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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
[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
For the transition period from to
COMMISSION FILE NUMBER 000-30065
IRON MASK MINING COMPANY
(Exact name of registrant as specified in its charter)
IDAHO Unavailable
(State of other jurisdiction (IRS Employer Identification
of incorporation or organization) Number)
656 Cedar Street
Ponderay, Idaho 83852
(Address of principal executive offices)
(208) 263-3834
(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 [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of March 31, 2000: 13,214,000
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Board of Directors
Iron Mask Mining Company
PO Box 1713
Sandpoint, Idaho 83864
We have reviewed the accompanying Balance Sheet of Iron Mask Mining
Company as of March 31, 2000 and the related statements of Income and
Accumulated Property Costs and Statement of Cash Flows for the nine
months then ended, in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of
Certified Public Accountants. All information included in these
financial statements is the representation of the management of Iron
mask Mining Company.
A review consists principally of inquiries of company personnel and
analytical procedures applied to the financial data. It is
substantially less in scope than an audit in accordance with
generally accepted auditing standards, the objective of which is the
expression of 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 financial statements in order
for them to be in conformity with generally accepted accounting
principles.
/s/ Scott Beggs & Company, Inc.
Scott Beggs & Company, Inc
Kellogg, Idaho 83837
June 9, 2000
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Iron Mask Mining Company
A Development Stage Corporation
Balance Sheet
March 31, 2000
Assets
Current Assets
Cash in Bank 5,405
Prepaid Insurance 750
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Total Current Assets 6,155
Property and Equipment
Land
Buildings
Equipment
Accumulated Depreciation -
----------
Net Property and Equipment -
Total Assets 6,155
Liabilities and Equity
Current Liabilities
Accounts Payable
Interest Payable 3,343
Notes Payable - Due within one Year -
----------
Total Current Liabilities 3,343
Long-Term Liabilities
Notes Payable - Due in more than one Year -
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Total Long-Term Liabilities -
Total Liabilities 3,343
Equity
Common Stock, par value $ .05, authorized
100,000,000 shares, issued and outstanding
15,987,316 799,366
Additional Paid in Capital 215,936
Deficit accumulated during
Development Stage (1,012,490)
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Total Equity 2,812
Total Liabilities and Equity 6,155
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See the accompanying accountant's report and notes, which are
integral parts of these financial statements.
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Iron Mask Mining Company
A Development Stage Corporation
Statement of Income and Accumulated Deficit
For the Nine Months Ended - March 31, 2000
Nine Months
Ended Cumulative
03/31/00 Total
Income
Interest Income 77 83,871
Logging Receipts 15,470
Ore Sales 14,776
Misc. Income 296 7,624
Lease Income 1,400
Gain on Sale (29,551) (29,551)
Workmen's Comp Dividend 375
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Total Income (29,178) 93,965
Expenses
Wages and Salaries 248,648
Professional Fees 21,000 104,142
Tunnel Contract 73,850
Materials and Supplies 54,777
Payroll Taxes and Insurance 49,822
Depreciation 47,208
Gas and Oil 35,057
Office Supplies 26,516
Exploration 25,183
Interest and Bank Fees 3,915 23,070
Equipment Rent 17,746
Leases 14,645
Promotions 11,525
Equipment Repair 7,664
Taxes and Licenses 642 7,843
Road 6,012
Filing Fees 4,346
Other 882 5,215
Assays 1,032
Fire and Safety 237
Documentary Stamps 119
Rounding 2
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Total Expenses 26,439 764,659
Net Loss (55,617) (670,694)
Adjustment to Accumulated Deficit
due to Merger of Yellow Pine
Resources (341,796)
Accumulated Deficit - Start of Year (956,873) -
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Accumulated Deficit - End of Year (1,012,490) (1,012,490)
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See accompanying accountant's report and notes, which are integral
parts of these financial statements.
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Iron Mask Mining Company
A Development Stage Corporation
Statement of Cash Flows
For the Nine Months Ended - March 31, 2000
Nine Months
Ended Cumulative
03/31/00 Total
Cash Flows From Operating Activities
Net Loss (22,723) (637,799)
Adjustments to reconcile to net Cash
Depreciation Expense 47,208
Loss on Sale of Land 452
Changes in Operating Assets and
Liabilities
(Increase) Decrease in Prepaid
Insurance (750)
Increase (Decrease) in
Salary/Accounts Payable (1,419) -
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Net Cash (Used) Provided By
Operating Activities (24,142) (590,889)
Cash Flows From Investing Activities
Sale of Land 57,829 73,397
Purchase of property - (150,609)
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Net Cash (Used) Provided By
Investing Activities 57,829 (77,212)
Cash Flows From Financing Activities
Common Stock Proceeds 673,506
Loan Proceeds 5,000 33,355
Loan Repayments (33,355) (33,355)
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Net Cash (Used) Provided By
Financing Activities (28,355) 673,506
Net Increase (Decrease) in Cash 5,332 5,405
Cash - Start of Period 73 -
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Cash - End of Period 5,405 5,405
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See accompanying accountant's report and notes, which are integral
part of these financial statements
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Iron Mask Mining Company
A Development Stage Company
Notes to the Financial Statements
March 31, 2000
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Development Stage Company - General Accounting In June 1975, the
Financial Accounting Standards Board (FASB) issued Statement of
Financial Standards No 7 effective for fiscal periods beginning after
January 1, 1976, for companies in the development stage. That
statement requires that such companies follow the same accounting
practices as operating companies and, thus, defer only those costs
which an operating company would normally defer and that dollar amounts
be assigned to shares issued for noncash considerations.
Development Activities The primary business purpose of the Company is
the purchase and development of mining properties. The realization of
profits and recovery of development costs are dependent upon increased
market values and the recover ability of the minerals of the Company's
properties.
Cash and Cash Equivalents For the purpose of the statement of cash
flows, the Company considers all highly liquid debt instruments with a
maturity of three months or less to be cash equivalents.
Property and Equipment Depreciation is provided for on the straight
line method of accounting over 5 to 7 years on equipment and 20 years
on buildings. All depreciable assets have been fully depreciated.
Notes Payable The Company has various notes payable to individuals.
These notes are secured by a lien on the Company's real property. On
January 21, 1998 the following loans were provided to the Company; 1)
Gerald Sarff $3,000; 2) Robert Evans $15,355; 3) Charles McNearney
$2,500; and 4) Walter Ripley $2,500. These loans total $23,355 and the
interest rate is 7%. On April 1, 1999 a loan with Montana Land
Investments LLC in the amount of $5,000, the interest rate is 12%. On
October 5, 1999 a loan with Gerald and Fonda Sarff in the amount of
$5,000, the interest rate is 12%. There have been no principal or
interest payments made on these loans.
During the nine months ended March 31, 2000, the company was able to
repay all notes payable from the sales proceeds of land. See Note 6
for more information.
Income Taxes The Company files its corporate income tax returns as a
development stage company. Accordingly, all income and expense items
are being capitalized as development costs.
NOTE 2: CUMULATIVE DATA
Cumulative data has been recorded on the Statement of Income and
Accumulated Property Costs and the Statement of Cash Flows. The
cumulative data is from May 1, 1957, the date of organization, to June
30, 1999. Also included in Deficit accumulated is the amount incurred
by Yellow Pine Resources Inc. See Notes 3 and 4 for more information.
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Iron Mask Mining Company
A Development Stage Company
Notes to the Financial Statements
March 31, 2000
NOTE 3: ACQUISITION AGREEMENT
The Company entered an agreement with Yellow Pine Resources Inc to
acquire all of the outstanding shares of Yellow Pine Resources Inc in
a stock for stock exchange. After concluding the transaction, Iron
Mask Mining Company owns 100% of the outstanding stock of Yellow Pine
Resources Inc. Iron Mask Mining Company issued 6,000,000 shares to
the shareholders of record of Yellow Pine Resources Inc. Iron Mask
received $341,796 of capitalized development costs and the applicable
mining leases and other assets of Yellow Pine Resources. $300,000 has
been included as Common stock and $41,796 as additional paid in
capital.
NOTE 4: CONSOLIDATION INFORMATION
Included in the deficit accumulated during development stage activities
is $341,796 incurred by Iron Mask Mining Company's wholly owned
subsidiary Yellow Pine Resources Inc. See Note 3 for more information
concerning the acquisition of Yellow Pine Resources Inc.
NOTE 5: LEASES
The State lease was for 10 years from 1988, payable annually at $1 per
acre. This lease has expired and was not renewed.
NOTE 6: LAND SALE AND NOTE REPAYMENTS
During the nine months ended March 31, 2000, the company sold some
land. This land was acquired in approximately 1957 for approximately
$2,000. The sales price for the land, net of selling expenses was
$57,829. The loan from Montana Land Investments LLC, plus interest,
was paid directly title company. All other creditors forgave the
interest accrued on the notes, and accepted as payment in full the
amount of principal originally loaned to Iron Mask Mining Company.
Total interest forgiven was $3,343.
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ITEM 6. MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
The Company is a mining company engaged in exploration and
development activities. The Company is pursuing opportunities within
the mining industry as well as other industries. The Company filed
Form 10-SB General Form for Registration of Securities with the
Security and Exchange Commission on March 22, 2000. The Company's
registration became effective on April 26, 2000 and the Company expects
its shares will be listed on the bulletin board exchange before
calendar year end. The Company's fiscal year end is June 30th.
OVERVIEW
The Company was formed on May 16, 1957 and engaged in mining
activities from 1957 to 1991. From 1991 to February 1999 the Company
was inactive. On March 5, 1999, the Company acquired 100% of the stock
of Yellow Pine Resources, Inc., in exchange for 6,000,000 shares of the
Company's common stock. The Company acquired various mining gold
claims and a 50% interest in a mineral interest consisting of 42
unpatented mining claims, which the Company believes contain diatomite.
Additionally, the Company is seeking timber contracts and has plans to
develop a veneer mill.
Revenues
The Company's revenue for the nine months ended March 31, 2000
resulted mainly from the sale of land originally acquired in 1957. The
gain on the sale of land was $55,829. Other sources of income were $77
of interest income, miscellaneous income of $296, and forgiven interest
of $3,343. Revenue in total increased from the previous year's nine
month period from $28 to $59,545.
Expenses
Total expenses for the nine months ended March 31, 2000 and March
31, 1999 were $26,439 and $6,379 respectively. In each year's nine
month periods most costs were related to the registration and filing
requirements of the Company's common stock. Professional fees were
$21,000 for the period and were related to the costs of registering the
Company's stock and SEC filings. Interest expense on short-term loans
was $3,915 and all interest was paid or forgiven when the land sale
occurred. Taxes and license costs were $642 and other miscellaneous
expenses were $882.
FINANCIAL CONDITION
Liquidity
Cash increased $5,332 during the nine-month period. The land sale
allowed the Company to also pay off all of its current liabilities in
the amount of $29,774. Prepaid insurance remained constant at $750.
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Capital Requirements
The Company's stock registration and listing will allow the
Company to raise the capital needed to pursue its long-term goals of
developing its gold and diatomite mining operation, its veneer
operation and other opportunities identified by management.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
IRON MASK MINING COMPANY
(registrant)
Date: October 12, 2000
By: /s/ Robert Evans
Robert Evans, Vice President,
Treasurer, Chief Financial Officer,
and member of the Board of
Directors
