SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 10-QSB
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(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the quarterly period ended September 30th, 2000
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( ) TRANSITION REPORT PERSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
Commission File Number: 000-28525
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HARDROCK MINES, INC.
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(Exact name of Registrant as specified in charter)
NEVADA 87-0640430
(State or other jurisdiction of incorporation) (I.R.S. EMPLOYER ID NO.)
c/o 4700 S 900 E. Suite 41-B, Salt Lake City 84117
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(800) 870-1654
(REGISTRANT'S TELEPHONE NUMBER)
Indicate by check mark whether the Issuer (1) has filed all reports
required to be filed by section 13 or 15(d) of the Exchange Act during the
preceeding 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.
(1) Yes [x] No [ ] (2) Yes [x] 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 last practicable date
Class Outstanding as of September 30, 2000
------- ------------------------------------
Common stock, $0.001 515,000
INDEX
PART 1. Page Number
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ITEM 1. Financial Statements (unaudited) 3
Balance Sheets 4
September 30, 2000 and June 30, 1999
Statements of Operations 5
For the three months ended
September 30, 2000
Statements of Cash Flows 6
For the three months ended
September 30, 2000
Notes to Financial Statements 7
ITEM 2. Plan of Operations 9
PART 11. Signatures 10
PART 1 - FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
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The accompanying balance sheets of Hardrock Mines, Inc. (development stage
company) at September 30, 2000 and June 30, 2000,have been prepared by the
Company's management and they do not include all the information and notes to
the financial statements necessary for a complete presentation of the financial
position, results of operations, cash flows, and stockholders' equity in
conformity with generally accepted accounting principles. In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature.
Operating results for the quarter ended September 30, 2000, are not
necessarily indicative of the results that can be expected for the year ending
December 31, 2000.
HARDROCK MINES, INC.
(Development Stage Company)
BALANCE SHEETS
September 30, 2000, and June 30, 2000
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Sep 30 Jun 30
2000 2000
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ASSETS
CURRENT ASSETS
Cash $ - $ -
------ ------
Total Current Assets $ - $ -
====== ======
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts Payable $ - $ -
------ ------
Total Current Liabilities $ - $ -
====== ======
STOCKHOLDERS' EQUITY
Common Stock
100,000,000 shares authorized
at $0.001 par value; 540,000
shares issued and outstanding 515 515
Capital in excess of par value 28,485 28,485
Deficit accumulated during the (29,000) (29,000)
Development Stage
Total Stockholders' Equity
(deficiency) _ -
------ -------
$ - $ -
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The accompanying notes are an integral part of these financial statements
HARDROCK MINES, INC.
(Development Stage Company)
STATEMENTS OF OPERATIONS
For the Three Months Ended September 30, 2000
---------------------------------------------
Sep 30 Jun 30
2000 2000
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REVENUES $ - $ -
EXPENSES - $ -
------ ------
NET LOSS $ - $ -
====== ======
NET LOSS PER
COMMON SHARE
Basic $ - $ -
------ ------
AVERAGE
OUTSTANDING
SHARES
Basic 515,000 515,000
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The accompanying notes are an integral part of these financial statements
HARDROCK MINES, INC.
(Development Stage Company)
STATEMENTS OF CASH FLOWS
For the Three Months Ended September 30, 2000,
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Sep 30 Jun 30
2000 2000
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CASH FLOWS:
OPERATING
ACTIVITIES
Net Loss $ - $ -
------ ------
Net cash used - -
in operations
CASH FLOWS:
INVESTING
ACTIVITIES $ - $ -
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CASH FLOWS:
FINANCING
ACTIVITIES
Common stock $ - $ -
------ ------
Net Increase
(Decrease) in
Cash $ - $ -
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Cash: Period
Begin $ - $ -
------ ------
Cash: Period
End $ - $ -
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The accompanying notes are an integral part of these financial statements
HARDROCK MINES, INC.
(Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
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1. ORGANIZATION
The Company was incorporated under the laws of the State of Nevada on June
14, 1982 with authorized common stock of 25,000 shares with at a par value of
$1.00 under the name of "VHF Corporation". On November 11, 1999 the authorized
capital stock was increased to 100,000,000 shares with a par value of $0.001 in
connection with a name change to "Hardrock Mines, Inc."
On November 11, 1999 the Company completed a forward common stock split of
25 shares for each outstanding share. This report has been prepared using a par
value of $0.001 from inception.
The Company is in the development stage and has been engaged in the
activity of seeking developmental mining properties and became inactive after
1995.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Methods
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The Company recognizes income and expenses based on the accrual method of
accounting.
Dividend Policy
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The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
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At September 30, 2000, the Company had a net operating loss carry forward
of $29,000. The tax benefit from the loss carry forward has been fully offset by
a valuation reserve because the use of the future tax benefit is underterminable
since the Company has no operations. The net operating loss will expire starting
in 2011 through 2021.
Basic and Diluted Net Income (Loss) Per Share
- ---------------------------------------------
Basic net income (loss) per share amounts are computed based on the
weighted average number of shares actually outstanding. Diluted net income
(loss) per share amounts are computed using the weighted average number of
common shares and common equivalent shares outstanding as if shares had been
issued on the exercise of the preferred share rights unless the exercise becomes
antidilutive and then only the basic per share amounts are shown in the report.
Comprehensive Income
- --------------------
The Company adopted Statement of Financial Accounting Standards No. 130.
The adoption of this standard had no impact on the stockholder's equity on
February 29, 1999.
Recent Accounting Pronouncements
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The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.
Financial Instruments
- ----------------------
The carrying amounts of financial instruments are considered by management
to be their estimated fair values.
HARDROCK MINES, INC.
( A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Estimates and Assumptions
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Management uses estimates and assumptions in preparing financial statements
in accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.
3. RELATED PARTY TRANSACTIONS
The statement of changes in stockholder's equity shows 515,000 shares of
common stock outstanding of which 160,000 shares were acquired by related
parties.
4. GOING CONCERN
The Company will need additional working capital to be successful in its
planned operations.
Continuation of the Company as a going concern is dependent upon obtaining
sufficient working capital and the management of the Company has developed a
strategy, which it believes will accomplish this objective through equity
funding, and long term financing, which will enable the Company to operate in
the coming year.
There can be no assurance that the Company can be successful in this
effort.
ITEM 2. PLAN OF OPERATIONS
- --------------------------
The Company's management intends to acquire interests in various business
opportunities which, in the opinion of management, will provide a profit to the
Company but does not have the working capital to be successful in this effort.
Continuation of the Company as a going concern is dependent upon obtaining
the working capital for its planned activity and the management of the Company
has developed a strategy, which they believe can obtain the needed working
capital through additional equity funding and long term debt which will enable
the Company to pursue its objective.
Liquidity and Capital Resources
- -------------------------------
The Company will need additional working capital to finance its planned
activity.
Results of Operations
- ---------------------
The Company has had no operations during this reporting period.
PART 2 - SIGNATURES
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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.
HARDROCK MINES, INC.
(REGISTRANT)
/s/ Ryan Christison
BY: -------------------------
PRESIDENT AND DIRECTOR
DATED: 02ND DAY OF OCTOBER, 2000