-----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, H6ciro16680hkKD1q7Lf89kyn2Dl72SzOFh05Cxm0XPXerFhhbgOMAodc2idZZg0 kVUO3MqrLKDwbM1IoQpEAw== 0001052918-99-000095.txt : 19991117 0001052918-99-000095.hdr.sgml : 19991117 ACCESSION NUMBER: 0001052918-99-000095 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MINERAL MOUNTAIN MINING & MILLING CO CENTRAL INDEX KEY: 0000066600 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS METAL ORES [1090] IRS NUMBER: 820144710 STATE OF INCORPORATION: ID FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-03319 FILM NUMBER: 99752465 BUSINESS ADDRESS: STREET 1: 421 COEUR D ALENE AVE STREET 2: STE 3 CITY: COEUR D ALENE STATE: ID ZIP: 83814 BUSINESS PHONE: 2086643544 MAIL ADDRESS: STREET 1: 421 COEUR D ALENE AVE STREET 2: STE 3 CITY: COEUR D ALENE STATE: ID ZIP: 83814 10-Q 1 NOTE: FORMAT GUIDE FOR PRINTING READABLE HARD COPY PAGE LENGTH: 63 LINES PROBABLE MARGINS: 0.5" AT TOP AND BOTTOM, 0.5" AT RIGHT AND LEFT FONT: COURIER NEW, 10PT LINE ONE BEGINS AT "START" (This space left blank intentionally) START************************************************************************* UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 of 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1999 Commission file number 001-8187 MINERAL MOUNTAIN MINING & MILLING COMPANY (Exact name of registrant as specified in its charter) IDAHO 82-0144710 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) 421 Coeur d'Alene Ave. - Ste 3 Coeur d'Alene, Idaho (Address of principal executive offices) 83814 (Zip Code) (208) 664-3544 (Registrant's Telephone Number, Including Area Code) 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 ___________ ___________ APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the issuer's classes of common stock as of September 30, 1999: 3,078,049 ******************************************************************************* Document Page 1 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY PART I ITEM 1 Statement of Financial Position as of September 30, 1999 and March 31, 1999 Statement of Operations for the Three and Six Month Periods Ended September 30, 1999 and 1998 Statement of Changes in Stockholders' Equity for the Six Month Periods Ended September 30, 1999 and 1998 Statement of Cash Flows for the Three and Six Month Periods Ended September 30, 1999 and 1998 Notes to Financial Statements as of September 30, 1999 Document Page 2 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY Statement of Financial Position as of September 30, 1999 and March 31, 1999 (UNAUDITED) ASSETS Sept. 30, March 31, 1999 1999 ----------- ----------- CURRENT ASSETS Cash in banks $ 15,884 $ 15,844 ---------- ---------- Total current assets 15,884 15,844 MINING PROPERTY 53,808 53,808 ---------- ---------- TOTAL ASSETS $ 69,692 $ 69,652 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable other $ 450 Accounts payable to Officers and Directors 2,304 $ 1,662 ---------- ---------- Total current liabilities 2,754 1,662 ---------- ---------- STOCKHOLDERS' EQUITY Common stock; $0.10 par value; 15,000,000 shares authorized; 3,078,049 shares issued and outstanding 153,902 153,902 Additional paid-in capital 339,978 339,978 Accumulated deficit <426,942> <425,890> ---------- ---------- Total stockholders' equity 66,938 67,990 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,692 $ 69,652 ========== ==========
Prepared by management. The accompanying notes are an integral part of these financial statements. Document Page 3 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY Statement of Operations For the Six Month Periods Ended September 30, 1999 and September 30, 1998 (UNAUDITED) Three Months Period Six Months Period --------------------- ------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 1999 1998 1999 1998 ---------- ---------- ---------- ---------- REVENUES Interest Income $ 200 $ 227 $ 435 $ 477 -------- -------- -------- -------- OPERATING EXPENSES Accounting 235 470 119 Other professional services 450 500 450 1,000 Office expenses 95 466 257 623 Spokane Quotation fee 300 300 Taxes 10 10 -------- -------- -------- -------- Total operating expenses 780 1,001 1,487 2,052 -------- -------- -------- -------- NET (LOSS) $ <580> $ <694> $<1,052> $<1,575> ======== ======== ======== ======== NET (LOSS) PER SHARE $ NIL $ NIL $ NIL $ NIL ======== ======== ======== ========
Prepared by management. The accompanying notes are an integral part of these financial statements. Document Page 4 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY Statement of Changes in Stockholders' Equity For the Three Month Periods Ended September 30, 1999 and September 30, 1998 (UNAUDITED) Shares Amount Capital Deficit Total --------- --------- --------- ----------- --------- Balances as of June 30, 1998 3,078,049 $ 153,902 $ 339,978 $ <422,903> $ 70,977 Net <739> <739> ---------- ---------- --------- ----------- --------- Balances as of Sept. 30, 1998 3,078,049 $ 153,902 $ 339,978 $ <423,642> $ 70,238 ========== ========== ========== =========== ========= Balances as of June 30, 1999 3,078,049 $ 153,902 $ 339,978 $ <426,362> $ 67,990 Net <580> <580> ---------- ---------- --------- ----------- --------- Balances as of Sept. 30, 1999 3,078,049 $ 153,902 $ 339,978 $ <426,942> $ 67,410 ========== ========== ========== =========== =========
Prepared by management. The accompanying notes are an integral part of these financial statements. Document Page 5 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY Statement of Cash Flows For the Three and Six Month Periods Ended September 30, 1999 and 1998 (UNAUDITED) Three Months Period Six Months Period --------------------- ------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 1999 1998 1999 1998 ---------- ---------- ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net $ <580> $ <739> $<1,052> $<1,575> Increase in accounts payable 691 29 1,092 <543> Decrease in prepaids 500 1,000 -------- -------- -------- -------- Net cash used from operating activities 111 <210> 40 <1,118> NET INCREASE IN CASH 111 <210> 40 <1,118> -------- -------- -------- -------- CASH AT BEGINNING OF PERIOD 15,773 15,780 15,844 16,688 -------- -------- -------- -------- CASH AT END OF PERIOD $15,884 $15,570 $15,884 $15,570 ======== ======== ======== ========
Prepared by management. The accompanying notes are an integral part of these financial statements. Document Page 6 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY Notes to Financial Statements as of September 30, 1999 (UNAUDITED) The financial statements of Mineral Mountain Mining & Milling Company included herein, have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although certain information normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted, Mineral Mountain believes that the disclosures are adequate to make the information presented not misleading. The financial statements included herein reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation. The results for interim periods are not necessarily indicative of trends or of results to be expected for a full year. (This space intentionally left blank) Document Page 7 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION The Company presently has no revenues other than interest income. The Company's mineral interest consist of an ownership interest in a consolidated area consisting of portions of 13 patented mining claims situated in Shoshone County, Idaho. This area lies between two mining holdings owned by Sunshine Mining Company, the Consolidated Silver property to the east and the Sunshine Mine operations to the west. Sunshine's second quarter report of 1998 issued the following regarding their operations: "Exploration at the Sunshine is now focused on finding the next major ore body to mine after the West Chance is depleted. To that end two exploration programs have begun in the eastern portion of the mine. The first is a 3100-foot ramp project initiated in the second quarter that will access existing reserves around 10 Shaft and open up a large area for new exploration. Beginning from the 3100 level off the 10 Shaft, the ramp will be driven on a decline to the east down to the 4000 level, at which point it will turn back to the north and then back to the west ultimately bottoming back at the 10 Shaft on the 4400 level. Drill stations installed along the way will provide our first opportunity to explore much of this country, and in fact the initial drifting activity has already crossed a previously unmapped section of a vein. The other program is further to the east, off the ConSil shaft. There we have begun a drilling program to examine the Deep Chester and the eastern Yankee Girl veins. The deep extensions of the Chester Vein are of particular interest, as the upper extensions of the Chester produced over 100 million ounces of silver, and the deeper eastern portion of the mine appears to have favorable stratigraphy to host a major ore body. Indeed, before closing the 10 Shaft, drifting had established a reserve block in the Good Hope area on the 5000 level containing 8300 tons at an average grade of 29 ounces per ton. Initial drilling into the Deep Chester area will attempt to expand this reserve block." The Year 1998 Sunshine Annual Report to Shareholders issued in 1999 contained the following additional information on these two projects: "We are proceeding with plans to open up the eastern area of the Sunshine Mine, with several targets there that we think have the combined potential to contain more than 100 million ounces of silver. A ramp is planned to be driven downward from the 3700 level of the Sunshine Mine to connect with the 4000 level of the ConSil, opening up a large exploration territory in the process. This ramp will also provide good access to existing reserve blocks in the 101 Vein and the Chester Vein. Another branch of the ramp will be driven to support an exploration drilling effort into the Deep Chester Vein / Good Hope area. We believe this area holds the potential for a truly major reserve addition at the mine. Once the ConSil shaft connection is made, we will be able to convert the ConSil shaft into a production facility. This will increase the mine's capacity by 50%, and reduce unit production costs by at least another 10%. In other words, the mine's production could increase to about 8 million ounces at a cash cost of less than $4.00, assuming success in our exploration program." Directors of the Registrant are hopeful that the above work by Sunshine will lead to further exploration work of the Mineral Mountain Area. Document Page 8 of 10 MINERAL MOUNTAIN MINING & MILLING COMPANY PART II 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 NONE 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. Mineral Mountain Mining & Milling Company (Registrant) Dated: November 14, 1999 By /s/ Donald L. Hess -------------------------------------- Donald L. Hess Secretary - Treasurer Pursuant to the requirements of the Securities and Exchange act of 1934, the report has been signed below by the following person on behalf of the registrant and in the capacity and on the date indicated. Dated: November 14, 1999 By /s/ Donald L. Hess -------------------------------------- Donald L. Hess Secretary - Treasurer EX-27 2
5 Financial Data Schedule This schedule contains summary financial information extracted from the Statement of Financial Condition for Mineral Mountain Mining & Milling Company at September 30, 1999, the Statements of Income for the six month period ended September 30, 1999, and is qualified in its entirety by reference to such financial statements. 6-MOS MAR-31-2000 SEP-30-1999 15,884 0 0 0 0 15,884 53,808 0 69,692 2,754 0 0 0 493,880 (426,942) 69,692 0 200 0 0 780 0 0 (580) 0 (580) 0 0 0 (580) 0 0
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