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 August 31, 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
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(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
(Former name, address and 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 OCTOBER 7, 1998
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Common stock, $.001 par value 9,000,000 Shares
RUBY MINING COMPANY
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet -- August 31, 1998 .............................3
Condensed Statements of Operations -- Three Months Ended
August 31, 1998 and August 31, 1997....................................4
Condensed Statements of Cash Flows -- Three Months Ended
August 31, 1998 and August 31, 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
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RUBY MINING COMPANY
PART I. FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
CONDENSED BALANCE SHEET
AUGUST 31, 1998
(UNAUDITED)
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalent $ 35,700
Other assets 300
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TOTAL CURRENT ASSETS 36,000
INVESTMENTS 103,700
PROPERTY AND EQUIPMENT, at cost 39,600
Less accumulated depreciation (31,600
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8,000
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$ 147,700
=========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Directors' fees payable $ 10,400
Accounts payable - affiliates 60,900
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TOTAL CURRENT LIABILITIES: 71,300
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value;
20,000,000 shares authorized.
9,000,000 shares issued and outstanding, 9,000
Additional paid-in capital 623,400
Accumulated deficit (580,900)
Unrealized Holding Gain on Investments 24,900
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76,400
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$147,700
========
See accompanying notes to condensed financial statements.
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RUBY MINING COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
AUGUST 31,
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1998 1997
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REVENUES:
Interest $ 400 $ 300
COSTS AND EXPENSES:
General and administrative 7,400 3,200
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NET INCOME (LOSS) $ (7,000) $ (2,900)
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EARNINGS (LOSS) PER SHARE $ * $ *
======== =========
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 9,000,000 9,000,000
========= =========
* Less than $0.01 per share.
See accompanying notes to condensed financial statements.
4
RUBY MINING COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
AUGUST 31,
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1998 1997
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (7,000) $ (2,900)
Adjustments to reconcile
net loss to net cash provided
by operating activities:
Increase in accounts payable-affiliate 7,400 3,200
-------- --------
CASH PROVIDED BY
OPERATING ACTIVITIES 400 300
-------- --------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 400 300
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 35,300 34,000
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CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 35,700 $ 34,300
======== ========
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 August 31, 1998, and the Condensed
Statements of Operations and Cash Flow for three months ended August 31, 1998
and 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 Registrant as of August 31, 1998 and the results of
operations and cash flow for the three months ended August 31, 1998 and 1997.
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, 1998 Form
10-KSB.
3) The results of operations for the periods ended August 31, 1998 and
1997 are not necessarily indicative of the operating results for the full year.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
LIQUIDITY AND CAPITAL RESOURCES
The Registrant's working capital continued to decrease, as amounts due to
Registrant's parent, U.S. Energy Corp. ("USE") affiliate USECB Joint Venture
("USECB") continued to be accrued for office and administrative costs. The
$7,100 decrease in working capital during the quarter ended August 31, 1998
compared to May 31,1998, left a working capital deficit of $35,300 as compared
to a working capital deficit of $18,200 at August 31, 1997.
The Registrant anticipates that it will be able to meet its capital
requirements for the remainder of the year ending May 31, 1999 as USE has not
made demand on amounts due. 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.
RESULTS OF OPERATIONS
The Registrant had no revenues from operations during the most recently
completed quarter ended August 31, 1998 or the corresponding quarter of the
prior year. The Registrant did however recognize $400 and $300 in interest
revenue for the quarter ended August 31, 1998 and August 31, 1997 respectively.
General and administrative costs increased during the quarter ended August
31, 1998 from the same period of the previous year by $4,200, primarily due to
an increase in professional services, which had not yet been billed for audit
services for the quarter ended August 31, 1997.
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 August 31, 1998.
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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: October 7, 1998 By: /S/ JOHN L. LARSEN
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JOHN L. LARSEN,
President
Date: October 7, 1998 By: /S/ ROBERT SCOTT LORIMER
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ROBERT SCOTT LORIMER,
Principal Financial Officer
and Chief Accounting Officer
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