UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the Quarterly Period ended March 31, 2002
Commission File Number: 0-6034
STANSBURY HOLDINGS CORPORATION
--------------------------------------------------
(Exact Name of Issuer as Specified in its Charter)
UTAH 87-0281239
------------------------------- ---------------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification Number)
Incorporation or Organization)
3435 South Yosemite Street, Suite 100, Denver, CO 80231-4601
------------------------------------------------------------
(Address of Principal Executive Offices)
(720) 748-1407
----------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Old Address: 8811 East Hampden Avenue,#100
Denver, Colorado 80231
New Telephone Number: 720-748-7786
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 [ ]
Indicate the number of shares outstanding of the issuer's classes of common
stock as of the latest practicable date.
At March 31, 2002, there were 99,975,149 common shares issued and outstanding,
$.001 par value.
ITEM 1 - Financial Statements
STANSBURY HOLDINGS CORPORATION AND SUBISIDARIES
UNAUDITED CONSOLIDATED BALANCE SHEET
MARCH 31, 2002
2002
------------
(Unaudited)
Assets
Current Assets:
Cash $ 25,159
Accounts Receivable $ 3,984
Inventory $ 120,471
Prepaid expenses $ 100
------------
Total Current Assets $ 149,713
Land $ 120,000
Property and Equipment, at cost:
Undeveloped mineral claims and
projects, using full-cost method $ 23,620,654
Buildings $ 1,520,043
Other property and equipment $ 14,798
------------
$ 25,155,495
Less: accumulated depreciation $ (670,190)
------------
Net Property and Equipment $ 24,485,305
Other Assets:
Reclamation bonds $ 45,100
Investment in Resource Vermiculite LLC $ 50,000
Deposits $ 260
------------
Total Other Assets $ 95,360
Total Assets $ 24,850,379
============
Liabilities and Stockholders' Equity
Current Liabilities:
Elk Creek acquisition obligations $ 969,000
Los Banos acquisition obligation $ 350,000
Sweetwater acquisition obligation $ 123,000
Current installments of long-term debt $ 820,718
Convertible notes payable to officers
and shareholders $ 614,846
Convertible note payable to related party $ 130,000
Other notes payable $ 2,438,608
Accrued Expense $ 8,523
Accrued interest $ 952,106
Accrued Payroll tax $ 259,611
Trade accounts payable $ 1,850,870
------------
Total Current Liabilities $ 8,517,282
Long-Term Debt $ --
------------
Total Liabilities $ 8,517,282
------------
Stockholders' Equity:
Common stock, par value $0.001,
authorized 100,000,000, issued
and outstanding 99,975,149 and
99,772,149 at March 31, 2002 and
2001, respectively $ 99,975
Paid-in capital $ 33,334,486
Accumulated deficit $(17,101,364)
------------
Total Stockholders' Equity $ 16,333,097
------------
Total Liabilities and Stockholders' Equity $ 24,850,379
============
See Accompanying Notes to Consolidated Financial Statements
1
STANSBURY HOLDINGS CORPORATION AND SUBISIDARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATION
FOR THE THREE MONTHS AND NINE MONTHS ENDING MARCH 31, 2002 AND 2001
3 MONTHS 9 MONTHS
2002 2001 2002 2001
---------------------------- ----------------------------
Sales $ -- $ 122,687 $ -- $ 168,325
Cost of sales $ -- $ -- $ --
---------------------------- ----------------------------
Gross profit $ -- $ 122,687 $ -- $ 168,325
Expenses:
Operating $ 114,388 $ 380,362 $ 382,075 $ 770,558
General and administrative $ 217,155 $ 203,938 $ 921,263 $ 1,598,117
Interest, conversion premiums,
and equity inducements $ 225,954 $ 301,165 $ 302,448 $ 1,425,243
---------------------------- ----------------------------
Total Expenses $ 557,497 $ 885,465 $ 1,605,786 $ 3,793,918
Loss from operations $ (557,497) $ (762,778) $ (1,605,786) $ (3,625,593)
Net Loss $ (557,497) $ (762,778) $ (1,605,786) $ (3,625,593)
Basic and diluted earnings per share:
Loss from continuing operations $ (0.01) $ (0.01) $ (0.02) $ (0.04)
Extraordinary gain $ -- $ -- $ -- $ --
Net Loss $ (0.01) $ (0.01) $ (0.02) $ (0.04)
Basic and diluted weighted average
shares outstanding 99,975,149 99,772,149 99,975,149 98,132,733
2
STANSBURY HOLDINGS CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
March 31
2002 2001
------------ ------------
OPERATING ACTIVITIES
Net Income (Loss) $(1,605,786) $(3,625,592)
Adjustments to reconcile
Net Income (loss) to net cash provided
by operations:
Stock issued for interest,Debt inducement and $ (72,500)
compensation
Accounts Receivable $ 4,620 $ (28,495)
Depreciation $ 58,037
Prepaid Expenses $ 23,265 $ (5,860)
Inventory $ 14,269 $ (111,440)
Accounts Payable $ 429,858 $ 677,616
Other Assets
Accrued Interest Payable $ 244,074 $ (499,381)
Other Current Liabilities $ 67,453 $ 611,197
Net cash provided by (used in)
Operating Activities $ (836,711) $(2,981,955)
INVESTING ACTIVITIES
Mineral property $(2,211,263)
Land $ (120,000)
Other Property and Equipment $ (113,715) $(2,850,863)
Development Costs $ (88,200) $ (20,557)
Net cash provided by (used in)
Investing Activities $ (201,915) $(5,202,683)
FINANCING ACTIVITIES
Notes Payable $ 1,506,500
Payments on Elk Creek obligations
Payments on Sweetwater obligations $ 584,283
Payments on convertible notes
Satisfaction on convertible notes to shareholders
Increase in Accrued Interest on Convertible notes
and Notes payable
Stock Issued for conversion of Term Debt $ 284,150 $ 6,635,021
Net cash provided by (used in) $ 868,433 $ 8,141,521
Financing Activities
Net cash increase/decrease for period $ (170,194) $ (43,117)
Cash/Overdraft at beginning of period $ (19) $ 52,228
Cash at end of period $ 25,159 $ 52,493
3
STANSBURY HOLDINGS CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Stansbury Holdings Corporation ("Stansbury") was incorporated in 1969 under the
name Stansbury Mining Corporation. In 1985, Stansbury changed its name to
Stansbury Holdings Corporation.
Stansbury, and its wholly owned subsidiaries, to wit:
Elk Creek Vermiculite, Inc.,
Dillon Vermiculite Limited LLC,
International Vermiculite (Montana), Inc.,
International Vermiculite (California), Inc., and
Sweetwater Garnet, Inc.,
are referred to collectively herein as the "Company."
The Company's business is the acquisition, exploration, development and
operations of industrial mineral properties, particularly vermiculite and garnet
mineral projects.
NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. These statements do
not include any adjustments that might result from the outcome of this
uncertainty. These financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information.
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, such interim statements reflect all adjustments
(consisting of normal recurring accruals) necessary to present fairly the
financial position and the results of operations and cash flows for the interim
periods presented. The results of operations for these interim periods are not
necessarily indicative of the results to be expected for the full year. These
financial statements should be read in conjunction with the audited consolidated
financial statements and footnotes for the year ended June 30, 2000, filed with
the Company's Form 10-KSB.
Principles of Consolidation - The consolidated financial statements include the
accounts of the Company and its wholly owned subsidiaries. All intercompany
balances and transactions are eliminated in consolidation.
Cash and Cash Equivalents - The Company considers all highly liquid investments
purchased with a maturity of three months or less to be cash equivalents.
Inventory - Inventory is stated at the lower of cost or market.
Undeveloped Mineral Claims and Projects - The Company follows the full-cost
method of accounting for its mineral claims and projects. Accordingly, all costs
associated with the acquisition, exploration, and development of mineral
properties, including directly related overhead costs, are capitalized. Once
these properties are developed, the capitalized costs will be amortized on the
unit-of-production method using estimates of proved reserves. In addition, the
capitalized costs are separated into cost centers on a state-by-state basis. The
capitalized costs for each cost center are subject to a "ceiling test", which
limits such costs to the aggregate of the estimated present value of future net
revenues from proved reserves, plus the lower of cost or fair market value of
undeveloped and unproved properties.
4
Other Plant, Property, and Equipment - Other plant, property and equipment,
consisting of the Los Banos exfoliation plant, two buildings, and office
equipment, are recorded at cost. Depreciation is calculated using the
straight-line method over the estimated useful lives of the assets, which are 20
years for the plant and buildings, and 5 years for the office equipment.
Revenue Recognition - Revenue is recognized when products are shipped to
customers.
Income Taxes - The Company uses the asset and liability method of accounting for
income taxes. Under the asset and liability method, deferred tax assets and
liabilities are recognized for the estimated future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. This method also
requires the recognition of future tax benefits such as net operating loss
carryforwards, to the extent that realization of such benefits is more likely
than not. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled.
Earnings (Loss) Per Share - Basic earnings (loss) per share are based on the
weighted average shares outstanding. Outstanding stock options and convertible
debt obligations are generally treated as common stock equivalents for purposes
of computing diluted earnings per share. However, since the Company reported net
losses for the years ended June 30, 2000 and 1999, these common stock
equivalents are excluded from the computation of diluted earnings per share
because their effect on net loss per share would be anti-dilutive.
Use of Estimates - The preparation of consolidated financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the consolidated financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
NOTE 2 - GOING CONCERN STATEMENT
The Company emerged from Chapter 11 bankruptcy proceedings during 1985, and was
non-operating until June, 2000. At March 31, 2002, it's negative working capital
was approximately $8.4 Million, and accumulated deficit was approximately $17.1
Million.
There can be no assurances that the Company will be successful in obtaining the
financing necessary to develop its mineral reserves. Nor can there be any
assurances that other sources of funds can be obtained to cover general and
administrative costs.
The Company's independent public accountants have included a "going concern"
emphasis paragraph in their audit report accompanying the June 30, 2001,
consolidated financial statements reported in the Company's 10K-SB for that
reporting period. The paragraph states that the Company's recurring losses and
negative working capital raise substantial doubt about the Company's ability to
continue as a going concern and cautions that the financial statements do not
include adjustments that might result from the outcome of this uncertainty.
5
Management believes that, despite the financial and funding difficulties going
forward, it now has a business plan that, if successfully funded and executed,
will result in the development of its mining claims thereby improving operating
results. Vermiculite mining and concentration operations were temporarily
suspended on March 8, 2001, pending certain plant rehabilitations, and Garnet
operations were curtailed November 6, 2001, pending further funding, although
the Garnet Operations resumed on January 15, 2002, with the additional funding
forthcoming.
NOTE 3
Common Stock to Issue represents monies received for common stock subscriptions
for which stock was issued subsequently to the reporting period or remains
obligated to be issued.
NOTE 4- COMMITMENTS AND CONTINGENCIES
The Company is obligated to the federal government for approximately $19,100 per
year to maintain the ownership of its mineral claims. These funds are due and
payable by noon, on September 1, each year, and have been paid through August
31, 2002.
Various legal proceedings and claims are pending against the Company. Some of
the plaintiffs in these matters are certain of the Company's shareholders and
former officers and directors, and others are trade creditors.
Actions brought by shareholders and former officers and directors generally
pertain to default in the repayment terms of amounts loaned to the Company. The
Company is accruing interest on these amounts pursuant to the terms of the
underlying obligations. At December 31, 2001, the principal amount of these
obligations is included in short-term debt under the caption "officers,
directors and shareholders."
Actions brought by certain trade creditors and others have resulted in the
Company issuing promissory notes payable to those creditors. The Company is
accruing interest on these amounts pursuant to the terms of the promissory
notes. At December 31, 2001, the principal amount of these promissory notes is
included in long-term debt under the caption "other".
Actions have also been brought by the Company with respect to the debt
obligations that resulted from the Elk Creek acquisition and Los Banos
acquisition, as well as for certain equipment acquisitions. Management believes
that these matters will be settled for an amount not greater than the recorded
amount of those obligations at December 31, 2001.
NOTE 5-SUBSEQUENT EVENTS
(A) Garnet Operations: The wash plant addition to the Dillon Garnet
Finishing Mill, located south of Dillon, Montana on Interstate-15, saw the
completed installation of its equipment, pumps and associated facilities, and
the start-up of operations, in late April, 2002. The mill is now experiencing
full throughput operations.
(B) California Exfoliation Project Joint Venture: In April 2002, the
Company and IBI Corporation engaged a Project Manager for the joint venture to
be known as Vermiculite Worldwide, and received the first 100 tons of large
particle size vermiculite from the IBI Resources Uganda vermiculite mine and
mill.
(C) Evaluation of Dillon Vermiculite Mill Beneficiation Processes: the
Company has concluded from preliminary engineering studies that a dry separation
process, such as winnowing, may not be the best, or most efficient or feasible
manner, to produce 90% vermiculite concentrate from the ores at either Hamilton
or Dillon, and that a wet process may be required. The capital cost, and
permitting expenditures, to modify the mill, are under consideration. There is,
accordingly, no timetable to resume mining or milling at Dillon.
6
ITEM 2 - PLAN OF OPERATIONS:
GENERAL
Management's goal for Stansbury is to rapidly evolve the company from
an exploration and development stage entity to an operating and production
entity, capable of sustaining itself financially from revenues from production.
To effect this goal, Management has given priority to two operations:
(1) the Sweetwater Garnet Mine and Mill, and (2) the California exfoliation, at
the Company's Los Banos facility or elsewhere, of vermiculite concentrate
imported from Uganda.
These operations may be summarized as follows:
(1) Sweetwater Garnet Mine and Mill: The garnet operation was chosen to become
the primary operation of the company. It is the most recently constructed of the
companies assets, with reliable equipment, and needed little further capital
expenditure. In mid-January, 2002, funding of the start-up resumed with draws
against a loan in place of up to $1,000,000. Construction of a new wash plant at
the finishing Mill near Dillon was commenced in the quarter, and recently put
into operation, with the full finishing mill circuit. Garnet product is now
being processed and orders for product have been obtained, with several sales
made since the end of the reporting quarter (see Subsequent Events Note)
(2) California Exfoliation Operation: In March, 2002, the Company entered into a
joint venture with IBI Corporation (Toronto Stock Exchange: ("YIB.T". The joint
venture, a proposed Delaware limited liability company, to be named Vermiculite
Worldwide Limited, is to be owned 50% by a new Stansbury subsidiary, and 50% by
IBI Corporation. The purpose of the joint venture is to exfoliate and market
vermiculite in the Western hemisphere. Product from Uganda will be shipped to
California, and expanded at either the Los Banos Vermiculite Plant of the
Company's subsidiary, International Vermiculite (California), Inc., or at other
locations. A project manager has been engaged to manage the joint venture, and
he assumed operational control of the joint venture in April, 2002. Over 100
tons of vermiculite concentrate from Uganda has been delivered to the joint
venture in California (see Subsequent Events Note)
(3) At this time, the company has no plans for the immediate resumption of
operations at its Dillon Vermiculite Mine and Mill, near Dillon, Montana, or any
operations at its Hamilton Vermiculite Project near Hamilton Montana. With
severe working capital constraints as noted above, the Company has viewed it to
be necessary to postpone any expenditures on these projects until positive cash
flow becomes available from the Garnet and California Vermiculite Exfoliation
projects.
The Company is also mindful of the unanticipated circumstances which
have frustrated the Company's attempts to sustain operations during the
preceding fiscal year for each vermiculite mine project, especially the fire
season of 2000, which prompted the US Department of Interior (through its Bureau
of Land Management) and the State of Montana, to essentially shut down all
mining operations on the public domain in the areas of our vermiculite
facilities, from mid-summer until the onset of winter in November, 2000. The
present drought conditions in the southwestern United States, which in some
areas are reported to the worst in over 100 years, may lead to a repeat of these
prohibitions, and the company can ill-afford that risk at this time.
Management is also re-evaluating the mill circuit at Dillon as its pertains
to the upgrading of vermiculite ore from a mine run of 20-30%, to a commercial
grade requirement of 90% contained vermiculite. (see Subsequent Event Note)
7
EXPLORATION STAGE ACTIVITIES
The Company contemplates a re-evaluation of its ore reserve position in
Hamilton. During the summer of 2001, the company completed the reclamation of
the 1985-90 disturbances at the Hamilton site, subject to reseeding the sight in
the Spring of 2002.
In the late summer of 2001, the company determined that a portion of
several vermiculite claims contained a shallow but high grade (50%) garnet
deposit. This site was subsequently permitted for exploration with the right to
remove up to 1000 tons of garnet for assaying and evaluation. The full extent of
this additional ore body is unknown, but further exploration drilling and
digging is on the site is planned in order to develop engineered ore reserves.
LIQUIDITY AND FINANCE
The Company has been inactive and non-operating for most of its 30
years prior to the current fiscal year; consequently, it is questionable as to
whether or not it can remain a going concern. The primary activity in the past
few years has been to preserve and maintain mineral leases and claims. Little
actual mining has occurred since the Company acquired its, until the commenced
its operation late in the Fiscal Year ending June 30, 2000. The Company has had
no income since 1991, until the forth quarter the Fiscal Year ending June 30,
2000, and has utilized proceeds of loans from shareholders and the issuance of
capital stock for meeting its operating capital commitments, as well as four
secured loans obtained in the current fiscal year. The Company has had no income
of consequence since March 31, 2001.
PART II - OTHER INFORMATION:
ITEM 1 - LEGAL PROCEEDINGS:
(1) An action against the Company by Ellsworth, Wiles & Chalphin, P.C., filed in
the Court of Common Pleas, Bucks County, Pennsylvania, on September 14, 1998.
James G. Wiles ("Wiles") acted as former counsel to the Company as partner in
Ellsworth, Wiles & Chalphin, P.C. The complaint alleges $69,654.95 is due for
legal services rendered by Wiles on behalf of the Company. The matter was
settled for $60,000, to be paid on a scheduled pay-out, but the company was
unable to meet the schedule.
(2) The Montana Department of Environmental Quality issued two Notices of
Noncompliance regarding disturbances at the Dillon Vermiculite Property and the
Hamilton Property with Civil penalties totaling $42,950. With respect to Dillon
Project, the Company had been negotiating with the Department of Environmental
Quality to pay $20,000 and to complete $20,000 in reclamation work on various
abandoned mine sites around the State. With respect to the Hamilton Project, the
proposed penalty is $500.
(3) A Notice of default on the note with Nevada Vermiculite, L.L.C. that the
Company has failed to make a $130,000 mortgage principal payment plus interest
due October 28,1999. Nevada Vermiculite has filed a foreclosure action, and the
company has responded by counterclaiming against Nevada Vermiculite for damages
for breach of its obligation to provide the working capital for the mining and
milling operation at Dillon. Trial on the issues will be scheduled pending
resolution of pretrial motions. In January, 2002, the court in Montana ruled
that the plaintiff's may proceed to foreclosure, and that the counterclaims of
the company are properly to be arbitrated. Since that ruling, other claimants to
the property have petitioned to intervene in the case.
(4) A Notice of default on payment of minimum royalties by the Company, issued
by the Bill and Helen Hand Estate, Roger Pierce Trust and KPS Mining Company for
failure to pay approximately $147,000 plus interest. The Company is pursuing
financing to cure the default. An action to collect the royalties pursuing to
the default, and to seek other remedies was filed by the assignee of the Pierce
Trust and KPS Mining, in the final calendar quarter of 2001.
8
(5) An Action has been filed by James R. Hindman, a former director, and four
Hindman family members for various claims for the payment of monies, which the
Company has denied in part, and counterclaimed as to the claim of James R.
Hindman. Total monies owed under the combined claims are estimated by the
company to be under $75,000.
(6) An Action has been filed by Martin Peskin, a former director, for the
repayment of a $10,000 loan to the company in 1998 and a $5000 loan in 2000, of
which company records show $13,500 has been repaid. Since the litigation has
commenced, the amount sought was reduced by $3,500, and is expected to be
reduced by the further credit of $10,000. The company has cancelled checks for
the payments.
(7) An Action has been filed by Sami Samani, a former director, for the
repayment of loan to the company made between 1989 and 1991. The amount loaned
is in dispute, the Plaintiff claiming $325,000, and the company disputing that
amount based upon its audited financials for the periods from 1989 forward. In
this quarter, Sami Samani dismissed his action in New Jersey, and intervened in
the Hamilton foreclosure action (see item 3 above). In the same action, Peter
Samani sued for $12,000 plus interest for a loan from 1994 or so; that claim was
settled and is scheduled for payment.
(8) An Action has been filed by the assignor of Theodore Cohn for the repayment
of $30,000 loan to the company in 2000; this action has been formally settled
for $30,000, with scheduled payments, and $10,000 has been paid pursuant to the
settlement, leaving a balance to be paid.
(9) The seller to Stansbury of the Los Banos Exfoliation Plant has filed a
foreclosure action in California for the recovery of the balance of the monies
due on the acquisition, of $350,000, plus interest. That matter has been
resolved through a renegotiation of the terms and conditions of the debt, in
connection with the matters affiliated with the formation of the Stansbury/IBI
formation.
(10) The company owes a defunct entity in connection with a debt of Dillon
Vermiculite LLC, which existed on its books prior to acquisition. The Company
has acquired an 11% equity (the "Hindman family interest") of the defunct
creditor, procured the appointment of a receiver for the defunct creditor, and
is renegotiating the debt due to the failure of the creditor to deliver certain
assets for which the debt was payment.
(11) Old creditors matters (prior to 1996)
(a) A judgment obtained by Dorsey & Whitney, a general partnership, in
December, 1994, for $52,683 in principal, along with prejudgment interest
of $32,527, the total amount of which is $85,210 and is accruing interest
at an annual rate of 12% from December 1994; at June 30, 2000 a proposed
settlement of $90,000 was in negotiation.
(b) A judgment obtained by Martineau & Co. in Salt Lake City, Utah, for
$12,587,
(c) A judgment obtained by Bruce Blessington, in Salt Lake County, Utah,
for $14,674.
9
(d) Charles McLaughlin is one of several defendants in a legal action
commenced by the Company in the Federal District Court in Salt Lake City,
Utah, in 1995, and the last active party with whom the Company had not
settled. Agreement has been reached to dismiss this action. This matter is
settled in principle, and is awaiting the exchange of paperwork.
(12) Recent operations (see Plan of Operations, below), have resulted in new
unpaid trade payables from vendors to the Dillon Vermiculite Operation and Los
Banos Operation. Several of these vendors have filed suit and several have
obtained judgments. Payments are being made, or are planned, for the disposition
of these matters. The totals in litigation are less than $100,000.
ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS:
None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES:
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:
None.
ITEM 5 - OTHER INFORMATION:
None.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K:
None
SIGNATURES:
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
DATED: May 14, 2002 STANSBURY HOLDINGS CORPORATION
By:/s/ Aldine J. Coffman, Jr.
--------------------------------------
ALDINE J. COFFMAN, JR.,
Chief Executive Officer and
President
By:/s/ Eldon W. Brickle
--------------------------------------
ELDON W. BRICKLE, Chief Operating
Officer, Director and
Vice-President
10