-----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, A+UsLcp3soKXVsjp0RoZk48OagOd5l1rGXNRZQu3anJv/eJp3hFHICHx+zL2vi/h MohCa5GWK3b+bxFXNwMNPQ== 0000948830-98-000128.txt : 19980521 0000948830-98-000128.hdr.sgml : 19980521 ACCESSION NUMBER: 0000948830-98-000128 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980520 SROS: NASD 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: 10QSB SEC ACT: SEC FILE NUMBER: 000-09394 FILM NUMBER: 98629249 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 10QSB 1 PAGE 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, 1998 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 Identification No.) incorporation or organization) 2374 Eldorado Lane Evergreen, Colorado 80439 --------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (303)674-8756 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, 1998, 73,755 shares of no par value common stock (the registrant's only class of voting stock) were outstanding. PART I - FINANCIAL INFORMATION Item 1. Financial Statements BLACK DOME ENERGY CORPORATION CONDENSED BALANCE SHEET March 31, December 31, 1998 1997 (Unaudited) (Note) ------------- ---------- ASSETS Current Assets: Cash $ -- $ -- Accounts Receivable -- -- Total current assets $ -- $ -- Property and equipment, at cost: Oil and gas properties - net (successful efforts method) -- -- Materials and supplies -- -- -- Deferred income tax assets -- -- Total assets $ -- $ -- ----------- ---------- Note: The balance sheet at December 31, 1997 has been taken from the audited financial statements at that date, and condensed. Page 3 BLACK DOME ENERGY CORPORATION CONDENSED BALANCE SHEET (Continued) March 31, December 31, 1998 1997 (Unaudited) (Note) ------------- ----------- LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities: Accounts Payable $ -- $ 99,431 Deferred Compensation -- 132,100 Total Current Liabilities -- 231,531 Stockholders' Equity: Common stock; no par value; authorized 10,000,000 shares, issued and outstanding 73,755 295,415 295,415 Additional paid-in capital 1,895,938 1,895,938 Accumulated deficit (2,188,353) (2,188,353) $ -- $ -- Retained earnings (deficit) (1,369,911) (1,716,724) Total stockholders' equity 818,442 471,629 Total liabilities and stockholders' equity $ 837,180 $ 703,160 ----------- ----------- Note: The balance sheet at December 31, 1997 has been taken from the audited financial statements at that date, and condensed. Page 4 BLACK DOME ENERGY CORPORATION STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, 1998 1997 -------- -------- Income (loss) from: Discontinued Operations -- $ (58,555) Gain on sale of oil and gas properties -- 742,484 Income Tax expense -- 300,000 -- 442,484 Net Income (loss) -- $ 383,929 Income (loss) per common share -- $ 5.09 -------- -------- Page 5 BLACK DOME ENERGY CORPORATION STATEMENT OF CASH FLOWS Three Months Ended March 31, 1998 1997 -------- -------- Cash flows from operating activities: Net income (loss) -- $375,242 Less gain on sale of oil & gas properties -- (742,484) Changes in assets and liabilities: Increase decrease in receivables -- 97,326 (Decrease) in accounts payable -- (48,019) Incease in deferred tax asset -- 300,000 (Decrease) in deferred compensation -- (132,100) Net cash (used) by operating activities -- (150,035) Cash flows from investing activities: Proceeds from sale of oil and gas properties -- 921,250 Purchase of capital items -- (7,518) Net cash provided by investing activities -- 913,732 Cash flows from financing activities: Increase in cash -- 763,732 Cash balance at end of period -- $891,952 Page 6 Notes to Financial Statements of Black Dome Energy Corporation March 31, 1998 (UNAUDITED) NOTE 1 -- Basis of Preparation and Presentation The Black Dome Energy Corporation financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include all adjustments which are, in the opinion of management, necessary for a fair presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading; however, it is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto which are incorporated by reference in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997. The financial data for the interim periods may not necessarily be indicative of results to be expected for the year. NOTE 2 -- On May 15, 1998, all of the assets were distributed to the shareholders of the Corporation. 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 of December 31, 1997, and March 31, 1998, and in the statements of operations and changes in cash flows for the three-month periods ended March 31, 1998 and 1997. Liquidity and Capital Resources As a result of the sale of all the Corporation's oil and gas properties, working capital at March 31, 1998 was. Results of Operations The Corporation sold all of its operating oil and gas properties effective December 31, 1996 and ceased operations. Costs incurred through March 31, 1998 resulted mostly from administrative costs incurred in the closing of operations. 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) Exhibits: None (b) Reports: None Page 7 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. BLACK DOME ENERGY CORPORATION Date: May 15, 1998 By:/s/ Edgar J. Huff Edgar J. Huff, President and Chief Financial Officer Page 9 EXHIBIT INDEX EXHIBIT METHOD OF FILING - ------- ------------------------------ 27. Financial Data Schedule Filed herewith electronically EX-27 2
5 This schedule contains summary financial information extracted from the balance sheets and statements of operations found on pages 3-5 of the Company's Form 10-Q for the year to date, and is qualified in its entirety by reference to such financial statements. 3-MOS DEC-31-1997 MAR-31-1998 07 0 0 0 0 0 0 0 0 0 0 195,415 0 0 (1,895,938) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0
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