SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended November 30, 1998
[ ] 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 0-10201
NUGGET EXPLORATION, INC.
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(Exact name of small business issuer as specified in its charter)
Nevada 83-0250943
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(State of other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
815 South Durbin Street, Casper, Wyoming 82601
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(Address of principal executive offices)
307-234-2895
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(Issuer's telephone number)
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(Former name, former address and formal fiscal year,
if changed since last report)
Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the Issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes [X] No [ ]
There were 4,947,603 shares of the Issuer's Common Stock outstanding as
of January 14, 1999.
Transitional Small Business Disclosure Format (check one):
Yes [ ]; No [X]
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INDEX
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Page Number
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements: 3
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 3
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 3
Item 2. Changes in Securities 3
Item 3. Defaults Upon Senior Securities 3
Item 4. Submission of Matters to a Vote
of Security Holders 4
Item 5. Other Information 4
Item 6. Exhibits and Reports on Form 8-K 4
SIGNATURES................................................................4
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<PAGE>
PART I - FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
Not applicable. The financial information required by Part I of Form
10-QSB is not required at this time pursuant to Exchange Act Regulations Rule
13a-13(c)(2). Such information is not required for mining companies not in
the production state but engaged primarily in the exploration for or the
development of mineral deposits other than oil, gas or coal, if all the
following conditions are met:
(i) The registrant has not been in production during the current
fiscal year or the two years immediately prior thereto; except
that being in production for an aggregate period of not more than
eight months over the three-year period shall not be in violation
of this condition.
(ii) Receipts from the sale of mineral products or from the
operations of mineral producing properties by the registrant and
its subsidiaries combined have not exceeded $500,000 in any of the
most recent six years and have not aggregated more than $1,500,000
in the most recent six fiscal years.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULT OF OPERATIONS
Not applicable. See Part I, Item I. "Financial Statements".
PART II - OTHER INFORMATION
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ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES
Effective October 19, 1998, the Company effected a 1 for 310 reverse
split of the Company's outstanding common stock. The par value of the
Company's common stock remained at $.01 per share.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
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ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
On January 8, 1999, the Company entered into a contract to sell
substantially all of its real property. The Company anticipates receiving
approximately $600,000 of net proceeds from the sale, which proceeds will be
used to retire Company indebtedness. The closing of the transaction is
scheduled for late January, 1999, however there can be no assurance that the
transaction will be completed.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits - no exhibits are filed with this report.
b) Reports filed on Form 8-K :
On October 19, 1998, the Company filed a report on Form 8-K relating to
the 1 for 310 reverse stock split.
On October December 4, 1998, the Company filed a report on Form 8-K
relating to the resignation of one of the Company's directors.
On December 23, 1998, the Company filed a report on Form 8-K relating to
the Company's acquisition of two diagnostic imaging centers located in
Cherry Hill, New Jersey and Wilmington, Delaware. The Company is
currently completing historical and pro forma financial statement
information required to be filed within sixty (60) days of the filing of
that report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
January 20, 1999 NUGGET EXPLORATION, INC.
/s/ Dr. Leonard Vernon
By: --------------------------------
Dr. Leonard Vernon, President
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