UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 2002
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from ________________ to _________________
Commission file number 0-28555
VOLT INC.
-----------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
NEVADA 86-0960464
--------------------------------------------- ----------------------------
(State or other jurisdiction of incorporation Employer Identification No.)
or organization) (IRS
5009 Indian Gulch Road, Catheys Valley CA 95306
-----------------------------------------------------------------------------
(Address of principal executive offices)
(209) 374-3485
-----------------------------------------------------------------------------
(Issuer's telephone number)
DEERBROOK PUBLISHING GROUP, INC.,
12919 S.W. Freeway, Suite 170, Stafford, Texas
-----------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 1,919,422 Common Shares $0.001 par
value as of March 31, 2002
Transitional Small Business Disclosure Format (Check one): Yes [ ] No [ X ]
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC.
AND SUBSIDIARIES)
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED):
BALANCE SHEETS AS OF MARCH 31, 2002
AND MARCH 31, 2001 (AUDITED)
STATEMENTS OF OPERATIONS FOR THE SIX AND THREE MONTHS
ENDED MARCH 31, 2002 AND 2001 (UNAUDITED)
STATEMENTS OF CASH FLOWS FOR SIX MONTHS
ENDED MARCH 31, 2002 AND 2001 (UNAUDITED)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
VOLT, INC.
(FORMERLY DEERBROOK PUBLISHING GOUP, INC. AND SUBSIDIARIES)
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 AND 2001
ASSETS
(Unaudited) (Unaudited)
--------------------------------------------- ----------------- ----------------
March 31 March 31
2002 2001
---- ----
CURRENT ASSETS
Cash and cash equivalents $ 13,241 $ 224
Prepaid expenses and other assets 2,800 -
------------- ----------------
TOTAL CURRENT ASSETS 16,041 224
PROPERTY AND EQUIPMENT - Net 5,733,748 -
OTHER ASSETS
Loans receivable 154,500 -
------------- ----------------
TOTAL ASSETS $ 5,904,289 $ 224
============= =============
The accompanying notes are an integral part of the condensed
consolidated financial statements.
VOLT, INC.
(FORMERLY DEERBROOK PUBLISHING GOUP, INC. AND SUBSIDIARIES)
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 AND 2001
LIABILITIES AND STOCKHOLDERS' EQUITY
(Unaudited) (Unaudited)
March 31 March 31
2002 2001
---- ----
CURRENT LIABILITIES
Notes payable $ - $ 26,712
Accounts payable 25,500 518,670
----------------- ------------------
TOTAL CURRENT ASSETS 25,500 545,582
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $.001 par value, 10,000,000
shares authorized; 1,000,000 shares and -0-
shares issued and outstanding at March 31,
2002 and 2001 respectively (Unaudited) 1,000 -
Common stock, $.001 par value 2,500,000
shares authorized; 1,919,422 shares
and 11,340,547 issued and outstanding at
March 31, 2002 and 2001 respectively
(Unaudited) 1,919 11.340
Warrants - 451,000
Additional paid-in capital 9,780,619 3,254,587
Accumulated deficit (3,904,749) (4,262,185)
-------------- -----------
Total stockholders' equity 5,878,789 (535,358)
------------ -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,904,289 $ 224
============ =============
The accompanying notes are an integral part of the condensed
consolidated financial statements.
VOLT, INC.
(FORMERLY DEERBROOK PUBLISHING GOUP, INC. AND SUBSIDIARIES)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(UNAUDITED) (UNAUDITED)
SIX MONTHS ENDED THREEE MONTHS ENDED
2002 2001 2002 2001
------------ -------------- ---------------
REVENUE $41,400 $ - $ - $ -
COST OF REVENUE - - - -
--------------------------------- ------
GROSS PROFIT 41,400 - - -
OTHER EXPENSES
General and administrative (21,102) (48,982) (14,396) (35,130)
Interest expense - (778) - -
Loss on disposal of assets - (7,845) - -
------------------------------------------
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 20,298 (57,605) (2,498) (35,130)
Income taxes - - - -
LOSS FROM DISCONTINUED OEPRATIONS - (2,235) - -
EXTRAORDINARY ITEM
Forgiveness of debt 18,000 262,600 13,000 262,600
-------------------------------------------
NET INCOME 38,298 202,760 10,504 227,470
Dividends - 167,435 - 167,435
-------------------------------------------
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS $38,298 $ 35,325 $10,504 $60,035
======= ======== ======= =======
BASIC EARNINGS PER SHARE:
Income from continuing operations
available to common stockholders 0.01 (0.02) (0.00) (0.02)
Extraordinary item 0.01 0.03 0.01 0.03
---- ---- ---- ----
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS $ 0.02 $0.01 $ 0.01 $ 0.01
========= ===== ======= ======
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 1,869,422 9,511,104 1,894,422 9,531,207
========= ========= ========= =========
DILUTED EARNINGS PER SHARE
Income (Loss) from continuing
operations available to common
stockholders 0.01 (0.02) (0.00) (0.02)
Extraordinary item 0.01 0.02 0.01 0.02
---- ---- ---- ----
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS $ 0.02 $ - $ 0.01 $ -
=========== ======== ====== =======
WEIIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 1,869,422 10,511,104 1,894,422 10,531,207
========= ========== ========= ==========
The accompanying notes are an integral part of the condensed
consolidated financial statements.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED MARCH 31, 2002 AND 2001
SIX MONTHS ENDED
(UNAUDITED) (UNAUDITED)
MARCH 31, 2002 MARCH 31, 2001
-------------- --------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Income $ 38,298 $ 202,760
Adjustments to reconcile net income to
net cash used by operating activities:
Depreciation 2,000 1,732
Loss on disposal of assets 7,845
Inventory distributed as dividend (112,246)
Common stock issued for acquisition
costs, services, payables and accrued
payroll 278,000
Non cash interest expense 778
Change in net assets of discontinued
operations (42,645)
Discontinued operations 44,880
Changes in assets and liabilities:
Prepaid expenses and other 49,400
Inventory 112,246
Accounts payable (18,000) (4,030)
Accrued payroll (507,600)
Other liabilities 0 (31,492)
- -------
Total adjustments (14,800) (203,132)
------- --------
Net cash provided by (used in)
operating activities 23,498 (372)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (12,549)
----------------------------------
Net cash used by investing activities (12,549)
----------------------------------
The accompanying notes are an integral part of the condensed
consolidated financial statements.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED MARCH 31, 2002 AND 2001
SIX MONTHS ENDED
(UNAUDITED) (UNAUDITED)
MARCH 31, 2002 MARCH 31, 2001
-------------- --------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Stockholders advance (83,500) -
------------------------------
Net cash provided by financing activities (83,500) -
------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (72,551) (372)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 85,792 596
-----------------------------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 13,241 $ 224
============================
NON CASH INVESTING AND FINANCING
ACTIVITIES
None
The accompanying notes are an integral part of the condensed
consolidated financial statements.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 2002 AND 2001
NOTE 1- ORGANIZATION AND BASIS OF PRESENTATION
The condensed consolidated unaudited interim financial
statements included herein have been prepared, without audit,
pursuant to the rules and regulations of the Securities and
Exchange Commission. The consolidated financial statements and
notes are presented as permitted on Form 10-QSB and do not
contain information included in the Company's annual
consolidated statements and notes. 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 pursuant to such rules and regulations, although
the Company believes that the disclosures are adequate to make
the information presented not misleading. The results for the
six and three months ended March 31, 2002 may not be
indicative of the results for the entire year.
These statements reflect all adjustments, consisting of normal
recurring adjustments which, in the opinion of management, are
necessary for fair presentation of the information contained
herein.
Volt, Inc., formerly Deerbrook Publishing Group, Inc. and
Subsidiaries is a power provider and marketer of alternative
energy and back-up power systems. The Company is in the
initial stages of implementing its business plan.
Deerbrook Publishing Group, Inc. was a distributor of fine
arts. Effective March 31, 2001, Deerbrook Publishing Group,
Inc. entered into an agreement to spin off its subsidiaries;
Inter Arts, Inc. and Cimmaron Studios, Inc. On April 23, 2001,
the Company effected a 1 for 100 reverse stock split for its
$.001 par value common stock. Upon this spin off, the name was
officially changed to Volt, Inc. when on April 25, 2001, Denis
C. Tseklenis acquired 127,995 shares of the Company's
common stock, $.001 par value per share, which constituted
approximately 53% of the Company's issued and outstanding
common stock for $255,000.
In the Company's fiscal third quarter of 2001, two inactive
wholly-owned subsidiaries, Sun Volt, Inc. and Sun
Electronics, Inc. were incorporated. The other wholly-
owned subsidiary is Arcadian Renewable Power, Inc. This
subsidiary is the corporation that holds the Altamont Wind
Farm in the Altamont Pass in Livermore, California.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
MARCH 31, 2002 AND 2001
NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited condensed consolidated balance sheet as of
March 31 2002, and unaudited statements of operations for
the six and three months ended March 31 2002, and
unaudited cash flows for the six months ended March 31, 2002
includes Volt, Inc. and its wholly-owned subsidiaries, Sun
Volt, Inc., Sun Electronics, Inc. and Arcadian Renewable
Power, Inc.
The unaudited condensed consolidated balance sheet as of March
31, 2001 and unaudited statements of operations for the six
and three months ended March 31, 2001, and cash flows for the
six months ended March 31, 2001 include Deerbrook Publishing
Group, Inc., and its wholly-owned subsidiaries, Signature
Editions, Inc., Inter Arts, Incorporated, and Cimmaron
Studios, Inc.
Intercompany transactions and balances have been eliminated in
consolidation.
Use of Estimates
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States
of America, requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from
those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid debt instruments and
other short-term investments with an initial maturity of three
months or less to be cash or cash equivalents.
The Company maintains cash and cash equivalent balances at
several financial institutions which are insured by the
Federal Deposit Insurance Corporation up to $100,000.
Property and Equipment
Property and equipment are stated at cost. Depreciation is
computed primarily using the straight-line method over the
estimated useful life of the assets.
Office and Computer 5 years
Furniture and Fixtures 7 years
Wind Farm 40 years
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
MARCH 31, 2002 AND 2001
NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue Recognition
The Company sold merchandise and revenue was recorded under
the accrual method of accounting.
Advertising
Advertising costs are typically expensed as incurred.
Income Taxes
The income tax benefit is computed on the pretax loss based on
the current tax law. Deferred income taxes are recognized for
the tax consequences in future years of differences between
the tax basis of assets and liabilities and their financial
reporting amounts at each year-end based on enacted tax laws
and statutory tax rates.
Fair Value of Financial Instruments
The carrying amount reported in the consolidated balance
sheets for cash and cash equivalents, notes receivable, and
accounts payable approximate fair value because of the
immediate or short-term maturity of these financial
instruments.
Earnings (Loss) Per Share of Common Stock
Historical net income (loss) per common share is computed
using the weighted average number of common shares
outstanding. Diluted earnings per share (EPS) includes
additional dilution from common stock equivalents, such as
stock issuable pursuant to the exercise of stock options and
warrants.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
MARCH 31, 2002 AND 2001
NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Earnings (Loss) Per Share of Common Stock (Continued)
The following is a reconciliation of the computation for basic
and diluted EPS:
March 31, March 31,
2002 2001
---- -----
Net income (loss) $38,298 $35,235
------- -------------
Weighted- average common shares
Outstanding (Basic) 1,869,422 9,511,104
Weighted-average common stock Equivalents:
Stock options - -
Warrants - 1,000,000
Weighted-average common shares
Outstanding (Diluted) 1,869,422 10,511,104
Reclassifications
Certain amounts for the six and three months ended March 31,
2001 have been reclassified to conform with the presentation
of the March 31, 2002 amounts. The reclassifications have no
effect on net income for the three months ended March 31,
2001.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
MARCH 31, 2002 AND 2001
NOTE 3- NOTES RECEIVABLE
As of March 31, 2002, notes receivable were $154,500. There
was no interest due the Company on these loans, and the
amounts due at March 31, 2002, are deemed by management to
have no specific repayment terms.
NOTE 4- COMMITMENTS AND CONTINGENCIES
The Company entered into a lease agreement in April 2001 in
Pleasanton, California. The Company pays $2,800 per month for
rent. This lease was terminated by the Company in October
2001, and all operations now run through the Cathey's Valley,
California location.
NOTE 5- STOCKHOLDERS' EQUITY
Common and Preferred Stock
Effective April 23, 2001, the Registrant effected a 1 for 100
reverse stock split for its common stock, $.001 par value per
share.
On April 25, 2001, Denis C. Tseklenis acquired 127,995
original issue shares of the Company's common stock, $.001 par
value per share, which constituted approximately 53% of the
Company's issued and outstanding common stock. Mr. Tseklenis
paid the Company $255,000 for the common stock.
The Company also issued 1,000,000 shares of preferred stock to
Denis C. Tseklenis in consideration for the Wind Farm.
During the year ended September 30, 2001, in addition to the
initial acquisition by Denis C. Tseklenis, the Company had
issued 1,678,000 shares and cancelled 225,000 of common stock
for $366,711.
Prior to the initial acquisition by Denis C. Tseklenis, the
Company had issued 1,850,000 shares of common stock for
accrued payroll, accounts payable and services.
During the quarter ended December 31, 2001, 225,000 shares
were issued as a share exchange with American Powerhouse.
VOLT, INC. AND SUBSIDIARIES
(FORMERLY DEERBROOK PUBLISHING GROUP, INC. AND SUBSIDIARIES)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
MARCH 31, 2002 AND 2001
NOTE 6- LITIGATION
At September 30, 2000, Inter Arts, Inc. was involved in
litigation with Copelco Capital, Inc. ("Copelco") the lessor
of silk screens. Copelco brought suit against the company to
recover its damages for the return of the leased equipment.
Inter Arts filed a motion to dismiss presenting defenses of
improper value and insufficiency of service of process and
alternatively for change of venue. In April 2001 upon the
recapitalization by Volt, Inc., the subsidiary, Inter Arts was
not part of the transaction. Management, with the advice of
legal counsel, has written off the liability.
NOTE 7- PENDING ACQUISITIONS, MERGERS AND BUSINESS COMBINATIONS
The Company is currently negotiating and concluding its due
diligence with Wolverine Power Corporation, which owns
hydroelectric plants in Michigan. Wolverine Power Corporation
has long-term power sales contracts to Consumers Electric
Corp., a NYSE company. Revenue approximating $1,000,000
annually, will be realized by the Company when and if the
transaction is completed.
The Company has completed a Joint Venture and partnership with
Opportunity Knocks, Inc. during the second fiscal quarter of
2002 to rehab HUD homes and other properties in Washington
D.C., Maryland and Virginia under the HUD Gift Program.
Item 2. Management's Discussion and Analysis or Plan of Operation.
The company continues to diversify the operating subsidiaries to take advantage
of profitable opportunities in both the alternative energy field and real
estate. This quarter represents the first year of operations which were devoted
to research and development of a forward moving business plan targeting the
acquisitions of asset based projects with long term revenue streams and related
businesses which can also produce consistent revenues with high earnings and
good future growth at minimal risk. We are proceeding with the redevelopment
planning of the Altamont Pass Wind Facility however it is not expected to be on
line anytime in the near term due to the uncertainty of both the state of
California's energy problems legislatively and Pacific Gas and Electric Company
issues.
The Wolverine Power Hydroelectric acquisition should be completed soon which
will add approximately $1 million in annual revenue and R&D is continuing in our
Photovoltaic division for the patented paint on solar electric cells process of
which the licensing rights were acquired last year.
At the end of January. 2002, the Company entered into a joint agreement with
Opportunity Knocks (OK) whereby VOLT would provide the capital and construction
crews to rehab homes, purchasing the properties for buyers pre-approved for
mortgages with OK under the HUD gift program. The OK pre-approved mortgage
clients are primarily police officers, firemen, government and union workers who
are first time homebuyers in the Washington, DC, Maryland and Virginia areas,
initially, with plans to expand the program to New York, New Jersey,
Pennsylvania, California, Florida and other states where we believe the market
will be profitable. In mid-March, we received revolving credit line approval
from two banks totaling $2.25 million dollars which will be used to purchase
properties in bulk at a discount to market from HUD, the Veterans
Administration, banks and others. We expect to increase this credit line to $5
million and are actively engaged in procuring properties for our clients,
estimated turnaround time from purchase to rehab to resale should be 45-90 days
average. We currently have over 25 pre-approved mortgage applicants on the
waiting list and will be processing additional applicants as needed. A typical
transaction usually averages $200 thousand dollars and yields a projected net
profit to the companies of 18-22 percent. A related transaction which occurred
after the close of the quarter ending March 31,2002 is being disclosed for
clarity purposes in this MD&A section because it is relevant to understanding
the business going forward and simultaneous with this filing, on May 17,2002
VOLT acquired for cash and stock Opportunity Knocks(OK) and First Washington
Financial Corporation. First Washington is a mortgage company and processes OK's
clients as well as outside mortgage originations in their normal course of
business. VOLT deemed these acquisitions as necessary for the success and
profitability of the real estate divisions and subsidiaries. First Washington
and Opportunity Knocks are headed by Mr. Rob Rood who will continue to run the
companies as President and Chief Operating Officer along with his staff. Mr.
Rood will also be an officer and director of VOLT. First Washington for the 8
months August 2001 thru March 2002 did mortgage volume of $21,995,153 million
from 123 mortgage units with net operating income after tax of $197,923.
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings.
In September of 1999, the Deerbrook Publishing Group, Inc. ("Deerbrook") leased
a computer driven aspect image center (printer for film) used to make separation
for printing (the "aspect image center") and certain other computer equipment
from Copelco Capital, Inc. ("Copelco"). All of the equipment was delivered to
the Deerbrook's then printing operation in Phoenix, Arizona, and installed.
Shortly thereafter, Deerbrook ceased printing for itself and its customers. The
equipment was returned to Copelco. In August of 2000, Copelco brought suit in
the United States District Court for the District of Arizona, cause no. CIV
`00-1620 PHX ROS, to recover its alleged damages $155,398.02 for Deerbrook's
return of the leased equipment plus continuing interest at the rate of one and
one-third percent per month and attorneys fees and costs. The Company does not
believe that Copelco has mitigated its damages and further believes that Copelco
has either sold the equipment or otherwise disposed of the same in a manner
which was not commercially reasonable. The Copelco claims will be vigorously
defended against. The range of possible loss should not exceed $100,000. The
outcome of this litigation is unascertainable at this time.
Inter Arts filed a motion to dismiss presenting defenses of improper value and
insufficiency of service of process and alternatively for change of venue. In
April, 2001 upon the recapitalization by Volt, Inc., the subsidiary, Inter Arts
was not part of the transaction. Management, with the advice of legal counsel,
has written off the liability.
Item 2. Changes in Securities.
Effective April 23, 2001, the Registrant effected a 1 for 100 reverse stock
split for its common stock, $.001 par value per share.
On April 25, 2001, Denis C. Tseklenis acquired 127,995 original issue shares of
the Company's common stock, $.001 par value per share, which constituted
approximately 53% of the Compan's issued and outstanding common stock. Mr.
Tseklenis paid the Company $255,000 for the common stock.
The Company also issued 1,000,000 shares of preferred stock to Denis C.
Tseklenis in consideration for the Wind Farm.
During the year ended September 30, 2001, in addition to the initial acquisition
by Denis C. Tseklenis, the Company had issued 1,678,000 shares and cancelled
225,000 of common stock for $366,711.
Prior to the initial acquisition by Denis C. Tseklenis, the Company had issued
1,850,000 shares of common stock for accrued payroll, accounts payable and
services.
During the quarter ended December 31, 2001, 225,000 shares were issued as a
share exchange with American Powerhouse.
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.
INDEX TO EXHIBITS.
EXHIBIT
NUMBER DESCRIPTION OF DOCUMENT
-------------------------------------------------------
NONE
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
VOLT INC.
(Registrant)
Date May 20, 2002
----------------------------------
Denis Costa Tseklenis, Sole Director