UNITED STATES

SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

[X] QUARTERLY REPORTUNDER SECTION 13 OR 15(d)

OF THE SECURITIESEXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2005

[ ] TRANSITION REPORTPURSUANT TO SECTION 13 OR

15(d) OF THESECURITIES EXCHANGE ACT OF 1934

Commission file number 000-49634

RENOVO HOLDINGS

(Exact name of smallbusiness issuer as specified in its charter)

 

| **Nevada  **
**88-0475756**
(State or other jurisdiction		of   
(I.R.S. Employer
incorporation or		organization)   
Identification Number)
 

 

**100 Candace Drive, Suite		100**
**Maitland, Florida  **
**32751**
(Address of Principal		Executive Offices)   
(Zip Code)** 

(407) 435-3959**
(Issuer's telephonenumber, including area code)

Check whether the issuer (1) filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thelast 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for thepast 90 days.   Yes X    No ____

The number of shares of Common Stock, $0.001 par value,outstanding on March 31, 2005, was 265,260,520 shares.

Transitional Small Business Disclosure Format (check one):   Yes ____  No X

 
**PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements**
RENOVO HOLDINGS

(A Development StageCompany)

BALANCE SHEET

ASSETS

March 31, 2005

(unaudited)CURRENT ASSETS    		Cash
$              		40,032    		TOTAL CURRENT ASSETS
40,032Fixed assets, net
53,210  		TOTAL ASSETS
$              		93,242LIABILITIES AND		STOCKHOLDERS' (DEFICIT)   CURRENT LIABILITIES     		Other Current liabilities          		Payroll taxes payable
$              		23,102         		Accrued interest payable
8,800         		Accrued auto allowance
14,000         		Accrued reimbursement to officer
2,157         		Accrued salary - officer
381,667         		Secured convertible debenture
220,000    		TOTAL CURRENT LIABILITIES
649,726  STOCKHOLDERS'		(DEFICIT)
   Preferred stock,		$0.001 par value, authorized 5,000,000 shares; no shares issued and		outstanding

   at March 31,		2005
-  
   Common stock,		$0.001 par value, 500,000,000 shares authorized, 265,260,520 shares		issued and  

   outstanding at		March 31, 2005
265,261  Additional paid-in capital
796,200Subscriptions		receivable
-(Deficit)		accumulated during development stage
(1,617,945)      		TOTAL STOCKHOLDERS' (DEFICIT)
(556,484)  		TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)
$              		93,242
The accompanying notes are an integral part of these financialstatements.

2

 

RENOVO HOLDINGS

(A Development StageCompany)

STATEMENTS OFOPERATIONS

(unaudited)

 

 

 

Three Months		Ended

March 31,
For the Period		

October 18,		2000,(Inception) to 

March 31,			2005
2005
2004    REVENUE
$                        		-
$                              		-
$                                  		-    EXPENSES      General and		administrative expenses
40,381
3,000
310,120   Advertising
39,750
-
286,900   Depreciation
3,850
-
9,720   Stock issued		for services - related party
-
-
72,500   Consulting		services
20,500
93,200
409,500   Stock issued		for legal services
-
-
71,710   Officer donated		services
-
-
13,231   Auto allowance
2,100
-
14,000   Other expenses
-
-
540   Accrued salary
62,500
62,500
416,667    TOTAL EXPENSES
169,081
160,800
1,604,888    Other income (expense)      Interest		expense
(5,098)
-
(13,056)    NET (LOSS)
$          		(174,180)
$                		(160,800)
$                 		(1,617,945)    Weighted average		number of common shares outstanding basic and fully diluted
178,158,333
67,701,793    Net (loss) per		weighted shares-basic and fully diluted
$                			(0.00)
$                      			(0.00)
The accompanying notes are an integral part of these financialstatements.

3

 

RENOVO HOLDINGS

(A Development StageCompany)

STATEMENTS OF CASHFLOWS

(unaudited)

 
 
Three Months		Ended 

March 31,

2005
Three Months		Ended 

March 31,

2004
For the Period		

October			18, 2000, (Inception) to March 31, 2005    Cash Flows from		Operating Activities   Net (loss)
$           		(174,180)
$         		(160,800)
$                		(1,617,945)         		Shares issued for services-related party
4,306
93,200
311,506         		Donated services
-
-
13,230         		Depreciation
3,850
-
9,720
         		Adjustment to reconcile net (loss) to net cash 

         		(used) by operations

         		(Decrease) in accounts payable
(2,516)
-
-         		Increase in accrued auto allowance
2,100
2,100
14,000         		Increase in accrued expenses
5,104
-
24,005         		Increase in accrued interest
2,048
-
8,800         		Increase in accrued salary -officer
37,500
62,500
381,667Net cash (used)		by operating activities
(121,788)
(3,000)
(855,017)    Cash Flows from		Investing Activities         		Purchase of fixed assets
(1,254)
-
(62,930)Net cash (used) by investing		activities
(1,254)
-
(62,930)    Cash Flows from		Financing Activities  		Opening balance equity
-
100
-  		Proceeds from secured convertible debenture
100,000
-
400,000  		Issuance of common stock
47,000
-
557,980Net cash provided by		financing activities
147,000
-
957,980    Net increase (decrease) in		cash
12,508
(5,020)
40,032Cash, beginning		of period
16,075
6,286
-Cash, end of		period
$                		40,032
$                		3,386
$                        		40,032Supplemental		Disclosure  		Interest Paid
$                         		-
$                       		-
$                                 		-  		Taxes Paid
$                         		-
$                       		-
$                                 		-
The accompanying notes are an integral part of these financialstatements.

4
** 

RENOVO HOLDINGS

(a Development StageCompany)

Notes to FinancialStatements

Note 1 - Basis of presentation**
The accompanying unaudited condensed financial statements atMarch 31, 2005 have been prepared in accordance with generally acceptedaccounting principles for interim financial information and with theinstructions to Form 10-QSB and reflect all adjustments which, in the opinion ofmanagement, are necessary for a fair presentation of financial positions as ofMarch 31, 2005 and results of operations and cash flows for the three monthsended March 31, 2005. All such adjustments are of a normal recurring nature. Theresults of operations for the interim period are not necessarily indicative ofthe results expected for a full year. The statements should be read inconjunction with the financial statements and footnotes thereto included in theCompany's Form 10-KSB for the year ended December 31, 2004.

On July 14, 2003, the Company amended their Articles ofIncorporation to change their name from First Impressions to Fortis Enterprisesand have subsequently changed their name to Renovo Holdings effective June 14,2004. 
**Note 2 - Going concern**
The accompanying financial statements at March 31, 2005 havebeen prepared on a going concern basis, which contemplated the realization ofassets and the satisfaction of liabilities in the normal course of business. TheCompany has suffered losses from operations during its operating history. Theability of the Company to continue as a going concern is dependent uponobtaining future profitable operations. Management is in the process ofimplementing its business plan, which would generate revenue to sustain theoperations of the Company. The financial statements do not include anyadjustments relating to the recoverability and classification of recorded assetsand classification of liabilities that might be necessary should the Company beunable to continue as a going concern.
**Note 3 - Notes payable**
On April 14, 2004, the Company entered into a "Standby EquityDistribution Agreement" with Cornell Capital Partners, LP (the "Investor"),wherein the Company agreed to issue and sell to the Investor and the Investoragreed to purchase from the Company $5,000,000 of $0.001 par value common stock.Additionally, the Company entered into a secured convertible debenture agreementwith the Investor in order to provide the Company with expedited access to$300,000 of the total funding amount. The Company received $100,000 during thethree-month period ended March 31, 2005. 
**Note 4 - Commitments and contingencies**
On April 14, 2004, the Company executed a Securities PurchaseAgreement with Cornell, wherein it agreed to issue and sell to Cornell up to$300,000 of secured convertible debentures, which will be convertible intoshares of the Company's $0.001 par value common stock. $300,000 has beenreceived during the three-months ended March 31, 2005. 

5
** 

RENOVO HOLDINGS

(a Development StageCompany)

Notes to FinancialStatements****Note 4 - Commitments and contingencies (continued)**
On April 27, 2004, the Company entered into a ConsultingAgreement with Digital Niche Marketing, LLC, wherein the Consultant agrees toassist us with general advertising and marketing services for a fee of $4,300per month. 

On June 4, 2004, the Company executed a Commercial Lease withJack Seay ("Lessor"), wherein the Lessor agreed to lease to the Company thepremises situated in 2237 W. 24th Street, Panama City, Florida (approximately1,450 square feet). The term of the lease is for one year beginning on July 1,2004 and terminating on September 30, 2005. 

On October 26, 2004, the Company executed a Lease Agreementwith The John Price Trust, c/o Carter & Associates LLC, ("Lessor") wherein theCompany agreed to lease the property located at 100 Candace Drive, Suite 100,Maitland, Florida 32751. The property is approximately 3,600 square feet. Theterm of the lease is for 24 months beginning November 1, 2004 with leasepayments of $2,850.00 per month together with applicable Florida State SalesTax. Upon execution of the Lease Agreement the Company paid the Lessor $5,889.50which represents the first month's rent, applicable sales tax and a securitydeposit of $2,850.00. 
**Note 5 - Stockholders' equity**
On April 30, 2004, the Company issued 10,000 shares of its$0.001 par value common stock to Newbridge Securities Corporation for placementagent fees in the amount of $200.

On April 30, 2004, the Company issued 1,490,000 shares of its$0.001 par value common stock to Cornell Capital Partners, LP as a commitmentfee towards a "Standby Equity Distribution Agreement" which is valued at$29,800. 

On May 11, 2004, the Company filed a Form S-8 registering15,625,000 shares of its common stock under the 2004 Consultant and EmployeeStock Compensation Plan.

On May 14, 2004, the Company issued 1,475,000 shares of its$0.001 par value common stock for consulting agreements valued at $71,000.

On June 14, 2004, the Company amended its Articles ofIncorporation to increase its authorized capital to 500,000,000 shares of commonstock, $0.001 par value per share. 

On June 17, 2004, the Company issued 1,575,000 shares of its$0.001 par value common stock pursuant to a Consulting Agreement valued at$31,000. 

On June 30, 2004, the Company filed a registration statement,registering 368,687,500 shares of its common stock for the resale by allinvestors who purchase convertible debentures and to cover the $5,000,000 equityline under the Equity Distribution Agreement. The selling stockholders consistof Cornell Capital Partners, who intends to sell up to 368,687,500 shares ofcommon stock, 250,000,000 of which are under the Equity Distribution Agreement,117,187,500 are under secured convertible debentures.

On September 8, 2004, the Company converted $20,000 of thesecured convertible debenture in exchange for 3,571,428 shares of its $0.001 parvalue common stock. 

6
** 

RENOVO HOLDINGS

(a Development StageCompany)

Notes to FinancialStatements

Note 5 - Stockholders' equity (continued)**
On September 14, 2004, the Company converted $20,000 of thesecured convertible debenture in exchange for 4,166,666 shares of its $0.001 parvalue common stock.

On September 23, 2004, the Company issued 125,000 shares ofits $0.001 par value common stock to a related party in exchange for servicesvalued at $1,000.

On September 23, 2004, the Company issued 2,500,000 shares ofits par value common stock to a related party in exchange for services valued at$20,000. 

During the nine-month period ended September 30, 2004, theCompany issued 21,300,000 shares of its par value common stock to an escrowagent on behalf of Cornell Capital pursuant to the Equity Distribution Agreemententered into on June 30, 2004. The Company recorded a subscription receivable asof September 30, 2004 in the amount of $200,000.

During the three-months ended March 31, 2005, the Companyissued 72,000,000 shares of its $0.001 par value common stock to an escrow agenton behalf of Cornell Capital pursuant to the Equity Distribution Agreemententered into on June 30, 2004 (Note - 3).

During the three-months ended March 31, 2005, the Companyissued 21,637,426 shares of its $0.001 par value common stock for debtconversion pursuant to the an equity distribution agreement (Note - 3).

There were no other issuances of stock for the three-monthperiod ended March 31, 2005. 
**Subsequent events**
On April 21, 2005, the Company issued 9,950,000 shares of its commonstock to Evan Weybright for consulting services valued at $2,985, the fair valueof the underlying shares. The sharesissued were unrestricted pursuant to the S-8 Registration filed with the SEC onAugust 26, 2003.

On April 29, 2005, the Company issued 10,268,696 shares ofits commonstock to the Escrow Agent pursuant to the Equity Distribution Agreement, to holdon behalf of Cornell pending receipt of funds, at which time the shares will bedelivered to Cornell. The shares were registered in the Company's SB-2 RegistrationStatement declared effective by the SEC on July 14, 2004.

7

FORWARD-LOOKING STATEMENTS

This document contains "forward-looking statements" withinthe meaning of the Private Securities Litigation Reform Act of 1995. Allstatements other than statements of historical fact are "forward-lookingstatements" for purposes of federal and state securities laws, including, butnot limited to, any projections of earnings, revenue or other financial items;any statements of the plans, strategies and objections of management for futureoperations; any statements concerning proposed new services or developments; anystatements regarding future economic conditions or performance; any statementsor belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements may include the words "may,""could," "estimate," "intend," "continue," "believe," "expect" or "anticipate"or other similar words. These forward-looking statements present our estimatesand assumptions only as of the date of this report. Except for our ongoingsecurities laws, we do not intend, and undertake no obligation, to update anyforward-looking statement.

Although we believe that the expectations reflected in any ofour forward-looking statements are reasonable, actual results could differmaterially from those projected or assumed in any of our forward-lookingstatements. Our future financial condition and results of operations, as well asany forward-looking statements, are subject to change and inherent risks anduncertainties. The factors impacting these risks and uncertainties include, butare not limited to: 
-  increased competitive pressures from existing competitors	and new entrants;increases in interest rates or our cost of borrowing or a	default under any material debt agreements;deterioration in general or regional economic conditions;adverse state or federal legislation or regulation that	increases the costs of compliance, or adverse findings by a regulator with	respect to existing operations;loss of customers or sales weakness;inability to achieve future sales levels or other	operating results;the unavailability of funds for capital expenditures; andoperational inefficiencies in distribution or other	systems.
For a detailed description of these and other factors thatcould cause actual results to differ materially from those expressed in anyforward-looking statement, please see "Factors That May Affect Our Plan ofOperation" in this document and "Risk Factors" in our Registration Statement onForm SB-2 filed on June 30, 2004.
**Item 2. Plan of Operation****Overview**
Renovo Holdings is a Development Stage Company that intendsto capitalize upon the niche market opportunities within the commercial andresidential restoration service markets. We were incorporated in the State ofNevada on October 18, 2000 under the name First Impressions.

8

As a company in an early development stage, our ability toproceed with our plan of operation has continuously been a function of ourability to raise sufficient capital to continue our operations. At the end ofMarch 31, 2005 we had cash available of $40,032. Our cash requirements on amonthly basis are approximately $4,500, excluding exceptional expenses that arerelated to capital raising and securities registration expenses. 

We have continuously incurred losses since inception. For thequarter ended March 31, 2004 we had a net loss of $160,800 as compared to a netloss of $174,180 for the quarter ended March 31, 2005. 
**Plan of Operation**
During the next 12 months we plan to focus our efforts onpositioning Renovo to provide complete loss management and restoration servicesto residential, commercial, industrial, and institutional properties. Initially,we are seeking to establish Renovo in the Florida market, with the ability toexpedite the recovery process, with the eventual capability of responding toloss and restoration across the United States.
***Satisfaction of our cash obligation for the next 12 months.

We plan on satisfying our cash obligations over the nexttwelve months through additional equity and/or third party financing. We do notanticipate generating revenues sufficient enough to satisfy our working capitalrequirements within the next twelve months.

A critical component of our operating plan impacting ourcontinued existence is the ability to obtain additional capital throughadditional equity and/or debt financing. We do not anticipate enough positiveinternal operating cash flow until such time as we complete an acquisition andcan generate substantial revenues, which may take the next few years to fullyrealize, if ever. In the event we cannot obtain the necessary capital to pursueour strategic plan, we may have to cease or significantly curtail ouroperations. This would materially impact our ability to continue operations.

In the first quarter ended March 31, 2005, we sold a total of72,000,000 shares under the Equity Distribution Agreement with Cornell CapitalPartners, LP ("Cornell"), valued at $80,000. 

In the first quarter ended March 31, 2005, we sold $20,000 ofsecured convertible debentures, which converted into 21,637,426 shares of ourcommon stock and issued to Cornell Capital Partners on March 4, 2005. 
**Liquidity and Capital Resources**
Our near term cash requirements are anticipated to be offsetthrough the receipt of funds from the Cornell convertible debenture, privateplacement offerings and loans obtained through private sources. We filed aregistration statement (declared effective by the SEC on July 14, 2004)registering 368,687,500 shares of our common stock for the resale by allinvestors who purchase convertible debentures and to cover the $5,000,000 equityline under the Equity Distribution Agreement. We anticipate being able to usethe line of credit to finance our operations. Since inception, we have financedcash flow requirements through debt financing and issuance of common stock forcash and services. When, and if, we commence operational activities, we maycontinue to experience net negative cash flows from operations, and may berequired to obtain additional financing to fund operations through common stockofferings and bank borrowings to the extent necessary to provide workingcapital.

9

 

Over the next twelve months we believe that existing capitaland anticipated funds from operations will not be sufficient to sustainoperations and planned expansion. However, the line of credit is anticipated tosatisfy our working capital needs, but if it is not available, we will berequired to seek additional capital in the future to fund our operations throughadditional equity or debt financing or credit facilities. No assurance can bemade that such financing would be available, and if available it may take eitherthe form of debt or equity. In either case, the financing could have a negativeimpact on our financial condition and our Stockholders.

We anticipate incurring operating losses over the next twelvemonths. Our lack of operating history makes predictions of future operatingresults difficult to ascertain. Our prospects must be considered in light of therisks, expenses and difficulties frequently encountered by companies in theirearly stage of development. Such risks include, but are not limited to, anevolving and unpredictable business model and the management of growth. Toaddress these risks we must, among other things, locate suitable acquisitiontargets, obtain a customer base, implement and successfully execute our businessand marketing strategy, respond to competitive developments, and attract, retainand motivate qualified personnel. There can be no assurance that we will besuccessful in addressing such risks, and the failure to do so can have amaterial adverse effect on our business prospects, financial condition andresults of operations.
**Going Concern**
The consolidated financial statements included in this filinghave been prepared in conformity with generally accepted accounting principlesthat contemplate the continuance of the Company as a going concern. TheCompany's cash position may be inadequate to pay all of the costs associatedwith its intended business plan. Management intends to use borrowings andsecurity sales to mitigate the effects of its cash position, however noassurance can be given that debt or equity financing, if and when required willbe available. The financial statements do not include any adjustments relatingto the recoverability and classification of recorded assets and classificationof liabilities that might be necessary should the Company be unable to continueexistence.

***Summary of any product and development that we willperform for the term of the plan.***

We do not anticipate performing any significant productresearch and development under our plan of operation. In lieu of productresearch and development, we anticipate acquiring small renovation businesses.

10

***Expected purchase or sale of plant and significantequipment.***

We do not anticipate the purchase or sale of any plant orsignificant equipment, as such items are not required by us at this time oranticipated to be needed in the next twelve months; however, as the result ofour plan for acquisitions of renovation businesses, we may acquire equipment,and in some cases plants, which relate to the renovation businesses. 

***Significant changes in the number of employees.***

As of March 31, 2005, we had 1 employee. We are dependentupon Steve W. Carnes our sole officer and director. We will need to hire fulltime operational staff as our operations commence and we complete anticipatedacquisitions.
**Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements thathave or are reasonably likely to have a current or future effect on ourfinancial condition, changes in financial condition, revenues or expenses,results of operations, liquidity, capital expenditures or capital resources thatis material to investors.
**FACTORS THAT MAY AFFECT OUR PLAN OF OPERATION*****Renovo has historically lost money and losses may continue inthe future, which may cause us to curtail operations.***
Since our inception we have not been profitable and have lostmoney on both a cash and non-cash basis. For the quarters ended March 31, 2005and March 31, 2004 we incurred net losses of $174,180 and $160,800 respectively.Our accumulated deficit at the end of March 31, 2005 was $1,617,945. Futurelosses are likely to occur, as we are dependent on spending money to pay for ouroperations. No assurances can be given that we will be successful in reaching ormaintaining profitable operations. Accordingly, we may experience liquidity andcash flow problems. If our losses continue, our ability to operate may beseverely impacted.
***Renovo may need to raise additional capital or debt fundingto sustain operations.***
Unless we can become profitable with the existing sources offunds we have available and our operations, we will require additional capitalto sustain operations and we may need access to additional capital or additionaldebt financing to grow our sales. In addition, to the extent that we have aworking capital deficit and cannot offset the deficit from profitable sales orthe Cornell line of credit we may have to raise capital to repay the deficit andprovide more working capital to permit growth in revenues. We cannot be assuredthat financing, whether from external sources or related parties, will beavailable if needed or on favorable terms. Our inability to obtain adequatefinancing will result in the need to reduce the pace of business operations andthe search for acquisition candidates. Any of these events could be materiallyharmful to our business and may result in a lower stock price.
***We have been the subject of a going concern opinion for theyears ended December 31, 2004 and December 31, 2003 from our independentauditors, which means that we may not be able to continue operations unless wecan become profitable or obtain additional funding.***
11

Our independent auditors have added an explanatory paragraphto their audit opinions issued in connection with our financial statements forthe years ended December 31, 2004 and December 31, 2003, which states that thefinancial statements raise substantial doubt as to our ability to continue as agoing concern. Our ability to make operations profitable or obtain additionalfunding will determine our ability to continue as a going concern. Our financialstatements do not include any adjustments that might result from the outcome ofthis uncertainty. We expect to be able to continue operations for twelve monthswith the cash currently on hand, and from the Securities Purchase Agreement andthe Equity Distribution Agreement entered into by the Company and CornellCapital Partners, executed on April 14, 2004.
***We are subject to a working capital deficit, which means thatour current assets on December 31, 2004 and March 31, 2005, were not sufficientto satisfy our current liabilities and, therefore, our ability to continueoperations is at risk.***
We had a working capital deficit for the year ended December31, 2004 and quarter ended March 31, 2005, which means that our currentliabilities exceeded our current assets on December 31, 2004 by $608,161 and$609,694. Current assets are assets that are expected to be converted to cashwithin one year and, therefore, may be used to pay current liabilities as theybecome due. Our working capital deficit means that our current assets onDecember 31, 2004 and March 31, 2005, were not sufficient to satisfy all of ourcurrent liabilities on those dates. If our ongoing operations do not begin toprovide sufficient profitability to offset the working capital deficit, we mayhave to raise capital or debt to fund the deficit or curtail future operations.
***Our common stock may be affected by limited trading volumeand may fluctuate significantly, which may affect our stockholders' ability tosell shares of our common stock.***
Prior to this filing, there has been a limited public marketfor our common stock and there can be no assurance that a more active tradingmarket for our common stock will develop. An absence of an active trading marketcould adversely affect our stockholders' ability to sell our common stock inshort time periods, or possibly at all. Our common stock has experienced, and islikely to experience in the future, significant price and volume fluctuations,which could adversely affect the market price of our common stock without regardto our operating performance. In addition, we believe that factors such asquarterly fluctuations in our financial results and changes in the overalleconomy or the condition of the financial markets could cause the price of ourcommon stock to fluctuate substantially. These fluctuations may also cause shortsellers to enter the market from time to time in the belief that we will havepoor results in the future. We cannot predict the actions of market participantsand, therefore, can offer no assurances that the market for our stock will bestable or appreciate over time. These factors may negatively impact ourstockholders' ability to sell shares of our common stock.
***Our common stock is deemed to be a low priced "Penny Stock,"which may make it more difficult for investors to sell their shares due tosuitability requirements.***
Our common stock is deemed to be a "penny stock" as that termis defined in Rule 3a51-1 promulgated under the Securities Exchange Act of 1934.These requirements may reduce the potential market for our common stock byreducing the number of potential investors. This may make it more difficult forinvestors in our common stock to sell shares to third parties or to otherwisedispose of them. This could cause our stock price to decline. Penny stocks arestock:

12
-  With a price of less than $5.00 per share;That are not traded on a "recognized" national exchange;Whose prices are not quoted on the NASDAQ automated	quotation system (NASDAQ listed stock must still have a price of not less	than $5.00 per share); orIn issuers with net tangible assets less than $2.0	million (if the issuer has been in continuous operation for at least three	years) or $10.0 million (if in continuous operation for less than three	years), or with average revenues of less than $6.0 million for the last	three years.
Broker/dealers dealing in penny stocks are required toprovide potential investors with a document disclosing the risks of pennystocks. Moreover, broker/dealers are required to determine whether an investmentin a penny stock is a suitable investment for a prospective investor.
***We could fail to attract or retain key personnel, which couldbe detrimental to our operations.***
Our success largely depends on the efforts and abilities ofStephen W. Carnes, our sole Officer and Director. The loss of the services ofMr. Carnes could materially harm our business because of the cost and timenecessary to find a successor. Such a loss would also divert managementattention away from operational issues. We do not presently maintain key-manlife insurance policies on Mr. Carnes. We do not have other key employees whomanage our operations. To the extent that we are smaller than our competitorsand have fewer resources, we may not be able to attract a sufficient number andquality of staff, when required.
***We may acquire assets or other businesses in the future.***
We may consider acquisitions of other assets or otherbusiness. Any acquisition involves a number of risks that could fail to meet ourexpectations and adversely affect our profitability. For example:
-  The acquired assets or business may not achieve expected	results;We may incur substantial, unanticipated costs, delays or	other operational or financial problems when integrating the acquired	assets;We may not be able to retain key personnel of an acquired	business;Our management's attention may be diverted; orOur management may not be able to manage the acquired	assets or combined entity effectively or to make acquisitions and grow our	business internally at the same time.
If these problems arise we may not realize the expectedbenefits of an acquisition.
***Our limited operating history makes it difficult to forecastour future results.***
As a result of our limited operating history, our historicalfinancial and operating information is of limited value in predicting our futureoperating results. We may not accurately forecast customer behavior andrecognize or respond to emerging trends, changing preferences or competitivefactors facing us, and, therefore, we may fail to make accurate financialforecasts. Our current and future expense levels are based largely on ourinvestment plans and estimates of future revenue. As a result, we may be unableto adjust our spending in a timely manner to compensate for any unexpectedrevenue shortfall, which could force us to curtail or cause us to terminate ourbusiness operations.

13
**Risks Associated with the Standby Equity DistributionAgreement with Cornell Capital Partners, L.P.*****Our obligations under the secured convertible debentures aresecured by all of our assets.***
Our obligations under the secured debentures, issued toCornell Capital Partners are secured by all of our assets. As a result, if wedefault under the terms of the secured debentures, Cornell Capital Partnerscould foreclose its security interest and liquidate all of the assets of theCompany. This would cease operations.
***Existing stockholders will experience significant dilutionfrom our sale of shares under the Equity Distribution Agreement.***
The sale of shares pursuant to the Equity DistributionAgreement will have a dilutive impact on our stockholders. As a result our netincome per share could decrease in future periods, and the market price of ourcommon stock could decline. In addition, the lower our stock price, the moreshares of common stock we will have to issue in order to receive the maximumcash advance allowed under the Equity Distribution Agreement. If our stock priceis lower, then our existing stockholders would experience greater dilution. 
***The sale of our stock under our equity distribution agreementcould encourage short sales by third parties, which could contribute to thefuture decline of our stock price.***
In many circumstances the provision of financing based on thedistribution of equity for companies that are traded on the Over-the-CounterBulletin Board has the potential to cause a significant downward pressure on theprice of common stock. This is especially the case if the shares being placedinto the market exceed the market's ability to take up the increased stock or ifthe Company has not performed in such a manner to show that the equity fundsraised will be used to grow the Company. Such an event could place furtherdownward pressure on the price of common stock. Under the terms of our EquityDistribution Agreement, we may request numerous cash advances. Even if we usethe cash advances to grow our revenues and profits or invest in assets that arematerially beneficial to us, the opportunity exists for short sellers and othersto contribute to the future decline of our stock price. If there are significantshort sales of stock, the price decline that would result from this activitywill cause the share price to decline more so which in turn may cause longholders of the stock to sell their shares thereby contributing to sales of stockin the market. If there is an imbalance on the sell side of the market for thestock the price will decline. It is not possible to predict if the circumstanceswhereby short sales could materialize or to what the share price could drop. Insome companies that have been subjected to short sales the stock price hasdropped to near zero. This could happen to our stock. 
***We may not be able to access sufficient funds under theEquity Line of Credit when needed.***
We are dependent on external financing to fund ouroperations. Our financing needs are expected to be partially provided from theEquity Distribution Agreement and the additional secured convertible debenturesto be purchased by Cornell Capital Partners. No assurances can be given thatsuch financing will be available in sufficient amounts or at all when needed, inpart, because we are limited to a maximum cash advance of $200,000 during anyseven trading day period. In addition, based on an assumed offering price of$0.016 per share, we will only be able to draw a total net amount of $3,667,500under the Equity Distribution Agreement. This net amount will utilize all of the250,000,000 shares of our common stock registered for the Equity DistributionAgreement under our registration statement filed on June 30, 2004. If the actualaverage price at which we sell shares of common stock under the EquityDistribution Agreement is less than $0.016 per share, we would need to registeradditional shares to fully utilize the funds available under the EquityDistribution Agreement. Based on the assumed offering price of $0.016 per share,we would have to issue to Cornell Capital Partners 315,565,566 shares in orderto receive the entire $5,000,000 available to us under the Equity DistributionAgreement. 

14
***We may not be able to obtain a cash advance under the equitydistribution agreement if Cornell Capital Partners holds more than 9.9% of ourcommon stock.***
In the event Cornell Capital Partners holds more than 9.9% ofour then-outstanding common stock, we will be unable to obtain a cash advanceunder the Equity Distribution Agreement. A possibility exists that CornellCapital Partners may own more than 9.9% of our outstanding common stock at atime when we would otherwise plan to make an advance under the EquityDistribution Agreement. In that event, if we are unable to obtain additionalexternal funding or generate revenues from operations, we could be forced tocurtail or cease our operations. 
**Item 3. Controls and Procedures.**
We maintain disclosure controls and procedures designed toensure that information required to be disclosed in reports filed under theSecurities Exchange Act of 1934, as amended, is recorded, processed, summarizedand reported within the specified time periods. As of the end of the periodcovered by this report, Steven W. Carnes, our Chief Executive Officer andPrincipal Financial Officer evaluated the effectiveness of our disclosurecontrols and procedures. Based on the evaluation, which disclosed no significantdeficiencies or material weaknesses, Mr. Carnes, our Chief Executive Officer andPrincipal Financial Officer concluded that our disclosure controls andprocedures are effective. There were no changes in our internal control overfinancial reporting that occurred during the most recent fiscal quarter thathave materially affected, or are reasonably likely to materially affect, ourinternal control over financial reporting.
**PART II - OTHER INFORMATION

Item 1. Legal Proceedings.**
None.
**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**
In the three months ended March 31, 2005, we issued72,000,000 shares of our common stock to the Escrow Agent pursuant to the EquityDistribution Agreement, to hold on behalf of Cornell pending receipt of funds,at which time the shares will be delivered to Cornell. The 72,000,000 shareswere registered in our SB-2 Registration Statement declared effective by the SECon July 14, 2004.

15

In the three months ended March 31, 2005, we sold $20,000 ofsecured convertible debentures which converted to 21,637,426 shares of ourcommon stock to Cornell. As of March 31, 2005 the 21,637,426 shares were issued.The shares were registered in our SB-2 Registration Statement declared effectiveby the SEC on July 14, 2004.
*Subsequent Issuances*****
On April 21, 2005, we issued 9,950,000 shares of our commonstock to Evan Weybright for consulting services valued at $2,985. The sharesissued were unrestricted pursuant to the S-8 Registration filed with the SEC onAugust 26, 2003.

On April 29, 2005, we issued 10,268,696 shares of our commonstock to the Escrow Agent pursuant to the Equity Distribution Agreement, to holdon behalf of Cornell pending receipt of funds, at which time the shares will bedelivered to Cornell. The shares were registered in our SB-2 RegistrationStatement declared effective by the SEC on July 14, 2004.
**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.**
31.1*
Certification pursuant to Section 302 of the		Sarbanes-Oxley Act
32.1*
Certification pursuant to Section 906 of the		Sarbanes-Oxley Act
* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Actof 1934, the Registrant has duly caused this report to be signed on its behalfby the undersigned, thereunto duly authorized.

RENOVO HOLDINGS

(Registrant)

 

By: */s/Steve W.Carnes*

Stephen W. Carnes,President

(On behalf of theregistrant and as 

principal accountingofficer)

Date: June 21, 2005
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