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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 of 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended June 30, 1998
Commission file number 1-8187
MINERAL MOUNTAIN MINING & MILLING COMPANY
(Exact name of registrant as specified in its charter)
IDAHO 82-0144710
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
421 Coeur d'Alene Ave. - Ste 3
Coeur d'Alene, Idaho
(Address of principal executive offices)
83814
(Zip Code)
(208) 664-3544
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the Registrant (1) has filed all 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 No X *
------------ ------------
*The last report filed by the Company was the Form 10-K for the fiscal
year ended March 31, 1991
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of June 30, 1998:
3,078,049
*******************************************************************************
Document Page 1 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
PART I
ITEM 1
Statement of Financial Position as of
June 30, 1998 and March 31, 1998
Statement of Operations for the
Three Month Periods Ended June 30, 1998 and 1997
Statement of Changes in Stockholders' Equity for the
Three Month Periods Ended June 30, 1998 and 1997
Statement of Cash Flows for the
Three Month Periods Ended June 30, 1998 and 1997
Notes to Financial Statements as of June 30, 1998
Document Page 2 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Financial Position
as of June 30, 1998 and March 31, 1998
(UNAUDITED)
<TABLE>
June 30, March 31,
1998 1998
--------- ---------
<C> <S> <S>
ASSETS
CURRENT ASSETS
Cash in banks $ 15,780 $ 16,688
Prepaids 1,500 2,000
--------- ---------
Total current assets 17,280 18,688
--------- ---------
MINING PROPERTY 53,808 53,808
--------- ---------
TOTAL ASSETS $ 71,088 $ 72,496
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable to
Officers and Directors $ 111 $ 683
--------- ---------
Total current liabilities 111 683
--------- ---------
STOCKHOLDERS' EQUITY
Common stock; $0.10 par value;
15,000 shares authorized;
3,078,049 shares issued and
outstanding 153,902 153,902
Additional paid-in capital 339,978 339,978
Accumulated deficit <422,903> <422,067>
--------- ---------
Total stockholders' equity 70,977 71,813
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 71,088 $ 72,496
========= =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial
statements.
Document Page 3 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Operations For the
Three Month Periods Ended June 30, 1998 and June 30, 1997
(UNAUDITED)
<TABLE>
June 30, March 31,
1998 1998
-------- ---------
<C> <S> <S>
REVENUES
Interest Income $ 250 $ 348
--------- ---------
OPERATING EXPENSES
Accounting 119
Other professional services 500
Office expenses 157 122
Spokane Quotation fee 300 300
Taxes 10 10
--------- ---------
Total operating expenses 1,086 432
--------- ---------
NET <LOSS> $ <836> $ <84>
========= =========
NET <LOSS> PER SHARE $ <NIL> $ <NIL>
========= =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial
statements.
Document Page 4 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Changes in Stockholders' Equity For the
Three Month Periods Ended June 30, 1998 and June 30, 1997
(UNAUDITED)
<TABLE>
Common Stock Additional Accumu-
-------------- Paid-In lated
Shares Amount Capital Deficit Total
-------- -------- --------- --------- -------
<C> <S> <S> <S> <S> <S>
Balances
as of
03-31-97 2,887,469 $ 144,373 $ 339,978 $<417,176> $ 67,175
Net <Loss> <84> <84>
--------- --------- --------- ---------- ---------
Balances
as of
06-30-97 2,887,469 $ 144,373 $ 339,978 $<417,260> $ 67,091
========= ========= ========= ========== =========
Balances
as of
03-31-98 3,078,049 $ 153,902 $ 339,978 $<422,067> $ 71,813
Net <Loss> <836> <836>
--------- --------- --------- ---------- ---------
Balances
as of
06-30-98 3,078,049 $ 153,902 $ 339,978 $<422,903> $ 70,977
========= ========= ========= ========== =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial
statements.
Document Page 5 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Cash Flows For the
Three Month Periods Ended June 30, 1998 and 1997
(UNAUDITED)
<TABLE>
June 30, March 31,
1998 1998
-------- ---------
<C> <S> <S>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net <Loss> $ <836> $ <84>
Increase <decrease>
in accounts payable <572> <160>
Decrease in prepaids 500
--------- ---------
Net cash used from
operating activities <908> <244>
--------- ---------
NET INCREASE <DECREASE> IN CASH <908> <244>
CASH AT BEGINNING OF PERIOD 16,688 17,896
--------- ---------
CASH AT END OF PERIOD $ 15,780 $ 17,652
========= =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial
statements.
Document Page 6 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Notes to Financial Statements as of June 30, 1998
(UNAUDITED)
The financial statements of Mineral Mountain Mining & Milling Company
included herein, have been prepared without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. Although
certain information normally included in financial statements prepared
in accordance with generally accepted accounting principles has been
condensed or omitted, Mineral Mountain believes that the disclosures are
adequate to make the information presented not misleading.
The financial statements included herein reflect all normal recurring
adjustments that, in the opinion of management, are necessary for a fair
presentation. The results for interim periods are not necessarily
indicative of trends or of results to be expected for a full year.
Document Page 7 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
The Company presently has no revenues other than interest income.
The Company's mineral interest consist of an ownership interest in a
consolidated area consisting of portions of 13 patented mining claims
situated in Shoshone County, Idaho. This area lies between two mining
holdings owned by Sunshine Mining Company, the Consolidated Silver
property to the east and the Sunshine Mine operations to the west.
Sunshine's 1997 annual report to shareholders discusses possible
exploration work to the east as follows:
"In addition to proven probable reserves there is a realistic
probability to significantly expand the reserves and assure
continuous mining for many years. Studies have delineated
several areas of favorable geologic conditions that may host
significant deposits.
Some of these favorable structures continue to the east. The
1995 acquisition of the ConSil property, on the eastern flank
of the workings of the Sunshine Mine, permits evaluation of
these veins and expands the company's resource base. The
ConSil property contains a shaft (500 tons per day capacity)
from the surface adit to a depth of 5,400 feet and connects
to the Sunshine's eastern workings on the 3100 level. In
1998, the company will begin rehab work on the ConSil shaft
and start exploration drilling to test the potential for
extensions of the Chester and Yankee Girl veins in the
eastern part of the Sunshine Mine, including the former
ConSil property."
Document Page 8 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
PART II
ITEM 1 LEGAL PROCEEDINGS
- ------- --------------------
NONE
ITEM 2 CHANGES IN SECURITIES
- ------- -----------------------
NONE
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
- ------- ---------------------------------
NONE
ITEM 4 SUBMISSION OF MATTERS TO A
VOTE OF SECURITY HOLDERS
- ------- -----------------------------
NONE
ITEM 5 OTHER INFORMATION
- ------- -------------------
NONE
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
- -------- ----------------------------------
NONE
Document Page 9 of 10
<PAGE>
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SIGNATURES
*******************************************************************************
Pursuant to the requirements of Section 13 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.
Mineral Mountain Mining & Milling Company
(Registrant)
Dated: August 14, 1998 By: /s/ Donald L. Hess
--------------------------------
Donald L. Hess
Secretary - Treasurer
Pursuant to the requirements of the Securities and Exchange act of 1934,
the report has been signed below by the following person on behalf of the
registrant and in the capacity and on the date indicated.
Dated: August 14, 1998 By: /s/ Donald L. Hess
--------------------------------
Donald L. Hess
Secretary - Treasurer
Document Page 10 of 10
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Data Schedule
This schedule contains summary financial information extracted from
the Statement of Financial Condition for Mineral Mountain Mining &
Milling Company at June 30, 1998, the Statements of Income for the
three month period ended June 30, 1998, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> JUN-30-1998
<CASH> 15,780
<SECURITIES> 0
<RECEIVABLES> 1,500
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 17,280
<PP&E> 53,808
<DEPRECIATION> 0
<TOTAL-ASSETS> 71,088
<CURRENT-LIABILITIES> 111
<BONDS> 0
0
0
<COMMON> 493,880
<OTHER-SE> (422,903)
<TOTAL-LIABILITY-AND-EQUITY> 71,088
<SALES> 0
<TOTAL-REVENUES> 250
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,086
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (836)
<INCOME-TAX> 0
<INCOME-CONTINUING> (836)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (836)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<PAGE>
</TABLE>
