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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 March 31, 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 March 31, 2000.
Common Stock, $.001 par value 1,907,984
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
FINANCIAL STATEMENTS
March 31, 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) 5
Statements of Cash Flows 8
Notes to the Financial Statements 8
PART II
Item 1 Legal Proceedings 11
Item 2 Changes in Securities 11
Item 3 Defaults in Senior Securities 11
Item 4 Submission of Matters to a Vote of Security Holders 11
Item 5 Other Information 11
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)
Salt Lake City, Utah
We have reviewed the accompanying balance sheet of Silver Ramona Mining
Company (a development stage company) as of March 31, 2000 and the
related statements of operations, stockholders' equity (deficit) and cash
flows for the periods ended March 31, 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 April 13, 2000, we expressed an unqualified opinion on
those financial statements.
HJ & Associates, LLC
Salt Lake City, Utah
May 10, 2000
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Balance Sheets
ASSETS
<TABLE>
<S> <C> <C>
March 31, December 31,
2000 1999
CURRENT ASSETS
Cash $ - $ -
---------- ----------
Total Current Assets - -
---------- ----------
TOTAL ASSETS $ - $ -
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 1,500 $ 62
----------- --------
Total Current Liabilities 1,500 62
----------- --------
STOCKHOLDERS' EQUITY (DEFICIT)
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 114,911 113,459
Deficit accumulated during the development stage (116,911) (114,021)
----------- --------
Total Stockholders' Equity (Deficit) (1,500) (62)
----------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT) $ - $ -
=========== ========
</TABLE>
See Accountants' Review Report and the accompanying notes to the
reviewed financial statements.
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Operations
<TABLE>
From
Inception on
May 25,
For the Three Months Ended 1967 Through
March 31, March 31,
2000 1999 2000
----------------------------------------------------
<S> <C> <C> <C>
REVENUES $ - $ - $ -
EXPENSES 2,890 1,600 116,911
NET LOSS $ (2,890) $ (1,600) $ (116,911)
BASIC LOSS PER SHARE $ (0.01) $ (0.00)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 500,000 500,000
=========== ============
</TABLE>
See Accountants' Review Report and the accompanying notes to the
reviewed financial statements.
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
From Inception on May 25, 1967 Through March 31, 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
<PAGE>
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)
-------- -------- --------- ----------
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)
<PAGE>
Capital contributed by
shareholder - - 1,452 -
Net loss for the three months
ended March 31, 2000 - - - (2,890)
-------- -------- --------- ----------
Balance, March 31, 2000 500,000 $ 500 $ 114,911 $ (116,911)
======== ======== ========= ===========
</TABLE>
See Accountants' Review Report and the accompanying notes to the
reviewed financial statements.
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows
<TABLE>
From
Inception on
October 9,
For the Three Months Ended 1968 Through
March 31, March 31,
2000 1999 2000
----------------------------------------------------
CASH FLOWS FROM
OPERATING ACTIVITIES
<S> <C> <C> <C>
Net loss $ (2,980) $ (1,600) $ (116,911)
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 1,438 1,600 1,500
---------- ---------- ----------
Net Cash (Used) by Operating
Activities (1,452) - (114,411)
---------- ---------- ----------
CASH FLOWS FROM
INVESTING ACTIVITIES - - -
---------- ---------- ----------
CASH FLOWS FROM
FINANCING ACTIVITIES
Capital contributed by shareholder 1,452 - 10,013
<PAGE>
Issuance of common stock for cash - - 104,398
---------- ---------- ---------
Net Cash Provided by
Financing Activities 1,452 - (114,411)
---------- ---------- ----------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - - -
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD - - -
---------- ---------- ----------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ - $ - $ -
========== ========== ==========
</TABLE>
See Accountants' Review Report and the accompanying notes to the
reviewed financial statements.
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows (Continued)
<TABLE>
From
Inception on
October 9,
For the Three Months Ended 1968 Through
March 31, March 31,
2000 1999 2000
----------------------------------------------------
<S> <C> <C> <C>
Cash Paid For:
Interest $ - $ - $ -
Income taxes $ - $ - $ -
SUPPLEMENTAL SCHEDULE OF
NON-CASH FINANCING ACTIVITIES
Stock issued for services $ - $ - $1,000
</TABLE>
See Accountants' Review Report and the accompanying notes to the
reviewed financial statements.
<PAGE>
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
March 31, 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.
SILVER RAMONA MINING COMPANY
(A Development Stage Company)
Notes to the Financial Statements
March 31, 2000 and December 31, 1999
<PAGE>
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:
March 31,
2000 1999
Numerator - loss $ (2,890) $1,600
Denominator - weighted average number of
shares outstanding 500,000 500,000
Loss per share $ (0.01) $ (0.00)
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.
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.
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.
<PAGE>
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 March 31, 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: May 15, 2000 By: /S/ Robert S. Turnbow
ROBERT S. TURNBOW
C.E.O., President and
Director
Date: May 15, 2000 By: /S/ Dale B. Lavigne
DALE B. LAVIGNE
Secretary/Treasurer, and
Director
(Principal Accounting
Officer)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE SILVER RAMONA MINING COMPANY FINANCIAL
STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2000
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-1-2000
<PERIOD-END> MAR-31-2000
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 1,500
<BONDS> 0
0
0
<COMMON> 500
<OTHER-SE> 114,911
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 2,890
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,890)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,890)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,890)
<EPS-BASIC> (.01)
<EPS-DILUTED> (.01)
</TABLE>
