NOTE: FORMAT GUIDE FOR PRINTING READABLE HARD COPY
PAGE LENGTH: 63 LINES
PROBABLE MARGINS: 0.5" AT TOP AND BOTTOM, 0.5" AT RIGHT AND LEFT
FONT: COURIER NEW, 10PT
LINE ONE BEGINS AT "START"
(This space left blank intentionally)
<PAGE>
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 December 31, 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 September 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 December 31, 1998:
3,078,049
Document page 1 of 9
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
PART I
<TABLE>
<C> <S>
ITEM 1 Statement of Financial Position as of
December 31, 1998 and March 31, 1998 3
Statement of Operations for the Three and Nine
Month Periods Ended December 31, 1998 and 1997 4
Statement of Changes in Stockholders' Equity for the
Three Month Periods Ended December 31, 1998 and 1997 5
Statement of Cash Flows for the Three and Nine
Month Periods Ended December 31, 1998 and 1997 6
Notes to Financial Statements as of December 31, 1998 7
</TABLE>
Document page 2 of 9
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Financial Position
as of December 31, 1998 and March 31, 1998
(UNAUDITED)
- ---------------------------------------------------------------
<TABLE>
ASSETS
--------
Dec. 31, March 31,
1998 1998
---------- ----------
<C> <S> <S>
CURRENT ASSETS
Cash in banks $ 15,730 $ 16,688
Prepaids 500 2,000
----------- -----------
Total current assets 16,230 18,688
----------- -----------
MINING PROPERTY 53,808 53,808
----------- -----------
TOTAL ASSETS $ 70,038 $ 72,496
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------
CURRENT LIABILITIES
Accounts payable to
Officers and Directors $ 210 $ 683
----------- -----------
Total current liabilities 210 683
----------- -----------
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 <424,052> <422,067>
----------- -----------
Total stockholders' equity 69,828 71,813
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 70,038 $ 72,496
=========== ===========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial
statements.
Document page 3 of 9
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Operations For the Three and Nine
Month Periods Ended December 31, 1998 and December 31, 1997
(UNAUDITED)
- ----------------------------------------------------------------
<TABLE>
Three Months Period Nine Months Period
------------------- ------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
-------- -------- -------- --------
<C> <S> <S> <S> <S>
REVENUES
Interest Income $ 242 $ 307 $ 719 $ 962
-------- -------- -------- --------
OPERATING EXPENSES
Accounting 119 898
Other profes-
sional services 500 1,500
Office expenses 80 103 703 328
Spokane
Quotation fee 300 300
SEC Fees 46 46
Taxes 26 26 36 36
-------- -------- -------- --------
Total
operating
expenses 652 129 2,704 1,562
-------- -------- -------- --------
NET INCOME <LOSS> $ <410> $ 178 $<1,985> $ <600>
======== ======== ======== ========
NET INCOME <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 9
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Changes in Stockholders' Equity For the
Three Month Periods Ended December 31, 1998 and December 31, 1997
(UNAUDITED)
- -----------------------------------------------------------------
<TABLE>
Shares Amount Capital Deficit Total
--------- -------- --------- ---------- -------
<C> <S> <S> <S> <S> <S>
Balances
as of
09-30-97 2,887,469 $144,373 $ 339,978 $<417,984> $66,397
Net
Income 178 178
---------- --------- ---------- ---------- --------
Balances
as of
12-31-97 2,887,469 $144,373 $ 339,978 $<417,776> $66,575
========== ========= ========== ========== ========
Balances
as of
09-30-98 3,078,049 $153,902 $ 339,978 $<423,642> $70,238
Net
Income <410> <410>
---------- --------- ---------- ---------- --------
Balances
as of
12-31-98 3,078,049 $153,902 $ 339,978 $<424,052> $69,828
========== ========= ========== ========== ========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial
statements.
Document page 5 of 9
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Cash Flows For the Three and Nine Month Periods
Ended December 31, 1998 and 1997
(UNAUDITED)
- -----------------------------------------------------------------
<TABLE>
Three Months Period Nine Months Period
------------------- ------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
-------- -------- -------- --------
<C> <S> <S> <S> <S>
CASH FLOW FROM
OPERATING
ACTIVITIES:
Net Income <Loss> $ <410> $ 178 $<1,985> $ <600>
Increase
<decrease> in
accounts payable 70 85 <473> <91>
Decrease in
prepaids 500 1,500
-------- -------- -------- --------
Net cash used
from
operating
activities 160 263 <958> <691>
-------- -------- -------- --------
NET INCREASE
<DECREASE> IN CASH 160 263 <958> <691>
CASH AT BEGINNING
OF PERIOD 15,570 16,942 16,688 17,896
-------- -------- -------- --------
CASH AT END
OF PERIOD $15,730 $17,205 $15,730 $17,205
======== ======== ======== ========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial
statements.
Document page 6 of 9
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Notes to Financial Statements as of December 31, 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 9
<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.
Document page 8 of 9
<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
Document page 9 of 9
<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 December 31, 1998, the Statements of Income for the
nine month period ended December 31, 1998, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<C> <S>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> DEC-31-1998
<CASH> 15,530
<SECURITIES> 0
<RECEIVABLES> 500
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16,230
<PP&E> 53,808
<DEPRECIATION> 0
<TOTAL-ASSETS> 70,238
<CURRENT-LIABILITIES> 210
<BONDS> 0
0
0
<COMMON> 493,880
<OTHER-SE> (424,052)
<TOTAL-LIABILITY-AND-EQUITY> 70,038
<SALES> 0
<TOTAL-REVENUES> 719
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,704
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,985)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,985)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,985)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
