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, 2000
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,
2000
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, January 31,
ASSETS: 1999 2000
---- ----
<S> <C> <C>
Current asset - Cash 75,123 33,487
Mineral Properties 6,514 6,514
-------- --------
81,637 40,001
======== ========
LIABILITIES AND EQUITIES:
Current liabilities--accrued expenses 3,794 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 (1,410,475) (1,452,111)
----------- -----------
77,843 36,207
----------- -----------
81,637 40,001
=========== ===========
<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,
1999 2000 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Mineral royalties - - 20,000 3,417
Interest 763 367 3,022 1,385
------- ------- ------- -------
763 367 23,022 4,802
------- ------- ------- -------
Expenses:
Unallocated exploration
expenses and rentals 878 4,200 2,028 7,260
General and
administrative 13,071 13,225 43,894 39,178
------- ------ ------- -------
Total expenses 13,949 17,425 45,922 46,438
------- ------ ------- -------
Net earnings (loss) (13,186) (17,058) (22,900) (41,636)
======= ====== ======= =======
<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,
1999 2000
---- ----
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings (loss) (22,900) (41,636)
Increase (decrease) in current liabilities ( 6,206) -
-------- -------
Net cash provided by (used in) operations (29,106) (41,636)
Investing activities--Mineral properties ( 476) -
Cash at beginning of period 117,281 75,123
-------- -------
Cash at end of period 87,699 33,487
======= =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
January 31, 2000
_________________________________________________________________
1. The financial statements as of January 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
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,
1999 Form 10-K.
3. Reference is made to the Company's annual financial statements
for the year ended April 30, 1999 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
The Iron Point prospect was leased out during 1996. The lease generated
$20,000 during the nine months ended January 31, 1999. The lease
was terminated by the Lessee effective June 30, 1999 so no revenue was
received during the current fiscal year.
Unallocated exploration and rental expenses were somewhat higher for
the quarter and nine-months ended January 31, 1999 as a result of claim
block adjustments during the current year. General and administrative
expenses were comparable for the quarter and slightly higher during the
nine-month period 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: March 2, 2000 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-30-2000
<PERIOD-END> JAN-31-2000
<CASH> 33,487
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 33,487
<PP&E> 6,514
<DEPRECIATION> 0
<TOTAL-ASSETS> 40,001
<CURRENT-LIABILITIES> 3,794
<BONDS> 0
<COMMON> 137,000
0
0
<OTHER-SE> (100,793)
<TOTAL-LIABILITY-AND-EQUITY> 40,001
<SALES> 0
<TOTAL-REVENUES> 4,802
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (41,636)
<INCOME-TAX> 0
<INCOME-CONTINUING> (41,636)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (41,636)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
