10-Q 1 jan10q.txt FORM 10-Q 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 Quarterly period ended January 31, 2001 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 No. 0-9558 INTERMOUNTAIN RESOURCES, INC. (Exact name of registrant as specified in its charter) NV 84-0817164 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) P. O. Box 51600, Sparks, NV 89435 (address of principal executive offices) (zip code) Registrant's telephone number, including area code (775) 359-2884 Not Applicable Former name, former address, former fiscal year, if changed 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 practicable date. 13,700,000 shares of Common Stock, $.01 par value at January 31, 2001 INTERMOUNTAIN RESOURCES, INC. BALANCE SHEETS (Unaudited) _________________________________________________________________

April 30, ~~October~~January 31, ASSETS: 2000 ~~2000~~2001 ---- ---- Current asset - Cash 20,832 6450,~~859~~813 Mineral Properties 6,513 513 -------- -------- 27,345 6551,~~372~~326 ======== ======== LIABILITIES AND EQUITIES: Stockholders' equity: Common stock, par value $.01 per share. Authorized 25,000,000 shares; issued and outstanding 13,700,000 shares 137,000 137,000 Additional paid-in capital 1,351,318 1,351,318 Accumulated deficit (1,460,973) (1,~~422~~436,~~946~~992) ----------- ----------- 27,345 6551,~~372~~326 ~~----------- ----------- 27,345 65,372~~ =========== =========== See accompanying notes to unaudited financial statements.

INTERMOUNTAIN RESOURCES, INC. STATEMENTS OF OPERATIONS (Unaudited) _________________________________________________________________

Three Months Ended ~~Six~~Nine Months Ended ~~October~~January 31, ~~October~~January 31, ~~1999~~ 2000 ~~1999~~2001 2000 2001 ---- ---- ---- ---- Revenues: Mining activities - - 3,417 80,000 Interest ~~439~~367 ~~905~~436 1,~~018~~385 12,~~597~~032 ------- ------- ------- ------- ~~439~~367 ~~905~~436 4,~~435~~802 8182,~~597~~032 ------- ------- ------- ------- Expenses: Unallocated exploration expenses and rentals 34,~~060~~200 ~~3,060~~800 37,~~060~~260 3,~~060~~860 General and administrative 13,~~545~~225 2113,~~636~~682 2539,~~953~~178 3448,~~510~~191 Write off of mineral property - - - 6,000 ------- ------ ------- ------- Total expenses 1617,~~605~~425 2414,~~696~~482 2946,~~013~~438 4358,~~570~~051 ------- ------ ------- ------- Net earnings (loss) (1617,~~166~~058) (2314,~~791~~046) (2441,~~578~~636) 3823,~~027~~981 ======= ====== ======= ======= Net earnings (loss) per share is less than $.005 per share in each period See accompanying notes to unaudited financial statements.

INTERMOUNTAIN RESOURCES, INC. STATEMENTS OF CASH FLOWS (Unaudited) _________________________________________________________________

~~Six~~Nine Months Ended ~~October~~January 31, ~~1999~~ 2000 2001 ---- ---- Cash provided by (used in) operating activities: Net earnings (loss) (2441,~~578~~636) 3823,~~027~~981 Write off of mineral property - 6,000 -------- ------- Net cash provided by (used in) operations (2441,~~578~~636) 4429,~~027~~981 Cash at beginning of period 75,123 20,832 -------- ------- Cash at end of period 5033,~~545~~487 6450,~~859~~813 ======= ======= See accompanying notes to unaudited financial statements.

INTERMOUNTAIN RESOURCES, INC. Notes To Unaudited Financial Statements January 31, 2001 _________________________________________________________________ 1. The financial statements as of January 31, 2001 are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair presentation. 2. As disclosed in the Forms 10-K for the years April 30, 1994, through 2000, the U. S. Forest Service has determined a release of hazardous substances covered under the Comprehensive Environmental Response, Compensation, and Liability Act occurred at Siskon Mine, a property which the Company once had under option. The Company is not aware of any developments in this matter since the filing of the April 30, 2000 Form 10-K. 3. Reference is made to the Company's annual financial statements for the year ended April 30, 2000 for a description of its accounting policies which have continued without change. Also, refer to the footnotes to those financial statements for additional details of the Company's financial condition and results of operations. The details in those notes have not changed except as a result of normal transactions in the interim. MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS On June 13, 2000, the Company sold its patented mining claims located in the Aurora Mining District, Mineral County, NV for $80,000. This transaction resulted in a gain of approximately $74,000 for financial statement purposes but only about $6,000 for income tax purposes. The Company has no current expectation that any other similar transaction will occur. Unallocated exploration and rental expenses were somewhat higher for the quarter and nine-months ended January 31, 2001 as a result of a small mapping project carried out at one Prospect during the current year. General and administrative expenses were comparable for the quarter and about $9,000 higher during the nine-month period due primarily to professional fees incurred for an independent audit as of April 30, 2000. PART II - OTHER INFORMATION Item #6 Exhibits and Reports on Form 8-K a. Exhibits Exhibit 27. Financial Data Schedule b. Reports on Form 8-K None SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 9, 2001 INTERMOUNTAIN RESOURCES, INC. (a Nevada corporation) /s/L. W. Watson ------------------------ L. W. Watson, President, Treasurer, and principal accounting officer

Filing Compare · INTERMOUNTAIN RESOURCES INC