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<TITLE>Form 8-K</TITLE>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=5><B>UNITED STATES </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=5><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>Washington, DC 20549 </B></FONT></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=5><B>FORM 8-K </B></FONT></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>CURRENT REPORT </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>Pursuant to Section 13 or 15(d) of
</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>The Securities Exchange Act of 1934
</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>Date of Report (Date of earliest event
reported) </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>August 4 , 2005 </B></FONT></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=6><B>NEVADA CLASSIC THOROUGHBREDS,  INC. </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=1><B>(Exact name of registrant as specified in its
charter) </B></FONT></P>
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    <TD width="34%"></TD>
    <TD vAlign=bottom width="1%"></TD>
    <TD width="32%"></TD>
    <TD vAlign=bottom width="1%"></TD>
    <TD width="32%"></TD></TR>
  <TR>
    <TD vAlign=top align=center><FONT face="Times New Roman"
      size=2><strong>Nevada</strong></FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=center><FONT face="Times New Roman"
      size=2><strong>000-31154</strong></FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=center><FONT face="Times New Roman"
      size=2><strong>86-1007952</strong></FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top align=center>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=1><B>(State or other
      jurisdiction</B></FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align=center><FONT
      face="Times New Roman" size=1><B>of incorporation)</B></FONT></P></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=center><FONT face="Times New Roman"
      size=1><B>(Commission File Number)</B></FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=center>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=1><B>(IRS Employer</B></FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align=center><FONT
      face="Times New Roman" size=1><B>Identification
  No.)</B></FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>705 North 110th Place</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>Mesa, AZ 85207 </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=1><B>(Address of principal executive offices,
including zip code) </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>(480) 890-0678</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=1><B>(Registrant's telephone number, including area
code) </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>Not Applicable </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=1><B>(Former name or former address, if changed
since last report) </B></FONT></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT face="Times New Roman"
size=2>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): </FONT></P>
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  <TR>
    <TD vAlign=top align=left width="4%"><FONT face="Times New Roman"
      size=2></FONT><FONT face=WINGDINGS color=#000000 size=2>&uml;</FONT><FONT
      face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425) </FONT></TD></TR></TABLE>
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<TABLE cellSpacing=0 cellPadding=0
width="100%" border=0>

  <TR>
    <TD vAlign=top align=left width="4%"><FONT face="Times New Roman"
      size=2></FONT><FONT face=WINGDINGS color=#000000 size=2>&uml;</FONT><FONT
      face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12) </FONT></TD></TR></TABLE>
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<TABLE cellSpacing=0 cellPadding=0
width="100%" border=0>

  <TR>
    <TD vAlign=top align=left width="4%"><FONT face="Times New Roman"
      size=2></FONT><FONT face=WINGDINGS color=#000000 size=2>&uml;</FONT><FONT
      face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left><FONT face="Times New Roman"
      size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0
width="100%" border=0>

  <TR>
    <TD vAlign=top align=left width="4%"><FONT face="Times New Roman"
      size=2></FONT><FONT face=WINGDINGS color=#000000 size=2>&uml;</FONT><FONT
      face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left><FONT face="Times New Roman"
      size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT face="Times New Roman"
size=2><B>Item 8.01 Other Events. </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">The Sarbanes-Oxley Act is designed to protect the shareholders from public companies. To accomplish this protection, the Sarbanes-Oxley Act requires financial audits and codes of ethics. Nevada Classic Thoroughbreds, Inc. (also hereinafter sometimes referred to as "the company") intends to comply with the Sarbanes-Oxley Act.</font></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="2" face="Times New Roman"><b><em>The Sarbanes-Oxley Act as it applies to the thoroughbred industry in general, and specifically to Nevada Classic Thoroughbreds, Inc.:</em></b>
</font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">The thoroughbred industry is volatile by nature. As an example, the renowned race horse and stallion stud horse, </font><font size="2" face="Georgia, Times New Roman, Times, serif" color="#333333"><em>Northern Dancer</em></font><font size="2" face="Times New Roman">, went unclaimed at a yearling auction for a reserve of $25,000.00. Yet, as a race horse and stallion stud he was worth millions of dollars. This is true for many thoroughbred horses; and the reverse is also true. </font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">In any public company, the shareholders' main concern is the company's profitability. The solution to this concern for shareholders of Nevada Classic Thoroughbreds, Inc. lies with the company's obtaining and/or producing valuable horses--stallions, broodmares, foals, yearlings, and race horses. The question is, "which horses are valuable?" The answer--horses that either win races or produce horses that win races.</font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">Furthermore, in the thoroughbred industry the key to shareholder fairness lies with the people who are in a "hands-on" position of supervision and control of a company's horses. It is vitally important that these individuals not have conflicts of interest. And, of those who handle the horses, the number one most important person is the horse trainer; he or she is at the peak of determining the value of the horse.</font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman"><u>The "Marie Wandziock" Conflict-of-Interest Principle.</u></font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">The "Marie Wandziock" conflict-of-interest principle refers to a licensed public horse trainer who acquires interests in horses for her own personal account; or who pays for the costs of her own personally-owned race horses through the use of her horse training clients' horses. This obvious conflict of interest scenario can only occur in states such as Arizona, where the Arizona Racing Commission allows licensed public trainers to race their own horses while they also train and race clients' horses. Specifically, such conflicts of interest have included commingling of money and assets, and, importantly, the temptation to make sure a client's horses race poorly so as to obtain interests in such horses at a discount. All made possible by the Arizona Racing Commission, to name only one.</font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">As applied to the thoroughbred industry, where public companies are involved and the Sarbanes-Oxley Act is in place, the Oversight Board needs to ensure that the state racing commissions comply with non-conflict of interest regulations in the licensing of public horse trainers, just as similar non-conflict of interest regulations are currently appropriately applied to public companies in other industries.</font></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">While the emphasis of the Sarbanes-Oxley Act is, for most public companies, based on accurate and timely financial reporting, in the thoroughbred industry the emphasis is on the accurate and ongoing evaluation of a company's horses. As an example, <strong>Calumet</strong>, an historically-great thoroughbred racing farm, over-evaluated its horses for the purpose of acquiring loans. When unable to meet these obligations, it proceeded into bankruptcy and dissolution. This represented the thoroughbred industry's own ENRON. Such scenarios demonstrate the significance of the notion that the chief factor for the shareholders, as well as banks, accountants, business relationships, and the ongoing operations of breeding, raising, and racing thoroughbred horses, is in the valuation of the horses. Therefore, along with the independence of accounting, there needs to be independence of horse valuations. </font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">Independent valuations have often been made by blood stock agents. In fact, there has been a rise in the number of blood stock agents who perform these duties for the various aspects of the thoroughbred racing industry.</font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman"><u>Independent Accounting</u></font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">The expenses related to the maintenance of a race horse earning $1 million per year, compared to the costs of a race horse earning $10,000 per year, are usually about the same. Expenses for maintaining broodmares, foals, and yearlings are also relatively stable and constant. The revenues received from racing and breeding horses are generally of a public nature, such as race earnings, stud fees, and purchases and sales of horses at auctions, which includes DNA testing in thoroughbred horse registrations. The thoroughbred industry has many facets of financing that have checks and balances. The financial accounting and reporting is, in the main, an almost secondary aspect because of the public reporting nature of revenues and costs in the thoroughbred industry. In reality, any irregularities from management would be through the valuation of the horses, or the conflict of interest by trainers rather than any manipulation of any accounting records. Therefore, the significance of the audited financial data becomes much less important in the thoroughbred industry, unlike the ongoing valuations of the company's horses. The winning of one race might make the difference between a $10,000 horse and a $2 million horse, whereas the accounting and maintenance costs associated with the race horse would remain the same. Certainly, an increase in race earnings would occur, but the real value would be the potential income from future stud fees.</font></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman"><u>Our Interpretation</u></font></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><font size="2" face="Times New Roman">In interpreting the Sarbanes-Oxley Act <u>as it applies to the thoroughbred industry</u>, Nevada Classic Thoroughbreds, Inc. includes the following applications:</font></P>
<blockquote>
<UL>
  <LI style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="2" face="Times New Roman">The audited financial statements need to be relaxed to instead require an "independent accounting review" using GAAP standards. The extreme cost of an audit, considering its secondary importance in the thoroughbred industry, creates a disproportionately high expense ratio for the company and, ultimately, its shareholders, compared to the value an audit can give the company. Conversely, a blood stock certification by an independent blood stock agent creates an inherently higher value ratio to the company and shareholders in comparison to the expense of such a certification. Accordingly, for the thoroughbred industry, there needs to be an independent accounting review, along with a blood stock certification from an independent blood stock agent.</font></LI>
  <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<LI style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="2" face="Times New Roman">The code of ethics required by the Sarbanes-Oxley Act should be expanded to apply not only to the CEO and the senior managers, but also to a company's horse trainer and anyone else who has "hands-on" supervision of a company's horses. This would ensure that no conflict-of-interest "opportunities" are allowed, and would also ensure that accurate, prompt and relevant reports are delivered to management and passed to the company's shareholders.</font></LI>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<LI style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="2" face="Times New Roman">Nevada Classic Thoroughbreds, Inc. understands the importance of uniform accounting procedures so that comparisons between companies takes place. However, in the thoroughbred industry, such comparisons can take place using an independent accounting review. This, along with the code of ethics and internal controls would ensure that there are no conflicts of interest, that there are independent valuations of the company's horses, and that prompt, accurate and relevant reporting by management and those who have the hands-on supervision of the company's horses takes place.</font></LI>
</UL>
</blockquote>
<br>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>SIGNATURES </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" size=2>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. </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
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    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom><FONT face="Times New Roman" size=2><B>NEVADA CLASSIC THOROUGHBREDS,
      INC.</B></FONT></TD>
  </TR>
  <TR>
    <TD height=16></TD>
    <TD colSpan=2 height=16></TD></TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;Date: Augsut 4, 2005</FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      size=1></FONT>&nbsp;</P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=2>/s/&nbsp;&nbsp;&nbsp;&nbsp;Brad Brimhall &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign="top"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign="bottom"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign="bottom" align="center">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=2>Brad Brimhall </FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=2>President</FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align=center><FONT
      face="Times New Roman" size=2>and Chief Executive
  Officer</FONT></P>
   </TD>
 </TR>

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</HTML>
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Form 8-K
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)
August 4 , 2005
NEVADA CLASSIC THOROUGHBREDS,  INC.
(Exact name of registrant as specified in its
charter)
Nevada
000-31154
86-1007952
(State or other
      jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification
  No.)
705 North 110th Place
Mesa, AZ 85207
(Address of principal executive offices,
including zip code)
(480) 890-0678
(Registrant's telephone number, including area
code)
Not Applicable
(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))
Item 8.01 Other Events.
The Sarbanes-Oxley Act is designed to protect the shareholders from public companies. To accomplish this protection, the Sarbanes-Oxley Act requires financial audits and codes of ethics. Nevada Classic Thoroughbreds, Inc. (also hereinafter sometimes referred to as "the company") intends to comply with the Sarbanes-Oxley Act.
The Sarbanes-Oxley Act as it applies to the thoroughbred industry in general, and specifically to Nevada Classic Thoroughbreds, Inc.:
The thoroughbred industry is volatile by nature. As an example, the renowned race horse and stallion stud horse,
Northern Dancer
, went unclaimed at a yearling auction for a reserve of $25,000.00. Yet, as a race horse and stallion stud he was worth millions of dollars. This is true for many thoroughbred horses; and the reverse is also true.
In any public company, the shareholders' main concern is the company's profitability. The solution to this concern for shareholders of Nevada Classic Thoroughbreds, Inc. lies with the company's obtaining and/or producing valuable horses--stallions, broodmares, foals, yearlings, and race horses. The question is, "which horses are valuable?" The answer--horses that either win races or produce horses that win races.
Furthermore, in the thoroughbred industry the key to shareholder fairness lies with the people who are in a "hands-on" position of supervision and control of a company's horses. It is vitally important that these individuals not have conflicts of interest. And, of those who handle the horses, the number one most important person is the horse trainer; he or she is at the peak of determining the value of the horse.
The "Marie Wandziock" Conflict-of-Interest Principle.
The "Marie Wandziock" conflict-of-interest principle refers to a licensed public horse trainer who acquires interests in horses for her own personal account; or who pays for the costs of her own personally-owned race horses through the use of her horse training clients' horses. This obvious conflict of interest scenario can only occur in states such as Arizona, where the Arizona Racing Commission allows licensed public trainers to race their own horses while they also train and race clients' horses. Specifically, such conflicts of interest have included commingling of money and assets, and, importantly, the temptation to make sure a client's horses race poorly so as to obtain interests in such horses at a discount. All made possible by the Arizona Racing Commission, to name only one.
As applied to the thoroughbred industry, where public companies are involved and the Sarbanes-Oxley Act is in place, the Oversight Board needs to ensure that the state racing commissions comply with non-conflict of interest regulations in the licensing of public horse trainers, just as similar non-conflict of interest regulations are currently appropriately applied to public companies in other industries.
While the emphasis of the Sarbanes-Oxley Act is, for most public companies, based on accurate and timely financial reporting, in the thoroughbred industry the emphasis is on the accurate and ongoing evaluation of a company's horses. As an example,
Calumet
, an historically-great thoroughbred racing farm, over-evaluated its horses for the purpose of acquiring loans. When unable to meet these obligations, it proceeded into bankruptcy and dissolution. This represented the thoroughbred industry's own ENRON. Such scenarios demonstrate the significance of the notion that the chief factor for the shareholders, as well as banks, accountants, business relationships, and the ongoing operations of breeding, raising, and racing thoroughbred horses, is in the valuation of the horses. Therefore, along with the independence of accounting, there needs to be independence of horse valuations.
Independent valuations have often been made by blood stock agents. In fact, there has been a rise in the number of blood stock agents who perform these duties for the various aspects of the thoroughbred racing industry.
Independent Accounting
The expenses related to the maintenance of a race horse earning $1 million per year, compared to the costs of a race horse earning $10,000 per year, are usually about the same. Expenses for maintaining broodmares, foals, and yearlings are also relatively stable and constant. The revenues received from racing and breeding horses are generally of a public nature, such as race earnings, stud fees, and purchases and sales of horses at auctions, which includes DNA testing in thoroughbred horse registrations. The thoroughbred industry has many facets of financing that have checks and balances. The financial accounting and reporting is, in the main, an almost secondary aspect because of the public reporting nature of revenues and costs in the thoroughbred industry. In reality, any irregularities from management would be through the valuation of the horses, or the conflict of interest by trainers rather than any manipulation of any accounting records. Therefore, the significance of the audited financial data becomes much less important in the thoroughbred industry, unlike the ongoing valuations of the company's horses. The winning of one race might make the difference between a $10,000 horse and a $2 million horse, whereas the accounting and maintenance costs associated with the race horse would remain the same. Certainly, an increase in race earnings would occur, but the real value would be the potential income from future stud fees.
Our Interpretation
In interpreting the Sarbanes-Oxley Act
as it applies to the thoroughbred industry
, Nevada Classic Thoroughbreds, Inc. includes the following applications:
The audited financial statements need to be relaxed to instead require an "independent accounting review" using GAAP standards. The extreme cost of an audit, considering its secondary importance in the thoroughbred industry, creates a disproportionately high expense ratio for the company and, ultimately, its shareholders, compared to the value an audit can give the company. Conversely, a blood stock certification by an independent blood stock agent creates an inherently higher value ratio to the company and shareholders in comparison to the expense of such a certification. Accordingly, for the thoroughbred industry, there needs to be an independent accounting review, along with a blood stock certification from an independent blood stock agent.
The code of ethics required by the Sarbanes-Oxley Act should be expanded to apply not only to the CEO and the senior managers, but also to a company's horse trainer and anyone else who has "hands-on" supervision of a company's horses. This would ensure that no conflict-of-interest "opportunities" are allowed, and would also ensure that accurate, prompt and relevant reports are delivered to management and passed to the company's shareholders.
Nevada Classic Thoroughbreds, Inc. understands the importance of uniform accounting procedures so that comparisons between companies takes place. However, in the thoroughbred industry, such comparisons can take place using an independent accounting review. This, along with the code of ethics and internal controls would ensure that there are no conflicts of interest, that there are independent valuations of the company's horses, and that prompt, accurate and relevant reporting by management and those who have the hands-on supervision of the company's horses takes place.
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.
NEVADA CLASSIC THOROUGHBREDS,
      INC.
Date: Augsut 4, 2005
/s/    Brad Brimhall
Brad Brimhall
President
and Chief Executive
  Officer