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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 June 30, 1999
Commission file number 001-03323
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)
601 W. Main Ave. Suite 814
Spokane, Washington
(Address of principal executive offices)
99201-3915
(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, 1999: 7,989,560
****************************************************************************
<PAGE>
PART I
ITEM 1 Statement of Financial Position as of June 30, 1999
and March 31, 1999
Statement of Operations for the Three Month
Periods Ended June 30, 1999 and 1998
Statement of Changes in Stockholders' Equity
for the Three Month Periods Ended June 30, 1999 and 1998
Statement of Cash Flows for the Three Month
Periods Ended June 30, 1999 and 1998
Notes to Financial Statements as of June 30, 1999
<PAGE>
NEW HILARITY MINING COMPANY
Statement of Financial Position as of
June 30,1999 and March 31, 1999
<TABLE>
June 30, March 31,
1999 1999
_____________ _____________
<C> <S> <S>
ASSETS
CURRENT ASSETS
Cash $ 38,992 $ 48,030
Prepaid expenses 5,156 10,313
_____________ _____________
Total Current Assets 44,148 58,343
_____________ _____________
TOTAL ASSETS $ 44,148 58,343
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 165 $ 2,067
_____________ _____________
STOCKHOLDERS' EQUITY
Common stock, $.10 par value; 15,000,000
shares authorized, 7,989,500 shares
outstanding as of March 31, 1999 - 798,956
Common stock, $.001 par value; 100,000,000
shares authorized, 7,989,500 shares
outstanding as of June 30, 1999 7,990 -
Additional paid-in capital 539,382 -
Discount on common stock - (251,584)
Accumulated deficit (503,389) (491,096)
_____________ _____________
Total Stockholders' Equity 43,983 56,276
_____________ _____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 44,148 $ 58,343
============= =============
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
NEW HILARITY MINING COMPANY
Statement of Operations for the Three Periods
Ended June 30, 1999 and 1998
<TABLE>
June 30, June 30,
1999 1998
_____________ _____________
<C> <S> <S>
REVENUES $ - $ -
_____________ _____________
OPERATING EXPENSES
Accounting and legal 5,705 -
Surveying and engineering 1,520 220
Consulting 5,157 -
Filing fees 165 265
Bank charges 72 -
Taxes 30 -
_____________ _____________
12,649 485
_____________ _____________
LOSS FROM OPERATIONS (12,649) (485)
_____________ _____________
OTHER INCOME
Interest 356 -
_____________ _____________
NET LOSS (12,293) (485)
============= =============
NET (LOSS) PER SHARE $ (NIL) $ (NIL)
============= =============
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
NEW HILARITY MINING COMPANY
Statement of Changes in Stockholders' Equity for
The Three Month Period Ended June 30, 1999 and 1998
<TABLE>
Discount
Common Stock Additional on Accumu-
______________________ Paid-in Common lated
Shares Amount Capital Stock Deficit Total
__________ __________ __________ __________ __________ __________
<C> <S> <S> <S> <S> <S> <s.
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)
========== ========== ========== ========== ========== ==========
Balances as
of March 31,
1999 7,989,500 $ 798,956 $ - $(251,584) $(491,096) $ 56,276
Change of par
value from
$.10 per
share to
$.001 per
share - (790,966) 539,382 251,584 - -
Net (Loss) - - - - (12,293) (12,293)
__________ __________ __________ __________ __________ __________
Balances as
of June 30,
1999 7,989,500 $ 7,990 $ 539,382 $ - $(503,389) $ 43,983
========== ========== ========== ========== ========== ==========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
NEW HILARITY MINING COMPANY
Statement of Cash Flows for the Three Month Periods
Ended June 30, 1999 and 1998
<TABLE>
June 30, June 30,
1999 1998
_____________ _____________
<C> <S> <S>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (Loss) $ (12,293) (485)
Decrease in prepaid expenses 5,157 -
Decrease in accounts payable (1,902) -
Increase in advances from officer - 485
_____________ _____________
Net Cash Used From Operating
Activities (9,038) -
_____________ _____________
NET DECREASE IN CASH (9,038) -
CASH AT BEGINNING OF
PERIOD 48,030 -
_____________ _____________
CASH AT END OF PERIOD $ 38,992 $ -
============= =============
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
NEW HILARITY, INC. Notes to Financial Statements
(UNAUDITED) as of June 30, 1999
- --------------------------------------------------------------------------------
The financial statements of New Hilarity, Inc. 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, Inc. 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, Inc.'s annual report on
Form 10-K for the fiscal year ended March 31, 1999.
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.
<PAGE>
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The company has been an inactive mining company for many years. However, the
company owns 37 acres of timbered real estate located in Shoshone County, Idaho.
A recent appraisal shows a total value of $48,604, of which $39,354 is comprised
of timber, and $9,250 consists of bare land.
Current assets decreased from $58,343 as of March 31, 1999 to $44,148 as of June
30, 1999 due to expenditures for normal operating activities. On March 31,
1999, the working capital was $56,276, and as of June 30, 1999 working capital
decreased by $12,295 to $43,983.
The net operating loss for the three month period ended June 30, 1999 was
$12,293, compared to a net operating loss for the three month period ended June
30, 1998 of $485. For the three month period ended June 30, 1999, the company's
primary operating expenses consisted of consulting, legal and accounting, and
appraisal expenses for the 37 acres of timbered real estate.
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>
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, Inc.
(Registrant)
Dated: August 11, 1999 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: August 11, 1999 By: /s/ Robert W. O'Brien
Robert W. O'Brien,
Secretary-Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
NEW HILARITY MINING COMPANY
This schedule contains summary financial information extracted from the
Statement of Financial Condition at June 30, 1999 (Unaudited) and
the Statement of Income for the Three Month Period ended June 30,
1999 (Unaudited) and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Mar-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 38,992
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 44,148
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 44,148
<CURRENT-LIABILITIES> 165
<BONDS> 0
0
0
<COMMON> 7,990
<OTHER-SE> 35,993
<TOTAL-LIABILITY-AND-EQUITY> 44,148
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 12,649
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (12,293)
<INCOME-TAX> 0
<INCOME-CONTINUING> (12,293)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (12,293)
<EPS-BASIC> (0.002)
<EPS-DILUTED> (0.002)
</TABLE>
