-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OSjg0VMNgrhMug4A1j/A37x5wixpOkCNcZRpBpxhqpWqUZ17/gAfO1YBIQCTM21L sv79qJn2fSXO9fj+qYVZdg== 0001052918-99-000006.txt : 19990126 0001052918-99-000006.hdr.sgml : 19990126 ACCESSION NUMBER: 0001052918-99-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW HILARITY MINING CO CENTRAL INDEX KEY: 0000071391 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS METAL ORES [1090] IRS NUMBER: 820183199 STATE OF INCORPORATION: ID FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-03323 FILM NUMBER: 99512174 BUSINESS ADDRESS: STREET 1: 17500 E WELLESLEY CITY: SPOKANE STATE: WA ZIP: 99216 BUSINESS PHONE: 5099263055 MAIL ADDRESS: STREET 1: 717 WEST SPRAGUE AVENUE STREET 2: SUITE 1100 CITY: SPOKANE STATE: WA ZIP: 99204 10-Q 1 DOWNLOAD FORMATTING INSTRUCTIONS FOR CORRECT PAGINATION: PAGE SETUP: .5"TOP, .5"BOTTOM, .5"LEFT, .5"RIGHT TYPE: COURIER NEW, 10pt BEGIN PAGE AT "START" START********************************************************************* UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 1998 Commission file number 001-03323 NEW HILARITY MINING COMPANY (Exact name of registrant as specified in its charter) IDAHO 82-0183199 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) 601 W. Main Ave. Suite 814 Spokane, Washington (Address of principal executive offices) 99201-3915 (Zip Code) (509) 462-0315 (Registrant's Telephone Number, Including Area Code) 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 ( ) APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the issuer's classes of common stock as of December 31, 1998: 7,989,560 **************************************************************************** Document Page 1 of 10 PART I ITEM 1 Statement of Financial Position as of December 31, 1998 and March 31, 1998 Statement of Operations for the Three and Nine Month Periods Ended December 31, 1998 and December 31, 1997 Statement of Changes in Stockholders' Equity for the Three Month Periods Ended December 31, 1998 and December 31, 1997 Statement of Cash Flows for the Three and Nine Month Periods Ended December 31, 1998 and December 31,1997 Notes to Financial Statements as of December 31, 1998 Document Page 2 of 10 NEW HILARITY MINING COMPANY Statement of Financial Position as of December 31,1998 and March 31, 1998 December 31, March 31, 1998 1998 _____________ _____________ ASSETS CURRENT ASSETS Cash $ 55,895 $ - Marketable securities, net of allowance for unrealized loss of $32,141 - 2,143 Prepaid expenses 15,992 - Deferred tax asset - 4,821 _____________ _____________ TOTAL ASSETS $ 71,887 6,964 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Advances from shareholder S - $ 6,513 Advances from officer - 3,176 Accrued expenses 2,500 2,500 _____________ _____________ Total Current Liabilites 2,500 12,189 _____________ _____________ STOCKHOLDERS' EQUITY Common stock, $.10 par value; 15,000,000 shares authorized, 7,989,560 shares outstanding as of December 31, 1998 and 3,750,000 shares outstanding as of March 31, 1998 798,956 375,000 Discount on common stock (251,584) - Additional paid-in capital - 66,383 Accumulated deficit (477,985) (446,608) _____________ _____________ Total Stockholders' Equity 69,387 (5,225) _____________ _____________ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 71,887 $ 6,964 ============= =============
Prepared by Management The accompanying notes are an integral part of these financial statements. Document Page 3 of 10 NEW HILARITY MINING COMPANY Statement of Operations for the Three and Nine Month Periods Ended December 31, 1998 and December 31, 1997 Three Month Periods Nine Month Periods ____________________________ ____________________________ December 31, December 31, December 31, December 31, 1998 1997 1998 1997 _____________ _____________ _____________ _____________ REVENUES $ - $ - $ - $ - _____________ _____________ _____________ _____________ OPERATING EXPENSES 9,664 155 24,685 2,046 _____________ _____________ _____________ _____________ (LOSS FROM OPERATIONS) (9,664) (155) (24,685) (2,046) OTHER INCOME (LOSS) Loss on marketable securities (2,043) - (2,043) - Interest income 172 - 172 - _____________ _____________ _____________ _____________ Total Other Income (Loss) (1,871) - (1,871) - _____________ _____________ _____________ _____________ (LOSS) BEFORE PROVISION FOR INCOME TAXES (11,535) (155) (26,556) (2,046) _____________ _____________ _____________ _____________ PROVISION FOR INCOME TAXES 4,821 - 4,821 - _____________ _____________ _____________ _____________ NET (LOSS) (16,356) (155) (31,377) (2,046) ============= ============= ============= ============= NET (LOSS) PER SHARE $ (0.003) $ (NIL) $ (0.005) $ (NIL) ============= ============= ============= =============
Prepared by Management The accompanying notes are an integral part of these financial statements. Document Page 4 of 10 NEW HILARITY MINING COMPANY Statement of Changes in Stockholders' Equity for The Three Month Periods Ended December 31, 1998 And December 31, 1997 Discount Common Stock on Additional Accumu- ______________________ Common Paid-in lated Shares Amount Stock Capital Deficit Total __________ __________ __________ __________ __________ __________ Balances as of Sept. 30, 1997 3,750,000 $ 375,000 $ - $ 66,383 $(443,778) $ (2,395) Net (Loss) - - - - (155) (155) __________ __________ __________ __________ __________ __________ Balances as of Dec. 31, 1997 3,750,000 $ 375,000 $ - $ 66,383 $(443,933) $ (2,550) ========== ========== ========== ========== ========== ========== Balances as of Sept. 30, 1998 5,489,560 $ 548,956 $ (64,084) $ - $(461,629) $ 23,243 Common stock issued for cash at $.025 per share 2,500,000 250,000 (187,500) - - 62,500 Net (Loss) - - - - (16,356) (16,356) __________ __________ __________ __________ __________ __________ Balances at Sept. 30, 1998 7,989,560 $ 798,956 $(251,584) $ - $(477,985) $ 69,387 ========== ========== ========== ========== ========== ==========
Prepared by Mangement The accompanying notes are an integral part of these financial statements. Document Page 5 of 10 NEW HILARITY MINING COMPANY Statement of Cash Flows for the Three and Nine Month Periods Ended December 31, 1998 and December 31, 1997 Three Month Periods Nine Month Periods ____________________________ ____________________________ December 31, December 31, December 31, December 31, 1998 1997 1998 1997 _____________ _____________ _____________ _____________ CASH FLOWS FROM OPERATING ACTIVITIES Net (Loss) $ (16,356) (155) (31,377) (2,046) Add items not requiring the use cash: Issuance of common stock for expenses - - 12,128 - Loss on marketable securities 2,043 - 2,043 - Decrease in deferred tax asset 4,821 - 4,821 - Decrease in prepaid expenses 5,680 - 5,680 - (Decrease) in accounts payable (1,785) - - - Increase (Decrease) in advances from officers (1,140) 155 - 2,046 _____________ _____________ _____________ _____________ Net Cash Used From Operating Activities (6,737) - (6,705) - _____________ _____________ _____________ _____________ CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of marketable securities 100 - 100 - _____________ _____________ _____________ _____________ CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale of common stock 62,500 - 62,500 - _____________ _____________ _____________ _____________ NET INCREASE IN CASH 55,863 - 55,895 - CASH AT BEGINNING OF PERIOD 32 - - - _____________ _____________ _____________ _____________ CASH AT END OF PERIOD $ 55,895 $ - $ 55,895 $ - ============= ============= ============= =============
Prepared by Management The accompanying notes are an integral part of these financial statements. Document Page 6 of 10 NEW HILARITY MINING COMPANY Notes to Financial Statements as of December 31, 1998 (Unaudited) The financial statements of New Hilarity Mining Company included herein, have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although certain information normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted, New Hilarity Mining Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements and notes thereto included in New Hilarity Mining Company's annual report on Form 10-K for the fiscal year ended March 31, 1998. The financial statements included herein reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation. The results for interim periods are not necessarily indicative of trends or of results to be expected for a full year. Document Page 7 of 10 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION The Company sold its 857,100 shares of United Mines, Inc. common stock for $100, realizing a loss of $2,043. The Board of Directors searched for a buyer for these securities for about six months, hoping for a sale in the vicinity of $2,000 to $3,000. When no buyer could be found within that price range, the Board decided to sell the securities for $100. During October and November of 1998, the Company sold 2,500,000 shares of it's common stock at $ .025 per share to several accredited investors from the State of Washington under a Regulation D, 506 private placement. The Company has no specific purpose for these funds other than for general working capital requirements. During December, 1998, the Company hired a contractor to remove waste rock from a creek, which was the result of limited exploration mining activities several decades ago. This work is anticipated to cost about $2,500, and when completed, should totally satisfy any possible inquiries from any government agency. The Company incurred normal operating expenses during the quarter ended December 31, 1998 of $9,664, after the sale of marketable securities, recorded a reversal of a deferred tax asset ($4,821), which resulted in a provision for income taxes (an income tax benefit had been recorded previously). The Company has considered how the year 2000 issues (Y2K problem) may affect its operations. First, the Company is relatively inactive, and therefore does not keep any of its accounting records on the computer. Second, the Company has discussed this issue with its independent stock transfer agent, and the agent represented that they are ready for the year 2000. In short, the year 2000 issue would not have a material effect on the Company's business, results of operations or financial condition. Document Page 8 of 10 PART II ITEM 1 LEGAL PROCEEDINGS NONE ITEM 2 CHANGES IN SECURITIES The company issued 2,500,000 shares of common stock for cash. ITEM 3 DEFAULTS UPON SENIOR SECURITIES NONE ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS NONE ITEM 5 OTHER INFORMATION NONE ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K NONE Document Page 9 of 10 **************************************************************************** SIGNATURES **************************************************************************** Pursuant to the requirements of Section 13 of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. New Hilarity Mining Company (Registrant) January 13, 1998 /s/ Terry Dunne Dated:______________________ By: __________________________ Terry Dunne, President Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the registrant and in the capacity and on the date indicated. January 13, 1998 /s/ Terry Dunne Dated:______________________ By: __________________________ Terry Dunne, President Document Page 10 of 10 EX-27 2
5 NEW HILARITY MINING COMPANY This schedule contains summary financial information extracted from the Statement of Financial Condition at December 31, 1998 (Unaudited) and the Statement of Income for the Three Month Period ended December 31, 1998 (Unaudited) and is qualified in its entirety by reference to such financial statements. 9-MOS Mar-31-1998 Dec-31-1998 55,895 0 0 0 0 71,887 0 0 71,887 2,500 0 0 0 798,956 (729,569) 69,387 0 0 0 0 9,664 0 0 (11,535) 4,821 (16,356) 0 0 0 (16,356) (0.003) (0.003)
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