U.S. SECURITIES AND EXCHANGE
COMMISSION Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR
THE QUARTERLY PERIOD ENDED OCTOBER 31, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
TRANSITION PERIOD FROM TO
Commission file number ....0-8155....
Breccia International Minerals Inc.
(Exact name of small business issuer as specified in its charter)
Delaware 73-0977756
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1500 Midland Walwyn Tower, Edmonton, Alberta T5J 2Z2
(Address of principal executive offices) (Zip Code)
(403) 496-9171
(Issuer's telephone number)
(Former name, former address and former fiscal year,if changed
since last report)
Check whether the issuer (1) has 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 the past 90 days.
Yes [X] No [ ]
Applicable only to corporate issuers
State the number of shares outstanding of each of
the issuer's classes of common equity, as of the
latest practical date. As of October 31, 1998,
8,128,206 shares of common stock were issued and
outstanding.
Part 1
Item 1 - Financial Statements
BRECCIA INTERNATIONAL MINERALS INC.
Balance Sheet
As at October 31, 1998
Expressed in U.S. Dollars (Unaudited)
October 31 April 30
1998 1998
Assets
Current
Cash $ 503 $ 298
--------- --------
Total Assets $ 503 $ 298
========= =========
Liabilities and Shareholders'
Equity (Deficiency)
Accounts Payable $ 8,305 $ 10,171
Owing to Affiliated Companies (Note 2) 208,023 172,915
---------- --------
216,328 183,086
Shareholders' Equity
Share Capital (Note 3) 285,165 285,165
Deficit (500,990) (467,953)
---------- --------
(215,825) (182,788)
---------- --------
Total liabilities & equity $ 503 $ 298
========== =========
BRECCIA INTERNATIONAL MINERALS INC.
Statement of Operations and Deficit
Expressed in U.S. Dollars (Unaudited)
For the six months ended October 31, 1998
Quarter Six
Ended Months Ended
1998 1997 1998 1997
Revenue
Interest Income $ - $ - $ - $ -
------- ------- -------- --------
General and administration 14,420 16,658 33,037 36,758
------- ------- -------- --------
Net loss for the period (14,420) (16,658) (33,037) (36,758)
Deficit, beginning of period(486,570) (456,306) (467,953) (436,206)
------- -------- -------- ---------
Deficit, end of period $(500,990) $(472,964) $(500,990) ($472,964)
======== ========== ========= =========
Loss per Share* $(0.007) $(0.002) $(0.004) $(0.005)
======== ========== ======== ========
* Based on 8,128,206 common shares, (1997-8,128,206)
BRECCIA INTERNATIONAL MINERALS INC.
Statement of Changes in Financial Position
Expressed in U.S. Dollars (Unaudited)
For the six months ended October 31, 1998
1998 1997
------- -------
Cash provided by (used in)
Operating Activities
Net loss $(33,037) $(36,758)
--------- ----------
Changes in working capital accounts
Accounts & Advances payable 33,242 31,683
---------- ----------
205 (5,075)
Financing Activities
Capital stock issuance - -
--------- ----------
Investing Activities
Mineral Property - -
---------- ----------
(Decrease) increase in cash 205 (5,075)
Cash, beginning of period 298 7,400
--------- ----------
Cash, end of period $ 503 $ 2,325
========= ==========
1. Significant Accounting Policies
Significant accounting policies are as follows:
Incorporation
Breccia International Minerals Inc. was incorporated under
the laws of the State of Delaware on April 25, 1975 and renewed on
March 18, 1994.
Net Income (loss) per common share:
The net income (loss) per common share is based on the number of $0.0001 par
value common shares outstanding.
2. Related Party Transactions
The Corporation has entered into the following transactions with related
parties:
The Corporation owes $208,023 for unsecured advances, professional fees and
office sharing costs to companies affiliated with directors' of the Corporation.
3. Share Capital
Authorized
Seventy-five million (75,000,000) $.0001 par value common stock.
1998 1997
-------- -------
Issued
8,128,206 common stock $.0001 par value (1997-8,128,206) $285,165 $285,165
========== =========
ITEM 2
Management Discussion and Analysis of Financial Condition and Results of
Operations.
1. Material Changes in Results of Operation
The results of the statement of loss indicates a loss of $33,037 for the
six month period which represents transfer agent, legal and consulting
fees necessary to maintain the Registrant current with its regulatory
filing requirements.
2. Material Changes in Financial Condition
The Registrant is exploring opportunities and reviewing proposals for
the potential acquisition of solid performing businesses with long-term
growth objectives.
3. Impact of the Year 2000 Issue
The Year 2000 Issue arises because many computerized systems use two digits
rather than four to identify a year. Date-sensitive systems may recognize
the year 2000 as 1900 or some other date, resulting in errors when
information using year 2000 dates is processed. The effects of the
Year 2000 Issue may be experienced before, on or after January 1, 2000.
Because the Company has no assets, including any personal property such as
computers, it is not anticipated that the Company will incur any negative
impact as a result of this potential problem. However, it is possible that
this issue may have an impact on the Company if the Company completes an
acquisition prior to or shortly after the Year 2000. If this occurs, the
Company intends to implement a Year 2000 compliant computer system in
conjunction with the acquisition.
Whether or not the Company completes an acquisition before or after
the Year 2000, the Company recognizes the potential impact the Year 2000 Issue
may have relative to its vendors, creditors and other service providers. The
Company has reviewed its exposure to business interruption or substantial loss
in these areas and presently believes that no risk of material adverse
consequences exists. Nonetheless, the Company intends to further monitor the
Year 2000 readiness of such entities and the potential impact thereof on the
Company.
Part II
OTHER INFORMATION
Item I. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to Vote of security holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8 - K
NONE
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.
BRECCIA INTERNATIONAL MINERALS INC.
Date: December 4, 1998 Don Caron
Don Caron
President
Date: December 4, 1998 Richard Caron
Richard Caron
Director