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, 1997
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,
1997
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS
(Unaudited)
April 30, July 31,
ASSETS 1997 1997
---- ----
Current asset - Cash 2,606 927
Mineral properties 73,781 73,781
------- -------
76,387 74,708
======= =======
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accrued expenses - 10,765
------- -------
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 (1,411,931) (1,424,375)
----------- ----------
76,387 63,943
----------- ----------
76,387 74,708
=========== ==========
See accompanying notes to unaudited financial statements
_________________________________________________________________
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended July 31,
1996 1997
---- ----
Revenues - Mining royalties 1,146 -
General and administrative expenses 12,367 12,444
-------- --------
Net earnings (loss) (11,221) (12,444)
======== ========
Net earnings (loss) per share is less
than $.005 per share in each period.
See accompanying notes to unaudited financial statements.
- -----------------------------------------------------------------
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
- -----------------------------------------------------------------
Three Months Ended July 31,
---------------------------
1996 1997
---- ----
Cash provided by (used in) operating
activities:
Net earnings (loss) (11,221) (12,444)
Increase in accrued expenses - 10,765
------- --------
Net cash provided by (used in)
operations (11,221) ( 1,679)
Cash at beginning of period 27,315 2,606
------ -------
Cash at end of period 16,094 927
====== ======
See accompanying notes to unaudited financial statements.
__________________________________________________________
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
July 31, 1997
1. The financial statements as of July 31, 1997 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, 1996 and 1997 Form 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, 1997 Form 10-K.
3. Reference is made to the Company's annual financial statements
for the year ended April 30, 1997 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, 1997 amounted to zero as compared to
$1,000 in 1996. As disclosed previously, the Lessee of the
Sonrisa claims has shut down operations at the Baltic Pit.
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 were comparable to those of the prior year.
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 10, 1997 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
By /s/L. W. Watson
L. W. Watson, President,
Treasurer, and principal
accounting officer
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<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> JUL-31-1997
<CASH> 927
<SECURITIES> 0
<RECEIVABLES> 0
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<PP&E> 73781
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0
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<NET-INCOME> (12444)
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