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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 December 31, 1999
Commission file number 001-03323
NEW HILARITY, INC
(Exact name of registrant as specified in its charter)
NEVADA 91-1978600
(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) 448-5128
(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 December 31, 1999: 7,989,560
****************************************************************************
<PAGE>
PART I
ITEM 1 Statement of Financial Position as of December 31, 1999
and March 31, 1999
Statement of Operations for the Three and Nine Month
Periods Ended December 31, 1999 and 1998
Statement of Changes in Stockholders' Equity for the
Three Month Periods Ended December 31, 1999 and 1998
Statement of Cash Flows for the Three and Nine Month
Periods Ended December 31, 1999 and 1998
Notes to Financial Statements as of December 31, 1999
NEW HILARITY INC.
Statement of Financial Position as of
December 31, 1999 and March 31, 1999
<TABLE>
December 31, March 31,
1999 1999
_____________ _____________
<C> <S> <S>
ASSETS
CURRENT ASSETS
Cash $ 67,108 $ 48,030
Prepaid expenses - 10,313
_____________ _____________
Total Current Assets 67,108 58,343
_____________ _____________
TOTAL ASSETS $ 67,108 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 December 31, 1999 7,990 -
Additional paid-in capital 539,382 -
Discount on common stock - (251,584)
Accumulated deficit (480,264) (491,096)
_____________ _____________
Total Stockholders' Equity 67,108 56,276
_____________ _____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 67,108 $ 58,343
============= =============
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
NEW HILARITY INC.
Statement of Operations for the Three and Nine Month Periods
Ended December 31, 1999 and 1998
<TABLE>
Three Months Nine Months
__________________________ ________________________
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
____________ ____________ ___________ ___________
<C> <S> <S> <S> <S>
REVENUES $ - $ - $ - $ -
____________ ____________ ___________ ___________
OPERATING EXPENSES
1,670 9,664 20,425 24,685
____________ ____________ ___________ ___________
(LOSS) FROM OPERATIONS (1,670) (9,664) (20,425) (24,685)
____________ ____________ ___________ ___________
OTHER INCOME
Loss on marketable securities - (2,043) - (2,043)
Sale of land 30,000 - 30,000 -
Interest income 535 172 1,257 172
____________ ____________ ___________ ___________
Total Other Income (Losses) 30,565 (1,871) 31,257 (1,871)
NET INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES 28,895 (11,535) 10,832 (26,556)
____________ ____________ ___________ ___________
PROVISION FOR INCOME TAXES - 4,821 - 4,821
____________ ____________ ___________ ___________
NET INCOME (LOSS) 28,895 (16,356) 10,832 (31,377)
============ ============ =========== ===========
NET INCOME (LOSS) PER SHARE $ (0.004) $ (0.003) $ (0.001) $ (0.005)
============ ============ =========== ===========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
NEW HILARITY INC.
Statement of Changes in Stockholders' Equity for
The Three Month Periods Ended December 31, 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 Sept. 30
1998 5,489,560 $ 548,956 $ (64,084) $ - $(461,629) $ 23,243
Issuance of
Stock for
Cash at
$.025 per
share 2,500,000 250,000 (187,500) - - 65,500
Net (Loss) - - - - (16,356) (16,356)
__________ __________ __________ ___________ __________ __________
Balances as
of Dec 31,
1998 7,989,560 $ 798,956 $(251,584) $ - $(477,985) $ 69,387
========== ========== ========== =========== ========== ==========
Balances as
of Sept. 30,
1999 7,989,560 $ 7,990 $ - $ 539,382 $(509,159) $ 38,213
Net Income - - - - 28,895 28,895
__________ __________ __________ ___________ __________ __________
Balances as
of Sept. 30
1999 7,989,500 $ 7,990 $ - $ 539,382 $(480,264) $ 67,108
========== ========== ========== =========== ========== ==========
</TABLE>
Prepared by Management
The accompanying notes are an integral part of these financial statements.
<PAGE>
NEW HILARITY INC.
Statement of Cash Flows for the Three and Nine Month Periods
Ended December 31, 1999 and 1998
<TABLE>
Three Months Nine Months
__________________________ ________________________
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
____________ ____________ ___________ ___________
<C> <S> <S> <S> <S>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ 28,895 $ (16,356) $ 10,832 $ (31,377)
Add item not requiring the
Use of cash:
Issuance of common stock
for expenses - - - 12,128
Loss on marketable securities - 2,043 - 2,043
Decrease in deferred tax
asset - 4,821 - 4,821
Decrease in prepaid
expenses - 5,680 10,313 5,680
(Decrease) in accounts
payable - (1,785) (2,067) -
(Decrease) in advances from
shareholder - (1,140) - -
____________ ___________ ___________ ___________
Net Cash Provided (Used)
From Operating Activities 28,895 (6,737) 19,078 (6,705)
____________ ___________ ___________ ___________
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from sale of
marketable securities - 100 - 100
____________ ___________ ___________ ___________
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from sale of
common stock - 62,500 - 62,500
____________ ___________ ___________ ___________
NET INCREASE IN CASH 28,865 55,863 19,078 55,895
CASH AT BEGINNING OF
PERIOD 38,213 32 48.030 -
____________ ___________ ___________ ___________
CASH AT END OF PERIOD $ 67,108 $ 55,895 $ 67,108 $ 55,895
============ =========== =========== ===========
</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 December 31, 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.
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
In October, 1999 the Company sold 37 acres of timbered real estate for $30,000.
During the quarter ended December 31, 1999, cash increased from $38,213 to
$67,108, which was primarily due to the land sale. As of December 31, 1999, the
only asset of the Company was cash, and the Company had no liabilities.
The net income for the quarter ended December 31, 1999 was $28,895, compared to
a net loss of $16,356 for the quarter ended December 31, 1998.
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
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: February 11, 2000 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: February 11, 2000 By:/s/ Robert W. O'Brien
Robert W. O'Brien,
Secretary-Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
NEW HILARITY INC.
This schedule contains summary financial information extracted from the
Statement of Financial Condition at December 31, 1999 (Unaudited) and
the Statement of Income for the Three Month Period ended December 31,
1999 (Unaudited) and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> Mar-31-2000
<PERIOD-END> Dec-31-1999
<CASH> 67,108
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 67,108
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 67,108
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 7,990
<OTHER-SE> 59,118
<TOTAL-LIABILITY-AND-EQUITY> 67,108
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,670
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 28,895
<INCOME-TAX> 0
<INCOME-CONTINUING> 28,895
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28,895
<EPS-BASIC> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
