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, 1998
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,
1998
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS
(Unaudited)
April 30, July 31,
ASSETS 1998 1998
---- ----
Current asset - Cash 117,281 98,791
Mineral properties 6,038 6,038
------- -------
123,319 104,829
======= =======
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accrued expenses 10,000 3,794
------- -------
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 (1,374,999) (1,387,283)
----------- ----------
113,319 101,035
----------- ----------
123,319 104,829
=========== ==========
See accompanying notes to unaudited financial statements
_________________________________________________________________
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended July 31,
1997 1998
---- ----
Revenues - Interest - 1,209
General and administrative expenses 12,444 13,493
-------- --------
Net earnings (loss) (12,444) (12,284)
======== ========
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,
---------------------------
1997 1998
---- ----
Cash provided by (used in) operating
activities:
Net earnings (loss) (12,444) (12,284)
Changes in accrued expenses 10,765 ( 6,206)
------- --------
Net cash provided by (used in)
operations ( 1,679) (18,490)
Cash at beginning of period 2,606 117,281
------ -------
Cash at end of period 927 98,791
====== ======
See accompanying notes to unaudited financial statements.
__________________________________________________________
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
July 31, 1998
1. The financial statements as of July 31, 1998 are unaudited but,
in the opinion of management, reflect all adjustments necessary for
a fair presentation.
2. The only computer based records of the Company are its stock
transfer records which are maintained by an independent transfer
agent. The transfer agent has advised the Company that its systems
are prepared for the year 2000 conversion. The Company may suffer
some inconvenience if the US banking system, national power grid, etc.
were to shut down as a result of Y2K problems; however, these matters
are outside the control or influence of the Company.
3. As disclosed in the Forms 10-K for the years April 30, 1994,through
1998, 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, 1998 Form 10-K.
3. Reference is made to the Company's annual financial statements
for the year ended April 30, 1998 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
----------------------------------------------------------
Interest income earned on invested cash balances was $1,000 as
compared to zero in the comparable prior period. There were no
mining revenues in either period. 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 4, 1998 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-30-1999
<PERIOD-END> JUL-31-1998
<CASH> 98791
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 98791
<PP&E> 6038
<DEPRECIATION> 0
<TOTAL-ASSETS> 104829
<CURRENT-LIABILITIES> 3794
<BONDS> 0
0
0
<COMMON> 137000
<OTHER-SE> (35965)
<TOTAL-LIABILITY-AND-EQUITY> 104829
<SALES> 0
<TOTAL-REVENUES> 1209
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 13493
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (12284)
<INCOME-TAX> 0
<INCOME-CONTINUING> (12284)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (12284)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
