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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 Sept 30, 2000
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 Ave., Kellogg, Id. 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 Sept 30, 2000.
Common Stock, $.001 par value 500,000
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
FINANCIAL STATEMENTS
Sept 30, 2000 and December 31, 1999
C O N T E N T S
PART I
Independent Auditors' Report 3
Balance Sheets 4
Statements of Operations 5
Statements of Stockholders' Equity (Deficit) 6
Statements of Cash Flows 8
Notes to the Financial Statements 10
PART II
Item 1 Legal Proceedings 12
Item 2 Changes in Securities 12
Item 3 Defaults in Senior Securities 12
Item 4 Submission of Matters to a Vote of Security Holders 12
Item 5 Other Information 12
Item 6 Exhibits and Reports on Form 8-K 12
<PAGE>
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
To the Board of Directors
Silver Ramona Mining Company
(A Development Stage Company)
Osburn, Idaho
We have reviewed the accompanying balance sheet of Silver Ramona Mining
Company (a development stage company) as of Sept 30, 2000 and the related
statements of operations, stockholders' equity (deficit) and cash flows for
the three months and nine months ended Sept 30, 2000 and 1999. These
financial statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements taken as a whole. Accordingly, we
do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the accompanying condensed financial statements referred
to above for them to be in conformity with accounting principles generally
accepted in the United States.
We have previously audited, in accordance with auditing standards generally
accepted in the United States, the balance sheet of Silver Ramona Mining
Company (a development stage company) as of December 31, 1999, and the
related statements of operations, stockholders' equity, and cash flows for
the year then ended (not presented herein) and in our report dated
Sept 30, 2000, we expressed an unqualified opinion on those financial
statements.
HJ & Associates, LLC
Salt Lake City, Utah
Oct 28, 2000
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Balance Sheets
ASSETS
<TABLE>
Sept 30, December 31,
2000 1999
-------------- ----------------
(Unaudited)
CURRENT ASSETS
<S> <C> <C>
Cash on hand $ - $ -
--------------- ---------------
TOTAL ASSETS $ - $ -
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
LIABILITIES
Accounts payable $ - $ 62
--------------- ------------
Total Current Liabilities - 62
--------------- -------------
STOCKHOLDERS' EQUITY
Preferred stock, 10,000,000 shares
authorized, -0-
Outstanding - -
Common stock $0.001 par value; authorized
50,000,000 shares; 500,000 shares issued
and outstanding 500 500
Additional paid-in capital 119,520 113,459
Deficit accumulated during the
development stage (120,020) (114,021)
--------------- ---------------
Total Stockholders' Equity (Deficit) - (62)
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ - $ -
=============== ===============
</TABLE>
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Operations
(Unaudited)
<TABLE>
From
Inception on
For the For the May 25,
Three Months Ended Nine Months Ended 1967
Through
Sept 30, Sept 30 Sept 30,
2000 1999 2000 1999 2000
<S> <C> <C> <C> <C> <C>
REVENUES
$ - $ - $ - $ - $ -
EXPENSES 707 250 5,999 3,296 120,020
----------- -------- -------- -------- -----------
NET LOSS $ (707)$ (250) $ (5,999) $ (3,296) $ (120,020)
============ ========= ======== ========= ============
BASIC LOSS PER SHARE $ (0.00) $ (0.00) $ (0.01) $ (0.01)
============ ========= ======== =========
</TABLE>
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
From Inception on May 25, 1967 through Sept 30, 2000
<TABLE>
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage
<S> <C> <C> <C> <C>
Inception on May 25, 1967 - $ - $ - $ -
Common stock issued for mining
claims recorded at predecessor
cost of $0.00 per share 314,468 314 (314) -
Common stock issued for
services at $0.10 per share 2,621 3 997 -
Common stock issued for
cash at approximately $0.15
per share 182,911 183 104,215 -
Net loss from inception on
May 25, 1967 through
December 31, 1993 - - - (105,398)
---------- ---------- ---------- ---------
Balance, December 31, 1993 500,000 500 104,898 (105,398)
Net loss for the year ended
December 31, 1994 - - - -
---------- ---------- ---------- ----------
Balance, December 31, 1994 500,000 500 104,898 (105,398)
Net loss for the year ended
December 31, 1995 - - - -
---------- ---------- ---------- ----------
Balance, December 31, 1995 500,000 500 104,898 (105,398)
Net loss for the year ended
December 31, 1996 - - - (3,959)
---------- ---------- ---------- ----------
Balance, December 31, 1996 500,000 500 104,898 (109,357)
Capital contributed by
Shareholder - - 4,713 -
Net loss for the year ended
December 31, 1997 - - - (1,254)
---------- ---------- ---------- ----------
Balance, December 31, 1997 500,000 $ 500 $ 109,611 $ (110,611)
---------- ---------- ---------- ----------
</TABLE>
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit) (Continued)
From Inception on May 25, 1967 through Sept 30, 2000
<TABLE>
Deficit
Accumulated
Additional During the
Common Stock Paid-In Development
Shares Amount Capital Stage
<S> <C> <C> <C> <C>
Balance, December 31, 1997 500,000 $ 500 $ 109,611 $ (110,611)
Capital contributed by
Shareholder - - 1,193 -
Net loss for the year ended
December 31, 1998 - - - (1,193)
---------- ---------- ---------- ----------
Balance, December 31, 1998 500,000 500 110,804 (111,804)
Capital contributed by
Shareholder - - 2,655 -
Net loss for the year ended
December 31, 1999 - - - (2,217)
---------- ---------- ---------- ----------
Balance, December 31, 1999 500,000 500 113,459 (114,021)
Adjustment for reverse stock
split (unaudited) 300 - - -
Capital contributed by
shareholder (unaudited) - - 6,061 -
Net loss for the nine months
ended Sept 30, 2000
(unaudited) - - - (5,999)
---------- ---------- ---------- ----------
Balance, Sept 30, 2000
(unaudited) 500,000 $ 500 $ 119,520 $ (120,020)
========== ========== ========== ===========
</TABLE>
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
<TABLE>
From
Inception on
For the For the May 25,
Three Months Ended Nine Months Ended 1967 Through
Sept 30, Sept 30, Sept 30,
2000 1999 2000 1999 2000
CASH FLOWS FROM OPERATING
ACTIVITIES:
<S> <C> <C> <C> <C> <C>
Net loss $ (707) $ (250) $ (5,999) $ (3,296) $ (120,020)
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 (1,907) 250 (62) 1,850 -
---------- -------- --------- ------ -------
Net Cash (Used) by
Operating Activities (2,614) - (6,061) (1,446) (119,020)
---------- ------- -------- -------- ----------
CASH FLOWS FROM INVESTING
ACTIVITIES: - - - - -
---------- -------- -------- -------- ----------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Capital contributed by
Shareholder 2,614 - 6,061 1,446 14,622
Issuance of common stock
for cash - - - - 104,398
---------- -------- -------- ------ ---------
Net Cash Provided by
Financing Activities 2,614 - 6,061 1,446 119,020
----------- -------- -------- ------- ---------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - - - - -
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD - - - - -
----------- -------- -------- ------- ---------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ - $ - $ - $ -
=========== ========== ========= ======== =========
</TABLE>
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows (Continued)
(Unaudited)
<TABLE>
From
Inception on
For the For the May 25,
Three Months Ended Nine Months Ended 1967 Through
Sept 30, Sept 30, Sept 30,
2000 1999 2000 1999 2000
<S> <C> <C> <C> <C> <C>
Cash Paid For:
Interest $ - $ - $ - $ - $ -
Income taxes $ - $ - $ - $ - $ -
SUPPLEMENTAL SCHEDULE OF
NON-CASH FINANCING
ACTIVITIES:
Stock issued for services $ - $ - $ - $ - $ 1,000
</TABLE>
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
Sept 30, 2000 and December 31, 1999
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.
On February 28, 2000, the shareholders voted to relocate
the domicile of incorporation of the Company from the State of
Idaho to the State of Delaware.
NOTE 2 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Accounting Method
The Company's financial statements are prepared using the
accrual method of accounting. The Company has elected a calendar
year end.
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.
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
Sept 30, 2000 and December 31, 1999
NOTE 2 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
e. Basic Loss Per Share
The computation of basic (loss) per share of common stock is based
on the weighted average number of shares issued and outstanding
during the period of the financial statements as follows:
<TABLE>
For the For The
Three Nine
Months Ended Months Ended
Sept 30 Sept 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Numerator - loss $ (707) $ (250) $ (5,999) $ (3,296)
Denominator - weighted
average number of shares outstanding 500,300 500,300 500,300 500,300
---------- --------- --------- ----------
Loss per share $ (0.00) $ (0.00) $ (0.01) $ (0.01)
========== =========== ========== ==========
</TABLE>
f. Unaudited Financial Statements
The accompanying unaudited financial statements include all of
the adjustments which, in the opinion of management, are
necessary for a fair presentation. Such adjustments are of a
normal recurring nature.
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>
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.
<PAGE>
On February 28, 2000, the shareholders voted to effect a reverse stock
split of the Company's issued and outstanding common stock on a one (1)
share for 3.815968 shares basis and to amend the Company's Articles of
Incorporation and change the authorized capitalization to 50,000,000
shares of common stock, par value $0.001 per share, and 10,000,000 shares
of preferred stock. The accompanying financial statements reflect the
stock split on a retroactive basis.
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 Sept 30, 2000.
<PAGE>
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: October 1, 2000 By: /S/ Robert S. Turnbow
ROBERT S. TURNBOW
C.E.O., President and
Director
Date: October 1, 2000 By: /S/ Dale B. Lavigne
DALE B. LAVIGNE
Secretary/Treasurer, and
Director
(Principal Accounting
Officer)
<PAGE>
