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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 June 30, 2000
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 91-0684860
______________________________________ ___________________
(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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METALINE MINING AND LEASING COMPANY
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000
PART I. - FINANCIAL INFORMATION
Item 1 Financial Information
METALINE MINING & LEASING COMPANY
BALANCE SHEET (UNAUDITED)
<TABLE>
JUNE 30, 2000
-------------
<S> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash in bank $ 392,911
Temporary cash investments 668,718
-------------
Total current assets 1,061,629
INVESTMENTS 13,606
PARTNERSHIP PROPERTIES 4,122
-------------
$ 1,079,357
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ -
-------------
Total current liabilities -
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 (5,885)
Retained earnings 130,960
-------------
Total stockholders' equity 1,079,357
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$ 1,079,357
=============
</TABLE>
See accompanying note to financial statements.
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METALINE MINING & LEASING COMPANY
STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
Three Months Year to Date
Ended June 30, Ended June 30,
-------------------------- --------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCOME:
Dividends and interest income $ 15,761 $ 11,106 $ 24,576 $ 22,665
------------ ------------ ------------ ------------
EXPENSES:
Professional fees 8,401 7,288 8,415 8,948
Office expense 5,748 43 6,059 565
Taxes, licenses, and fees 256 673 783 1,073
------------ ------------ ------------ ------------
14,405 8,004 15,257 10,586
------------ ------------ ------------ ------------
NET INCOME BEFORE INCOME TAXES 1,356 3,102 9,319 12,079
FEDERAL INCOME TAX 2,392 - 2,392 -
------------ ------------ ------------ ------------
NET INCOME (LOSS) $ (1,036) $ 3,102 $ 6,927 $ 12,079
============ ============ ============ ============
BASIC INCOME PER SHARE (based
upon weighted average share
outstanding) NIL NIL NIL NIL
============ ============ ============ ============
</TABLE>
See accompanying note to financial statements.
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METALINE MINING & LEASING COMPANY
STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
Three Months Ended
June 30,
--------------------------
2000 1999
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 6,927 $ 12,079
Adjustments to reconcile net income to net cash
provided by operating activities:
Decrease in:
Accounts payable (9) (306)
Income tax payable (5,013) -
------------ ------------
Net cash provided by operating activities 1,905 11,773
------------ ------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,905 11,773
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,059,724 1,039,809
------------ ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,061,629 $ 1,051,582
============ ============
</TABLE>
See accompanying note to financial statements.
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CIMARRON-GRANDVIEW GROUP, INC.
NOTE TO FINANCIAL STATEMENTS
BASIS OF PRESENTATION:
The financial statements included herein have been prepared by
Cimarron-Grandview Group, Inc. (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 June 30,
2000, and its results of operations for the six-month periods ended June 30,
2000 and 1999, and its cash flows for the six-month periods ended
June 30, 2000 and 1999. The interim results reflected in the foregoing
financial statements are not considered indicative of the results expected for
the full fiscal year.
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000
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 5. Other Information.
On June 30, 2000 Eunice R. Campbell resigned as an Officer and Director of the
Company. On that date the Board of Directors appointed Albert M. Zlotnick as a
Director to fill the vacancy on the Board for the remainder of the unexpired
term. Mr. Zlotnick is a shareholder of Cimarron-Grandview and holds
approximately fifty percent (50%) of the Company's outstanding shares. The Board
appointed has William R. Green to serve as the Company's Secretary.
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 no Form 8-Ks:
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
BY: /s/ Gregory B. Lipsker DATE: August 11, 2000
GREGORY B. LIPSKER, President
BY: /s/ William R. Green DATE: August 11, 2000
WILLIAM R. GREEN, Secretary
