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
December 31, 2000 000-29621
SUN RIVER MINING, INC.
-------------------
(Name of Small Business Issuer in its charter)
COLORADO 84-1384159
------------------------------------ ----------
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 No X
----- -----
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 December 31, 2000
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Sun River Mining, Inc.
(Exploration Stage Company)
Balance Sheet
(Unaudited)
December 31, September 30,
2000 2000
----------------- ------------------
ASSETS:
Current assets:
Cash $ 2 $ 2
Prepaid Expenses -
Accounts Receivable - Del Cielo 1,884 1,884
----------------- ------------------
Total current assets 1,886 1,886
----------------- ------------------
Fixed assets
Office equpiment - (Net $2,946 depreciation for Dec.2000, 1,040 1,156
and $2,062 for Sep. 1999. ----------------- ------------------
Total fixed assets 1,040 1,156
----------------- ------------------
TOTAL ASSETS $ 2,926 $ 3,042
================= ==================
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts Payable $ 69,220 $ 101,238
Accrued Expenses 331,500 330,509
Directors' Fee Payable 8,683 9,683
Notes Payable 273,080 234,003
----------------- ------------------
Total Current Liabilities 682,483 675,433
----------------- ------------------
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 for December, 1,921,419 1,921,419
2000 and 15,362,970 shares issued and outstanding for
September, 2000.
Deficit accumulated during the exploratory stage (2,600,976) (2,593,810)
----------------- ------------------
Total Stockholders' Deficit (679,557) (672,391)
----------------- ------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,926 $ 3,042
================= ==================
The accompanying notes are an integral part of these financial statements.
Sun River Mining, Inc.
(Exploration Stage Company)
Statement of Operations
(Unaudited)
Three Months Ended Feb. 25, 1997
December 31, (Inception) to
----------------------------------- December 31,
2000 1999 2000
--------------- --------------- -----------------
REVENUE $ - $ - $ -
EXPENSES:
Advertising - - 18,500
Bank Charges 7 136 1,667
Consulting - 18,000 878,939
Depreciation 116 192 2,946
Directors' Fees - 5,378 11,983
Due Diligence - - 45,832
Equipment Rental - - 1,733
Interest 5,137 - 61,072
Impairment loss - - 923,834
Legal & Accounting 1,531 - 85,271
Licenses & Fees - - 6,220
Meals & Entertainment - - 4,119
Office Expenses - 328 13,781
Officer's Salaries - 52,500 380,750
Postage & Shipping - - 3,217
Printing - - 5,580
Public Relations - 425 85,505
Rent - 730 8,058
Taxes - 53 4,657
Telephone - 557 30,545
Transfer Agent Expense 375 500 7,871
Travel - 185 59,293
--------------- --------------- -----------------
TOTAL EXPENSES 7,166 78,984 2,641,373
EXTRAORDINARY (GAIN)
Forgiveness of Debt - (40,397) (40,397)
--------------- --------------- -----------------
NET (LOSS) $ (7,166) $ (38,587) $ (2,600,976)
--------------- --------------- -----------------
PER SHARE INFORMATION:
Weighted average number of
common shares outstanding 15,362,970 15,260,124
--------------- ---------------
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)
Statement of Cash Flows
(Unaudited)
Three Months Ended Feb. 25, 1997
December 31, (Inception) to
------------------------------- December 31,
2000 1999 2000
------------ -------------- -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (7,166) $ (38,587) $ (2,600,976)
Adjustments to reconcile net loss to cash used in
operating activities:
Depreciation 116 192 2,946
Forgiveness of Debt - (40,397) (40,397)
Issuance of Common Stock for Services - - 482,700
Increase (Decrease) in Accounts Payable (15,163) 16,626 69,220
Increase (Decrease) in Accrued Liabilities 22,213 37,502 340,183
Decrease (Increase) in Accounts Rec - Shareholders - 245 (1,884)
Decrease (Increase) in Prepaid Expenses - (3,526) -
------------ -------------- -----------------
Net Cash Flows Used by Operations - (27,945) (1,748,208)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Fixes Assets - - (1,559)
------------ -------------- -----------------
Net Cash Flows Provided by Investing Activities - - (1,559)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Notes Payable - - 273,080
Issuance of Common Stock - 27,000 1,476,689
------------ -------------- -----------------
Net Cash Flows Provided by Financing Activities - 27,000 1,749,769
Net Increase (Decrease) in Cash - (945) 2
------------ -------------- -----------------
Cash and cash equivalents - Beginning of period 2 1,026 -
------------ -------------- -----------------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 2 $ 81 $ 2
============ ============== =================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest $ - $ - $ -
============ ============== =================
Income Taxes $ - $ - $ -
============ ============== =================
NON-CASH TRANSACTIONS
Common stock issued in exchange for services $ - $ 40,000 482,700
============ ============== =================
The accompanying notes are an integral part of these financial statements.
Sun River Mining, Inc.
(Exploration Stage Company)
Stockholder's Equity
December 31, 2000
(Unaudited)
Deficit
Accumulated
Common Stock During the
----------------------------------- 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 year - - (118,369) (118,369)
---------------- ---------------- ---------------- ---------------
Balance - September 30, 2000 15,362,970 1,921,419 (2,593,810) (672,391)
---------------- ---------------- ---------------- ---------------
Net Loss for period - - (7,166) (7,166)
---------------- ---------------- ---------------- ---------------
Balance - December 31, 2000 15,362,970 $1,921,419 $ (2,600,976) $ (679,557)
================ ================ ================ ===============
The accompanying notes are an integral part of these financial statements.
SUN RIVER MINING, INC.
Notes to Financial Statements
December 31, 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 December 31, 2000 and
the results of operations for the three-months ended December 31, 2000 and 1999,
and cash flows for the three-months ended December 31, 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-Q, and
do not contain certain information included in the Company's audited financial
statements and notes for the fiscal year ended September 30, 2000, and the
reader is cautioned to review the Audited Financial Statements for the year
ended September 30, 2000 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 DECEMBER 31, 2000
COMPARED TO THE SAME PERIOD IN 1999.
The Company had no revenues in the period in 2000 or 1999. The Company
incurred operating expenses for the three month period of $7,166 in 2000
compared to $78,984 in the same period in 1999. The Company recorded a net
operating loss of $(7,166) for the 2000 period as compared to ($38,587) 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
2000 fiscal quarter was less than ($0.01) compared to less than ($0.01) in the
fiscal quarter of 1999.
LIQUIDITY AND CAPITAL RESOURCES
The Company had current assets of $2 and total assets of $2,926 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. The Company has current liabilities of
$682,483 which exceed total assets by approximately $680,597.
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 December 31, 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: December 10, 2001
SUN RIVER MINING, INC.
by:/s/Stephen B. Doppler
Stephen B. Doppler, President