-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ULHZRBSs2Qtyilwhox2/LAYXI9Xe+elfDyZZitTwWWA/r/+mohVWgcnrAVdbdBgD Rq/joCiltn2OuYZLuiOnHA== 0000316704-97-000003.txt : 19970514 0000316704-97-000003.hdr.sgml : 19970514 ACCESSION NUMBER: 0000316704-97-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970513 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACK DOME ENERGY CORP CENTRAL INDEX KEY: 0000316704 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 840808397 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-09394 FILM NUMBER: 97602856 BUSINESS ADDRESS: STREET 1: 1536 COLE BLVD. , STE #325 STREET 2: SUITE 325 CITY: GOLDEN STATE: CO ZIP: 80401 BUSINESS PHONE: 303-231-9059 MAIL ADDRESS: STREET 1: 1536 COLE BLVD STREET 2: SUITE 325 CITY: DENVER STATE: CO ZIP: 80401 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended March 31, 1997 Commission File Number 0-9394 BLACK DOME ENERGY CORPORATION ---------------------------------------------------- (Exact name of registrant as specified in its charter) Colorado 84-0808397 ------------------------------ ----------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1536 Cole Blvd., Ste #325 Golden,_Colorado 80401 ------------------------------ -------- (Address of principal executive (Zip code) offices) Registrant's telephone number, including area code: (303)231-9059 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. __X__ Yes _____ No At March 31, 1997, 73,755 shares of no par value common stock (the registrant's only class of voting stock) were outstanding. Page 1 BLACK DOME ENERGY CORPORATION ----------------------------- INDEX TO FORM 10-Q ------------------ MARCH 31, 1997 -------------- PART I - FINANCIAL INFORMATION PAGE ---- Item 1. Financial Statements. ------------------------------ Condensed balance sheet 3 at March 31, 1997 and December 31, 1996. Statement of operations for 5 for the three-month periods ended March 31, 1997 and 1996 Statement of cash flows 6 for the three-month periods ended March 31, 1997 and 1996 Notes to Financial Statements 7 PART II - OTHER INFORMATION 8 ------------------------------ The financial information furnished in this Form 10-Q reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position of the Company and results of its operations for the interim periods presented. Page 2 PART I - FINANCIAL INFORMATION - ------------------------------ Item 1. Financial Statements - ----------------------------- BLACK DOME ENERGY CORPORATION ----------------------------- CONDENSED BALANCE SHEET -----------------------
March 31, December 31, 1997 1996 --------- ------------ (Unaudited) (Note) ASSETS ------ Current Assets: Cash $ 39,050 $ 128,220 Cash, Money Market Fund 852,902 -- Accounts Receivable 6,331 103,657 --------- ---------- Total current assets $ 898,283 $ 231,877 --------- ---------- Property and equipment, at cost: Oil and gas properties - net (successful efforts method) -- 161,511 Materials and supplies -- 9,772 -------- --------- 171,283 Deferred income tax assets -- 300,000 --------- ---------- Total assets $ 898,283 $ 703,160 ========== ==========
Note: The balance sheet at December 31, 1996 has been taken from the audited financial statements at that date, and condensed. Page 3 BLACK DOME ENERGY CORPORATION - ----------------------------- CONDENSED BALANCE SHEET (CONT'D) - -------------------------------- March 31, December 31, 1997 1996 --------- ---------- (Unaudited) (Note)
LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities: Accounts Payable $ 51,412 $ 99,431 Deferred Compensation -- 132,100 ----------- ----------- Total Current Liabilities 51,412 231,531 ----------- ----------- Stockholders' Equity: Common stock; no par value; authorized 10,000,000 shares, issued and outstanding 73,755 2,188,353 2,188,353 Retained earnings (deficit) (1,341,482) (1,716,724) ----------- ----------- Total stockholders' equity 846,871 471,629 ----------- ----------- Total liabilities and stockholders' equity $ 898,283 $ 703,160 ============ ============
Note: The balance sheet at December 31, 1996 has been taken from the audited financial statements at that date, and condensed. Page 4 BLACK DOME ENERGY CORPORATION - ----------------------------- CONDENSED STATEMENT OF OPERATIONS - ---------------------------------
Three Months Ended March 31, ------------------------- 1997 1996 ---- ---- (Unaudited) Income from discontinued operations $< 67,242> $< 74,620> Gain on sale of oil and gas properties 742,484 -- Less income taxes 300,000 -- ------- ------ $ 442,484 -- --------- ---------- Net income $ 375,242 $< 74,620> --------- ---------- Earnings per share $5.09 <$1.01> ========= ==========
At the December 1996 Stockholders' Meeting, the stockholders approved the sale of the Company's oil and gas properties and the liquidation of the Company. In February 1997, the Company completed the sale of all its properties effective December 31, 1996. The Company has discontinued operating and plans to liquidate in the next three to six months. Page 5 BLACK DOME ENERGY CORPORATION - ----------------------------- STATEMENT OF CASH FLOWS - -----------------------
Three Months Ended MARCH 31, ------------------- 1997 1996 ---- ---- (Unaudited) Cash flows from operating activities: Net income $ 375,242 $< 74,620> Depreciation, depletion, amortization -- 46,750 Less gain on sale of oil and gas properties <742,484> -- Changes in assets and liabilities: decrease in accounts receivables 97,326 1,760 Increase in accounts payable < 48,019> 23,895 Decrease in deferred tax asset 300,000 -- Increase in deferred comp. <132,100> 31,250 Increase in note payable -- < 20,019> --------- --------- Net cash provided (used) by <150,035> 9,016 operating activities --------- --------- Cash flows from investing activities: Proceeds from sale of oil and gas properties 921,250 -- Purchase of capital items < 7,518> < 7,445> --------- --------- Net cash (used in) provided by investing activities 913,732 < 7,445> -------- --------- Cash flows from financing activities: Increase (decrease) in cash 763,732 1,571 Cash balance at beginning of period 128,220 63,008 ------- ------- Cash balance at end of period $ 891,952 $ 64,579 ========= =========
Page 6 Item 2. Management's Discussion and Analysis of Financial - ---------------------------------------------------------- Condition and Results of Operations. ------------------------------------ General - ------- This discussion and analysis covers variations in the balance sheets December 31, 1996, and March 31, 1997, and in the statements of operations and changes in cash flows for the three-month periods ended March 31, 1997 and 1996. Liquidity and Capital Resources - ------------------------------- As a result of the sale of all the Corporation's oil and gas properties, working capital at March 31, 1997 was $846,871 compared to the $346 at December 31, 1996. Results of Operations - --------------------- The Corporation sold all of its operating oil and gas properties effective December 31, 1996 and ceased operations. Costs incurred in the three months ended March 31, 1997 resulted mostly from administrative costs incurred in the closing of operations. Page 7 PART II - OTHER INFORMATION - --------------------------- Item 6. Exhibits and Reports on Form 8-K. - ------------------------------------------ (a) Exhibits: None (b) Reports: None EX-27 Financial Data Schedule SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the undersigned thereunto duly authorized. (Registrant) BLACK DOME ENERGY CORPORATION BY(Signature) /s/ Edgar J. Huff (Date) May 8, 1997 (Name and Title) Edgar J. Huff, President and Chief Financial Officer Page 8 EX-27 2
5 3-MOS DEC-31-1996 MAR-31-1997 991,952 0 6,331 0 0 898,283 0 0 898,283 51,412 0 0 0 73,755 0 898,283 0 0 0 0 0 0 0 0 300,000 0 (67,242) 742,484 0 375,242 5.09 5.09
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