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, 2000
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 (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 October 31,
2000
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, October 31,
ASSETS: 2000 2000
---- ----
<S> <C> <C>
Current asset - Cash 20,832 64,859
Mineral Properties 6,513 513
-------- --------
27,345 65,372
======== ========
LIABILITIES AND EQUITIES:
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 (1,460,973) (1,422,946)
----------- -----------
27,345 65,372
----------- -----------
27,345 65,372
=========== ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
Three Months Ended Six Months Ended
October 31, October 31,
1999 2000 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Mining activities - - 3,417 80,000
Interest 439 905 1,018 1,597
------- ------ ------ ------
439 905 4,435 81,597
------- ------ ------ ------
Expenses:
Unallocated exploration
expenses and rentals 3,060 3,060 3,060 3,060
General and
administrative 13,545 21,636 25,953 34,510
Write off of mineral
property - - - 6,000
------- ------ ------ ------
Total expenses 16,605 24,696 29,013 43,570
------- ------ ------ ------
Net earnings (loss) (16,166) (23,791) (24,578) 38,027
======= ====== ====== ======
<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,
1999 2000
---- ----
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings (loss) (24,578) 38,027
Write off of mineral property - 6,000
------- ------
Net cash provided by (used in) operations (24,578) 44,027
Cash at beginning of period 75,123 20,832
------ -------
Cash at end of period 50,545 64,859
====== =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
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INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
October 31, 2000
_________________________________________________________________
1. The financial statements as of October 31, 2000 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.
2. As disclosed in the Forms 10-K for the years April 30, 1994, through
2000, 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,
2000 Form 10-K.
3. Reference is made to the Company's annual financial statements
for the year ended April 30, 2000 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
On June 13, 2000, the Company sold it patented mining claims located
in the Aurora Mining District, Mineral County, NV for $80,000. This
transaction resulted in a gain of approximately $74,000 for financial
statement purposes but only about $6,000 for income tax purposes. The
Company has no current expectation that any other similar transaction
will occur.
General and administrative expenses were approximately $8,000 higher
for the current year due primarily to professional fees incurred for
an independent audit and an unaudited quarterly review.
<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
Form 8-K dated September 8, 2000 filed to report a change in
Registrant's Certifying Accountant
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 21, 2000 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
/s/L. W. Watson
------------------------
L. W. Watson, President,
Treasurer, and principal
accounting officer
