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
September 30, 1996 and 1995
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:
September 30, 1995: 3,580,047
September 30, 1996: 3,580,047
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS.
Financial Statements (unaudited) for quarter year ended September 30,
1996 and September 30, 1995, attached and incorporated herein by reference.
(See following pages)
SILVERTHORNE PRODUCTION COMPANY
Unaudited - compiled by management
(A Developmental Stage Company)
BALANCE SHEET -- September 30, 1996 & 1995
Unaudited Audited Unaudited Audited
Sep 30 June 30 Sep 30 June 30
1996 1996 1995 1995
ASSETS ---- ---- ---- ----
CURRENT ASSETS:
Cash $ 399 $ 0 $ 0 $ 138
Treasure State Pipeline 300,000 300,000 300,000 300,000
Deferred feasibility costs 0 0 107,999 107,999
------- -------- -------- --------
$300,399 $300,000 $407,999 $408,137
======== ======== ======== ========
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Notes Payable $22,000 $ 22,000 $ 72,000 $ 72,000
Accrued interest 8,814 8,245 12,323 11,732
Bank Overdraft 9 9 10 0
Accounts Payable 72,558 65,369 58,771 57,890
------- -------- -------- --------
$103,381 $ 95,623 $143,104 $141,622
________ ________ ________ ________
SHAREHOLDERS EQUITY
(DEFICIENCY)
Common Stock, par value
$.001; authorized 50,000,000
shares; 3,580,047 shares
issued & outstanding: $ 3,505 $ 3,580 $ 3,580 $ 3,580
Additional paid-in capital 607,332 607,332 907,257 907,257
-------- -------- -------- --------
Retained earnings deficit:
From regular operations ( 617,286) ( 617,286) (617,286) ( 617,286)
Accumulated: developmental
stage ( 96,523) ( 89,174) ( 28,656) ( 27,036)
-------- -------- ------- -------
( 713,809) ( 706,460) (664,895) ( 644,322)
________ ________ ________ ________
TOTAL SHAREHOLDERS EQUITY $ 197,028 $ 204,377 $224,895 $266,515
________ ________ ________ ________
TOTAL LIABILITIES
AND SHAREHOLDERS EQUITY $ 300,399 $ 300,000 $407,999 $408,137
========= ======== ======== ========
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 -- September 30, 1996 & 1995
Unaudited Unaudited Unaudited
3 months ended 3 months ended 3 months ended
Sep 30, 1996 Sep 30, 1995 Sep 30, 1994
REVENUES: Misc. income $ 0 $ 0 $ 0
________ ________ ________
EXPENSES: 7,349 1,620 3,321
NET INCOME (LOSS) $( 7,349) $( 1,620) $( 3,321)
======== ======== ========
NET (LOSS) PER COMMON SHARE $ .0020 $ .0005 $ .0009
========= ========= =========
COMMON SHARES OUTSTANDING 3,580,047 3,580,047 3,580,047
========= ========= =========
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 -- September 30, 1996 & 1995
Unaudited Unaudited Unaudited
3 months ended 3 months ended 3 months ended
Sep 30, 1996 Sep 30, 1995 Sep 30, 1995
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net (loss) $( 9,380) $( 1,620) $( 3,321)
Increase (decrease) in
accounts payable 8,460 881 1,782
Increase in accrued interest 1,319 591 1,410
---------- ------------ ----------
Net cash flows from operation$ ( 409 $( 148) $( 129)
________ ________ ________
CASH FLOWS FROM FINANCING
ACTIVITIES:
Net cash flows from financing$ 0 $ 0 $ 0
________ ________ ________
CASH FLOWS F0R INVESTMENT
ACTIVITIES:
Net cash flows for
investments $ 0 $ 0 $ 0
________ ________ ________
NET INCREASE IN CASH AND
CASH EQUIVALENT $ 409) $( 148) $( 129)
Cash at beginning of period ( 10) 138 138
-------- -------- --------
Cash at end of period $ 399 $( 10) $ 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) --September 30, 1996 & 1995
Total
Additional shareholders
-------Common Stock----- paid-in Accumulated equity
Shares Amount capital deficit (deficiency)
------ ------ ------- ------- ------------
BALANCES,
June 30,
1995 #3,580,047 $ 3,580 $907,257 $(644,322) $ 266,515
NET INCOME
(LOSS) from
Developmental
Stage: Sep 30,
1995 ( 1,620) ( 1,620)
---------- -------- -------- --------- ---------
BALANCES,
Sep 30, 1995 #3,580,047 $ 3,580 $907,257 $(646,692) $ 264,895
======== ======== ========= ========= ========
BALANCES,
June 30,
1996 #3,580,047 $ 3,580 $907,257 $( 657,376) $ 204,377
NET INCOME
(LOSS) from
Developmental
Stage: Sep 30,
1996 ( 7,349) ( 7,349)
-------- ------ ------- ------- ------
BALANCES,
Sep 30,
1996 #3,580,047 $ 3,580 $ 907,257 $ ( 713,809) $ 197,028
======== ======== ========= ========= ========
The accompanying notes are an integral part of the financial statements.
NOTES TO FINANCIAL STATEMENTS -- September 30, 1996 and 1995
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, 1996 and June 30, 1995, 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
statements contain all adjustments necessary to present fairly the Company's
financial position as of September 30, 1996 and September 30, 1995, 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: 3/14/98 /s/ D. L. Jackson
By: ______________________________________
D. L. Jackson, President, Chief Executive Officer
and Director
Dated: 3/14/98 /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
September 30, 1997 and is qualified in its entirety
by reference to such form 10-Q.
</LEGEND>
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<PERIOD-END> SEP-30-1996
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