SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
Quarterly report under Section 13 of 15(d) of the Securities Exchange Commission
Act of 1934
For the quarterly period ended November 30, 2000
Commission File Number: 001-05970
Silver Butte Mining Company
(Exact name of registrant as specified in its charter)
IDAHO 82-0263301
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
520 Cedar Street, Sandpoint, ID 83864
(Address of Principal Executive Offices) (Zip Code)
(208) 263-5154
Registrant's telephone number, including area code
Check whether the issuer (1) 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 ( )
The number of shares of Common Stock, $.05 par value, outstanding as of November
30, 2000, was 7,828,748.
DOCUMENTS INCORPORATED BY REFERENCE: NONE
Transitional Small Business Disclosure Format (Check One): yes ( ) No (X)
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Silver Butte Mining Company
Form 10QSB Quarterly Report
November 30, 2000
INDEX
Page
Number
Part I- FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
Balance Sheets, November 30, 2000, and August 31, 2000 3
Income statements for the three months ended
November 30, 2000, and 1999 4
Cash Flow Statements for the three months ended
November 30, 2000, and 1999 5
Notes to Condensed Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial condition and
Results of Operations 6-7
Signature Page 7
Page 2
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Silver Butte Mining Company
Condensed Balance Sheets
November 30, 2000, and August 31, 2000
November 30, August 31,
2000 2000
-------------- --------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 255 $ 652
Certificate of deposit for State lease 5,022 5,000
Marketable securities 65,199 64,177
Accounts receivable 817 839
-------------- --------------
TOTAL CURRENT ASSETS 71,293 70,668
PROPERTY, PLANT & EQUIPMENT
Properties 3,000 3,000
Equipment and machinery 19,704 19,704
Accumulated depreciation (19,704) (19,704)
-------------- --------------
TOTAL FIXED ASSETS 3,000 3,000
-------------- --------------
TOTAL ASSETS $ 74,294 $ 73,668
============== ==============
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,400 $ 1,400
-------------- --------------
TOTAL CURRENT LIABILTITES 1,400 1,400
SHAREHOLDERS' EQUITY
Common stock, $.05 par value authorized
10,000,000 shares, issued and outstanding,
7,828,748 shares 391,437 391,437
Additional paid-in capital 392,953 392,953
Accumulated deficit (711,497) (712,122)
-------------- --------------
TOTAL SHAREHOLDER'S EQUITY 72,893 72,268
-------------- --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 74,293 $ 73,668
============== ==============
The accompanying notes are an integral part of these financial statements
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Silver Butte Mining Company
Condensed Income Statements
For the Three Months Ended November 30, 2000 and 1999
Three Months Ended
November 30, 2000 November 30, 1999
----------------- -----------------
REVENUES
Dividend income $ 1,022 $ 822
Interest income 80 68
----------------- -----------------
Total Revenues 1,102 890
----------------- -----------------
EXPENSES
Wages and other compensation - -
Professional services 51 120
Taxes and insurance 104 -
State lease 175 175
Office expense 21 48
Miscellaneous 125 4
----------------- -----------------
Total Expenses 476 347
----------------- -----------------
INCOME (LOSS) BEFORE INCOME TAXES 626 543
INCOME TAXES - -
----------------- -----------------
NET INCOME (LOSS) $ 626 $ 543
================= =================
Income (Loss) per Share of
Common Stock Outstanding $ 0.0001 $ 0.0001
================= =================
Weighted Average Number of
Common Shares Outstanding 7,828,748 7,828,748
================= =================
The accompanying notes are an integral part of these financial statements.
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Silver Butte Mining Company
Condensed Statements of Cash Flows
For the Three Months Ended November 30, 2000 and 1999
Three Months Ended
November 30, November 30,
2000 1999
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 626 $ 543
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Increase in payables 0 151
Decrease in prepaid expenses 0 175
Increase in receivables 0 0
------------- -------------
Net cash provided by operating activities 626 869
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase) in marketable securities (1,022) (822)
------------- -------------
Net cash provided by (used in)
Investment activities (1,022) (822)
------------- -------------
NET INCREASE IN CASH AND CASH EQUIVALENTS (396) 47
Cash and Cash Equivalents at
Beginning of Period 5,647 1,893
------------- -------------
Interest expense paid $ - $ -
============= =============
Income taxes paid $ - $ -
============= =============
The accompanying notes are an integral part of these financial statements.
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Silver Butte Mining Company
Notes to Condensed Financial Statement
November 30, 2000
Note 1. PRESENTATION OF INTERIM INFORMATION
The accompanying unaudited condensed financial statements have been
prepared by Silver Butte Mining Company's management. In management's opinion,
these condensed financial statements include all normal adjustments considered
necessary to present fairly the financial position as of November 30, 2000, and
the results of operations for the three months ended November 30, 2000, and
1999, and cash flows for the three months ended November 30, 2000 and 1999.
Interim results are not necessarily indicative of results for a full year.
The condensed financial statements and notes are presented as permitted by Form
10QSB, and do not contain certain information that is included in the Company's
annual financial statements.
Note 2. COMPANY BUSINESS
The Company was incorporated under the laws of the State of Idaho on
January 19, 1965, and was in the exploratory mining stage from its inception
until it decided to abandon its status as a development stage enterprise by
ceasing all exploration activities in 1994. The Company's exploration efforts
developed no commercial ore deposits, and all capitalized mining costs were
written off. The Company continues to search for business opportunities in the
mining industry, and will also investigate opportunities in other industries.
The Company's meager financial resources severely limit its ability to carry out
the type of exploration activity that it performed in past years, and the
Company's management considers it unlikely that the Company will obtain
additional funding with which to undertake such exploration.
Note 3. COMMITMENTS AND CONTINGENCIES
The Company sold a seven-acre parcel of land in the fiscal year ended
August 31, 1996 that contained mine waste rock and mill tailings. The Company
believes there is a remote possibility that this property may require some
cleanup, and an even more remote possibility that the Company may be required to
participate in the cost of such a cleanup, which the Company estimates would be
less than $10,000.
Item 2. MANAGEMENT'S DISCUSSIONAND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF
OPERATION
The Company was a mining company engaged in exploration activities from its
inception in 1965 through 1994. In 1994, the Company abandoned all exploration
activities, and is now seeking other business opportunities in mining or other
industries. The Company continues to hold and maintain the properties on which
it performed its exploration efforts. The Company's fiscal year ends on August
31.
OVERVIEWS
The Company's management determined in 1994 that the Company did not have
the financial resources to continue to explore for a commercial ore deposit
after many years of unsuccessful efforts. The Company has performed some
reclamation work on its mining properties since 1994, and is soliciting buyers
for its remaining real estate and mining equipment. The Company is seeking out
there business opportunities. Management is unaware of any such opportunities
at this time and will disclose such opportunities when and if they should arise.
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Silver Butte Mining Company
Notes to Condensed Financial Statement
November 30, 2000
RESULTS OF OPERATION
REVENUES. The Company's dividend and interest income increased slightly for
the quarter ended November 30, 2000, compared to the same period ended November
30, 1999.
The Company made no waste rock sales and had no miscellaneous other income in
the quarter ended November 30, 2000, in the quarter ended November 30, 1999.
The Company will continue to solicit buyers for its waste rock.
EXPENSES. Expenses were comparable in the quarter ended November 30, 2000,
when compared to the quarter ended November 30, 1999. The Company's management
intends to begin actively seeking out other business opportunities.
FINANCIAL POSITION. There were very little changes in the Company's assets
and liabilities in the quarter ended November 30, 2000, compared to the fiscal
year ended August 31, 1999.
CASH FLOWS. Cash and cash equivalents were substantially unchanged during
the quarter ended November 30, 2000, compared to the fiscal year ended August
31, 1999. The dividend income for the quarter was reinvested in marketable
securities. The Company's management plans to use cash provided by the sale of
marketable securities to fund operations during the remaining quarters of the
fiscal year. The Company has no plans for capital expenditures that will
require significant amounts of cash.
SIGNATURE
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
SILVER BUTTE MINING COMPANY
Date: December 28, 2000. /S/ Robert J. Evans
----------------------
Robert J. Evans
(Principal Financial Officer)
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