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, 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)
NV 84-0817164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P. O. Box 51600, Sparks, NV 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 October 31,
1998
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, October 31,
ASSETS: 1998 1998
---- ----
<S> <C> <C>
Current asset - Cash 117,281 101,361
Mineral Properties 6,038 6,038
-------- --------
123,319 107,399
======== ========
LIABILITIES AND EQUITIES:
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) (1,384,713)
----------- -----------
113,319 103,605
----------- -----------
123,319 107,399
=========== ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
Three Months Ended Six Months Ended
October 31, October 31,
1997 1998 1997 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Advance royalties 20,000 20,000 20,000 20,000
Interest - 1,050 - 2,259
------- ------ ------ ------
20,000 21,050 20,000 22,259
------- ------ ------ ------
Expenses:
Unallocated exploration
expenses and rentals 1,150 1,150 1,150 1,150
General and
administrative 15,150 17,329 27,594 30,823
------- ------ ------ ------
Total expenses 16,300 18,479 28,744 31,973
------- ------ ------ ------
Net earnings (loss) 3,700 2,571 (8,744) (9,714)
======= ====== ====== ======
<FN>
Net earnings (loss) per
share is less than $.005
per share in each period
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS (Unaudited)
_________________________________________________________________
<CAPTION>
Six Months Ended
October 31,
1997 1998
---- ----
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings (loss) (8,744) (9,714)
Increase (decrease) in current liabilities 10,765 (6,206)
------- ------
Net cash provided by (used in) operations 2,021 (15,920)
Cash at beginning of period 2,606 117,281
------ -------
Cash at end of period 4,627 101,361
====== =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
October 31, 1998
_________________________________________________________________
1. The financial statements as of October 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.
4. 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
The Iron Point prospect was leased out during 1996. The lease generated
$20,000 of advance minimum royalty income during the second quarter of both
fiscal 1997 and 1998. The lessee has the right to terminate the lease upon
30 days notice so there is no way to predict whether this revenue source will
continue.
Unallocated exploration and rental expenses were comparable for the
quarters and six-month periods ending October 31 each year. General and
administrative expenses were slightly higher during the current year due
primarily to professional fees incurred for an independent audit as of
April 30, 1998.
<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: November 13, 1998 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-30-1999
<PERIOD-END> OCT-31-1998
<CASH> 101,361
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 101,361
<PP&E> 6,038
<DEPRECIATION> 0
<TOTAL-ASSETS> 107,399
<CURRENT-LIABILITIES> 3,794
<BONDS> 0
<COMMON> 137,000
0
0
<OTHER-SE> (33,395)
<TOTAL-LIABILITY-AND-EQUITY> 107,399
<SALES> 0
<TOTAL-REVENUES> 22,259
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (9,714)
<INCOME-TAX> 0
<INCOME-CONTINUING> (9,714)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,714)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
