UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period February 28, 2009
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 number: 001-05970
Silver Butte Co., Inc.
(Exact name of registrant as specified in its charter)
| | Nevada | | 82-0263301 | |
| | (State of other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) | |
| | | | | |
| | 520 Cedar Street, Sandpoint, ID | | 83864 | |
| | (Address of principal executive offices) | | (Zip Code) | |
(208) 263-5154
(Issuer'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 Exchange Act during the past 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 at least the past 90 days.
[ X ] Yes [ ] No
Indicate by check mark whether the registrant is an accelerated filer.
[ ] Yes [ X ] No
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act.) [ X ] Yes [ ] No
State the number of shares outstanding of common stock, as of the latest practicable date: At April 2, 2009, 18,710,412 shares of the Company’s common stock were outstanding.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
[ ] Large accelerated filer | [ ] Accelerated filer | [ ] Non-accelerated filer | [ X ] Smaller reporting company |
SILVER BUTTE CO., INC.
TABLE OF CONTENTS
PART I.
Balance Sheets (unaudited)
February 28, 2009 and August 31, 2008
| | | February 28, 2009 | | | August 31, 2008 | |
| ASSETS | | | | | | |
| | | | | | | |
| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 12,477 | | | $ | 33,926 | |
| | | | | | | | | |
| Total assets | | $ | 12,477 | | | $ | 33,926 | |
| | | | | | | | | |
| LIABILITES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
| | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 26 | | | $ | 1,959 | |
| Total current liabilities | | | 26 | | | | 1,959 | |
| | | | | | | | | |
| Stockholders’ equity: | | | | | | | | |
| Preferred stock, $0.001 par value; 10,000,000 shares | | | | | | | | |
| authorized, none issued and outstanding | | | - | | | | - | |
| Common stock, $0.001 par value; 300,000,000 | | | | | | | | |
| shares authorized, 18,710,412 shares issued | | | | | | | | |
| and outstanding | | | 18,710 | | | | 18,710 | |
| Additional paid-in capital | | | 967,559 | | | | 967,559 | |
| Accumulated deficit | | | (973,818 | ) | | | (954,302 | ) |
| Total stockholders’ equity | | | 12,451 | | | | 31,967 | |
| | | | | | | | | |
| Total liabilities and stockholders’ equity | | $ | 12,477 | | | $ | 33,926 | |
The accompanying condensed notes are an integral part of these financial statements.
Statements of Expenses (unaudited)
For the Three and Six Months Ended
February 28, 2009 and February 29, 2008
| | | Three Months Ended | | | Six Months Ended | |
| | | 2/28/2009 | | | 2/29/2008 | | | 2/28/2009 | | | 2/29/2008 | |
| | | | | | | | | | | | | |
| Operating expenses: | | | | | | | | | | | | |
| Professional service fees | | $ | (5,827 | ) | | $ | (6,535 | ) | | $ | (16,995 | ) | | $ | (21,563 | ) |
| Other general and administrative | | | (1,631 | ) | | | (2,346 | ) | | | (2,521 | ) | | | (2,993 | ) |
| | | | | | | | | | | | | | | | | |
| Total operating expenses | | | (7,458 | ) | | | (8,881 | ) | | | (19,516 | ) | | | (24,556 | ) |
| | | | | | | | | | | | | | | | | |
| Other income: | | | | | | | | | | | | | | | | |
| Interest income | | | - | | | | - | | | | - | | | | 12 | |
| Total other income | | | - | | | | - | | | | - | | | | 12 | |
| | | | | | | | | | | | | | | | | |
| Net loss | | $ | (7,458 | ) | | $ | (8,881 | ) | | $ | (19,516 | ) | | $ | (24,544 | ) |
| | | | | | | | | | | | | | | | | |
| Loss per common share – basic | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Weighted average common shares | | | | | | | | | | | | | | | | |
| outstanding – basic | | | 18,710,412 | | | | 18,139,717 | | | | 18,710,412 | | | | 17,943,286 | |
The accompanying condensed notes are an integral part of these financial statements.
Statements of Cash Flows (unaudited)
For the Six Months Ended February 28, 2009
and February 29, 2008
| | | 2009 | | | 2008 | |
| | | | | | | |
| Cash flows from operating activities: | | | | | | |
| Net loss | | $ | (19,516 | ) | | $ | (24,544 | ) |
| Adjustments to reconcile net loss to net cash | | | | | | | | |
| used in operating activities: | | | | | | | | |
| Change in: | | | | | | | | |
| Accounts payable | | | (1,933 | ) | | | (3,126 | ) |
| Net cash used by operating activities | | | (21,449 | ) | | | (27,670 | ) |
| | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | |
| Proceeds from sale of common stock | | | - | | | | 46,000 | |
| Net cash provided by financing activities | | | - | | | | 46,000 | |
| | | | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | | (21,449 | ) | | | 18,330 | |
| Cash and cash equivalents, beginning of period | | | 33,926 | | | | 14,562 | |
| | | | | | | | | |
| Cash and cash equivalents, end of period | | $ | 12,477 | | | $ | 32,892 | |
The accompanying condensed notes are an integral part of these financial statements.
Condensed Notes to Financial Statements (unaudited)
These unaudited financial statements of Silver Butte Co., Inc. (“the Company”) included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Although certain information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, the 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 for the fiscal year ended August 31, 2008, included in the Company’s Form 10-KSB
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 the full year ended August 31, 2009.
General
This Form 10-Q contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions that are not statements of historical facts. This document and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. The words “believe,” “expect,” “anticipate,” “intends,” “estimates,” “forecast,” “project” and similar expressions identify forward-looking statements. The forward-looking statements in this document are based upon various assumptions, many of which are based on management’s discussion and analysis or plan of operations and elsewhere in this report. Although we believe that these assumptions were reasonable when made, these statements are not guarantees of future performance and are subject to certain risks and uncertainties, some of which are beyond our control, and are difficult to predict. Actual results could differ materially from those expressed in forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s view only as of the date of this report.
Plan of Operation
The Company’s purpose is to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to it by persons or firms who desire to seek the perceived advantages of a publicly registered corporation. The Company will not restrict its search to any specific business, industry, or geographical location and the Company may participate in a business venture of virtually any kind or nature.
The Company may seek a business opportunity with entities which have recently commenced operations, or wish to utilize the public marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service, or for other corporate purposes. The Company may acquire assets and establish wholly-owned subsidiaries in various businesses, or acquire existing businesses as subsidiaries. Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.
Management of the Company, while not especially experienced in matters relating to the new business of the Company, will rely primarily upon their own efforts to accomplish the business purposes of the Company. It is not anticipated that any outside consultants or advisors, other than the Company's legal counsel, will be utilized by the Company to effectuate its business purposes described herein.
In order to meet the Company’s cash requirements for the next twelve months, the Company anticipates offering a private placement of common stock. Proceeds from this offering will be used to finance ongoing operations.
Not required for smaller reporting companies.
Disclosure Controls and Procedures
An evaluation was performed of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures by the Registrant’s President and the Secretary/Treasurer. Based on that evaluation, they concluded that disclosure controls and procedures were effective as of February 28, 2009, in ensuring that all material information required to be filed in this quarterly report has been made known to them in a timely fashion.
Changes oin Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting during the three month period ended February 28, 2009, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Information regarding internal control over financial reporting has been set forth in Item 4.
NONE
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
| ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SILVER BUTTE CO., INC.
(Registrant)
By: /s/ Terry McConnaughey
Terry McConnaughey, President and Director
Date: April 08, 2009
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: /s/ Robert J. Evans
Robert J. Evans, Secretary/Treasurer and Director
Date: April 08, 2009
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