ITEM 1. BUSINESS.
The registrant was incorporated under the laws of the State of Idaho on February 27, 1930, for the primary purpose of exploring and the development of mining properties. Prior to 1993, the Company had owned fifteen unpatented lode mining claims in the Coeur d'Alene Mining District of Shoshone County, Idaho. Due to the increased fees from the Bureau of Land Management on unpatented mining claims, and the depressed prices for silver and lead, the Company decided to abandon these mining claims in 1993. The Company is now an inactive mining company.
ITEM 2.
ITEM 2. PROPERTIES.
The registrant abandoned all properties in 1993.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS.
The registrant is not a party to any litigation.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No matters were submitted to a vote of the security holders during the fiscal year ended March 31, 1994.
PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The registrant's common stock is traded on the national over-the-counter market. ("On pink sheets")
FISCAL YEAR MARCH 31, 1993 Quarter Low Bid High Bid
01/01/92 to 06/30/92 $0.01 $0.01 07/01/92 to 09/30/92 $0.01 $0.01 10/01/92 to 12/31/92 $0.01 $0.01 01/01/93 to 03/31/93 $0.01 $0.01
FISCAL YEAR MARCH 31, 1994 Quarter Low Bid High Bid
04/01/93 to 06/30/93 $0.01 $0.01 07/01/93 to 09/30/93 $0.01 $0.01 10/01/93 to 12/31/93 $0.01 $0.01 01/01/94 to 03/31/94 $0.01 $0.01
As of March 31, 1994, there were 1,676 registered holders of the Company's common stock.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
The following data should be read in conjunction with the Company's financial statements and the notes thereto:
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The Company has ceased all exploratory mining activities and has abandoned all of its mining claims. The Company's only asset is 857,100 shares of common stock of United Mines, Inc., with a market value of $34,284. Total liabilities are $26,482, which are comprised of accounts payable of $11,341 and advances from officers of $15,141.
The Company has no revenues. Any working capital needs are provided as loans or advances from the corporate officers.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS.
CONTENTS
Page
Statement of Financial Position as of March 31, 1994 and 1993
Statement of Operations for the Years Ended March 31, 1994, 1993 and 1992
Statement of Changes in Stockholders' Equity for the Years Ended March 31, 1994, 1993 and 1992
Statement of Cash Flows for the Years Ended March 31, 1994, 1993 and 1992
Notes to Financial Statements
NEW HILARITY MINING COMPANY Statement of Financial Position as (Unaudited) Of March 31, 1994 and 1993
ASSETS
Prepared by management.
The accompanying notes are an integral part of these financial statements.
NEW HILARITY MINING COMPANY Statement of Operations for the (Unaudited) Years Ended March 31, 1993, 1992 and 1991
Prepared by management.
The accompanying notes are an integral part of these financial statements.
NEW HILARITY MINING COMPANY Statement of Changes in (Unaudited) Stockholder's Equity for the Years Ended March 31, 1994, 1993 and 1992
Prepared by management.
The accompanying notes are an integral part of these financial statements.
NEW HILARITY MINING COMPANY Statement of Cash Flows for the (Unaudited) Years Ended March 31, 1994, 1993 and 1992
Prepared by management.
The accompanying notes are an integral part of these financial statements.
NEW HILARITY MINING COMPANY Notes to Financial Statements (Unaudited)
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Company was originally incorporated as Lexington Mining Company on February 27, 1930 under the laws of the State of Idaho for the primary purpose of mining and exploring for nonferrous and precious metals, primarily silver, lead and zinc. On April 17, 1945, the Company was reorganized, and the name changed to New Hilarity Mining Company. For many years the Company explored for precious metal deposits, but no commercial ore bodies were discovered. In early 1993, the Company abandoned its fifteen unpatented lode mining claims located in the Coeur d'Alene Mining District of Shoshone County, Idaho.
Earnings (losses) per share are computed on the weighted average number of shares outstanding.
Marketable trading securities are carried at market value which is based on published over-the-counter market quotes.
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of the Company's management estimates for various accounts.
NOTE 2. MARKETABLE SECURITIES.
The Company owns 857,100 shares of common stock of United Mines, Inc., which is quoted on the over-the-counter market.
NOTE 3. RELATED PARTY TRANSACTIONS.
Former officers of the Company have periodically loaned the Company money for various working capital requirements. These loans are non-interest bearing and are due upon demand.
NOTE 4. COMMON STOCK.
The Company was originally incorporated on February 27, 1930, with an authorized capital of 2,000,000 shares of assessable common stock with a par value of $.05 per share. On April 17, 1945, the shareholders increased the authorized common stock to 3,000,000 shares with a par value of $.10 per share and the common stock was changed from assessable to non-assessable. On August 18, 1982, the shareholders increased the authorized common stock to 15,000,000 shares with a par value of $.10 per share.
NOTE 5. INCOME TAXES.
The Company has a net operating loss carryover of $411,215 to the fiscal year ended March 31, 1995. These loss carryovers will commence to expire in 2007. The Company has not recorded a deferred tax asset for the net operating loss carryover because it is highly uncertain if the Company will have future taxable income.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
None
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Terry Dunne, 48, is the president of the Company and a director. Mr. Dunne is a Certified Public Accountant with over 25 years of experience in public accounting. Mr. Dunne has a Master Degree in Business Administration and a Master Degree in Taxation.
Robert O'Brien, 61, is the secretary of the Company and a director. Mr. O'Brien has recently served as an officer and director of Gold Securities Corporation and Inland Resources, Inc. From 1977 to 1985, Mr. O'Brien was self employed as a general contractor, and from 1958 to 1976, he was executive vice-president of Hamer's, Inc., a chain of high fashion men's clothing stores located in Spokane, Washington.
Mr. O'Brien graduated from Gonzaga University with a degree in economics.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION.
The officers and directors of the Company have served without compensation.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
The officers and directors own no common stock of the Company.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
None
PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
None, other than what is already shown in this 10-K report.
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated this 27 day of November, 1996.
New Hilarity Mining Company (Registrant)
By: /s/ Terrence J. Dunne, President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the registrant and in the capacity and on the date indicated.
Dated this 27th day of November, 1996.
By: /s/ Terrence J. Dunne, President