-----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, QIAMebHJ+2+1fyq4YQYItQ2CYU4RZshY+o5YOcbB3777ZgJPGbKNSwDww85HQcst fAMmzy+xLBvUhddXtbbaAg== 0000948830-99-000036.txt : 19990120 0000948830-99-000036.hdr.sgml : 19990120 ACCESSION NUMBER: 0000948830-99-000036 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SILVERTHORNE PRODUCTION CO CENTRAL INDEX KEY: 0000726293 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 840189377 STATE OF INCORPORATION: CO FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-11730 FILM NUMBER: 99508002 BUSINESS ADDRESS: STREET 1: 708 MARGARITA AVE CITY: CORONADO STATE: CA ZIP: 92118 BUSINESS PHONE: 6195220010 MAIL ADDRESS: STREET 1: 708 MARGARITA AVE CITY: CORONADO STATE: CA ZIP: 92118 10-Q 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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: 2-85845-D Silverthorne Production Company ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Colorado 84-0189377 - ---------------------------- --------------------------------- (State of other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 16053 Via Viajera, Rancho Santa Fe, California 92091 ---------------------------------------------------------- (Address of principal executive offices including zip code) (619) 759-9123 ------------------------------- (Registrant's telephone number) Indicated by check mark whether 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 Registrant was required to file such reports, and (2) has been subject to such filing requirements for the past 90 days. [ X ] Yes [ ] No As of December 31, 1998, 15,757,047 shares of common stock, $.001 par value, were outstanding. INDEX PAGE NUMBER Part I. Financial Information Item I. Financial Statements 3 Balance Sheet as of December 31, 1998 (Unaudited) and June 30, 1998 (Audited) 3 Statement of Operations for Three Months ended December 31, 1998 and 1997 (Unaudited) and Six Months ended December 31, 1998 and December 31, 1997 (Unaudited) 4 Statement of Cash Flows for Six Months ended December 31, 1998 and 1997 (Unaudited) 5 Notes to Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 7 Part II. Other Information 8 Item 1. Legal Proceedings 8 Item 2. Changes in Securities 8 Item 3. Defaults upon Senior Securities 8 Item 4. Submission of Matters to a Vote of Security Holders 8 Item 5. Other Information 8 Item 6. Exhibits and Reports on Form 8-K 8 Signatures 9 2 SILVERTHORNE PRODUCTION COMPANY Unaudited - compiled by management (A Developmental Stage Company) BALANCE SHEETS Unaudited Audited Dec. 31, 1998 June 30, 1998 ------------- ------------- ASSETS CURRENT ASSETS: Cash $ 0 $ 0 --------- --------- $ 0 $ 0 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts Payable 8,552 7,018 --------- --------- $ 8,552 $ 7,018 --------- --------- SHAREHOLDERS' EQUITY (DEFICIENCY) Common Stock: par value $.001 authorized 50,000,000 shares; issued and outstanding: 15,757,047 shares $ 15,757 $ 15,757 Additional paid-in capital 748,230 748,230 --------- --------- Retained earnings deficit: From regular operations (617,286) (617,286) Accumulated: developmental stage (155,253) (153,719) --------- --------- TOTAL SHAREHOLDERS' EQUITY $( 8,552) $( 7,018) --------- --------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 0 $ 0 ========= ========= The accompanying notes are an integral part of the financial statements. 3 SILVERTHORNE PRODUCTION COMPANY Unaudited - compiled by management (A Developmental Stage Company) STATEMENTS OF OPERATIONS Unaudited Unaudited Unaudited Unaudited 3 months ended 3 months ended 6 months ended 6 months ended Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1998 Dec. 31, 1997 -------------- -------------- -------------- -------------- REVENUES: Miscellaneous income $ 0 $ 0 $ 0 $ 0 ---------- --------- ---------- --------- EXPENSES: $ 226 $ 1,582 $ 1,534 $ 2,933 ---------- --------- ---------- --------- NET INCOME (LOSS) $( 226) $( 1,582) $( 1,534) $( 2,933) ========== ========= ========== ========= NET (LOSS) PER COMMON SHARE $( .0000) $( .0006) $( .0000) $( .0009) ---------- --------- ---------- --------- COMMON SHARES OUTSTANDING 15,757,047 3,505,047 15,757,047 3,505,047 ========== ========= ========== ========= The accompanying notes are an integral part of the financial statements. 4 SILVERTHORNE PRODUCTION COMPANY Unaudited - compiled by management (A Developmental Stage Company) CASH FLOWS STATEMENT Unaudited Unaudited 6 months ended 6 months ended Dec. 31, 1998 Dec. 31, 1997 -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) $(1,534) $(2,948) Increase (decrease) in accounts payable 1,534 1,555 Increase in accrued interest 0 1,378 ------- ------- Net cash flows from operations $ 0 $( 15) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: $ 0 $ 0 ------- ------- Net cash flows from financing $ 0 $ 0 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: $ 0 $ 0 ------- ------- Net cash flows from investing activities $ 0 $ 0 ------- ------- NET INCREASE IN CASH AND CASH EQUIVALENTS $ 0 $( 15) Cash at beginning of period 0 (1) ------- ------- Cash at end of period $ 0 $( 14) ======= ======= The accompanying notes are an integral part of the financial statements. 5 SILVERTHORNE PRODUCTION COMPANY Unaudited - compiled by management NOTES TO FINANCIAL STATEMENTS -- December 31, 1998 The accounting policies followed by Company are set forth in the notes to the Company s audited financial statements in the Form 10-K Report filed for the year ended June 30, 1998, which is incorporated by reference. Such policies have been continued without change. Also, refer to those notes for details of the Company s financial condition, results of operations and cash flows. All material items in those note have not changed. In the opinion of management, the accompanying interim financial statements contain all adjustments (including normal recurring adjustments) necessary to present fairly the Company's financial position as of December 31, 1998, and the results of operations and cash flows for the periods presented. 6 ITEM 2. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION. The Company has been a developmental stage company since 1989. The Company's financial condition did not change materially during the quarter covered by this report. The Company generated no revenues during the quarter ended December 31, 1998, and management does not anticipate any revenues until following the conclusion of a merger or acquisition, if any, as contemplated by the Company's business plan. The Company has no capital. The Company anticipates operational costs will be limited until such time as significant evaluation work is undertaken regarding prospective mergers or acquisitions. At December 31, 1998, the Company had no material commitments for capital expenditures. YEAR 2000 COMPLIANCE The Company is aware of the issues associated with the programming code in existing computer systems as the year 2000 approaches. The Company has assessed these issues as they relate to the Company, and since the Company currently has no operating business and does not use any computers, and since it has no customers or suppliers, it does not believe that there are any material year 2000 issues to disclose in this Report. 7 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. ITEM 2. CHANGES IN SECURITIES None. 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. 8 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, thereunto duly authorized. SILVERTHORNE PRODUCTION COMPANY Dated: January 11, 1999 By:/s/ David L. Jackson David L. Jackson, President, Chief Executive Officer and Director Dated: January 11, 1999 By:/s/ P. A. Jackson P.A. Jackson, Secretary and Director 9 EX-27 2
5 This schedule contains summary financial information extracted from the balance sheet and statements of operations found on pages 3 and 4 of the Company's Form 10-Q for the year to date, and is qualified in its entirety by reference to such financial statements. 6-MOS JUN-30-1998 DEC-31-1998 0 0 0 0 0 0 0 0 0 8,552 0 0 0 15,757 (24,309) 0 0 0 0 0 1,534 0 0 0 (1,534) 0 (1,534) 0 0 (1,534) 0 0
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