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 January 31, 1999
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 51600, Sparks, NV 89435
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (775) 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 January 31,
1999
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, January 31,
ASSETS: 1998 1999
---- ----
<S> <C> <C>
Current asset - Cash 117,281 87,699
Mineral Properties 6,038 6,514
-------- --------
123,319 94,213
======== ========
LIABILITIES AND EQUITIES:
Current liabilities--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) (1,397,899)
----------- -----------
113,319 90,419
----------- -----------
123,319 94,213
=========== ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
Three Months Ended Nine Months Ended
January 31, January 31,
1998 1999 1998 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Sale of mineral property 150,000 - 150,000 -
Mineral royalties - - 20,000 20,000
Interest - 763 - 3,022
------- ------- ------- -------
150,000 763 170,000 23,022
------- ------- ------- -------
Expenses:
Unallocated exploration
expenses and rentals - 878 1,150 2,028
Amortization and
property abandonment 67,743 - 67,743 -
General and
administrative 15,958 13,071 43,552 43,894
Franchise tax 10,000 - 10,000 -
------- ------ ------- -------
Total expenses 93,701 13,949 122,445 45,922
------- ------ ------- -------
Net earnings (loss) 56,299 (13,186) 47,555 (22,900)
======= ====== ======= =======
<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>
Nine Months Ended
January 31,
1998 1999
---- ----
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings (loss) 47,555 (22,900)
Increase (decrease) in current liabilities 10,000 ( 6,206)
Amortization and property abandonment 67,743 -
-------- -------
Net cash provided by (used in) operations 125,298 (29,106)
Investing activities--Mineral properties - ( 476)
Cash at beginning of period 2,606 117,281
-------- -------
Cash at end of period 127,904 87,699
======= =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
January 31, 1999
_________________________________________________________________
1. The financial statements as of January 31, 1999 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.
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.
2. On November 18, 1997, the Company sold all of its interest in
the Sonrisa claims for $150,000. The Company has no other property
which might give rise to any similar transaction in the foreseeable
future.
The decline in gold prices to the $300 per ounce range prompted
the Company to write down the carrying value of its patented claim
block in the Aurora Mining District to $6,000 (assessed value for
property tax purposes) during the quarter ended January 31, 1998.
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.
<PAGE>
MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS
Production royalty income from the Sonrisa claims for the three
months and nine months ended January 31, 1997 were zero and $1,000
respectively. The Lessee of the Sonrisa claims had shut down the
Baltic leach pad, making future production royalties from this source
unlikely. Consequently, on November 18, 1997, the Company sold all
of its interest in the Sonrisa claims for $150,000. After transaction
costs and income taxes, the gain on this transaction approximated
$130,000 or about $.01 per share. The Company has no other property
which might give rise to any similar transaction in the
foreseeable future.
The Iron Point prospect was leased out during 1996. The lease generated
$20,000 during the nine months ended January 31, 1998 and 1999. The lease
may be terminated by the Lessee on 30 days notice so there is no way to
predict whether this revenue source will continue.
Unallocated exploration and rental expenses and general and
administrative expenses were comparable for the quarter and nine month
periods. Franchise taxes measured by income of $10,000 were recorded
during the 1998 period but were zero in 1999.
As described elsewhere herein, the Company wrote down the carrying
value of its patented Aurora Mining District claims by $67,743 during
the quarter ended January 31, 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: March 9, 1999 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> 9-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> JAN-31-1999
<CASH> 87,699
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 87,699
<PP&E> 6,514
<DEPRECIATION> 0
<TOTAL-ASSETS> 94,213
<CURRENT-LIABILITIES> 3,794
<BONDS> 0
<COMMON> 137,000
0
0
<OTHER-SE> (46,581)
<TOTAL-LIABILITY-AND-EQUITY> 94,213
<SALES> 0
<TOTAL-REVENUES> 23,022
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (22,900)
<INCOME-TAX> 0
<INCOME-CONTINUING> (22,900)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (22,900)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
