SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED MARCH 31, 1996 COMMISSION FILE NUMBER 1-7149
PLANET RESOURCES, INC.
(FORMERLY KNOWN AS)
ALLIED SILVER-LEAD COMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
IDAHO 82-0277987
- - --------------------------------- -----------------------------
(STATE OF OTHER JURISDICTION (IRS EMPLOYER IDENTIFICATION
OF INCORPORATION OR ORGANIZATION) NUMBER)
1415 LOUISIANA, SUITE 3100, HOUSTON, TEXAS 77002
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)
(713) 658-1142
(REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE)
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL DOCUMENTS
AND 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
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.
CLASS OUTSTANDING AT MARCH 31, 1996
COMMON STOCK, $.001 PAR VALUE 1,605,147
FORM 10Q
PLANET RESOURCES, INC.
(FORMERLY KNOWN AS)
ALLIED SILVER-LEAD COMPANY
INDEX AND REPORT
_________________
PART I. FINANCIAL INFORMATION:
PLANET RESOURCES, INC. IS A MINING COMPANY IN THE DEVELOPMENT STAGE AND
IS NOT REQUIRED TO FILE PART I OF FORM 10Q (FINANCIAL INFORMATION) UNDER THE
TERMS OF RULE 13(A) - 13(B).
PART II. OTHER INFORMATION AND SIGNATURES:
PLEASE REFER TO AN INFORMATION STATEMENT PREVIOUSLY PROVIDED ON JANUARY
16, 1996, IN CONJUNCTION WITH OUR FILING OF FORM 8K, RELATING TO A
REINCORPORATION OF ALLIED SILVER-LEAD COMPANY, AN IDAHO CORPORATION (THE
"COMPANY"), IN DELAWARE THROUGH A MERGER OF THE COMPANY INTO PLANET RESOURCES,
INC., A NEWLY FORMED WHOLLY-OWNED DELAWARE SUBSIDIARY OF THE COMPANY
("PLANET") WITH PLANET SURVIVING THE MERGER. THE REINCORPORATION WAS
EFFECTIVE ON JANUARY 15, 1996 AND RESULTED IN (I) THE COMPANY'S NAME BEING
CHANGED TO PLANET RESOURCES, INC. (II) SHARES OF COMMON STOCK OF THE COMPANY
BEING CONVERTED INTO THE RIGHT TO RECEIVE ONE SHARE OF COMMON STOCK OF PLANET
FOR EACH FIVE SHARES OF COMMON STOCK OF THE COMPANY AS OF THE DATE OF
REINCORPORATION, (III) ELIMINATION OF THE RIGHT TO CUMULATIVE VOTING FOR THE
ELECTION OF DIRECTORS, (IV) THE PERSONS SERVING AS OFFICERS AND DIRECTORS OF
THE COMPANY CONTINUE TO SERVE IN THEIR RESPECTIVE CAPACITIES; AND (V) THE
ARTICLES OF INCORPORATION OF THE COMPANY CHANGED TO (A) REDUCE THE PAR VALUE
OF THE COMMON STOCK OF THE COMPANY FROM $.01 TO $.001, (B) REDUCE THE NUMBER
OF SHARES OF COMMON STOCK THE COMPANY IS AUTHORIZED TO ISSUE FROM 50,000,000
TO 10,000,000, AND (C) AUTHORIZING THE COMPANY TO ISSUE 1,000,000 PREFERRED
SHARES WITH A PAR VALUE OF $.001 PER SHARE.
_________________
SIGNATURES
PURSUANT TO THE REQUIREMENTS 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.
PLANET RESOURCES, INC.
(FORMERLY KNOWN AS)
ALLIED SILVER-LEAD COMPANY
DATE: MAY 15, 1996 BY
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A.W. DUGAN
CHIEF EXECUTIVE OFFICER
AND CHAIRMAN OF THE BOARD
