8-K 1 gmci8k061506.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): June 15, 2006 GREEN MOUNTAIN CAPITAL INC. (Exact Name of Registrant as Specified in Its Charter) 001-14883 16-1728655 Nevada --------- ---------- ------ (Commission File Number) (IRS Employer (State or Other Jurisdiction Identification No.) of Incorporation) 201 South Biscayne Boulevard, 28th Floor Miami, Florida 33131 ----------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (917) 620-6401 ----------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) ----------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) -1- Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year On June 15, 2006, the Board of Directors of Green Mountain Capital, Inc. approved the change of the company's fiscal year end from January 31 to December 31. The report covering the transition period will be filed on Form 10-QSB, which will be filed within 45 days of June 30, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREEN MOUNTAIN CAPITAL INC. By: /s/Charlie Yiasemis -------------------- Name: Charlie Yiasemis Title: Chief Executive Officer, Chief Financial Officer, and President Date: June 15, 2006 -2-

Page Section 2 Financial Information............................................................ 2 Item 2.01 Completion of Acquisition or Disposition of Assets............................... 2 Description of Business.......................................................... 3 Management's Discussion and Analysis or Plan of Operation........................ 8 Description of Property.......................................................... 9 Security Ownership of Certain Beneficial Owners and Managers..................... 9 Directors, Executive Officers, Promoters, and Control Persons.................... 10 Executive Compensation........................................................... 12 Certain Relationships and Related Transactions................................... 14 Description of Securities........................................................ 14 Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters...................................................... 16 Legal Proceedings................................................................ 16 Changes in and Disagreements with Accountants.................................... 16 Recent Sales of Unregistered Securities.......................................... 18 Indemnification of Directors and Officers........................................ 21 Section 3 Securities and Trading Markets................................................... 22 Item 3.02 Unregistered Sales of Equity Securities.......................................... 22 Section 4 Matters Related to Accounting and Financial Statements........................... 22 Item 4.01 Changes in Registrant's Certifying Accountant.................................... 22 Section 5 Corporate Governance and Management ............................................. 24 Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year............................................................................. 24 Section 9 Financial Statements and Exhibits................................................ 24 Item 9.01 Financial Statements and Exhibits................................................ 24 Signatures Signatures.......................................................................... 26

Officers, Directors, 5% Stockholders No. of Shares Class of Stock Percentage Ownership of Class ------------------------------------ ------------- -------------- ----------------------------- Demetris Charalambous 17,500,000 Common 45.3% Charlie Yiasemis(1) 8,200,000(2) Common 19.6%

Officers, Directors, 5% Stockholders No. of Shares Class of Stock Percentage Ownership of Class ------------------------------------ ------------- -------------- ----------------------------- Dr. Fredrik Verkroost ((3)) 1,250,000(4) Common 3.21% Shmuel Shneibalg(5) 0 N/A 0% All directors and executive officers as a 9,450,000((6)) Common 22.81% group (2 persons)

----------------------------------------------------------------------------------------------------- SUMMARY COMPENSATION TABLE ----------------------------------------------------------------------------------------------------- ANNUAL COMPENSATION LONG-TERM COMPENSATION ------------------------ --------------------------------------------- AWARDS PAYOUTS ---------------------- --------- SECURITIES OTHER UNDER- NAME AND FISCAL ANNUAL RESTRICTED LYING ALL OTHER PRINCIPAL YEAR COMPENS- STOCK OPTIONS/ LTIP COMPEN- POSITION COVERED SALARY BONUS ATION AWARD(S) SARS PAYOUTS SATION ($) ($) ($) ($) (#) ($) ($) (A) (B) (C) (D) (E) (F) (G) (H) (I) ----------------------------------------------------------------------------------------------------- Shmuel 2006 0 0 0 0 0 0 0 Shneibalg(1) 2005 0 0 0 0 0 0 0 2004 N/A N/A N/A N/A N/A N/A N/A ----------------------------------------------------------------------------------------------------- Steven W. 2006 N/A N/A N/A N/A N/A N/A N/A Bingaman (2) 2005 0 0 0 0 0 0 0 2004 N/A N/A N/A N/A N/A N/A N/A ----------------------------------------------------------------------------------------------------- Sidney A. 2006 N/A N/A N/A 67,500(5) N/A N/A N/A Harland (3) 2005 207,750 0 0 0 44,538 0 0 2004 150,000 22,500 10,000(4) 0 0 0 80,400(6) -----------------------------------------------------------------------------------------------------

DECEMBER 31, DECEMBER 31, 2005 2004 ------------------ ------------------ ASSETS Current assets: Cash and cash equivalents $ 695,363 $ 434,387 Accounts receivable 1,569,910 25,146 Other current assets 544,521 31,811 ------------------ ------------------ Total current assets 2,809,794 491,344 Other assets: Property and equipment, net 877,959 1,824 Intangible assets, net 62,957 147,200 ------------------ ------------------ TOTAL ASSETS $ 3,750,710 $ 640,368 ================== ================== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 2,066,971 $ 362,703 Loans from officers and stockholders 150,495 2,817 ------------------ ------------------ Total current liabilities 2,217,466 365,520 Long term debt 870,000 - Deferred tax liabilities 46,608 - ------------------ ------------------ Total liabilities 3,134,074 365,520 ------------------ ------------------ Commitments - - Stockholders' equity: Common stock - par value (pound)1.00 ($1.717 and $1.920 at December 31, 2005 and 2004, respectively); Authorized - 25,000,000 shares 1,550,000 and 50,000 shares issued and outstanding at December 31, 2005 and 2004, respectively 2,666,200 90,700 Additional paid-in capital (2,666,200) (90,700) Retained earnigs 656,654 262,676 Accumulated other comprehensive (loss) income: foreign currency translation adjustments (40,018) 12,172 ------------------ ------------------ Total stockholders' equity 616,636 274,848 ------------------ ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,750,710 $ 640,368 ================== ==================

2005 2004 ----------------- ----------------- Revenue $ 19,811,296 $ 7,443,714 Cost of revenue 18,664,790 6,887,694 ----------------- ----------------- Gross Profit 1,146,506 556,020 ----------------- ----------------- Operating Expenses Selling, general and administrative 692,003 228,018 ----------------- ----------------- Income from Operations 454,503 328,002 ----------------- ----------------- Other Income Interest income 38,218 59 ----------------- ----------------- Income Before Income Tax 492,721 328,061 Income tax 98,743 65,385 ----------------- ----------------- Net Income $ 393,978 $ 262,676 ================= =================

OTHER ACCUMULATED ADDITIONAL COMPREHENSIVE COMMON PAID-IN RETAINED INCOME COMPREHENSIVE SHARES AMOUNT CAPITAL EARNINGS (LOSS) TOTAL INCOME ----------- ---------- ------------- ------------ ---------- -------- ------------ BALANCE AT JANUARY 1, 2004 2 $ 4 $ (4) $ - $ - $ - $ - Shares issued for equipment 49,998 90,696 (90,696) - - - - Net income - - - 262,676 - 262,676 262,676 Foreign currency translation adjustment - - - - 12,172 12,172 12,172 ----------- ---------- ------------- ------------ ----------- -------- ----------- $ 274,848 =========== BALANCE AT DECEMBER 31, 2004 50,000 90,700 (90,700) 262,676 12,172 274,848 Shares issued for software 1,500,000 2,575,500 (2,575,500) - - - - Net income - - - 393,978 - 393,978 393,978 Foreign currency translation adjustment - - - - (52,190) (52,190) (52,190) ----------- ---------- ------------- ------------ ----------- -------- ----------- $ 341,788 =========== BALANCE AT DECEMBER 31, 2005 1,550,000 $ 2,666,200 $ (2,666,200) $ 656,654 $ (40,018) $616,636 =========== ========== ============= ============ =========== ========

2005 2004 ------------------- ----------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 393,978 $ 262,676 Adjustments to reconcile net income to net cash Provided by (used) in operating activities: Depreciation and amortization 85,481 6,226 Deferred income tax 46,608 - Changes in Assets and Liabilities Increase in accounts receivable (1,634,842) (24,029) Increase in other current assets (545,229) (30,402) Increase in accounts payable and accrued expenses 1,883,451 212,222 ------------------- ----------------- Net cash provided by operating activities 229,447 426,693 ------------------- ----------------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (938,756) (1,853) Payment for intangible assets (54,086) (12,376) ------------------- ----------------- Net cash used in investing activities (992,842) (14,229) ------------------- ----------------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from officer and stockholder loans 158,997 2,692 Proceeds from long term debt 877,214 - ------------------- ----------------- Net cash provided by financing activities 1,036,211 2,692 ------------------- ----------------- Effect of foreign currency translation (11,840) 19,231 ------------------- ----------------- Net increase in cash and cash equivalents 260,976 434,387 Cash and Cash Equivalents at Beginning of Year 434,387 - ------------------- ----------------- Cash and Cash Equivalents at End of Year $ 695,363 $ 434,387 =================== ================= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for income taxes $ - $ - Cash paid for interest $ - $ - SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Intangible assets acquired through accounts payable $ - $ (146,800)

Internet Tele- Pro Forma Communications Green Mountain Pro Forma Combined PLC Capital, Inc. Adjustments Balance ---------------- --------------- --------------- ---------------- ASSETS (a) (b) (c) Cash and cash equivalents $ 695,363 $ - $ 400,000 A $ 1,095,363 Accounts receivable 1,569,910 - - 1,569,910 Other current assets 544,521 - - 544,521 Investment advance - 1,270,000 (1,270,000) C - Other non-current assets 940,916 - - 940,916 ---------------- --------------- --------------- ---------------- TOTAL ASSETS $ 3,750,710 $ 1,270,000 $ (870,000) $ 4,150,710 ================ =============== =============== ================ LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIENCY) Liabilities Accounts Payable & accrued expenses $ 2,066,971 $ 43,000 $ - $ 2,109,971 Loans from officers and stockholders 150,495 150,495 Due to Green Mountain Capital 870,000 400,000 A - (1,270,000) C Long term debt 3,294,971 3,294,971 Other liabilities 46,608 - 46,608 ---------------- --------------- --------------- ---------------- Total Liabilities 3,134,074 3,337,971 (870,000) 5,602,045 ---------------- --------------- --------------- ---------------- Stockholders' Equity (Deficiency) Common stock 2,666,200 490 (2,663,950) B 2,740 D Additional Paid in Capital (2,666,200) 14,351,338 (13,755,849) B (2,070,711) Subscription Receivable - - - - Retained earnings 656,654 (16,419,799) 16,419,799 B 656,654 Cumulative translation adjustments (40,018) - (40,018) ---------------- --------------- --------------- ---------------- - Total stockholders' equity (deficiency) 616,636 (2,067,971) - (1,451,335) ---------------- --------------- --------------- ---------------- - TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIENCY) $ 3,750,710 $ 1,270,000 $ (870,000) $ 4,150,710 ================ =============== =============== ================

Internet Tele- Pro Forma Communications Green Mountain Pro Forma Combined PLC Capital, Inc. Adjustments Balance --------------------- ------------------- --------------------- -------------------- (a) (b) Revenue $ 19,811,296 $ - $ - $ 19,811,296 Cost of revenue 18,664,790 - - 18,664,790 --------------------- ------------------- --------------------- -------------------- Gross profit 1,146,506 - - 1,146,506 Operating Expenses 692,003 2,882,507 (2,882,507) c 692,003 Other Income (Expense) 38,218 (909,243) 909,243 c 38,218 --------------------- ------------------- --------------------- -------------------- Income (Loss) Before Income Taxes 492,721 (3,791,750) 3,791,750 492,721 Provision for Income Taxes (98,743) - - (98,743) --------------------- ------------------- --------------------- -------------------- Net Income (Loss) $ 393,978 $ (3,791,750) $ 3,791,750 $ 393,978 ===================== =================== ===================== ==================== Net (Loss) Income per share (4.13) 0.02 =================== ==================== Weighted average shares outstanding 918,947 22,500,000 d 23,418,947 =================== ===================== ====================

Filing Compare · IT Group Holdings Inc.