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 October 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 159D0 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to___________
Commission File No. 0-9558
INTERMOUNTAIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
NV 84-0817164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P. O. Box 14100, Reno, NV 89507
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (702) 851-4310
Not Applicable
Former name, former address, former fiscal year, if changed
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 [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
13,700,000 shares of Common Stock, $.01 par value at October 31,
1995
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, October 31,
ASSETS: 1995 1995
<S> <C> <C>
Current asset - Cash 43,546 52,640
Mineral Properties 73,781 73,781
-------- --------
Total Assets 117,327 126,421
LIABILITIES AND EQUITIES:
Current liabilities 3,914
--------
Stockholders' equity:
Common stock, par value $.01 per share.
Authorized 25,000,000 shares; issued
and outstanding 13,700,000 shares 137,000 137,000
Additional paid-in capital 1,351,318 1,351,318
Accumulated deficit (1,374,905) (1,361,897)
----------- -----------
Net stockholders' equity 113,413 126,421
Total Liabilities and Equities 117,327 126,421
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
Three Months Ended Six Months Ended
October 31, October 31,
1994 1995 1994 1995
<S> <C> <C> <C> <C>
Revenues:
Mineral royalties 3,239 26,209 3,239 46,899
Expenses:
Unallocated exploration
expenses and rentals 3,640 4,318 3,640 4,318
General and
administrative 2,803 12,678 5,874 27,965
Franchise tax 1,608 1,608
------- ------ ------ ------
Total expenses 6,443 18,604 9,514 33,891
------- ------ ------ ------
Net earnings (loss) (3,204) 7,605 (6,275) 13,008
<FN>
Net earnings (loss) per
share is less than $.005
per share in each period
See accompanying notes to unaudited financial statements.
</TABLE>
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS (Unaudited)
_________________________________________________________________
<CAPTION>
Six Months Ended
October 31,
1994 1995
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings (loss) (6,275) 13,008
Reduction in current liabilities (3,914)
------- -------
Net cash provided by (used in) operations (6,275) 9,094
Cash at beginning of period 9,688 43,546
------- -------
Cash at end of period 3,413 52,640
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
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INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
October 31, 1995
_________________________________________________________________
1. The financial statements as of October 31, 1995 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.
2. The Company has a substantial investment in mineral properties.
The existence of mineral reserves in commercial quantities on those
properties has not been determined except for the Sonrisa claims.
Recovery of the investment is dependent on the discovery of
minerals in commercial quantities.
3. As disclosed in the April 30, 1994 and 1995 Forms 10-K, the U.
S. Forest Service has determined a release of hazardous substances
covered under the Comprehensive Environmental Response,
Compensation, and Liability Act occurred at Siskon Mine, a property
which the Company once had under option. The Company has received
no communication regarding this matter since the filing of the
April 30, 1995 Form 10-K.
4. Reference is made to the Company's annual financial statements
for the year ended April 30, 1995 for a description of its
accounting policies which have continued without change. Also,
refer to the footnotes to those financial statements for additional
details of the Company's financial condition and results of
operations. The details in those notes have not changed except as
a result of normal transactions in the interim.
MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS
Production royalty credits for the three months and six months
ended October 31, 1994 were $30,000 and $49,000 respectively as
compared to $26,000 and $47,000 for the same periods in 1995.
However, except for $3,239 the 1994 amounts were applied against
advance minimum royalties previously received and recognized as
revenue. Production royalties are dependent on both production
quantities and the price of metals. Neither factor is subject to
the control of the Company. The Lessee of the claims has not
provided information with respect to its future production plans.
Unallocated exploration and rental expenses were comparable
and general and administrative expenses increased by $10,000 and
$22,000 for the quarter and six month period ended in 1995
principally due to salary and related payroll taxes. Franchise
taxes measured by income of $1,600 were recorded during the period.
<PAGE>
PART II - OTHER INFORMATION
Item #6 Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
None
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 6, 1995 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
/s/L. W. Watson
L. W. Watson, President,
Treasurer, and principal
accounting officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<CASH> 52,640
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 52,640
<PP&E> 73,781
<DEPRECIATION> 0
<TOTAL-ASSETS> 126,421
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 137,000
0
0
<OTHER-SE> (10,579)
<TOTAL-LIABILITY-AND-EQUITY> 126,421
<SALES> 0
<TOTAL-REVENUES> 46,899
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 14,616
<INCOME-TAX> 1,608
<INCOME-CONTINUING> 13,008
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,008
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
