U.S. SECURITIES AND EXCHANGE
COMMISSION Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR
THE QUARTERLY PERIOD ENDED JULY 31, 1997
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
TRANSITION PERIOD FROM TO
Commission file number ....0-8155....
Breccia International Minerals Inc.
(Exact name of small business issuer as specified in its charter)
Delaware 73-0977756
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1500 Midland Walwyn Tower, Edmonton, Alberta T5J 2Z2
(Address of principal executive offices) (Zip Code)
(403) 496-9169
(Issuer's telephone number)
(Former name, former address and former fiscal year,if changed
since last report)
Check whether the issuer (1) has filed all reports
required to be filed by Section 13 or 15(d) of the
Exchange Act during the past 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 [ ]
Applicable only to corporate issuers
State the number of shares outstanding of each of
the issuer's classes of common equity, as of the
latest practical date. As of July 31, 1997,
8,128,206 shares of common stock were issued and
outstanding.
Part 1 - Item 1
BRECCIA INTERNATIONAL MINERALS INC.
Financial Statements
For the three months ended July 31, 1997
Expressed in U.S. Dollars
Balance Sheet July 31 April 30
1997 1997
Assets
Current
Cash $4,220 $ 7,400
--------- --------
Total Assets $4,220 $ 7,400
========= =========
Liabilities and Shareholders'
Equity (Deficiency)
Accounts & advances payable (Note 2) $ 175,831 $ 158,441
---------- --------
175,831 158,441
Shareholders' Equity
Share Capital (Note 3) 285,165 285,165
Deficit (456,776) (436,206)
---------- --------
(171,611) (151,041)
---------- --------
Total liabilities & equity $4,220 $ 7,400
========== =========
BRECCIA INTERNATIONAL MINERALS INC.
Statement of Operations and Deficit
Expressed in U.S. Dollars
For the three months ended July 31, 1997
Quarter Ended
1997 1996
Revenue
Interest Income $ - $ 7
------- -------
General and administration 20,571 12,058
------- -------
Net loss for the period (20,571) (12,051)
Deficit, beginning of period (436,205) (132,075)
------- --------
Deficit, end of period $(456,776) $(144,126)
======== ==========
Loss per Share* $(0.003) $(0.001)
======== ==========
* Based on 8,128,206 common shares, (1996-8,041,475)
BRECCIA INTERNATIONAL MINERALS INC.
Statement of Changes in Financial Position
Expressed in U.S. Dollars
For the three months ended July 31, 1997
1997 1996
------- -------
Cash provided by (used in)
Operating Activities
Net loss $(20,571) $(12,051)
--------- ----------
Changes in working capital accounts
Accounts & Advances payable 17,391 12,005
---------- ----------
(3,180) (46)
Financing Activities
- -
--------- ----------
Investing Activities
- -
---------- ----------
Decrease In Cash (3,180) (46)
Cash, beginning of period 7,400 3,669
--------- ----------
Cash, end of period $4,220 $ 3,623
========= ==========
1. Significant Accounting Policies
Significant accounting policies are as follows:
Incorporation
Breccia International Minerals Inc. was incorporated under
the laws of the State of Delaware on April 25, 1975 and renewed on
March 18, 1994.
Net Income (loss) per common share:
The net income (loss) per common share is based on the number of $0.0001 par
value common shares outstanding.
2. Related Party Transactions
The Corporation has entered into the following transactions with related
parties:
The Corporation owes $84,383 for professional fees and office sharing costs to
a company affiliated with Directors' of the Corporation.
A company affiliated with directors' of the Corporation provided the
Corporation unsecured advances of $42,553.
3. Share Capital
Authorized
Seventy-five million (75,000,000) $.0001 par value common stock.
1997 1996
-------- -------
Issued
8,128,206 common stock $.0001 par value (1996-8,041,475) $285,165 $89,165
========== =========
ITEM 2
Management Discussion and Analysis of Financial Condition and Results of
Operations.
1. Material Changes in Results of Operation
The results of the statement of loss indicates a loss of $20,571 for the
three month period which represents transfer agent, legal and consulting
fees necessary to maintain the Registrant current with its regulatory
filing requirements.
2. Material Changes in Financial Condition
The Registrant previously focused on opportunities in the acquisition,
exploration, and development of gold and copper exploration projects
located in Chile, South America. However, due to uncontrollable market
conditions in the mineral exploration sector, the Registrant has shifted
it's focus away from mining, and is looking at other business
opportunities.
Part II
OTHER INFORMATION
Item I. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to Vote of security holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8 - K
None
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.
BRECCIA INTERNATIONAL MINERALS INC.
Date: September 12, 1997 Don Caron
Don Caron
President
Date: September 12, 1997 Richard Caron
Richard Caron
Director
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> JUL-31-1997
<CASH> 4,220
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,220
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,220
<CURRENT-LIABILITIES> 175,831
<BONDS> 0
0
0
<COMMON> 285,165
<OTHER-SE> (456,776)
<TOTAL-LIABILITY-AND-EQUITY> 4,220
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 20,571
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (20,571)
<EPS-PRIMARY> (0.003)
<EPS-DILUTED> 0
</TABLE>
