FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 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: 0-9060
ROCKY MOUNTAIN MINERALS, INC.
(Exact name of Registrant as specified in its charter)
Wyoming 83-0221102
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) Number)
5801 Lumberdale, Houston, Texas 77092
(Address of principal executive offices and Zip Code)
(713) 683-0939
Registrant's telephone number
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 such filing requirements for the past 90 days:
Yes X . No .
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court.
Yes _ . No .
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of Common stock, as of the latest practicable date:
Class Outstanding at July 31,2000
Common stock, $.001 par value 85,712,039 shares
PART I. FINANCIAL INFORMATION
<TABLE>
Item 1. ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
BALANCE SHEET
(Unaudited)
ASSETS
(Amounts in thousand, except per share data)
<CAPTION>
October 31, July 31,
1999 2000
<S> <C> <C>
ASSETS
Current Assets:
Cash $ 271 $ 233
Assets held for sale 500 500
_________ _________
Total current assets 771 733
__________ __________
TOTAL ASSETS 771 733
</TABLE>
See accompanying notes.
(1)
<PAGE>
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
<TABLE>
BALANCE SHEET
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
(Amounts in thousands, except per share data)
<CAPTION>
October 31, July 31,
1999 2000
<S> <C> <C>
Current liabilities:
Accounts Payable $ 8 $ -
__________ __________
Total current liabilities 8 -
Stockholders' equity:
Preferred Stock; $.05 par value,
$.015 cumulative dividends,
convertible; 44,000,000 shares
authorized, 24,908,450 shares
issued and outstanding 1,245 1,245
Common Stock; $.001 par value,
250,000,000 shares authorized
85,712,039 shares issued and
outstanding 86 86
Capital in excess of par value 4,373 4,373
Deficit accumulated during the
development stage (4,941) (4,971)
__________ _________
Total stockholder's equity 763 733
__________ __________
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIENCY) 771 733
</TABLE>
See accompanying notes.
(2)
<PAGE>
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
For the Nine Months For the Three Months
Ended July 31, Ended July 31,
1999 2000 1999 2000
<TABLE>
<S> <C> <C> <C> <C>
Revenues:
Interest - 11 - 3
______ _______ ______ ______
0 11 - 3
Costs and expenses:
General and administrative 15 41 3 25
- -
________ _______ ______ ______
Net Income (loss)(Note 2) (15) (30) (3) (22)
Loss per share (Note 3): $ * $ * $ * $ *
</TABLE>
======== ========= ======= ======
* Less Than $.01 per share
See accompanying notes.
(3)
<PAGE>
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(Unaudited)
For the Nine Months
July 31,
1999 2000
<TABLE>
<S> <C> <C>
Cash Flows from Operating Activities:
Net (loss) $ - $ (30)
Adjustments to reconcile
Net (loss) to
Net cash used in Operating Activities:
Depreciation, Depletion
and Amortization - -
Other items - Net - (8)
_________ ________
Net Cash used in Operating Activities - (38)
_________ ________
_________ ________
Increase (Decrease) in Cash - (38)
Cash at beginning of period 285 271
_________ ________
Cash at end of period $ 285 $ 233
</TABLE>
========= ========
See accompanying notes.
(4)
<PAGE>
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
(1) The accompanying financial statements of the Company have been
prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form
10-Q. Certain notes and other information have been condensed or omitted
from the interim financial statements presented in this report.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, the financial
statements reflect all adjustments considered necessary for a fair
presentation. The results of operations for the three months and
the nine months ended July 31, 1999 and 2000 are not necessarily
indicative of the results to be expected for the full year. For
further information, refer to the financial statements and footnotes
thereto included in the Company's annual report on Form 10-K for the
year ended October 31, 1999 as filed with the Securities and Exchange
Commission.
(2) No provision for income taxes is required for the period ended
July 31, 2000 or 1999, because (a) in management's opinion, the current
year will result in a net operating loss, (b) there are no previous
earnings to which the current year's estimated loss may be carried back,
and (c) there are no recorded income tax deferrals to be eliminated.
(3) Loss per share is based on the weighted average number of shares
of common stock and equivalents (Convertible Preferred Stock) outstanding
during the period; three months and nine months ended July 31, 1999 and
2000, 85,712,000 shares.
(5)
<PAGE>
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Registrant began operations on May 19, 1978 and is considered to
be a mining company in the exploratory stage and has had no significant
revenues. During the 1988 fiscal year the Registrant consummated a stock
purchase agreement and resumed mineral exploration as well as waste
management activities. Subsequent to October 31, 1991, the registrant
has been inactive and has had limited receipts and expenditures.
General and administrative expenses increased the same during the
nine months ended July 31, 2000 and 1999.
In January of 1984, the Registrant suspended milling operations at
its Rochester property. During 1990, the Registrant recorded a charge
to expense of $1,037,669 representing the excess of net book value over
the estimated recoverable value of the Rochester Mill (the Mill). In
December of 1990, the Registrant decided to sell certain assets at the
Mill, and the net assets were reclassified to net assets held for sale
and stated at their net realizable value. In 1991 and 1993, pursuant
to property appraisals, the Registrant recorded additional charges to
expense totaling $200,000, representing excess net book value over the
estimated recoverable value of the Mill. In 1999, a tax deed was issued
by the Madison County, Montana Treasurer for the Mill and related
property, and the Registrant wrote off the property and recorded a
loss of approximately $27,000.
LIQUIDITY and CAPITAL RESOURCES
The Registrant will continue the evaluation and potential sale of its
mineral property, as well as pursue other non-mineral business
opportunities.
During 1992 the Registrant acquired a 38% equity interest in Zonia
Landfill, Inc., a company engaged in the waste management business.
Zonia Landfill, Inc. sold it's operation in 1997 to USA Waste Services,
Inc.. The Registrant received 8,087 shares of Common Stock in USA
Waste, a NYSE listed Company. The Registrant sold its shares of USA
Waste Services, Inc. in 1997 and 1998.
In December of 1990, the Company decided to sell certain personal
property assets at the Rochester Mill, with the exception of the mine
dumps and tailings. At October 31, 1992 a portion of the net assets
had been sold while the remainder are expected to be sold in the future.
The remaining net assets have been reclassified to net assets held for
sale and are stated at their estimated net realizable value.
Managements plans for funding continued operations include attempting
to obtain additional outside funding either through the sale of common
or preferred stock, debt, and sale of the Rochester property.
FORWARD LOOKING INFORMATION
Statements of the Company's or management's intentions, beliefs,
anticipations, expectations and similar expressions concerning future
events contained in this document constitute forward looking
statements as defined in the Private Securities Litigation Reform Act
of 1995. As with any future event, there can be no assurance that the
events described in the forward looking statements made in this report
will occur or that the results of future events will not vary materially
from those described in the forward looking statements in this document.
(6)
<PAGE>
PART II. OTHER INFORMATION
ROCKY MOUNTAIN MINERALS, INC.
Item 6 Exhibits and Reports on From 8-K
a. Exhibits
Exhibits 27. Financial Data Schedule
b. Reports on Form 8-K
No reports have been filed on Form 8-K during this
quarter.
(7)
<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.
ROCKY MOUNTAIN MINERALS, INC.
Registrant
Date: September 06, 2000 Richard Bain
Richard Bain
Principal Financial Officer
Date: September 06, 2000 Richard Bain
Richard Bain
Principal Executive Officer
(8)
