<PAGE> 1
=================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 June 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 (I.R.S. Employer
incorporation or organization) Identification Number)
717 West Sprague Avenue
Suite 1105
Washington Trust Bank
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 June 30, 1998:
3,750,000
==================================================================
<PAGE> 2
PART I
ITEM 1 Statement of Financial Position as of June 30, 1998 and
March 31, 1998
Statement of Operations for the Three Month Periods
Ended June 30, 1998 and 1997
Statement of Changes in Stockholders' Equity for the
Three Month Periods Ended June 30, 1998 and 1997
Statement of Cash Flows for the Three Month Periods
Ended June 30, 1998 and 1997
Notes to Financial Statements as of June 30, 1998
<PAGE> 3
NEW HILARITY MINING COMPANY Statement of Financial Position as
(UNAUDITED) of June 30, 1998 and March 31, 1998
ASSETS
<TABLE>
<CAPTION>
June 30, March 31,
1998 1998
<S> <C> <C>
CURRENT ASSETS
Marketable securities, net
of unrealized losses of
$32,141 $ 2,143 $ 2,143
Deferred tax asset 4,821 4,821
---------- ---------
Total current assets 6,964 6,964
---------- ---------
TOTAL ASSETS $ 6,964 $ 6,964
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Advances from shareholder $ 6,513 $ 6,513
Advances from officer 3,661 3,176
Accrued expenses 2,500 2,500
--------- ---------
Total current liabilities 12,674 12,189
--------- ---------
STOCKHOLDERS' EQUITY
Common stock; $.10 par value;
15,000,000 shares authorized;
3,750,000 shares issued
and outstanding 375,000 375,000
Additional paid-in capital 66,383 66,383
Accumulated deficit (447,093) (446,608)
--------- ---------
Total stockholders' equity (5,710) (5,225)
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 6,964 $ 6,964
========= =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these
financial statements.
F-1
<PAGE> 4
NEW HILARITY MINING COMPANY Statement of Operations For the
(UNAUDITED) Three Month Periods Ended June 30,
1998 and 1997
<TABLE>
<CAPTION>
June 30, June 30,
1998 1997
<S> <C> <C>
REVENUES $ -0- $ -0-
--------- --------
OPERATING EXPENSES
Filing fees 265
Engineering fees 220
--------- --------
Total operating expenses 485 -0-
--------- --------
NET (LOSS) $ (485) $ -0-
========= ========
NET (LOSS) PER SHARE $ (NIL) $ -0-
========= ========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these
financial statements.
F-2
<PAGE> 5
Statement of Changes in
NEW HILARITY MINING COMPANY Stockholders' Equity For the Three
(UNAUDITED) Month Periods Ended June 30, 1998
and 1997
<TABLE>
<CAPTION>
Additional
Common Stock Paid-in Accumulated
Shares Amount Capital Deficit Total
<S> <C> <C> <C> <C> <C>
Balances as of
March 31, 1997 3,750,000 $ 375,000 $ 66,383 $ (441,887) $ (504)
Net (Loss) -0- -0-
--------- --------- -------- ---------- --------
Balances as of
June 30, 1997 3,750,000 $ 375,000 $ 66,383 $ (441,887) $ (504)
========= ========= ======== ========== ========
Balances as of
March 31, 1998 3,750,000 $ 375,000 $ 66,383 $ (446,608) $ (5,225)
Net (Loss) (485) (485)
--------- --------- -------- ---------- --------
Balances as of
June 30, 1998 3,750,000 $ 375,000 $ 66,383 $ (447,093) $ (5,710)
========= ========= ======== ========== ========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these
financial statements.
F-3
<PAGE> 6
NEW HILARITY MINING COMPANY Statement of Cash Flows for the Three
(UNAUDITED) Month Periods Ended June 30, 1998 and
1997
<TABLE>
<CAPTION>
June 30, June 30,
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) $ (485) $ -0-
485
------ -----
Net cash used from
operating activities -0- -0-
------ -----
NET INCREASE IN CASH -0- -0-
CASH AT BEGINNING OF PERIOD -0- -0-
------ -----
CASH AT END OF PERIOD $ -0- $ -0-
====== =====
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these
financial statements.
F-4
<PAGE> 7
NEW HILARITY MINING COMPANY Notes to Financial Statements
(UNAUDITED) as of June 30, 1998
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.
Prepared by management.
The accompanying notes are an integral part of these
financial statements.
F-5
<PAGE> 8
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION
The Company has ceased all mining activities. The Company's only
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 $12,674, which are comprised of
advances from shareholder of $6,513, advances from officer of
$3,661 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.
The Company has no revenues. Any working capital needs are
provided as loans or advances from corporate officers.
PART II
ITEM 1 LEGAL PROCEEDINGS
NONE
ITEM 2 CHANGES IN SECURITIES
NONE
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
<PAGE> 9
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.
Dated this 11th day of August, 1998.
New Hilarity Mining Company
(Registrant)
BY: /s/ Robert W. O'Brien
Robert W. O'Brien,
Secretary-Treasurer
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.
Dated this 11th day of August, 1998.
BY: /s/ Robert W. O'Brien
Robert W. O'Brien,
Secretary-Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Financial Condition at June 30, 1998 (Unaudited) and the
Statement of Income for the three month period ended June 30, 1998
(Unaudited) and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 0
<SECURITIES> 2,143
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6,964
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 6,964
<CURRENT-LIABILITIES> 12,674
<BONDS> 0
0
0
<COMMON> 375,0000
<OTHER-SE> (380,710)
<TOTAL-LIABILITY-AND-EQUITY> 6,964
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 485
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (485)
<INCOME-TAX> 0
<INCOME-CONTINUING> (485)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (485)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
