UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 0-23737
SILVER RAMONA MINING COMPANY
(Exact name of small business issuer as specified in its charter)
Idaho 82-0290939
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
211 West Elder Avenue, Kellogg, Idaho 83837
(Address of principal executive offices)
Registrant's telephone no., including area code: (208) 786-7572
Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
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
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date.
Class Outstanding as of September 30, 1999
Common Stock, $.001 par value 1,907,984
TABLE OF CONTENTS
Heading Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . 3
Balance Sheets -- September 30, 1999 and
December 31, 1998. . . . . . . . . . . . . . . . . . . 4
Statements of Operations -- three months and
nine months ended September 30, 1999 and 1998 . . . . 5
Statements of Stockholders' Equity . . . . . . . . . . . 6
Statements of Cash Flows -- three months and
nine months ended September 30, 1999 and 1998 . . . . 8
Notes to Financial Statements . . . . . . . . . . . . . 10
Item 2. Management's Discussion and Analysis and
Results of Operations. . . . . . . . . . . . . . . . . 11
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . 13
Item 2. Changes In Securities. . . . . . . . . . . . . . . . . . 13
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . 13
Item 4. Submission of Matters to a Vote of
Securities Holders . . . . . . . . . . . . . . . . . . 13
Item 5. Other Information. . . . . . . . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . 13
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . 14
PART I
Item 1. Financial Statements
The following unaudited Financial Statements for the period
ended September 30, 1999, have been prepared by the Company.
SILVER RAMONA MINING COMPANY
FINANCIAL STATEMENTS
September 30, 1999 and December 31, 1998
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Balance Sheets
ASSETS
September 30, December 31,
1999 1998
(Unaudited)
CURRENT ASSETS
Cash $ - $ -
TOTAL ASSETS $ - $ -
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
LIABILITIES
Accounts payable $ 2,350 $ 500
Total Current Liabilities 2,350 500
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) (78,048) (79,494)
Deficit accumulated during the
development stage (115,100) (111,804)
Total Stockholders' Equity (Deficit) (2,350) (500)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ - $ -
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Operations
(Unaudited)
From
Inception on
For the For the May 25,
Three Months Ended Nine Months Ended 1967 Through
September 30, September 30, September 30,
1999 1998 1999 1998 1999
REVENUES $ - $ - $ - $ - $ -
EXPENSES 250 596 3,296 596 115,100
NET LOSS FROM
OPERATIONS (250) (596) (3,296) (596) (115,100)
NET LOSS $ (250) $ (596) $ (3,296) $ (596) $ (115,100)
BASIC LOSS PER SHARE $ (0.00) $ (0.00) $ (0.00) $ (0.00)
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
From Inception on May 25, 1967 through September 30, 1999
Deficit
Additional Accumulated
Paid-In During the
Common Stock Capital Development
Shares Amount (Deficit) 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)
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)(Continued)
From Inception on May 25, 1967 through September 30, 1999
Deficit
Additional Accumulated
Paid-In During the
Common Stock Capital Development
Shares Amount (Deficit) Stage
Balance, December 31, 1997 1,907,984 $ 190,798 $ (80,687) $ (110,611)
Capital contributed by
shareholder - - 1,193 -
Net loss for the year ended
December 31, 1998 - - - (1,193)
Balance, December 31, 1998 1,907,984 190,798 (79,494) (111,804)
Capital contributed by
shareholder (unaudited) - - 1,446 -
Net loss for the nine months
ended September 30, 1999
(unaudited) - - - (3,296)
Balance, September 30, 1999
(unaudited) 1,907,984 $ 190,798 $ (78,048) $ (115,100)
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
From
Inception on
For the For the May 25,
Three Months Ended Nine Months Ended 1967 Through
September 30, September 30, September 30,
1999 1998 1999 1998 1999
CASH FLOWS FROM OPERATING
ACTIVITIES:
Loss from operations $(250) $(596) $(3,296) $(596) $(115,100)
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 250 596 1,850 596 2,350
Net Cash (Used) by
Operating Activities - - (1,446) - (111,750)
CASH FLOWS FROM INVESTING
ACTIVITIES: - - - - -
CASH FLOWS FROM FINANCING
ACTIVITIES:
Capital contributed by shareholder - - 1,446 - 7,352
Issuance of common stock for cash - - - - 104,398
Net Cash Provided by
Financing Activities - - 1,446 - 111,750
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - - - - -
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD - - - - -
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ - $ - $ - $ -
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows (Continued)
(Unaudited)
From
Inception on
For the For the May 25,
Three Months Ended Nine Months Ended 1967 Through
September 30, September 30, September 30,
1999 1998 1999 1998 1999
Cash Paid For:
Interest $ - $ - $ - $ - $ -
Income taxes $ - $ - $ - $ - $ -
SUPPLEMENTAL SCHEDULE OF
NON-CASH FINANCING
ACTIVITIES:
Stock issued for services $ - $ - $ - $ - $ 1,000
Expenses paid on the company's
behalf by a shareholder $ - $ - $ 1,446 $ - $ 7,352
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
September 30, 1999
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by
the Company without audit. In the opinion of management,
all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial
position, results of operations and cash flows at September
30, 1999 and 1998 and for all periods presented have been
made.
Certain information and footnote disclosures normally
included in financial statements prepared in accordance
with generally accepted accounting principles have been
condensed or omitted. It is suggested that these condensed
financial statements be read in conjunction with the
financial statements and notes thereto included in the
Company's December 31, 1998 audited financial statements.
The results of operations for the periods ended September
30, 1999 and 1998 are not necessarily indicative of the
operating results for the full years.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The following information should be read in conjunction with
the financial statements and notes thereto appearing elsewhere in
this Form 10-QSB.
Silver Ramona Mining Company (the "Company") is considered a
development stage company. Presently the Company has no assets or
capital and has not realized any significant operations or income
for several years. It is anticipated that the Company will require
only nominal capital to maintain the corporate viability of the
Company and necessary funds, including funds to cover expenses
associated with being a public company, will most likely be
provided by the Company's 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. Accordingly, the
Company's independent accountants have included in the Company's
financial statements a going concern qualification footnote.
Plan of Operation
Presently and for at least the next 12 months, the Company
intends to actively seek out and investigate possible business
opportunities. The Company's primary goal is to identify one or
more prospective business opportunities and to acquire or merge
with the business or businesses. 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 defer any compensation until such time as an acquisition or
merger can be accomplished and will strive to have the business
opportunity provide their remuneration. In the event 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 entered into any
arrangements or definitive agreements to use outside advisors or
consultants or to raise 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.
Net Operating Loss
The Company has accumulated a small net operating loss
carryforwards as of September 30, 1999, which may be offset against
taxable income and income taxes in future years. The use of these
losses to reduce future income taxes will depend on the generation
of sufficient taxable income prior to the expiration of the net
operating loss carryforwards. The carry-forwards expire in the
year 2014. In the event of certain changes in control of the
Company, there will be an annual limitation on the amount of net
operating loss carryforwards which can be used. No tax benefit has
been reported in the financial statements for the year ended
December 31, 1998 or the nine month period ended September 30, 1999
because there is a 50% or greater chance that the carryforward will
not be used. Accordingly, the potential tax benefit of the loss
carryforward is offset by a valuation allowance of the same amount.
Inflation
In the opinion of management, inflation has not and will not
have a material effect on the operations of the Company until such
time as the Company successfully completes an acquisition
or merger. At that time, management will evaluate the possible
effects of inflation on the Company related to it business and
operations following a successful acquisition or merger.
Year 2000
Year 2000 issues may arise if computer programs have been
written using two digits (rather than four) to define the
applicable year. In such case, programs that have time-sensitive
logic may recognize a date using "00" as the year 1900 rather than
the year 2000, which could result in miscalculations or system
failures.
Because the Company currently does not have any operations
except for its search for viable business opportunities, it does
not own or use any computer equipment. The Company does not
anticipate doing a full assessment of the potential Year 2000 issue
until it has made an acquisition of or merged with an operating
entity. The Company does not believe that the cost of addressing
the issue will have a material adverse impact on its financial
position. Further, the Company believes that no third parties with
whom it may have a material relationships will be materially
affected by the Year 2000 issues.
Risk Factors and Cautionary Statements
This report contains certain forward-looking statements. The
Company wishes to advise readers that actual results may differ
substantially from such forward-looking statements. Forward-
looking statements involve risks and uncertainties that could cause
actual results to differ materially from those expressed in or
implied by the statements, including, but not limited to, the
following: the ability of the Company search for appropriate
business opportunities and subsequently acquire or merge with such
entity, to meet its cash and working capital needs, the ability of
the Company to maintain its existence as a viable entity, and other
risks detailed in the Company's periodic report filings with the
Securities and Exchange Commission.
PART II
Item 1. Legal Proceedings
There are presently no other material pending legal
proceedings to which the Company or any of its subsidiaries is a
party or to which any of its property is subject and, to the best
of its knowledge, no such actions against the Company are
contemplated or threatened.
Item 2. Changes In Securities
This Item is not applicable to the Company.
Item 3. Defaults Upon Senior Securities
This Item is not applicable to the Company.
Item 4. Submission of Matters to a Vote of Security Holders
This Item is not applicable to the Company.
Item 5. Other Information
This Item is not applicable to the Company.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 27 - Financial Data Schedules
(b) Reports on Form 8-K
No report on Form 8-K was filed by the Company during the
three month period ended September 30, 1999.
SIGNATURES
In accordance with the requirements of the Securities Exchange
Act of 1934, the Registrant caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
SILVER RAMONA MINING COMPANY
Date: November 17, 1999 By: /S/ Robert S. Turnbow
ROBERT S. TURNBOW
C.E.O., President and
Director
Date: November 17, 1999 By: /S/ Dale B. Lavigne
DALE B. LAVIGNE
Secretary/Treasurer, and
Director
(Principal Accounting
Officer)
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<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE SILVER RAMONA MINING COMPANY
FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER
30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
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