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
February 28, 1998 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 0-7501
RUBY MINING COMPANY
-----------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Colorado 81-0214117
- ---------------------------------------- --------------------
State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
877 North 8th West, Riverton, WY 82501
- ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone Number: (307) 856-9278
NONE
-----------------------------------------------------------------
(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 April 3, 1998
- ------------------------------- -------------------------------
Common stock, $.001 par value 9,000,000 Shares
RUBY MINING COMPANY
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- February 28, 1998............................3
Condensed Statements of Operations -- Three and Nine Months
Ended February 28, 1998 and February 28, 1997........................4
Condensed Statements of Cash Flows -- Nine Months
Ended February 28, 1998 and February 28, 1997........................5
Notes to Condensed Financial Statements.................................6
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations...........7
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 SHEET
FEBRUARY 28, 1998
ASSETS
CURRENT ASSETS:
Cash $ 34,900
Other 300
---------
TOTAL CURRENT ASSETS 35,200
INVESTMENTS 130,500
PROPERTY AND EQUIPMENT, at cost
Mining equipment 39,600
Less accumulated depreciation (31,700)
---------
7,900
---------
$ 173,600
=========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 51,200
---------
TOTAL CURRENT LIABILITIES: 61,600
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 (572,000)
Unrealized loss in investments 51,600
---------
112,000
---------
$ 173,600
=========
See accompanying notes to condensed financial statements.
3
RUBY MINING COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
February February
------------------ ----------------
28, 1998 28, 1997 28, 1998 28, 1997
-------- -------- -------- --------
REVENUES:
Interest $ 500 $ 200 $ 900 $ 800
COSTS AND EXPENSES:
General and
Administrative 6,800 2,400 12,000 9,700
------- ------- ------- -------
NET INCOME (LOSS) $ (6,300) $(2,200) $(11,100) $(8,900)
======= ======= ======= =======
INCOME (LOSS)
PER SHARE $ * $ * $ * $ *
======= ======= ======= =======
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 9,000,000 9,000,000 9,000,000 9,000,000
========= ========= ========= =========
* Less than $.01 per share.
See accompanying notes to condensed financial statements.
4
RUBY MINING COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
February
-------------------------
28, 1998 28, 1997
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $(11,100) $ (8,900)
Adjustments to reconcile net loss to
net cash used in operating activities:
Increase in accounts payable 12,000 7,000
--------- ---------
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 900 (1,900)
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS 900 (1,900)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 34,000 35,700
-------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 34,900 $ 33,800
========= =========
See accompanying notes to condensed financial statements.
5
RUBY MINING COMPANY
NOTES TO CONDENSED FINANCIAL STATEMENTS
1) The Condensed Balance Sheet as of February 28, 1998 the Condensed
Statements of Operations for the three months and nine months ended February 28,
1998 and February 28, 1997, and the Condensed Statements of Cash Flows for the
nine months ended February 28, 1998 and February 28, 1997, 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 the
Registrant as of February 28, 1998, the results of operations for the three
months and nine months ended February 28, 1998 and February 28, 1997, and the
cash flows for the nine 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, 1997 Form
10-KSB.
3) The results of operations for the periods ended February 28, 1998 and
February 28, 1997 are not necessarily indicative of the operating results for
the full year.
6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
LIQUIDITY AND CAPITAL RESOURCES
The Registrant's working capital decreased by $11,100 during the nine
months ended February 28, 1998 resulting in negative working capital of $26,400
at the end of the period. The decrease in working capital is primarily a result
of a $12,000 increase in accounts payable to affiliates for various general and
administrative expenses, which was offset by an increase of $900 in cash as a
result of interest earned on the Registrant's funds held in interest bearing
accounts.
The Registrant anticipates that it will be able to meet its capital
requirements for the remainder of the year ending May 31, 1998. However, the
Registrant must secure drilling or construction contracts, and negotiate a way
to retire debt to its directors and affiliates in order to continue operating
long-term.
RESULTS OF OPERATIONS
The Registrant had no revenues from operations during the three months or
the nine months ended February 28, 1998, or the corresponding periods of the
prior year. The Registrant did, however, record $900 and $800 in interest
revenue earned on monies held in interest bearing accounts during the nine month
periods ended February 28, 1998 and February 28, 1997, respectively.
General and administrative costs increased by $2,300 during the nine months
ended February 28, 1998 from the same period of the previous year. This increase
in general and administrative expenses is due primarily to an increase in the
cost of professional services for annual audit bills to the registrant's
independent accountant.
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.
(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 February 28, 1998.
7
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: April 3, 1998 By: s/ John L. Larsen
-------------------------
JOHN L. LARSEN,
President
Date: April 3, 1998 By: s/ Robert Scott Lorimer
-------------------------
ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
8