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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-QSB
Quarterly Report pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 1999
SILVER KEY MINING COMPANY, INC.
-----------------------------
(Name of Small Business Issuer in its charter)
Idaho 82-0513245
---------------------------------- -------------------
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
802 Pine Street
Clark Fork, Idaho 83811
--------------------------------------- ----------
(Address of principal executive offices) (Zip code)
Issuer's telephone number: (208) 266-1464
Indicate by check mark whether the registrant (1) has filed ass 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
Common Stock
--------------------
(Title of Class)
<PAGE>
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item I. Financial Statements
Balance Sheets, December 31, 1998 and
September 31, 1999 (Unaudited) 3
Statements of Operations, Nine Months
Ended September 31, 1998 and Nine Months
Ended September 31, 1999 (Unaudited) and
From June 25, 1971 (Date of Inception)
through September 31, 1999 (Unaudited) 4
Statements of Stockholders' Equity,
From June 25, 1971 (Date of Inception)
through September 31, 1999 (Unaudited) 5
Statements of Cash Flows, Nine Months
Ended September 31, 1998 and Nine Months
Ended September 31, 1999 (Unaudited) and
From June 25, 1971 (Date of Inception)
through September 31, 1999 (Unaudited) 7
Notes to Financial Statements 8
Item 2. Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 8
PART II. OTHER INFORMATION 9
Item 1. Index to Exhibits 9
a. Reports on Form 8-K
b. Signatures
c. Exhibit 27 - Financial Data Schedule
<PAGE>
PART I: Financial Information
Item 1: Financial Statements
SILVER KEY MINING COMPANY
(A Development Stage Company)
Balance Sheets
<TABLE>
September 30, December 31,
1999 1998
------------- -------------
<C> <S> <S>
ASSETS
CURRENT ASSETS
Cash $ - $ -
------------- -------------
Total Current Assets - -
------------- -------------
OTHER ASSETS
Mining claims (Note 1) - -
------------- -------------
TOTAL ASSETS $ - $ -
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
LIABILITIES
Accounts payable $ - $ 1,000
------------- -------------
Total Current Liabilities - 1,000
------------- -------------
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock; $0.05 par
value; authorized 10,000,000
shares; 5,126,010 issued and
outstanding 256,300 256,300
Additional paid-in capital (deficit) (172,086) (174,713)
Deficit accumulated during the
development stage (84,214) (82,587)
------------- -------------
Total Stockholders' Equity
(Deficit) - (1,000)
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT) $ - $ -
============= =============
</TABLE>
3
<PAGE>
SILVER KEY MINING COMPANY
(A Development Stage Company)
Statements of Operations
<TABLE>
From
Inception on
For the Nine For the Nine June 25,
Months Ended Months Ended 1971 Through
September 30, September 30, September 30,
1999 1998 1999
------------- -------------- --------------
<C> <S> <S> <S>
REVENUES $ - $ - $ -
EXPENSES (1,627) (999) (84,214)
------------- -------------- --------------
NET LOSS $ (1,627) $ (999) $ (84,214)
============= ============== ==============
BASIC NET LOSS PER SHARE $ 0.00 $ (0.00)
============= ==============
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 5,126,010 5,088,858
============= ==============
<PAGE>
SILVER KEY MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit)
From Inception on June 25, 1971 through September 30, 1999
</TABLE>
<TABLE>
Deficit
Additional Accumulated
Paid-in During the
Common Stock Capital Development
Shares Amount (Deficit) Stage
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Balance at inception
On June 25, 1971 - $ - $ - $ -
1972 - shares issued
for mining rights at
$0.05 per share 1,000,000 50,000 - -
1976 - shares issued
for cash at $0.05
per share 25,000 1,250 - -
1976 - shares issued
for drilling services
at $0.05 per share 125,000 6,250 - -
1977 - shares issued
for drilling services
at $0.05 per share 130,860 6,543 - -
1977 - shares issued
for cash at $0.05
per share 29,240 1,462 - -
1981 - shares issued
or geological services
at $0.05 per share 18,460 923 - -
1983 - shares issued
for geological, legal
and administrative
services at $0.05
per share 257,800 12,890 - -
1992 - shares issued
for mining rights
at predecessor cost
(Note 4) 3,500,000 175,000 (175,000) -
Contributed capital
for expenses - - 287 -
Net loss from inception
on June 25, 1971
through December 31,
1995 - - - (81,558)
-------------- -------------- -------------- --------------
Balance, December
31, 1995 5,086,360 254,318 (174,713) (81,558)
Net loss for the
year ended
December 31, 1996 - - - -
-------------- -------------- -------------- --------------
Balance, December
31, 1996 5,086,360 $ 254,318 $ (174,713) $ (81,558)
</TABLE>
<PAGE>
SILVER KEY MINING COMPANY
(A Development Stage Company)
Statements of Stockholders' Equity (Deficit) (Continued)
From Inception on June 25, 1971 through September 30, 1999
<TABLE>
Deficit
Additional Accumulated
Paid-in During the
Common Stock Capital Development
Shares Amount (Deficit) Stage
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Balance, December
31, 1996 5,086,360 $ 254,318 $ (174,713) $ (81,558)
Net loss for the
year ended December
31, 1997 - - - (30)
-------------- -------------- -------------- --------------
Balance, December
31, 1997 5,086,360 254,318 (174,713) (81,588)
Common stock issued
for services at
$0.05 per share 39,650 1,982 - -
Net loss for the
year ended December
31, 1998 - - - (999)
-------------- -------------- -------------- --------------
Balance, December
31, 1998 5,126,010 256,300 (174,713) (82,587)
Capital contributed
for expense - - 2,627 -
Net loss for the nine
months ended
September 30, 1999 - - - (1,627)
-------------- -------------- -------------- --------------
Balance, September
30, 1999 5,126,010 $ 256,300 $ (172,086) $ (84,214)
============== ============== ============== ==============
</TABLE>
<PAGE>
SILVER KEY MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows
<TABLE>
From
Inception on
For the Nine For the Nine June 25,
Months Ended Months Ended 1971 Through
September 30, September 30, September 30,
1999 1998 1999
------------ ------------ ------------
<C> <S> <S> <S>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net (loss) $ (1,627) $ (999) $ (84,214)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Disposal of assets
for services - - 71,818
Stock issued for
services - 1,982 9,482
(Decrease) in accounts
payable (1,000) (983) -
------------ ------------ ------------
Net Cash Provided by
Operating Activities (2,627) - (2,914)
------------ ------------ ------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Cash used for drilling
costs - - (2,712)
------------ ------------ ------------
Net Cash (Used) by
Investing Activities - - (2,712)
------------ ------------ ------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issuance of common
stock for cash - - 2,712
Contributed capital 2,627 - 2,914
------------ ------------ ------------
Net Cash Provided (Used) by
Financing Activities 2,627 - 5,626
------------ ------------ ------------
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 KEY MINING COMPANY
(A Development Stage Company)
Statements of Cash Flows (Continued)
<TABLE>
From
Inception on
For the Nine For the Nine June 25,
Months Ended Months Ended 1971 Through
September 30, September 30, September 30,
1999 1998 1999
------------ ------------ ------------
<C> <S> <S> <S>
Cash Paid For:
Interest $ - $ - $ -
Taxes $ - $ - $ -
NON CASH FINANCING ACTIVITIES
Common stock issued for
Mining rights at
predecessor cost $ - $ - $ -
</TABLE>
Notes to Financial Statements
The unaudited interim financial statements for the nine months ended September
31, 1998 and 1999 have been prepared on the same basis as the audited
financial statements and, in the opinion of management, include all adjustments
necessary to present fairly the information set forth therein, in accordance
with generally accepted accounting principles.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Conditions and
Results of Operations
The Company was formed in 1971 and obtained certain mining claims and rights.
Those rights were subsequently abandoned and the Company has conducted no
business since 1992. The Company has never generated any revenue in its
history. The Company is currently pursuing registration as a public company.
The Company's ability to continue in business is dependent upon obtaining
sufficient financing or attaining future profitable options.
PART II. OTHER INFORMATION
Item 1. Exhibits and reports on Form 8-K
a. Reports on Form 8-K
b. Signatures
c. Exhibit 27 - Financial Data Schedule
(a) There have been no reports on Form 8-K for the nine months ending
September 31, 1999.
(b) Signatures
Pursuant to the requirements of Section 12 of the Securities Exchange Act
of 1934, the Registrant has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized.
IDAHO TECHNICAL, INC.
(Registrant)
Date: October 19, 1999 /s/ Dale F. Miller
------------------------------
Dale F. Miller, President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Statements of Financial Condition for Silver Key Mining Company at
September 30, 1999, the Statements of Income for September 30, 1999, and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<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> 256,300
<OTHER-SE> 256,300
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,627
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,627)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,627)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,627)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
