UNITED STATES
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 June 30, 1998.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ________to__________
Commission File Number: 0-23737
SILVER RAMONA MINING COMPANY
(Exact name of registrant as specified in charter)
IDAHO
82-0290939
------------------------------
-------------------------
State or other jurisdiction of
(I.R.S. Employer I.D. No.)
incorporation or organization
211 West Elder Avenue, Kellogg, Idaho 83837
(Address of principal executive offices)
(Zip Code)
Issuer's telephone number, including area code: (208) 786-
7527
Securities registered pursuant to section 12(b) of the
Act:
Title of each class
Name of each exchange on which registered
None N/A
Securities registered pursuant to section 12(g) of the Act:
Title of each class
Name of each exchange on which registered
Common stock, par value $0.10 per share
None
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. (1) Yes [ ] No [X ] (2) Yes [X] No [ ]
The Company has 1,907,784 shares of its common stock
outstanding, of which 708,284 shares are held by
nonaffiliates.
Item 1 - FINANCIAL STATEMENTS
The unaudited financial statements of the Company are
set forth immediately following the signature page to this
form 10-QSB.
Item 2 - MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The Company is considered a development stage company
with no assets or capital and with no operations or income
since approximately 1974. The costs and expenses associated
with the preparation and filing of this registration
statement and other operations of the Company have been paid
for by shareholders and a consultant of the Company,
specifically Dale B. Lavigne and H. D. Williams. It is
anticipated that the Company will require only nominal
capital to maintain the corporate viability of the Company
and necessary funds will most likely be provided by the
Company's existing shareholders or its officers and
directors in the immediate future. However, unless the
Company is able to facilitate an acquisition of or merger
with an operating business or is able to obtain significant
outside financing, there is substantial doubt about its
ability to continue as a going concern.
During the next twelve months, the Company will
actively seek out and investigate possible business
opportunities with the intent to acquire or merge with one
or more business ventures. Because the Company lacks funds,
it may be necessary for the officers and directors to either
advance funds to the Company or to accrue expenses until
such time as a successful business consolidation can be
made. Management intends to hold expenses to a minimum and
to obtain services on a contingency basis when possible.
Further, the Company's directors will forego any
compensation until such time as an acquisition or merger can
be accomplished and will strive to have the business
opportunity provide their remuneration. However, if the
Company engages outside advisors or consultants in its
search for business opportunities, it may be necessary for
the Company to attempt to raise additional funds. As of the
date hereof, the Company has not made any arrangements or
definitive agreements to use outside advisors or consultants
or to raise any capital. In the event the Company does need
to raise capital most likely the only method available to
the Company would be the private sale of its securities.
Because of the nature of the Company as a development stage
company, it is unlikely that it could make a public sale of
securities or be able to borrow any significant sum from
either a commercial or private lender. There can be no
assurance that the Company will be able to obtain additional
funding when and if needed, or that such funding, if
available, can be obtained on terms acceptable to the
Company.
The Company does not intend to use any employees, with
the possible exception of part-time clerical assistance on
an as-needed basis. Outside advisors or consultants will be
used only if they can be obtained for minimal cost or on a
deferred payment basis. Management is confident that it will
be able to operate in this manner and to continue its search
for business opportunities during the next twelve months.
Item 6 - EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits: No exhibits are included herein.
b. Reports on Form 8-K: No reports on Form 8-K
were filed during the quarter.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, this report has been signed below
by the following person on behalf of the Registrant and in
the capacities and on the dates indicated:
SILVER RAMONA MINING COMPANY
(Registrant)
By: __ /s/_Robert S.
Turnbow
Date: October 19, 1998 Robert S. Turnbow,
President and
Director, Principal Executive Officer
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
UNAUDITED FINANCIAL STATEMENTS
For quarter ended September 30, 1998
<PAGE>
CONTENTS
Balance Sheets 4
Statements of Operations 5
Statements of Stockholders' Equity (Deficit) 6
Statements of Cash Flows 7
Notes to the Financial Statements 9
<PAGE>
The following financial statements on an interim basis
were prepared by the company, and were not audited.
However, the Company believes that these statements are
in accord with generally accepted accounting principles
and fairly present the Company, an inactive business.
<PAGE>
The accompanying notes are an integral part of these financial statements.
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Balance Sheets
ASSETS
December 31, June 30,
1997 1998
CURRENT ASSETS
Cash on hand $ - $ -
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
LIABILITIES
Accounts payable $ 500 $ 500
Total Current Liabilities 500 500
STOCKHOLDERS' EQUITY
Common stock $0.10 par value; authorized
3,000,000 shares; 1,907,984 shares issued
and outstanding 190,798 190,798
Additional paid-in capital (deficit)
(80,687 ) (78,687 )
Deficit accumulated during the development stage
(110,611 ) (112,611 )
Total Stockholders' Equity (Deficit)
(500 ) ( 500 )
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ - $ -
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Operations
From
Inception on
May 25,
For the Years Ended 1967 Through
December 31, June 30,
1997 1996 1995 1998
REVENUES $ - $ - $ - $ -
EXPENSES (1,254 ) (3,959 ) - (112,611 )
NET (LOSS) FROM OPERATIONS
(1,254 ) (3,959 ) - (112,611 )
NET (LOSS) $ (1,254 ) $ (3,959 ) $ - $ (112,611 )
NET (LOSS) PER SHARE
$ (0.00 ) $ (0.00 ) $ 0.00
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 1,907,984 1,907,984 1,907,984
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
From Inception on May 25, 1967 through December 31, 1997
Deficit
Accumulated
During the
Common Stock Development
Shares Amount Stage
Inception on May 25, 1967 - $ - $ - $ -
Common stock issued for mining
claims recorded at predecessor
cost of $0.00 per share
1,200,000 120,000 (120,000 ) -
Common stock issued for
services at $0.10 per share
10,000 1,000 - -
Common stock issued for
cash at approximately $0.15
per share 697,984 69,798 34,600 -
Net loss from inception on
May 25, 1967 through
December 31, 1993 - - - (105,398 )
Balance, December 31, 1993
1,907,984 190,798 (85,400 ) (105,398 )
Net loss for the year ended
December 31, 1994 - - - -
Balance, December 31, 1994
1,907,984 190,798 (85,400 ) (105,398 )
Net loss for the year ended
December 31, 1995 - - - -
Balance, December 31, 1995
1,907,984 190,798 (85,400 ) (105,398 )
Net loss for the year ended
December 31, 1996 - - - (3,959 )
Balance, December 31, 1996
1,907,984 190,798 (85,400 ) (109,357 )
Capital contributed by
shareholder - - 4,713 -
Net loss for the year ended
December 31, 1997 - - - (1,254 )
Balance, December 31, 1997
1,907,984 $ 190,798 $ (80,687 ) $ (110,611 )
Net loss for six months ended June 30, 1998
- - - (2,000 )
Balance, September 30, 1998
1,907,984 $ 190,798 $ (78,687 ) $ (112,611 )
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows
From
Inception
on May 25,
For the Years Ended 1967 Through
December 31, December 31,
1997 1996 1995 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
Income (loss) from operations
$ (1,254 ) $ (3,959 ) $ - $ (110,611 )
Adjustments to reconcile net (loss)
to net cash (used) by operating
activities:
Stock issued for services
- - - 1,000
Changes in operating liabilities:
Increase (decrease) in accounts
payable
(3,459 ) 3,959 - 500
Net Cash (Used) by Operating Activities
(4,713 ) - - (109,111 )
CASH FLOWS FROM INVESTING ACTIVITIES:
- - - -
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contributed by shareholder
4,713 - - 4,713
Issuance of common stock for cash
- - - 104,398
Net Cash Provided by Financing Activities
4,713 - - 109,111
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - - - -
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD - - - -
CASH AND CASH EQUIVALENTS
AT END OF PERIOD
$ - $ - $ - $ -
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows (Continued)
From
Inception
on May 25,
For the Years Ended 1967 Through
December 31, December 31,
1997 1996 1995 1997
Cash Paid For:
Interest $ - $ - $ - $ -
Income taxes $ - $ - $ - $ -
SUPPLEMENTAL SCHEDULE OF
NON-CASH FINANCING
ACTIVITIES:
Stock issued for services
$ - $ - $ - $ 1,000
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1997 and 1996
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
On May 25, 1967, Silver Ramona Mining Company was incorporated under the laws
of Idaho with the purpose of developing mining claims. On the date of
incorporation, 3,000,000 shares of $0.10 par value common stock were
authorized.
Operations were never commenced due to a lack of funding and all mining claims
were lost.
The Company has elected a calendar year end.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Accounting Method
The Company's financial statements are prepared using the accrual method of
accounting.
b. Provision for Taxes
No provision for income taxes has been made due to the inactive status of the
Company.
c. Cash Equivalents
The Company considers all highly liquid investments with a maturity of three
months or less when purchased to be cash equivalents.
d. Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of 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.
NOTE 3 - GOING CONCERN
The Company's financial statements are prepared using generally accepted
accounting principles applicable to a going concern which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. The Company has not established revenues sufficient to cover its
operating costs and allow it to continue as a going concern. The Company is
seeking a merger with an existing, operating company. In the interim,
management is committed to covering all operating and other costs until a
merger is completed.
<PAGE>SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
December 31, 1997 and 1996
NOTE 4 - STOCK TRANSACTIONS
In July 1967, the Board of Directors issued 1,200,000 shares of $0.10 par
value common stock for mining claims. The claims were recorded at predecessor
cost of $0.00 per share.
In July 1967, the Board of Directors issued 10,000 shares of $0.10 par value
common stock for services rendered during the organization of the Company.
The services were valued at $0.10 per share.
On April 30, 1969, the Board of Directors initiated a public offering in which
697,984 shares of $0.10 par value common stock were sold at a gross price of
approximately $0.15 per share.
