SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the quarter year ended
March 31, 1998
Commission File No. 2-85845-D
______________________________________________________________________________
SILVERTHORNE PRODUCTION COMPANY
(Exact name of Registrant as specified in its charter)
COLORADO 84-0189377
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
708 Margarita Ave, Coronado, CA 92118 (619) 522-0010
(Current address of principal executive office) (Registrant s telephone No.
with area code)
Indicate by check mark whether 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
Registrant was required to file such reports, and (2) has been subject to
such filing requirements for the past 90 days.
[x] Yes [ ] No
The number of shares outstanding of each class of Registrant s classes
of Common Stock ($.001 par value)as of end of period covered by report was:
March 31, 1998: 3,505,047
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
Financial Statements (unaudited) for quarter year ended March 31, 1998,
attached hereto and incorporated herein by reference. (See following pages)
SILVERTHORNE PRODUCTION COMPANY
Unaudited - compiled by management
(A Developmental Stage Company)
BALANCE SHEET -- March 31, 1998
Unaudited Audited
Mar 31 June 30
1998 1997
ASSETS ---- ----
CURRENT ASSETS:
Cash $ 0 $ 26
------- --------
$ 0 $ 26
======== ========
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Notes Payable $22,000 $ 22,000
Accrued interest 12,996 10,828
Accounts Payable 37,316 33,364
------- --------
$ 72,312 $ 66,192
________ ________
SHAREHOLDERS EQUITY
(DEFICIENCY)
Common Stock, par value
$.001; authorized 50,000,000
shares; 3,505,047 shares
issued & outstanding: $ 3,505 $ 3,505
Additional paid-in capital 607,332 607,332
-------- --------
Retained earnings deficit:
From regular operations ( 617,286) ( 617,286)
Accumulated: developmental
stage ( 75,329) ( 69,209)
-------- --------
( 692,615) ( 686,495)
________ ________
TOTAL SHAREHOLDERS EQUITY $ 218,222 $ 224,342
________ ________
TOTAL LIABILITIES
AND SHAREHOLDERS EQUITY $ 0 $ 26
========= ========
The accompanying notes are an integral part of the financial statements.
SILVERTHORNE PRODUCTION COMPANY
Unaudited - compiled by management
(A Developmental Stage Company)
STATEMENT OF OPERATIONS -- March 31, 1998
Unaudited Unaudited
9 months ended 9 months ended
Mar 31, 1998 Mar 31, 1997
REVENUES: $ 0 $ 0
________ ________
EXPENSES: 6,120 11,466
NET INCOME (LOSS) $( 6,120) $( 11,466)
======== ========
NET (LOSS) PER COMMON SHARE $ .0017 $ .0033
========= =========
COMMON SHARES OUTSTANDING 3,505,047 3,505,047
========= =========
The accompanying notes are an integral part of the financial statements.
SILVERTHORNE PRODUCTION COMPANY
Unaudited - compiled by management
(A Developmental Stage Company)
CASH FLOW STATEMENT -- March 31, 1998
Unaudited Unaudited
9 months ended 9 months ended
Mar 31, 1998 Mar 31, 1997
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net (loss) $( 6,120) $( 11,466)
Increase (decrease) in
accounts payable 3,952 9,961
Increase in accrued interest 2,168 1,798
---------- ------------
Net cash flows from operation $( 0) $( 7)
________ ________
CASH FLOWS FROM FINANCING
ACTIVITIES:
Paid in capital $ 0 $ 0
Increase in notes payable 0 0
-------- --------
Net cash flows from financing $ 0 $ 0
________ ________
CASH FLOWS F0R INVESTMENT
ACTIVITIES:
Purchase of fixed assets $ 0 $ 0
Deferred feasibility costs 0 9
-------- --------
Net cash flows for
investments $ 0 $( 9)
________ ________
NET INCREASE IN CASH AND
CASH EQUIVALENT $ 0 $( 7)
Cash at beginning of period 0 ( 2)
-------- --------
Cash at end of period $ 0 $( 9)
======== ========
The accompanying notes are an integral part of the financial statements.
SILVERTHORNE PRODUCTION COMPANY
Unaudited - compiled by management
(A Developmental Stage Company)
STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) --March 31, 1998
Total
Additional shareholders
-------Common Stock----- paid-in Accumulated equity
Shares Amount capital deficit (deficiency)
------ ------ ------- ------- ------------
BALANCES,
June 30,
1997 #3,505,047 $ 3,505 $607,332 $(686,495) $ 224,342
NET INCOME
(LOSS) from
Developmental
Stage: Mar 31,
1998 ( 6,120) ( 6,120)
---------- -------- -------- --------- ---------
BALANCES,
Mar 31, 1998 #3,505,047 $ 3,505 $607,332 $(692,615) $ 218,222
======== ======== ========= ========= ========
The accompanying notes are an integral part of the financial statements.
NOTES TO FINANCIAL STATEMENTS -- March 31, 1998
The accounting policies followed by Company are set forth in the notes
to the Company's audited financial statements in the Form 10-K Report filed
for the year ended June 30, 1995 and June 30, 1996, which is incorporated by
reference. Such policies have been continued without change. Also, refer to
those notes for details of the Company's financial condition, results of
operations and cash flows. All material items in those note have not changed.
In the opinion of management, the accompanying interim financial state-
ments contain all adjustments necessary to present fairly the Company's
financial position as of March 31, 1998, and the results of it operations
and cash flows for the three month period ended.
Item 2. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION.
As of March 31, 1989, the Company had returned to a developmental stage
company. The Company's financial condition did not change materially during
the quarter covered by this report.
Liquidity. The Company s liquidity did not change materially during
the quarter year covered by this report. Company had no material liquid
assets at the beginning nor at the ending.
Capital Resources. The Company had no commitments for any capital
expenditures nor increases in capital resources during the quarter year
covered by this report.
Results of Operation. The Company has not had any business operations
during the quarter year covered by this report. The Company's pursuit of
business operations through acquisition by stock exchange or merger has not
materialized. No mergers are being negoitated.
PART II - OTHER INFORMATION
Item 3. EXHIBITS AND REPORTS ON FORM 8-K.
None.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf by the
officers, undersigned, thereunto duly authorized.
SILVERTHORNE PRODUCTION COMPANY
Dated: 5/15/98 /s/ D. L. Jackson
By: ______________________________________
D.L. Jackson, President, Chief Executive Officer
and Director
Dated: 5/15/98 /s/ T. M. Jackson
By: ______________________________________
T.M. Jackson, Secretary and Director
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<LEGEND>
This schecdule contains summary financial information
extracted from form 10-Q for this period ended
March 31, 1998 and is qualified in its entirety
by reference to such form 10-Q.
</LEGEND>
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<PERIOD-TYPE> 9-MOS
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<PERIOD-END> MAR-31-1998
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