SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10QSB
Quarterly Report under Section 13 or 15(d) of
the Securities Exchange Act of 1934
CIK NO.: 0001039466
For Quarter Ended Commission File Number
June 30, 2000 000-29621
SUN RIVER MINING, INC.
-------------------
(Name of Small Business Issuer in its charter)
COLORADO 84-1384159
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State or other jurisdiction of IRS Employer ID Number
incorporation or organization
P. O. Box 723, Evergreen, Colorado 80437
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (720) 318-7339
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 the filing
requirements for at least 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.
15,362,970 as of June 30, 2000
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Sun River Mining, Inc.
(Exploration Stage Company)
Consolidated Balance Sheets
(Unaudited)
June 30, September 30,
2000 1999
----------------- ------------------
ASSETS:
Current assets:
Cash $ 23 $ 1,026
Accounts Receivable - Del Cielo 1,884 1,884
Prepaid Expenses - 200
----------------- ------------------
Total current assets 1,907 3,110
----------------- ------------------
Fixed assets
Office equpiment - (Net) $576 depreciation for 2000 and $924 for 1999 1,348 1,924
----------------- ------------------
Total fixed assets 1,348 1,924
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TOTAL ASSETS $ 3,255 $ 5,034
================= ==================
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts Payable $ 58,920 $ 52,894
Accrued Expenses 407,589 263,779
Directors' Fee Payable 8,683 6,683
Notes Payable 232,833 262,700
----------------- ------------------
Total Current Liabilities 708,025 586,056
----------------- ------------------
STOCKHOLDERS' EQUITY:
Preferred stock, par value $0.01 Per share; 50,000,000 - -
shares authorized; no shares issued and outstanding
Common Stock, no par value; 500,000,000 shares authorized;
15,362,970 shares issued and outstanding at June 30, 2000, 1,921,419 1,894,419
and 15,062,970 shares issued and outstanding at
September 30, 1999.
Deficit accumulated during the exploratory stage (2,626,189) (2,475,441)
----------------- ------------------
Total Stockholders' Deficit (704,770) (581,022)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,255 $ 5,034
================= ==================
The accompanying notes are an integral part of these financial statements.
Sun River Mining, Inc.
(Exploration Stage Company)
Consolidated Statements of Operations
(Unaudited)
Three-Months Ended Nine-Months Ended Feb. 25, 1997
June 30, June 30, (Inception) to
-------------------------- -------------------------- June 30,
2000 1999 2000 1999 2000
----------- ----------- ----------- ----------- ------------
REVENUE $ - $ - $ - $ - $ -
EXPENSES:
Bank Charges - 63 199 262 1,618
Consulting 6,000 190,363 30,000 571,089 884,939
Depreciation 192 308 576 924 2,638
Directors' Fees - - 5,378 3,883 17,361
Due Diligence - 10,113 - 30,339 40,454
Equipment Rental - - - - 1,733
Impairment loss - - - - 923,834
Legal & Accounting 6,242 5,201 11,148 15,603 85,347
Licenses & Fees - - - - 6,220
Meals & Entertainment - - - 193 4,119
Office Expenses - 1,103 730 3,310 13,781
Officer's Salaries 37,500 41,450 127,500 124,350 418,250
Postage & Shipping - 50 - 175 3,217
Printing - 750 - 2,150 5,580
Public Relations - 21,270 425 63,810 104,005
Rent - 1,000 730 3,000 8,058
Taxes - 1,500 53 4,500 4,657
Telephone 536 3,000 1,629 9,190 30,724
Transfer Agent Expense 345 925 1,190 2,775 7,496
Travel - 6,500 809 20,860 59,293
----------- ----------- ----------- ----------- ------------
TOTAL OPERATING EXPENSES 50,815 283,596 180,367 856,413 2,623,324
OTHER INCOME AND EXPENSES
Interest 5,389 5,389 10,778 16,393 43,262
Forgiveness of Debt - - (40,397) - (40,397)
----------- ----------- ----------- ----------- ------------
NET (LOSS) $ (56,204) $(288,985) $(150,748) $(872,806) $ (2,626,189)
----------- ----------- ----------- ----------- ------------
PER SHARE INFORMATION:
Weighted average number of
common shares outstanding 15,260,124 11,741,855 15,260,124 11,741,855
----------- ----------- ----------- -----------
NET LOSS PER COMMON SHARE * * * *
=========== =========== =========== ===========
* Less than $.01
The accompanying notes are an integral part of these financial statements.
Sun River Mining, Inc.
(Exploration Stage Company)
Consolidated Statement of Cash Flows
(Unaudited)
Feb. 25, 1997
Nine-Months Ended (Inception) to
June 30, June 30,
----------------------------------
2000 1999 2000
--------------- -------------- -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (150,748) $ (872,806) $ (2,626,189)
Adjustments to reconcile net loss to cash used in
operating activities:
Depreciation 384 924 2,638
Issuance of Common Stock for Services - 8,000 562,700
Increase (Decrease) in Accounts Payable 6,218 114,667 58,920
Increase (Decrease) in Accrued Liabilities 145,810 185,774 416,272
Decrease (Increase) in Accounts Rec - Shareholders - (2,129) 1,884
Decrease (Increase) in Prepaid Expenses 200 9,341 -
--------------- -------------- -----------------
Net Cash Flows Used for Operating Activities 1,864 (556,229) (1,583,775)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Fixed Assets - - (3,986)
--------------- -------------- -----------------
Net Cash Flows Provided by Investing Activities - - (3,986)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Notes Payable (29,867) (42,675) -
Proceeds from Notes Payable - 89,586 232,833
Issuance of Common Stock 27,000 487,021 1,354,951
--------------- -------------- -----------------
Net Cash Flows Provided by Financing Activities (2,867) 533,932 1,587,784
Net Increase (Decrease) in Cash (1,003) (22,297) 23
--------------- -------------- -----------------
Cash and cash equivalents - Beginning of period 1,026 23,323 -
--------------- -------------- -----------------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 23 $ 1,026 $ 23
=============== ============== =================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest $ 10,778 $ 16,393 $ 43,619
=============== ============== =================
Income Taxes $ - $ -
=============== ============== =================
NON-CASH TRANSACTIONS
Common stock issued in exchange for services $ - $ 40,000 $ 562,700
=============== ============== =================
The accompanying notes are an integral part of these financial statements.
Sun River Mining, Inc.
(Exploration Stage Company)
Stockholder's Equity
(Unaudited)
Deficit
Accumulated
During the
Common Stock Exploration
-----------------------------------
# of Shares Amount Stage Totals
---------------- ---------------- ---------------- ---------------
Inception - February 25, 1997 - $ - $ - $ -
Issuance of stock for cash 100,000 100 - 100
Issuance of stock for cash 111,800 111,800 - 111,800
Issuance of stock to Founders 282,200 - - -
Issuance of stock for Consolidation 8,900,000 312,106 - 312,106
Issuance of stock for cash 58,000 58,000 - 58,000
Issuance of stock for cash 47,800 47,800 47,800
Net Loss - - (193,973) (193,973)
---------------- ---------------- ---------------- ---------------
Balance - September 30, 1997 9,499,800 529,806 (193,973) 335,833
---------------- ---------------- ---------------- ---------------
Issuance of stock for compensation 30,000 30,000 - 30,000
Issuance of stock for cash 1,000,000 200,000 - 200,000
Consolidation stock cancelled (1,200,000) (50,000) - (50,000)
Issuance of stock for cash 4,000 4,000 - 4,000
Net Loss for year - - (799,451) (799,451)
---------------- ---------------- ---------------- ---------------
Balance - September 30, 1998 9,333,800 713,806 (993,424) (279,618)
---------------- ---------------- ---------------- ---------------
Issuance of stock for cash 424,670 159,367 - 159,367
Issuance of stock for compensation 800,000 40,000 - 40,000
Issuance of stock for cash 750,000 296,125 - 296,125
Issuance of stock for compensation 500,000 276,500 - 276,500
Issuance of stock for cash 150,000 70,313 - 70,313
Issuance of stock for cash & services 904,500 122,108 - 122,108
Issuance of stock for compensation 1,400,000 147,000 - 147,000
Issuance of stock for compensation 800,000 69,200 69,200
Net Loss for year (1,482,017) (1,482,017)
---------------- ---------------- ---------------- ---------------
Balance - September 30, 1999 15,062,970 1,894,419 (2,475,441) (581,022)
---------------- ---------------- ---------------- ---------------
Issuance of stock for cash 300,000 27,000 - 27,000
Net Loss for period - - (150,748) (150,748)
---------------- ---------------- ---------------- ---------------
Balance - June 30, 2000 15,362,970 $ 1,921,419 $ (2,626,189) $ $ (704,770)
================ ================ ================ ===============
The accompanying notes are an integral part of these financial statements.
SUN RIVER MINING, INC.
Notes to Financial Statements
June 30, 2000
(Unaudited)
NOTE 1 - PRESENTATION OF INTERIM INFORMATION:
In the opinion of the management of Sun River Mining, Inc., the accompanying
unaudited financial statements include all normal adjustments considered
necessary to present fairly the financial position as of June 30, 2000 and the
results of operations for the three-months and the nine-months ended June 30,
2000 and 1999, and cash flows for the nine-months ended June 30, 2000. Interim
results are not necessarily indicative of results for a full year.
The financial statements and notes are presented as permitted by Form 10-QSB,
and do not contain certain information included in the Company's audited
financial statements and notes for the fiscal year ended September 30, 1999, and
the reader is cautioned to review the Audited Financial Statements for the year
ended September 30, 1999 and accompanying footnotes thereto.
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2000 COMPARED TO
THE SAME PERIOD IN 1999.
The Company incurred operating expenses for the three month period of
$50,815 in 2000 compared to $283,596 in the same period in 1999. The Company
recorded a net operating loss of $(56,204) for the 2000 period as compared to
($288,985) for the same period in fiscal year 1999.
The Company losses will continue until business and profitable operations
are achieved. While the Company is seeking capital sources for investment, there
is no assurance that capital sources can be found. The loss per share for the
fiscal quarter was less than ($.01) in 2000 and 1999.
RESULTS OF OPERATIONS FOR THE NINE MONTH PERIOD ENDED JUNE 30, 2000 COMPARED TO
THE SAME PERIOD IN 1999.
The Company incurred operating expenses for the nine month period of
$180,367 in 2000 compared to $856,413 in the same nine month period in 1999. The
Company recorded a net operating loss of $(150,748) for the 2000 period as
compared to ($872,806) for the same period in fiscal year 1999. In the period in
2000 the Company had an extraordinary gain of $40,397 from the forgiveness of
debt.
The Company losses will continue until business and profitable operations
are achieved. While the Company is seeking capital sources for investment, there
is no assurance that capital sources can be found. The loss per share for the
period was less than ($.01) in 2000 and 1999.
LIQUIDITY AND CAPITAL RESOURCES
The Company had current assets of $1,907 and $1,348 in fixed assets for
total assets of $3,255 at the end of the period. The Company will be forced to
make private placements of stock in order to fund operations continuance. No
assurance exists as to the ability to make private placements of stock. At June
30, 2000, it had $1,884 in accounts receivable. The Company has current
liabilities of $708,025 which exceed current assets by approximately $704,770.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings - None.
Item 2. Changes in securities - 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
(a) The following are filed as Exhibits to this
Quarterly Report. The numbers refer to the Exhibit Table of
Item 601 of Regulation S-K:
None.
(b) Reports on Form 8-K filed during the three months
ended June 30, 2000. (incorporated by reference)
None.
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 of the
undersigned thereunto duly authorized.
Dated: January 14, 2002
SUN RIVER MINING, INC.
by:/s/Stephen B. Doppler
Stephen B. Doppler, President