SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10QSB
[ X ] Quarterly report pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934 for the fiscal quarter ended
February 28, 1999 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 No. 0-9793
MINEX RESOURCES, INC.
___________________________________________________________________
(Exact name of Registrant as specified in its charter)
Wyoming 83-0248003
________________________________ _______________________
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
7227 Bridle Drive
Cheyenne, Wyoming 82009-1016
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number: (307)635-3526
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 NO X
----- -----
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, 1999
- ----------------------------- ----------------------------
Common stock, $.001 par value 47,700,000 shares
MINEX RESOURCES, INC.
Index
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Balance Sheet--February 28, 1999 & November 30, 1998
Condensed Statements of Operations--Three and Twelve Months
Ended February 28, 1999 and February 28, 1998
Condensed Statements of Cash Flows--Three Months Ended
February 28, 1999 and February 28, 1998
Notes to Condensed Financial Statements
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
ITEM 3. Exhibits and Reports on Form 8-K
Signatures
MINEX RESOURCES, INC.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Accountant's Compilation Report
-------------------------------
To the Board of Directors
Minex Resources, Inc.
Cheyenne, Wyoming
We have compiled the accompanying balance sheets of Minex
Resources, inc. (a corporation) as of February 28, 1999 and
November 30, 1998, and the related statements of operations and
cash flows for the quarter and year to date ended February 28,
1999, and the statements of operations and cash flows for the
quarter and year to date ended February 28, 1998, in accordance
with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of
financial statements information that is the representation of
management. We have not audited or reviewed the accompanying
financial statements and, accordingly, do not express an opinion or
any other form of assurance on them.
Management has elected to omit substantially all of the
disclosures required by generally accepted accounting principles.
If the omitted disclosures were included in the financial
statements, they might influence the user's conclusions about the
Company's financial position, results of operations, and cash
flows. Accordingly, these financial statements are not designed
for those who are not informed about such matters.
/s/ Clifford H. Moore & Co.
April 19, 1999
MINEX RESOURCES, INC.
BALANCE SHEETS
AS OF FEBRUARY 28, 1999 AND NOVEMBER 30, 1998
SEE ACCOUNTANT'S COMPILATION REPORT
ASSETS
February 28, November 30,
1999 1998
CURRENT ASSETS:
Cash $ 355 $ 1,482
----------- -----------
Total current assets $ 355 $ 1,482
----------- -----------
PROPERTY AND EQUIPMENT, AT COST:
Oil & gas properties, utilizing
the full cost method $ 1,152,938 $ 1,152,938
Undeveloped and developed mining
properties 219,573 216,261
Equipment and organization costs 72,972 72,972
----------- -----------
Total properties and equipment $ 1,445,483 $ 1,442,171
Accumulated depreciation, depletion
& amortization ( 962,650) ( 962,650)
----------- -----------
$ 482,833 $ 479,521
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OTHER ASSETS:
Investment in affiliate (Note 3) $ 94,577 $ 94,577
----------- -----------
TOTAL ASSETS $ 577,765 $ 575,580
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Notes payable - Bank $ 12,000 $ 5,000
Accounts payable 9,505 9,505
Accrued liabilities - officers 75,122 73,622
- others 290 242
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Total current liabilities $ 96,917 $ 88,369
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STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value;
authorized 10,000,000 shares, none
outstanding $ -0- $ -0-
Common stock, 1 mill par value;
authorized 100,000,000 shares,
issued and outstanding
47,700,000 shares 47,700 47,700
Capital in excess of par value 2,581,431 2,581,431
Retained deficit ( 2,148,283) ( 2,141,920)
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Total stockholders' equity $ 480,848 $ 487,211
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TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 577,765 $ 575,580
=========== ===========
MINEX RESOURCES, INC.
STATEMENTS OF OPERATIONS
FOR THE FIRST QUARTER AND YEAR TO DATE ENDED
FEBRUARY 28, 1999 AND 1998
SEE ACCOUNTANT'S COMPILATION REPORT
First quarter and
year to date ended
February 28, February 28,
1999 1998
------------ ------------
REVENUES:
Oil and gas sales $ 1,367 $ 2,994
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COSTS AND EXPENSES:
Oil and gas production expenses $ 1,130 $ 908
Mineral property -0- -0-
Depreciation, depletion and
amortization -0- -0-
General and administrative 6,438 2,973
Interest 162 153
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Total costs and expenses $ 7,730 $ 4,034
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INCOME (LOSS) BEFORE INCOME TAX
(BENEFITS) ($ 6,363) ($ 1,040)
PROVISION FOR INCOME TAX -0- -0-
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NET INCOME (LOSS) ($ 6,363) ($ 1,040)
======= =======
INCOME (LOSS) PER COMMON SHARE $ * $ *
======= =======
WEIGHTED AVERAGE NUMBER OF COMMON
AND COMMON EQUIVALENT SHARES
OUTSTANDING 47,700,000 47,700,000
========== ==========
* Less than $.01 per share
MINEX RESOURCES, INC.
STATEMENTS OF CASH FLOWS
FOR THE QUARTERS ENDED FEBRUARY 28, 1999 AND 1998
SEE ACCOUNTANT'S COMPILATION REPORT
February 28, February 28,
1999 1998
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 6,363) ($ 1,040)
ADJUSTMENTS TO RECONCILE NET INCOME
(LOSS) TO NET CASH PROVIDED BY
OPERATING ACTIVITIES:
Other liabilities 1,548 ( 316)
CHANGES IN ASSETS AND LIABILITIES:
Accounts payable -0- ( 3,312)
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Net cash (used) by operations ($ 4,815) ($ 4,668)
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INVESTING ACTIVITIES:
Capital expenditures ($ 3,312) $ -0-
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FINANCING ACTIVITIES:
Additions to short term debt $ 7,000 $ 4,500
Reductions of short term debt -0- -0-
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Net cash provided (used) by
financing activities $ 7,000 $ 4,500
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Net increase (decrease) in cash and
cash equivalents ($ 1,127) ($ 168)
Cash and cash equivalents at beginning
of year 1,482 251
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Cash and cash equivalents at
end of quarter $ 355 $ 83
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Interest paid $ 76 $ 153
======= =======
MINEX RESOURCES, INC.
Notes to Condensed Financial Statements
1) The Condensed Balance Sheet as of February 28, 1999, the
Condensed Statements of Operations for the three months ended
February 28, 1999 and February 28, 1998, and the Condensed
Statements of Cash Flows for the three months ended February 28,
1999 and February 28, 1998, have been prepared by the Company
without audit. In the opinion of the Company, the accompanying
financial statements contain all adjustments (consisting of only
normal recurring accruals) necessary to fairly present the
financial position of the Company as of February 28, 1999, the
results of operations for the three months and twelve months ended
February 28, 1999 and February 28, 1998, and the cash flows for the
three 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 Company's November 30, 1998, Form 10-KSB.
3) On August 15, 1983, Minex Resources, Inc. acquired 45%
(4,500 shares) of the outstanding stock of Methanol Production
Corporation ("MPC"). On July 12, 1988, the assets of MPC were sold
to UNICO, Inc. As a result of this transaction, and a later
decision to liquidate MPC, Minex received 945,773 shares of UNICO
common stock which was reduced to 47,288 shares after a 20 to 1
reverse split on July 28, 1994. In accordance with currently
acceptable accounting practices, Minex shows 80% of the NASDAQ
market value of UNICO stock ($.125 bid as of July 12, 1988)
on its balance sheet. The bid price of UNICO, Inc. as of
November 30, 1998 was $2.00. No adjustments have been made to
carrying value to reflect current market value.
4) The results of operations for the periods ended February
28, 1999 and February 28, 1998, 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.
Liquidity and Capital Resources
The Company's working capital decreased by $4,815 during the
three months ended February 28, 1999, resulting in negative working
capital of $91,702 at the end of the period. The decrease in
working capital is primarily a result of expenditures for various
general and administrative expenses.
The Company anticipates that it will be able to meet its
capital requirements for the remainder of the year ending November
30, 1999. The employment circumstances of the President of Minex
have recently changed. Management is actively looking at possible
ways to recapitalize the Company. No assurance can be given that
this will occur.
Results of Operations
The Company had lower revenues from operations during the
three months ended February 28, 1999, when compared to the
corresponding period of the prior year. This is a reflection of
lower oil and gas prices. No advance royalties were due or
received from Nevada gold property leases this quarter.
General and administrative costs increased by $3,465 during
the three months ended February 28, 1999, 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.
The Company's operations consist primarily of administrative
activities associated with the preparation of various reports and
documents as required by law, and keeping the Nevada mining claims
current and intact. A limited amount of mineral prospecting work
was completed this quarter.
PART II. OTHER INFORMATION
Item 3. Exhibits and Reports on Form 8-K.
(a) Exhibits. None.
(b) Reports on Form 8-K. There are no reports filed by the
Company on Form 8-K for the quarter ended February 28,
1999.
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.
MINEX RESOURCES, INC.
(Registrant)
Date: April 26, 1999 By: /s/ Dennis W. Tippets
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President and Principal
Financial Officer