FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934 For the fiscal quarter ended
August 31, 1995 or
[ ] Transition report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission file number 0-7501
RUBY MINING COMPANY
(Exact Name of Registrant as Specified in its Charter)
Colorado 81-0214117
State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
877 North 8th West, Riverton, WY 82501
(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
NONE
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and
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
State the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at October 6, 1995
Common stock, $.001 par value 9,000,000 Shares
<PAGE>
RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheets -- August 31, 1995 . . . . . . . .3
Condensed Statements of Operations -- Three Months Ended
August 31, 1995 and August 31, 1994 . . . . . . . . . . . .4
Condensed Statements of Cash Flows -- Three Months Ended
August 31, 1995 and August 31, 1994 . . . . . . . . . . . .5
Notes to Condensed Financial Statements . . . . . . . . . . .6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. . . .7
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K . . . . . . . . . .7
Signatures. . . . . . . . . . . . . . . . . . . . . . . . . .8
<PAGE>
RUBY MINING COMPANY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets
August 31, 1995
ASSETS
CURRENT ASSETS:
Cash $ 35,000
Other 300
---------
TOTAL CURRENT ASSETS 35,300
INVESTMENTS 86,300
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,600)
---------
8,000
---------
$ 129,600
---------
---------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 24,400
---------
TOTAL CURRENT LIABILITIES: 34,800
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 20,000,000 shares;
issued and outstanding,
9,000,000 shares 9,000
Additional paid-in capital 623,400
Accumulated deficit (545,000)
Unrealized loss on investments 7,400
---------
94,800
---------
$ 129,600
---------
---------
See accompanying notes to condensed financial statements.
<PAGE>
RUBY MINING COMPANY
Condensed Statements of Operations
(Unaudited)
Three Months Ended
August 31
------------------------
1995 1994
--------- ---------
REVENUES:
Interest $ 300 $ 200
COSTS AND EXPENSES:
General and administrative 5,900 5,700
--------- ---------
NET INCOME (LOSS) $ (5,600) $ (5,500)
--------- ---------
--------- ---------
EARNINGS (LOSS) PER SHARE $ * $ *
--------- ---------
--------- ---------
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 9,000,000 9,000,000
--------- ---------
--------- ---------
* Less than $0.01 per share.
See accompanying notes to condensed financial statements.
<PAGE>
RUBY MINING COMPANY
Condensed Statements of Cash Flows
(Unaudited)
Three Months Ended
August 31
-------------------------
1995 1994
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (5,600) $ (5,500)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Increase in accounts payable 5,800 1,900
--------- ---------
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 200 (3,600)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 200 (3,600)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 34,800 37,600
--------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 35,000 $ 34,000
--------- ---------
--------- ---------
See accompanying notes to condensed financial statements.
<PAGE>
RUBY MINING COMPANY
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of August 31, 1995, the
Condensed Statements of Operations for the three months ended
August 31, 1995 and 1994, and the Condensed Statements of Cash
Flows for the three months ended August 31, 1995 and 1994, have
been prepared by the Registrant without audit. In the opinion of
the Registrant, the accompanying financial statements contain all
adjustments (consisting of only normal recurring accruals)
necessary to fairly present the financial position of Registrant as
of August 31, 1995 the results of operations for the three months
ended August 31, 1995 and 1994, and the cash flows for the three
months then ended.
2) Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. It is suggested that these financial statements be read
in conjunction with the Registrant's May 31, 1995 Form 10-KSB.
3) The results of operations for the periods ended August
31, 1995 and 1994 are not necessarily indicative of the operating
results for the full year.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources
The Registrant's working capital decrease of $5,600 during the
quarter ended August 31, 1995 resulted in working capital of $500.
The decrease in working capital is primarily a result of a $5,800
increase in accounts payable to affiliates for various general and
administrative expenses, which was offset by an increase of $300 in
cash as a result of interest earned on the Registrant's funds held
in interest bearing accounts.
The Registrant anticipates that it will be able to meet its
capital requirements for the remainder of the year ending May 31,
1996. However, the Registrant must secure drilling or construction
contracts, or negotiate a way to retire debt to its directors and
parent company in order to continue operating long-term.
Results of Operations
The Registrant had no revenues from operations during the
quarter ended August 31, 1995, or the corresponding quarter of the
prior year. The Registrant did, however, record $300 and $200 in
interest revenue earned on monies held in interest bearing accounts
in the three month period ended August 31, 1995 and 1994,
respectively.
General and administrative costs increased during the quarter
ended August 31, 1995 from the same period of the previous year by
$200, primarily due to an increased in professional fees.
The Registrant's operations consist primarily of
administrative activities associated with the preparation of
various reports and documents as required by law.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. None.
(b) Reports on Form 8-K. There were no reports filed by the
Registrant on Form 8-K for the quarter ended August 31, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.
RUBY MINING COMPANY
(Registrant)
Date: October 6, 1995 By: s/ John L. Larsen
JOHN L. LARSEN,
President
Date: October 6, 1995 By: s/ Robert Scott Lorimer
ROBERT SCOTT LORIMER,
Principal Financial Officer and
Chief Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
AUGUST 31, 1995 UNAUDITED FINANCIAL STATEMENTS AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> AUG-31-1995
<CASH> 35,000
<SECURITIES> 86,300
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 35,300
<PP&E> 39,600
<DEPRECIATION> 31,60
<TOTAL-ASSETS> 129,600
<CURRENT-LIABILITIES> 34,800
<BONDS> 0
<COMMON> 9,000
0
0
<OTHER-SE> 85,800
<TOTAL-LIABILITY-AND-EQUITY> 129,600
<SALES> 0
<TOTAL-REVENUES> 300
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,900
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (5,600)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,600)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,600)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
