SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15 (d) of
the Securities Exchange Act of 1934
For the Nine..Months Ended April 30, 1996 Commission File Number:
2-86160-NY
LEADVILLE MINING AND MILLING CORP.
(Exact name of registrant as specified in its charter)
NEVADA #13-3180530
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
76 BEAVER STREET, NEW YORK, NEW YORK 10005
(Address of Principal Executive Offices (Zip Code)
Registrant's Telephone Number, Including Area Code (212) 344-5158
The Number of Shares Outstanding of Common Stock,
$.0001 Par Value, at April 30, 1996 121,612,138
===========
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 __
<PAGE>
LEADVILLE MINING AND MILLING CORP.
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEET
APRIL 30, 1996
(Unaudited)
ASSETS
Current Assets:
Cash $ 55,438
Loans Receivable 9,858
Prepaid Expenses 50,900
Other Current Assets 294
--------------
Total Current Assets 116,490
Property and Equipment (Net of
Accumulated Depreciation of $335,364) 1,349,940
Other Assets:
Mining Reclamation Bonds 11,000
Security Deposit 3,667
---------------
Total Other Assets 14,667
Total Assets $ 1,481,097
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accrued Expenses and Taxes $ 82,814
Loans Payable - Officers 9,673
---------------
Total Current Liabilities 92,487
Commitments and Contingencies
Stockholders' Equity:
Common Stock, Par Value $.0001 Per Share;
Authorized 150,000,000 shares; Issued and
Outstanding 121,612,138 Shares 12,161
Capital Paid In Excess of Par Value 5,510,299
Deficit Accumulated in the Development Stage (4,133,850)
------------
Total Stockholders' Equity 1,388,610
Total Liabilities and Stockholders' Equity $ 1,481,097
===========
The accompany notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
LEADVILLE MINING AND MILLING CORP.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF OPERATIONS
(Unaudited)
For The Period September 17,1982
Three Months Ended Nine Months Ended (Inception)
April 30, April 30, To
1996 1995 1996 1995 April 30, 1996
---- ---- ---- ---- --------------
<S> <C> <C> <C> <C> <C>
Revenues:
Interest Income $ 205 $ 161 $ 704 $ 368 $ 707,138
Miscellaneous - - - - 23,483
------------- ------------- ------------- ------------- ------------
Total Revenues 205 161 704 368 730,621
------------- ------------- ------------- ------------- ------------
Costs and Expenses:
Mine Expenses 65,030 46,570 155,149 138,968 1,323,161
Selling, General and
Administrative Expenses 89,634 56,409 225,602 150,341 3,069,760
Depreciation 1,742 3,453 5,226 10,359 335,364
Loss on Write-Off of
Investment - - - - 10,000
Loss on Joint Venture - - - - 101,700
------------- ------------- ------------- ------------- -----------
Total Costs and
Expenses 156,406 106,432 385,977 299,668 4,839,985
------------- ------------- ------------- ------------- -----------
Loss Before Provision
For Income Taxes (156,201) (106,271) (385,273) ( 299,300) (4,109,364)
Provision For Income
Taxes - - 1,900 1,150 24,486
-------------- ------------- ------------ -------------- -----------
Net Loss $ (156,201) $ (106,271) $ (387,173) $ (300,450) $(4,133,850)
============== ============= ============ ============== ===========
Net Loss Per Share $( . 00) $( .00)
============= ============
Average Common Shares Outstanding 116,683,456 105,057,514
============= ============
The accompanying notes are an integral part of the financial statements.
<PAGE>
<CAPTION>
LEADVILLE MINING AND MILLING CORP.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF CASH FLOWS
(Unaudited)
For The Period
September 17, 1982
Nine Months Ended (Inception)
April 30, To
1996 1995 April 30, 1996
---- ---- --------------
<S> <C> <C> <C>
Cash Flow From Operating Activities:
Net Loss $( 387,173) $( 300,450) $ (4,133,850)
Adjustments to Reconcile Net Loss to
Net Cash Used By Operating Activities:
Depreciation 5,226 10,359 335,364
Loss on Write-Off of Investment - - 10,000
Loss From Joint Venture - - 101,700
Value of Common Stock Issued For Services 97,665 187,500 1,064,220
Changes in Operating Assets and Liabilities:
(Increase) Decrease in Prepaid Expenses 672 - ( 50,900)
Increase in Other Current Assets ( 294) 50 ( 294)
Increase in Security Deposit - ( 3,667) ( 3,667)
Increase (Decrease) in Accrued Expenses
and Taxes ( 66,345) ( 178,968) 82,813
------------ ------------ -----------
Net Cash Used By Operating Activities ( 350,249) ( 285,176) ( 2,594,614)
------------ ------------ -----------
Cash Flow From Investing Activities:
Purchase of Property and Equipment ( 5,987) - ( 1,685,304)
Investment in Joint Venture - - ( 101,700)
Investment in Privately Held Company - - ( 10,000)
------------ ------------ -----------
Net Cash Used By Investing Activities ( 5,987) 0 ( 1,797,004)
------------ ------------ -----------
The accompanying notes are an integral part of the financial statements.
<PAGE>
<CAPTION>
LEADVILLE MINING AND MILLING CORP.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF CASH FLOWS
(Continued)
(Unaudited)
For The Period
September 17, 1982
Nine Months Ended (Inception)
April 30, To
1996 1995 April 30, 1996
---- ---- --------------
<S> <C> <C> <C>
Cash Flow From Financing Activities:
Increase in Loans Receivable $( 849) $( 1,179) $( 9,858)
Decrease in Loans Payable - ( 4,050) -
Increase in Loans Payable - Officers - - 18,673
Repayment of Loans Payable - Officers ( 7,000) ( 2,000) ( 9,000)
Proceeds From Sale of Common Stock 408,255 314,529 4,872,254
Commissions on Sale of Common Stock - ( 1,650) ( 5,250)
Expenses of Initial Public Offering - - ( 408,763)
Purchase of Certificate of Deposit - Restricted - ( 5,000)
Purchase of Mining Reclamation Bond - ( 6,000) ( 6,000)
--------------- --------------- ---------------
Net Cash Provided By Financing Activities 400,406 299,650 4,447,056
--------------- --------------- ---------------
Increase In Cash and Equivalents 44,170 14,474 55,438
Cash and Cash Equivalents - Beginning 11,268 3,257 -
--------------- --------------- ---------------
Cash and Cash Equivalents - Ending $ 55,438 $ 17,731 $ 55,438
=============== =============== ===============
Supplemental Cash Flow Information:
Cash Paid For Interest $ - $ - $ -
=============== =============== ===============
Cash Paid For Income Taxes $ 1,900 $ - $ 23,935
============= =============== ===============
Non-Cash Financing Activities:
Issuances of Common Stock as Commissions
on Sales of Common Stock $ 34,700 $ - $ 61,360
============ =============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
LEADVILLE MINING AND MILLING CORP.
(A DEVELOPMENT STAGE ENTERPRISE
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1996
(Unaudited)
NOTE 1 - Basis of Presentation
In the opinion of the Company, the accompanying unaudited financial
statements reflect all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of
operations and cash flows for the periods presented.
Results of operations for
interim periods are not necessarily indicative of the results of operations for
a full year due to external factors which are beyond the control of the Company.
LEADVILLE MINING AND MILLING CORP.
Item I. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES REFERENCE TO
ANNUAL REPORT:
These financial statements should be read in conjunction with the Form 10-QSB
for the Quarter ended January 31, 1996and the
10-QSB for quarter ended October 31, 1995. The interim financial statements
reflect all adjustments whichare, in the opinion of management, necessary for a
fairstatement of the results of operations for the interimperiods presented.
Such adjustments are of a normalrecurring nature. Operating results for the six
months ended April 30, 1996, are not necessarily indicative of the resultsthat
may be expected for the fiscal year ending July 31,1996.
Item II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS:
FINANCIAL CONDITION:
As of January 31, 1996, the Company had a positiveworking capital of
$24,003 (defined as current assets lesscurrent liabilities) which represents a
net increase in working capital of $47,056 from January 31, 1996. The increase
in working capital resulted from the Company'ssuccess in obtaining private
financing. As was explained inthe Company's 10-KSB, the Company is in a
precarious financial condition and there is no assurance whatsoever thatthe
Company will be able to continue as a going concern orthat any of its plans with
respect to its gold miningproperties will come to fruition. The Company, in
order to continue its mine program must obtain substantial financing. While
management is seeing such financing through joint venture partners, private
placement of its shares and other arrangements, there is no assurance that
management willsucceed therein. It should be emphasized that the Company's
financial condition has remained critical since the date ofthe last 10-QSB and
that in order to survive, the Company will need an infusion of capital within
the near future.
RESULTS OF OPERATIONS:
Construction work continued on the Hunter, second exit shaft during this
Fiscal quarter. The shaft is now open tothe 4th level. Small bridges are being
removed primarily, inthe hoisting compartment side of the shaft. Dividers,
ladders and landings are being installed. Additional shaftwork is continuing.
In early January, 1996, the re-timbered portion of the shaft tied in with
the lower shaft timbers which were in good condition. The wall timbers continue
to be in good condition at this time.
The Hunter hoist facility is now completed. The generating plant has been moved
to the shaft location and electrical; wiring of the system is taking place.
The Hunter 3rd level has been explored and partially rehabilitated. Oxide
mineralizations was abundant in many locations on this level.
Resumption of exploration, development and mining is projected for the spring
and summer period with delivery of crude sulfide ore to the Black Cloud (ASARCO)
and oxide oreto the LDMM mill this fall.
<PAGE>
PART II
Item I. LEGAL PROCEEDINGS
There are no legal procedures pending against the company.
Item 2. CHANGES IN SECURITIES
None
Item 3. DEFAULTS UPON SENIOR SECURITIES
None
Item 4. SUBMISSION OF MATTERS TO SHAREHOLDERS VOTE
None
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
None
<PAGE>
FORM 10-QSB
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
LEADVILLE MINING & MILLING CORP.
Registrant
By: __________________________
Gifford Dieterle
Treasurer/Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000726845
<NAME> Leadville Mining & Milling Corporation
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-1-1995
<PERIOD-END> APR-30-1996
<EXCHANGE-RATE> 1.000
<CASH> 55,438
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 116,490
<PP&E> 1,685,304
<DEPRECIATION> 335,364
<TOTAL-ASSETS> 1,481,097
<CURRENT-LIABILITIES> 92,487
<BONDS> 0
0
0
<COMMON> 12,161
<OTHER-SE> 1,376,449
<TOTAL-LIABILITY-AND-EQUITY> 1,481,097
<SALES> 0
<TOTAL-REVENUES> 704
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 385,977
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (385,273)
<INCOME-TAX> 1,900
<INCOME-CONTINUING> (387,173)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (387,173)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
