UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-QSB
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(Mark one)
X Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
------ Act of 1934
For the quarterly period ended October 31, 2002
Transition Report Under Section 13 or 15(d) of the Securities Exchange
------ Act of 1934
For the transition period from ______________ to _____________
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Commission File Number: 0-9483
------
Tomahawk Industries, Inc.
(Exact name of small business issuer as specified in its charter)
Nevada 95-3502207
------------------------ ------------------------
(State of incorporation) (IRS Employer ID Number)
211 West Wall Street, Midland, TX 70701-4556
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(Address of principal executive offices)
(915) 682-1761
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(Issuer's telephone number)
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Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. YES X NO
--- ---
State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: November 14, 2002: 56,637,228
Transitional Small Business Disclosure Format (check one): YES NO X
--- ---
Tomahawk Industries, Inc.
Form 10-QSB for the Quarter ended October 31, 2002
Table of Contents
Page
----
Part I - Financial Information
Item 1 Financial Statements 3
Item 2 Management's Discussion and Analysis or Plan of Operation 10
Item 3 Controls and Procedures 11
Part II - Other Information
Item 1 Legal Proceedings 12
Item 2 Changes in Securities 12
Item 3 Defaults Upon Senior Securities 12
Item 4 Submission of Matters to a Vote of Security Holders 12
Item 5 Other Information 12
Item 6 Exhibits and Reports on Form 8-K 12
Signatures 13
Certifications pursuant to Sarbanes Oxley Act of 2002 14
2
Item 1 - Part 1
Financial Statements
Tomahawk Industries, Inc.
Balance Sheets
October 31, 2002 and 2001
(Unaudited)
October 31, October 31,
2002 2001
----------- -----------
Assets
------
Assets
Cash on hand and in bank $ 594 $ 846
----------- -----------
Total Assets $ 594 $ 846
=========== ===========
Liabilities and Shareholders' Equity
------------------------------------
Liabilities
Accounts payable - trade $ -- $ --
Advances from shareholder -- --
----------- -----------
Total Liabilities -- --
----------- -----------
Commitments and contingencies
Shareholders' Equity
Common stock - $0.001 par value
200,000,000 shares authorized
56,637,228 shares issued and outstanding, respectively 56,637 56,637
Additional paid-in capital 5,443,447 5,443,447
Accumulated deficit (5,499,490) (5,499,238)
----------- -----------
Total shareholders' equity 594 846
----------- -----------
Total Liabilities and Shareholders' Equity $ 594 $ 846
=========== ===========
The financial information presented herein has been prepared by management
without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.
3
Tomahawk Industries, Inc.
Statements of Operations and Comprehensive Income
Six and Three months ended October 31, 2002 and 2001
(Unaudited)
Six months Six months Three months Three months
ended ended ended ended
October 31, October 31, October 31, October 31,
2002 2001 2002 2001
------------ ------------ ------------ ------------
Revenues $ -- $ -- $ -- $ --
------------ ------------ ------------ ------------
Expenses
General and administrative expenses 250 16,588 -- 16,588
------------ ------------ ------------ ------------
Income (Loss) from operations (250) (16,588) -- (16,588)
Other Income (Expense)
Interest income -- 16 -- 7
------------ ------------ ------------ ------------
Income (Loss) before
provision for income taxes (250) (16,572) -- (16,581)
Provision for income taxes -- -- -- --
------------ ------------ ------------ ------------
Net Income (Loss) (250) (16,572) -- (16,581)
Other Comprehensive Income -- -- -- --
------------ ------------ ------------ ------------
Comprehensive Income (Loss) $ (250) $ (16,572) $ -- $ (16,581)
============ ============ ============ ============
Loss per weighted-average share
of common stock outstanding,
computed on Net Loss - basic
and fully diluted nil nil nil nil
============ ============ ============ ============
Weighted-average number of shares
of common stock outstanding 56,975,039 24,771,126 56,637,228 32,724,185
============ ============ ============ ============
The financial information presented herein has been prepared by management
without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.
4
Tomahawk Industries, Inc.
Statements of Cash Flows
Six months ended October 31, 2002 and 2001
(Unaudited)
Six months Six months
ended ended
October 31, October 31,
2002 2001
----------- -----------
Cash Flows from Operating Activities
Net Income (Loss) $ (250) $ (16,572)
Adjustments to reconcile net income to net cash
provided by operating activities
Increase (Decrease) in Accounts payable - trade -- --
----------- -----------
Net cash used in operating activities (250) (16,572)
----------- -----------
Cash Flows from Investing Activities -- --
----------- -----------
Cash Flows from Financing Activities
Proceeds from sale of common stock -- 15,000
----------- -----------
Increase (Decrease) in Cash and Cash Equivalents (250) (1,572)
Cash and cash equivalents at beginning of period 844 2,418
----------- -----------
Cash and cash equivalents at end of period $ 594 $ 846
=========== ===========
Supplemental Disclosures of Interest and Income Taxes Paid
Interest paid during the period $ -- $ --
=========== ===========
Income taxes paid (refunded) $ -- $ --
=========== ===========
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Conversion of loan from shareholder to common stock $ -- $ 25,000
=========== ===========
The financial information presented herein has been prepared by management
without audit by independent certified public accountants.
The accompanying notes are an integral part of these financial statements.
5
Tomahawk Industries, Inc.
Notes to Financial Statements
Note A - Organization and Description of Business
Tomahawk Industries, Inc. (Company) was incorporated under the laws of the State
of Nevada on May 13, 1980. From its inception through 1988, the Company was
engaged in oil and gas exploration. Beginning in 1984, the Company entered the
business of installing energy recovery and energy saving devices through a then
wholly- owned subsidiary.
In July 1987, the Company filed for protection under Chapter 11 of the U. S.
Bankruptcy Code and operated as a debtor-in-possession. Subsequent thereto, the
petition for bankruptcy protection was denied and the Company ceased all
business operations and abandoned all net assets remaining by April 30, 1988.
The Company has effectively had no operations, assets or liabilities since its
fiscal year ended April 30, 1998.
Note B - Preparation of Financial Statements
The Company follows the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America and has
a year-end of April 30.
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
Management further acknowledges that it is solely responsible for adopting sound
accounting practices, establishing and maintaining a system of internal
accounting control and preventing and detecting fraud. The Company's system of
internal accounting control is designed to assure, among other items, that 1)
recorded transactions are valid; 2) valid transactions are recorded; and 3)
transactions are recorded in the proper period in a timely manner to produce
financial statements which present fairly the financial condition, results of
operations and cash flows of the Company for the respective periods being
presented
During interim periods, the Company follows the accounting policies set forth in
its annual audited financial statements filed with the U. S. Securities and
Exchange Commission on its Annual Report on Form 10-KSB/A for the year ended
April 30, 2002. The information presented within these interim financial
statements may not include all disclosures required by generally accepted
accounting principles and the users of financial information provided for
interim periods should refer to the annual financial information and footnotes
when reviewing the interim financial results presented herein.
In the opinion of management, the accompanying interim financial statements,
prepared in accordance with the U. S. Securities and Exchange Commission's
instructions for Form 10-QSB, are unaudited and contain all material
adjustments, consisting only of normal recurring adjustments necessary to
present fairly the financial condition, results of operations and cash flows of
the Company for the respective interim periods presented. The current period
results of operations are not necessarily indicative of results which ultimately
will be reported for the full fiscal year ending April 30, 2003.
6
Tomahawk Industries, Inc.
Notes to Financial Statements - Continued
Note C - Going Concern Uncertainty
In July 1987, the Company filed for protection under Chapter 11 of the U. S.
Bankruptcy Code and operated as a debtor-in-possession. Subsequent thereto, the
petition for bankruptcy protection was denied and the Company ceased all
business operations and abandoned all net assets remaining by April 30, 1988.
The Company has effectively had no operations, assets or liabilities since its
fiscal year ended April 30, 1998.
The Company's continued existence is dependent upon its ability to generate
sufficient cash flows from operations to support its daily operations as well as
provide sufficient resources to retire existing liabilities and obligations on a
timely basis.
On August 2, 2002, the Company announced, in a Current Report on Form 8-K, that
it had entered into an Agreement and Plan of Reorganization, (Reorganization
Agreement) which sets forth the terms and conditions of a proposed reverse
merger business combination transaction between the Company and Cryotherm, Inc.
(a privately-owned Delaware corporation) (CRYO). Pursuant to the Reorganization
Agreement, CRYO's shareholders will exchange 100% of the outstanding shares of
CRYO for 25,000,000 newly issued, post reverse shares of Tomahawk. As a result
of this tentative transaction, CRYO would have become a wholly-owned subsidiary
of Tomahawk.
Consummation of the Reorganization Agreement was subject to various conditions,
including the approval by the CRYO stockholders, the receipt of required
regulatory approvals, where appropriate and applicable, and the completion of
due diligence by all parties to the proposed transaction. During November 2002,
the parties to this proposed agreement agreed to terminate the proposed
Reorganization Agreement.
The Company anticipates offering future sales of equity securities. However,
there is no assurance that the Company will be able to obtain additional funding
through the sales of additional equity securities or, that such funding, if
available, will be obtained on terms favorable to or affordable by the Company.
If no additional operating capital is received during the next twelve months,
the Company will be forced to rely on existing cash in the bank and upon
additional funds loaned by management and/or significant stockholders to
preserve the integrity of the corporate entity at this time. In the event, the
Company is unable to acquire advances from management and/or significant
stockholders, the Company's ongoing operations would be negatively impacted.
It is the intent of management and significant stockholders to provide
sufficient working capital necessary to support and preserve the integrity of
the corporate entity. However, no formal commitments or arrangements to advance
or loan funds to the Company or repay any such advances or loans exist. There is
no legal obligation for either management or significant stockholders to provide
additional future funding.
The Company has a limited operating history, minimal cash on hand, no profit and
operates a business plan with inherent risk. Because of these factors, our
auditors have issued an audit opinion for the Company which includes a statement
describing our going concern status. This means, in our auditor's opinion,
substantial doubt about our ability to continue as a going concern exists at the
date of their opinion.
7
Tomahawk Industries, Inc.
Notes to Financial Statements - Continued
Note C- Going Concern Uncertainty - Continued
While the Company is of the opinion that good faith estimates of the Company's
ability to secure additional capital in the future to reach our goals have been
made, there is no guarantee that the Company will receive sufficient funding to
sustain operations or implement any future business plan steps.
Note D - Summary of Significant Accounting Policies
1. Cash and cash equivalents
-------------------------
For Statement of Cash Flows purposes, the Company considers all cash on
hand and in banks, including accounts in book overdraft positions,
certificates of deposit and other highly-liquid investments with maturities
of three months or less, when purchased, to be cash and cash equivalents.
2. Income Taxes
------------
The Company uses the asset and liability method of accounting for income
taxes. At October 31, 2002 and 2001, respectively, the deferred tax asset
and deferred tax liability accounts, as recorded when material to the
financial statements, are entirely the result of temporary differences.
Temporary differences represent differences in the recognition of assets
and liabilities for tax and financial reporting purposes, primarily
accumulated depreciation and amortization, allowance for doubtful accounts
and vacation accruals.
As of October 31, 2002 and 2001, the deferred tax asset related to the
Company's net operating loss carryforward is fully reserved. Due to the
provisions of Internal Revenue Code Section 338, the Company may have
limited net operating loss carryforwards available to offset financial
statement or tax return taxable income in future periods as a result of a
Fiscal 2000 change in control involving 50 percentage points or more of the
issued and outstanding securities of the Company.
3. Income (Loss) per share
-----------------------
Basic earnings (loss) per share is computed by dividing the net income
(loss) by the weighted-average number of shares of common stock
outstanding. The calculation of fully diluted earnings (loss) per share
assumes the dilutive effect of the exercise of outstanding options and
warrants, using the treasury stock method, at either the beginning of the
respective period presented or the date of issuance, whichever is later. As
of October 31, 2002 and 2001, respectively, the Company has no outstanding
stock warrants, options or convertible securities which could be considered
as dilutive for purposes of the loss per share calculation.
(Remainder of this page left blank intentionally)
8
Tomahawk Industries, Inc.
Notes to Financial Statements - Continued
Note E - Fair Value of Financial Instruments
The carrying amount of cash, accounts receivable, accounts payable and notes
payable, as applicable, approximates fair value due to the short term nature of
these items and/or the current interest rates payable in relation to current
market conditions.
Interest rate risk is the risk that the Company's earnings are subject to
fluctuations in interest rates on either investments or on debt and is fully
dependent upon the volatility of these rates. The Company does not use
derivative instruments to moderate its exposure to interest rate risk, if any.
Financial risk is the risk that the Company's earnings are subject to
fluctuations in interest rates or foreign exchange rates and are fully dependent
upon the volatility of these rates. The company does not use derivative
instruments to moderate its exposure to financial risk, if any.
Note F - Advances from Controlling Shareholder
On January 2, 2001, the Company's controlling shareholder loaned the Company
$25,000 to support operations, settle outstanding trade accounts payable and
provide working capital. The advance was repayable upon demand and is
non-interest bearing. On September 25, 2001, the shareholder executed a private
placement letter converting this advance into 25,000,000 shares of restricted,
unregistered common stock.
Note G - Common Stock Transactions
During the August 24, 2001 Special Meeting of Shareholders, a one (1) for ten
(10) reverse stock split on the issued and outstanding shares of common stock
was approved. This action was subsequently enacted by the Company's Board of
Directors and caused the issued and outstanding shares to decrease from
166,373,094 to 16,637,228. The effect of this action is reflected in the
accompanying financial statements as of the first day of the first period
presented.
On September 25, 2001, the Company sold 15,000,000 shares of restricted,
unregistered common stock at $0.001 per share for gross proceeds of $15,000,
pursuant to a private placement memorandum to an entity owned by the Company's
President and Chief Executive Officer. These funds were used to support the
working capital needs of the Company. The Company relied upon Section 4(2) of
The Securities Act of 1933, as amended, for an exemption from registration on
these shares.
On September 25, 2001, the Company converted $25,000 in advances from the
Company's President and Chief Executive Officer into 25,000,000 shares of
restricted, unregistered common stock at $0.001 per share, pursuant to a private
placement memorandum. These funds were used to settle outstanding trade accounts
payable and provide working capital for the Company. The Company relied upon
Section 4(2) of The Securities Act of 1933, as amended, for an exemption from
registration on these shares.
(Remainder of this page left blank intentionally)
9
Part I - Item 2
Management's Discussion and Analysis of Financial Condition and Results of
Operations
(1) Caution Regarding Forward-Looking Information
Certain statements contained in this quarterly filing, including, without
limitation, statements containing the words "believes", "anticipates", "expects"
and words of similar import, constitute forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
Such factors include, among others, the following: international, national and
local general economic and market conditions: demographic changes; the ability
of the Company to sustain, manage or forecast its growth; the ability of the
Company to successfully make and integrate acquisitions; raw material costs and
availability; new product development and introduction; existing government
regulations and changes in, or the failure to comply with, government
regulations; adverse publicity; competition; the loss of significant customers
or suppliers; fluctuations and difficulty in forecasting operating results;
changes in business strategy or development plans; business disruptions; the
ability to attract and retain qualified personnel; the ability to protect
technology; and other factors referenced in this and previous filings.
Given these uncertainties, readers of this Form 10-QSB and investors are
cautioned not to place undue reliance on such forward-looking statements. The
Company disclaims any obligation to update any such factors or to publicly
announce the result of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
(2) Results of Operations, Liquidity and Capital Resources
Tomahawk Industries, Inc. (Company) was incorporated under the laws of the State
of Nevada on May 13, 1980. From its inception through 1988, the Company was
engaged in oil and gas exploration. Beginning in 1984, the Company entered the
business of installing energy recovery and energy saving devices through a then
wholly- owned subsidiary.
In July 1987, the Company filed for protection under Chapter 11 of the U. S.
Bankruptcy Code and operated as a debtor-in-possession. Subsequent thereto, the
petition for bankruptcy protection was denied and the Company ceased all
business operations and abandoned all net assets remaining by April 30, 1988.
The Company has effectively had no operations, assets or liabilities since its
fiscal year ended April 30, 1998.
On August 2, 2002, the Company announced, in a Current Report on Form 8-K, that
it had entered into an Agreement and Plan of Reorganization, (Reorganization
Agreement) which sets forth the terms and conditions of a proposed reverse
merger business combination transaction between the Company and Cryotherm, Inc.
(a privately-owned Delaware corporation) (CRYO). Pursuant to the Reorganization
Agreement, CRYO's shareholders will exchange 100% of the outstanding shares of
CRYO for 25,000,000 newly issued, post reverse shares of Tomahawk. As a result
of this tentative transaction, CRYO would have become a wholly-owned subsidiary
of Tomahawk.
Consummation of the Reorganization Agreement was subject to various conditions,
including the approval by the CRYO stockholders, the receipt of required
regulatory approvals, where appropriate and applicable, and the completion of
due diligence by all parties to the proposed transaction. During November 2002,
the parties to this proposed agreement agreed to terminate the proposed
Reorganization Agreement.
The Company had no revenue for the respective six and three month periods ended
October 31, 2002 and 2001, respectively.
10
General and administrative expenses for the six and three months ended October
31, 2002 and 2001 were approximately $250 and $ -0- and $16,588 and $16,588,
respectively. Net (loss) for the six months ended October 31, 2002 and 2001,
respectively, was approximately $(250) and $(16,588). Earnings per share for the
respective six month periods ended October 31, 2002 and 2001 was $0.00 and $0.00
on the weighted-average post- reverse split shares issued and outstanding.
The Company does not expect to generate any meaningful revenue or incur
operating expenses for purposes other than fulfilling the obligations of a
reporting company under The Securities Exchange Act of 1934 unless and until
such time that the Reorganization Agreement is consummated and Cryotherm begins
meaningful operations.
At October 31, 2002 and 2001, respectively, the Company had working capital of
approximately $600 and $850.
The Company anticipates offering future sales of equity securities. However,
there is no assurance that the Company will be able to obtain additional funding
through the sales of additional equity securities or, that such funding, if
available, will be obtained on terms favorable to or affordable by the Company.
If no additional operating capital is received during the next twelve months,
the Company will be forced to rely on existing cash in the bank and upon
additional funds loaned by management and/or significant stockholders to
preserve the integrity of the corporate entity at this time. In the event, the
Company is unable to acquire advances from management and/or significant
stockholders, the Company's ongoing operations would be negatively impacted.
It is the intent of management and significant stockholders to provide
sufficient working capital necessary to support and preserve the integrity of
the corporate entity. However, no formal commitments or arrangements to advance
or loan funds to the Company or repay any such advances or loans exist. There is
no legal obligation for either management or significant stockholders to provide
additional future funding.
In such a restricted cash flow scenario, the Company would be unable to complete
our business plan steps, and would, instead, delay all cash intensive
activities. Without necessary cash flow, the Company may become dormant during
the next twelve months, or until such time as necessary funds could be raised in
the equity securities market.
The Company has a limited operating history, minimal cash on hand, no profit and
operates a business plan with inherent risk. Because of these factors, our
auditors have issued an audit opinion for the Company which includes a statement
describing our going concern status. This means, in our auditor's opinion,
substantial doubt about our ability to continue as a going concern exists at the
date of their opinion.
While the Company is of the opinion that good faith estimates of the Company's
ability to secure additional capital in the future to reach our goals have been
made, there is no guarantee that the Company will receive sufficient funding to
sustain operations or implement any future business plan steps.
Part I - Item 3
Controls and Procedures
The Company's Chief Executive Officer and Chief Financial Officer (or those
persons performing similar functions), after evaluating the effectiveness of the
Company's disclosure controls and procedures (as defined in Rules 13a-14(c) and
15d-14(c) under the Securities Exchange Act of 1934, as amended) as of a date
within 90 days of the filing of this quarterly report (the "Evaluation Date"),
have concluded that, as of the Evaluation Date, the Company's disclosure
controls and procedures were effective to ensure the timely collection,
evaluation and disclosure of information relating to the Company that would
potentially be subject to disclosure under the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. There were no
significant changes in the Company's internal controls or in other factors that
could significantly affect the internal controls subsequent to the Evaluation
Date.
11
Part II - Other Information
Item 1 - Legal Proceedings
None
Item 2 - Changes in Securities
None
Item 3 - Defaults on Senior Securities
None
Item 4 - Submission of Matters to a Vote of Security Holders
On August 22, 2002, the Company filed a Preliminary Information Statement
Pursuant to Section 14(c) of the Securities Exchange Act of 1934. The
purpose of this filing is to notify the Company's non-controlling
shareholders that the Company intends to take the following action by
written consent of our stockholders: 1) to amend our Articles of
Incorporation to change the name of the corporation to "Cryotherm Energy,
Inc." and 2) to approve a 1-for-400 reverse stock split of the outstanding
shares of the Company's common stock and to amend our Articles of
Incorporation to reflect the reversal of the outstanding shares.
Holders of a majority of the Company's outstanding common stock, owning
approximately 70% of the outstanding shares of our Common Stock have
executed a written consent in favor of the actions described above. This
consent will satisfy the stockholder approval requirement for the proposed
action and allows the Company's Board of Directors to take the proposed
action on or after September 11,2002.
Due to the termination of the Cryotherm Reorganization Agreement, the
Company has withdrawn this Preliminary Information Statement.
Item 5 - Other Information
On August 2, 2002, the Company announced, in a Current Report on Form 8-K,
that it had entered into an Agreement and Plan of Reorganization,
(Reorganization Agreement) which sets forth the terms and conditions of a
proposed reverse merger business combination transaction between the
Company and Cryotherm, Inc. (a privately-owned Delaware corporation)
(CRYO). Pursuant to the Reorganization Agreement, CRYO's shareholders will
exchange 100% of the outstanding shares of CRYO for 25,000,000 newly
issued, post reverse shares of Tomahawk. As a result of this tentative
transaction, CRYO would have become a wholly-owned subsidiary of Tomahawk.
Consummation of the Reorganization Agreement was subject to various
conditions, including the approval by the CRYO stockholders, the receipt of
required regulatory approvals, where appropriate and applicable, and the
completion of due diligence by all parties to the proposed transaction.
On November 14, 2002, in a Current Report on Form 8-K, the Company
announced that the terms and conditions related to the Reorganization
Agreement had been terminated. Accordingly, there will be no change in
control of the Company and the Reorganization Agreement is of no further
force or effect.
Item 6 - Exhibits and Reports on Form 8-K
Exhibits
--------
None
Reports on Form 8-K
-------------------
November 14, 2002 Announcing the termination of the Reorganization
Agreement with Cryotherm, Inc.
12
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Tomahawk Industries, Inc.
Dated: November 22, 2002 /s/ Glenn A. Little.
------------------------------------
Glenn A. Little
President, Chief Executive Officer,
Chief Financial Officer and Director
13
Certification Pursuant to 18 USC, Section 1350,
as Adopted Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of Tomahawk Industries, Inc.
(Registrant) on Form 10-QSB for the quarter ended October 31, 2002, as filed
with the Securities and Exchange Commission, on the date hereof, I, Glenn A.
Little, Chief Executive Officer and Chief Financial Officer of the Company,
certify to the best of my knowledge, pursuant to 18 USC 1350, as adopted
pursuant to ss.302 and promulgated as 18 USC 1350 pursuant to ss.906 of the
Sarbanes-Oxley Act of 2002, that:
1) I have reviewed this Quarterly Report on Form 10-QSB of Tomahawk
Industries, Inc. for the quarter ended October 31, 2002.
2) Based on my knowledge, this Quarterly Report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3) Based on my knowledge, the financial statements, and other financial
information included in this Quarterly Report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
Quarterly Report;
4) The registrant's other certifying officers, if any, and I are responsible
for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and
have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this Quarterly
Report is being prepared;
b) evaluated the effectiveness of the Registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this Quarterly Report (the "Evaluation Date"); and
c) presented in this Quarterly Report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5) The Registrant's other certifying officers, if any, and I have disclosed,
based on our most recent evaluation, to the Registrant's auditors and the
audit committee of registrant's board of directors (or persons performing
the equivalent functions):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the Registrant's ability to
record, process, summarize and report financial data and have
identified for the Registrant's auditors any material weaknesses in
internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the Registrant's internal
controls; and
6) The Registrant's other certifying officers, if any, and I have indicated in
this Quarterly Report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies
and material weaknesses.
/s/ Glenn A. Little Dated: November 22, 2002
--------------------------- -----------------
Glenn A. Little
Chief Executive Officer and
Chief Financial Officer
14