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, 1996
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 No. 0-9558
INTERMOUNTAIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Nevada 84-0817164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P. O. Box 51600 Sparks, Nevada 89435
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (702) 359-2884
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 July 31,
1996
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS
(Unaudited)
April 30, July 31,
ASSETS 1996 1996
---- ----
Current asset - Cash 27,315 16,094
Mineral properties 73,781 73,781
------- -------
101,096 89,875
======= =======
LIABILITIES AND STOCKHOLDERS'
EQUITY
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 (1,387,222) (1,398,443)
----------- ----------
101,096 89,875
=========== ==========
See accompanying notes to unaudited financial statements
_________________________________________________________________
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended July 31,
1995 1996
---- ----
Revenues - Mining royalties 20,690 1,146
General and administrative expenses 15,287 12,367
------ ------
Net earnings (loss) 5,403 (11,221)
====== ========
Net earnings (loss) per share is less
than $.005 per share in each period.
See accompanying notes to unaudited financial statements.
- -----------------------------------------------------------------
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
- -----------------------------------------------------------------
Three Months Ended July 31,
---------------------------
1995 1996
---- ----
Cash provided by (used in) operating
activities:
Net earnings (loss) 5,403 (11,221)
(Decrease) in accrued expenses (3,914)
------- --------
Net cash provided by (used in)
operations 1,489 (11,221)
Cash at beginning of period 43,546 27,315
------ -------
Cash at end of period 45,035 16,094
====== ======
See accompanying notes to unaudited financial statements.
__________________________________________________________
INTERMOUNTAIN RESOURCES, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
July 31, 1996
1. The financial statements as of July 31, 1996 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.
Recovery of the investment is dependent on the discovery of
minerals in commercial quantities. Existence of mineral reserves
in commercial quantities on the 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, 1995 and 1996 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 is not aware
of any developments in this matter since the filing of the April
30, 1996 Form 10-K.
3. Reference is made to the Company's annual financial statements
for the year ended April 30, 1996 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 income from the Sonrisa claims during the
quarter ended July 31, 1996 amounted to $1,000 as compared to
$20,000 in 1995. As disclosed previously, the Lessee of the
Sonrisa claims has announced the shut down of the Baltic leach pad.
The Company expects future production royalties, if any, from this
source will be minimal. No unallocated exploration expenses were
recorded during the quarter and general and administrative expenses
for the quarter decreased from $15,000 to $12,000.
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: September 4, 1996 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
By /s/L. W. Watson
L. W. Watson, President,
Treasurer, and principal
accounting officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> JUL-31-1996
<CASH> 16094
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16094
<PP&E> 73781
<DEPRECIATION> 0
<TOTAL-ASSETS> 89875
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 137000
<OTHER-SE> (47125)
<TOTAL-LIABILITY-AND-EQUITY> 89875
<SALES> 1146
<TOTAL-REVENUES> 1146
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 12367
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (11221)
<INCOME-TAX> 0
<INCOME-CONTINUING> (11221)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11221)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
