FORM 10-Q
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 quarterly period ended January 31, 2001
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: 0-9060
ROCKY MOUNTAIN MINERALS, INC.
(Exact name of Registrant as specified in its charter)
Wyoming 83-0221102
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) Number)
5801 Lumberdale, Houston, Texas 77092
(Address of principal executive offices and Zip Code)
(713) 683-0939
Registrant's telephone number
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities 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 .
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes _ . No .
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
stock, as of the latest practicable date:
Class Outstanding at January 31, 2001
Common stock, $.001 par value 85,712,039 shares
PART I. FINANCIAL INFORMATION
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
BALANCE SHEET
(Unaudited)
ASSETS
(Amounts in thousand, except per share data)
October 31, January 31,
2000 2001
(Audited) (Unaudited)
ASSETS
Current Assets:
Cash $ 229 $ 227
Assets held for sale 500 500
_________ _________
Total current assets 729 727
OTHER ASSETS
Investment in Affiliated Company --- ---
________ ________
729 727
__________ __________
TOTAL ASSETS 729 727
See accompanying notes.
(1)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
BALANCE SHEET
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
(Amounts in thousands, except per share data)
October 31, January 31,
2000 2001
(Audited) (Unaudited)
Total liabilities -- --
Stockholders' equity:
Preferred Stock; $.05 par value,
$.015 cumulative dividends,
convertible; 44,000,000 shares
authorized, 24,908,450 shares
issued and outstanding 1,245 1,245
Common Stock; $.001 par value,
250,000,000 shares authorized
85,712,039 shares issued and
outstanding 86 86
Capital in excess of par value 4,373 4,373
Deficit accumulated during the
development stage (4,975) (4,977)
__________ _________
Total stockholder's equity 729 727
__________ __________
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIENCY) 729 727
See accompanying notes.
(2)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
For the Three Months
Ended January 31,
2000 2001
Revenues:
Interest - 3
Royalty and lease bonus 0 -
______ _______
0 3
Costs and expenses:
General and administrative 2 5
Depreciation, depletion
and amortization - -
Interest - -
________ _______
Net Income (loss)(Note 2) (2) (2)
======== =======
Loss per share (Note 3): $ * $ *
*Less than $0.01 per share.
See accompanying notes.
(3)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(Unaudited)
ASSETS
For the Three Months
January 31,
2000 2001
Cash Flows from Operating Activities:
Net (loss) $ - $ (2)
Adjustments to reconcile
Net (loss) to
Net cash used in Operating Activities:
Depreciation, Depletion
and Amortization - -
Other items - Net 9 -
_________ ________
Net Cash used in Operating Activities 9 (2)
_________ ________
Cash Flows from Investing Activities:
Acquisition of Property & Equipment $ - $ -
Net Cash provided by (used in)
Investing Activities - -
_________ _________
Cash Flows from Financing Activities:
Proceeds from Payment on Long Term
Debt - -
Net Cash provided by (used in)
Investing Activities - -
_________ ________
Increase (Decrease) in Cash (9) (2)
Cash at beginning of period 271 229
_________ ________
Cash at end of period $ 262 $ 227
========= ========
See accompanying notes.
(4)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
(1) The accompanying financial statements of the Company have been
prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form
10-Q. Certain notes and other information have been condensed or
omitted from the interim financial statements presented in this report.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, the financial
statements reflect all adjustments considered necessary for a fair
presentation. The results of operations for the three months ended
January 31, 2001 and January 31, 2000 are not necessarily indicative
of the results to be expected for the full year. For further information,
refer to the financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year ended October 31, 2000
as filed with the Securities and Exchange Commission.
(2) No provision for income taxes is required for the period ended
January 31, 2001 or 2000, because (a) in management's opinion, the current
year will result in a net operating loss, (b) there are no previous
earnings to which the current year's estimated loss may be carried back,
and (c) there are no recorded income tax deferrals to be eliminated.
(3) Loss per share is based on the weighted average number of shares of common
stock and equivalents (Convertible Preferred Stock) outstanding during the
period; three months ended January 31, 2001 and 2000, 85,712,000 shares.
(5)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations
The Registrant began operations on May 19, 1978 and is considered to be
a mining company in the exploratory stage and has had no significant
revenues. During the 1988 fiscal year the Registrant consummated a stock
purchase agreement and resumed mineral exploration as well as waste management
activities. Subsequent to October 31, 1991, the registrant has been inactive
and has had limited receipts and expenditures.
General and administrative expenses increased for the three months
ending January 31, 2001 as compared to the three months ended
January 31, 2000 primarily due to the Registrant's higher level of
activity in evaluating various business opportunities during 2001.
In January of 1984, the Registrant suspended milling operations at
its Rochester property. During 1990, the Registrant recorded a charge to
expense of $1,037,669 representing the excess of net book value over the
estimated recoverable value of the Rochester Mill (the Mill). In December
of 1990, the Registrant decided to sell certain assets at the Mill, and the
net assets were reclassified to net assets held for sale and stated at their
net realizable value. In 1991 and 1993, pursuant to property appraisals,
the Registrant recorded additional charges to expense totaling $200,000,
representing excess net book value over the estimated recoverable value of
the Mill. In 1997, a tax deed was issued by the Madison County, Montana
Treasurer for the Mill and related property, and the Registrant wrote off
the property and recorded a loss of approximately $27,000.
During 1999, the Registrant decided to sell the remaining undeveloped
mineral interests and developed mine dumps and tailings. The assets have
been reclassified to net assets held for sale and stated at their net
realizable value resulting in a loss of $1,749,000 in 1997.
Liquidity and Capital Resources
The Registrant will continue the evaluation of it's present mineral
properties and other additional mineral properties in Western U.S. and
Australia, as well as pursue other non-mineral business opportunities.
The Registrant has used a significant portion of the proceeds from the
April 27, 1988 sale of stock to Quillium to maintain it's mineral property
inventory and conduct additional geologic studies. In addition, the
Registrant conducted exploratory programs and geologic studies on other
precious and base mineral properties both in the western U.S. and Australia.
During 1992 the Registrant acquired a 38% equity interest in Zonia Landfill,
Inc., a company engaged in the waste management business. Zonia Landfill,
Inc. sold it's operation in 1996 to USA Waste Services, Inc. The Registrant
received 8,097 shares of Common Stock in USA Waste, a NYSE listed Company.
The Company sold its shares of USA Waste Services, Inc. during 1997 and 1998.
In December of 1990, the Company decided to sell certain personal property
assets at the Rochester Mill, with the exception of the developed mine dumps
and tailings. At October 31, 1992 a portion of the net assets had been sold
while the remainder are expected to be sold in the future. The remaining net
assets have been reclassified to net assets held for sale and are stated at
their net realizable value.
Management's plans for funding continued operations include attempting to
obtain additional outside funding either through the sale of common and/or
preferred stock, debt, and/or possible sales of undeveloped properties at
the Rochester property.
Forward Looking Information
Statements of the Company's or management's intentions, beliefs,
anticipations, expectations and similar expressions concerning future
events contained in this document constitute forward looking
statements as defined in the Private Securities Litigation Reform Act
of 1995. As with any future event, there can be no assurance that the
events described in the forward looking statements made in this report
will occur or that the results of future events will not vary materially
from those described in the forward looking statements in this document.
(6)
PART II. OTHER INFORMATION
ROCKY MOUNTAIN MINERALS, INC.
Item 6 Exhibits and Reports on From 8-K
a. Exhibits
Exhibits 27. Financial Data Schedule
b. Reports on Form 8-K
No reports have been filed on Form 8-K during this
quarter.
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.
ROCKY MOUNTAIN MINERALS, INC.
Registrant
Date: March 07, 2001 Richard Bain
Richard Bain
Principal Financial Officer
Date: March 07, 2001 Richard Bain
Richard Bain
Principal Executive Officer
(7)