FORM 10-QSB
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 fiscal quarter ended
February 29, 1996 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 number 0-10229
NORTHWEST GOLD, INC.
- -----------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Wyoming 81-0384984
- ----------------------------------------- --------------------
State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
877 North 8th West, Riverton, WY 82501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
----------------
NONE
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(Former name, former address and former fiscal year, if changed
since last report)
Check whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and
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
State the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Class Outstanding at April 12, 1996
- ----------------------------- -----------------------------
Common stock, $.001 par value 26,797,500 Shares
Transitional Small Business Disclosure Format (Check One)
YES NO X
<PAGE>
NORTHWEST GOLD, INC.
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheets -- February 29, 1996 3
Condensed Statements of Operations -- Three Months
and Nine Months Ended February 29, 1996
and February 28, 1995 4
Condensed Statements of Cash Flows for the Nine
Months Ended February 29, 1996 and February 28, 1995 5
Notes to Condensed Financial Statements 6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K 7
Signatures 8
2
<PAGE>
NORTHWEST GOLD, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
<CAPTION>
Condensed Balance Sheets
February 29, 1996
(Unaudited)
ASSETS
<S> <C>
CURRENT ASSETS:
Cash and temporary cash investments $ 12,800
Marketable securities 9,800
---------
TOTAL CURRENT ASSETS 22,600
PROPERTY AND EQUIPMENT, at cost 8,700
Less accumulated depreciation (8,700)
---------
-0-
OTHER ASSETS 1,900
---------
$ 24,500
---------
---------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - affiliates $ 46,800
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 50,000,000 shares;
issued and outstanding,
26,797,500 26,700
Additional paid-in capital 1,788,700
Accumulated deficit (1,841,300)
Unrealized holding gain on
marketable equity securities 3,600
---------
(22,300)
---------
$ 24,500
---------
---------
</TABLE>
See accompanying notes to condensed financial statements.
3
<PAGE>
<TABLE>
NORTHWEST GOLD, INC.
Condensed Statements of Operations
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
February February
-------------------- --------------------
29, 1996 28, 1995 29, 1996 28, 1995
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES:
Interest $ 100 $ 100 $ 300 $ 300
COSTS AND EXPENSES:
General and
administrative (400) 1,500 8,900 8,300
------- ------- ------- -------
NET INCOME (LOSS) $ 500 $(1,400) $(8,600) $(8,000)
------- ------- ------- -------
------- ------- ------- -------
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
------- ------- ------- -------
------- ------- ------- -------
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 26,797,500 26,797,500 26,797,500 26,797,500
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
See accompanying notes to condensed financial statements.
4
<PAGE>
<TABLE>
NORTHWEST GOLD, INC.
Condensed Statements of Cash Flows
(Unaudited)
<CAPTION>
Nine Months Ended
February
------------------------
29, 1996 28, 1995
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (8,600) $ (8,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Increase in accounts
payable - affiliate 8,900 4,500
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 300 (3,500)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 12,500 15,900
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 12,800 $ 12,400
-------- --------
-------- --------
</TABLE>
See accompanying notes to condensed financial statements.
5
<PAGE>
NORTHWEST GOLD, INC.
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of February 29, 1996,
the Condensed Statements of Operations for the three months and
nine months ended February 29, 1996 and February 28, 1995, and
the Condensed Statements of Cash Flows for the nine months ended
February 29, 1996 and February 28, 1995 have been prepared by the
Registrant without audit. In the opinion of the Registrant, the
accompanying financial statements contain all adjustments
(consisting of only normal recurring accruals) necessary to
fairly present the financial position of the Registrant as of
February 29, 1996, the results of operations for the three months
and nine months ended February 29, 1996 and February 28, 1995,
and cash flows for the nine months then ended.
2) Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. It is suggested that these financial statements be read
in conjunction with the Registrant's May 31, 1995 Form 10-KSB/A.
3) The results of operations for the periods ended
February 29, 1996 and February 28, 1995, are not necessarily
indicative of the operating results for the full year.
6
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources
The Registrant's liquidity position decreased during the
most recently completed nine month period. Continuing losses
increased the accumulated deficit by $8,600 from May 31, 1995.
The working capital deficit increased by $8,600 as a result of an
increase of $8,900 in accounts payable which was partially offset
by a net increase in cash of $300 resulting from interest earned
on monies held in interest bearing accounts.
The Registrant anticipates that it will be able to meet its
capital requirements for the remainder of the year ending May 31,
1996. However, the Registrant must secure drilling or
construction contracts in order to continue operating long term.
Results of Operations
The Registrant had no revenues from operations during the
three months or the nine months ended February 29, 1996 or the
corresponding periods of the prior year. The Registrant did
however, recognize $300 in interest income during the nine months
ended February 29, 1996 and February 28, 1995 ($100 for the three
months ended February 29, 1996 and February 28, 1995,
respectively).
General and administrative costs increased by $600 for the
nine months ended February 29, 1996 but decreased by $900 for the
three months ended February 29, 1996, in each case compared to
the corresponding periods in 1995. The increase for the nine
month period was due to increased professional fees, while the
decrease for the three month period was due to the reversal of an
accrual made in error for professional services in a prior
quarter of the nine months ended February 29, 1996.
The Registrant's operations consist primarily of
administrative activities associated with the preparation of
reports and documents required by law.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. None.
(b) Reports on Form 8-K. There were no reports filed by the
Registrant on Form 8-K for the quarter ended February 29, 1996.
7
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
hereunto duly authorized.
NORTHWEST GOLD, INC.
(Registrant)
Date: April 12, 1996 By: s/ Keith G. Larsen
------------------------------------
KEITH G. LARSEN
Chief Executive Officer
Date: April 12, 1996 By: s/ Robert Scott Lorimer
------------------------------------
ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
8
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM NORTHWEST GOLD'S
10-QSB FOR THE QUARTER ENDED FEBRUARY 29, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000352447
<NAME> NORTHWEST GOLD, INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> FEB-29-1996
<CASH> 12,800
<SECURITIES> 9,800
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 22,600
<PP&E> 8,700
<DEPRECIATION> 8,700
<TOTAL-ASSETS> 24,500
<CURRENT-LIABILITIES> 46,800
<BONDS> 0
0
0
<COMMON> 26,700
<OTHER-SE> (49,000)
<TOTAL-LIABILITY-AND-EQUITY> 24,500
<SALES> 300
<TOTAL-REVENUES> 300
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,900
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (8,600)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (8,600)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
