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 November 30, 1998 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
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(Exact Name of Registrant as Specified in its Charter)
Colorado 83-0214117
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State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
877 North 8th West, Riverton, WY 82501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
NONE
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(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
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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 December 30, 1998
- ------------------------------- -------------------------------
Common stock, $.001 par value 9,000,000 Shares
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RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- November 30, 1998............................3
Condensed Statements of Operations -- Three and Six Months
Ended November 30, 1998 and 1997.......................................4
Condensed Statements of Cash Flows -- Six Months
Ended November 30, 1998 and 1997.......................................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 1Financial Statements
Condensed Balance Sheet
November 30, 1998
<TABLE>
<S> <C>
ASSETS
CURRENT ASSETS:
Cash $ 36,100
Other 300
---------
TOTAL CURRENT ASSETS 36,400
INVESTMENTS 103,800
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,700)
---------
7,900
---------
$ 148,100
=========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 63,700
---------
TOTAL CURRENT LIABILITIES: 74,100
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 (583,300)
Unrealized loss in investments 24,900
---------
74,000
---------
$ 148,100
=========
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
<TABLE>
RUBY MINING COMPANY
Condensed Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
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<S> <C> <C> <C> <C>
1998 1997 1998 1997
---- ---- ---- ----
REVENUES:
Interest $ 400 $ 100 $ 800 $ 400
COSTS AND EXPENSES:
General and
Administrative 2,900 2,000 10,300 5,200
------- ------ ------- ------
NET INCOME (LOSS) $(2,500) $(1,900) $(9,500) $(4,800)
======= ======= ======= ======
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
======= ======= ======= =======
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 9,000,000 9,000,000 9,000,000 9,000,000
========= ========= ========= =========
</TABLE>
* Less than $.01 per share.
See accompanying notes to condensed financial statements.
<PAGE>
RUBY MINING COMPANY
Condensed Statements of Cash Flows
(Unaudited)
Six Months Ended
November 30,
------------------------
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<S> <C> <C>
1998 1997
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (9,500) $(4,800)
Adjustments to reconcile net loss to
net cash used in operating activities:
Increase in accounts payable 10,300 5,300
--------- ---------
CASH (USED IN) PROVIDE BY
OPERATING ACTIVITIES 800 500
--------- ---------
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS 800 500
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 35,300 34,000
--------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 36,100 $ 34,500
========= =========
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
RUBY MINING COMPANY
Notes to Condensed Financial Statements
1)The Condensed Balance Sheet as of November 30, 1998 the Condensed
Statements of Operations for the six months ended November 30, 1998 and 1997 and
the Condensed Statements of Cash Flows for the six months ended November 30,
1998 and 1997, 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 the Registrant as of November 30, 1998, the
results of operations for the six months ended November 30, 1998 and 1997 and
its cash flows for the six months ended November 30, 1998 and 1997.
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, 1998 Form
10-KSB.
3)The results of operations for the periods ended November 30, 1998 and 1997
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 continued to decrease, as amounts due to
Registrant's parent, U.S. Energy Corp. ("USE") continued to be accrued for
office and administrative costs. The $9,500 decrease in working capital during
the six months ended November 30, 1998 left a working capital deficit of $37,700
at November 30, 1998.
The Registrant anticipates that it will be able to meet its administrative
capital requirements for the remainder of the year ending May 31, 1999, as USECB
Joint Venture, the Registrant's affiliate, has not made demand on debts due it
in the amount of $62,000. However, the Registrant must secure drilling or
construction contracts, or negotiate a way to retire debt to its directors and
USECB in order to continue operating long-term.
Results of Operations
The Registrant had no revenues from operations during the most recently
completed six months or the corresponding six months of the prior year. The
Registrant did however recognize $800 and $400 in interest revenue for the six
months ended November 30, 1998 and November 30, 1997.
General and administrative costs increased during the six months ended
November 30, 1998 from the same period of the previous year by $5,100. This
increase was primarily in professional services. The Registrant recorded its
audit fees in the first quarter of fiscal 1999 where as it recorded only part of
its audit fees for fiscal 1998 in the second quarter ended November 30, 1997.
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 November 30, 1998.
<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: December__, 1998 By: s/ John L. Larsen
-------------------------
JOHN L. LARSEN,
President
Date: December__, 1998 By: s/ Robert Scott Lorimer
-------------------------
ROBERT SCOTT LORIMER,
Principal Financial Officer
& Chief Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 0000085684
<NAME> Ruby Mining Co.
<MULTIPLIER> 1
<CURRENCY> 0
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> MAY-31-1998
<PERIOD-END> NOV-30-1998
<EXCHANGE-RATE> 1
<CASH> 36,100
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 300
<CURRENT-ASSETS> 36,400
<PP&E> 39,600
<DEPRECIATION> 31,700
<TOTAL-ASSETS> 148,100
<CURRENT-LIABILITIES> 74,100
<BONDS> 0
0
0
<COMMON> 9,000
<OTHER-SE> 65,000
<TOTAL-LIABILITY-AND-EQUITY> 148,100
<SALES> 0
<TOTAL-REVENUES> 800
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 10,300
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (9,500)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,500)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
