UNITED STATES
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 September 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)
<PAGE>
METALINE MINING AND LEASING COMPANY
FORM 10-QSB
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000
PART I. - FINANCIAL INFORMATION
Item 1 Financial Information
METALINE MINING & LEASING COMPANY
BALANCE SHEET (UNAUDITED) SEPTEMBER 30, 2000
------------------------- ------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash in bank $ 394,851
Temporary cash investments 676,777
------------------
Total current assets 1,071,628
INVESTMENTS 13,117
PARTNERSHIP PROPERTIES 4,122
------------------
$ 1,088,867
==================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ -
------------------
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 (6,374)
Retained earnings 140,959
------------------
Total stockholders' equity 1,088,867
------------------
$ 1,088,867
==================
See accompanying note to financial statements.
<PAGE>
METALINE MINING & LEASING COMPANY
STATEMENTS OF INCOME (UNAUDITED)
-----------------------------------
Three Months Year to Date
Ended September 30, Ended September 30,
-------------------------- --------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
INCOME:
Dividends and interest $ 13,824 $ 9,864 $ 38,400 $ 32,529
------------ ------------ ------------ ------------
EXPENSES:
Professional fees 2,276 234 10,691 9,182
Office 300 46 6,359 611
Taxes, licenses, and fees 53 370 836 1,443
------------ ------------ ------------ ------------
2,629 650 17,886 11,236
------------ ------------ ------------ ------------
NET INCOME BEFORE
INCOME TAXES 11,195 9,214 20,514 21,293
FEDERAL INCOME TAX 1,196 - 3,588 -
------------ ------------ ------------ ------------
NET INCOME $ 9,999 $ 9,214 $ 16,926 $ 21,293
============ ============ ============ ============
BASIC INCOME PER SHARE
(based upon weighted average
shares outstanding) NIL NIL NIL NIL
============ ============ ============ ============
See accompanying note to financial statements.
<PAGE>
METALINE MINING & LEASING COMPANY
STATEMENTS OF CASH FLOWS (UNAUDITED)
----------------------------------------
Nine Months Ended
September 30,
--------------------------
2000 1999
------------ ------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 16,926 $ 21,293
Adjustments to reconcile net income to net cash
provided by operating activities:
Decrease in:
Accounts payable (9) (306)
Income tax payable (5,013) (11,013)
------------ ------------
Net cash provided by operating activities 11,904 9,974
------------ ------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 11,904 9,974
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,059,724 1,039,809
------------ ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,071,628 $ 1,049,783
============ ============
See accompanying note to financial statements.
<PAGE>
METALINE MINING & LEASING COMPANY
NOTE TO FINANCIAL STATEMENTS
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
September 30, 2000, and its results of operations for the nine-month periods
ended September 30, 2000 and 1999, and its cash flows for the nine-month periods
ended September 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>
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 November 14, 2000 we received notice that Albert M. Zlotnick was resigning as
a Director and Chairman of the Board, effective immediately. Mr. Zlotnick cited
health problems as the reason for his resignation. We have no current plans to
name a replacement Director to fill the vacancy caused by Mr. Zlotnick's
resignation.
Mr. Zlotnick offered to sell his 7,277,834 shares back to the Company for an
aggregate sales price of $510,000. Since the per share price of Mr. Zlotnick's
offer was less than our current book value per share, the Board of Directors has
accepted Mr. Zlotnick's offer.
Item 6. Exhibits and Reports of Form 8-K
(b) Reports on Form 8-K
During the Quarter ended June 30, 2000 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
/s/ Gregory B. Lipsker
BY: ------------------------------------ DATE: November 16, 2000
GREGORY B. LIPSKER, President
/s/ William R. Green
BY: ------------------------------------ DATE: November 16, 2000
WILLIAM R. GREEN, Secretary
