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
November 30, 1995 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
- - ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
-------------------
NONE
- - ------------------------------------------------------------------
(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 January 4, 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 -- November 30, 1995 3
Condensed Statements of Operations -- Three Months
and Six Months Ended November 30, 1995
and November 30, 1994 4
Condensed Statements of Cash Flows for the Six
Months Ended November 30, 1995 and November 30, 1994 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
--------------------
Condensed Balance Sheets
November 30, 1995
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 12,700
Marketable securities 9,800
-----------
TOTAL CURRENT ASSETS 22,500
PROPERTY AND EQUIPMENT, at cost 8,700
Less accumulated depreciation (8,700)
-----------
-0-
OTHER ASSETS 1,900
-----------
$ 24,400
-----------
-----------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - affiliates $ 47,200
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 (1,841,800)
Unrealized holding gain on
marketable equity securities 3,600
-----------
-----------
(22,800)
-----------
-----------
$ 24,400
-----------
-----------
See accompanying notes to condensed financial statements.
3
<PAGE>
NORTHWEST GOLD, INC.
Condensed Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
--------------------- -------------------
- - -
1995 1994 1995 1994
-------- -------- -------- -------
REVENUES:
Interest $ 100 $ 100 $ 200 $ 200
COSTS AND EXPENSES:
General and
administrative 3,500 1,700 9,300 6,800
-------- -------- -------- --------
NET INCOME (LOSS) $ (3,400) $ (1,600) $ (9,100) $ (6,600)
-------- -------- -------- --------
-------- -------- -------- --------
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
-------- -------- -------- --------
-------- -------- -------- --------
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 26,797,500 26,797,500 26,797,500 26,797,500
---------- ---------- ---------- ---------
- - -
---------- ---------- ---------- ---------
- - -
See accompanying notes to condensed financial statements.
4
<PAGE>
NORTHWEST GOLD, INC.
Condensed Statements of Cash Flows
(Unaudited)
Six Months Ended
November 30
---------------------
1995 1994
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (9,100) $ (6,600)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Increase in accounts
payable - affiliate 9,300 3,000
-------- --------
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 200 (3,600)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 200 (3,600)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 12,500 15,900
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 12,700 $ 12,300
-------- ---------
-------- ---------
See accompanying notes to condensed financial statement.
5
<PAGE>
NORTHWEST GOLD, INC.
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of November 30, 1995, the
Condensed Statements of Operations for the three months and six months
ended November 30, 1995 and 1994, and the Condensed Statements of Cash
Flows for the six months ended November 30, 1995 and 1994 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
November 30, 1995, the results of operations for the three months and
six months ended November 30, 1995 and 1994, and cash flows for the
six 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 November 30,
1995 and 1994, 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 six month period. Continuing losses increased the
accumulated deficit by $9,100 from May 31, 1995. Working capital
declined by $9,100 as a result of an increase of $9,300 in accounts
payable which was partially offset by a net increase in cash of $200
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 six months ended November 30, 1995 or the corresponding
periods of the prior year. The Registrant did however, recognize $200
in interest income during the six months ended November 30, 1995 and
1994 ($100 for each of the three months ended November 30, 1995 and
1994).
General and administrative costs increased for the three months
and the six months ended November 30, 1995 over the corresponding
periods in 1994 due to increased professional fees.
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 November 30, 1995.
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: January 4 , 1996 By: s/ Keith G. Larsen
------------------------------
KEITH G. LARSEN
Chief Executive Officer
Date: January 4 , 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 FINANCIAL INFORMATION EXTRACTED
FROM THE FORM 10-QSB FOR THE QUARTER ENDED NOVEMBER 30, 1995 AND
IS QULIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000352447
<NAME> NORTHWEST GOLD, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> NOV-30-1995
<CASH> 12,700
<SECURITIES> 9,800
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 22,500
<PP&E> 8,700
<DEPRECIATION> 8,700
<TOTAL-ASSETS> 24,400
<CURRENT-LIABILITIES> 47,200
<BONDS> 0
<COMMON> 26,700
0
0
<OTHER-SE> (49,500)
<TOTAL-LIABILITY-AND-EQUITY> 24,400
<SALES> 200
<TOTAL-REVENUES> 200
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 9,300
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (9,100)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,100)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
