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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 September 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 Form 10-K filed by the company was the Form 10-K
for the fiscal year ended March 31, 1991. The most recent
10-Q was for the quarter ended June 30, 1998.
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of September 30, 1998:
3,078,049
**************************************************************************
Submission page 1 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
PART I
ITEM 1 Statement of Financial Position as of
September 30, 1998 and March 31, 1998
Statement of Operations for the Three and
Six Month Periods Ended September 30, 1998 and 1997
Statement of Changes in Stockholders' Equity for the
Three Month Periods Ended September 30, 1998 and 1997
Statement of Cash Flows for the Three and
Six Month Periods Ended September 30, 1998 and 1997
Notes to Financial Statements as of September 30, 1998
Submission page 2 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Financial Position as of
September 30, 1998 and March 31, 1998
(UNAUDITED)
- -----------------------------------------------------------------
<TABLE>
<caption
ASSETS
--------
Sept. 30, March 31,
1998 1998
------------- -------------
<C> <S> <S>
CURRENT ASSETS
Cash in banks $ 15,570 $ 16,688
Prepaids 1,000 2,000
------------ ------------
Total current assets 16,570 18,688
------------ ------------
MINING PROPERTY 53,808 53,808
------------ ------------
TOTAL ASSETS $ 70,378 $ 72,496
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------
CURRENT LIABILITIES
Accounts payable to
Officers and Directors $ 140 $ 683
------------ ------------
Total current liabilities 140 683
------------ ------------
STOCKHOLDERS' EQUITY
Common stock; $0.10 par value;
15,000,000 shares authorized;
3,078,049 shares issued and
outstanding 153,902 153,902
Additional paid-in capital 339,978 339,978
Accumulated deficit <423,642> <422,067>
------------ ------------
Total stockholders' equity 70,238 71,813
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 70,378 $ 72,496
============ ============
</TABLE>
Prepared by management.
The accompanying notes are an integral part
of these financial statements.
Submission page 3 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Operations For the Three and Six Month
Periods Ended September 30, 1998 and September 30, 1997
(UNAUDITED)
- -----------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Period Six Months Period
---------------------- ----------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1998 1997 1998 1997
--------- --------- --------- ---------
<C> <S> <S> <S> <S>
REVENUES
Interest Income $ 227 $ 307 $ 477 $ 655
--------- --------- --------- ---------
OPERATING EXPENSES
Accounting 898 119 898
Other prof
services 500 1,000
Office expenses 466 103 623 225
Spokane
Quotation fee 300 300
Taxes 10 10
--------- --------- --------- ---------
Total
operating
expenses 966 1,001 2,052 1,433
--------- --------- --------- ---------
NET <LOSS> $ <739> $ <694> $ <1,575> $ <778>
========= ========= ========= =========
NET <LOSS>
PER SHARE NIL NIL NIL NIL
========= ========= ========= =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part
of these financial statements.
Submission page 4 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Changes in Stockholders' Equity
For the Three Month Periods Ended
September 30, 1998 and September 30, 1997
(UNAUDITED)
- ----------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Amount Capital Deficit Total
-------- ---------- --------- ---------- ---------
<C> <S> <S> <S> <S> <S>
Balances
as of
6-30-97 2,887,469 $ 144,373 $ 339,978 $<417,260> $ 67,091
Net
<Loss> <694> <694>
---------- ---------- ---------- ---------- ----------
Balances
as of
9-30-97 2,887,469 $ 144,373 $ 339,978 $<417,954> $ 66,397
========= ========== ========== ========== ==========
Balances
as of
6-30-98 3,078,049 $ 153,902 $ 339,978 $<422,903> $ 70,977
Net
<Loss> <739> <739>
---------- ---------- ---------- ---------- ----------
Balances
as of
9-30-98 3,078,049 $ 153,902 $ 339,978 $<423,642> $ 70,238
========== ========== ========== ========== ==========
</TABLE>
Prepared by management.
The accompanying notes are an integral part
of these financial statements.
Submission page 5 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Cash Flows For the Three and Six Month Periods Ended
September 30, 1998 and 1997
(UNAUDITED)
- -----------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months Period Six Months Period
---------------------- ----------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1998 1997 1998 1997
--------- --------- --------- ---------
<C> <S> <S> <S> <S>
CASH FLOW FROM
OPERATING
ACTIVITIES:
Net <Loss> $ <739> $ <694> $ <1,575> $ <778>
Increase
<decrease> in
accounts
payable 29 <16> <543> <176>
Decrease in
prepaids 500 1,000
--------- --------- --------- ---------
Net cash
used from
operating
activities <210> <710> <1,118> <954>
--------- --------- --------- ---------
NET INCREASE
<DECREASE>IN CASH <210> <710> <1,118> <954>
CASH AT BEGINNING
OF PERIOD 15,780 17,652 16,688 17,896
--------- --------- --------- ---------
CASH AT END
OF PERIOD $ 15,570 $ 16,942 $ 15,570 $ 16,942
========= ========= ========= =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part
of these financial statements.
Submission page 6 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Notes to Financial Statements as of September 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.
Submission 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."
In November 1998, Sunshine Mining Company reported that it had
suspended construction of the $2 million ramp between the Sunshine
Mine and the ConSil Mine due to low silver, copper, lead and
antimony prices.
Submission 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
***************************************************************************
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: December 16, 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: December 16, 1998 By /s/ Donald L. Hess
-----------------------------
Donald L. Hess
Secretary / Treasurer
Submission page 9 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> SEP-30-1998
<CASH> 15,570
<SECURITIES> 0
<RECEIVABLES> 1,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16,570
<PP&E> 53,808
<DEPRECIATION> 0
<TOTAL-ASSETS> 70,238
<CURRENT-LIABILITIES> 140
<BONDS> 0
0
0
<COMMON> 493,880
<OTHER-SE> (423,642)
<TOTAL-LIABILITY-AND-EQUITY> 70,238
<SALES> 0
<TOTAL-REVENUES> 477
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,052
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,575)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,575)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,575)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
