DOWNLOAD FORMATTING INSTRUCTIONS FOR CORRECT PAGINATION:
PAGE SETUP: .5"TOP, .5"BOTTOM, .5"LEFT, .5"RIGHT
TYPE: COURIER NEW, 10pt UNLESS OTHERWISE INDICATED OTHERWISE WITHIN
THE TEXT
(THIS SPACE LEFT INTENTIONALLY BLANK)
<PAGE>
********************************************************************************
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, 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)
********************************************************************************
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
PART I. - FINANCIAL INFORMATION
Item 1 Financial Information
METALINE MINING & LEASING COMPANY
BALANCE SHEET (UNAUDITED)
MARCH 31, 2000
<TABLE>
ASSETS
<S> <C>
CURRENT ASSETS:
Cash and cash equivalents:
Cash in bank $ 404,232
Temporary cash investments 658,433
-----------
Total current assets 1,062,665
INVESTMENTS 12,975
PARTNERSHIP PROPERTIES 4,122
-----------
$ 1,079,762
===========
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 (6,516)
Retained earnings 131,996
------------
Total stockholders' equity 1,079,762
------------
$ 1,079,762
===========
</TABLE>
See accompanying note to financial statements.
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
METALINE MINING & LEASING COMPANY
STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
Three Months Year to Date
Ended March 31, Ended March 31,
-------------------------- --------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCOME:
Dividends and interest income $ 8,815 $ 11,559 $ 8,815 $ 11,559
------------ ------------ ------------ ------------
EXPENSES:
Professional fees 14 1,660 14 1,660
Office expense 311 522 311 522
Taxes, licenses, and fees 527 400 527 400
------------ ------------ ------------ ------------
852 2,582 852 2,582
------------ ------------ ------------ ------------
NET INCOME $ 7,963 $ 8,977 $ 7,963 $ 8,977
============ ============ ============ ============
BASIC INCOME PER SHARE
(based upon weighted
average share outstanding) NIL NIL NIL NIL
============ ============ ============ ============
</TABLE>
See accompanying note to financial statements.
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
METALINE MINING & LEASING COMPANY
STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
Three Months Ended
March 31,
--------------------------
2000 1999
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 7,963 $ 8,977
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 2,941 8,671
------------ ------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,941 8,671
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,059,724 1,039,809
------------ ------------
CASH AND CASH EQUIVALENTS, END OF YEAR $ 1,062,665 $ 1,048,480
============ ============
</TABLE>
See accompanying note to financial statements.
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
METALINE MINING & LEASING COMPANY
NOTE 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, 2000, and its results of operations for the three-month periods ended March
31, 2000 and 1999, and its cash flows for the three-month periods ended March
31, 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 MARCH 31, 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 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 AND LEASING COMPANY
BY: /s/ Gregory B. Lipsker DATE: May 12, 2000
GREGORY B. LIPSKER, President
BY: /s/ Eunice R. Campbell DATE: May 12, 2000
EUNICE R. CAMPBELL, Secretary
<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, 2000, and the
Statements of Income for the period ended March 31, 2000, and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,062,665
<SECURITIES> 12,975
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,075,640
<PP&E> 4,122
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,079,762
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 954,282
<OTHER-SE> 125,480
<TOTAL-LIABILITY-AND-EQUITY> 1,079,762
<SALES> 0
<TOTAL-REVENUES> 8,815
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 852
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 7,963
<INCOME-TAX> 0
<INCOME-CONTINUING> 7,963
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,963
<EPS-BASIC> 0.00
<EPS-DILUTED> 0.00
</TABLE>
