Item 1 - BUSINESS
The registrant was incorporated under the laws of the State of Idaho on February 27, 1930, for the primary purpose of exploring and the development of mining properties. Prior to 1993, the Company had owned fifteen unpatented lode mining claims in the Coeur d'Alene Mining District of Shoshone County, Idaho. Due to the increased fees from the Bureau of Land Management on unpatented mining claims, and the depressed prices for silver and lead, the Company decided to abandon these mining claims in 1993. In October of 1999, the company sold 37 acres of timbered real estate located in Shoshone County, Idaho for $30,000. New Hilartiy Inc. is actively pursuing a suitable company with which to merge or acquire. There is no assurance that such a merger or acquisition candidate will be found.
Item 2
Item 2 - PROPERTIES
None. (See item 1 above)
Item 3
Item 3 - LEGAL PROCEEDINGS
The registrant is not a party to any litigation.
Item 4
Item 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
PART II
Item 5
Item 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The registrant's common stock is traded on the OTC - Bulletin Board (symbol of "NHYM").
NEW HILARITY, INC. FORM 10-K For the Year Ended March 31, 2000
Item 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS (Continued)
As of March 31, 2000, there were 1,538 registered shareholders of the Company's common stock.
Item 6
Item 6 - SELECTED FINANCIAL DATA
The following data should be read in conjunction with the Company's financial statements and the notes thereto:
Item 7
Item 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current assets increased $7,054 from March 31, 1999 to March 31, 2000. As of March 31, 2000 the only asset was cash of $65,397, and there were no liabilities.
For the fiscal year ended March 31, 2000, the Company realized net income of $9,121. This net income was primarily the result of the sale of 37 acres of timberland for $30,000. The cost of the property had been depleted many years ago. This net income compares favorably with a net loss of $44,488 for the fiscal year ended March 31, 1999, when there was virtually no revenue other than a small amount of interest income.
NEW HILARITY, INC. FORM 10-K For the Year Ended March 31, 2000
Item 8
Item 8 - FINANCIAL STATEMENTS
A complete set of audited financial statements for the years ended March 31, 2000 and 1999 are included. (See - )
Item 9
Item 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
None
PART III
Item 10
Item 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
John R. Coghlan, 57, is the President of the company and a director. Mr. Coghlan is a graduate of the University of Montana in 1965 with a major in Business Administration. Mr. Coghlan is a Certified Public Accountant in the State of Washington and is a member of the American Institute of Certified Public Accountants. Mr. Coghlan was a founder of Labor Ready, Inc., a New York Stock Exchange listed company, and he was employed by Labor Ready, Inc. from March 1987 through December 1996, when he retired. Since his retirement, Mr. Coghlan has worked in private investments.
Robert O'Brien, 65, is the Secretary of the Company and a director. Mr. O'Brien is a graduate of Gonzaga University, with a degree in Economics and Business Administration. Mr. O'Brien has recently served as an officer and director of Gold Securities Corporation and Inland Resources, Inc. From 1977 to 1985, Mr. O'Brien was self-employed as a general contractor, and from 1958 to 1976, he was executive vice-president of Hamer's, Inc.
Item 11
Item 11 - EXECUTIVE COMPENSATION
No executive received compensation for the fiscal year ended March 31, 2000 which would equal or exceed the required reporting amount of $100,000.
Item 12
Item 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
John R. Coghlan, the President of the company, owns 1,284,820 shares of common stock. Robert O'Brien, the Secretary Treasurer of the company, owns 404,000 shares of common stock. Terry Dunne, a shareholder, owns 1,245,000 shares of common stock.
Item 13
Item 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
NEW HILARITY, INC. FORM 10-K For the Year Ended March 31, 2000
PART IV
Item 14
Item 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
The Financial Statements are found on pages through of this Form 10-K. The Financial Statement Table of Contents is on Page. The Consent of Certified Public Accountants is attached as Exhibit 23. The Financial Data Schedule required of electronic filers is attached as Exhibit 27. No other exhibits are required to be filed with this Form 10-K.
No reports on Form 8-K were filed or required to be filed during the period covered by this Form 10-K.
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
New Hilarity, Inc. (Registrant)
/s/ Robert W. O'Brien Dated: June 8, 2000 By:----------------------------------------- Robert W. O'Brien, Secretary/Treasurer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the registrant and in the capacity and on the date indicated.
/s/ Robert W. O'Brien Dated: June 8, 2000 By:----------------------------------------- Robert W. O'Brien, Secretary/Treasurer
NEW HILARITY, INC. FORM 10-K For the Year Ended March 31, 2000
NEW HILARITY, INC. FINANCIAL STATEMENTS MARCH 31, 2000 AND 1999
WILLIAMS & WEBSTER PS CERTIFIED PUBLIC ACCOUNTANTS BANK OF AMERICA FINANCIAL CENTER W 601 RIVERSIDE, SUITE 1940 SPOKANE, WA 99201 (509) 838-5111
NEW HILARITY, INC. MARCH 31, 2000
INDEPENDENT AUDITORS' REPORT
FINANCIAL STATEMENTS
Balance Sheets
Statements of Operations
Statement of Stockholders' Equity
Statements of Cash Flows
NOTES TO FINANCIAL STATEMENTS
NEW HILARITY, INC. FORM 10-K For the Year Ended March 31, 2000
Board of Directors New Hilarity, Inc. Spokane, Washington
INDEPENDENT AUDITOR'S REPORT ----------------------------
We have audited the accompanying balance sheets of New Hilarity, Inc. as of March 31, 2000 and 1999, and the related statements of operations, cash flows, and stockholders' equity for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New Hilarity, Inc. as of March 31, 2000 and 1999, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.
The March 31, 1998 financial statements were prepared by the Company's management. We have not audited or reviewed the March 31, 1998 financial statements and, accordingly, do not express an opinion or any other form of assurance on them.
/s/ Williams & Webster, P.S.
Williams & Webster, P.S. Certified Public Accountants Spokane, Washington
May 9, 2000
NEW HILARITY INC. BALANCE SHEETS
The accompanying notes are an integral part of these financial statements.
NEW HILARITY, INC. STATEMENT OF OPERATIONS
The accompanying notes are an integral part of these financial statements.
NEW HILARITY MINING COMPANY STATEMENT OF STOCKHOLDERS' EQUITY
The accompanying notes are an integral part of these financial statements.
NEW HILARITY, INC. STATEMENTS OF CASH FLOWS