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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, 1999
Commission file number 001-8187
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 X No
___________ ___________
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, 1999:
3,078,049
*******************************************************************************
Document Page 1 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
PART I
ITEM 1 Statement of Financial Position as of
September 30, 1999 and March 31, 1999
Statement of Operations for the Three and
Six Month Periods Ended September 30, 1999 and 1998
Statement of Changes in Stockholders' Equity for the
Six Month Periods Ended September 30, 1999 and 1998
Statement of Cash Flows for the Three and
Six Month Periods Ended September 30, 1999 and 1998
Notes to Financial Statements as of September 30, 1999
Document Page 2 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Financial Position as of September 30, 1999 and March 31, 1999
(UNAUDITED)
<TABLE>
ASSETS
Sept. 30, March 31,
1999 1999
----------- -----------
<S> <C> <C>
CURRENT ASSETS
Cash in banks $ 15,884 $ 15,844
---------- ----------
Total current assets 15,884 15,844
MINING PROPERTY 53,808 53,808
---------- ----------
TOTAL ASSETS $ 69,692 $ 69,652
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable other $ 450
Accounts payable to
Officers and Directors 2,304 $ 1,662
---------- ----------
Total current liabilities 2,754 1,662
---------- ----------
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 <426,942> <425,890>
---------- ----------
Total stockholders' equity 66,938 67,990
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 69,692 $ 69,652
========== ==========
</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 Six Month Periods Ended
September 30, 1999 and September 30, 1998
(UNAUDITED)
<TABLE>
Three Months Period Six Months Period
--------------------- -------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES
Interest Income $ 200 $ 227 $ 435 $ 477
-------- -------- -------- --------
OPERATING EXPENSES
Accounting 235 470 119
Other professional
services 450 500 450 1,000
Office expenses 95 466 257 623
Spokane Quotation
fee 300 300
Taxes 10 10
-------- -------- -------- --------
Total operating
expenses 780 1,001 1,487 2,052
-------- -------- -------- --------
NET (LOSS) $ <580> $ <694> $<1,052> $<1,575>
======== ======== ======== ========
NET (LOSS)
PER SHARE $ NIL $ NIL $ 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 September 30, 1999 and September 30, 1998
(UNAUDITED)
<TABLE>
Shares Amount Capital Deficit Total
--------- --------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Balances as of
June 30, 1998 3,078,049 $ 153,902 $ 339,978 $ <422,903> $ 70,977
Net <Loss> <739> <739>
---------- ---------- --------- ----------- ---------
Balances as of
Sept. 30, 1998 3,078,049 $ 153,902 $ 339,978 $ <423,642> $ 70,238
========== ========== ========== =========== =========
Balances as of
June 30, 1999 3,078,049 $ 153,902 $ 339,978 $ <426,362> $ 67,990
Net <Loss> <580> <580>
---------- ---------- --------- ----------- ---------
Balances as of
Sept. 30, 1999 3,078,049 $ 153,902 $ 339,978 $ <426,942> $ 67,410
========== ========== ========== =========== =========
</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 and Six Month Periods Ended
September 30, 1999 and 1998
(UNAUDITED)
<TABLE>
Three Months Period Six Months Period
--------------------- -------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net <Loss> $ <580> $ <739> $<1,052> $<1,575>
Increase <decrease>
in accounts payable 691 29 1,092 <543>
Decrease in prepaids 500 1,000
-------- -------- -------- --------
Net cash used from
operating
activities 111 <210> 40 <1,118>
NET INCREASE <DECREASE>
IN CASH 111 <210> 40 <1,118>
-------- -------- -------- --------
CASH AT
BEGINNING OF PERIOD 15,773 15,780 15,844 16,688
-------- -------- -------- --------
CASH AT END OF PERIOD $15,884 $15,570 $15,884 $15,570
======== ======== ======== ========
</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 September 30, 1999
(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.
(This space intentionally left blank)
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 second quarter report of 1998 issued the following regarding their
operations:
"Exploration at the Sunshine is now focused on finding the next major ore body
to mine after the West Chance is depleted. To that end two exploration programs
have begun in the eastern portion of the mine. The first is a 3100-foot ramp
project initiated in the second quarter that will access existing reserves
around 10 Shaft and open up a large area for new exploration. Beginning from
the 3100 level off the 10 Shaft, the ramp will be driven on a decline to the
east down to the 4000 level, at which point it will turn back to the north and
then back to the west ultimately bottoming back at the 10 Shaft on the 4400
level. Drill stations installed along the way will provide our first
opportunity to explore much of this country, and in fact the initial drifting
activity has already crossed a previously unmapped section of a vein.
The other program is further to the east, off the ConSil shaft. There we have
begun a drilling program to examine the Deep Chester and the eastern Yankee Girl
veins. The deep extensions of the Chester Vein are of particular interest, as
the upper extensions of the Chester produced over 100 million ounces of silver,
and the deeper eastern portion of the mine appears to have favorable
stratigraphy to host a major ore body. Indeed, before closing the 10 Shaft,
drifting had established a reserve block in the Good Hope area on the 5000 level
containing 8300 tons at an average grade of 29 ounces per ton. Initial drilling
into the Deep Chester area will attempt to expand this reserve block."
The Year 1998 Sunshine Annual Report to Shareholders issued in 1999 contained
the following additional information on these two projects:
"We are proceeding with plans to open up the eastern area of the Sunshine Mine,
with several targets there that we think have the combined potential to contain
more than 100 million ounces of silver. A ramp is planned to be driven downward
from the 3700 level of the Sunshine Mine to connect with the 4000 level of the
ConSil, opening up a large exploration territory in the process. This ramp will
also provide good access to existing reserve blocks in the 101 Vein and the
Chester Vein. Another branch of the ramp will be driven to support an
exploration drilling effort into the Deep Chester Vein / Good Hope area. We
believe this area holds the potential for a truly major reserve addition at the
mine.
Once the ConSil shaft connection is made, we will be able to convert the ConSil
shaft into a production facility. This will increase the mine's capacity by
50%, and reduce unit production costs by at least another 10%. In other words,
the mine's production could increase to about 8 million ounces at a cash cost of
less than $4.00, assuming success in our exploration program."
Directors of the Registrant are hopeful that the above work by Sunshine will
lead to further exploration work of the Mineral Mountain Area.
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
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: November 14, 1999 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: November 14, 1999 By /s/ Donald L. Hess
--------------------------------------
Donald L. Hess
Secretary - Treasurer
<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 September 30, 1999, the Statements of Income for the six month period ended
September 30, 1999, and is qualified in its entirety by reference to such
financial statements.
</LEGEND><S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-1999
<CASH> 15,884
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 15,884
<PP&E> 53,808
<DEPRECIATION> 0
<TOTAL-ASSETS> 69,692
<CURRENT-LIABILITIES> 2,754
<BONDS> 0
0
0
<COMMON> 493,880
<OTHER-SE> (426,942)
<TOTAL-LIABILITY-AND-EQUITY> 69,692
<SALES> 0
<TOTAL-REVENUES> 200
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 780
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (580)
<INCOME-TAX> 0
<INCOME-CONTINUING> (580)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (580)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
