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 July 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)
2480 North Tolemac Way, Prescott, AZ 86305
(Address of principal executive offices and Zip Code)
(520) 778-1450
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 Common stock, as of the latest practicable date:
Class Outstanding at July 31,2001
Common stock, $.001 par value 85,712,039 shares
PART I. FINANCIAL INFORMATION
Item 1. ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
BALANCE SHEET
(Unaudited)
ASSETS
(Amounts in thousand, except per share data)
October 31, July 31,
2000 2001
<s> <c> <c>
ASSETS
Current Assets:
Cash $ 229 $ 190
Assets held for sale 500 500
_________ _________
Total current assets 729 690
__________ __________
TOTAL ASSETS 729 690
========== ==========
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, July 31,
2000 2001
<s> <c> <c>
Current liabilities:
Accounts Payable $ - $ 6
__________ __________
Total current liabilities - 6
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) (5,020)
__________ _________
Total stockholder's equity 729 684
__________ __________
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIENCY) 729 690
========== ==========
See accompanying notes.
(2)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
For the Nine Months For the Three Months
Ended July 31, Ended July 31,
2000 2001 2000 2001
<s> <c> <c> <c> <c>
Revenues:
Interest 11 6 3 1
______ _______ ______ ______
11 6 3 1
Costs and expenses:
General and administrative 41 51 25 25
- -
________ _______ ______ ______
Net Income (loss)(Note 2) (30) (45) (22) (24)
Loss per share (Note 3): $ * $ * $ * $ *
======== ========= ======= =======
* Less Than $.01 per share
See accompanying notes.
(3)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(Unaudited)
For the Nine Months
July 31,
2000 2001
<s> <c> <c>
Cash Flows from Operating Activities:
Net (loss) $ (30) (45)
Adjustments to reconcile
Net (loss) to
Net cash used in Operating Activities:
Depreciation, Depletion
and Amortization - -
Other items - Net (8) 6
_________ ________
Net Cash used in Operating Activities (38) (39)
_________ ________
_________ ________
Increase (Decrease) in Cash (38) (39)
Cash at beginning of period 271 229
_________ ________
Cash at end of period $ 233 $ 190
========= ========
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 accounting principles generally accepted
in the United States of America 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 accounting principles
generally accepted in the United States of America 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 and
the nine months ended July 31, 2000 and 2001 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
July 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 and nine months ended
July 31, 2000 and 2001, 85,712,000 shares.
(5)
ROCKY MOUNTAIN MINERALS, INC.
(A Development Stage Company)
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Registrant began operations in 1978 and is considered to be a
mining company in the exploratory stage and has had no significant
revenues. In 1984 the Company ceased gold extraction operations at
its Rochester, Montana mining property. During 1988, with the
receipt of funding from a stock purchase agreement, it resumed
mineral exploration both at Rochester and elsewhere in North America
and Australia. Despite detailed geologic investigations by the
Company and by leading gold mining companies, there was insufficient
encouragement from exploration results to warrant further investiga-
tions or activity at Rochester.
The Registrant later became involved in waste management activities.
Subsequent to October 31, 1991, and following the sale of the waste
management interests, the registrant has been inactive and has had
limited receipts and expenditures.
General and administrative expenses during the nine months ended
July 31, 2001 increased as compared to the nine months ended July 31,
2000 due to the Registrant's higher level of activity in evaluating
various opportunities.
The Registrant intends to resume oil and gas exploration and
production activities. In particular, the Company plans to seek
out oil and gas exploration and production properties in the Rocky
Mountain region of the U.S. and also in Australia. To advance
these plans, the Company will establish a representative office
in Melbourne, Australia.
The Registrant has established a U.S. operations office in
Prescott, Arizona.
LIQUIDITY and CAPITAL RESOURCES
Since ceasing milling operations at its Rochester, Montana property
in 1984, the Registrant has evaluated this and other mineral properties,
as well as having pursued waste management activities. The waste
management assets have been sold and the Registrant has now placed
its Rochester property on the market for sale and anticipates
receiving between $500,000 to $1,000,000 for the property.
Management plans to use the funds from the sale of the Rochester
property to fund the Company's evaluation of oil and gas exploration
and production opportunities. Plans for additional funding of these
activities include attempting to obtain external funding,
either through the sale of the Company's common or preferred stock.
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
None.
b. Reports on Form 8-K
No reports have been filed on Form 8-K during this
quarter.
(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 thereunto duly authorized.
ROCKY MOUNTAIN MINERALS, INC.
Registrant
Date: August 31, 2001 W. Ray Hill
W. Ray Hill
Principal Financial Officer
Date: August 31, 2001 W. Ray Hill
W. Ray Hill
Principal Executive Officer
(8)