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, 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)
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 (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 July 31,
2000
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INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS
(Unaudited)
April 30, July 31,
ASSETS 2000 2000
---- ----
Current asset - Cash 20,832 88,650
Mineral properties 6,513 513
------- -------
27,345 89,163
======= =======
LIABILITIES AND STOCKHOLDERS'
EQUITY
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) (1,399,155)
----------- ----------
27,345 89,163
----------- ----------
27,345 89,163
=========== ==========
See accompanying notes to unaudited financial statements
_________________________________________________________________
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended July 31,
1999 2000
---- ----
Revenues - Mining activities 3,417 80,000
- Interest 578 692
------- -------
Total revenues 3,995 80,692
------- -------
General and administrative expenses 12,408 12,874
Write off of mineral property - 6,000
-------- --------
Net earnings (loss) ( 8,413) 61,818
======== ========
Net earnings (loss) per share is less
than $.005 per share in each period.
See accompanying notes to unaudited financial statements.
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INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
-----------------------------------------------------------------
Three Months Ended July 31,
---------------------------
1999 2000
---- ----
Cash provided by (used in) operating
activities:
Net earnings (loss) ( 8,413) 61,818
Write off of mineral property - 6,000
------- --------
Net cash provided by (used in)
operations ( 8,413) 67,818
Cash at beginning of period 75,123 20,832
------ -------
Cash at end of period 66,710 88,650
====== ======
See accompanying notes to unaudited financial statements.
__________________________________________________________
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
July 31, 2000
1. The financial statements as of July 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
----------------------------------------------------------
Interest income earned on invested cash balances was comparable
for both quarters. Mining revenues were $80,000 compared to $3,400.
The Company, on June 13, 2000, sold its patented mining claims 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 for the
quarter were comparable to those of the prior year. The $6,000 write
off of mineral property represents the value at which the claims in
the Aurora Mining District were carried on the Company's balance sheet.
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 12, 2000 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
By /s/L. W. Watson
L. W. Watson, President,
Treasurer, and principal
accounting officer
