SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended Commission File Number
- ----------------- ----------------------
May 31, 2000 000-27311
HI-PLAINS ENERGY CORP.
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(Exact name of registrant as specified in its charter)
Wyoming 84-1413868
- -------------------------------- -------------------
(State of incorporation) (I.R.S. Employer
Identification No.)
214 South Center Street, Casper, Wyoming, 82601
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: None
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 the filing
requirements for at least 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 the latest practicable date.
780,000 common shares as of March 31, 2000
<PAGE>
HI-PLAINS ENERGY CORP.
(A Development Stage Company)
FINANCIAL STATEMENTS
For the Three-Months Ended March 31, 2000
(Unaudited)
<PAGE>
<TABLE>
<CAPTION>
HI-PLAINS ENERGY CORP.
(A Development Stage Company)
Balance Sheet
For the Three Month Period Ended March 31, 2000
(Unaudited)
Three-Months Three-Months
Ended Ended
March 31, 2000 March 31, 1999
<S> <C> <C>
ASSETS;
Current Assets:
Cash $ 213 $ 587
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Total Current Assets 213 587
Other Assets
Investment in Western Technology 750 750
----------------- -----------------
Total Other Assets 750 750
TOTAL ASSETS $ 963 $ 1,337
================= =================
LIABILITIES & STOCKHOLDERS' EQUITY
Stockholders Equity (Note 3)
50,000,000 shares authorized $.001 par value, 780 480
780,000 & 480,000 shares issued and outstanding
in 2000 and 1999 respectfully.
Additional Paid-In Capital 1,470 1,020
Deficit accumulated during the
development stage (1,287) (163)
----------------- -----------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 963 $ 1,337
================= =================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
HI-PLAINS ENERGY CORP.
(A Development Stage Company)
Statement of Operations
For the Three-Months Ended March 31, 2000
(Unaudited)
May 27, 1997
March 31, March 31, Inception to
2000 1999 Mar. 31, 2000
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<S> <C> <C> <C>
Revenue:
$ - $ - $ -
Total Income - -
Costs and Expenses:
Accounting Fees - - -
Filing Fees - 25 162
Bank Charges - - 1
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Total Expenses - 25 163
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Net Loss $ - $ (25) $ (163)
============== ============ =================
Per Share Information:
Weighted average number
of common shares outstanding 780,000 480,000 780,000
-------------- ------------ -----------------
Net Loss per common share $ - $ (0.001) $ (0.002)
============== ============ =================
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
HI-PLAINS ENERGY CORP.
Stockholders' Equity
March 31, 2000
(Unaudited)
COMMON STOCKS Additional Retained Total
Paid-In Earnings Stockholders's
Shares Amount Capital (Deficit) Equity
------ ------ ---------- --------- --------------
<S> <C> <C> <C> <C> <C>
Issuance for Cash 120,000 $ 120 $ 180 $ - $ 300
Issuance for Cash 360,000 360 840 - 1,200
Net Deficit 12/31/97 - - - (113) (113)
-------- ----- ------- -------- --------
Balance December 31, 1997 480,000 $ 480 $ 1,020 $ (113) $ 1,387
======== ===== ======= ======== ========
Net Deficit 12/31/98 - - - (25) (25)
-------- ----- ------- -------- --------
Balance December 31, 1998 480,000 $ 480 $ 1,020 $ (138) $ 1,362
======== ===== ======= ======== ========
Issuance for Cash 300,000 300 450 - 750
Net Deficit 12/31/99 - - - (1,149) (1,149)
-------- ----- ------- -------- --------
Balance December 31, 1999 780,000 780 1,470 (1,287) 963
======== ===== ======= ======== ========
Net Deficit 3/31/2000 - - - - -
-------- ----- ------- -------- --------
Balance March 31, 2000 780,000 $ 780 $ 1,470 $(1,287) $ 963
======== ===== ======= ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
HI-PLAINS ENERGY CORP.
(A Development Stage Company)
Statement of Cash Flow
For the Three-Months Ended March 31, 2000
(Unaudited)
May 27, 1997
March 31 March 31 Inception to
2000 1999 Mar. 31, 2000
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<S> <C> <C> <C>
Cash Flows from Operating Activities:
Net Loss $ (1,124) $ (25) $ (1,287)
(Increase) in Investment - (750) (750)
-------------- ---------- --------------
Net Cash Provided by Operating Activities (1,124) (775) (2,037)
Cash Flows from Financing Activities:
Proceeds from stock issuance 750 - 2,250
-------------- ---------- --------------
Net Cash Provided by Finacing Activities 750 - 2,250
-------------- ---------- --------------
Net Decrease in Cash & Cash Equivalents (374) (775) 213
Beginning Cash & Cash Equivalents 587 1,362 -
-------------- ---------- --------------
Ending Cash & Cash Equivalents $ 213 $ 587 $ 213
============== ========== ==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest - - -
Income Taxes - - -
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
HI-PLAINS ENERGY CORP.
(A Development Stage Company)
March 31, 2000
(Unaudited)
Note 1 - Organization and Summary of Significant Accounting Policies:
-----------------------------------------------------------
Organization:
- ------------
The Company was incorporated on May 27, 1997, in the state of Wyoming. The
Company is in the development stages and was organized for the purpose of
raising capital. The Company's fiscal year end is December 31.
Basis of Presentation:
- ---------------------
The Company is primarily engaged in capital raising. The authorized capital
stock of the corporation is 50,000,000 shares of common stock at $.001 par
value.
Cash and Cash Equivalents:
- -------------------------
The Company considers all highly liquid debt instruments, purchased with an
original maturity of three months or less, to be cash equivalents.
Revenue Recognition:
- -------------------
Revenue is recognized when earned and expenses are recognized when they occur.
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, and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period.
Actual results could differ from those estimates.
Net Loss Per Share
- ------------------
Net loss per share is based on the weighted average number of common shares and
common shares equivalents outstanding during the period.
<PAGE>
HI-PLAINS ENERGY CORP.
(A Development Stage Company)
March 31, 2000
(Unaudited)
Note 2 - Federal Income Taxes:
--------------------
The Company accounts for income taxes under SFAS No. 109, which requires the
asset and liability approach to accounting for income taxes. Under this
approach, deferred income taxes are determined based upon differences between
the financial statement and tax bases of the Corporation's assets and
liabilities and operating loss carryforwards using enacted tax rates in effect
for the years in which the difference are expected to reverse. Deferred taxes
are recognized if it is more likely than not that the future tax benefit will be
realized.
As of December 31, 1999, the Company has financial reporting net operating loss
carryforwards of approximately $1,287 for which the tax effect has not been
recognized for financial reporting purposes. Such losses expire in 2013 if not
utilized earlier.
Note 3 - Stockholders' Equity
--------------------
During the period, the Company issued 780,000 shares of its $.001 par value
common stock. 480,000 shares were sold in August 1997 for cash of $1,500 and
300,000 shares were sold in January 1999 for cash of $750.
Note 4 - Related Party Transactions
--------------------------
The officers and directors of this company are also officers and directors of
other companies.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2000 COMPARED TO THE SAME
QUARTER IN 1999
The Company had no revenues in the quarter ended May 31, 2000 or in 1999.
The Company incurred no expenses in the quarter in 2000 and $25 in the quarter
in 1999. The company had no gain or loss in the period in 2000 and a net loss of
($25) in the period in 1999. The loss per share as none in the quarter in 2000
and 1999.
LIQUIDITY AND CAPITAL RESOURCES
The Company has no liquid assets or cash. Its sole capital resources are it
shares of stock with which to make private placements.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULT UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K were made for the period for which this report
is filed.
<PAGE>
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.
Date: May 15, 2000
HI-PLAINS ENERGY CORP.
/s/ Z.S. Merritt
-----------------------------
President
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 213
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 213
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 963
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 780
<OTHER-SE> 183
<TOTAL-LIABILITY-AND-EQUITY> 963
<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> 0
<EPS-DILUTED> 0
</TABLE>
