This space intentionally left blank
Formatting: .5 Left, .5 Right, .5 Top and .6 Bottom
Start
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 June 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 0-26067
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 June 30, 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 6
Statements of Cash Flows . . . . . . . . . . . . 7
Notes to Financial Statements . . . . . . . . . . . . . 8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . 9
Item 2. Changes In Securities. . . . . . . . . . . . . . . . . . 9
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . 9
Item 4. Submission of Matters to a Vote of
Securities Holders . . . . . . . . . . . . . . . . . . 9
Item 5. Other Information. . . . . . . . . . . . . . . . . . . . 9
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . 9
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . 10
EX-27 Financial Data Schedule 10
<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 June 30, 2000 and 1999 and the related
statements of income, retained earnings, and 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
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.
August 9, 2000
<PAGE>
Eagles Nest Mining Company
A Development Stage Company
Balance Sheet
June 30, 2000 and 1999
<TABLE>
2000 1999
<S> <C> <C>
Assets
Current Assets
Cash and Cash Equivalents $0 $0
---------- ----------
Total Current Assets 0 0
---------- ----------
Total Assets 0 0
---------- ----------
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable 750 0
---------- ----------
Total Current Liabilities 750 0
---------- ----------
Stockholders' Equity
Common Stock: 10,000,000 Shares
No Par Authorized
1,392,700 Issued and Outstanding 8,970 8,970
Retained Earnings (Deficit) (9,720) (8,970)
---------- ----------
Total Stockholders' Equity (750) 0
---------- ----------
Total Liabilities and Stockholders' Equity $0 $0
---------- ----------
</TABLE>
The Accompanying "Notes to Financial Statements"
Are An Integral Part of These Financial Statements
<PAGE>
Eagles Nest Mining Company
A Development Stage Company
Statement of Operations
Three Months and Nine Months Ended June 30, 2000 and 1999
<TABLE>
From
Three Three Nine Nine Inception
Months Months Months Months Sept. 14, 1987
To
2000 1999 2000 1999 June 30, 2000
<S> <C> <C> <C> <C> <C>
Revenues $0 $0 $0 $0 $0
Expenses (750) (48) (750) (194) (9,720)
Net Loss ($750) ($48) ($750) ($194) ($9,720)
Basic Net Loss Per Share $0 $0 $0 $0
Weighted Average Number of
Shares Outstanding 1,392,700 1,392,700
============ ============
</TABLE>
The Accompanying "Notes to Financial Statements Are
An Integral Part of These Financial Statement
<PAGE>
Eagles Nest Mining Company
A Development Stage Company
Comparative Analysis of Stockholders' Equity
<TABLE>
Deficit
Accumulated
Common Stock Since
Shares Amount Sept. 12, 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, 0 0 0
-------- -------- --------
Balance September 30, 1990 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 0 0 0
-------- -------- --------
Balance September 30, 1991 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 0 0 0
-------- -------- --------
Balance September 30, 1992 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 0 0 0
-------- -------- --------
Balance September 30, 1993 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 0 0 0
-------- -------- --------
Balance September 30, 1994 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 0 0 0
-------- -------- --------
Balance September 30, 1995 302,700 3,270 (3,270)
Net Changes for the Year Ended September 30, 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, 1998 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 (Loss) for Year Ended September 30, 1999 0 0 (194)
-------- -------- --------
</TABLE>
<PAGE>
Eagles Nest Mining Company
A Development Stage Company
Comparative Analysis of Stockholders' Equity (Continued)
<TABLE>
<S> <C> <C> <C>
Balance September 30, 1999 1,392,700 8,970 (8,970)Net
Change for Nine Months Ended June 30, 2000 0 0 (750)
Balance September 30, 2000 1,392,700 $8,970 ($9,720)
The Accompanying "Notes to =========== ========= ==========
Financial Statements"
Are An Integral Part of These Financial Statements
</TABLE>
Eagles Nest Mining Company
A Development Stage Company
Comparative Statement of Cash Flows
<TABLE>
From
Nine Months Ended Inception
June 30, 2000 Sept.14, 1987
2000 1999 June 30, 2000
<S> <C> <C> <C>
Cash Flows From Operating Activities
Net (Loss) ($750) ($194) $8,970
Adjustments to Reconcile Net
Income (Loss) to Net Cash Used
In Operations
Non Cash Expenses (750) 0 3,450
--------- --------- ---------
Net Cash Provided (Used) By Operations 0 (194) 5,520
--------- --------- ---------
Cash Flows From Investing Activity 0 0 0
--------- --------- ---------
Cash Flows From Financing Activity
Common Stock Issued For Cash 0 0 5,270
Additional Paid In Capital 0 0 250
Cash Flows From Financing Activities 0 0 5,520
Net Cash Increase (Decrease) 0 (194) 0
Cash Balance Beginning 0 194 0
--------- --------- ---------
Cash Balance Ending $0 $0 $0
========= ========= =========
</TABLE>
The Accompanying "Notes to Financial Statements"
Are An Integral Part of These Financial Statements
<PAGE>
Eagles Nest Mining Company
(A Development Stage Company)
Notes to Financial Statements
June 30, 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.
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 sales
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. The tax asset that derives
from the loss 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 as follows:
1. The 300,000 shares were issued on September 17, 1987 and 90,000 were
issued on November 12, 1997.
<PAGE>
2. The stock was issued for administrative services rendered to the
corporation.
3. The value of the services rendered is as 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 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. Reports on Form 8-K
b. Exhibit 27 - Financial Data Schedules
No report on Form 8-K was filed by the Company during the
three month period ended June 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.
EAGLES NEST MINING COMPANY
Date: August 5, 2000 By: /S/ J. Rockwell Smith
J. Rockwell Smith
C.E.O., President and Director
Date: August 5, 2000 By: /S/ Jim Ruzicka
Jim Ruzicka
Secretary/Treasurer, and Director
(Principal Accounting Officer)
<PAGE>
