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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
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: 001-01428
METALINE MINING & LEASING COMPANY
(Exact name of registrant as specified in its charter)
State of Washington 91-06843860
______________________________________ ___________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
601 West Main Avenue, Suite 714
Spokane, Washington 99201-0677
__________________________________________ _______________
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) 509-455-9077
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the 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 at least the past 90
days. Yes (X) No ( )
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date. 14,555,668
Transitional Small Business Disclosure Format (check one): Yes ( ) No (X)
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DOCUMENT PAGE 1 OF 6
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
For the Quarterly Period Ended March 31, 1999
Item 1 Financial Information
METALINE MINING & LEASING COMPANY
FINANCIAL STATEMENTS
METALINE MINING & LEASING COMPANY
BALANCE SHEET
MARCH 31, 1998 (UNAUDITED)
<TABLE>
ASSETS
CURRENT ASSETS:
<S> <C>
Cash and cash equivalents:
Cash in bank $ 413,260
Temporary cash investments 635,220
--------------
Total current assets 1,048,480
INVESTMENTS 13,718
PARTNERSHIP PROPERTIES 3,911
--------------
$ 1,066,109
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Federal income tax payable 12,500
STOCKHOLDERS' EQUITY:
Common stock, 15,000,000 shares,
no par value, authorized;
14,555,668 shares issued and
outstanding 954,282
Accumulated other comprehensive income:
Unrealized loss, marketable securities (5,773)
Retained earnings 105,100
--------------
Total stockholders' equity 1,053,609
--------------
$ 1,066,109
==============
</TABLE>
See accompanying notes to financial statements
DOCUMENT PAGE 2 OF 6
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
For the Quarterly Period Ended March 31, 1999
METALINE MINING & LEASING COMPANY
STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
Three Months Ended Year to date ended
-------------------------- --------------------------
March 31, March 31, March 31, March 31,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCOME:
Dividend and interest income $ 11,559 $ 20 $ 11,559 $ 20
------------ ------------ ------------ ------------
EXPENSES:
Professional fees 1,660 2,665 1,660 2,665
Office expense 522 48 522 48
Taxes, licenses, and fees 400 46 400 46
------------ ------------ ------------ ------------
2,582 2,759 2,582 2,759
------------ ------------ ------------ ------------
NET INCOME (LOSS) $ 8,977 $ (2,739) $ 8,977 $ (2,739)
============ ============ ============ ============
BASIC INCOME PER SHARE
(based upon weighted
average shares outstanding) $ NIL $ NIL $ NIL $ NIL
============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements
DOCUMENT PAGE 3 OF 6
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
For the Quarterly Period Ended March 31, 1999
METALINE MINING & LEASING COMPANY
STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
Three Months Ended
March 31,
---------------------------------
1999 1998
---------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 8,977 $ (2,739)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in) operations:
Increase (decrease) in:
Accounts payable (306) (21,626)
---------------- --------------
Net cash provided by (used in)
operating activities 8,671 (24,365)
---------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposit received - 48,922
Purchase of Krugerrands and
silver rounds - (13,718)
---------------- --------------
Net cash provided by
investing activities - 35,204
---------------- --------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 8,671 10,839
CASH AND CASH EQUIVALENTS, BEGINNING
OF PERIOD 1,039,809 10,103
---------------- --------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,048,480 $ 20,942
================ ==============
</TABLE>
See accompanying notes to financial statements
DOCUMENT PAGE 4 OF 6
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
For the Quarterly Period Ended March 31, 1999
METALINE MINING & LEASING COMPANY
NOTES TO FINANCIAL STATEMENTS
NOTE - BASIS OF PRESENTATION:
The financial statements included herein have been prepared by Metaline Mining &
Leasing Company (the Company), without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission (the SEC). Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
omitted pursuant to such SEC rules and regulations. In the opinion of
management of the Company, the foregoing statements contain all adjustments
necessary to present fairly the financial position of the Company as of March
31, 1999, and its results of operations for the three month period ended March
31, 1999 and 1998, and its cash flows for the three month period ended March 31,
1999 and 1998. The interim results reflected in the foregoing financial
statements are not considered indicative of the results expected for the full
fiscal year.
Item 2. Management's Discussion and Analysis or Plan of Operation
The Registrant has no revenues from operations. It's only income has been
derived from interest.
The Registrant's plan of operation for the next twelve months will consist of
attempting to acquire an interest in a business opportunity. Due to the
Registrant's limited assets and its inability to raise additional financing due
to the lack of a market for its Common Stock, it is anticipated that any such
acquisition would be a "reverse take-over" accomplished through a merger or
share exchange. In such event, the Registrant's existing shareholders would
likely become minority shareholders in the surviving entity. The Registrant is
not currently evaluating any specific acquisition opportunities.
The Company does not currently have any employees and anticipates utilizing the
services of consultants to accomplish its plan of operation. The Company
currently has sufficient resources to meet its financial obligations for the
next twelve months.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports of Form 8-K
(b) Reports on Form 8-K
During the Quarter ended March 31, 1999 the Registrant filed the following Form
8-Ks:
Date of Report Item Reported
- ---------------------- ---------------------------------------------------
February 16, 1999 Item 4. Change in Registrants Certifying Accountant
February 16, 1999 Item 4. Change in Registrants Certifying Accountant
(accountant's confirming letter)
March 8, 1999 Item 4. Change in Registrants Certifying Accountant
March 29, 1999 Item 5. Other Events (re change of transfer agent)
DOCUMENT PAGE 5 OF 6
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
For the Quarterly Period Ended March 31, 1999
********************************************************************************
SIGNATURES
********************************************************************************
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
METALINE MINING & LEASING COMPANY
(Registrant)
By: /s/Gregory B. Lipsker Date: May 14, 1999
__________________________________________
GREGORY B. LIPSKER, President
(Principal Executive Officer)
By: /s/ Eunice R. Campbell Date: May 14, 1999
__________________________________________
EUNICE R. CAMPBELL, Secretary/Treasurer
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the Balance
Sheets for Metaline Mining & Leasing Company at March 31,1999, the Statements of
Income for the year ended March 31, 1999, and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1998
<CASH> 1,048,480
<SECURITIES> 17,629
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,062,198
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,066,109
<CURRENT-LIABILITIES> 12,500
<BONDS> 0
0
0
<COMMON> 954,282
<OTHER-SE> 99,327
<TOTAL-LIABILITY-AND-EQUITY> 1,066,109
<SALES> 0
<TOTAL-REVENUES> 11,559
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,582
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 8,977
<INCOME-TAX> 0
<INCOME-CONTINUING> 8,977
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,977
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
