APEX SILVER MINES LTD
10-Q, 1998-11-13
SILVER ORES
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q
(MARK ONE)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30,1998.

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM________TO________.
                                        
                         COMMISSION FILE NUMBER 1-13627
                                        
                            APEX SILVER MINES LIMITED
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

CAYMAN ISLANDS, BRITISH WEST INDIES               NOT APPLICABLE
- -------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF			(I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION)			IDENTIFICATION NO.)


          CALEDONIAN HOUSE
    GROUND FLOOR, MARY STREET
    GEORGETOWN, GRAND CAYMAN
CAYMAN ISLANDS, BRITISH WEST INDIES               NOT APPLICABLE
- --------------------------------------------------------------------------------
(ADDRESS PRINCIPAL EXECUTIVE OFFICES)		    (ZIP CODE)


                                 (345) 949-0050
- -------------------------------------------------------------------------------
      (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


AT NOVEMBER 1, 1998, 26,221,297 ORDINARY SHARES, $0.01 PAR VALUE PER SHARE, WERE
ISSUED AND OUTSTANDING.

<PAGE>                                        
 
                                        
                            APEX SILVER MINES LIMITED
                                    FORM 10-Q
                         QUARTER ENDED SEPTEMBER 30,1998
                                        
                                        
                                      INDEX
                                        

                                        
PART I - FINANCIAL INFORMATION

                                                                    PAGE

     ITEM 1.   FINANCIAL STATEMENTS.................................  3

     ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                    CONDITION AND RESULTS OF OPERATIONS.............  7

     ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
                MARKET RISK......................................... 10


PART II - OTHER INFORMATION

     ITEM 1.   LEGAL PROCEEDINGS.................................... 10

     ITEM 2.   CHANGES IN SECURITIES................................ 10

     ITEM 3.   DEFAULTS UPON SENIOR SECURITIES...................... 10

     ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.. 10

     ITEM 5.   OTHER INFORMATION.................................... 10

     ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K..................... 10



SIGNATURES    ...................................................... 11

<PAGE>                                        
                                        

                          PART I. FINANCIAL INFORMATION

Item 1.   Financial Statements

<TABLE>                                        
                            APEX SILVER MINES LIMITED
                      (Successor to Apex Silver Mines LDC)
                                        
                           CONSOLIDATED BALANCE SHEET
                      (Expressed in United States dollars)
<CAPTION>
                                                          September 30,       December 31,
                                                          -------------       ------------
                                                              1998                1997
                                                           (Unaudited)
<S>                                                        <C>                 <C>
Assets
Current assets
 Cash and cash equivalents                                 $32,991,838         $57,033,193
 Amounts due from affiliate                                        -               722,717
 Prepaid expenses and other assets                             580,504           1,070,462
                                                           -------------       -------------
            Current assets                                  33,572,342          58,826,372

Mining properties and development costs                     26,968,712          11,888,258
Plant, buildings and equipment (net)                         2,215,497           1,149,842
Value Added Tax recoverable                                  2,802,872           1,351,004
Other non-current assets                                       346,545             113,183
                                                           -------------       -------------
            Total assets                                   $65,905,968         $73,328,659
                                                           =============       =============
Liabilities and Shareholders' Equity

Current liabilities
 Accounts payable and other accrued liabilities            $ 1,823,887         $   593,866
 Current portion of long-term debt                             284,773             412,408
                                                           -------------       -------------
            Current liabilities                              2,108,660           1,006,274

Long-term debt                                               1,930,486           3,093,788

Shareholders' equity
 Ordinary shares, $.01 par value, 75,000,000 shares
   authorized; 26,213,297, and 19,124,916, shares 
   issued and outstanding                                      262,133             191,249
 Contributed surplus                                        97,824,084          97,819,969
 Accumulated deficit                                       (36,219,395)        (28,782,621)
                                                          -------------       -------------
            Total shareholders' equity                      61,866,822          69,228,597
                                                          -------------       -------------
            Total liabilities and shareholders' equity     $65,905,968         $73,328,659
                                                          =============       =============                                        
<FN>                                        
  The accompanying notes form an integral part of these consolidated financial
   statements.
</FN>
</TABLE>

<PAGE>
<TABLE>
                            APEX SILVER MINES LIMITED
                      (Successor to Apex Silver Mines LDC)
                                        
                      CONSOLIDATED STATEMENT OF OPERATIONS
                      (Expressed in United States dollars)
                                   (Unaudited)
<CAPTION>
                                     Three Months Ended                Nine Months Ended
                                        September 30,                     September 30,
                                -----------------------------     ------------------------------
                                     1998             1997             1998              1997
<S>                             <C>              <C>              <C>              <C>
Income
 Interest income                $   488,812      $   131,774      $ 1,882,808      $    607,072
                                -----------------------------     ------------------------------
             Total income           488,812          131,774        1,882,808           607,072
Expenses
 Exploration                      1,202,739        2,167,115        3,539,127        10,128,698
 Administrative                   1,554,620        2,201,681        3,320,031         4,616,512
 Consulting                         885,976          802,532        1,711,608         1,862,201
 Professional fees                  163,341         (549,272)         621,990           226,591
 Amortization and depreciation       42,785           14,148          126,826            55,346
                                -----------------------------     ------------------------------
             Total expenses       3,849,461        4,636,204        9,319,582        16,889,348
                                -----------------------------     ------------------------------
             Net loss           $(3,360,649)     $(4,504,430)     $(7,436,774)     $(16,282,276)
                                =============================     ==============================
Net loss per ordinary share -
 Basic and diluted(1)           $     (0.13)     $     (0.22)     $     (0.28)     $      (0.79)
                                =============================     ==============================

Weighted average ordinary 
  shares outstanding             26,210,171       20,630,363       26,211,214        20,540,864
                                =============================     ==============================
<FN>
(1)    Diluted earnings per share were antidilutive for all periods presented.

  The accompanying notes form an integral part of these consolidated financial
   statements.
</FN>
</TABLE>

<PAGE>
<TABLE>
                            APEX SILVER MINES LIMITED
                      (Successor to Apex Silver Mines LDC)
                                        
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                       (Expressed in United States dollars
                                   (Unaudited)
<CAPTION>
                                                             Nine Months Ended
                                                               September 30,
                                                  ------------------------------------
                                                        1998                 1997
<S>                                                <C>                 <C>
Cash flows from operating activities:
  Net cash used in operating activities            $ (4,763,272)       $ (15,879,238)
Cash flows from investing activities:
  Purchase of short-term investments                        -                    -
  Mining properties and development costs           (15,680,454)            (169,493)
  Purchases of plant, buildings and equipment        (1,254,019)                 -
  Value Added Tax Receivable                         (1,451,868)
  Other                                                (275,805)                 -
                                                   ---------------      ---------------
            Net cash used in investing activities   (18,662,146)            (169,493)
Cash flows from financing activities:
  Net cash used in financing activities                (615,937)          (1,094,756)
                                                   ---------------      ---------------
Net decrease in cash and cash equivalents           (24,041,355)         (17,143,487)
Cash and cash equivalents beginning of period        57,033,193           25,949,771
                                                   ---------------      ---------------
End of period                                      $ 32,991,838        $   8,806,284
                                                   ===============      ===============

Supplemental non-cash transactions:
  Capitalization of depreciation expense
            related to San Cristobal assets        $    137,418        $         -                                        

<FN>                                        
  The accompanying notes form an integral part of these consolidated financial
   statements.
</FN>
</TABLE>

<PAGE>

                            APEX SILVER MINES LIMITED
                      (Successor to Apex Silver Mines LDC)
                                        
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                      (Expressed in United States dollars)
                                        
1.    Basis of Preparation of Financial Statements

     These  unaudited interim consolidated financial statements of  Apex  Silver
Mines  Limited  (the  "Company")  and its subsidiaries  have  been  prepared  in
accordance  with  the  rules  and regulations of  the  Securities  and  Exchange
Commission.   Such  rules  and  regulations  allow  the  omission   of   certain
information  and footnote disclosures normally included in financial  statements
prepared  in accordance with GAAP (as  defined below) so long as such  omissions
do not render the financial statements misleading.

      In  the  opinion  of  management, these financial statements  reflect  all
adjustments  that  are necessary for a fair statement of  the  results  for  the
periods  presented.  All adjustments were of a normal recurring  nature.   These
interim  financial  statements should be read in  conjunction  with  the  annual
financial statements of the Company included in its 1997 Annual Report on Form
10-K.

2.   Summary of Significant Accounting Policies

   Effective  January  1,  1998,  the Company  adopted  Statement  of  Financial
Accounting  Standards  ("SFAS") No. 130, Reporting Comprehensive  Income.   This
Statement  establishes  standards for reporting  and  display  of  comprehensive
income and its components.  The effect of adopting SFAS No. 130 was not material
for any of the periods presented.

3.   Value Added Tax Recoverable

  The Company has recorded all value added tax (''VAT'') paid by ASC Bolivia LDC
("ASC Bolivia"), ASC Peru LDC ("ASC Peru") and Minera de Cordilleras, S. de R.L.
de  C.V.  ("Cordilleras Mexico") as recoverable assets.  The  VAT  paid  by  ASC
Bolivia  is  expected to be recovered through the sale of mine production.   The
VAT  paid  by  ASC  Peru is expected to be recovered through the  sale  of  mine
production and or the sale of mineral properties. As of September 30, 1998,  the
VAT   recorded  by  ASC  Bolivia  and  ASC  Peru  is  $2,460,077  and   $187,985
respectively.    The  VAT  paid  by  Cordilleras  Mexico  is  recoverable   upon
application to local authorities.  As of September 30, 1998, the VAT recorded by
Cordilleras  Mexico is $154,810, which represents the net balance after  refunds
received during 1998 in the amount of $68,946.

4.   Plant, Buildings and Equipment

  The components of plant, buildings and equipment were as follows:

                         September 30,   December 31,
                              1998           1997      
                         --------------  -------------                
                          (Unaudited)        
  Buildings...........   $   929,096     $  410,639
  Mining equipment....       754,799        728,313
  Other furniture and                              
   equipment..........       794,384        104,529
                         --------------  -------------
                           2,541,279      1,243,481
  Less: Accumulated                                
   depreciation.......      (325,782)       (93,639)
                         --------------  -------------
                         $ 2,215,497     $1,149,842
                         ==============  =============

<PAGE>
                           

Item 2:    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
      RESULTS OF OPERATIONS

GENERAL

   The following discussion and analysis summarizes the results of operations of
Apex  Silver Mines Limited (the "Company") for the three months ended  September
30,  1998 and 1997 and for the nine months ended September 30, 1998 and 1997 and
changes  in  its  financial condition from December 31, 1997.   This  discussion
should  be  read  in conjunction with the Management's Discussion  and  Analysis
included in the Company's 1997 Annual Report on Form 10-K.

   The  Company  is a mining exploration and development company  that  holds  a
portfolio  of  silver exploration and development properties in  South  America,
Central  America  and Central Asia. None of these properties are  in  production
and,  consequently, the Company has no current operating income  or  cash  flow.
The  sole  source of income for the Company since inception is interest  income.
The  Company's  policy  is  to invest all excess cash  in  liquid,  high  credit
quality, short-term financial instruments.

    Mineral  exploration  expenditures are expensed as  incurred  prior  to  the
determination  of  the  feasibility  of mining  operations.  Once  it  has  been
determined  that  a  mineral property has proven and probable  ore  reserves  as
defined   by   the  Securities  and  Exchange  Commission  ("SEC"),   subsequent
development and exploration expenses are capitalized. Through December 31, 1997,
all  acquisition  and exploration costs have been expensed as  incurred,  except
those  pertaining to the San Cristobal Project.  Since September  1,  1997,  the
Company  has capitalized exploration and development costs associated  with  the
San Cristobal Project and will continue to do so in the future.

   Apex  Silver  Mines  Corporation  ("Apex Corporation"),  the  Company's  U.S.
management services company, is subject to U.S. federal, state and local  income
taxes.   Other  than the management services company, the Company does  not  pay
income  tax  in the U.S.  The Company is incorporated in the Cayman Islands  and
does  not  conduct  any business that currently generates U.S.  taxable  income.
There is currently no corporate taxation imposed by the Cayman Islands.  If  any
form  of taxation were to be enacted in the Cayman Islands, the Company has been
granted exemption until January 16, 2015.

Results of Operations - Three Months Ended September 30, 1998

   Interest  Income. Interest income for the third quarter of 1998  is  $488,812
compared  to  $131,774 for the third quarter of 1997. The increase  in  interest
income for the comparative periods was due to the additional cash raised in  the
1997 Initial Public Offering.

   Exploration.  Exploration expenses were $1,202,739 for the third  quarter  of
1998  compared  to  $2,167,115  for the third quarter  of  1997.  The  decreased
exploration expenses in 1998 compared to 1997 were due to the capitalization  of
exploration activity at the San Cristobal Project during 1998.

  Administrative.  Administrative expenses were $1,554,620 for the third quarter
of  1998, compared to $2,201,681 for the third quarter of 1997.  The decrease in
1998  compared to 1997 is primarily related to stock option compensation expense
associated with the granting of stock options to directors and officers in 1997.

<PAGE>

   Consulting.   Consulting fees were $885,976 for the  third  quarter  of  1998
compared to $802,532 for the third quarter of 1997.  The slight increase in 1998
compared  to 1997 is primarily related to the use of third party consultants  in
the development of financing strategies pertaining to the San Cristobal Project.

   Professional Fees.  Professional fees were $163,341 for the third quarter  of
1998  compared to a net credit of $549,272 for the third quarter of  1997.   The
third  quarter  credit to professional fees during 1997 was the  result  of  the
capitalization of previously expensed legal and accounting fees, in  the  amount
of  $682,355, related to the 1997 initial public offering.  The 1997 credit  was
partially offset by $133,083 of charges recorded to professional fees during the
period.

Results of Operations - Nine Months Ended September 30, 1998

  Interest Income.  Interest income for the nine months ended September 30, 1998
is $1,882,808 compared to $607,072 for the nine months ended September 30, 1997.
The  increase  in interest income for the comparative periods  was  due  to  the
additional cash raised in the 1997 Initial Public Offering.

   Exploration.  Exploration expenses were $3,539,127 for the nine months  ended
September  30, 1998, compared to $10,128,698 for the nine months ended September
30,  1997.   These  expenditures  were associated  primarily  with  projects  in
Bolivia,  Mexico and Peru.  The decreased exploration expenses in 1998  compared
to  1997  were  due  to the capitalization of exploration activity  at  the  San
Cristobal Project in 1998.

   Administrative.  Administrative expenses were $3,320,031 for the nine  months
ended  September  30,  1998, compared to $4,616,512 for the  nine  months  ended
September 30, 1997.  The decrease in 1998 compared to 1997 is primarily  related
to  stock  option  compensation expense associated with the  granting  of  stock
options to directors and officers in 1997.

   Consulting.   Consulting  fees were $1,711,608  for  the  nine  months  ended
September  30, 1998, compared to $1,862,201 for the nine months ended  September
30,  1997.  The decrease in 1998 compared to 1997 is primarily due to a decrease
in  expenses  associated  with  retaining third  party  consultants  to  prepare
technical studies on exploration stage properties.

  Professional Fees.   Professional fees were $621,990 for the nine months ended
September 30, 1998, compared to $226,591 for the nine months ended September 30,
1997.  The increase for 1998 compared to 1997 was primarily due to higher  legal
and  accounting  fees  related to SEC compliance and reporting  and  shareholder
relation activities.

Liquidity and Capital Resources

   As  of  September  30,  1998, the Company had cash and  cash  equivalents  of
$32,991,838 compared to $57,033,193 at December 31, 1997. The decrease  was  due
primarily  to costs incurred on the San Cristobal Project and other  exploration
activities.

   The Company is subject to a series of obligations with respect to its mineral
properties;  the failure to meet any of these commitments could  result  in  the
loss or forfeiture of one or more of the Company's properties. These obligations
consist  of  government mineral patent fees and commissions,  work  commitments,
lease  payments and advance royalties.  In addition, a number of  the  Company's
property  interests  derive  from contractual purchase  options.   In  order  to
acquire such properties, the Company will be obliged to make certain payments to
the  registered  concession  holders  and  others  who  have  interests  in  the
properties.

<PAGE>

Recent Developments

        The Company is currently conducting a bankable feasibility study on  its
San Cristobal Project, which it expects to complete in mid-1999.  Based on drill
results through the end of September 1998, the Company announced on October  28,
1998, that the proven and probable reserves have more than doubled from the 1997
first phase feasibility study.

        Proven  and  probable  reserves now total 259.5 million  tonnes  of  ore
grading  1.96  ounces per tonne of silver, 1.57 percent zinc  and  0.55  percent
lead.  Assumptions used to develop these reserves include market prices of $5.00
per  ounce silver, $0.47 per pound of zinc and $0.25 per pound of lead.  Updated
reserves  now contain 509 million ounces of silver, 4.1 million tonnes  of  zinc
and 1.4 million tonnes of lead.

  1998  drilling also resulted in a modest increase in the strip ratio(tonnes of
waste per tonne of ore) to 1.90:1 versus a first  phase feasibility strip  ratio
of  1.66:1.  In addition, the 1998 drilling has extended the mine life  to  24.0
years  using  a throughput rate of 30,000 tonnes per day, compared  to  a  first
phase  feasibility  mine life of 11.5 years at the same  throughput  rate.   The
increased  grade  of  the  new  reserves will also  result  in  increased  metal
production at the same throughput rate.

Other Matters

        In April 1998, the Company retired $900,000 of long-term debt for a cash
payment of $300,000.  This debt was originally supposed to be paid through a  5%
net  smelter  return  royalty  in the first year of  production.   The  $600,000
difference  was  treated as a reduction of mining properties  on  the  Company's
balance sheet.

In  August  1998, the Company purchased Silver Holdings LDC's (Silver Holdings")
24  percent  minority  interest  in Apex Silver  Mines  LDC  ("Apex  LDC"),  the
Company's  primary  operating subsidiary.  The Company  purchased  the  minority
interest with 6,297,321 of its ordinary shares in accordance with the terms of a
1996  buy-sell agreement amongst the Company and minority shareholders  in  Apex
LDC.   With completion of the purchase, the Company now owns 100 percent of Apex
LDC.    As  Silver  Holdings' ownership in Apex LDC converted on  a  one-for-one
basis  to  the Company's ordinary shares, this transaction does not  effect  the
beneficial  or  economic  interest in Apex LDC  attributable  to  the  Company's
shareholders.

Year 2000 Date Conversion

      The  inability of certain computer programs to interpret "00" as the  year
2000  does  not  appear to be a significant problem  for  the  Company.   As  of
September  30,  1998,  the  Company does not maintain a  mainframe  computer  or
central  database, and the accounting system is supported by personal  computers
and   their   related  software.   Although  the  software  may  require   minor
adjustments,  the costs would be immaterial.  To further mitigate  the  risk  of
data loss or corruption, the Company performs regular tape backups of all files,
stays in contact with software manufacturers regarding updates to their products
and keeps informed of the latest developments concerning year 2000 issues.

Forward-Looking Statements

           This filing contains forward-looking statements within the meaning of
Section  27A  of  the Securities Act and Section 21E of the Exchange  Act.   All
statements,  other than statements of historical facts, included in this  filing
which  address  activities,  events or developments that  the  Company  expects,
believes, intends or anticipates will or may occur in the future, including such
matters  as  future  investments  in  existing  development  projects  and   the
acquisition of new mineral properties (including the amount and nature thereof),
business  strategies  and  the  future need for additional  funds  from  outside
sources,   are  forward-looking  statements.   Forward-looking  statements   are
inherently subject to risks and uncertainties, many of which cannot be predicted
with  accuracy, and some of which might not even be anticipated.  Future  events
and  actual results, financial and otherwise, could differ materially from those
set forth in or contemplated by the forward-looking statements therein.

<PAGE>

Item 3.   Quantitative and Qualitative Disclosures About Market Risk and Hedging
Activities

           Currently,  the Company's major principal cash balances are  held  in
U.S.  dollars.   Subsidiary  cash balances in foreign  currencies  are  held  to
minimum  balances  and  therefore have a minimum risk to currency  fluctuations.
There  are currently no hedge positions against foreign currencies.  The Company
to date has not hedged commodity and base metals price risks.  However, in order
to  complete  the  financing necessary to develop its  mineral  properties,  the
Company  anticipates  that  it will be required to hedge  some  portion  of  its
planned  production  in  advance.   In addition, as its mineral  properties  are
brought  into  production  and the Company begins to  derive  revenue  from  the
production, sale and exchange of metals, the Company may utilize various  price-
hedging  techniques  to lock in forward delivery prices  on  a  portion  of  its
production.  Such price-hedging techniques would be balanced to mitigate some of
the  risks associated with fluctuations in the prices of the metals the  Company
produces  while  allowing the Company to take advantage of rising  metal  prices
should  they occur.  The Company may also engage in hedging activities to  hedge
the  risk of exposure to currency fluctuations as a result of its operations  in
several  foreign countries.  There can be no assurance that the use  of  hedging
techniques will always benefit the Company.

                           PART II: OTHER INFORMATION

Item 1.   Legal Proceedings

     During the period covered by this report, there were no legal proceedings
     instituted that are reportable.

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.   (a) Reports on Form 8-K

     None.

     (b) Exhibits

     3.1  Amended and restated Memorandum of Association of the Registrant.*
     3.2  Amended and restated Articles of Association of the Registrant.*
     27   Financial Data Schedule.

     *Incorporated by reference to the Company's Annual Report on Form 10-K
     filed for the year ended December 31, 1997 (File No. 1-13627).

<PAGE>

                                   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.






                         APEX SILVER MINES LIMITED
                         (Registrant)



Date: November 12, 1998      By:  /s/  Thomas S. Kaplan
                                Thomas S. Kaplan
                                Chairman, Board of Directors


<TABLE> <S> <C>

<ARTICLE> 5
<MULTIPLIER>   1,000
       
<S>                                     <C>       
<PERIOD-TYPE>                           9-MOS
<FISCAL-YEAR-END>                       Dec-31-1998
<PERIOD-START>                          Jan-01-1998
<PERIOD-END>                            Sep-30-1998                     
<CASH>                                        32992
<SECURITIES>                                      0
<RECEIVABLES>                                     0
<ALLOWANCES>                                      0
<INVENTORY>                                       0
<CURRENT-ASSETS>                              33572
<PP&E>                                        29510
<DEPRECIATION>                                  326
<TOTAL-ASSETS>                                65906
<CURRENT-LIABILITIES>                          2109
<BONDS>                                           0 
<COMMON>                                        262
                             0
                                       0
<OTHER-SE>                                    61605
<TOTAL-LIABILITY-AND-EQUITY>                  65906
<SALES>                                           0
<TOTAL-REVENUES>                               1883
<CGS>                                             0
<TOTAL-COSTS>                                     0  
<OTHER-EXPENSES>                               9320
<LOSS-PROVISION>                                  0
<INTEREST-EXPENSE>                                0
<INCOME-PRETAX>                                   0
<INCOME-TAX>                                      0
<INCOME-CONTINUING>                               0
<DISCONTINUED>                                    0
<EXTRAORDINARY>                                   0
<CHANGES>                                         0
<NET-INCOME>                                 (7437)
<EPS-PRIMARY>                                 (.28)
<EPS-DILUTED>                                 (.28)
        

</TABLE>


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