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, 2002
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. 0-9558
INTERMOUNTAIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Nevada 84-0817164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P. O. Box 51600 Sparks, Nevada 89435
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (775) 359-2884
Not Applicable
Former name, former address, former fiscal year, if changed
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 each of the issuer's
classes of common stock, as of the latest practicable date.
13,700,000 shares of Common Stock, $.01 par value at July 31,
2002
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS
April 30, July 31,
ASSETS 2002 2002
---- ----
Current asset - Cash 6,539 3,526
Mineral properties 513 513
------- -------
7,052 4,039
======= =======
LIABILITIES AND STOCKHOLDERS'
EQUITY
Stockholders' equity:
Common stock, par value $.01 per share.
Authorized 25,000,000 shares; issued
and outstanding 13,700,000 shares 137,000 137,000
Additional paid in capital 1,351,318 1,351,318
Accumulated deficit (1,481,266) (1,484,279)
----------- ----------
7,052 4,039
=========== ==========
See accompanying notes to financial statements
_________________________________________________________________
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
Three Months Ended July 31,
---------------------------
2001 2002
---- ----
Revenues - Interest 196 -
------- -------
Total revenues 196 -
------- -------
General and administrative expenses 13,310 3,013
-------- --------
Net earnings (loss) (13,114) (3,013)
Accumulated deficit:
Beginning of period (1,449,958) (1,481,266)
--------- ----------
End of period (1,463,072) (1,484,279)
========== ==========
Net earnings (loss) per share is less
than $.005 per share in each period.
See accompanying notes to financial statements.
- -----------------------------------------------------------------
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
- -----------------------------------------------------------------
Three Months Ended July 31,
---------------------------
2001 2002
---- ----
Cash provided by (used in) operating
activities:
Net earnings (loss) (13,114) ( 3,013)
------- --------
Net cash provided by (used in)
operations (13,114) ( 3,013)
Cash at beginning of period 37,847 6,539
------ --------
Cash at end of period 24,733 3,526
====== =======
See accompanying notes to financial statements.
__________________________________________________________
INTERMOUNTAIN RESOURCES, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
July 31, 2002
1. The financial statements as of July 31, 2002 are unaudited but,
in the opinion of management, reflect all adjustments necessary for
a fair presentation.
2. As disclosed in the Forms 10-K for the years April 30, 1994, through
2001, the U.S. Forest Service has determined a release of hazardous
substances covered under the Comprehensive Environmental Response,
Compensation, and Liability Act occurred at Siskon Mine, a property
which the Company once had under option. The Company received a letter
dated July 31, 2001, from the Forest Service which stated in part, "Based
on information currently available, the Forest Service has no plans to
seek recovery of its response costs from Intermountain Resources, Inc."
3. The accompanying financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. As shown
in the financial statements, the Company has achieved minimal earnings
or incurred operating losses for several years and has minimal working
capital at July 31, 2002. These factors, among others, may indicate that
the Company may be unable to continue as a going concern. The financial
statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts or the amount and
classification of liabilities that might be necessary should the Company
be unable to continue as a going concern. The Company's continuation as
a going concern is dependent upon its ability to generate sufficient cash
flow to meet its obligations on a timely basis and, ultimately, to
attain successful operations unless some individual or group takes control
of the Company and recapitalizes it.
4. Reference is made to the Company's annual financial statements
for the year ended April 30, 2002 for a description of its
accounting policies which have continued without change. Also,
refer to the footnotes to those financial statements for additional
details of the Company's financial condition and results of
operations. The details in those notes have not changed except as
a result of normal transactions in the interim.
Management Analysis and Discussion of Financial Statements
----------------------------------------------------------
The financial statements depict the essentially dormant state of the
Company. As reported in the Form 10-K for the year ended April 30, 2002,
a Board of Directors meeting was held May 1, 2002, to consider the future
of the Company. A consensus was reached that the Company should seek some
individual or group who would be interested in taking control of the
Company and recapitalizing it.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 29, 2002 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
By /s/L. W. Watson
L. W. Watson, President,
Treasurer, and principal
accounting officer