SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20543
FORM 10Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Quarter ended AUGUST 31, 2000 Commission File Number 1-7602
EXCALIBUR INDUSTRIES
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(Exact name of registrant as specified in its charter)
UTAH
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(State or other jurisdiction of incorporation or organization)
87-0292122
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(IRS Employer Identification Number)
5323 Fossil Ridge Drive, Fort Collins CO 80525-3839
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(Address of principal executive offices)
970-282-9031
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Registrant's telephone number including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of each Exchange on which registered
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Common stock (Par Value None
$.01 per share)
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed 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 report), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
State the aggregate market value of the voting stock held by non-affiliates of
the registrant. The aggregate market value shall be computed by reference to the
price at which stock was sold, or the average bid and asked prices of such
stock, as of a specified date within 60 days prior to the date of filing.
As of May 31, 2000, no bid or asked prices are available.
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
As of May 31, 2000, registrant had a total of 5,987,361 outstanding shares of
common stock, $0.01 par value.
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TABLE I CONSOLIDATED BALANCE SHEETS (unaudited)
08-31-00 05-31-00
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ASSETS
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Cash $ 1,958 $ 4,142
Notes and Accounts Receivable $ 0 $ 0
Total current assets $ 1,958 $ 4,202
Furniture and Fixtures $ 2,354 $ 2,354
Mining Equipment $ 1,347 $ 1,347
Mining Properties and Interests $ 108,106 $ 108,106
Accumulated Depreciation $ (3,661) $ (3,661)
Total Fixed and Other Assets $ 108,146 $ 108,146
Other Assets (Deposits) $ 60 $ 60
TOTAL ASSETS $ 110,164 $ 112,348
LIABILITIES
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Income tax payable $ 0 $ 100
Other taxes payable $ 0 $ 0
Total Current Liabilities $ 0 $ 100
SHAREHOLDERS' EQUITY
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Common Stock @ $0.0l Par Value: $ 59,974 $ 59,974
Authorize 10,000,000 Shares
Issued 5,997,361 Shares
Outstanding 5,987,361 Shares
Capital Received in Excess of Par $ 83,810 $ 83,810
Retained Earnings (deficit) $ (33,620) $ (31,436)
Treasury Stock $ (100) $ (100)
Total Shareholders' Equity $ 110,164 $ 112,248
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY $ 110,164 $ 112,348
The accompanying notes are an integral part of these financial statements.
These financial statements are unaudited.
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TABLE 2 CONSOLIDATED STATEMENT OF INCOME, EXPENSES & RETAINED EARNINGS
(unaudited) FOR TWO FISCAL QUARTERS ENDING AUGUST 31, 2000
08-31-00 08-31-99
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Revenues
Interest $ 0 $ 15
Operating Expenses
Mining and related expenses $ 0 $ 0
General and Administrative $ 2,184 $ 4,221
Total Operating Expenses $ 2,184 $ (4,206)
Net (loss) $ (2,184) $ (4,206)
Retained Earnings (Deficit)
Beginning of Period $ (31,436) $(21,348)
Retained Earnings (Deficit)
End of Period $ (33,620) $(25,554)
Outstanding Number of Common Shares 5,987,361 5,987,361
Net (Loss) Per Share Of Common Stock $ (.001) $ (.001)
The accompanying notes are an integral part of these financial statements.
These financial statements are unaudited.
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TABLE 3 CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) FOR THE FISCAL QUARTER
ENDING AUGUST 31, 2000
08-31-00 08-31-99
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Cash Used by Operating Activities $ 2,184 $ (3,164)
Net Cash (Loss) from Operating Activities $ (2,184) $ (3,164)
Net Cash Provided by Investing Activities $ 0 $ 0
Cash At Beginning Of Period $ 4,142 $ 12,810
Cash At End Of Period $ 1,958 $ 9,916
Net (Decrease) in Cash $ (2,184) $ (3,614)
The accompanying notes are an integral part of these financial statements.
These financial statements are unaudited.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE A
The information in this report is unaudited, and includes the consolidated
financial information of Excalibur Industries and its wholly owned subsidiary,
Mountain West Mines, Inc. In the opinion of the Board of Directors, the
foregoing financial information fairly presents results of operations during the
periods represented, all material adjustments have been recorded to arrive at
the amounts reported, and all significant intercompany transactions have been
eliminated from these statements.
NOTE B
The Company sold its real estate in Moab Utah in 1993, and in Lake County
Colorado in 2000. Equipment includes capitalized acquisition costs of $2,354 at
AUGUST 31, 2000 and at May 31,2000. Excalibur and its subsidiary, Mountain West
Mines, Inc. have acquired various mining properties, leaseholds, patented
claims, and mineral rights interests. These assets are carried at their cost of
acquisition unless, in the judgment of the Directors, a lesser amount is felt to
be more appropriate because of a permanent decline in value. The Board of
Directors has determined that a more realistic value should be placed on the
books for financial reporting and has elected to reduce the reporting value for
financial statement purposes to $108,106.
Values for purposes of this financial statement as of AUGUST 31, 2000 and May
31, 2000 are as follows:
Furniture and Fixtures $ 2,354
Mining Equipment $ 1,347
Mining Properties and Interests $ 108,106
Accumulated Depreciation $ (3,661)
TOTAL $ 108,146
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
ITEM 2
Material Changes in Financial Condition
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Registrant experienced no material change in its financial condition during the
quarter ended AUGUST 31, 2000. Resources of the Corporation are extremely
limited for a Corporation of its character. Expenses of overseeing the
Corporation's mineral properties and interests, while maintaining corporate
viability, continue.
Material Changes in Results of Operations
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Registrant had no income of any kind during the fiscal quarter ending August 31,
2000. Registrant experienced no material change in its financial condition for
the three months ended August 31, 2000 as compared to the same quarter ending
August 31, 1999. Registrant pays no wages. Registrant has no investments in
interest-bearing accounts. Payment for professional services varies with the
timing of services rendered and is primarily paid to accountants for preparation
of tax returns and the Annual 10-K report. Payments of this kind totalled $????
during the fiscal quarter ending August 31, 2000. Registrant has no property for
which it is paid rent and/or lease rental, etc., at this time.
PART 2
OTHER INFORMATION
ITEM 4
Submission of Matters to a Vote of Security Holders
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a-c None
d None
ITEM 6
Exhibits and Reports on Form S-K
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a None
b No reports on Form 8-K were filed during the quarter ending August 31,
2000.
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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.
For EXCALIBUR INDUSTRIES (Registrant):
Date: December 15, 2000 By: /s/ Joseph P. Hubert
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Joseph P. Hubert
President and
Member of the Board of Directors
Date: December 15, 2000 By: /s/ Charles O. Spielman
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Charles O. Spielman
Secretary-Treasurer,
Chief Financial Officer, and
Member of the Board of Directors
