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10QSB
1
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 0-26067
EAGLES NEST MINING COMPANY
(Exact name of small business issuer as specified in its charter)
Idaho 87-0571300
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
253 Ontario #1, P.O. Box 3303, Park City, Utah 84060
(Address of principal executive offices)
Registrant's telephone no., including area code: (435) 649-5060
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, no par value 1,392,700
<PAGE>
_
TABLE OF CONTENTS
Heading Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . 3
Balance Sheets 4
Statements of Operations . . . . . . . . . . . . . . 5
Statements of Stockholders Equity 5
Statements of Cash Flows . . . . . . . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . . 7
Item 2. Management's Discussion and Analysis and
Results of Operations. . . . . . . . . . . . . . . . . 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . 11
Item 2. Changes In Securities. . . . . . . . . . . . . . . . . . 11
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . 11
Item 4. Submission of Matters to a Vote of
Securities Holders . . . . . . . . . . . . . . . . . . 11
Item 5. Other Information. . . . . . . . . . . . . . . . . . . . 11
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . 11
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . 12
<PAGE>
PART I
Item 1. Financial Information
Jack F. Burke, Jr.
Certified Public Accountant
P. O. Box 15728
Hattiesburg, Mississippi 39404
Review Report
I have reviewed the accompanying balance sheet of Eagles nest Mining Company
(A Development Stage Company) as of March 31, 2000 and 1999 and the related
statements of income, retained earnings, and cash flows for the six months
then ended, in accordance with Statements on Standards for Accounting and
Review Services issued by the American Institute of Certified Public
Accountant. All information included in these financial statements is the
representation of the management of Eagles Nest Mining Company.
A review consist principally of inquiries of company personnel and analytical
procedures applied to 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, I do not express such an opinion.
Based on my review, I am 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.
Sincerely,
/s/Jack F. Burke, Jr.
- -----------------------
Jack F. Burke, Jr.
May 16, 2000
<PAGE>
Eagle Nest Mining Company
A Development Stage Company
Comparative Balance Sheet
<TABLE>
<S> <C> <C>
March
2000 1999
Assets
Current Assets
Cash and Cash Equivalents $0 $146
Total Current Assets 0 146
Total Assets 0 146
Liabilities and Stockholders' Equity
Current Liabilities
Total Current Liabilities 0 0
Stockholders' Equity
Common Stock - 10,000,000 Shares
No Par Authorized, 1,392,700 Shares
Issued and Outstanding 8,970 8,970
Retained Earnings (Deficit) (8,970) (8,824)
Total Stockholders Equity 0 0
Total Liabilities and Stockholders' Equity $0 $146
</TABLE>
The Accompanying "Notes to Financial Statements"
Are An Integral Part of These Financial Statements
<PAGE>
Eagles Nest Mining Company
A Development Stage Company
Comparative Statement of Operations
<TABLE>
From
For Six Inception
Months Ended September 14, 1987
March 31 to March 31
Revenues 2000 1999 2000
<S> <C> <C> <C>
Net Revenues $0 $0 $0
Expenses 0 48 8,970
Net Income (Loss) 0 (48) (8,970)
Net Income (Loss) Per
Share Common Stock $0 $0 $0
Weighted Average
Number of Shares Outstandin 1,392,700 1,392,700 450,026
</TABLE>
The Accompanying "Notes to Financial Statements"
Are An Integral Part of These Financial Statements
<PAGE>
Eagles Nest Mining Company
A Development Stage Company
Comparative Analysis of Stockholders' Equity
<TABLE>
Deficit
Accumulated
Common Stock Since
Shares Amount Sept. 14, 1987
<S> <C> <C> <C>
Common Stock Issued September 14, 1987 302,200 $3,220
Net Loss for the Year Ended September 30, 1987 0 0 ($3,220)
Balance September 30, 1987 302,200 3,220 (3,220)
Common Stock Issued In 1988 500 50
Net Loss for the Year Ended September 30, 1988 0 0 (50)
Balance September 30, 1988 302,700 3,270 (3,270)
Net Loss for the Year Ended September 30, 1989 0 0 0
Balance September 30, 1989 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 1990 0 0 0
Balance September 30, 1990 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 1991 0 0 0
Balance September 30, 1991 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 1992 0 0 0
Balance September 30, 1992 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 1993 0 0 0
Balance September 30, 1993 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 1994 0 0 0
Balance September 30, 1994 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 1995 0 0 0
Balance September 30, 1995 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 1996 0 0 0
Balance September 30, 1996 302,700 3,270 (3,270)
Common Stock Issued August 28, 1997 1,000,000 5,000 0
Net Loss for the Year Ended September 30, 1997 0 0 0
Balance September 30, 1997 1,302,700 8,270 (3,270)
Common Stock Issued November 12, 1997 90,000 450 0
Additional Paid in Capital 250 0
Net Loss for the Year Ended September 30, 1998 0 0 (5,506)
Balance September 30, 1998 1,392,700 8,970 (8,776)
Net Changes for three Months Ended December 31, 1998 0 0 (24)
Balance December 31,1998 1,392,700 8,970 (8,800)
Net (Loss) for Year Ended September 30, 1999 0 0 (170)
Balance September 30, 1999 1,392,700 8,970 (8,970)
Net Change for Six Months Ended March 31, 2000 0 0 0
Balance March 31, 2000 1,392,700 $8,970 ($8,970)
</TABLE>
The Accompanying "Notes to Financial Statements"
Are An Integral Part of These Financial Statements
<PAGE>
Eagles Nest Mining Company
A Development Stage Company
Comparative Statement of Cash Flows
<TABLE>
From
Six Months Ended Inception
March 31, September 14, 1987
2000 1999 March 31, 2000
<S> <C> <C> <C>
Cash Flows From Operating Activities
Net (Loss) $0 ($48) $8,970
Adjustments to Reconcile Net
Income (Loss) to Net Cash Used
In Operations
Non cash Expenses 0 0 3,450
Net Cash Provided (Used) By Oper 0 (48) 5,520
Cash Flows From Investing Activi 0 0 0
Cash Flows From Financing Activity
Common Stock Issued for Cas 0 0 5,270
Additional Paid In Capital 0 0 250
Cash Flows From Financing Activi 0 0 5,520
Net Cash Increase (Decrease) 0 (48) 0
Cash Balance Beginning 0 194 0
Cash Balance Ending $0 $146 $0
</TABLE>
The Accompanying "Notes to Financial Statements"
Are An Integral Part of These Financial Statements
Eagles Nest Mining Company
(A Development Stage Company)
Notes to Financial Statements
March 31, 2000 and 1999
Note 1 - Organization and History
The Company was organized in the State of Idaho on September 14, 1987. The
Company has not begun operations and has been dormant since its organization.
<PAGE>
Cash and Cash Equivalent - Cash consist of cash and demand deposits. The
Company defines cash equivalent as highly liquid short term investments with
an original maturity of three months or less. The Company has not had any
cash equivalents.
Accounting Method and Financial Statements - The Company has been dormant
since its inception with its only transactions consisting of stock less and
administrative services.
Income Tax - The Company does not have a tax asset or liability. The Company
has a net operating loss carryover of $5,520 which has been offset by a
valuation account. Should the Company commence operations the net operating
loss would be usable and would expire as follows:
Year Loss
2002 $220
2003 50
2018 5,056
2019 194
Total $5,520
Net (Loss), Per Share - Net income (loss) per share is calculated by dividing
net income (loss) by the weighted number of shares of common stock outstanding
during the period.
Development Stage Company - The Company is classified as a development stage
company as it is dormant and planned principle operations have not commenced.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect that amounts reported in the financial statements
and accompanying notes. Actual results could differ from these estimates.
Note 2 - Common Stock Issued for Service
390,000 shares of unregistered common stock was issued to certain directors
of the corporation as compensation for services rendered. Information
regarding this issue is a follows:
1. The 300,000 shares were issued on September 17, 1987 and 90,000 were
issued on
November 12, 1997.
2. The stock was issued for administrative services rendered to the
corporation.
3. The value of the services rendered is a follows:
a. 300,000 shares issued September 17, 1987 was $3,000.00
b. 90,000 shares issued November 12, 1997 was $450.00
Note 3 - Going Concern
The Company's financial statements have been presented on the basis that it
is a going concern which contemplated the realization of assets and the
satisfaction of liabilities in the normal course of business. The Company is
<PAGE>
in the development stage and has not earned any revenues from operations. The
Company's ability to continue as a going concern is dependent upon its
ability to develop additional sources of capital or locate a merge candidate
and ultimately, achieve profitable operation. The accompanying financial
statements do not include any adjustments that might result from the outcome
of these uncertainties. Management is seeking new capital to revitalize the
company.
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.
_
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.
EAGLES NEST MINING COMPANY
Date: May 15, 2000 By: /S/ J. Rockwell Smith
J. Rockwell Smith
C.E.O., President and Director
Date: May 15, 2000 By: /S/ Jim Ruzicka
Jim Ruzicka
Secretary/Treasurer, and Director
(Principal Accounting Officer)
<PAGE>
<TABLE> <S> <C>
<PAGE>
<S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE EAGLES NEST 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-1-1999
<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> 0
<BONDS> 0
0
0
<COMMON> 8,970
<OTHER-SE> (8,970)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> (.00)
<EPS-DILUTED> (.00)
</TABLE>
