 2000, the Company
issued a bridge note in the amount of $700,000 (the "Strategic Bridge Note") to
the Strategic Electric Power Fund, LLC and certain related investors
("Strategic"). The Strategic Bridge Note had an original maturity date of
December 31, 2000, which was extended to July 1, 2001. In August 2001, the
Company and Strategic reached a new agreement whereby the Strategic Bridge Note
was extended to November 1, 2001 and further extended to November 30, 2001 in
exchange for the Company issuing warrants and the collateralization of the
Strategic Bridge Notes using Wolverine and Modular as collateral. In connection
with this transaction, Strategic advanced the Company an additional amount of
approximately $125,000. The Strategic notes currently have a revised maturity
date of June 30, 2002.
NOTE 5 - OTHER DEBT:
(A) CAPITAL LEASE OBLIGATIONS DEFAULT
As a result of the contract dispute with Consumers described
in Note 3 above, the Company was unable to make the January
2002 payment under its capital lease obligation with
Caterpillar Financial Services Corporation. The payment was
due on January 15, 2002 in the amount of approximately
$589,000. Accordingly, the Company is in default under this
lease obligation. The Company and Caterpillar Financial
Services Corporation have been in discussion to cure the
default under various alternatives. There is no formal
agreement between the parties and there can be no assurance
that an acceptable solution can be reached. See also
subsequent event Note 8(c).
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(B) DEFAULT ON MORTGAGE
The Company is in default of its obligation under the
Mortgage Payable included in due to related parties
aggregating $1,136,827. The Company is in discussion with
Synex and other parties regarding the sale of the Wolverine
project to pay off the indebtedness owed to various secured
lenders including the mortgage.
(C) DEFAULT ON NOTE PAYABLE
The Company is in default of its obligation under a Note
Payable included in due to related parties aggregating
$106,134. The Company is in discussion with the note holder
regarding various alternatives to cure the default and
repay/restructure the obligation.
NOTE 6 - DEFERRED REVENUE:
On December 27, 2000, the Company received a payment of $2,784,000 from
Consumers with respect to Modular II (See Note 3) in accordance with the
provisions of the Call Option Agreement between the parties dated December 14,
2000. The payment represented revenues for having available capacity from May 1
to September 30, 2001. Accordingly, the Company recorded the payment as deferred
revenue and recognized it as operating revenues in the periods earned between
May 1 and September 30, 2001.
In January and May of 2001, the Company received two payments from
Consumers in accordance with the provisions of the Call Option Agreement between
the parties regarding the two contracts signed for the Company's existing
Modular 1 projects at Alma, Coldwater and Chelsea, Michigan. The payments
represent the annual revenues to the Company for having installed capacity
available from May 1 to September 30, at Modular 1 for each year through 2005.
Accordingly, the Company recorded the payment as deferred revenue and recognizes
it as operating revenues in the periods earned. See Note 3 regarding dispute
with consumers on the Modular contracts.
The Company did not recognize any operating revenues under all of the
Call Option Agreements described above for the three month period ended March
31, 2002 due to the dispute with Consumers.
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NOTE 7 - LITIGATION:
As a result of the default on the note payable described in Note 5
above, the Company is a defendant in litigation commenced by the note holder
prior to discussions commencing on possible remedies for the default. The
Company and the note holder have executed a forbearance agreement whereby the
note holder will not proceed with its litigation pending a satisfactory
resolution of the Company's discussions with various parties including but not
limited to Consumers, Synex, Strategic, and other various creditors.
In addition, the Company has been named a defendant in other legal
matters pertaining to creditors of the Modular II facilities. Two creditors have
obtained judgements against the Company in the amount of approximately $3.0
million. Those amounts are included in accounts payable and long-term debt.
NOTE 8 - SUBSEQUENT EVENTS:
(a) Termination of Employment Contract--
Effective May 1, 2002, the Company terminated the employment
agreement with its President. The Company is attempting to
negotiate the terms of a severance agreement.
(b) Modular Power System Contract--
In May 2002, Consumers withheld the payment due to the Company
under one of its Modular I PPA's. The payment of approximately
$1,289,000 was due on May 6, 2002. The Company does not
believe that consumers has any grounds for failing to make the
payments.
(c) Capital lease obligation default--
As a result of the dispute with Consumers, the Company was
unable to make the May 2002 payment under its capital lease
obligation with Caterpillar Financial Services, Corporation.
(d) Other Compensation:
Effective May 8, 2002, the board of directors of the Company
approved that John D. Kuhns, Chairman and Mary Fellows,
Secretary be compensated by Wolverine for their direct
management services at the levels of $120,000 and $60,000 per
annum, respectively.
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ITEM 2. MANAGEMENT'S DISCUSSION AND PLAN OF OPERATIONS
INTRODUCTION
The New World Power Corporation ("New World" or the "Company") is an
independent power producer that focuses on distributed power solutions,
including renewable and modular generation facilities. The Company sells
electrical energy to major utilities under long-term and mid-term contracts.
The Company is organized as a holding company. Each electric power
generating facility or discreet group of facilities is owned by a separate
corporate entity. Executive management, legal, accounting, financial and
administrative matters are provided at the holding company level. Operations are
conducted at the subsidiary level.
The Company currently owns and operates two subsidiaries; Michigan based
Wolverine and Modular. Each subsidiary owns and operates electric generation
facilities. Wolverine owns a 10.50 megawatt hydroelectric plant near Bay City,
Michigan; Modular owns 43 megawatts of mobile, trailer mounted and containerised
diesel-fired electric generating facilities constituting the Modular 1 project
at three sites in Coldwater, Chelsea and Alma, Michigan. In December 2000, the
Company signed a Call Option Agreement for an additional 46 MW under a one-year
Call Option with Consumers Energy constituting Modular II. The Company was
negotiating to purchase certain interests, including an existing 5-year contract
and certain equipment, sites and interconnection rights to permanently develop
and construct Modular II. The Company was not successful in completing this
transaction and accordingly, has written down to net realizable value the
expenditures and obligations incurred on Modular II to date. (See Note 3 of
Notes to Financial Statements). In addition, the Company is currently seeking a
strategic investor to complete the Modular II projects or a sale of its Modular
II assets, in whole or in part.
This quarterly report of Form 10-QSB discusses certain matters that may
be considered "forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding the intent,
belief or current expectations of the Company and its management. Prospective
investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve a number of risks and uncertainties
that could materially affect actual results such as, but not limited to, (i)
changes in government regulations, including the anticipated deregulation of the
electric energy industry, (ii) commercial operations of new plants that may be
delayed or prevented because of various development and construction risks, such
as failure to obtain financing and the necessary permits to operate, (iii) cost
estimates are preliminary and actual cost may be higher than estimated, (iv) the
assurance that the Company will be able to acquire or develop additional plants,
and (v) the risks associated with selling power from power plants in the newly
competitive energy market. Prospective investors are also referred to the other
risks identified from time to time in the Company's reports and registration
statements filed with the Securities and Exchange Commission.
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RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the
attached consolidated condensed financial statements and notes thereto and with
the Company's audited financial statements and notes thereto for the fiscal year
ended December 31, 2001.
REVENUES
Revenues increased to $320,241 for the three months ended March 31,
2002 from $297,521 for the three months ended March 31, 2001. Such increases in
revenues were due primarily to the increase in the operating revenues generated
at the Wolverine hydroelectric generating facility.
Seasonality of Project Revenues
Hydroelectric generating revenues are seasonal. The spring in North America is
the time of maximum hydroelectric output, while fall and winter also experience
reasonable flows; the summer months are dry and generally unproductive.
Hydroelectric power production can also vary from year to year, based on changes
in meteorological conditions. Operating revenues at Modular are generally
recognized in the periods earned, usually the second and third calender
quarters of each year.
COST OF OPERATIONS
The costs of operations decreased for the three months ended March 31,
2002 to $247,884 as compared to $279,085 during the three months ended March 31,
2001 mainly as a result of the Company's Modular facilities being dormant.
Wolverine's cost of operations remained relatively constant between the years.
SELLING, GENERAL AND ADMINISTRATIVE
These expenses increased for the three months ended March 31, 2002 to
$348,481, as compared to $194,252 during the three months ended March 31, 2001.
The increase is primarily due to the increase in consulting and payroll expenses
for the Parent company.
OTHER INCOME AND EXPENSES
During the three months ended March 31, 2002, the Company recorded other
income-net of $294 as compared to other expense-net of $58,911 during the three
months ended March 31, 2001, which represented expenses incurred in the
unsuccessful attempt to acquire the Block Island Power Company. Interest expense
for the three months ended March 31, 2002 increased to $235,431 from $211,651
for the three months ended March 31, 2001 as a result of additional interest
recognized related to unpaid payments of capital lease obligations due in early
January 2002. The Company also recorded a goodwill impairment charge of $145,422
during the three months ended March 31, 2002.
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LIQUIDITY AND CAPITAL RESOURCES
Historically, the Company finances its operations primarily from
internally generated funds and third party credit facilities. Net cash flows
used in operations was $(187,785) for the three-month period ended March 31,
2002.
The Company believes that its cash flow from operations are
insufficient to fund foreseeable working capital. Restrictions on the Company's
cash flow from operations due to the Company's unsuccessful attempts to finance
its Modular II project and the related vendor obligations on Modular II could
force the Company to experience liquidity difficulties. The Company continues to
seek a strategic partner to allow it to complete the Modular II project and is
also seeking a buyer for its Modular II assets, in whole or in part.
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PART II
ITEM 1. LEGAL PROCEEDINGS
Various creditors that provided services to the Modular II
facility have commenced actions against the Company. Two of these
creditors have obtained judgements against the Company in the amount of
approximately $3.0 million. The Company disputes the amount of the
judgements. (See Note 7--Notes to Financial Statements.)
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
NONE.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The Company is currently in default of various debt
obligations. (See Note 5--Notes to Financial Statements.)
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
NONE.
ITEM 5. OTHER INFORMATION.
NONE.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(A) EXHIBITS:
NONE.
(B) REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the
quarter for which this report has been filed.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
THE NEW WORLD POWER CORPORATION
May 20, 2002 by: /s/ John D. Kuhns
-----------------
John D. Kuhns
Chairman of the board of Directors
President and Principal
Accounting Officer
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