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 August 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 number 0-10229
NORTHWEST GOLD, INC.
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(Exact Name of Registrant as Specified in its Charter)
Wyoming 81-0384984
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(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) 856-9271
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NONE
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(Former name, address and fiscal year, if changed since last report)
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 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
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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 October 1, 2000
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Common stock, $.001 par value 7,809,794 Shares
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NORTHWEST GOLD, INC.
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- August 31, 2000 ...........................3
Condensed Statements of Operations -- Three Months Ended
August 31, 2000 and August 31, 1999....................................4
Condensed Statements of Cash Flows-Three
Months Ended August 31, 2000 and August 31, 1999.......................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 ......................................8
Signatures.....................................................................9
2
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NORTHWEST GOLD, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets
August 31, 2000
(Unaudited)
<TABLE>
<S> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 11,900
Marketable Equity securities 4,100
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TOTAL CURRENT ASSETS 16,000
PROPERTY AND EQUIPMENT, at cost 29,000
Less accumulated depreciation (29,000)
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--
OTHER ASSETS 1,900
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$ 17,900
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - affiliates $ 4,500
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
Unlimited shares authorized,
7,809,794 shares issued and outstanding, 7,800
Additional paid-in capital 1,903,900
Accumulated deficit (1,896,200)
Unrealized holding gain on
marketable equity securities (2,100)
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13,400
$ 17,900
</TABLE>
See accompanying notes to condensed financial statements.
3
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NORTHWEST GOLD, INC.
Condensed Statements of Operations
(Unaudited)
Three Months Ended
August 31,
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2000 1999
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<TABLE>
<S> <C> <C>
REVENUES:
Interest $ 100 $ 100
COSTS AND EXPENSES:
General and administrative 3,700 800
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NET INCOME (LOSS) $ (3,600) $ (700)
========= =======
LOSS PER SHARE $ * $ *
========= =======
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 7,809,794 267,975
========= =======
</TABLE>
* Less than $0.01 per share.
See accompanying notes to condensed financial statements.
4
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NORTHWEST GOLD, INC.
Condensed Statements of Cash Flows
(Unaudited)
Three Months Ended
August 31,
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2000 1999
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<TABLE>
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (3,600) $ (700)
Adjustments to reconcile
net loss to net cash provided by
operating activities:
Increase in accounts
payable - affiliate 3,800 800
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NET CASH PROVIDED BY
OPERATING ACTIVITIES 200 100
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NET INCREASE IN CASH AND
CASH EQUIVALENTS 200 100
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 11,700 11,300
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CASH AND CASH EQUIVALENTS AT
END OF PERIOD $11,900 $11,400
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</TABLE>
See accompanying notes to condensed financial statements.
5
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NORTHWEST GOLD, INC.
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of August 31, 2000 and the Condensed
Statements of Operations and cash flow for the three months ended August 31,
2000 and 1999, have been prepared by the Company without audit. In the opinion
of the Company, the accompanying financial statements contain all adjustments
(consisting of only normal recurring accruals) necessary to fairly present the
financial position of the Company as of August 31, 2000 the results of
operations and cash flow for the three months ended August 31, 2000 and 1999.
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 Company's May 31, 2000 Form 10-KSB.
3) The results of operations for the periods ended August 31, 2000 and
1999, are not necessarily indicative of the operating results which may be
experienced for the full year.
6
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Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
The Company's working capital decreased by $4,900 during the three months
ended August 31, 2000. This reduced working capital to $11,500 as compared to
working capital of $16,400 at May 31, 2000. The decrease in working capital was
primarily as a result of an increase of $3,900 in accounts payable to
affiliates. The increase in accounts payable was as a result of the Company's
parent, U.S. Energy Corp. ("USE") paying certain administrative fees for Company
and a management fee of $500 per month. The other decrease in working capital is
as a result of the adjustment of the Company's investments in publically traded
companies, one of which is USE, to market.
The Company anticipates that it will be able to meet its operating
requirements for the remainder of the year ending May 31, 2000 unless U.S.
Energy Corp. should call for payment of its indebtedness. To continue operating
long-term, the Company must secure drilling or construction contracts.
Results of Operations
The Company had no revenues from operations during the most recently
completed quarter ended August 31, 2000 or the corresponding quarter of the
prior year ended August 31, 1999. In both periods however, the Company recorded
interest revenue of $100 on funds held in interest bearing accounts.
General and administrative costs increased by $2,900 during the quarter
ended August 31, 2000 from the same period of the previous year. This increase
was primarily in contract services that included printing expenses for the
Company's annual meeting that were not incurred during the period ended August
31, 1999. Operations resulted in losses of $3,600 and $700 for the quarters
ended August 31, 2000 and 1999, respectively.
The Registrant's operations consist primarily of administrative activities
associated with the preparation of reports and documents required by law.
7
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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 Company on
Form 8-K for the quarter ended August 31, 2000.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.
NORTHWEST GOLD, INC.
Company
Date: October 1, 2000 By: /s/ Harold F. Herron
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HAROLD F. HERRON,
Chief Executive Officer
Date: October 1, 2000 By: /s/ Robert Scott Lorimer
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ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
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