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, 1999 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 Company 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)
Company's telephone Number: (307) 856-9271
NONE
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(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the Company: (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
Company 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 January 5, 2000
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Common stock, $.001 par value 26,797,500 Shares
<PAGE>
NORTHWEST GOLD, INC.
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- November 30, 1999 ............................3
Condensed Statements of Operations -- Three and Six Months
Ended November 30, 1999 and 1998.....................................4
Condensed Statements of Cash Flows for the Six
Months Ended November 30, 1999 and 1998..............................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................................................................8
<PAGE>
NORTHWEST GOLD, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheet
November 30, 1999
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 11,400
Marketable securities 7,800
----------
TOTAL CURRENT ASSETS 19,200
PROPERTY AND EQUIPMENT, at cost 29,000
Less accumulated depreciation (29,000)
----------
--
OTHER ASSETS 1,900
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$ 21,100
==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - affiliates $ 86,100
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 50,000,000 shares;
issued and outstanding,
26,797,500 26,800
Additional paid-in capital 1,788,600
Accumulated deficit (1,882,000)
Unrealized holding gain on
marketable equity securities 1,600
-----------
(65,000)
-----------
$ 21,100
===========
<PAGE>
NORTHWEST GOLD, INC.
Condensed Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
--------------------- --------------------
1999 1998 1999 1998
---- ---- ---- ----
REVENUES:
Interest $100 $200 $200 $300
COSTS AND EXPENSES:
General and
administrative 5,800 2,300 6,600 8,900
-------- ------- -------- -------
NET INCOME (LOSS) $(5,700) $(2,100) $(6,400) $(8,600)
======== ======== ======== ========
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
======== ======== ======== ========
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 26,797,500 26,797,500 26,797,500 26,797,500
========== ========== ========== ==========
* Less than $.01 per share.
See accompanying notes to condensed financialstatements.
<PAGE>
NORTHWEST GOLD, INC.
Condensed Statements of Cash Flows
(Unaudited)
Six Months Ended
November 30,
----------------------
1999 1998
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CASH FLOWS FROM OPERATING ACTIVITIES: $(6,400) $(8,600)
Net Loss
Adjustments to reconcile
net loss to net cash
used in operating activities:
Increase in accounts
payable - affiliate 6,500 8,800
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NET CASH PROVIDED BY
OPERATING ACTIVITIES 100 200
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NET INCREASE IN CASH
AND CASH EQUIVALENTS 100 200
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 11,300 10,800
------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $11,400 $11,000
======= =======
See accompanying notes to condensed financial statements.
<PAGE>
NORTHWEST GOLD, INC.
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of November 30, 1999, the Condensed
Statements of Operations for the six months ended November 30, 1999 and 1998,
and the Condensed Statements of Cash Flows for the six months ended November 30,
1999 and November 30, 1998 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 November 30, 1999, the
results of operations for the six months ended November 30, 1999 and 1998, 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 Company's May 31, 1999 Form 10-KSB.
3) The results of operations for the periods ended November 30, 1999 and
1998 are not necessarily indicative of the operating results for the full year.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources
The Company's working capital deficit increased during the most recently
completed six months by $6,400. This increase in working capital deficit was a
result of an increase of $6,500 in accounts payable to affiliates which was
partially offset by an increase of $100 in cash. The increase in accounts
payable was as a result of USECB Joint Venture ("USECB"), a joint venture
between U.S. Energy, a major shareholder of the Company and Crested Corp. paying
certain administrative expenses for the Company. The increase in cash is a
result of interest received on interest bearing cash accounts.
The Company anticipates that it will be able to meet its administrative
capital requirements for the remainder of the year ending May 31, 2000 if its
affiliates do not call for the amounts due them. The Company must secure
contracts in which it would recognize cash flow from renting its equipment or
work out an agreement on the amount due to affiliates in order to continue
operating long-term.
Results of Operations
The Company had no revenues from operations during the most recently
completed six months or the corresponding period of the prior year. The Company
recorded interest revenue of $200 and $300 in the six month periods ending
November 30, 1999 and 1998 respectively on funds held in interest bearing
accounts.
General and administrative costs decreased by $2,300 during the six months
ended November 30, 1999 over the same period of the previous year. This decrease
was primarily due to a reduction in the cost of professional services related to
annual audit.
The Company's operations consist primarily of administrative activities
associated with the preparation of reports and documents required by law.
<PAGE>
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 November 30, 1999.
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: January 5, 2000 By: /s/ Harold F. Herron
------------------------
HAROLD F. HERRON,
Chief Executive Officer
Date: January 5, 2000 By: /s/ Robert Scott Lorimer
------------------------
ROBERT SCOTT LORIMER,
Principal Financial
Officer and Chief
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> MAY-31-2000 MAY-31-2000
<PERIOD-END> NOV-30-1999 NOV-30-1999
<CASH> 0 11,400
<SECURITIES> 0 7,800
<RECEIVABLES> 0 0
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 11,400
<PP&E> 0 29,000
<DEPRECIATION> 0 29,000
<TOTAL-ASSETS> 0 21,100
<CURRENT-LIABILITIES> 0 86,100
<BONDS> 0 0
0 0
0 0
<COMMON> 0 26,800
<OTHER-SE> 0 (91,800)
<TOTAL-LIABILITY-AND-EQUITY> 0 21,000
<SALES> 0 0
<TOTAL-REVENUES> 100 200
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 5,800 6,600
<LOSS-PROVISION> (5,700) (6,400)
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 0 0
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (5,700) (6,400)
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>
