UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

 

FORM10-QSB

 

[X]QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OFTHE SECURITIES EXCHANGE ACT OF 1934

 

[] TRANSITION REPORT PURSUANT TO SECTION 13 OR

15(d)OF THE SECURITIES EXCHANGE ACT OF 1934

 

Forthe quarterly period ended: June 30, 2004

 

Commissionfile number 000-49634

 

RENOVOHOLDINGS

(Exactname of small business issuer as specified in its charter)

 

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

**1111      N. Orlando Ave.**
**Winter      Park, Florida **  
** 32789**
(Address      of Principal Executive Offices)   
 (Zip      Code)
 
**(407)435-3959**
(Issuer'stelephone number, including area code)

 

FORTISENTERPRISES

(Formername, if changed since last report)

 

 

Checkwhether the issuer (1) filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the last 12 months (or forsuch shorter period that the registrant was required to file such reports), and(2) has been subject to such filing requirements for the past 90 days. Yes X    No____

 

Thenumber of shares of Common Stock, $0.001 par value, outstanding on June 30,2004, was 72,710,000 shares.

 

TransitionalSmall Business Disclosure Format (check one): Yes         No X

 

 

 

 
**PART1 - FINANCIAL INFORMATION

Item 1.Financial Statements**
 

RENOVOHOLDINGS

(FormerlyFortis Enterprises)

(ADevelopment Stage Company)

BALANCESHEET

ASSETS

June      30, 2004

(unaudited)
December      31, 2003

(audited)
CURRENT      ASSETS
          Cash
$                        31,712
$                           6,285
          TOTAL CURRENT ASSETS
31,712
6,285
Fixed      assets, net
39,239
0
          TOTAL FIXED ASSETS
39,239
0
TOTAL      ASSETS
$                        70,951
$                           6,285
LIABILITIES      AND STOCKHOLDERS' (DEFICIT)
CURRENT      LIABILITIES
          Other Current liabilities
               Accounts payable
$                         2,142
$                                  0
               Accrued auto allowance
7,700
3,500
               Accrued reimbursement to officer
640
540
               Accrued salary - officer
229,167
104,167
               Secured convertible debenture
150,000
0
TOTAL      CURRENT LIABILITIES
389,648
108,207
STOCKHOLDERS'      (DEFICIT)
          Preferred stock, $.001 par value, authorized 5,000,000 shares; no shares      
          issued and outstanding at June 30, 2004 and December 31, 2003
 

-
 

-
          Common stock, $.001 par value, authorized 100,000,000 shares;      
          72,710,000 and 65,957,062 issued and outstanding at June 30, 2004      and 

          December 31, 2003
 

 

72,710
 

 

65,957
Additional      paid-in capital
413,321
176,574
(Deficit)      accumulated during development stage
(804,728)
(344,452)
          TOTAL STOCKHOLDER'S (DEFICIT)
(318,697)
(101,921)
TOTAL      LIABILITIES AND STOCKHOLDERS' (DEFICIT)
$                        70,951
$                            6,285
 

Theaccompanying notes are an integral part of these financial statements

 

2

 

 

RENOVOHOLDINGS

(FormerlyFortis Enterprises)

(ADevelopment Stage Company)

STATEMENTSOF OPERATIONS

(unaudited)

 

 

Three Months      Ended                 June 30,
 

Six Months      Ended          June 30,
For the Period October 18, (inception) to        June 30,2004200320042003
2004
REVENUE
$                         -
$                           -
$                      -
$                      -
$                              -
EXPENSES
        Stock issued for services-related 

        party
-
-
-
-
72,500
        Stock issued for consulting service
183,200
-
243,500
-
320,300
        Stock issued for legal services
-
-
-
-
40,000
        Officer donated services
-
1,500
-
2,500
40,000
        Accrued auto allowance
2,100
-
4,200
-
7,700
        Accrued reimbursement to officer
-
-
-
-
540
        Accrued salary - officer
62,500
-
125,000
-
299,167
Depreciation
1,309
-
1,309
-
1,309
Professional      fees
22,722
-
22,722
-
22,722
General      and administrative expenses
27,645
500
63,545
3,000
97,259
TOTAL      EXPENSES
299,476
2,000
460,276
5,500
804,728
NET      (LOSS)
$           (299,476)
$                 (2,000)
$        (460,276)
$            (5,500)
$               (804,728)
Weighted      average
number      of common
shares      outstanding
basic      and fully diluted
70,115,243
20,000,000
68,281,738
20,000,000
Net      (loss)
per      weighted shares-basic
and      fully diluted
$                 (0.00)
$                  (0.00)
$              (0.01)
$              (0.00)
 

Theaccompanying notes are an integral part of these financial statements

 

3

 

 

RENOVOHOLDINGS

(FormerlyFortis Enterprises)

(ADevelopment Stage Company)

STATEMENTSOF CASH FLOWS

(unaudited)

 

 

 

Six      Months Ended June 30, 2004
 

 

Six      Months Ended June 30, 2003
For      the Period October 18, 2000, (Inception) to June 30, 2004
Cash      Flows from
Operating      Activities
        Net (loss)
$                 (460,276)
$                     (5,500)
$                 (804,728)
        Adjustment to reconcile net (loss) to net cash (used) by      
          operations
           Shares issued for services-related party
-
-
72,500
           Shares issued for consulting services
243,500
-
320,300
           Donated services
-
3,000
13,230
           Depreciation
1,309
-
1,309
        Changes in operating assets and liabilities
           Increase in accounts payable
2,142
-
2,142
           Increase in accrued auto allowance
4,200
-
7,700
           Increase in accrued reimbursements to officer
100
-
640
           Increase in accrued salary - officer
125,000
0
299,167
Net      cash (used) by operating activities
(84,026)
(2,500)
(157,740)
Cash      Flows from Investing Activities
           Purchase of fixed assets
(40,548)
-
(40,548)
Net      cash (used) by investing activities
(40,548)
-
(40,548)
Cash      Flows from Financing Activities
        Proceeds from secured convertible debenture
150,000
-
150,000
        Issuance of common stock
-
-
80,000
Net      cash provided by financing activities
150,000
-
230,000
Net      increase (decrease) in cash
25,426
(2,500)
31,712
Cash,      beginning of period
6,286
24,305
-
Cash,      end of period
$                      31,712
$                      21,805
$                      31,712
Supplemental      Disclosure
        Interest Paid
$                               0
$                               0
$                               0
        Taxes Paid
$                               0
$                               0
$                               0
 

Theaccompanying notes are an integral part of these financial statements

 

4

 

 
**RENOVOHOLDINGS

(FormerlyFirst Impressions)

(aDevelopment Stage Company)

Notesto Financial Statements

 

Note1 - Basis of presentation**
 

Theaccompanying unaudited condensed financial statements at June 30, 2004 have beenprepared in accordance with generally accepted accounting principles for interimfinancial information and with the instructions to Form 10-QSB and reflect alladjustments which, in the opinion of management, are necessary for a fairpresentation of financial positions as of June 30, 2004 and results ofoperations and cash flows for the six months ended June 30, 2004. All suchadjustments are of a normal recurring nature. The results of operations for theinterim period are not necessarily indicative of the results expected for a fullyear. The statements should be read in conjunction with the financial statementsand footnotes thereto included in the Company's Form 10-KSB for the year endedDecember 31, 2003.

 

OnJuly 14, 2003, the Company amended their Articles of Incorporation to changetheir name from First Impressions to Fortis Enterprises and have subsequentlychanged their name to Renovo Holdings effective June 14, 2004.
** 

Note2 - Going concern**
 

Theaccompanying financial statements at June 30, 2004 have been prepared on a goingconcern basis, which contemplated the realization of assets and the satisfactionof liabilities in the normal course of business. The Company has suffered lossesfrom operations during its operating history. The ability of the Company tocontinue as a going concern is dependent upon obtaining future profitableoperations. Management is in the process of implementing its business plan whichwould generate revenue to sustain the operations of the Company. The financialstatements do not include any adjustments relating to the recoverability andclassification of recorded assets and classification of liabilities that mightbe necessary should the Company be unable to continue as a going concern.

 
**Note3 - Secured convertible debenture

 **
OnApril 14, 2004, the Company entered into a "Standby Equity DistributionAgreement" 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, we entered into a secured convertible debenture agreement with theInvestor in order to provide the Company with expedited access to $300,000 ofthe total funding amount. The Company received $150,000 during the six-monthperiod ending June 30, 2004, and the balance of $150,000 was received on July 9,2004.

 
**Note4 - Commitments and contingencies

 **
OnApril 14, 2004, the Company executed a Securities Purchase Agreement withCornell, wherein it agreed to issue and sell to Cornell up to $300,000 ofsecured convertible debentures, which will be convertible into shares of ourcommon stock. Of the $300,000, $150,000 has been received during the six-monthsended June 30, 2004 and the remaining $150,000 will be funded on the fifth (5th)business day following the date our authorized shares of common stock arevalidly increased to 500,000,000 shares.

 

5

 

 

OnApril 27, 2004, the Company entered into a Consulting Agreement on amonth-to-month basis with Digital Niche Marketing, LLC, wherein the Consultantagrees so assist us with general advertising and marketing services for a fee of$4,300 per month.

 

OnJune 4, 2004, the Company executed a Commercial Lease with Jack Seay ("Lessor"),wherein the Lessor agreed to lease to us the premises situated in 2237 W. 24thStreet, Panama City, Florida (approximately 1,450 square feet) for $1,000 permonth. The term of the lease is for one year beginning on July 1, 2004 andterminating on June 30, 2005. The total future minimum lease payments are asfollows:

 

2004            $6,000

2005            $6,000

 
**Note5 - Stockholders' equity**
 

OnMay 3, 2004, the Company issued 1,490,000 shares of its common stock to CornellCapital Partners, LP as a commitment fee towards a "Standby EquityDistribution Agreement" which is valued at $29,800.

 

OnMay 14, 2004, the Company issued 10,000 shares of its common stock to NewbridgeSecurities Corporation for placement agent fees in the amount of $200.

 

OnMay 11, 2004, the Company filed a Form S-8 registering 15,625,000 shares of ourcommon stock. The shares consist of shares to be issued under the 2004Consultant and Employee Stock Compensation Plan.

 

OnMay 14, 2004, the Company issued 1,475,000 shares of its $0.001 par value commonstock for consulting agreements valued at $71,000.

 

OnJune 14, 2004, the Company amended its Articles of Incorporation to increase ourauthorized capital to 500,000,000 shares of common stock, $0.001 par value pershare.

 

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

 

OnJune 30, 2004, the Company filed a registration statement, registering368,687,500 shares of our common stock for the resale by all investors whopurchase convertible debentures and to cover the $5,000,000 equity line underthe Equity Distribution Agreement. The selling stockholders consist of CornellCapital Partners, who intends to sell up to 368,677,500 shares of common stock,250,000,000 of which are under the Equity Distribution Agreement, 117,187,500are under secured convertible debentures.

 

Therewere no other issuances of stock for the six-month period ending June 30, 2004.

 

6

 
****
FORWARD-LOOKINGSTATEMENTS

 

       This document contains "forward-looking statements" within the meaningof the Private Securities Litigation Reform Act of 1995. All statements otherthan statements of historical fact are "forward-looking statements"for purposes of federal and state securities laws, including, but not limitedto, any projections of earnings, revenue or other financial items; anystatements 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," "will," "estimate," "intend,""continue," "believe," "expect" or"anticipate" or other similar words. These forward-looking statementspresent our estimates and assumptions only as of the date of this report. Exceptfor our ongoing securities laws, we do not intend, and undertake no obligation,to update any forward-looking statement.

 

       Although we believe that the expectations reflected in any of ourforward-looking statements are reasonable, actual results could differmaterially from those projected or assumed in any or 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 that could cause actualresults to differ materially from those expressed in any forward-lookingstatement, please see "Factors That May Affect Our Plan of Operation"in this document and "Risk Factors" in our Registration Statement onForm SB-2 filed on June 30, 2004.

 
**Item2. Plan of Operation**
 
**Overview**
 

       Renovo Holdings is a Development Stage Company that intends to capitalize uponthe niche market opportunities within the commercial and residential restorationservice markets. We were incorporated in the State of Nevada on October 18, 2000under the name First Impressions.

 

7

 

 

       On July 14, 2003, we amended our Articles of Incorporation to change our namefrom First Impressions to Fortis Enterprises. We subsequently changed our nameto Renovo Holdings on June 14, 2004.

 
**Planof Operation**
 

       Since our incorporation in October 2000, we have not been engaged in anysignificant operations nor have we had any significant revenues, as we are inthe development stage. We intend to achieve growth through mergers andacquisitions of small to mid-sized cleaning and restoration services companiesthroughout the United States.

 

       We intend to focus on growth through acquisition. We believe that there can be"Economies of Scale" achieved by consolidating the "singleowner" restoration companies into Renovo Holdings. We believe that it canreduce combined overall overhead among the companies acquired by eliminatingmany duplicated everyday business nuisances for the small business owners suchas accounting services, marketing and advertising costs, office staff andequipment, etc. We also believe that consolidating and focusing efforts on acombined marketing campaign will assist the various companies merged into RenovoHoldings to achieve overall revenue growth.

 

       On November 11, 2003, we executed a Letter of Intent with a privately heldcompany based in Northern Florida that specializes in insurance restorationservices. The Letter of Intent outlines the basic parameters under which theprivately held company would agree to be acquired by us. We are working togetherwith the acquisition candidate to perform the necessary due diligence that willallow both parties to sign a definitive agreement, which will provide thespecific details regarding the terms and conditions of the acquisition. Uponcompletion of a definitive agreement we will file a Form 8-K. Two of theprincipals associated with the privately held company are currently consultantsfor us.

 
***Satisfactionof our cash obligation for the next 12 months.

 

       We plan on satisfying our cash obligations over the next twelve months throughadditional equity and/or third party financing. We do not anticipate generatingrevenues sufficient enough to satisfy our working capital requirements withinthe next twelve months.

 

       A critical component of our operating plan impacting our continued existence isthe ability to obtain additional capital through additional equity and/or debtfinancing. We do not anticipate enough positive internal operating cash flowuntil such time as we can generate substantial revenues, which may take the nextfew years to fully realize. In the event we cannot obtain the necessary capitalto pursue our strategic plan, we may have to cease or significantly curtail ouroperations. This would materially impact our ability to continue operations.

 

       On April 14, 2004, we entered into a Standby Equity Distribution Agreement withCornell Capital Partners, LP ("Cornell"), wherein we agreed to issueand sell to Cornell and Cornell agreed to purchase from us $5,000,000 of ourcommon stock, par value $0.001 per share. Additionally, we entered into asecured convertible debenture agreement with Cornell in order to provide us withexpedited access to $300,000 of the funding, $150,000 of which we immediatelyreceived and on July 9, 2004 we received the remaining $150,000.

 

8

 

 

       Our near term cash requirements are anticipated to be offset through the receiptof funds from the Cornell convertible debenture, private placement offerings andloans obtained through private sources. We filed a registration statement(declared effective by the SEC on July 14, 2004) registering 368,687,500 sharesof our common stock for the resale by all investors who purchase convertibledebentures and to cover the $5,000,000 equity line under the Equity DistributionAgreement. We anticipate being able to use the line of credit to finance ouroperations. Since inception, we have financed cash flow requirements throughdebt financing and issuance of common stock for cash and services. As we expandoperational activities, we may continue to experience net negative cash flowsfrom operations, pending receipt of servicing or licensing fees, and will berequired to obtain additional financing to fund operations through common stockofferings and bank borrowings to the extent necessary to provide workingcapital.

 

       Over the next twelve months we believe that existing capital and anticipatedfunds from operations will not be sufficient to sustain operations and plannedexpansion. However, the line of credit is anticipated to satisfy our workingcapital needs, but if it is not available, we will be required to seekadditional capital in the future to fund growth and expansion through additionalequity or debt financing or credit facilities. No assurance can be made thatsuch financing would be available, and if available it may take either the formof debt or equity. In either case, the financing could have a negative impact onour financial condition and our Stockholders.

 

       We anticipate incurring operating losses over the next twelve months. Our lackof operating history makes predictions of future operating results difficult toascertain. Our prospects must be considered in light of the risks, expenses anddifficulties frequently encountered by companies in their early stage ofdevelopment. Such risks include, but are not limited to, an evolving andunpredictable business model and the management of growth. To address theserisks we must, among other things, obtain a customer base, implement andsuccessfully execute our business and marketing strategy, continue to developand upgrade technology and products, respond to competitive developments, andattract, retain and motivate qualified personnel. There can be no assurance thatwe will be successful in addressing such risks, and the failure to do so canhave a material adverse effect on our business prospects, financial conditionand results of operations.

 
**GoingConcern

 **
       The consolidated financial statements included in this filing have been preparedin conformity with generally accepted accounting principles that contemplate thecontinuance of the Company as a going concern. The Company's cash position maybe inadequate to pay all of the costs associated with its intended businessplan. Management intends to use borrowings and security sales to mitigate theeffects of its cash position, however no assurance can be given that debt orequity financing, if and when required will be available. The financialstatements do not include any adjustments relating to the recoverability andclassification of recorded assets and classification of liabilities that mightbe necessary should the Company be unable to continue existence.

 

***       Summary of any product and development that we will perform for the term of theplan.*** We do not anticipate performing any significant product researchand development under our plan of operation. In lieu of product research anddevelopment, we anticipate acquiring small renovation businesses.

 

9

 

 

***       Expected purchase or sale of plant and significant equipment.*** We do notanticipate the purchase or sale of any plant or significant equipment, as suchitems are not required by us at this time or anticipated to be needed in thenext twelve months; however as the result of our plan for acquisitions ofrenovation businesses, we may acquire equipment, and in some cases plants, whichrelate to the renovation businesses.

 

***       Significant changes in the number of employees.*** As of June 30, 2004, wehad 1 employee. We are dependent upon Steve W. Carnes our sole officer anddirector. We will need to hire full time operational staff as our operationscommence and we complete anticipated acquisitions.

 
**Off-BalanceSheet Arrangements

 

       We do not have any off-balance sheet arrangements that have or are reasonablylikely to have a current or future effect on our financial condition, changes infinancial condition, revenues or expenses, results of operations, liquidity,capital expenditures or capital resources that is material to investors.

 
**FACTORSTHAT MAY AFFECT OUR PLAN OF OPERATION**
 
***Renovohas historically lost money and losses may continue in the future, which maycause us to curtail operations.***
 

       Since our inception we have not been profitable and have lost money on both acash and non-cash basis. For the years ended December 31, 2003 and December 31,2002 we incurred net losses of $313,527 and $10,648 respectively. Ouraccumulated deficit at the end of June 30, 2004 was $805,772. Future losses arelikely 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.

 
***Renovomay need to raise additional capital or debt funding to sustain operations.***
 

       Unless we can become profitable with the existing sources of funds we haveavailable and our operations, we will require additional capital to sustainoperations and we may need access to additional capital or additional debtfinancing to grow our sales. In addition, to the extent that we have a workingcapital deficit and cannot offset the deficit from profitable sales we may haveto raise capital to repay the deficit and provide more working capital to permitgrowth in revenues. We cannot be assured that financing whether from externalsources or related parties will be available if needed or on favorable terms.Our inability to obtain adequate financing will result in the need to reduce thepace of business operations. Any of these events could be materially harmful toour business and may result in a lower stock price.

 
***Wehave been the subject of a going concern opinion for the years ended December31, 2003 and December 31, 2002 from our independent auditors, which means thatwe may not be able to continue operations unless we can become profitable orobtain additional funding.***
 

10

 

 

       Our independent auditors have added an explanatory paragraph to their auditopinions issued in connection with our financial statements for the years endedDecember 31, 2003 and December 31, 2002, which states that the financialstatements raise substantial doubt as to our ability to continue as a goingconcern. Our ability to make operations profitable or obtain additional fundingwill 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, anticipated from our operations and from theSecurities Purchase Agreement and the Equity Distribution Agreement entered intoby the Company and Cornell Capital Partners, which were signed on April 14,2004.

 
***Weare subject to a working capital deficit, which means that our current assets onDecember 31, 2003 and for the Quarter ended June 2004, were not sufficient tosatisfy our current liabilities and, therefore, our ability to continueoperations is at risk.***
 

       We had a working capital deficit for the year ended December 31, 2003 and forthe Quarter ended June 30, 2004, which means that our current liabilitiesexceeded our current assets on December 31, 2003 by $101,922 and by $358,879 onJune 30, 2004. Current assets are assets that are expected to be converted tocash within one year and, therefore, may be used to pay current liabilities asthey become due. Our working capital deficit means that our current assets onDecember 31, 2003, and on June 30, 2004 were not sufficient to satisfy all ofour current liabilities on those dates. If our ongoing operations do not beginto provide sufficient profitability to offset the working capital deficit, wemay have to raise capital or debt to fund the deficit or curtail futureoperations.

 
***Ourobligations under the secured convertible debentures are secured by all of ourassets.***
 

       Our obligations under the secured debentures, issued to Cornell Capital Partnersare secured by all of our assets. As a result, if we default under the terms ofthe secured debentures, Cornell Capital Partners could foreclose its securityinterest and liquidate all of the assets of the Company. This would ceaseoperations.

 
***Ourcommon stock may be affected by limited trading volume and may fluctuatesignificantly, which may affect our stockholders' ability to sell shares of ourcommon stock.***
 

       Prior to this filing, there has been a limited public market for our commonstock and there can be no assurance that a more active trading market for ourcommon stock will develop. An absence of an active trading market couldadversely affect our stockholders' ability to sell our common stock in shorttime 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. The factors may negatively impact shareholders'ability to sell shares of the Company's common stock.

 

11

 

 
***Ourcommon stock is deemed to be "Penny Stock," which may make it moredifficult for investors to sell their shares due to suitability requirements.***
 

       Our common stock is deemed to be "penny stock" as that term is definedin Rule 3a51-1 promulgated under the Securities Exchange Act of 1934. Theserequirements may reduce the potential market for our common stock by reducingthe number of potential investors. This may make it more difficult for investorsin our common stock to sell shares to third parties or to otherwise dispose ofthem. This could cause our stock price to decline. Penny stocks are stock:
-  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 to provide potentialinvestors with a document disclosing the risks of penny stocks. Moreover,broker/dealers are required to determine whether an investment in a penny stockis a suitable investment for a prospective investor.

 
***Wecould fail to attract or retain key personnel, which could be detrimental to ouroperations.***
 

       Our success largely depends on the efforts and abilities of Stephen W. Carnes,our sole Officer and Director. The loss of the services of Mr. Carnes couldmaterially harm our business because of the cost and time necessary to find asuccessor. Such a loss would also divert management attention away fromoperational issues. We do not presently maintain key-man life insurance policieson Mr. Carnes. We do not have other key employees who manage our operations. Tothe extent that we are smaller than our competitors and have fewer resources, wemay not be able to attract a sufficient number and quality of staff, whenrequired.

 
***Wemay not be able to compete effectively in markets where our competitors havemore resources.***
 

       Most of our competitors have longer operating histories, larger customer bases,longer relationships with clients, and significantly greater financial,technical, marketing, and public relations resources than Renovo. Based on totalassets and annual revenues, we are significantly smaller many of ourcompetitors. Similarly, we compete against significantly larger andbetter-financed companies in our business. If we compete with our primarycompetitors for the same geographical markets and customer base, their financialstrength could prevent us from capturing those markets. We may not successfullycompete in any market in which we intend to conduct operations in the future.The fact that we compete with established competitors who have substantiallygreater financial resources and longer operating histories than us, enables themto engage in substantial advertising and promotion and attract a greater numberof customers and business than we currently attract. While this competition isalready intense, if it increases, it could have an even greater adverse impacton our revenues and profitability.

 

12

 

 
***Ourlimited operating history makes it difficult to forecast our future results.

 ***
       As a result of our limited operating history, our historical financial andoperating information is of limited value in predicting our future operatingresults. We may not accurately forecast customer behavior and recognize orrespond to emerging trends, changing preferences or competitive factors facingus, and, therefore, we may fail to make accurate financial forecasts. Ourcurrent and future expense levels are based largely on our investment plans andestimates of future revenue. As a result, we may be unable to adjust ourspending in a timely manner to compensate for any unexpected revenue shortfall,which could force us to curtail or cease our business operations.

 
**Item3. Controls and Procedures.

 **
       We are a development stage company with no revenues and during the periodcovered by this quarterly report our sole officer and director, Stephen Carnes,had responsibility for our internal controls and procedures over our financialreporting.

 

       We have implemented and maintain disclosure controls and procedures whichconsist of: the control environment, risk assessment, control activities,information and communication and monitoring. Our scope of internal controltherefore extends to policies, plans procedures, processes, systems, activities,initiatives, and endeavors required of a company with our limited transactions,expenses, and operations. These controls and procedures are designed to ensurethat the information required to be disclosed in our Exchange Act reports isrecorded, processed, summarized and reported within the time periods specifiedin the SEC's rules.

 

       There have been no significant changes (including corrective actions with regardto significant deficiencies or material weaknesses) in our internal controls orin other factors that could significantly affect the controls subsequent to thedate of the evaluation referenced below.

 

       Within 90 days prior to the date of this report, we carried out an evaluation,under the supervision of Mr. Carnes, of the effectiveness of the design andoperation of the Company's disclosure controls and procedures. Based on theforegoing, Mr. Carnes concluded that, given the Company's limited operations,our disclosure controls and procedures were effective.

 
**PARTII - OTHER INFORMATION

Item 1.Legal Proceedings.**
 

       None

 
**Item 2.Changes in Securities.**
 

       On May 3, 2004, we issued 1,490,000 shares of our common stock valued at $29,800to Cornell Capital Partners, LP as part of a commitment fee pursuant to aStandby Equity Distribution Agreement. The shares were deemed to have beenissued pursuant to an exemption provided by section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving anypublic offering."

 

       On May 11, 2004, we filed a Form S-8 registering 15,625,000 shares of our commonstock. The shares consist of shares to be issued under the 2004 Consultant andEmployee Stock Compensation Plan.

 

13

 

 

       On May 14, 2004, we issued 10,000 shares of our common stock to NewbridgeSecurities Corporation as compensation for Placement Agent fees. The shares weredeemed to have been issued pursuant to an exemption provided by section 4(2) ofthe Act, which exempts from registration "transactions by an issuer notinvolving any public offering."

 

       As of June 17, 2004, we have issued 100,000 shares of our $0.001 par valuecommon stock to Cynthia Wainwright pursuant to a Consulting Agreement we enteredinto on October 1, 2003. The shares issued were unrestricted pursuant to an S-8Registration filed with the SEC on May 11, 2004.

 

       As of June 17, 2004, we have issued 800,000 shares of our common stock to LorenBrown pursuant to a Consulting Agreement we entered into on October 1, 2003. Theshares issued were unrestricted pursuant to an S-8 Registration filed with theSEC on May 11, 2004.

 

Asof June 17, 2004, we have issued 750,000 shares of our common stock to MattLettau pursuant to a Consulting Agreement we entered into on October 1, 2003.The shares issued were unrestricted pursuant to an S-8 Registration filed withthe SEC on May 11, 2004.

 

       As of May 14, 2004, we issued 758,207 shares of our common stock to MarkBroersma for consulting services. The shares issued were unrestricted pursuantto an S-8 Registration filed with the SEC on May 11, 2004.

 

       On May 14, 2004, we issued 300,000 shares of our common stock valued at $15,000to Mike Barr for consulting services. The shares issued were unrestrictedpursuant to an S-8 Registration filed with the SEC on May 11, 2004.

 

       As of June 17, 2004, we have issued 800,000 shares of our common stock valued toCarla Rissel for consulting services. The shares issued were unrestrictedpursuant to an S-8 Registration filed with the SEC on May 11, 2004.

 

       On June 30, 2004, we filed a registration statement (declared effective by theSEC in July 14, 2004) registering 368,687,500 shares of our common stock for theresale by all investors who purchase convertible debentures and to cover the$5,000,000 equity line under the Equity Distribution Agreement. The sellingstockholders consist of Cornell Capital Partners, who intends to sell up to368,677,500 shares of common stock, 250,000,000 of which are under the EquityDistribution Agreement, 117,187,500 are under secured convertible debentures and1,490,000 shares of common stock were issued by us as a one-time commitment feeunder the Equity Distribution Agreement. In addition to Cornell CapitalPartners, Newbridge Securities Corporation intends to sell up to 10,000 sharesof common stock.

 
**Item 3.Defaults Upon Senior Securities.**
 

       None

 

14

 

 
**Item 4.Submission of Matters to a Vote of Security Holders.**
 

       We held our annual meeting of stockholders on June 11, 2004. Business conductedat the meeting included the following proposals:
-  To    elect a new director to serve until the next annual meeting or until his    successors are elected and qualified;To    amend our Articles of Incorporation to change our name to Renovo Holdings;To    amend our Articles of Incorporation to increase our capitalization to    500,000,000 shares of common stock;To    schedule the next annual meeting of stockholders.
       Each share of Common Stock was entitled to one vote. Only stockholders of recordat the close of business on May 28, 2004, were entitled to vote. The number ofoutstanding shares at the time was 67,701,793 held by approximately 45stockholders. The required quorum of stockholders was present at this meeting.

 

       Votes on the election of a new director were as follows:

 

Director
For
Against
Abstentions      and Broker Non-Votes
Stephen      W. Carnes
45,550,800
0
27,584,200
 

       Votes on amending our Articles of Incorporation to change our name to RenovoHoldings:

 

For
Against
Abstentions      and Broker Non-Votes
45,550,800
0
27,584,200
 

       Votes on amending our Articles of Incorporation to increase our capitalizationto 500,000,000:

 

For
Against
Abstentions      and Broker Non-Votes
45,550,800
0
27,584,200
 
**Item 5.Other Information.**
 
**ConsultingAgreements**
 

*       Mark Broersma:* On April 29, 2004, we entered into a Consulting Agreementwith Mark Broersma, wherein Mr. Broersma agreed to serve as an independentcontractor for the Company. Mr. Broersma has various skills and abilities and anextensive background and knowledge in the Insurance Restoration industry. Theterm of the Agreement was for one month from the date of the Agreement and isrenewed on a month-to-month basis at our discretion. We agreed to compensate Mr.Broersma a total of $15,000 worth of free trading shares of common stock for theterm of one month. Further, Mr. Broersma is a principal in a company we areseeking to acquire. Our management acknowledges and condones this potentialconflict of interest.

 
*       Mike Barr: On April 29, 2004, we entered into a Consulting Agreement withMike Barr, wherein Mr. Barr agreed to serve as an independent contractor for theCompany. Mr. Barr has various skills and abilities and an extensive backgroundand knowledge in the Insurance Restoration industry. The term of the Agreementwas for one month from the date of the Agreement and is renewed on amonth-to-month basis at our discretion. We agreed to compensate Mr. Barr a totalof $15,000 worth of free trading shares of common stock for the term of onemonth. Further, Mr. Barr is a principal in a company we are seeking to acquire.Our management acknowledges and condones this potential conflict of interest.

 

15

 

 
*       VBg Design: On April 29, 2004, we entered into a Consulting Agreement withVBg Design, wherein VBg agreed to serve as an independent contractor for theCompany. VBg has various skills and abilities and an extensive background in andknowledge in Advertising & Marketing. The term of the Agreement is for oneyear. We agreed to compensate VBg $2,400 per month for their services.

 

*       Carla Rissell*: On May 1, 2004, we entered into a Consulting Agreement withCarla Rissell, wherein Ms. Rissell agreed to serve as an independent contractorfor the Company. Ms. Rissell has various skills and, abilities and an extensivebackground in and knowledge in Advertising & Marketing. We agreed tocompensate Ms. Rissell $7,500 per month. As of June 17, 2004, we have issued toMs. Rissell 800,000 shares of our common stock valued at $25,000.

 
**CORNELLCAPITAL FINANCING**
 

       On April 14, 2004, we entered into the following agreements with Cornell CapitalPartners, LP ("Cornell").

 
*StandbyEquity Distribution Agreement and Placement Agent Agreement*
 

       On April 14, 2004, we entered into a Standby Equity Distribution Agreement withCornell, wherein we agreed to issue and sell to Cornell $5,000,000 of our commonstock. We have engaged Newbridge Securities Inc., to act as our exclusiveplacement agent in connection with the sale of our common stock to the Investor.We agreed to issue to Cornell 1,490,000 shares of our common stock uponexecution of the agreement.

 

       Pursuant to the Standby Equity Distribution Agreement, Cornell and the Companyalso entered into a Placement Agent Agreement with Newbridge SecuritiesCorporation (Newbridge), wherein Newbridge will act as our exclusive placementagent in connection with the Standby Equity Distribution Agreement. Newbridge'sservices will consist of reviewing the terms of the Standby Equity DistributionAgreement and advising us with respect to those terms. We agreed to issue toNewbridge 10,000 shares of our common stock upon execution of the agreement.

 
*SecuritiesPurchase Agreement*
 

       We executed a Securities Purchase Agreement with Cornell, wherein we agreed toissue and sell to Cornell up to $300,000 of secured convertible debentures,which will be convertible into shares of our common stock. Of the $300,000,$150,000 has been received and the remaining $150,000 will be funded on thefifth (5th) business day following the date our authorized shares ofcommon stock are validly increased to 500,000,000 shares and we file aregistration statement, pursuant to the Registration Rights Agreement discussedbelow.

 
*RegistrationRights Agreements*
 

       In connection with the Securities Purchase Agreement and Standby EquityDistribution Agreement, we entered into two Registration Rights Agreements withCornell, wherein we agreed to prepare and file, no later than sixty (60) daysfrom the 

 

16

 

 

dateof the agreements, with the SEC a registration statement on Form SB-2 under the1933 Act for the registration for the resale by all Investors who purchasedconvertible debentures pursuant to the Securities Purchase Agreement 9,868,421shares of our common stock issued upon conversion of the Convertible Debenturesand the 1,490,000 shares of common stock issued to Cornell and enough shares tocover the $5,000,000 equity line. The Company shall cause the registrationstatement to remain effective until all of the registrable securities have beensold.

 
*EscrowAgreements*
 

       In connection with the Securities Purchase Agreement and Standby EquityDistribution Agreement, pursuant to which we propose to sell secured convertibledebentures, convertible into our common stock, we entered into two separateEscrow Agreements with the Investor listed on the Securities Purchase Agreementand Butler Gonzalez, LLP (the "Escrow Agent"). The Escrow Agent agreedto accept, hold, and disburse the funds deposited with it in accordance with theterms of the agreement.

 
*SecurityAgreement*
 

       We executed a Security Agreement with Cornell wherein, in connection with theabove financing documents, we agreed to grant to Cornell a security interest inand to the pledged property identified in Exhibit A of the Security Agreementuntil the satisfaction of all obligations described in the agreement areperformed.

 
**DigitalNiche Marketing, LLC**
 

       On April 27, 2004, we entered into a Consulting Agreement with Digital NicheMarketing, LLC, wherein the Digital Niche agrees so assist us with generaladvertising and marketing services. We agreed to compensate the consultant$4,300 per month. A copy of the agreement is attached hereto as an exhibit.

 
**NameChange and Increase in Capital**
 

       On June 14, 2004, we amended our Articles of Incorporation to change our namefrom Fortis Enterprises to Renovo Holdings and to increase our authorizedcapital to 500,000,000 shares of common stock, $0.001 par value per share.

 
**CommercialLease**
 

       On June 4, 2004, we executed a Commercial Lease with Jack Seay ("Lessor"),wherein the Lessor agreed to lease to us the premises situated in 2237 W. 24thStreet, Panama City, Florida (approximately 1,450 square feet). The term of thelease is for one year beginning on July 1, 2004 and terminating on June 30,2005. We paid a security deposit of $1,565 to the Lessor, which is first month'srent. A copy of the lease is attached hereto as an exhibit.

 
**OTC:BBSymbol Change**
 

       On June 21, 2004, in conjunction with the name change referenced above, ourOTC:BB symbol changed to "RNVO".

 

17

 

 
**Item 6.Exhibits and Reports of Form 8-K.**
 

(a)Exhibits
 
3
Amendment      to Articles of Incorporation - Dated June 14, 2004 (incorporated by      reference to Exhibit 3 to Form 8-K filed on June 30, 2004)
10.2
Consulting      Agreement with Mark Broersma (incorporated by reference to Exhibit 10.2 to      Form 10-QSB filed on May 17, 2004)
10.3
Consulting      Agreement with Mike Barr (incorporated by reference to Exhibit 10.3 to      Form 10-QSB filed on May 17, 2004)
10.4
Consulting      Agreement with VBg Design (incorporated by reference to Exhibit 10.4 to      Form 10-QSB filed on May 17, 2004)
10.5*
Consulting      Agreement with Digital Niche Marketing, LLC, dated April 27, 2004.
10.6*
Consulting      Agreement of Carla Rissell, dated May 1, 2004.
10.7*
Commercial      Lease dated June 4, 2004.
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

 

(b)Form 8-K
       Form 8-K filed 6/02/04; Press Release dated 5/19/04 - Digital Niche Marketing,LLC.

 

       Form 8-K filed 6/30/04; Annual Shareholders Meeting, Name Change, Increase inCapitalization and OTC:BB Symbol

       Change.

 

 

SIGNATURES

 

Pursuantto the requirements of the Securities Exchange Act of 1934, the Registrant hasduly caused this report to be signed on its behalf by the undersigned, thereuntoduly authorized.

 

RENOVOHOLDINGS

(Registrant)

 

 

By:/S/Stephen W.Carnes            

StephenW. Carnes, President

(Onbehalf of the registrant and as

principalaccounting officer)

Date:August 24, 2004
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