-----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, MVbKfv07kAUdwy32y2Xgzou+SUMz4bKqpvEF3gVNJvvQUEyZ68bLqd9XcATXRXfU pGOxd3sMc84hECGbk1uDxA== 0000948830-97-000279.txt : 19971117 0000948830-97-000279.hdr.sgml : 19971117 ACCESSION NUMBER: 0000948830-97-000279 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 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: 97722105 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 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 September 30, 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 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 September 30, 1997, 73,755 shares of no par value common stock (the registrant's only class of voting stock) were outstanding. BLACK DOME ENERGY CORPORATION INDEX TO FORM 10-Q SEPTEMBER 30, 1997 PART I - FINANCIAL INFORMATION PAGE Item 1. Financial Statements Condensed balance sheet 3 at September 30, 1997 and December 31, 1996. Statement of operations for 5 for the nine-month periods ended September 30, 1997 and 1996 and the three-month periods ended September 30, 1997 and 1996. Statement of cash flows 6 for the nine-month periods ended September 30, 1997 and 1996 and the three-month periods ended September 30, 1997 and 1996. Notes to Financial Statements 7 Item 2. Management's Discussion and Analysis of 8 Financial Conditions and Results of Operations PART II - OTHER INFORMATION 9 ------------------------------ 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 September 30, December 31, 1997 1996 (Unaudited) (Note) ------------- ---------- ASSETS Current Assets: Cash $ 834,177 $ 128,220 Accounts Receivable 3,003 103,657 Total current assets $ 837,180 $ 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 $ 837,180 $ 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 (Continued) September 30, December 31, 1997 1996 (Unaudited) (Note) ------------- ----------- LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities: Accounts Payable $ 18,738 $ 99,431 Deferred Compensation -- 132,100 Total Current Liabilities 18,738 231,531 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) (1,369,911) (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, 1996 has been taken from the audited financial statements at that date, and condensed. Page 4 BLACK DOME ENERGY CORPORATION STATEMENT OF OPERATIONS (Unaudited) Nine Months Three Months Ended Ended September 30, September 30, 1997 1996 1997 1996 -------- -------- -------- -------- Income (loss) from: Discontinued Operations -- $ (4,770) -- $22,382 Expense during liquidation period $(95,671) -- $(17,171) -- Gain on sale of oil and gas properties 742,484 -- -- -- 646,813 (4,770) (17,171) 22,382 Income Tax expense 300,000 -- -- -- Net Income (loss) $346,813 $(4,770) $(17,171) $22,382 Income (loss) per common share $ 4.70 $ (.06) $ (.23) $ .31 -------- ------- -------- ------- Page 5 BLACK DOME ENERGY CORPORATION STATEMENT OF CASH FLOWS Nine Months Three Months Ended Ended September 30, September 30, 1997 1996 1997 1996 --------- -------- -------- -------- Cash flows from operating activities: Net earnings (loss) $ 346,813 $ (4,770) $(17,182) $ 22,382 Gain on sale of oil & gas properties (742,484) -- -- -- Depreciation, depletion, amortization -- 120,000 -- 36,500 Changes in assets and liabilities: (Increase) decrease in receivables 100,657 7,515 (3,003) 9,311 Decrease in deferred tax asset 300,000 -- -- -- Increase (decrease) in accounts payable (80,693) 34,391 (5,570) 34,359 Increase (decrease) in deferred compensation (132,100) 62,500 -- -- Net cash provided (used) by (207,807) (219,636) (25,755) 102,552 operating activities Cash flows from investing activities: Proceeds from sale of O&G properties 921,750 -- -- -- Purchase of equipment (7,986) (17,113) -- (4,499) Purchase of well equipment inventory, net of transfers to wells -- 15,909 -- 16,935 Net cash (used in) provided by investing activities 913,764 1,204 -- 12,436 Cash flows from financing activities: Increase (Decrease) in notes payable -- (51,229) -- (19,539) Net cash (used in) provided by financing activities -- (51,229) -- (19,539) Increase (decrease) in cash 705,957 167,203 (25,755) 95,449 Cash balance at beginning of period 128,220 63,008 859,932 134,762 Cash balance at end of period $834,177 $230,211 $834,177 $230,211 -------- -------- -------- -------- Page 6 Notes to Financial Statements of Black Dome Energy Corporation SEPTEMBER 30, 1997 (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, 1996. The financial data for the interim periods may not necessarily be indicative of results to be expected for the year. Page 7 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, 1996, and September 30, 1997, and in the statements of operations and changes in cash flows for the nine-month periods ended September 30, 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 September 30, 1997 was $818,442 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 nine months ended September 30, 1997 resulted mostly from administrative costs incurred in the closing of operations. Page 8 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits: None (b) Reports: None 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: November 4, 1997 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. 9-MOS DEC-31-1996 SEP-30-1997 834,177 0 3,003 0 0 837,180 0 0 837,180 18,738 0 2,188,353 0 0 (1,369,911) 837,180 0 646,813 0 0 0 0 0 646,813 300,000 0 0 0 0 346,813 4.70 4.70
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