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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended September 30, 1998
Commission file number 1-3323
NEW HILARITY MINING COMPANY
(Exact name of registrant as specified in its charter)
IDAHO 82-0183199
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
717 W. Sprague Ave., Suite 1105
Washington Trust Bank Bldg.
Spokane, Washington
(Address of principal executive offices)
99201
(Zip Code)
(509) 462-0315
(Registrant's Telephone Number, Including Area Code)
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 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 ( )
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of September 30, 1998: 5,489,560
****************************************************************************
Document Page 1 of 9
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PART I
ITEM 1 Statement of Financial Position as of September 30, 1998
and March 31, 1998
Statement of Operations for the Three and Six Month
Periods Ended September 30, 1998 and September 30, 1997
Statement of Changes in Stockholders' Equity
for the Three Month Periods Ended September 30, 1998 and
September 30, 1997
Statement of Cash Flows for the Three and Six Month
Periods Ended September 30, 1998 and September 30,1997
Notes to Financial Statements as of September 30, 1998
Document Page 2 of 9
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NEW HILARITY MINING COMPANY
Statement of Financial Position as of
September 30,1998 and March 31, 1998
<TABLE>
September 30, March 31,
1998 1998
_____________ _____________
<C> <S> <S>
ASSETS
CURRENT ASSETS
Cash
Marketable securities, net of $ 32 $ -
allowance for unrealized Loss
of $32,141 2,143 2,143
Deferred tax asset 4,821 4,821
Prepaid expenses 21,672 -
_____________ _____________
Total Current Assets 28,668 6,964
_____________ _____________
TOTAL ASSETS $ 28,668 6,964
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 1,785 $ -
Advances from shareholder - 6,513
Advances from officer 1,140 3,176
Accrued expenses 2,500 2,500
_____________ _____________
Total Current Liabilites 5,425 12,189
_____________ _____________
STOCKHOLDERS' EQUITY
Common stock, $.10 par value; 15,000,000
shares authorized, 5,489,560 shares
outstanding as of September 30, 1998
and 3,750,000 shares outstanding as
of March 31, 1998 548,956 375,000
Discount on common stock (64,084) -
Additional paid-in capital - 66,383
Accumulated deficit (461,629) (446,608)
_____________ _____________
Total Stockholders' Equity 23,243 (5,225)
_____________ _____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 28,668 $ 6,964
============= =============
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
Document Page 3 of 9
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NEW HILARITY MINING COMPANY
Statement of Operations for the Three and Six Month Periods
Ended September 30, 1998 and September 30, 1997
<TABLE>
Three Month Periods Six Month Periods
____________________________ ____________________________
September 30, September 30, September 30, September 30,
1998 1997 1998 1997
_____________ _____________ _____________ _____________
<C> <S> <S> <S> <S>
REVENUES $ - $ - $ - $ -
_____________ _____________ _____________ _____________
OPERATING EXPENSES 14,536 1,891 15,021 1,891
_____________ _____________ _____________ _____________
NET (LOSS) $ (14,536) (1,891) (15,021) (1,891)
============= ============= ============= =============
NET (LOSS) PER SHARE $ (.002) $ (NIL) $ (.003) $ (NIL)
============= ============= ============= =============
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
Document Page 4 of 9
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NEW HILARITY MINING COMPANY
Statement of Cash Flows for the Three and Six Month Periods
Ended September 30, 1998 and September 30, 1997
<TABLE>
Three Month Periods Six Month Periods
____________________________ ____________________________
September 30, September 30, September 30, September 30,
1998 1997 1998 1997
_____________ _____________ _____________ _____________
<C> <S> <S> <S> <S>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (Loss) $ (14,536) (1,891) (15,021) (1,891)
Add items not
requiring the use
cash: Issuance of
common stock for
expenses 12,128 - 12,128 -
Increase in
accounts payable 1,785 - 1,785 -
Increase in
advances from
officers 655 1,891 1,140 1,891
_____________ _____________ _____________ _____________
Net Cash Used
From Operating
Activities 32 - 32 -
_____________ _____________ _____________ _____________
NET INCREASE IN CASH 32 - 32 -
CASH AT BEGINNING OF
PERIOD - - - -
_____________ _____________ _____________ _____________
CASH AT END OF PERIOD $ 32 $ - $ 32 $ -
============= ============= ============= =============
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
Document Page 5 of 9
<PAGE>
NEW HILARITY MINING COMPANY
Statement of Changes in Stockholders' Equity for
The Three Month Period Ended September 30, 1998
And September 30, 1997
<TABLE>
Discount
Common Stock on Additional Accumu-
______________________ Common Paid-in lated
Shares Amount Stock Capital Deficit Total
__________ __________ __________ __________ __________ __________
<C> <S> <S> <S> <S> <S> <s.
Balances as
of June 30,
1997 3,750,000 $ 375,000 $ - $ 66,383 $(441,887) $ (504)
Net (Loss) - - - - (1,891) (1,891)
__________ __________ __________ __________ __________ __________
Balances as
of Sept. 30,
1997 3,750,000 $ 375,000 $ - $ 66,383 $(443,778) $ (2,395)
========== ========== ========== ========== ========== ==========
Balances as
of June 30,
1998 3,750,000 $ 375,000 $ - $ 66,383 $(447,093) $ (5,710)
Common stock
issued for
debt at
$.025 per
share 387,560 38,756 - (29,067) - 9,689
Common stock
issued for
Directors'
fees at
$.025 per
share 60,000 6,000 - (4,500) - 1,500
Common stock
issued for
accounting
services at
$.025 per
share 168,000 16,800 - (12,600) - 4,200
Common stock
issued for
consulting
at $.025
per share 1,100,000 110,000 (62,284) (20,216) - 27,500
Common stock
issued for
fees at
$.025 per
share 24,000 2,400 (1,800) - - 600
__________ __________ __________ __________ __________ __________
Net (Loss) - - - - (14,536) (14,536)
__________ __________ __________ __________ __________ __________
Balances at
Sept. 30,
1998 5,489,560 $ 548,956 $ (64,084) $ - $(461,629) $ 23,243
========== ========== ========== ========== ========== ==========
</TABLE>
Prepared by Mangement
The accompanying notes are an integral part of these financial statements.
Document Page 6 of 9
<PAGE>
NEW HILARITY MINING COMPANY
Notes to Financial Statements
as of September 30, 1998
(Unaudited)
The financial statements of New Hilarity Mining Company included herein,
have been prepared without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Although certain information
normally included in financial statements prepared in accordance with
generally accepted accounting principles has been condensed or omitted,
New Hilarity Mining Company believes that the disclosures are adequate
to make the information presented not misleading. These financial
statements should be read in conjunction with the financial statements
and notes thereto included in New Hilarity Mining Company's annual report
on Form 10-K for the fiscal year ended March 31, 1998.
The financial statements included herein reflect all normal recurring
adjustments that, in the opinion of management, are necessary for a fair
presentation. The results for interim periods are not necessarily
indicative of trends or of results to be expected for a full year.
Document Page 7 of 9
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ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
The Company has ceased all mining activities. The Company's primary
tangible asset is 857,100 shares of United Mines, Inc. common stock,
which have been written down to a net realizable value of $2,143. Total
liabilities are $5,425, which are comprised of advances from an officer
of $1,140, accounts payable of $1,785 and accrued expenses for the
estimated cost of removing mine waste rock from a creek, which was the
result of mining activities several decades ago.
During the quarter ended September 30, 1998, the company issued
1,739,560 shares of common stock for prior debt and various operating
expenses.
PART II
ITEM 1 LEGAL PROCEEDINGS
NONE
ITEM 2 CHANGES IN SECURITIES
The company issued 387,560 shares of common stock for debt,
and 1,352,000 shares for various services.
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
NONE
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
NONE
ITEM 5 OTHER INFORMATION
NONE
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
NONE
Document Page 8 of 9
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****************************************************************************
SIGNATURES
****************************************************************************
Pursuant to the requirements of Section 13 of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
New Hilarity Mining Company
(Registrant)
November 4, 1998 /s/ Terry Dunne
Dated:______________________ By: __________________________
Terry Dunne,
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person on behalf of
the registrant and in the capacity and on the date indicated.
November 4, 1998 /s/ Terry Dunne
Dated:______________________ By: __________________________
Terry Dunne,
President
Document Page 9 of 9
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<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
NEW HILARITY MINING COMPANY
This schedule contains summary financial information extracted from the
Statement of Financial Condition at September 30, 1998 (Unaudited) and
the Statement of Income for the Three Month Period ended September 30,
1998 (Unaudited) and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Mar-31-1998
<PERIOD-END> Sep-30-1998
<CASH> 32
<SECURITIES> 2,143
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 28,668
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 28,668
<CURRENT-LIABILITIES> 5,425
<BONDS> 0
0
0
<COMMON> 548,956
<OTHER-SE> (525,713)
<TOTAL-LIABILITY-AND-EQUITY> 28,668
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 14,536
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (14,536)
<INCOME-TAX> 0
<INCOME-CONTINUING> (14,536)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (14,536)
<EPS-PRIMARY> (0.002)
<EPS-DILUTED> (0.002)
</TABLE>
