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

 

Forthe quarterly period ended: September 30, 2004

 

[] TRANSITION REPORT PURSUANT TO SECTION 13 OR

15(d)OF THE SECURITIES EXCHANGE ACT OF 1934

 

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)
 

 

**100      Candace Drive, Suite 100**
**Maitland,      Florida**   
 **32751**
(Address      of Principal Executive Offices)   
 (Zip      Code)
 
**(407)435-3959**
(Issuer'stelephone number, including area code)

 

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 September 30,2004, was 104,373,094 shares.

 

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

 

 
**PART1 - FINANCIAL INFORMATION

Item 1.Financial Statements**
 

RENOVOHOLDINGS

(ADevelopment Stage Company)

BALANCESHEET

 

ASSETS

September      30, 2004 (unaudited)

CURRENT      ASSETS
     Cash
$            18,794
TOTAL      CURRENT ASSETS
18,794
 

Fixed      assets, net
41,023
 

TOTAL      ASSETS
$      59,816
 

LIABILITIES      AND STOCKHOLDERS' (DEFICIT)
  

CURRENT      LIABILITIES
     Other      Current liabilities
     Accounts      payable
$      2,142
     Accrued      auto allowance
8,400
     Accrued      reimbursement to officer
640
     Accrued      salary - officer
240,000
     Secured      convertible debenture
260,000
TOTAL      CURRENT LIABILITIES
511,182
 

STOCKHOLDERS'        (DEFICIT)        
     Preferred        stock, $0.001 par value, authorized 5,000,000 shares; no shares issued        and outstanding at September 30, 2004        
-
 

     Common        stock, $0.001 par value, 500,000,000 shares authorized, 104,373,094        shares issued and outstanding at September 30, 2004        
104,373
 

     Additional      paid-in capital
642,658
     Subscriptions      receivable
(200,000)
     (Deficit)      accumulated during development stage
(998,396)
 

TOTAL      STOCKHOLDERS' (DEFICIT)
(451,365)
TOTAL      LIABILITIES AND STOCKHOLDERS' (DEFICIT)
$           59,816
 

 

Theaccompanying notes are an integral part of these financial statements.

 

2

 

RENOVOHOLDINGS

(ADevelopment Stage Company)

STATEMENTSOF OPERATIONS

(unaudited)

 

 
 

 

Three      Months Ended September 30,
 

 

Nine      Months Ended September 30,
For      the Period October 18, 2000, (Inception) to  September 30, 2004
 

2004

2003

2004
2004

REVENUE
$      -
$      -
$      -
$      -
$      -
 

EXPENSES
     Stock      issued for services-related party
-
1,125,000
-
1,125,000
72,500
     Stock      issued for consulting service
21,000
-
264,500
-
341,300
     Stock      issued for legal services
-
-
-
-
40,000
     Officer      donated services
-
-
-
3,000
13,231
     Accrued      auto allowance
700
-
4,900
-
8,400
     Accrued      reimbursement to officer
-
-
-
-
540
     Accrued      salary - officer
20,833
-
145,833
-
250,000
Depreciation
2,333
-
3,642
-
3,642
Professional      fees
16,750
-
39,472
-
39,472
General      and administrative expenses
132,052
46,127
195,597
48,627
229,311
 

TOTAL      EXPENSES
193,668
1,171,127
653,944
1,176,627
998,396
 

NET      (LOSS)
$      (193,668)
$      (1,171,127)
$      (653,944)
$      (1,176,627)
$      (998,396)
 

Weighted      average number of common shares outstanding basic and fully diluted
 
104,373,094
 
65,000,000
 
104,373,094
 
65,000,000
 

Net      (loss) per weighted shares-basic and fully diluted
 
$      (0.00)
 
$      (0.02)
 
$      (0.01)
 
$      (0.02)
 

 

Theaccompanying notes are an integral part of these financial statements.

 

3

 

RENOVOHOLDINGS

(ADevelopment Stage Company)

STATEMENTSOF CASH FLOWS

(unaudited)

 

 

Nine      Months Ended September 30, 2004
 

Nine      Months Ended September 30, 2003
For      the Period October 18, 2000, (Inception) to September 30, 2004
 

Cash      Flows from Operating Activities
     Net      (loss)
$      (653,944)
$      (1,176,627)
$      (998,396)
          Shares        issued for services-related party        
-
1,125,000
72,500
          Shares        issued for consulting services        
264,500
-
341,300
          Donated        services        
-
3,000
13,230
          Depreciation        
3,642
-
3,642
     Adjustment        to reconcile net (loss) to net cash (used) by operations        
          Increase        in accounts payable        
2,142
-
2,142
          Increase      in accrued auto allowance
4,900
1,400
8,400
          Increase      in accrued reimbursements to officer
100
540
641
          Increase      in accrued salary - officer
135,833
41,667
240,000
Net      cash (used) by operating activities
(242,827)
(5,020)
(316,541)
  

Cash      Flows from Investing Activities
          Purchase        of fixed assets        
(44,665)
-
(44,665)
Net      cash (used) by investing activities
(44,665)
-
(44,665)
 

Cash      Flows from Financing Activities
          Proceeds      from secured convertible debenture
260,000
260,000
          Issuance      of common stock
40,000
-
120,000
Net      cash provided by financing activities
300,000
-
380,000
 

Net      increase (decrease) in cash
12,508
(5,020)
18,794
Cash,      beginning of period
6,286
24,305
-
Cash,      end of period
$      18,794
$      19,285
$      18,794
 

Supplemental      Disclosure
          Interest      Paid
$      -
$      -
$      -
          Taxes      Paid
$      -
$      -
$      -
 

Non-cash      transactions:
          Shares      issued pursuant to Equity Distribution Agreement
21,300,000
-
21,300,000
 

 

Theaccompanying notes are an integral part of these financial statements.

 

4

 
**RENOVOHOLDINGS

(aDevelopment Stage Company)

Notesto Financial Statements

 

Note1 - Basis of presentation

 

Theaccompanying unaudited condensed financial statements at September 30, 2004 havebeen prepared in accordance with generally accepted accounting principles forinterim financial information and with the instructions to Form 10-QSB andreflect all adjustments which, in the opinion of management, are necessary for afair presentation of financial positions as of September 30, 2004 and results ofoperations and cash flows for the nine months ended September 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 September 30, 2004 have been prepared on agoing concern basis, which contemplated the realization of assets and thesatisfaction of liabilities in the normal course of business. The Company hassuffered losses from operations during its operating history. The ability of theCompany to continue as a going concern is dependent upon obtaining futureprofitable operations. Management is in the process of implementing its businessplan, which would generate revenue to sustain the operations of the Company. Thefinancial statements do not include any adjustments relating to therecoverability and classification of recorded assets and classification ofliabilities that might be necessary should the Company be unable to continue asa going concern.

 
**Note3 - Notes payable

 **
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, 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 $300,000 during thenine-month period ended September 30, 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 theCompany's $0.001 par value common stock. $300,000 has been received during thenine-months ended September 30, 2004.

 

5

 
**RENOVOHOLDINGS

(aDevelopment Stage Company)

Notesto Financial Statements**
 
**Note4 - Commitments and contingencies (continued)**
 

OnApril 27, 2004, the Company entered into a Consulting Agreement with DigitalNiche Marketing, LLC, wherein the Consultant agrees to assist us with generaladvertising 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 the Company the premises situated in 2237W. 24th Street, Panama City, Florida (approximately 1,450 squarefeet). The term of the lease is for one year beginning on July 1, 2004 andterminating on September 30, 2005.

 
**Note5 - Stockholders' equity**
 

OnApril 30, 2004, the Company issued 10,000 shares of its $0.001 par value commonstock to Newbridge Securities Corporation for placement agent fees in the amountof $200.

 

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

 

OnMay 11, 2004, the Company filed a Form S-8 registering 15,625,000 shares of itscommon stock under the 2004 Consultant 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 itsauthorized 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 its 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 368,687,500 shares of common stock,250,000,000 of which are under the Equity Distribution Agreement, 117,187,500are under secured convertible debentures.

 

OnSeptember 8, 2004, the Company converted $20,000 of the secured convertibledebenture in exchange for 3,571,428 shares of its $0.001 par value common stock.

 

OnSeptember 14, 2004, the Company converted $20,000 of the secured convertibledebenture in exchange for 4,166,666 shares of its $0.001 par value common stock.

 

OnSeptember 23, 2004, the Company issued 125,000 shares of its $0.001 par valuecommon stock to a related party in exchange for services valued at $1,000.

 

6

 
**RENOVOHOLDINGS

(aDevelopment Stage Company)

Notesto Financial Statements

 

Note5 - Stockholders' equity (continued)**
 

OnSeptember 23, 2004, the Company issued 2,500,000 shares of its par value commonstock to a related party in exchange for services valued at $20,000.

 

Duringthe three-month period ended September 30, 2004, the Company issued 21,300,000shares of its par value common stock to an escrow agent on behalf of CornellCapital pursuant to the Equity Distribution Agreement entered into on June 30,2004. The Company recorded a subscription receivable as of September 30, 2004 inthe amount of $200,000.

 

Therewere no other issuances of stock for the nine-month period ended September 30,2004.

 

**Note 6 - Subsequent Event**

 

OnOctober 26, 2004, the Company executed a lease agreement with The John Price Trust, c/oCarter & Associates LLC, ("Lessor"), wherein the Company agreed to leasethe property located at 100 Candace Drive, Suite 100, Maitland, Florida32751.  The property is approximately 3,600 square feet.  The term ofthe lease is for 24 months beginning November 1, 2004 with lease payments of$2,850.00 per month together with applicable Florida State Sales Tax.  Uponexecution of the Lease Agreement the Company paid the Lessor $5,889.50 whichrepresents the first month's rent, applicable sales tax and a security depositof $2,850.00.

 

7
** **
FORWARD-LOOKINGSTATEMENTS

 

Thisdocument contains "forward-looking statements" within the meaning ofthe Private Securities Litigation Reform Act of 1995. All statements other thanstatements of historical fact are "forward-looking statements" forpurposes of federal and state securities laws, including, but not limited to,any projections of earnings, revenue or other financial items; any statements ofthe plans, strategies and objections of management for future operations; anystatements concerning proposed new services or developments; any statementsregarding future economic conditions or performance; any statements or belief;and any statements of assumptions underlying any of the foregoing.

 

Forward-lookingstatements may include the words "may," "could,""estimate," "intend," "continue,""believe," "expect" or "anticipate" or othersimilar words. These forward-looking statements present our estimates andassumptions 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.

 

Althoughwe believe that the expectations reflected in any of our forward-lookingstatements are reasonable, actual results could differ materially from thoseprojected or assumed in any or our forward-looking statements. Our futurefinancial condition and results of operations, as well as any forward-lookingstatements, are subject to change and inherent risks and uncertainties. Thefactors impacting these risks and uncertainties include, but are not limited to:
-  increasedcompetitive pressures from existing competitors and new entrants;increasesin interest rates or our cost of borrowing or a default under any material debtagreements;deteriorationin general or regional economic conditions;adversestate or federal legislation or regulation that increases the costs ofcompliance, or adverse findings by a regulator with respect to existingoperations;lossof customers or sales weakness;inabilityto achieve future sales levels or other operating results;theunavailability of funds for capital expenditures; andoperationalinefficiencies in distribution or other systems.
Fora 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**
 

RenovoHoldings is a Development Stage Company that intends to capitalize upon theniche 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.

 

8

 

OnJuly 14, 2003, we amended our Articles of Incorporation to change our name fromFirst Impressions to Fortis Enterprises. We subsequently changed our name toRenovo Holdings on June 14, 2004.

 
**Planof Operation**
 

Sinceour incorporation in October 2000, we have not been engaged in any significantoperations nor have we had any significant revenues, as we are in thedevelopment stage. We intend to achieve growth through mergers and acquisitionsof small to mid-sized cleaning and restoration services companies throughout theUnited States.

 

Weintend 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.

 

OnNovember 11, 2003, we executed a Letter of Intent with a privately held companybased in Northern Florida that specializes in insurance restoration services.The Letter of Intent outlines the basic parameters under which the privatelyheld company would agree to be acquired by us. We are working together with theacquisition candidate to perform the necessary due diligence that will allowboth parties to sign a definitive agreement, which will provide the specificdetails regarding the terms and conditions of the acquisition. As of the date ofthis filing we have not formalized any final agreements. Upon completion of adefinitive agreement we will file a Form 8-K. Two of the principals associatedwith the privately held company are currently consultants for us. In the eventwe are unable to formalize an agreement then in that event the Letter of Intentwould be terminated and we will seek other acquisition opportunities.

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

 

Weplan 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.

 

Acritical 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.

 

OnApril 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.

 

9

 

InSeptember 2004, we sold $40,000 of secured convertible debentures, which wereconverted into 7,738,094 shares of our common stock and issued to CornellCapital Partners. Additionally, we sold a total of 20,202,020 shares under theEquity Distribution Agreement valued at $200,000.

 

Ournear term cash requirements are anticipated to be offset through the receipt offunds 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.

 

Overthe next twelve months we believe that existing capital and anticipated fundsfrom 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.

 

Weanticipate incurring operating losses over the next twelve months. Our lack ofoperating 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

 **
Theconsolidated financial statements included in this filing have been prepared inconformity 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.

 

10

 

***Summaryof any product and development that we will perform for the term of the plan.***We do not anticipate performing any significant product research and developmentunder our plan of operation. In lieu of product research and development, weanticipate acquiring small renovation businesses.

 

***Expectedpurchase 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.

 

***Significantchanges in the number of employees.*** As of September 30, 2004, we had 1employee. We are dependent upon Steve W. Carnes our sole officer and director.We will need to hire full time operational staff as our operations commence andwe complete anticipated acquisitions.

 
**Off-BalanceSheet Arrangements

 

Wedo 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.***
 

Sinceour inception we have not been profitable and have lost money on both a cash andnon-cash basis. For the years ended December 31, 2003 and December 31, 2002 weincurred net losses of $313,527 and $10,648 respectively. Our accumulateddeficit at the end of September 30, 2004 was $998,396. Future losses are likelyto occur, as we are dependent on spending money to pay for our operations. Noassurances can be given that we will be successful in reaching or maintainingprofitable operations. Accordingly, we may experience liquidity and cash flowproblems. If our losses continue, our ability to operate may be severelyimpacted.
*** 

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

 ***
Unlesswe can become profitable with the existing sources of funds we have availableand our operations, we will require additional capital to sustain operations andwe may need access to additional capital or additional debt financing to growour sales. In addition, to the extent that we have a working capital deficit andcannot offset the deficit from profitable sales we may have to raise capital torepay the deficit and provide more working capital to permit growth in revenues.We cannot be assured that financing whether from external sources or relatedparties will be available if needed or on favorable terms. Our inability toobtain adequate financing will result in the need to reduce the pace of businessoperations. Any of these events could be materially harmful to our business andmay result in a lower stock price.

 

11

 
***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.***
 

Ourindependent auditors have added an explanatory paragraph to their audit opinionsissued in connection with our financial statements for the years ended December31, 2003 and December 31, 2002, which states that the financial statements raisesubstantial doubt as to our ability to continue as a going concern. Our abilityto make operations profitable or obtain additional funding will determine ourability to continue as a going concern. Our financial statements do not includeany adjustments that might result from the outcome of this uncertainty. Weexpect to be able to continue operations for twelve months with the cashcurrently on hand, and from the Securities Purchase Agreement and the EquityDistribution Agreement entered into by 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 September 2004, were not sufficientto satisfy our current liabilities and, therefore, our ability to continueoperations is at risk.***
 

Wehad a working capital deficit for the year ended December 31, 2003 and for theQuarter ended September 30, 2004, which means that our current liabilitiesexceeded our current assets on December 31, 2003 by $101,922 and by $492,388 onSeptember 30, 2004. Current assets are assets that are expected to be convertedto cash within one year and, therefore, may be used to pay current liabilitiesas they become due. Our working capital deficit means that our current assets onDecember 31, 2003, and on September 30, 2004 were not sufficient to satisfy allof our current liabilities on those dates. If our ongoing operations do notbegin to provide sufficient profitability to offset the working capital deficit,we may have to raise capital or debt to fund the deficit or curtail futureoperations.

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

Priorto this filing, there has been a limited public market for our common stock andthere can be no assurance that a more active trading market for our common stockwill develop. An absence of an active trading market could adversely affect ourstockholders' ability to sell our common stock in short time periods, orpossibly at all. Our common stock has experienced, and is likely to experiencein the future, significant price and volume fluctuations, which could adverselyaffect the market price of our common stock without regard to our operatingperformance. In addition, we believe that factors such as quarterly fluctuationsin our financial results and changes in the overall economy or the condition ofthe financial markets could cause the price of our common stock to fluctuatesubstantially. These fluctuations may also cause short sellers to enter themarket from time to time in the belief that we will have poor results in thefuture. We cannot predict the actions of market participants and, therefore, canoffer no assurances that the market for our stock will be stable or appreciateover time. The factors may negatively impact shareholders' ability to sellshares of the Company's common stock.

 

12

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

Ourcommon stock is deemed to be "penny stock" as that term is defined inRule 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:
-  Witha price of less than $5.00 per share;
-  Thatare not traded on a "recognized" national exchange;
-  Whoseprices are not quoted on the NASDAQ automated quotation system (NASDAQ listedstock must still have a price of not less than $5.00 per share); or
-  Inissuers with net tangible assets less than $2.0 million (if the issuer has beenin continuous operation for at least three years) or $10.0 million (if incontinuous operation for less than three years), or with average revenues ofless than $6.0 million for the last three years.

Broker/dealersdealing in penny stocks are required to provide potential investors with adocument disclosing the risks of penny stocks. Moreover, broker/dealers arerequired to determine whether an investment in a penny stock is a suitableinvestment for a prospective investor.

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

Oursuccess largely depends on the efforts and abilities of Stephen W. Carnes, oursole 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.***
 

Mostof 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.

 

13

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

 ***
Asa 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 cause us to terminate our businessoperations.

 
**RisksAssociated with the Standby Equity Distribution Agreement with Cornell CapitalPartners, L.P.**
 
***Ourobligations under the secured convertible debentures are secured by all of ourassets.***
 

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

 
***ExistingStockholders will experience significant dilution from our sale of shares underthe Equity Distribution Agreement.***
 

Thesale of shares pursuant to the Equity Distribution Agreement will have adilutive impact on our stockholders. As a result our net income per share coulddecrease in future periods, and the market price of our common stock coulddecline. In addition, the lower our stock price, the more shares of common stockwe will have to issue in order to receive the maximum cash advance allowed underthe Equity Distribution Agreement. If our stock price is lower, then ourexisting stockholders would experience greater dilution.

 
***Thesale of our stock under our equity distribution agreement could encourage shortsales by third parties, which could contribute to the future decline of ourstock price.***
 

Inmany circumstances the provision of financing based on the distribution ofequity for companies that are traded on the Over-the-Counter Bulletin Board hasthe potential to cause a significant downward pressure on the price of commonstock. This is especially the case if the shares being placed into the marketexceed the market's ability to take up the increased stock or if Renovo has notperformed in such a manner to show that the equity funds raised will be used togrow Renovo. Such an event could place further downward pressure on the price ofcommon stock. Under the terms of our Equity Distribution Agreement, we mayrequest numerous cash advances. Even if we use the cash advances to grow ourrevenues and profits or invest in assets that are materially beneficial to us,the opportunity exists for short sellers and others to contribute to the futuredecline of our stock price. If there are significant short sales of stock, theprice decline that would result from this activity will cause the share price todecline more so which in turn may cause long holders of the stock to sell theirshares thereby contributing to sales of stock in the market. If there is animbalance on the sell side of the market for the stock the price will decline.It is not possible to predict if the circumstances whereby short sales couldmaterialize or to what the share price could drop. In some companies that havebeen subjected to short sales the stock price has dropped to near zero. Thiscould happen to our stock.

 

14

 
***Wemay not be able to access sufficient funds under the Equity Line of Credit whenneeded.***
 

Weare dependent on external financing to fund our operations. Our financing needsare expected to be partially provided from the Equity Distribution Agreement andthe additional secured convertible debentures to be purchased by Cornell CapitalPartners. No assurances can be given that such financing will be available insufficient amounts or at all when needed, in part, because we are limited to amaximum cash advance of $200,000 during any seven trading day period. Inaddition, based on an assumed offering price of $0.016 per share, we will onlybe able to draw a total net amount of $3,667,500 under the Equity DistributionAgreement. This net amount will utilize all of the 250,000,000 shares of ourcommon stock registered for the Equity Distribution Agreement under ourregistration statement filed on June 30, 2004. If the actual average price atwhich we sell shares of common stock under the Equity Distribution Agreement isless than $0.016 per share, we would need to register additional shares to fullyutilize the funds available under the Equity Distribution Agreement. Based onthe assumed offering price of $0.016 per share, we would have to issue toCornell Capital Partners 315,565,566 shares in order to receive the entire$5,000,000 available to us under the Equity Distribution Agreement.

 
***Wemay not be able to obtain a cash advance under the equity distribution agreementif Cornell Capital Partners holds more than 9.9% of our common stock.***
 

Inthe event Cornell Capital Partners holds more than 9.9% of our then-outstandingcommon stock, we will be unable to obtain a cash advance under the EquityDistribution Agreement. A possibility exists that Cornell Capital Partners mayown more than 9.9% of our outstanding common stock at a time when we wouldotherwise plan to make an advance under the Equity Distribution Agreement. Inthat event, if we are unable to obtain additional external funding or generaterevenue from the sale of our products, we could be forced to curtail or ceaseour operations.

 
**Item3. Controls and Procedures.

 **
TheCompany maintains disclosure controls and procedures designed to ensure thatinformation required to be disclosed in reports filed under the SecuritiesExchange Act of 1934, as amended, is recorded, processed, summarized andreported within the specified time periods. As of the end of the period coveredby this report, the Company's sole officer evaluated the effectiveness of theCompany's disclosure controls and procedures. Based on the evaluation, whichdisclosed no significant deficiencies or material weaknesses, the Company's soleofficer concluded that the Company's disclosure controls and procedures areeffective. There were no changes in the Company's internal control overfinancial reporting that occurred during the Company's most recent fiscalquarter that have materially affected, or are reasonably likely to materiallyaffect, the Company's internal control over financial reporting.

 

15

 
**PARTII - OTHER INFORMATION

OtherEvents**
 

PressRelease

 

OnOctober 12, 2004, we issued a press release to announce we recently received thefirst cash distribution under terms of the $5 million Standby EquityDistribution Agreement with Cornell Capital Partners. A copy of the release isattached hereto as exhibit 99.

 

LeaseAgreement

 

OnOctober 26, 2004, we executed a lease agreement with The John Price Trust, c/oCarter & Associates LLC, ("Lessor"), wherein we agreed to leasethe property located at 100 Candace Drive, Suite 100, Maitland, Florida32751.  The property is approximately 3,600 square feet.  The term ofthe lease is for 24 months beginning November 1, 2004 with lease payments of$2,850.00 per month together with applicable Florida State Sales Tax.  Uponexecution of the Lease Agreement we paid the Lessor $5,889.50 which representsthe first month's rent, applicable sales tax and a security deposit of$2,850.00.  A copy of the lease agreement is attached hereto as exhibit 10. 

 
**Item 1.Legal Proceedings.**
 

None.

 
**Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.**
 

InSeptember 2004, we sold $40,000 of secured convertible debentures, which wereconverted into 7,738,094 shares of our common stock and issued to CornellCapital Partners. The 7,738,094 shares were registered in our SB-2 registrationstatement filed on June 30, 2004.

 

Additionally,in September 2004, we issued 21,300,000 shares of our common stock to an EscrowAgent, pursuant to the Equity Distribution Agreement, to hold on behalf ofCornell Capital Partners pending receipt of funds, at which time the shares willbe delivered to Cornell Capital Partners. In October 2004, we received $200,000from Cornell Capital Partners and the Escrow Agent delivered 20,202,020 sharesof our common stock valued at $0.0099 per share to Cornell Capital Partners. Thebalance of the shares is being held by the Escrow Agent. The 21,300,000 shareswere registered in our SB-2 registration statement filed on June 30, 2004.

 

OnSeptember 23, 2004, we issued 125,000 shares of our common stock valued at$1,000 to Cynthia Wainwright for consulting services. The shares were issuedunrestricted pursuant to an S-8 Registration filed with the SEC on May 11, 2004.

 

OnSeptember 23, 2004, we issued 2,500,000 shares of our common stock valued at$20,000 to Carla Rissel for consulting services. The shares were issuedunrestricted pursuant to an S-8 Registration filed with the SEC on May 11, 2004.

 

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

None.

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

None.

 
**Item 5.Other Information.**
 

None.

 

**Item6. Exhibits.**
 
      10*      Lease Agreement dated October 26, 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
99*
Press      Release dated October 12, 2004
 

*Filed herewith

 

SIGNATURES

 

       Pursuant to the requirements of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

 

RENOVOHOLDINGS

(Registrant)

 

 

By:/S/Stephen W.Carnes            

StephenW. Carnes, President

(Onbehalf of the registrant and as

principalaccounting officer)

Date:November 22, 2004

 

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