FORM 10-QSB
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 fiscal quarter ended
November 30, 1995 or
[ ] Transition report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
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Commission file number 0-7501
RUBY MINING COMPANY
(Exact Name of Registrant as Specified in its Charter)
Colorado 81-0214117
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State or other jurisdiction of (I.R.S.
Employer
incorporation or organization) Identification
No.)
877 North 8th West, Riverton, WY 82501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307)
856-9278
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NONE
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(Former name, former address and former fiscal year, if changed
since last report)
Check whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities and
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
State the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Class Outstanding at January 4, 1996
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Common stock, $.001 par value 9,000,000 Shares
Transitional Small Business Disclosure Format (Check One)
YES NO X
RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheets -- November 30, 1995 3
Condensed Statements of Operations -- Three Months
and Six Months Ended November 30, 1995
and November 30, 1994 4
Condensed Statements of Cash Flows -- Six Months Ended
November 30, 1995 and November 30, 1994 5
Notes to Condensed Financial Statements 6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K 7
Signatures 8
2
RUBY MINING COMPANY
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets
November 30, 1995
(unaudited)
ASSETS
CURRENT ASSETS:
Cash $ 35,100
Other 300
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TOTAL CURRENT ASSETS 35,400
INVESTMENTS 86,300
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,600)
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8,000
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$129,700
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 28,300
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TOTAL CURRENT LIABILITIES: 38,700
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
authorized, 20,000,000 shares;
issued and outstanding,
9,000,000 shares 9,000
Additional paid-in capital 623,400
Accumulated deficit (548,800)
Unrealized holding gain on investments 7,400
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91,000
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$129,700
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See accompanying notes to condensed financial statements.
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RUBY MINING COMPANY
Condensed Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
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1995 1994 1995 1994
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REVENUES:
Interest $ 300 $ 300 $ 600 $ 500
COSTS AND EXPENSES:
General and
Administrative 4,100 1,900 10,000 7,600
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NET INCOME (LOSS) $(3,800) $ (1,600) $(9,400) $(7,100)
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INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
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WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 9,000,000 9,000,000 9,000,000 9,000,000
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* Less than $0.01 per share.
See accompanying notes to condensed financial statements.
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RUBY MINING COMPANY
Condensed Statements of Cash Flows
(Unaudited)
Six Months Ended
November 30
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1995 1994
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (9,400) $ (7,100)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Increase in accounts payable 9,700 3,700
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CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 300 (3,400)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 300 (3,400)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 34,800 37,600
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CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 35,100 $ 34,200
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See accompanying notes to condensed financial statements.
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RUBY MINING COMPANY
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of November 30, 1995,
the Condensed Statements of Operations for the three months and
six months ended November, 1995 and 1994, and the Condensed
Statements of Cash Flows for the six months ended November 30,
1995 and 1994, have been prepared by the Registrant without
audit. In the opinion of the Registrant, the accompanying
financial statements contain all adjustments (consisting of only
normal recurring accruals) necessary to fairly present the
financial position of Registrant as of November 30, 1995 the
results of operations for the three months and six months ended
November 30, 1995 and 1994, and the cash flows for the six months
then ended.
2) Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. It is suggested that these financial statements be read
in conjunction with the Registrant's May 31, 1995 Form 10-KSB.
3) The results of operations for the periods ended
November 30, 1995 and 1994 are not necessarily indicative of the
operating results for the full year.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
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Liquidity and Capital Resources
The Registrant's working capital decreased by $9,400 during
the six months ended November 30, 1995 resulting in negative
working capital of $3,300 at the end of the period. The decrease
in working capital is primarily a result of a $9,700 increase in
accounts payable to affiliates for various general and
administrative expenses, which was offset by an increase of $600
in cash as a result of interest earned on the Registrant's funds
held in interest bearing accounts. Cash was reduced by $300 as
various governmental filing fees were paid.
The Registrant anticipates that it will be able to meet its
capital requirements for the remainder of the year ending May 31,
1996. However, the Registrant must secure drilling or
construction contracts, or negotiate a way to retire debt to its
directors and parent company in order to continue operating long-
term.
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Results of Operations
The Registrant had no revenues from operations during the
three months or the six months ended November 30, 1995, or the
corresponding periods of the prior year. The Registrant did,
however, record $600 and $500 in interest revenue earned on
monies held in interest bearing accounts in the six month periods
ended November 30, 1995 and 1994, respectively ($300 in interest
revenue for each of the three month periods ended November 30,
1995 and 1994).
General and administrative costs increased by $2,400, during
the six months ended November 30, 1995 from the same period of
the previous year ($2,200 for the three months ended November
30,1 995 from the same period 1994), primarily due to an increase
in professional fees.
The Registrant's operations consist primarily of
administrative activities associated with the preparation of
various reports and documents as required by law.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
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(a) Exhibits. None.
(b) Reports on Form 8-K. There were no reports filed by the
Registrant on Form 8-K for the quarter ended November 30, 1995.
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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, hereunto duly authorized.
RUBY MINING COMPANY
(Registrant)
Date: January 4 , 1996 By: s/ John L. Larsen
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JOHN L. LARSEN,
President
Date: January 4 , 1996 By: s/ Robert Scott Lorimer
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ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
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