10-Q 1 jan10q02.txt 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 January 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) NV 84-0817164 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) P. O. Box 51600, Sparks, NV 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 January 31, 2002 INTERMOUNTAIN RESOURCES, INC. BALANCE SHEETS (Unaudited) _________________________________________________________________

April 30, ~~October~~January 31, ASSETS: 2001 ~~2001~~2002 ~~Audited Unaudited~~ ----~~---~~ ----~~-----~~ Current asset - Cash 37,847 97,~~108~~671 Mineral Properties 513 513 -------- -------- 38,360 98,~~621~~184 ======== ======== LIABILITIES AND EQUITIES: 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 (1,449,958) (1,~~478~~480,~~697~~134) ----------- ----------- 38,360 98,~~621~~184 ~~----------- ----------- 38,360 9,621~~ =========== =========== See accompanying notes to unaudited financial statements.

INTERMOUNTAIN RESOURCES, INC. STATEMENTS OF OPERATIONS (Unaudited) _________________________________________________________________

Three Months Ended ~~Six~~Nine Months Ended ~~October~~January 31, ~~October~~January 31, ~~2000~~ 2001 ~~2000~~2002 2001 2002 ---- ---- ---- ---- Revenues: Mining activities - - 80,000 - Interest ~~905~~436 8020 12,~~597~~032 ~~276~~296 ------- ------- ------- ------- ~~905~~436 8020 8182,~~597~~032 ~~276~~296 ------- ------- ------- ------- Expenses: Unallocated exploration expenses and rentals ~~3,060~~800 ~~2,688~~- 3,~~060~~860 2,688 General and administrative 2113,~~636~~682 131,~~017~~457 3448,~~510~~191 2627,~~327~~784 Write off of mineral property - - 6,000 - ------- ------ ------- ------- Total expenses 2414,~~696~~482 151,~~705~~457 4358,~~570~~051 2930,~~015~~472 ------- ------ ------- ------- Net earnings (loss) (2314,~~791~~046) (~~15,625)~~ 381,~~027 (28,739~~437) ~~Accumulated deficit- Beginning of period (1~~23,~~399,155)(1,463,072)(1,460,973)(1,449,958)~~981 ~~--------- --------- --------- --------- End of period~~ (130,~~422,946~~176)~~(1,478,697)(1,422,946)(1,478,697)~~ ========= ======~~===~~ ========= ========= Net earnings (loss) per share is less than $.005 per share in each period See accompanying notes to unaudited financial statements.

INTERMOUNTAIN RESOURCES, INC. STATEMENTS OF CASH FLOWS (Unaudited) _________________________________________________________________

~~Six~~Nine Months Ended ~~October~~January 31, ~~2000~~ 2001 2002 ---- ---- Cash provided by (used in) operating activities: Net earnings (loss) 3823,~~027~~981 (2830,~~739~~176) Write off of mineral property 6,000 - -------- ------- Net cash provided by (used in) operations 4429,~~027~~981 (2830,~~739~~176) Cash ~~flows from investment activities - - Cash flows from financing activities - - Cash~~ at beginning of period 20,832 37,847 -------- ------- Cash at end of period 6450,~~859~~813 97,~~108~~671 ======= ======= See accompanying notes to unaudited financial statements.

INTERMOUNTAIN RESOURCES, INC. Notes To Unaudited Financial Statements January 31, 2002 _________________________________________________________________ 1. The financial statements as of January 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. Reference is made to the Company's annual financial statements for the year ended April 30, 2001 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 Interest income earned on invested cash balances was lower in the current year due to lower cash balances as well as lower interest rates. Mining revenues were nil compared to $80,000 in the prior year. The Company, on June 13, 2000, sold its patented mining claims in the Aurora Mining District, Mineral County, NV for $80,000. This transaction resulted in a gain of approximately $74,000 for financial statement purposes but only about $6,000 for income tax purposes. The Company has no current expectation that any other similar transaction will occur. Unallocated exploration and rental expenses were somewhat higher for the quarter and nine-months ended January 31, 2001 as a result of a small mapping project carried out at one Prospect during that year. General and administrative expenses were lower for both the quarter and the nine-month period due primarily to reduced officer compensation and related payroll taxes in the current year and the fact that the prior year contained about $9,000 in professional fees incurred for an independent audit as of April 30, 2000. PART II - OTHER INFORMATION Item #6 Exhibits and Reports on Form 8-K a. Exhibits Exhibit 27. Financial Data Schedule b. Reports on Form 8-K None 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: March 11, 2002 INTERMOUNTAIN RESOURCES, INC. (a Nevada corporation) /s/L. W. Watson ------------------------ L. W. Watson, President, Treasurer, and principal accounting officer

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