U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
x Quarterly report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 2000.
Transition report under Section 13 or 15(d) of the
Exchange Act
For the transition period from to
Commission File Number 1-1761
CHIEF CONSOLIDATED MINING COMPANY
(Exact name of Small Business Issuer as Specified in Its
Charter)
Arizona 87-0122295
(State or other jurisdiction of incorporation or
organization)(I.R.S. Employer ID. No.)
500 Fifth Avenue, Suite 1021, New York, NY 10110-1099
(Address of Principal Executive Offices)
212-354-4044
(Issuer's Telephone Number, Including Area Code)
Check whether the issuer (1) filed all reports required to
be filed by Section 13 or 15 (d) of the Securities and
Exchange Act during the past 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
Class Outstanding at August 1, 2000
Common Stock $0.50 par value 8,024,601
Redeemable Convertible Common Stock $0.50 par value
3,500,000
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2000
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $3,201,466
Other current assets 57,975
Total current assets 3,259,441
INVESTMENT IN CENTRAL STANDARD
CONSOLIDATED MINES 78,954
ADVANCES TO CENTRAL STANDARD
CONSOLIDATED MINES 30,650
MINING CLAIMS AND PROPERTIES, less accumulated
depletion of $1,215,692 8,456,009
MACHINERY AND EQUIPMENT, less accumulated
depreciation of $153,600 2,816,084
OTHER ASSETS 173,849
Total assets $14,814,987
The accompanying notes to condensed consolidated financial
statements are an integral part of this condensed
consolidated balance sheet.
CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET (Continued)
AS OF JUNE 30, 2000
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $64,578
Accrued liabilities 36,366
Total current liabilities 100,944
ACCRUED RECLAMATION COSTS 389,800
MINORITY INTEREST 2,502,361
REDEEMABLE CONVERTIBLE COMMON STOCK,
3,500,000 shares issued and outstanding 3,104,059
SHAREHOLDERS' EQUITY:
Preferred stock, $0.50 par value; 1,500,000
shares
authorized, 11,168 shares outstanding with 5,584
a liquidation value of $5,584
Common stock, $0.50 par value; 20,000,000
shares authorized, 8,024,601 shares
outstanding, 16,441 shares held in treasury 4,012,301
with a zero cost
Additional paid-in capital 15,007,199
Stock purchase rights 3,321,747
Deferred compensation (6,450)
Notes receivable from shareholders (61,870)
Accumulated deficit (13,560,688
Total shareholders' equity 8,717,823
Total liabilities and shareholders' equity$14,814,987
The accompanying notes to condensed consolidated financial
statements are an integral part of this condensed
consolidated balance sheet.
CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999
REVENUE:
Interest $ 61,096 $ 6,497 $ 127,759 $ 12,555
Land sales and 16,146 10,800 22,663 12,356
other
Total revenues 77,242 17,297 150,422 24,911
EXPENSES:
General and 218,806 272,973 618,743 492,143
administrative
Mining properties
operating
and exploration costs 495,663 71,603 745,186 291,060
Taxes other than income 16,996 17,819 78,626 40,015
taxes
Total Expenses 731,465 362,395 1,452,555 823,218
NET LOSS (654,223) (345,098) (1,302,133) (798,307)
REDEEMABLE CONVERTIBLE
COMMON STOCK DIVIDENDS:
Eight percent stock (183,750) -- (367,500) --
dividend
Accretion to redemption(324,662) -- (649,324) --
value
NET LOSS APPLICABLE TO
COMMON SHAREHOLDERS $(1,162,635) (345,098) (2,318,957) (798,307)
NET LOSS PER COMMON SHARE
(Basic and $[0.14] $[0.05] $[0.29] $ [0.11]
Diluted)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING
(Basic & Diluted) 8,024,601 7,529,854 8,024,601 7,420,547
The accompanying notes to condensed consolidated financial
statements are an integral part of this condensed
consolidated balance sheet.
CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Increase (Decrease) in Cash
For the Six Months Ended
June 30, 2000 June 30, 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (1,302,133) $ (798,307)
Adjustments to reconcile net loss to
net cash
used in operating activities:
Depreciation 9,000 9,635
Amortization of deferred compensation 6,450 6,450
Changes in operating assets and
liabilities:
Increase in accounts receivable - (2,700)
Increase in other assets (67,752) (5,746)
Decrease in accounts
payable and accrued liabilities (451,205) (69,248)
Net cash used in operating activities (1,805,640) (859,916)
CASH FLOWS FROM INVESTING ACTIVITIES:
Mining property development costs
and purchase of machinery and equipment(1,911,728) (121,452)
Advances to affiliates - (3,000)
Payments received on notes receivable
from shareholders 17,600 -
Net cash used in investing activities (1,894,128) (124,452)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from sale of common stock - 1,471,750
Net cash provided by financing - 1,471,750
activities
NET DECREASE IN CASH AND CASH
EQUIVALENTS (3,699,768) 487,382
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 6,901,234 835,453
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $3,201,466 $1,322,835
The accompanying notes to condensed consolidated financial
statements are an integral part of this condensed
consolidated balance sheet.
CHIEF CONSOLIDATED MINING COMPANY
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The accompanying condensed consolidated financial statements
have been prepared by registrant, without audit, pursuant to
the rules and regulations of the Securities and Exchange
Commission. Certain information and 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, although
registrant believes the following disclosures are adequate
to make the information presented not misleading. In the
opinion of management, all adjustments (consisting only of
normal recurring adjustments) considered necessary for a
fair presentation have been included. Results of operations
for interim periods are not necessarily indicative of
results for a full year. These condensed consolidated
financial statements and notes thereto should be read in
conjunction with registrant's consolidated financial
statements and notes thereto, included in registrant's Form
10-KSB for the year ended December 31, 1999 and in
registrant's Form 10-QSB for the quarter ended March 31,
2000.
Tintic Joint Venture
Tintic Utah Metals LLC ("Tintic") was formed on July 17,
1996. Registrant owns a 75% vested interest in Tintic and
Korea Zinc Co. Ltd. ("Korea Zinc") owns the remaining 25%.
Registrant contributed $3,975,873 of its mining claims and
properties and machinery and equipment for its interest in
Tintic. Registrant's contribution was made at the
historical bases of the related mining properties and
machinery and equipment for financial reporting purposes.
No gain recognition or step-up in basis was recorded in the
accompanying consolidated financial statements as a result
of the transaction.
In October 1998, an amendment to the operating agreement was
signed which granted to registrant an option to purchase
Korea Zinc's 25 percent ownership for $2,000,000. The
option, which was to expire on October 15, 1999, was
extended to December 31, 2000. During the option period,
Korea Zinc is not required to make any advances to Tintic or
to repay to registrant 25 percent of the advances made by
registrant to Tintic.
Central Standard Consolidated Mines
Registrant owns approximately 23 percent of the outstanding
capital stock of Central Standard Consolidated Mines.
Central Standard's mining properties consist of 320 acres
located in the East Tintic Mining District contiguous to
Tintic's property.
Registrant's Application for Appropriation of Burgin Mine
Water
Registrant and Tintic are awaiting a decision of the Utah
State Engineer on registrant's application for the
appropriation of Burgin Mine water that was filed on
February 15, 2000. See registrant's Form 10-KSB for the
year ended December 31, 1999-"Item 1. Description of
Business.-Registrant's Application for Appropriation of
Burgin Mine Water." and "Item 2. Management's Discussion
and Analysis or Plan of Operation. (a) PLAN OF OPERATION. -
Burgin Mine." for information concerning the application.
Public notice of the application has been given and a public
hearing on the application is scheduled for September 14,
2000. A decision by the Utah State Engineer is expected to
be issued by the end of November 2000.
Redeemable Convertible Common Stock Dividends
The redeemable convertible common stock carries a dividend
rate of 8 percent which is payable in non-redeemable
convertible common stock of the Company (based on the number
of issued redeemable convertible common shares). The
dividend shares are to be issued on an annual basis. As of
June 30, 2000, the Company has estimated the value of the
stock dividend based upon the dividend shares to be issued
(140,000 shares) and the market price of its common stock at
that date ($3.50 per share). The estimated value of the
dividend has been added to the net loss in the accompanying
statement of operations for the three and six months ended
June 30, 2000 in order to arrive at net loss attributable to
common shareholders. However, as the ultimate payment of
the dividends will not result in any change in total
shareholders' equity and the dividend shares have not been
issued, no adjustment has been made to the accompanying
balance sheet. The Company will reflect the dividend shares
on its balance sheet when the shares are actually issued at
the end of 2000.
Item 2. Management's Discussion and Analysis or Plan of
Operation.
PLAN OF OPERATION
Registrant hereby incorporates by reference the following
portions of: Registrant's Annual Report dated March 29, 2000
on Form 10-KSB for the fiscal year ended December 31, 1999:
"Item 6. Management's Discussion and Analysis or Plan of
Operation - (a) PLAN OF OPERATION"; "Item 1. Description of
Business." and "Item 2. Description of Property." and
registrant's Form 10-QSB for the quarter ended March 31,
2000: "Item 2. Management's Discussion and Analysis or Plan
of Operation - PLAN OF OPERATION-Recent Development at
Trixie Mine."
RESULTS OF OPERATION
Registrant had no revenues from mining operations during the
year 1999 or during the first six months of 2000.
Registrant's consolidated revenues of $150,422 for the first
six months of 2000 consisted of $22,663 from miscellaneous
sources and $127,759 of interest. Registrant's
consolidated revenues of $24,911 for the first six months of
1999 consisted of $12,356 from miscellaneous sources and
$12,555 of interest.
Registrant's consolidated net loss for the six months ended
June 30, 2000 was $1,302,133 as compared to Registrant's
consolidated net loss for the six months ended June 30, 1999
of $798,307. Registrant's consolidated net loss for the
three months ended June 30, 2000 was $654,223, as compared
to registrant's consolidated net loss for the six months
ended June 30, 1999 of $345,098. The increases in the
losses of $ 503,826 and $309,125, respectively, resulted
primarily from an increase in the cost associated with the
exploration and development of registrant's Trixie Mine and
registrant's inclusion of the entire amount of the loss of
$366,112 sustained by Tintic Utah Metals LLC ("Tintic Utah
Metals"), and by an increase in general and administrative
expenses. Registrant's full allocation of the $366,112 loss
sustained by Tintic Utah Metals for the six months ended
June 30, 2000 and the $208,206 loss for the three months
ended June 30, 2000 was in accordance with the Operating
Agreement, due to certain advances made by registrant to
Tintic Utah Metals during those six and three month periods.
In addition, the increase in net loss to common shareholders
for the six and three month periods in 2000 as compared to
the six and three month periods in 1999 resulted from the
provision for the 8% dividend on registrant's convertible
common stock and accretion of the redeemable convertible
common stock towards its redemption value.
General and administrative expenses for the six month period
ended June 30, 2000 compared to the six month period ended
June 30, 1999 increased in the amount of $126,600. This
increase resulted primarily from increased general
administrative costs relating to increases in administrative
salaries, liability insurance expenses and increased
administrative costs of Tintic Utah Metals LLC. General
administrative expenses for the three month period ended
June 30, 2000 compared to the three month period ended June
30, 1999 decreased in the amount of $54,167. This decrease
resulted primarily from the allocation of resources during
the three months ended June 30, 2000 towards mining
properties operating and exploration costs.
Mining property operating and exploration costs for the six
and three month periods ended June 30, 2000 compared to the
six and three month periods ended June 30, 1999 increased in
the amounts of $ 454,126 and $424,060, respectively.
These increases resulted primarily from increased
exploration, development and operating costs at the
Company's Trixie Mine in Utah during both periods.
Taxes other than income taxes for the six month period ended
June 30, 2000 as compared to the six month period ended June
30, 1999 increased in the amounts of $38,611. This increase
resulted primarily from an increase in payroll taxes
associated with increases in mining and mill labor costs and
administrative salaries.
CASH NEEDS OF REGISTRANT
During the six month period ended June 30, 2000, registrant,
in addition to its corporate overhead, paid out $2,980,300
in connection with the ongoing projects at the Tintic
properties, the Trixie Mine and registrant's other
properties. Of the $2,980,300 paid out during the six month
period ended June 30, 2000, $2,349,866 consisted of
advances to Tintic and $603,469 was for exploration,
development and operating expenses, primarily at the Trixie
Mine. Advances to Tintic will be reimbursed by Tintic to
registrant when and if Tintic has available funds. During
the remaining six months of 2000, registrant anticipates
that approximately $1,750,000 will be spent in connection
with these ongoing projects. Registrant will also expend
cash for its corporate overhead. Based upon the
approximate $2,566,000 in cash and equivalents on hand at
August 1, 2000, registrant expects to have sufficient cash
to meet its cash needs over the remaining six month period
ending December 31, 2000.
DRILLING PROGRAMS AND RECENT DEVELOPMENT AT THE TRIXIE MINE
The Trixie Mine is located on the property of Chief's 100%
owned subsidiary, Chief Gold Mines, Inc. in the East Tintic
District of Utah. A surface drilling program at the Trixie
Mine was initiated in April 2000, and when completed in July
2000, approximately 20 surface drillholes over extended
areas of Trixie Mine property were drilled. One of the
purposes of the surface exploration program was to locate
and develop the geologically projected extensions of the
significant gold and silver grades contained in the "75-85"
orebody previously mined by Kennecott when Kennecott was
leasee of the Trixie Mine.
In July 2000, two independent assay laboratories confirmed
registrant's own laboratory assay results covering a 35-foot
gold and silver intercept contained in a surface drillhole
located on registrant's Trixie Mine property. The
independent laboratories confirmed that the 35-foot
intercept located at a depth of between 655 and 690 feet,
contained an average of 6.7 ounces of gold and 9.6 ounces of
silver per ton, with grades through the 35-foot mineralized
area running between 2.1 and 17.1 ounces of gold and between
2.9 and 11.3 ounces of silver per ton. An additional 50-foot
section, between 690 and 740 feet in depth was confirmed to
contain an average of 1.0 ounce of gold and 1.8 ounces of
silver per ton.
See registrant's Form 10-QSB for the quarter ended March 31,
2000: "Item 2. Management's Discussion and Analysis or Plan
of Operation-PLAN OF OPERATION. Recent Developments at
Trixie Mine." for information concerning gold and silver
grades contained in a 30-foot mineralized zone, discovered
in an initial drillhole at a depth of between 630 and 660
feet.
The results of the above referred to two drillholes,
together with mineralization contained in five additional
surface drill holes penetrating the zone, have confirmed the
presence of an indicated gold and silver orebody. Utilizing
required grading procedures standard in the mining industry
for valuing purposes, all gold assay intervals of an
indicated orebody grading in excess of one ounce per ton
were reduced to one ounce per ton. Incorporating these
grading reductions, the orebody discovered to date contains
approximately 70,546 tons of indicated ore at an average
grade of three-quarters of an ounce of gold and five ounces
of silver per ton. The contained gold and silver in this
initial indicated tonnage estimate equates to 52,808 ounces
of gold and 351,539 ounces of silver.
The Trixie Mine's fully operational production shaft is
located approximately 1200 feet from the new ore body. It is
anticipated that work to drift into the discovery zone and
to prepare it for mining will be completed by the end of
2000 or early next year with mining operations projected to
begin during the first quarter of 2001. All necessary mining
permits for the Trixie Mine have been obtained.
Ore mined from the Trixie Mine will be processed in the
newly rehabilitated gold and silver concentrating mill
located on the adjacent property of Tintic Utah Metals LLC,
Chief's 75% owned subsidiary. The concentrating mill went
into operation in June 2000 when it began test operations
utilizing surface dump material containing lower grade gold
and silver values previously mined from the Trixie Mine.
The test operations were successfully completed in August
2000.
PART II. OTHER INFORMATION
Item 5. Other Information.
Dump Lease and Environmental Matters:
Registrant entered into a lease agreement dated May 30, 2000
with Remedial Metals Recovery Inc.("Remedial"), under which
Remedial will remove any lead and other metals that might be
contained in several 50 year old mining dumps located
outside of the Town of Eureka, Utah containing solid rock
waste from previous mining operations.
In August 2000, it was reported in several Utah newspapers
that preliminary testing by Utah environmental authorities
found elevated levels of lead in the Town of Eureka;
however, registrant believes that any potential
environmental problems in Eureka are not associated with
registrant's properties. The composition of the dump
material and of all lead mined in the Eureka area in the
past was primarily galena. Galena is a stable sulfide and
scientific tests have concluded that sulfide galena is non-
biodegradable.
The Town of Eureka is located in Juab County approximately
five miles from registrant's Trixie Mine and Burgin Mine
which are located in Utah County.
Item 6. Exhibits And Reports On Form 8-K
(a) Description of Exhibits required to be filed
by Item 601 of Regulation S-B.
(The numbers shown below next to each exhibit are
keyed to Exhibit Table of Item 601 of Regulation
S-B.)
"(2)" Not applicable.
"(3)" Articles of Incorporation and By-Laws:
Registrant hereby incorporates by reference (i)
registrant's Restated Articles of Incorporation that
was annexed as Exhibit A to registrant's Proxy
Statement For The Special Meeting In Lieu Of Annual
Meeting Of Shareholders held December 29, 1999
(Restated Articles approved at meeting); and (ii)
registrant's By-Laws previously filed with the
Securities and Exchange Commission.
"(4)" Not applicable.
"(10)" Material Contracts.
A. Operating Agreement of Tintic Utah
Metals LLC dated as of July 17, 1996 by and among
registrant, Akiko Resources (Utah) Inc. and K Z
Utah, Inc., a copy of which was filed with the
Securities and Exchange Commission by registrant
as a part of its 1996 Form 10-KSB report.
B. First Amendment to Operating Agreement
dated as of March 11, 1997 by and among
registrant, Akiko Resources (Utah) Inc. and KZ
Utah, Inc., a copy of which was filed with the
Securities and Exchange Commission by registrant
as a part of its 1997 Form 10-KSB report.
C. Second Amendment to Operating Agreement
dated as of November 10, 1997 by and between
registrant and KZ Utah, Inc., a copy of which was
filed with the Securities and Exchange Commission
by registrant as a part of its 1997 Form 10-KSB
report.
D. Third Amendment to Operating Agreement
dated as of October 1, 1998 by and between
registrant and KZ Utah, Inc., a copy of which was
filed with the Securities and Exchange Commission
by registrant as part of its 1998 Form 10-KSB
report.
E. Fourth Amendment to Operating Agreement
dated as of September 9, 1999 by and between
registrant and KZ Utah, Inc., a copy of which was
filed by registrant with the Securities and
Exchange Commission by registrant as part of its
1999 Form 10-KSB report.
F. Articles of Organization of Tintic Utah Metals LLC,
copy of which was filed with the Securities and Exchange
Commission by registrant as a part of its 1996 Form 10-KSB
Report.
G. Stock Purchase Agreement ("Stock Purchase Agreement")
dated as of November 19, 1999 between registrant and
Dimeling, Schreiber & Park, a copy of which was filed with
the Securities and Exchange Commission by registrant as part
of its Form 8-K report filed on December 1, 1999.
H. Registration Rights Agreement dated as of November 19,
1999 between registrant and Dimeling, Schreiber & Park,
constituting Exhibit A to the Stock Purchase Agreement, a
copy of which was filed with the Securities and Exchange
Commission by registrant as part of its Form 8-K report
filed on December 1, 1999.
I. Form of Warrant issued to Dimeling,
Schreiber & Park by registrant dated as of
November 19, 1999, constituting Exhibit B to the
Stock Purchase Agreement, a copy of which was
filed with the Securities and Exchange Commission
by registrant as part of its Form 8-K report filed
on December 1, 1999.
"(11)" Not applicable.
"(15)" Not applicable.
"(18)" Not applicable.
"(19)" Not applicable.
"(22)" Not applicable.
"(23)" Not applicable.
"(24)" Not applicable.
"(27)" Financial Data Schedule, filed with
this report and marked as Exhibit "A".
"(99)" Not applicable.
Safe Harbor Statement under the Private Securities Reform
Act of 1995:
This Form 10-QSB report contains and incorporates by
reference statements which are not historical facts, such as
anticipated production, exploration and drilling results and
costs and therefore are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act
of 1995, and involve a number of risks and uncertainties
that could cause actual results to differ materially from
those projected, anticipated, expected or implied. These
risks and uncertainties include, but are not limited to, the
following: registrant's cash is not sufficient to complete
the intended work and projects or to keep the Concentrator
in full operation before production begins; even if the
amount of cash available is sufficient to complete the work
and projects, registrant is unable to initiate profitable
mining activities at the Trixie Mine and/or mining from the
Homansville area is not commercially feasible; registrant's
application for appropriation of water from the Burgin Mine
is rejected by the Utah State Engineer, necessitating
registrant to seek alternative methods for dewatering the of
the Burgin Mine; even if the water appropriation application
is approved, if a water treatment facility is not built or
if built, mining from the Burgin Mine is not commercially
feasible; registrant is unable to obtain long term financing
to fund the Burgin mining project if registrant's
application for appropriation of water from the Burgin Mine
is approved; recent drilling results at the Trixie Mine do
not result in an orebody that is commercially feasible to
mine; Dimeling, Schreiber & Park does not exercise its right
to purchase the additional 5,000,000 shares of convertible
common stock by December 31, 2002 and, as a result,
registrant is unable to continue any mining operations and
development work at the Trixie Mine or continue to seek
development of the Burgin Mine and the Homansville area;
registrant is unable to sell any of its real estate for
residential or commercial use. Refer to registrant's Form
10-QSB for the quarter ended March 31, 2000; Form 10-KSB for
the year ended December 31, 1999; and its Proxy Statement
dated November 30, 1999 for the Special Meeting In Lieu of
Annual Meeting of Shareholders of registrant held December
29, 1999 filed with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
CHIEF CONSOLIDATED MINING COMPANY
(Registrant)
August 14, 2000 /s/LEONARD WEITZ
(Signature and Title)
Leonard Weitz
President, Chairman of the Board of
Directors, and
Principal Executive Officer
August 14, 2000 /s/EDWARD R. SCHWARTZ
(Signature and Title)
Edward R. Schwartz
Secretary Treasurer,
Principal Financial Officer and
Principal Accounting Officer
EXHIBIT A
Chief Consolidated Mining Company
Financial Data Schedule
June 30, 2000
June 30, 2000
5-02 (1) Cash and cash items 3,201,466
5-02 (2) Marketable securities -
5-02 (3) Notes and accounts -
(a) (1) receivable - trade
5-02 (4) Allowances for doubtful -
accounts
5-02 (6) Inventory -
5-02 (9) Total current assets 3,259,441
5-02 (13) Property, plant and 11,272,093
equipment
5-02 Accumulated depreciation 1,369,292
(14)
5-02 (18) Total assets 14,814,987
5-02 (21) Total current liabilities 100,944
5-02 (22) Bonds, mortgages and -
similar debt
5-02 (28) Preferred stock -
mandatory redemption -
5-02 (29) Preferred stock - no
mandatory redemption 5,584
5-02 (30) Common stock 4,012,301
5-02 (31) Other stockholders' equity 4,699,938
5-02 (32) Total liabilities and 14,814,987
stockholders' equity
Six Months
Ended
June 30, 2000
5-03 (b) 1 Net sales of tangible -
(a) products
5-03 (b) 1 Total revenues 150,422
5-03 (b) 2 Cost of tangible goods -
(a) sold
5-03 (b) 2 Total costs and expenses
applicable to sales and
revenues
5-03 (b) 3 Other costs and expenses 1,452,555
5-03 (b) 5 Provision for doubtful -
accounts and notes
5-03 (b) Interest and amortization -
(8) of debt discount
5-03 (b) Income before taxes and (1,302,133)
(10) other items
5-03 (b) Income tax expense -
(11)
5-03 (b) Income/loss continuing (1,302,133)
(14) operations
5-03 (b) Discontinued operations -
(15)
5-03 (b) Extraordinary items -
(17)
5-03 (b) Cumulative effect-changes -
(18) in accounting principles
5-03 (b) Net income or loss (2,318,957)
(19)
5-03 (b) EPS - primary (0.29)
(20)
5-03 (b) EPS - fully diluted (0.29)
(20)
