UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 1996
Commission file Number 0-20193
AMERICOMM RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 73-1238709
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
9 E. 4th Street, Suite 305, Tulsa, Oklahoma 74103-5109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 587-0096
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 [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date:
Common Stock, $.001 Par Value - 33,614,172 shares as of March 31, 1996.
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
AMERICOMM RESOURCES CORPORATION
BALANCE SHEET
(Amounts in thousands, except per share data)
<CAPTION>
March 31, 1996
______________
<S> <C>
ASSETS
Current assets
Cash and cash equivalents $ 201,282
Prepaid expenses 0
______________
Total Current Assets $ 201,282
Investments in prospects 777,687
______________
TOTAL ASSETS $ 978,969
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
<S> <C>
Current liabilities
Accounts payable 0
Accruals (155)
______________
Total Current Liabilities $ (155)
Stockholders' equity (deficiency)
Common stock, $.001 par value;
authorized 50,000,000 shares
33,614,172 shares issued 33,614
Capital in excess of par value 1,238,136
Deficit accumulated during the
development stage (292,626)
______________
Total Stockholders' Equity $ 979,124
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIENCY) $ 978,969
<FN>
See accountants' report and accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
AMERICOMM RESOURCES CORPORATION
STATEMENT OF INCOME
FOR THE THREE MONTHS
ENDED MARCH 31, 1996 AND 1995
(Amounts in thousands, except per share data)
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
____________ ____________
<S> <C> <C>
Revenues
Income $ 0 $ 0
Interest income 2,489 0
____________ ____________
Total Income 2,489 0
____________ ____________
Costs and expenses
General and administrative
expenses 19,014 5,665
Abandoned prospects 0 0
Interest expense 0 850
____________ ____________
Total Costs and Expenses 19,014 6,515
____________ ____________
Net Income (Loss) $ (16,526) $ (6,515)
Net Income (Loss)
per common share $ 0 $ 0
Weighted average number of
common shares outstanding 33,614,172 24,590,000
<FN>
See accountants' report and accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
AMERICOMM RESOURCES CORPORATION
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS
ENDED MARCH 31, 1996 AND 1995
(Amounts in thousands)
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
____________ ____________
<S> <C> <C>
Cash Flow From Operating Activities
Operations
Net income (loss) $ (16,526) $ (6,515)
Plus adjustments to reconcile
net income to net cash flows
from operating activities
Abandoned prospects 0 0
Changes in operating assets
and liabilities
Increase(Decrease) in accounts
payable (633) 4,100
Increase(Decrease) in prepaid
expenses 504 0
Accruals (207) 850
___________ ____________
Net cash provided (used)
by operating activities (16,862) (1,565)
Cash Flows From Investing Activities
Cash payments for investments in
prospects (42,563) (10,760)
___________ ____________
Net cash provided (used)
by investing activities (42,563) (10,760)
___________ ____________
Cash Flows From Financing Activities
Proceeds from issuance of common
stock 0 0
Proceeds from note payable - related
party 0 9,000
Repayment of note payable - related
party 0 0
____________ ____________
Net Increase(Decrease) in Cash and
Cash Equivalents (59,425) (3,325)
Cash and Cash Equivalents,
beginning of year 260,707 3,926
____________ ____________
Cash and Cash Equivalents,
end of quarter $ 201,282 $ 601
<FN>
See accountants' report and accompanying notes to financial statements
</TABLE>
<PAGE>
AMERICOMM RESOURCES CORPORATION
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
Note 1. Basis of Presentation
In the opinion of management the accompanying unaudited financial
statements contain all adjustments, all of which were of a normal recurring
nature, necessary to summarize fairly the Registrant's financial position
and results of operations. The results of operations for the three months
ended March 31, 1996 may not be indicative of the results that may be
expected for the year ending December 31, 1996. These statements should
be read in conjunction with the financial statements and notes thereto
included in the Registrant's Form 10-KSB for its fiscal year ended
December 31, 1995.
Note 2. Summary of Significant Accounting Policies
Mining and oil and gas properties - The Company uses the successful
efforts method of accounting for its mining activities. Costs incurred
are deferred until exploration and completion results are evaluated.
At such time, costs of activities with economically recoverable reserves
are capitalized as proven properties, and costs of unsuccessful or
uneconomical development work are expensed.
Cash and cash equivalents - The Company defines cash and cash
equivalents to be cash on hand, cash in checking accounts, certificates
of deposit, cash in money market accounts and certain investments with
maturities of three months or less from the date of purchase.
Note 3. Income Taxes
As of December 31, 1995, the Company has tax net operating loss
carryforwards totaling approximately $273,000. If not used, these
carryforwards will expire in the years 2000 to 2009.
<PAGE>
AMERICOMM RESOURCES CORPORATION
PLAN OF OPERATION
In August 1995, the Registrant completed a private placement
of 5,024,172 shares at $0.125 per share. To facilitate the offering,
certain shareholders of the Registrant sold an aggregate of 2,000,000
shares at a purchase price of $.05 per share to investors who purchased
shares from the Registrant in the offering. In connection with the
offering, the Registrant realized gross cash proceeds of approximately
$600,000 and was relieved of an obligation to repay a $28,000 advance
from a shareholder who purchased shares in the offering. After
utilizing approximately $85,200 of the offering proceeds to repay
amounts due to the Registrant's officers, directors and stockholders
as a result of advances made to the Registrant, the remaining cash
proceeds of this offering have been and are expected to be used to
fund the Registrant's operations including exploration of its existing
prospects and to fund the Registrant's working capital requirements.
Although the Registrant has not identified and does not currently
have any plans or arrangements pending with respect to future
acquisitions, the Registrant intends to continue to review various
acquisition opportunities and may invest a portion of the proceeds
in additional mineral prospects. In addition, in the event
management determines either that developments in the mineral
industry render additional investments therein inadvisable or that
suitable prospects in such industry are not available to the
Registrant on advantageous terms, the Registrant may engage in
businesses unrelated to the exploration for and development of
mineral properties. In the event management does not find what it
considers to be suitable opportunities for investment, the proceeds
of this offering may be invested in certificates of deposit and
other low yield investments for considerable periods of time.
As the proceeds of this offering may be used to finance
unidentified future acquisitions and as the cost of the exploration
and development of the Registrant's properties is dependent on
numerous factors, some of which are beyond the Registrant's
control, the Registrant cannot estimate how long the proceeds
of this offering will satisfy its capital needs. In the absence
of an acquisition, the Registrant believes the cash proceeds
remaining will be sufficient to meet its capital needs over the
next twelve months.
Exploration for mineral resources, such as gold, is highly
speculative and involves greater risks than many other businesses.
Mineral exploration is frequently marked by unprofitable efforts,
not only from unproductive prospects, but also from producing
prospects which do not produce sufficient amounts to return a
profit on the amount expended. Accordingly, there can be no
assurance that the Registrant will be able to discover, develop
or produce sufficient reserves to recover the expenses incurred
in connection with the exploration of its properties, to fund
additional exploration or to achieve profitability.
The Registrant does not expect any significant change in the
number of its employees during 1995. It will employ part-time
or temporary persons and consultants in situations where special
expertise is required.
<PAGE>
PART II - OTHER INFORMATION
Item #6 Exhibits and Reports on Form 8-K
a. Exhibits - NONE
b. Reports on Form 8-K - The Registrant has not filed, during
the quarter for which this report is filed, a Form 8-K.
<PAGE>
AMERICOMM RESOURCES CORPORATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICOMM RESOURCES CORPORATION
Registrant
May 8, 1996 Thomas R. Bradley
Date Thomas R. Bradley
President & CEO
May 8, 1996 Thomas R. Bradley
Date Thomas R. Bradley
Principal Financial and Accounting
Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-01-1996
<PERIOD-END> Mar-31-1996
<CASH> 201,282
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 201,282
<PP&E> 777,687
<DEPRECIATION> 0
<TOTAL-ASSETS> 978,969
<CURRENT-LIABILITIES> (155)
<BONDS> 0
0
0
<COMMON> 33,614
<OTHER-SE> 945,510
<TOTAL-LIABILITY-AND-EQUITY> 978,969
<SALES> 2,489
<TOTAL-REVENUES> 2,489
<CGS> 0
<OTHER-EXPENSES> 19,014
<TOTAL-COSTS> 19,014
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (16,526)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
