SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31,
2000 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934 OR THE TRANSITION PERIOD FROM _____________
TO
______________
Commission file number 000-27979
Amalgamated Explorations, Inc.
(Exact name of registrant as specified in its charter)
Nevada 84-1528462
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1645 Court Place, Suite 200
Denver, Colorado 80202
(Address of principal (Zip Code)
executive offices)
(303) 629-5115
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 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
4,317,795 shares of common stock $.0015 par value were outstanding as
of May 19, 2000.
Form 10-QSB
2nd Qtr.
FY 2000
INDEX
PART I FINANCIAL INFORMATION
PAGE NO.
ITEM 1 FINANCIAL STATEMENTS
Balance Sheet
March 31, 2000 (unaudited) F-1
Statements of Operations
for the Six and Three Months Ended March 31,
2000 and 1999 (unaudited) F-2
Statements of Changes in Stockholders' Equity (Deficit)
for the Six Months Ended March 31, 2000
(unaudited) F-3
Statements of Cash Flow:
For the Six and Three Months Ended March 31,
2000 and 1999 (unaudited) F-4
Notes to Financial Statements (unaudited) 5
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR
PLAN OF OPERATIONS 6
PART II OTHER INFORMATION
Item 1. Legal Proceedings 10
Item 2. Changes in Securities 10
Item 3. Defaults upon Senior Securities. 10
Item 4. Submission of Matters to a Vote of
Security Holders 10
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
The terms "Amalgamated", "Company", "we", "our", and "us" refer to
Amalgamated Explorations, Inc. and its subsidiaries unless the context
suggests otherwise.
[CAPTION]
AMALGAMATED EXPLORATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
MARCH 31,2000
(UNAUDITED)
<TABLE>
ASSETS
September 30,
1999
-------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 47,949 $ 18,604
Accounts receivable, trade,
net of allowance for
doubtful accounts of $6,336 24,888 15,863
Accounts and notes receivable,
related parties 6,600 5,400
Prepaid drilling costs 160,000 -
Total Current Assets 239,437 39,867
PROPERTY AND EQUIPMENT
Oil and gas properties, successful
efforts method 420,269 49,181
Equipment and vehicles 7,139 7,139
Furniture and fixtures 5,785 5,785
-------- -------
433,193 62,105
Less accumulated depletion,
depreciation, and amortization (41,179) (19,967)
Net Property and Equipment 392,014 342,138
OTHER ASSETS
Telluric survey technology,
net of $322,917 and
$191,557 accumulated amortization 1,225,833 1,278,333
--------- ---------
Total Other Assets 1,225,833 1,278,333
-------- ---------
TOTAL ASSETS $1,857,284 $1,660,338
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Current portion of notes payable $ 564,372 $ 528,315
Accounts payable 322,873 302,092
Drilling advances 145,000 -
Accrued expenses 136,936 49,897
-------- ---------
Total Current Liabilities 1,169,181 880,303
--------- ---------
LONG-TERM LIABILITIES
Notes payable, net of current portion 1,323,000 1,295,000
--------- ---------
Total Long-term Liabilities 1,323,000 1,295,000
--------- ---------
Total Liabilities 2,492,181 2,175,303
--------- ---------
COMMITMENTS
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred Stock, par value $1.50,
2,000,000 shares authorized,
no shares issued and outstanding - -
Common Stock, par value $0.0015,
50,000,000 shares authorized,
4,317,795 shares issued and outstanding 6,478 6,428
Additional paid-in capital 4,391,040 3,691,156
Stock held in escrow (1,500,000) (1,500,000)
Accumulated deficit (3,532,415) (2,712,549)
--------- -----------
Total stockholders' equity (deficit) (634,897) (514,965)
--------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ 1,857,284 $ 1,660,338
=========== ============
<CAPTION>
The accompany notes are an integral part of these consolidated financial
statements.
</CAPTION>
</TABLE>
F-1
<TABLE>
<CAPTION>
AMALGAMATED EXPLORATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR SIX AND THREE MONTHS ENDED MARCH 31,2000 AND 1999
(UNAUDITED)
</CAPTION>
Six months ended Three months ended
March 31, March 31,
2000 1999 2000 1999
------- ------- ------- -----
<S> <C> <C> <C> <C>
REVENUES
Oil and gas sales $ 81,154 $ 44,304 $ 36,114 $ 14,331
Lease and field operations 51,500 - 51,411 -
Telluric services 36,665 193,818 11,408 27,559
------ ------- ------ ------
Total Revenues 169,319 238,122 98,933 41,890
------ ------- ------ ------
COSTS AND EXPENSES
Oil and gas production 18,702 9,227 10,046 3,342
Oil and gas exploration
and dry holes 28,404 88,620 19,015 26,723
Cost of Telluric services 7,133 125,962 2,500 6,972
General and administrative 771,155 179,270 737,130 101,465
Depreciation, depletion
and amortization 73,712 51,000 39,756 25,000
------ ------- ------ ------
Total Costs and Expenses 899,106 454,079 808,447 163,502
------ ------- ------ ------
OPERATING LOSS (729,787) (215,957) (709,514) (121,612)
OTHER INCOME (EXPENSE)
Interest and other income 166 156 166 73
Interest and other expense (90,245) (2,024) (41,713) -
------ ------- ------ ------
Total Other Income (Expense) (90,079) (1,868) (41,547) 73
NET LOSS $(819,866) $(217,825) $(751,061) $(121,539)
========== ========= ========= =========
BASIC AND DILUTED LOSS
PER SHARE $ (0.19) $ (0.05) $ (0.17) $ (0.03)
========== ========= ========= =========
WEIGHTED AVERAGE SHARES
OUTSTANDING 4,294,940 4,030,461 4,300,696 4,150,461
========== ========= ========= =========
<CAPTION>
The accompany notes are an integral part of these consolidated financial
statements.
</CAPTION>
</TABLE>
F-2
<TABLE>
<CAPTION>
AMALGAMATED EXPLORATIONS, INC. AND SUBSIDARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
</CAPTION>
For the six months For the six months
ended March 31, ended March 31,
2000 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (loss) $(819,866) $ (217,825)
Adjustments to reconcile net income
(loss) to net cash from operations
Depletion, Depreciation and amortization 73,712 49,336
Stock option Expense 667,934 -
Gain or loss an sale of assets - -
Changes in operating assets and
liabilities
(Increase) decrease in
Accounts Receivables, trade (9,024) -
Accounts receivable, related parties (1,200) (1,201)
Prepaid drilling costs (160,000) -
Accounts payable 20,782 14,630
Drilling Advances 145,000 215,544
Accrued expenses 87,039 (90,495)
Other - -
- -----------------------------------------------------------------------
Total Adjustments 824,243 187,814
- -----------------------------------------------------------------------
NET CASH PROVIDED BY
OPERATING ACTIVITIES: 4,377 (30,011)
- -----------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment (71,088) (42,300)
Addition to Telluric survey technology - -
- -----------------------------------------------------------------------
NET CASH USED IN
INVESTING ACTIVITIES (71,088) (42,300)
- -----------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock
and common stock options 32,000 -
Payments on long-term debt 64,056 64,574
- -----------------------------------------------------------------------
NET CASH PROVIDED BY
FINANCING ACTIVITIES 96,056 64,574
- -----------------------------------------------------------------------
NET INCREASE IN CASH
AND CASH EQUIVALENTS 29,345 (7,737)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 18,604 44,884
- -----------------------------------------------------------------------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 47,949 $ 37,147
=======================================================================
SUPPLEMENTAL SCHEDULE OF
CASH FLOW INFORMATION
Cash paid during the period for
Interest $ 24 $ 6,549
Non-cash investing and financing
Activities
Acquisition of MSP Technologies, Inc.
In exchange for 240,000 shares of
common stock $ - $ 360
=======================================================================
<CAPTION>
The accompany notes are an integral part of these consolidated financial
statements.
</CAPTION>
</TABLE>
F-3
<TABLE>
<CAPTION>
AMALGAMATED EXPLORATIONS,INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER EQUITY (DEFICIT)
For the six months Ended March 31,2000
</CAPTION>
Additional
Common Stock Paid-In
Shares Amount Capital
<S> <C> <C> <C>
BALANCES,
September 30,1999 4,284,795 6,428 3,691,156
Issuance of options - - 659,200
Stock issued for services
Rendered 6,000 9 8,725
Private placements sale of stock
And options 27,000 41 31,959
Net loss - - -
- ------------------------------------------------------------------------
BALANCES,
March 31,2000 $ 4,317,795 $ 6,478 $ 4,391,040
========================================================================
<CAPTION>
The accompany notes are an integral part of these consolidated financial
statements.
</CAPTION>
</TABLE>
<TABLE>
<CAPTION>
AMALGAMATED EXPLORATIONS,INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER EQUITY (DEFICIT)
For the six months Ended March 31,2000
</CAPTION>
Stock Held in Escrow
Shares Amount
<S> <C> <C>
BALANCES,
September 30,1999 (395,000) (1,500,000)
Issuance of options - -
Stock issued for services
Rendered - -
Private placements sale of stock
And options - -
Net loss - -
- --------------------------------------------------------------------
BALANCES,
March 31,2000 $ (395,000) $ (1,500,000)
====================================================================
<CAPTION>
The accompany notes are an integral part of these consolidated financial
statements.
</CAPTION>
</TABLE>
<TABLE>
<CAPTION>
AMALGAMATED EXPLORATIONS,INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER EQUITY (DEFICIT)
For the six months Ended March 31,2000
</CAPTION>
Total
Accumulated Stockholders'
Deficit Equity (Deficit)
<S> <C> <C>
BALANCES,
September 30,1999 (2,712,549) (514,965)
Issuance of options - 659,200
Stock issued for services
Rendered - 8,734
Private placements sale of stock
And options - 32,000
Net loss (819,866) (819,866)
- -------------------------------------------------------------------
BALANCES,
March 31,2000 $(3,532,415) $ (634,897)
===================================================================
<CAPTION>
The accompany notes are an integral part of these consolidated financial
statements.
</CAPTION>
</TABLE>
F-4
AMALGAMATED EXPLORATIONS, INC.
Notes to Financial Statements
Six and Three Months Ended March 31, 2000 and 1999
(Unaudited)
(1) Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and, in accordance
with those rules, do not include all the information and notes
required by generally accepted accounting principles for complete
financial statements. As a result, these unaudited financial
statements should be read in conjunction with Amalgamated
Explorations, Inc. ("the Company") audited financial statements and
notes thereto filed with the Company's most recent annual m 10-KSB.
In the opinion of management, all adjustments, consisting
only of normal recurring accruals, considered necessary for a fair
presentation of the financial position of the Company and the results
of its operations have been included. Operating results for interim
periods are not necessarily indicative of the results that may be
expected for the complete fiscal year.
Going Concern, Results of Operations, and Management's Plans:
The Company's financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and the
settlement of liabilities and commitments in the normal course of
business. At March 31, 2000, the Company had a working capital
deficiency of $929,744 and an equity deficit of $634,897.
Additionally, the Company incurred a net loss of $819,866 for the six
months ended March 31, 2000. These factors raise substantial doubt
about the Company's ability to continue as a going se financial
statements do not include any adjustments relating to recoverability
and classification of assets or the amounts and classification of
liabilities that might be necessary should the Company be unable to
continue as a going concern.
To address its current cash flow concerns, the Company is in
discussions with investment bankers and other potential investors and
lenders attempting to raise funds to support current and future
operations. This includes attempting to raise additional working
capital through the sale of additional capital stock or through the
issuance of debt. The Company cannot provide any assurance that it
will be able to enter into any agreements that would raise additional
funds through the issuance of debt or equity in the Company. The
Company has successfully completed a bond offering to assist in its
current cash flow needs.
The Company believes that if financing can be completed, adequate
funding may then be available to support operations for the next
twelve months. The Company believes that additional successful
drilling operations, field and lease operations, and the sales of
Telluric survey services may provide additional funds to meet the
Company's capital requirements.
The Company has incurred losses from operations over the past several
years coupled with significant deficiencies in cash flow from
operations for the same period. These factors among others may
indicate that without increased cash flow from operations, sale of oil
and gas properties or additional financingthe Company may not be able
to meet its obligation in a timely manner.
The Company is taking steps to reduce losses and generate cash
flow from operations which management believes will generate
sufficient cash flow to meet its obligations in a timely manner.
Should the Company be unable to achieve its projected cash flow from
operations additional financing or sale of oil and gas properties
could be necessary. The Company believes that it could sell oil and
gas properties or obtain additional financing, however, there can be
no assurance that such financing would be available on a timely basis
or acceptable terms.
Use of Estimates and Significant Risks:
The preparation of consolidated financial statements in conformity
with generally accepted accounting principles requires management to
make significant estimates and assumptions that affect the amounts
reported in these financial statements and accompanying notes. The
more significant areas requiring the use of estimates relate to oil
and gas reserves, fair value of financial instruments, future cash
flows associated with long-lived assets, valuation allowance for
deferred tax assets, and useful lives for depreciation, depletion and
amortization. Actual results could differ from those estimates.
The Company and its operations are subject to numerous risks and
uncertainties. Among these are risks related to the oil and gas
business (including operating risks and hazards and the regulations
imposed thereon), risks and uncertainties related to the volatility of
the prices of oil and gas, uncertainties related to the estimation of
reserves of oil and gas and the value of such reserves, the effects of
competition and extensive environ-mental regulation, and many other
factors, many of which are necessarily out of the Company's control.
The nature of oil and gas drilling operations is such that the
expenditure of substantial drilling and completion costs is required
well in advance of the receipt of revenues from the production
developed by the operations. Thus, it will require more than several
quarters for the financial success of that strategy to be
demonstrated. Drilling activities are subject to numerous risks,
including the risk that no commercially productive oil or gas
reservoirs will be encountered.
New Accounting Standards:
The FASB has recently issued Statement of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging
Activities" ("SFAS No. 133"). SFAS No. 133 established standards for
recognizing all derivative instruments including those for hedging
activities as either assets or liabilities in the statement of
financial position and measuring those instruments at fair value. This
Statement is effective for fiscal years beginning after June 30, 1999.
The adoption of this statement had no impact on the Company's
consolidated financial statements.
The FASB recently issued Statement of Financial Accounting
Standards No. 134. "Accounting for Mortgage Backed Securities Retained
after the Securitization of Mortgage Loans Held by Mortgage Banking
Enterprises." (SFAS No. 134) SFAS No. 134 establishes new reporting
standards for certain activities of mortgage banking enterprises that
conduct operations that are substantially similar to the primary
operations of mortgage banking enterprises. This statement is
effective for the fiscal quarter beginning after December 15, 1998.
The adoption of this statement had no impact on theCompany's
consolidated financial statements.
(2) Debt Issuances
In January 2000, the Company renegotiated its $280,000 note
payable to an investment company. The Company paid down the note to
$250,000 and extended the term of the note until June 15, 2000. The
lender released its collateral position and waived payment of accrued
interest. In return, the lender received a total of 515,000 warrants
to purchase the Company's common stock at $0.50 per share. Of this
total, 15,000 warrants expire December 31, 2000 and the remaining
500,000 warrants expire December 31, 2001. The Company recognized
compensation expense of $659,200 for these warrants granted that were
accounted for in accordance with SFAS 123.
In April 2000, the Company completed a Convertible Bond Issue
with a private issuer. The related agreements provide for $500,000 in
12% Series A Convertible First Lien Bonds ("the Bonds") due May 1,
2005. Interest is payable October 1 and May 1 of each year, payable in
the Company's common stock at the Company's option, at the previous 90
day's average closing price. The lender may convert the outstanding
balance after two years at $1.00 per share, with an equal number of
warrants to purchase the Company's common stock at $1.50 per share.
The Bonds are collateralized by all of the Company's assets.
Certain covenants apply, including merger and acquisition approval by
the lender, no issuance of additional equity without the lender's
consent, and other covenants. Draws under this agreement are submitted
to the lender subject to the approval of the lender of the use of
proceeds.
In anticipation of closing this agreement, the lender had advanced
the Company $190,000 as of March 31, 2000.
ITEM 2. MANAGEMENT'S ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
Forward Looking Statements
The statements contained in this report which are not historical
fact are "forward looking statements" that involve various important
risks, uncertainties and other factors which could cause the Company's
actual results to differ materially from those expressed in such
forward looking statements. These factors include, without
limitation, the risks and factors set forth above as well as other
risks previously disclosed in the Company's annual report on Form 10-
KSB.
Liquidity and Capital Resources.
At March 31, 2000, we had a working capital deficit of $929,744
compared to a working capital deficit of $840,436 at September 30,
1999.
We recently completed a $500,000 bond offering. The related
agreements provide for $500,000 in 12% Series A Convertible First Lien
Bonds ("the Bonds")due May 1, 2005. Interest is payable October 1 and
May 1 of each year, payable in the Company's common stock at the
Company's option, at the previous 90 day's average closing price. The
lender may convert the outstanding balance after two years at $1.00
per share, with an equal number of warrants to purchase the Company's
common stock at $1.50 per share. The Bonds are collateralized by all
of the Company's assets. Certain covenants apply, including merger and
acquisition approval by the lender, no issuance of additional equity
without the lender's consent, and other covenants. Draws under this
agreement are submitted to the lender subject to the approval of the
lender of the use of proceeds.
In anticipation of closing this agreement, the lender had advanced
the Company $190,000 as of March 31, 2000.
We sold 27,000 shares of common stock in a private placement to an
accredited investor for $32,000. We also sold options to purchase
shares of the Company's common stock for $5,000 as follows:
50,000 at $0.50 through November 1, 2000
50,000 at $0.70 through November 1, 2001
50,000 at $0.90 through November 1, 2002
During the six months ended March 31, 2000 the Company issued
6,000 shares of its common stock in exchange for services rendered.
The Company valued the common stock and related general and
administrative expense at the closing price of the stock on the date
of grant. As a result, the Company recorded $8,734 in general and
administrative expenses during the six months ended March31, 2000.
We have also entered into an agreement to drill our next well that
will not require the Company to outlay any of its funds. Pursuant to
the terms of this agreement, a third party will pay for the 100% of
the costs to drill the well in exchange for 50% of the Company's
working interest in the well.
Many of the factors which may affect our future operating
performance and liquidity are beyond our control, including oil and
natural gas prices and the availability of financing.
Results of Operations
Earnings (loss). We reported a loss of $819,866 and $751,061 for the
six and three months ended March 31, 2000 compared to a loss of
$217,825 and $382,689 for the same period in 1999. Total revenues for
the six and three months ended March 31, 2000 were $169,319 and
$98,933 compared to $98,933 and $41,890 for the same period in 1999.
Total costs and expenses for the six and three months ended March 31,
2000 were $899,106 and $808,447 compared to $454,079 and $163,502 in
the same period in 1999.
Oil and Gas Sales. Oil and gas sales for the six and three months
ended March 31, 2000 were $81,154 and $36,114 compared to $44,304 and
$14,331 for the same period in 1999.
Production volumes and average prices received for the three and
six monthsended March 31, 2000 and 1999 are as follows:
<TABLE>
Six Months Ended Three Months Ended
March 31, March 31,
---------------- ------------------
2000 1999 2000 1999
------ ------ ------ ------
<S> <C> <C> <C> <C>
Production:
Oil (Bbls) - - - -
Gas (Mcfs) 31,817 xx,xxx 14,652 xx,xxx
Average Price:
Oil (per Bbls) $ - $ - $ - $ -
Gas (per Mcf) $ 2.55 $ 1.90 $ 2.46 $ 1.88
</TABLE>
Lease and Field Operations. Lease and field operations revenues
for the six and three months ended March 31, 2000 were $51,500 and
$51,411 compared to none for the same period in 1999. The increase in
lease and field operations revenue is due to the Company's concerted
effort beginning in the fourth quarter of 1999 to sell its expertise
and identify additional means to create additional revenue for the
Company.
Telluric Services. Telluric services revenues for the six and
three months ended March 31, 2000 were $36,665 and $11,408 compared to
$193,818 and $27,559 for the same period in 1999. The decrease in
telluric services revenue is due to the disputes with the former owner
of the technology and the resultant lawsuit. The Company is now
selling the Telluric services with an employee of former management.
Oil and Gas Production. Oil and gas production expenses were
$18,702 and $10,046 for the six and three months ended March 31, 2000
compared to $9,227 and $3,342 for the same period in 1999. The
increase in oil and gas production expense can be attributed to the
increase in gas production. Oil and gas production expenses remained
relatively consistent as a percentage of related sales.
Oil and Gas Exploration and Dry Holes. Oil and gas exploration
and dry hole expenses were $28,404 and $19,015 for the six and three
months ended March31, 2000 compared to $88,620 and $26,723 for the
same period in 1999. The decrease in oil and gas exploration and dry
hole expense can be attributed to the Company's emphasis on developing
its proved reserves and to a lack of available funding for
exploration.
Cost of Telluric Services. Cost of telluric services was $7,133
and $2,500 for the six and three months ended March 31, 2000 compared
to $125,962 and $6,972 for the same period in 1999. The decrease is
related directly to the decrease in revenues. The officers'
compensation for MSP technologies was not applied to the cost of
telluric sales in 2000.
General and Administrative Expenses. General and administrative
expenses for the six and three months ended March 31, 2000 were
$771,155 and $737,130 compared to $179,270 and $101,465 for the same
period in 1999. The increase is due primarily to $659,200 in
compensation expense recorded as a result of the issuance of 515,000
warrants to purchase shares of the Company's common stock at $0.50 per
share in accordance with SFAS 123.
Depreciation, Depletion, and Amortization Expense. Depreciation,
depletion, and amortization expenses for the six and three months
ended March 31, 2000 were $73,712 and $65,056. The primary component
of this number is the amortization of the Company's investment in the
telluric survey technology which is being written off over its
estimated 15-year life.
Interest and Other Expense. Interest expense for the six and three
months ended March 31, 2000 was $90,245 and $41,713 compared to $2,024
and nil for the six and three months ended March 31, 1999. As of
March 31, 1999, the Company had an auto loan only. Since then the
Company has added significant debt resulting in much higher interest
costs.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
There is no litigation pending or threatened by or against us or
any of our
properties as of March 31, 2000.
Item 2. Changes in Securities. None.
Item 3. Defaults Upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security Holders. None
Item 5. Other Information. None
Item 6. Exhibits and Reports on Form 8-K.
Exhibit 27. Financial Data Schedule.
Reports on Form 8-K. None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this
report to be signedon its behalf by the undersigned, thereunto duly
authorized.
AMALGAMATED EXPLORATIONS, INC.
(Registrant)
Date: May 22, 2000 s/Christian F. Murer
----------------------------
Christian F. Murer
Chairman\CEO and Principal Accounting
Officer
INDEX
(2) Plan of Acquisition, Reorganization, Arrangement, Liquidation or
Succession. Not applicable.
(4) Instruments Defining the Rights of Security Holders, Including
Indentures. Not applicable.
(9) Voting Trust Agreement. Not applicable.
(10) Material Contracts. Not applicable.
(11) Statement Regarding Computation of Per Share Earnings. Not
applicable.
(12) Statement regarding Computation of Ratios. Not applicable
(13) Annual Report to Security Holders, Form 10-Q or Quarterly Report
to
Security Holders. Not applicable.
(15) Letter Regarding Unaudited Interim Information. Not applicable.
(16) Letter re: Change in Certifying Accountants. Not applicable.
(17) Letter re: Director Resignation. Not applicable.
(18) Letter Regarding Changes in Accounting Principals. Not
applicable.
(19) Previously Unfiled Documents. Not applicable.
(20) Report Furnished to Security Holders. Not applicable.
(22) Published Report Regarding Matters Submitted to Vote of Security
Holders. Not applicable.
(23) Consents of Experts and Counsel. Not applicable.
(24) Power of Attorney. Not applicable.
(27) Financial Data Schedule. Filed herewith electronically.
(99) Additional Exhibits. Not applicable.
