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Previous: FIRST PULASKI NATIONAL CORP, S-8, 1997-06-13 |
Next: GAENSEL GOLD MINES INC, 8-K, 1997-06-13 |
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 January 31, 1997
[ ] 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 0-12825
GAENSEL GOLD MINES, INC.
(Exact Name of Registrant as specified in its Charter)
Nevada 84-0916272
(State or other Jurisdiction of I.R.S. Employer Identi-
Incorporation or Organization fication No.)
45110 Club Drive, Suite B, Indian Hills, California 92210
(Address of Principal Executive Offices) (Zip Code)
(619) 360-1042
(Registrant's Telephone Number, including Area Code)
Indicate by check mark whether the Registrant (i) has filed all reports
required to be filed by Section 13, or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (of for such shorter period that the
Registrant was required to file such reports) and (ii) has been subject to such
filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as of the latest practicable date.
Common Stock 218,379
Title of Class Number of Shares outstanding
at January 31, 1997
No Exhibits included.
<PAGE>
<TABLE>
<CAPTION>
GAENSEL GOLD MINES, INC.
(A Company in the Development Stage)
BALANCE SHEETS
ASSETS
April 30, October 31,
1997 1996
<S> <C> <C>
ASSETS - Cash $ 576 $ 576
$ 576 $ 576
======== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
CURRENT LIABILITIES - Accounts payable $ 7,635 $ 7,635
STOCKHOLDERS' EQUITY
Common stock 218 218
Additional paid in capital 3,471,741 3,471,741
Deficit accumulated during development stage (3,479,018) (3,479,018)
----------- ----------
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY) (7,059) (7,059)
-------- -------
$ 576 $ 576
========= ========
</TABLE>
See accompanying Notes to Financial Statements
-2-
<PAGE>
<TABLE>
<CAPTION>
GAENSEL GOLD MINES, INC.
(A Company in the Development Stage)
STATEMENTS OF OPERATIONS
CUMULATIVE
FROM INCEPTION
FOR THE THREE FOR THE THREE (SEPT.13, 1981)
MONTHS ENDED MONTHS ENDED TO
JANUARY 31, 1996 JANUARY 31, 1997 JANUARY 31, 1997
---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ 43,145
COSTS AND EXPENSES
Loss From Operations 3,366,630
Non Operating Income 174,198
Interest (expense) (25,204)
Non Operating Expense (159,695)
NET LOSS ACCUMULATED DURING
THE DEVELOPMENT STAGE $ $ $ (3,478,951)
LOSS PER COMMON SHARE $ nil $ nil $ nil
</TABLE>
See accompanying Notes to Financial Statements
-4-
<PAGE>
<TABLE>
<CAPTION>
GAENSEL GOLD MINES, INC.
(A Company in the Development Stage)
STATEMENTS OF CASH FLOWS
FOR THE THREE FOR THE THREE
MONTHS ENDED MONTHS ENDED
January 31, 1996 January 31, 1997
---------------- ----------------
<S> <C> <C>
Net Loss
CASH USED BY OPERATING ACTIVITIES
Cash flows from financing activities
Issuance of Common Stock
INCREASE (DECREASE) IN CASH
CASH BALANCE - BEGINNING 576
CASH BALANCE - ENDING $ $ 576
</TABLE>
See accompanying Notes to Financial Statements
-4-
<PAGE>
GAENSEL GOLD MINES, INC.
(A Company in the Development Stage)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
January 31, 1997
1. General
The accompanying financial statements are unaudited, but in the opinion
of the management of the Company, contain all adjustments, consisting of only
normal recurring accruals, necessary to present fairly the financial position at
January 31, 1997, the results of operations for the three months ended January
31, 1996 and 1997, and the cash flows for the three months ended January 31,
1996 and 1997. Certain information and footnote disclosures normally included in
financial statements that have been prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to the
rules and regulations of the Securities and Exchange Commission, although
management of the Company believes that the disclosures in these financial
statements are adequate to make the information presented therein not
misleading. For further information, refer to the financial statements and
footnotes thereto for the fiscal year ended October 31, 1996 included in the
Company's Form 10-KSB.
The results of operations for the three months ended January 31, 1996,
are not necessarily indicative of the results of operations to be expected for
the full fiscal year ending October 31, 1996.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL
CONDITION
The Company has not commenced operations and has no working capital.
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
None
Item 2. CHANGES IN SECURITIES
None
Item 3. DEFAULTS UPON SENIOR SECURITIES
None
Item 4. SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS
See Item 2.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
None
6
<PAGE>
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.
Date: February 6, 1997 By: /s/ Dempsey K. Mork
-------------------------- --------------------
Dempsey K. Mork
President (chief financial officer
and accounting officer and duly authorized officer)
7
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FINANCIAL
STATEMENTS FOR THE THREE MONTHS ENDED JANUARY 31, 1997
AND AS OF
JANUARY 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000357049
<NAME> GAENSEL GOLD MINES, INC.
<MULTIPLIER> 1
<CURRENCY> US dollars
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-START> Nov-01-1996
<PERIOD-END> Jan-31-1997
<EXCHANGE-RATE> 1
<CASH> 576
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 576
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 576
<CURRENT-LIABILITIES> 7,635
<BONDS> 0
0
0
<COMMON> 218
<OTHER-SE> (7,277)
<TOTAL-LIABILITY-AND-EQUITY> 576
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> .00
<EPS-DILUTED> .00
</TABLE>
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