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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, 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)
5102 S. Morrill Lane
Spokane, Washington
(Address of principal executive offices)
99223
(Zip Code)
(509) 448-51285
(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, 1999: 7,989,560
****************************************************************************
<PAGE>
PART I
ITEM 1 Statement of Financial Position as of September 30, 1999
and March 31, 1999
Statement of Operations for the Three and Six Month
Periods Ended September 30, 1999 and 1998
Statement of Changes in Stockholders' Equity
for the Three Month Periods Ended September 30, 1999 and 1998
Statement of Cash Flows for the Three and Six Month
Periods Ended September 30, 1999 and 1998
Notes to Financial Statements as of September 30, 1999
<PAGE>
NEW HILARITY MINING COMPANY
Statement of Financial Position as of
September 30,1999 and March 31, 1999
<TABLE>
September 30, March 31,
1999 1999
_____________ _____________
<C> <S> <S>
ASSETS
CURRENT ASSETS
Cash $ 38,213 $ 48,030
Prepaid expenses - 10,313
_____________ _____________
Total Current Assets 38,213 58,343
_____________ _____________
TOTAL ASSETS $ 38,213 58,343
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ - $ 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 September 30, 1999 7,990 -
Additional paid-in capital 539,382 -
Discount on common stock - (251,584)
Accumulated deficit (509,159) (491,096)
_____________ _____________
Total Stockholders' Equity 38,213 56,276
_____________ _____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 38,213 $ 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 and Six Month Periods
Ended September 30, 1999 and 1998
<TABLE>
September 30, 1999 September 30, 1998
__________________________ ________________________
Three Six Three Six
Months Months Months Months
____________ ____________ ___________ ___________
<C> <S> <S> <S> <S>
REVENUES $ - $ - $ - $ -
____________ ____________ ___________ ___________
OPERATING EXPENSES
Accounting and legal - 5,705 5,313 5,313
Surveying and engineering - 1,520 - 220
Consulting 5,156 10,313 6,875 6,875
Filing fees 464 629 1,095 1,360
Bank charges 45 117 68 68
Taxes - 30 60 60
Travel 441 441 - -
Directors' fees - - 1,125 1,125
____________ ____________ ___________ ___________
Total Operating Expenses
6,106 18,755 14,536 15,021
____________ ____________ ___________ ___________
(LOSS) FROM OPERATIONS (6,106) (18,755) (14,536) (15,021)
____________ ____________ ___________ ___________
OTHER INCOME
Interest 336 692 - -
____________ ____________ ___________ ___________
NET (LOSS) $ (5,770) $ (18,063) $ (14,536) $ (15,021)
============ ============ =========== ===========
NET (LOSS) PER SHARE $ (NIL) $ (NIL) $ (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 Periods Ended September 30, 1999 and 1998
<TABLE>
Discount
Common Stock on Additional Accumu-
______________________ Common Paid-in lated
Shares Amount Stock Captial Deficit Total
__________ __________ __________ ___________ __________ __________
<C> <S> <S> <S> <S> <S> <S>
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
Services 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 as
of Sept. 30,
1998 5,489,560 $ 548,956 $ (64,084) $ - $(461,629) $ 23,243
========== ========== ========== =========== ========== ==========
Balances as
of June 30,
1999 7,989,500 $ 7,990 $ - $ 539,382 $ (503,389) $ 43,983
Net (Loss) - - - - (5,770) (5,770)
__________ __________ __________ ___________ __________ __________
Balances as
Of Sept. 30
1999 7,989,500 $ 7,990 $ - $ 539,382 $ (509,159) $ 38,213
========== ========== ========== =========== ========== ==========
</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 and Six Month Periods
Ended September 30, 1999 and 1998
<TABLE>
September 30, 1999 September 30, 1998
__________________________ _________________________
Three Six Three Six
Months Months Months Months
____________ ___________ ___________ ___________
<C> <S> <S> <S> <S>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (Loss) $ (5,770) $ (18,063) $ (14,536) $ (15,021)
Add item not requiring the
Use of cash:
Issuance of common stock
For expenses - - 12,128 12,128
Decrease in prepaid
expenses 5,156 10,313 - -
Increase (Decrease) in
accounts payable (165) (2,067) 1,785 1,785
Increase in advances from
officer - - 655 1,140
____________ ___________ ___________ ___________
Net Cash Used From Operating
Activities (779) (9,817) 32 32
____________ ___________ ___________ ___________
NET DECREASE IN CASH (779) (9,817) 32 32
CASH AT BEGINNING OF
PERIOD 38,992 48,030 - -
____________ ___________ ___________ ___________
CASH AT END OF PERIOD $ 38,213 $ 38,213 $ 32 $ 32
============ =========== =========== ===========
</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 September 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 is in the process of selling 37 acres of timbered real estate located in
Shoshone County, Idaho for $34,160.
Current assets decreased from $44,148 as of June 30, 1999 to $38,213 as of
September 30, 1999. On June 30, 1999, the working capital was $43,983, and as of
September 30, 1999 working capital decreased by $5,770 to $38,213.
The net operating loss for the three month period ended September 30, 1999 was
$5,770, compared to a net operating loss for the three month period ended
September 30, 1998 of $14,536.
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: October 26, 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: October 26, 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 September 30, 1999 (Unaudited) and
the Statement of Income for the Three Month Period ended September 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> SEP-30-1999
<CASH> 38,213
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 38,213
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 38,213
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 7,990
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 38,213
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,106
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (5,770)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,770)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,770)
<EPS-BASIC> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
