1
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 Quarter Ended: September 30, 2003
[ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange
Act
of 1934
For the Transition Period from _____________ to ____________
Commission File Number 0-25951
-------
CONSOLIDATED ENERGY INC.
----------------------------------------------
(Name of Small Business Issuer in its charter)
Nevada 86-0852222
- ------------------------------- --------------------------
(State or other jurisdiction of (I.R.S. Employer I.D. No.)
incorporation or organization)
9900 West Sample Road - Suite 300, Coral Springs, Florida 33065
--------------------------------------------------------------------
(Address of principal executive offices and Zip Code)
(954) 755-6620
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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.
(1) Yes X No (2) Yes X No
--- --- --- ---
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common Stock, Par Value $0.001 7,283,000
- -------------------------------- ----------------------------
Title of Class Number of Shares Outstanding
as of October 21, 2003
2
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED ENERGY INC.
FINANCIAL STATEMENTS
(UNAUDITED)
The financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted.
However, in the opinion of management, all adjustments (which include only
normal recurring accruals) necessary to present fairly the financial position
and results of operations for the periods presented have been made. These
financial statements should be read in conjunction with the accompanying
notes, and with the historical financial information of the Company.
3
Consolidated Energy Inc.
(A Development Stage Company)
Consolidated Balance Sheets
September 30, December 31,
2003 2002
------------ ------------
Assets
Current Assets:
Cash $ 35,295 $ -
Accounts Receivables 68,590 -
Other Current Assets 63,375 -
------------ ------------
Total Current Assets 167,260 -
Fixed Assets:
Lease Cost Warfield 4,010,023 -
Equipment, net of depreciation 1,121,216 -
------------ ------------
Total Fixed Assets 5,131,239 -
Other Assets:
Deferred Royalty 507,358 -
Prepaid Royalty and Mining Permits 112,857 -
------------ ------------
Total Other Assets 620,215 -
Total Assets $ 5,918,714 $ -
============ ============
Liabilities
Current Liabilities
Accounts Payable and Accrued Expenses $ 319,256 $ 18,773
Notes Payable 332,000 -
------------ ------------
Total Current Liabilities 651,256 18,773
Long-Term Liabilities:
Notes Payable 2,076,045 -
Convertible Debentures 434,400 -
------------ ------------
Total Long-Term Liabilities 2,510,445 -
Total Liabilities 3,161,701 18,773
Commitments and Contingencies - -
Stockholders' Equity
Common Stock 7,283 2,668
50,000,000 authorized shares, par value $.001
7,283,000 shares issued and outstanding
Additional Paid-in-Capital 3,434,937 263,802
Accumulated Surplus (685,207) (285,243)
------------ ------------
Total Stockholders' Equity (Deficit) 2,757,013 (18,773)
------------ ------------
Total Liabilities and Stockholders' Equity $ 5,918,714 $ -
============ ============
The accompanying notes are an integral part of these financial statements.
4
Consolidated Energy Inc.
(A Development Stage Company)
Consolidated Statement of Operations
From Inception
For the Three For the Nine (Dec 18, 1996)
Months Ended Months Ended to
Sept 30, 2003 Sept 30, 2002 Sept 30, 2003 Sept 30, 2002 Sept 30, 2003
----------- ----------- ----------- ----------- -----------
Revenues:
Revenues $ 83,109 $ - $ 83,109 $ - $ 83,109
----------- ----------- ----------- ----------- -----------
Total Revenues 83,109 - 83,109 - 83,109
Cost of Revenues:
Cost of Revenues 154,110 - 154,110 - 165,936
----------- ----------- ----------- ----------- -----------
Gross Profit (71,001) - (71,001) - (82,827)
Expenses:
Legal & Professional Fees 112,607 - 137,481 - 154,613
Consulting Fees 30,820 - 117,186 - 279,686
Depreciation & Amortization 28,108 - 28,108 - 28,108
Other Expenses 34,737 559 35,538 2,327 129,323
----------- ----------- ----------- ----------- -----------
206,272 559 318,313 2,327 591,730
Net Income from Operations (277,273) (559) (389,314) (2,327) (674,557)
----------- ----------- ----------- ----------- -----------
Other Expenses:
Interest Expenses (10,650) - (10,650) - (10,650)
----------- ----------- ----------- ----------- -----------
Provision for Income Taxes:
Income Tax Benefit (Expense) - - - - -
----------- ----------- ----------- ----------- -----------
Net Income (Loss) $ (287,923) $ (559) $ (399,964) $ (2,327) $ (685,207)
=========== =========== =========== =========== ===========
Basic and Diluted Earnings Per
Common Share $ (0.06) (0.00) (0.09) (0.00) (0.27)
=========== =========== =========== =========== ===========
Weighted Average number of Common Shares
used in per share calculations 5,216,333 1,023,000 4,527,444 1,023,000 2,583,000
=========== =========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements.
5
CONSOLIDATED ENERGY Inc.
(A Development Stage Company)
Consolidated Statements of Changes in Stockholders' Equity (Deficit)
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Period Total
----------- ----------- ----------- ----------- -----------
Inception, December 18, 1996 $ - $ - $ - $ - $ -
Common stock issued for cash
at $.02 per share 500,000 500 9,500 - 10,000
Net loss from inception on Dec 18, 1996
through December 31, 1996 - - - - -
----------- ----------- ----------- ----------- -----------
Balance December 31, 1996 500,000 500 9,500 - 10,000
Net loss for the year ended Dec 31 1997 - - - (458) (458)
----------- ----------- ----------- ----------- -----------
Balance December 31, 1997 500,000 500 9,500 (458) 9,542
Common Stock issued for cash at
$.10 per share 523,000 523 51,777 - 52,300
Stock Offering Costs - - (10,906) - (10,906)
Net loss for the year ended Dec 31 1998 - - - (13,186) (13,186)
----------- ----------- ----------- ----------- -----------
Balance December 31, 1998 1,023,000 1,023 50,371 (13,644) 37,750
Net loss for the year ended Dec 31 1999 - - - (30,724) (30,724)
----------- ----------- ----------- ----------- -----------
Balance December 31, 1999 1,023,000 1,023 50,371 (44,368) (6,160)
Net loss for the year ended Dec 31 2000 - - - (11,918) (11,918)
----------- ----------- ----------- ----------- -----------
Balance December 31, 2000 1,023,000 1,023 50,371 (56,286) (4,892)
Net (Loss) - - - (17,947) (17,947)
----------- ----------- ----------- ----------- -----------
Balance December 31, 2001 1,023,000 1,023 50,371 (74,233) (22,839)
Shares Issued for S-8 Filings 1,645,000 1,645 162,855 - 164,500
Debt Assumed by Former Owners - - - 50,576 50,576
Net (Loss) - - - (211,010) (211,010)
----------- ----------- ----------- ----------- -----------
Balance December 31, 2002 2,668,000 2,668 263,802 (285,243) (18,773)
Shares Issued for Services 1,615,000 1,615 174,135 - 175,750
Shares Issued for Acquisition 3,000,000 3,000 2,997,000 - 3,000,000
Net (Loss) - - - (399,964) (399,964)
----------- ----------- ----------- ----------- -----------
Balance September 30, 2003 7,283,000 $ 7,283 $ 3,434,937 $ (685,207) $ 2,757,013
=========== =========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements.
6
Consolidated Energy Inc.
(formerly Barbecue Capital Corp - A Development Stage Company)
Comsolidated Statement of Cashflows
From Inception
Nine Months Ended (Dec 18, 1996)
Sep 30 Sep 30 through
2003 2002 Sep 30, 2003
----------- ----------- -----------
Cash Flows from Operating Activities:
Net Income (Loss) $ (399,964) $ (2,327) $ (685,207)
Adjustments to reconcile net loss to net cash
provided (used) to operating activities:
Depreciation & Amortization 28,108 - 28,108
Stock Issued for Services 175,750 - 345,141
Prepaid Expenses - - (82)
Accrued Interest 10,650 - 88,445
Accounts Payable 24,734 2,327 2,327
----------- ----------- -----------
Net Cash Used in Operating Activities (160,722) - (221,268)
----------- ----------- -----------
Cash Flows from Investing Activities:
Fixed Assets - - -
----------- ----------- -----------
Net Cash Used in Investing Activities - - -
----------- ----------- -----------
Cash Flows from Financing Activities:
Notes Payable 180,021 - 180,021
----------- ----------- -----------
Net Cash Provided for Financing Activities 180,021 - 180,021
----------- ----------- -----------
Net Increase (Decrease) in Cash 19,299 - (41,247)
Cash Balance, Beginning of Period - - -
----------- ----------- -----------
Cash Balance, End of Period $ 35,295 $ - $ 34,797
=========== =========== ===========
Supplemental Disclosures:
Cash Paid for interest $ - $ - $ -
Cash Paid for income taxes $ - $ - $ -
Stock Issued for Services $ 175,750 $ - $ 345,141
The accompanying notes are an integral part of these financial statements.
CONSOLIDATED ENERGY INC.
(A Development Stage Company)
Notes to the Financial Statements
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company
without audit. In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the
financial position, results of operations and cash flows at September 30,
2003 and 2002 and for all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or
omitted. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and notes thereto
included in the Company's December 31, 2002 audited financial statements.
The results of operations for periods ended September 30, 2003 and 2002 are
not necessarily indicative of the operating results for the full years.
NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using 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. The Company has not established revenues sufficient to cover its
operating costs and allow it to continue as a going concern. The Company is
seeking a merger with an existing operating company. Currently, management is
committed to cover all operating and other costs until sufficient revenues are
generated.
NOTE 3 - COMMON STOCK
During the quarter ended September 30, 2003, the Company issued 100,000 shares
of its Common stock for services to the Company. The value of the common stock
was recorded at $100,000 and recorded as consulting and legal and professional
fees.
NOTE 4 - ACQUISITION
On September 12, 2003, the Company signed an agreement to acquire Eastern
Consolidated Energy, Inc., a privately-held Kentucky Corporation ("Eastern"),
through the issuance of 3,000,000 shares of the Company's common stock in
exchange for all of the issued and outstanding stock of Eastern.
Eastern's assets acquired by the Company include a coal lease in Martin
County, Kentucky that has been developed and is ready for coal mining
operations. The mine itself is known as the Warfield mine. The mining
equipment was delivered to the site the last week of August 2003 and Eastern
started mining in the first of three sections on September 3, 2003. The
Company plans to expand mining operations to the remaining sections in the
first and second quarter of 2004.
8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Cautionary Statement Regarding Forward-looking Statements
- ---------------------------------------------------------
This report may contain "forward-looking" statements. Examples of forward-
looking statements include, but are not limited to: (a) projections of
revenues, capital expenditures, growth, prospects, dividends, capital
structure and other financial matters; (b) statements of plans and objectives
of our management or Board of Directors; (c) statements of our future economic
performance; (d) statements of assumptions underlying other statements and
statements about us and our business relating to the future; and (e) any
statements using the words "anticipate," "expect," "may," "project," "intend"
or similar expressions.
Business of the Company
- -----------------------
The Company was incorporated in Nevada on December 18, 1996, to engage in
the manufacture and distribution of commercial size barbecues for individual,
groups, and restaurant use. After two seasonal business cycles of trying to
develop a market for the Company's barbecues, the Company ceased business
operations and began looking for alternative businesses. In October 2002,
majority shareholders of the Company approved a change in domicile from Nevada
to Wyoming and a change of name to Consolidated Energy, Inc.
Current Business
- ----------------
The Company has been seeking a business opportunity to enter including
the possibility of an acquisition or merger with an existing operating
business. On September 12, 2003, the Company signed an agreement to acquire
Eastern Consolidated Energy, Inc., a privately-held Kentucky Corporation
("Eastern"), through the issuance of 3,000,000 shares of the Company's common
stock in exchange for all of the issued and outstanding stock of Eastern.
Eastern's assets acquired by the Company include a coal lease in Martin
County, Kentucky that has been developed and is ready for coal mining
operations. The mine itself is known as the Warfield mine. The mining
equipment was delivered to the site the last week of August 2003 and mining
operations started in the first of three sections in September 2003.
Eastern is being operated as a wholly-owned subsidiary of the Company. The
results of operations below reflect the financial condition of the combined
entity, including the operations of the subsidiary. Because neither the
Company nor Eastern had any operations prior to June 2003, the comparison of
prior year periods is not relevant to the discussion of operations.
Discussion and Analysis of Financial Condition and Results of Operations
- ------------------------------------------------------------------------
For the period ended September 30, 2003
- ---------------------------------------
For the period ended September 30, 2003, the Company had revenues of $83,109
with cost of revenues of $154,110, for a loss of $71,001. Expenses for the
nine months ended September 30, 2003 totaled $318,313, including $137,481 in
legal and professional fees, $117,186 in consulting fees, $28,108 in
depreciation and amortization and $35,538 in other expenses.
Including interest expense of $10,650, the Company reported a net loss from
operations of $399,964, or $.09 per share based on a weighted average of
4,527,444 common shares.
9
Mining operations are conducted through the Company's subsidiary, Eastern.
The first 90 days associated with the mining operations consisted of making
the mine ready, interviewing and hiring employees and establishing vendors,
receiving mining consumables, and other start up activities. The current
mining operation consist of one small continuous miner which is being operated
8 hours per day, 5 days a week. This miner is in what is called the Alma
seam. Eastern plans to introduce a second shift by the end of November, 2003.
This second shift will add double the current hours of production in the Alma
seam to 80 hours per week. Management estimates that these 80 hours of
production will produce approximately 1,000 tons of coal per day.
Eastern plans to begin to operate a second section in the Alma seam by the end
of June 2004. Management plans to operate this second section 80 hours per
week, also. Management estimates that this second section will also produce
approximately 1,000 tons of coal per day. Management expects all of the
production that comes from both mining sections will be sold to Progress
Fuels, Inc., a division of North Carolina Power, through a purchase order
between Eastern and Progressive to purchase up to 30,000 tons of coal per
month.
Management hopes to increase revenues over the next twelve months through an
increase in mining activities. Operating expenses are expected to increase as
well through increased payroll. This anticipated increase in payroll is
associated with the addition of a second shift in the Alma seam and the
addition of a second mining section. There will also be in increase in mining
consumables, including replacement parts, equipment and utilities, due to
increased production activities.
Liquidity and Capital Resources
- -------------------------------
To date, the Company has funded operations through the issuance of notes
payable and convertible debentures. The Company has also issued stock for
services in lieu of cash.
At September 30, 2003, the Company had current assets of $167,260, consisting
of $35,295 cash, $68,590 in accounts receivable and $63,375 in other assets.
The Company had current liabilities of $651,256, consisting of $319,256 in
accounts payable and accrued expenses and $332,000 in notes payable, for a
working capital deficit of $483,996. The Company intends to address this
working capital deficit and fund operations by issuing additional convertible
debentures that the Company must retire or to convert to stock within 12
months.
At September 30, 2003, the Company had fixed assets of $5,131,239 consisting
of the Warfield Mine lease and equipment (net of depreciation). The Company
had other assets of $620,215, consisting of deferred royalty and prepaid
royalty and mining permits. The Company had long-term liabilities of
$2,510,445 consisting of $2,076,045 in notes payable and $434,400 in
convertible debentures.
Most of the above liabilities were incurred as a result of mining start up.
Mining start up consists of mine preparations costs, equipment purchases, shop
building costs, engineering costs, workman's compensation deposit, parts and
supplies inventory and prepaid royalty costs. $995,358 of the long term debt
is being paid under a royalty payment plan. Management anticipates that this
debt should be paid off within twenty four months. $528,402 of long term debt
was incurred as a result of equipment acquisition. This debt is being retired
with monthly payments. Management expects that the remaining $552,285 of long
term debt will be paid out of increased revenues and/or additional convertible
debentures. The Company has $434,000 in convertible debentures that can be
paid off with cash in February 2004, or these debentures will convert to stock
in May 2004.
10
Management intends to retire the short term debt through revenues generated by
increase production from; (1) adding shifts to the existing Alma seam mining
operation; and (2) opening an additional mining section within the same Alma
seam.
For the period ended September 30, 2003, cash flows used by operating
activities totaled $160,722. Cash provided by financing activities totaled
$180,021 for proceeds from notes payable.
In addition to the liabilities associated with the acquisition of mining
operations, the Company has incurred significant consulting expenses related
to its search for alternative business opportunities as well as ongoing
expenses associated with maintaining its corporate status and professional
fees associated with accounting and legal costs required to maintain its SEC
filing obligations and corporate status. The Company's revenues are not
sufficient to cover its operating costs, therefore there is substantial doubt
about its ability to continue as a going concern. Management's plans to
address this problem include the increase in production activities discussed
above, and:
1. Issuing additional convertible debentures that the company may not retire
earlier than 9 months but is obligated to retire or to convert to stock within
12 months;
2. Developing an arrangement with others that will allow Eastern to collect
royalty payments for mining operations conducted on reserves that are
contiguous with Eastern's reserves; and
3. Signing sub-leases for coal reserves controlled by Eastern for which
Eastern expects to receive royalty payments when these reserves are mined and
sold.
However, as of September 30, 2003, no definitive agreements for such
debentures, royalty payments or sub-leases have been finalized.
Merger with Saudi American Minerals, Inc.
- -----------------------------------------
In June, the Company signed a definitive agreement with Saudi American
Minerals Inc. ("SAMI") to acquire 100% ownership of SAMI with an effective
date to coincide with an effective date of the S-4 which is being prepared and
will be filed with the SEC. The acquisition of SAMI will be accomplished with
a stock exchange of two CEI shares for three SAMI shares. The total number of
SAMI shares owned and outstanding was 17,914,937. The total number of CEI
shares used to obtain all of the SAMI shares is 11,922,956. The acquisition
will have the effect of transferring to CEI Holdings, a wholly owned
subsidiary of the Company, one hundred percent (100%) of the ownership and
rights to the items owned by or assigned to SAMI. This includes a USA patent
#6,447,559 issued on September 10th of 2002 for so-called clean coal
technology. The Company is currently assembling a registration statement on
Form S-4 which will, when effective, register the shares to be issued to SAMI
to complete this transaction. The Company intends to file this registration
statement with the SEC as soon as possible.
The aforementioned acquisition will allow the Company to pursue a global
market which is in need of a technology that can provide for an
environmentally clean fuel from the world's vast resource of unclean, run of
mine coal. The Company believes that the need for such a technology could be
applied to large amounts of low rank coal. This technology may enable power
producers, industry and domestic markets to utilize coal for their particular
needs in an environmentally benign manner.
11
The technology is a process for treating coal to enhance its rank, wherein the
temperature of the material is gradually increased in a controlled set of
atmospheres, to allow for the reduction of surface and inherent moisture and
the controlled reduction of volatile matter while maintaining the coal's
natural structural integrity. The process reduces the time, capitalization,
and production costs required to produce coal of enhanced rank, thus
substantially increasing the cost effectiveness and production rate over prior
processes.
Prior tests have proven the effectiveness of the technology in the laboratory
on a bench-sized model. The Company has scheduled more tests to be conducted
during the third quarter of 2003. The Company is currently in the process of
applying for US government grant money to help fund a pilot scale commercial
facility. This pilot scale facility would be capable of supplying a small to
medium sized power production facility. The facility would also allow the
Company to display the effectiveness of the technology on a commercial scale.
This display would then be used to show power producers around the world, how
they could implement this technology to cost affectively depend upon the most
abundant fuel resource on earth. CEI would seek licensing agreements with
interested power producers, those with commercial applications and governments
with domestic needs.
The Company has estimated the costs of the acquisition to be approximately
$50,000. Management intends to fund the cost of the acquisition via
loan/debenture agreements. The acquisition will be complete upon receiving an
effective date on the registration statement on Form S-4 to be filed with the
SEC.
Although the Eastern coal mining operations and the SAMI transaction are the
primary focus of the Company, management is continuing to look at other
possible business combinations and acquisitions. As the Company has only
limited resources, it has been and may continue to be difficult to find good
opportunities. There can be no assurance that the Company will be able to
identify and acquire any business opportunity which will ultimately prove to
be beneficial to the Company and its shareholders. The Company will select any
potential business opportunity based on management's business judgment.
ITEM 3. CONTROLS AND PROCEDURES
Our principal executive and financial officer has participated with management
in the evaluation of effectiveness of the controls and procedures required by
paragraph (b) of Rule 13a-15 or Rule 15d-15 under the Exchange Act as of the
end of the period covered by this report. Based on that evaluation, our
principal executive and financial officer believes that our disclosure
controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under
the Exchange Act) are effective as of the end of the period covered by the
report. There have been no changes in our internal controls that have
materially affected, or are reasonably likely to materially affect, our
internal controls over financial reporting during the period covered by this
report.
12
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company announced that a lawsuit was filed on August 01, 2003 in Broward
County Circuit Court by Scott Alan Salomon, an attorney located at The Walk in
Coral Springs, Florida. This is an effort by Consolidated Energy, Inc. to
recover shares of CEIW stock wrongfully taken and to date not returned,
although demand was made. The lawsuit names Joseph Lombardi, SevenOaks
Holdings, Ltd., Attorney Robert M. Strumor, Apache Creek LLC, Ronald J.
Goldberg, Global Index, Inc. and James Xilas. The allegations include counts
of civil theft, breach of contract, fraud, misrepresentation, breach of
fiduciary duty and negligence against the various defendants.
ITEM 2. CHANGES IN SECURITIES
In the three months ended September 30, 2003, the Company issued 100,000
shares of its common stock to Scott Salomon and Robert Millstone for legal and
consulting services valued at $175,750. The shares were issued were issued in
reliance on the exemption from registration and prospectus delivery
requirements of the Act set forth in Section 3(b) and/or Section 4(2) of the
Securities Act and the regulations promulgated thereunder.
In the quarter ended September 30, 2003 the Company completed an acquisition
with Eastern Consolidated Energy Inc. whereby in exchange for 3,000,000 of the
Company's common stock the Company purchased a coal mining enterprise with 5.8
million in assets and 3.1 in liabilities. The stock is being recorded for the
market price on September 12, 2003 (the effective date of the transaction).
The shares were issued were issued in reliance on the exemption from
registration and prospectus delivery requirements of the Act set forth in
Section 3(b) and/or Section 4(2) of the Securities Act and the regulations
promulgated thereunder.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
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.
---------
EXHIBIT 31 - CERTIFICATION AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANNES-OXLEY ACT OF 2002.
EXHIBIT 32 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.
13
(b) Reports on Form 8-K.
--------------------
On September 16, 2003, we filed a Current Report on Form 8-K in connection
with the acquisition of Eastern Consolidated Energy, Inc.
On November 10, 2003, we filed a Current Report on Form 8-K/A amending the
above Form 8-K to provide financial statements of Eastern in connection with
the above acquisition.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSOLIDATED ENERGY INC.
[Registrant]
Dated: November 14, 2003 By: /s/ David W. Guthrie
-------------------------------
David W. Guthrie, CEO, President,
Chief Financial Officer, and Director