UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (FEE
REQUIRED)
For The Quarter Ended: June 30, 1999
_ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934.
(NO FEE REQUIRED)
For the Transition Period from ______________ to _______________.
Commission File Number: 0-16468
MOTHER LODE GOLD MINES CONSOLIDATED
(Exact name of Company as specified in its charter)
CALIFORNIA 94-2236016
(State or other jurisdiction of incorporation or organization) (I.R.S.
Employer Identification Number)
6601 Koll Center Parkway, Suite 132
Pleasanton, CA 94566-3126
(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code: (925) 461-4553
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: None
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: Common Stock,
No Par Value
Documents incorporated by reference: Not Applicable
Indicate by check mark whether the Company (l) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Act of 1934 during the
preceding 12 months (or for such shorter period that the Company was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.
Class Outstanding
Common Stock, 3,973,817
without par value as of June 30, 1999
Total Pages: 13
Exhibit Index on Page: 11
PART I - FINANCIAL INFORMATION
Item 1. Financial information required by Item 310(b) of Regulation S-B and
by Rule 10.01 of Regulation S-X, for the Company's fiscal quarter ended
June 30, 1999. This information has been prepared by the Company without
independent audit.
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
(A Development Stage Company)
CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1999
TABLE OF CONTENTS
Consolidated Balance Sheets as of June 30, 1999 and December 31, 1998 3
Consolidated Statement of Operations for the six-month and 305 month period
ending June 30, 1999. 4
Consolidated Statement of Cash Flows for the six-month and 305 month period
ending June 30, 1999. 5
Consolidated Statements of Stockholder's Equity from inception on
February 8, 1974 to June 30, 1999. 6
Notes to Consolidated Statements 7
(The balance of this page is intentionally left blank)
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
(A Development Stage Company)
BALANCE SHEETS
(1990 through 1999 Unaudited)
ASSETS
June 30 December 31
1999 1998
(Unaudited) (Unaudited)
Current Assets
Cash $65 $287
Prepaid expenses 8 58
Total current assets 73 345
Other Assets
Property rights 618,332 618,332
Note receivable from Amador United Gold Mines 45,044 43,611
Deposits 1,969 1,969
Total other assets 665,345 663,912
$665,419 $664,257
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Accounts payable $23,440 $22,361
California income tax 13,307 13,569
Total current liabilities 36,747 35,930
Non-current liabilities
Notes payable 326,108 314,616
Deferred fees payable 175,627 175,627
Deferred officer's salary 213 212
Total non-current liabilities 501,948 490,455
Minority interest in equity of subsidiaries 238,625 238,857
Stockholder's equity
Common stock, without par value, authorized 7,500,000 shares:
Issued and outstanding, June 30
1999: 3,973,817
1998: 3,878,780 5,155,905 4,982,795
Paid-in capital representing rights to acquire a maximum of
1,426,258 shares (See Note 3) 1,543,918 1,726,339
Deficit accumulated during development stage (6,811,724) (6,809,850)
Net stockholder's equity (111,902) (100,716)
$665,419 $664,527
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
(1990 through 1999 Unaudited)
305 months
Three Months Ended Six Months Ended from inception
June 30 June 30 June 30 June 30 Feb 8, 1974 to
1999 1998 1999 1998 Mar 31, 1999
Pre-operating revenues:
Payments received under
joint venture agreements:
Meridian Minerals $0 $0 $0 $0 754,924
Other 0 0 0 0 393,793
Investment income 0 0 0 0 69,991
Other Income 724 725 1,433 1,433 672,845
Sub-total 724 725 1,433 1,433 1,891,553
Pre-operating Expenses
Lease and non-creditable option
payments on mining properties 0 0 0 0 238,869
Loss on abandonment 0 0 0 0 2,435,903
Evaluation of mining properties (9,285) 1,881 (9,260) 4,041 2,747,640
Legal and accounting 20 10 20 30 703,241
Interest expense 6,707 6,828 13,535 13,459 1,159,804
Administrative compensation 0 8,173 0 16,310 1,954,979
Other administrative expense 1,422 1,243 2,716 2,887 755,438
Depreciation 0 (135) 0 0 60,529
California Franchise tax 850 12,905 850 12,905 57,067
Expense of uncompleted
securities offering 0 0 0 0 78,635
Other expenses 0 0 0 80 209,624
Sub-total (286) 30,905 7,861 49,712 10,401,729
Net operating income 1,010 (30,180) (6,428) (48,279) (8,510,176)
Net gain resulting from subsidiary's
issuance of stock for an amount
different from MLGM's carrying value 0 0 0 0 485,364
Minority interest in loss of subsidiaries 2 (6) 4 (8) 1,213,090
Net gain/(loss) 1,012 (30,186) (6,424) (48,287) ($6,811,722)
Primary gain/loss per share $0.0003 ($0.008) ($0.002) ($0.012) ($2.283)
Fully diluted gain/loss per share $0.0002 ($0.007) ($0.001) ($0.010) ($2.174)
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOW
(1990 through 1999 Unaudited)
305 months
Six Months Ended from inception
June 30 June 30 Feb 8, 1974 to
1999 1998 Jun31, 1999
Cash flows from operating activities: ($6,424) ($48,287) ($6,811,722)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 0 0 50,490
Salaries and fees 423 15,496 1,689,814
Increase) Decrease in deposits 0 0 (1,969)
Increase) Decrease in pre-paid expenses 50 540 (8)
Increase) Decrease in loans receivables (1,433) (1,433) (45,044)
Increase (Decrease) in accounts payables 5,670 (140) 23,440
Increase (Decrease) in long term loans 0 5,797 175,627
Increase (Decrease) in deferred officer salaries 0 4 213
Increase (Decrease) in income taxes payable (262) 11,794 13,307
End of fiscal year 1998 adjustment (427) 0 (427)
(Increase) Decrease in property loss
due to abandonment 0 0 2,261,246
Gross cash used in operating activities 4,021 32,058 4,166,689
Cash flow from investing activities:
Minority investment (3) 8 238,625
Purchase of equipment 0 0 (50,728)
Proceeds from sale of equipment 0 0 (2,100)
Purchase of mining property 0 0 (2,888,042)
Net cash provided by (used in) investing 0 8 (2,702,245)
Cash flows from financing activities:
Issuance of Series B Stock 0 0 47,748
Proceeds from sale of company stock 0 0 4,982,795
Increase (Decrease) in expiration of
Series A Preferred Stock (9,310) 0 (9,310)
Net borrowing from notes payable 11,492 15,509 326,108
Net cash provided by financing activities 2,182 15,509 5,347,341
Net increase (decrease) in cash ($224) ($712) $65
Cash, beginning of period 288 853 0
Cash, end of period $65 $141 $65
A. Supplemental disclosures of cash flow information for the 305 month since
inception to June 30, 1999:
Cash paid for:
Interest $719,084
Income taxes $35,353
B. Supplemental schedule of non-cash investing and financing activities for
the 305 months from inception to June 30, 1999:
The Company has satisfied various liabilities (Note 3) by issuance of stock
or options (Exercise price: $0.0001 per
share) to acquire common stock:
Stock Options Stock
Legal services $ 0
Salaries 1,399,340
Account payable 17,717
Equipment 0 $5,000
Total $1,417,057 $5,000
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY
(1990 through 1999 Unaudited)
Deficit Accumulated
Issued and Outstanding Paid-in During the
Shares Amount Capital Development Stage
From Inception, February 24, 1974
thru December 31, 1995
Includes Paid-in capital representing options to acquire
a cumulative maximum of 977,147common shares
3,867,274 $4,960,441 $1,469,192 ($6,564,671)
Shares sold for cash @ $2.00 per share (plus 1 warrant)
Jan thru Dec 1996, net of $655 issue expense 6,587 12,515
Dec 1996: Shares issued to partners of terminated
Gold Drilling Program No. 1 2,258 4,516
Paid-in capital representing options to acquire
a cumulative maximum of 1,305,674common shares 202.727
December 31, 1996 pre-operating net loss (103,442)
As of December 31, 1996 3,876,119 4,977,473 1,671,919 (6,668,113)
No shares were sold from Jan thru Dec 1997
Dec 1997: Shares issued to partners of terminated
Gold Drilling Program No. 1 2,661 5,322
Paid-in capital representing options to acquire
a cumulative maximum of 1,375,001 common shares 30,974
December 31, 1997 pre-operating net loss (66,855)
As of December 31, 1997 3,878,780 4,982,795 1,702,893 (6,734,968)
No shares were sold from Jan thru Dec 1998
Paid-in capital representing options to acquire
a cumulative maximum of 1,531,294 common shares 23,495
December 31, 1998 pre-operating net loss 70,291)
As of December 31, 1998 3,878,780 4,982,795 1,726,338 (6,805,299)
No shares were sold from Jan thru Jun 1999
Series A Preferred shares converted to common shares 95,037 (182,420)
Paid-in capital representing options to acquire
a cumulative maximum of 1,426,258 common shares 0
June 30, 1999 pre-operating net loss (6,424)
As of June 30, 1999 3,973,817 $4,982,795 $1,543,918 ($6,811,722)
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
by the Company in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-QSB
and Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments considered necessary for a fair presentation have been included.
Operating results for the six-month period ended June 30, 1999 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 1999. For further information, refer to the consolidated
financial statements and footnotes thereto included in the
Company's Form 10KSB for the year ended December 31, 1998.
2 MINING PROPERTIES
A. The Company currently has property rights only in El Dorado County on
approximately 600 acres in the "Big Canyon" mining area in El Dorado County,
California.
1.) Big Canyon Mining and Cattle Corporation Property. A lease, with an
option to purchase for surface and mineral rights on 584.07 acres. was made
effective July 1, 1996.
2.) Fort Yuma Claims: Two unpatented lode claims, directly owned by the
Company, totaling about 20 acres, are located in an area open to mineral
entry under the General Mining Law of 1972.
B. Minimum Annual Land Lease Payments
Assuming these properties are retained, and the payment schedule tentatively
agreed to for the Big Canyon property is unchanged, the minimum payments are
as follows:
Year Amount
1999(6 months) $ 6,100
2000 $13,000
2001 $13,000
3. STOCK OPTION PLANS
The Company has two active stock option plans (1995 Stock Option Plan and
Directors' Stock Option Plan), and two of which expired in 1994. Options
granted under these latter two plans expired beginning in 1998. Northern
Mines Inc., a subsidiary of the Company has one stock plan. The options are
valued at the amount of the salary or other amounts owed, and are recorded
in these amounts as paid-in capital, with offsets to expense, or accounts
payable as appropriate. As of the date of this Form 10-QSB, they are
summarized as follows:
A. Option plans for employees, directors and consultants:
Plan Common Shares
Expiration Exercise Common Shares Reserved for
Date Price Under Option Future Grant
1. Mother Lode Gold Mines Consolidated, unissued shares of common stock:
1989 Plan Oct 1994 $2.00 119,000 0
1995 Plan Jun 2005 $2.00 100,000 0
Director's Jun 2005 $2.00 40,000 60,000
Total 259,000 60,000
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
3. STOCK OPTION PLANS (Continued)
Plan Common Shares
Expiration Exercise Common Shares Reserved for
Date Price Under Option Future Grant
2. Northern Mines Inc., unissued shares of common stock:
1988 Plan Jun 1998 $1.25 178,000 0
The exercise prices of the foregoing incentive options were above market
prices at the date of grant, so no compensation expense, or capital credit
has been accounted for in connection with these options.
B. Compensatory options issued for services and/or in satisfaction of Company
indebtedness.
Exercise Common Shares Amount of Expense
Price/Share Under Option or Debt Relief
1. Mother Lode Gold Mines Consolidated:
a. Common Stock options under the 1984 Stock Option Plan for 1988 salaries:
$.0001 41,250 $ 79,478
b. Options on Series A preferred stock, callable at $10 per share, $.0001
exercise price, each convertible to common stock for a minimum of 2.1316
shares, increasing at a rate of 10% per annum to a maximum of 3.3368 shares
after five years, and if the common stock has not been registered under the
Securities Act of 1933, then increasing at 10% per annum to a maximum of
5.4901 shares, until final expiration at the end of an additional five years.
Effective June 30, 1999, 931 Series A options expired and 17,311 Series A
options were exercised, for which 95,037 shares of common stock of Mother
Lode Gold Mines Consolidated were issued. Unexercised options for 307,603
options for preferred shares remain issued for salaries and fees to
officers and others, at prices ranging from $10.00 to $1.53/share of
preferred stock.
Shares on Exercise Common Shares Amount of Expense
on Conversion Price/Share Under Option or Debt Relief
Minimum: 655,668
Maximum, 5 years class: .0001 406,757
Maximum, 10 years class: .0001 1,019,501 1,417,057
1,426,258 $1,496,535
c. Options on Series B preferred stock, callable at $10 per share, $.0001
exercise price, each convertible to common stock for a minimum of 5.00 shares,
increasing at a rate of 0.05 shares per annum to a maximum of 5.20 shares
after four years, and if the common stock has not been registered under the
Securities Act of 1933, at a rate of 5.25 shares from the fifth anniversary,
until final expiration at the end of an additional five years.
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
3. STOCK OPTION PLANS (Continued)
Through June 30, 1999 a total of 4,775 options for preferred shares were
issued for lease payments due to third parties at $10.00/share of preferred
stock.
Shares on Exercise Common Shares Amount of Expense
on Conversion Price/Share Under Option or Debt Relief
Minimum: 4,775
Maximum, 5 year Class .0001 24,830 $ 47,748
Total amount of expense relief: $1,544,283
2. Northern Mines Inc.:
Common stock options under 1988 Plan for commissions owed on sale of stock:
.0001 7,790 $ 9,738
C. A summary of changes in options outstanding, as of June 30, 1999 follows:
Common Shares Under Option
Mother Lode Gold Mines Consolidated Northern Mines Inc.
Non-Incentive Compensatory Non-Incentive Compensatory
1. Compensatory Options, Maximum Shares of common stock:
January 1, 1999
1984 Option Plan 41,250
Series B Preferred 25,069
Series A Preferred, 5-year expiration class 469,975
Series A Preferred, 10-year expiration class 1,015,097
Total 1,551,391
Net Changes, 1999
Series A expired (931)
Series A exercised (17,311)
Series A Preferred, 5-year expiration class (63,218)
Series A Preferred, 10-year expiration class 4,404
Balance, June 30, 1999 1,492,577
2. Non-incentive Options
January 1, 1999 259,000 0 7,790
Options granted: 1999 0
Options expired: 1999 0 0 0
Balance, June 30, 199 259,000 1,426,258 0 7,790
4. OFFICE LEASE
The Company shares 1,400 square feet of office space in a Class A low rise
building in a garden office park. The Company's share of the monthly lease
payment is $510, plus annual operating and tax escalations.
Part I - Financial Information (continued)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Summary of Financial Results. Mother Lode Gold Mines Consolidated (the
"Company") and its consolidated subsidiaries showed a loss of $6,424 for the
first six months 1999. These losses are attributable to the absence of any
income from the projects in which the Company has an interest.
As of June 30, 1999, the Company had outstanding advances for land and
administrative services to subsidiary corporations as follows: Amador United
Gold Mines - $101,165; Northern Mines Inc. - $174,638; Korgold, Inc. - $2,076;
Pacific International Minerals (formerly NCMM) - $6,328; Pacific FarEast
Minerals, Inc. - $3,704.
During the Second Quarter, there were no placements of common stock, but
95,037 shares of common stock were issued on the exercise of 17,311 options
of Series A Preferred Stock. The total number of common shares of the Company
as of June 30, 1999 is 3,973,817.
No officer compensation was paid in the Second Quarter 1999.
For the quarter ending June 30, 1999 no options were granted, but 931 options
expired and 17,311 options were exercised. As of June 30, 1999, 307,603
shares of Series A Preferred Stock have been granted and are outstanding.
Preparation of Financial Statements. The consolidated financial statements of
June 30, 1999, and for the six-month period then ended, were prepared by the
Company and have not been reviewed by independent auditors prior to
filing.
Amador United Gold Mines ("AUGM"). There was no activity by this corporation
during the Second Quarter 1999. The Company owns 48.37% of the common stock
(the only outstanding security) of AUGM.
Northern Mines Inc. ("NMI"). There was no activity by this corporation during
the Second Quarter 1999. The Company owns 82.1% of the common stock
(the only outstanding security) of NMI.
Pacific International Mining ("PIM"). There was no activity by this
corporation during the Second Quarter 1999. The Company owns 100% of the
common stock (the only outstanding security) of PIM. This corporation will
be dissolved in July 1999.
Korgold Corp. ("KOR"). There was no activity by this corporation during the
Second Quarter 1999. The Company owns 100% of the common stock (the only
outstanding security) of KOR. This corporation will be dissolved in
July 1999.
Pacific FarEast Minerals, Inc. ("PFEM") During the Second Quarter 1999 PFEM
continued its responsibilities under the two joint ventures in the People's
Republic of China The Company owns 34% of the common stock of PFEM.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not aware of any material legal proceedings to which the Company
or any subsidiary is a party or of which any of their properties is subject,
nor does the Company know of any such proceedings currently contemplated by
any governmental agency.
Item 2. Changes in Security: Not Applicable.
Item 3. Default Upon Senior Securities: Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders: Not applicable.
Item 5. Other Information: Not applicable
Item 6. Exhibits and Reports on Form 8-K. Not Applicable
Exhibit 11, Statement re Computation of Per Share Earnings which Exhibit begins
at Sequential Page 12.
No reports on Form 8-K were filed during the period of this Form 10-QSB.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MOTHER LODE GOLD MINES CONSOLIDATED
By
o/s Frank M. Orrell o/s Byron S. James
Frank M. Orrell, Byron S. James,
Chairman, CEO Chief Financial Officer
Date: June 28, 2000 Date: June 28, 2000
(The Balance of this Page Intentionally Left Blank)
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDARIES
EARNINGS PER SHARE
(FULLY DILUTED)
CUMULATIVE 305 MONTHS 3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS 12 MONTHS
DATE SHARES SHARES MONTHS TO 6/30/99 TO 6/30/99 TO 6/30/98 TO 6/30/99 TO
6/30/98 TO 12/31/98
For the period 02/08/74 thru 12/31/95 (A,B,C,D,E) 266 778,624,669
03/31/96 (E) 20,192 4,551,187 3 13,653,561
06/30/96 (E) 20,192 4,571,379 1 4,571,379
07/30/96 3,363 4,574,742 2 9,149,484
09/30/96 (E) 20,192 4,594,934 1 4,594,934
10/31/96 3,224 4,598,158 2 9,196,316
12/31/96 (E) 46,728 4,644,886 3 13,934,658
03/31/97 (E) 22,450 4,667,336 3 14,002,008
06/30/97 (E) 20,192 4,687,528 3 14,062,584
09/30/97 (E) 4,035 4,691,563 3 14,074,689
02/31/97 (E) 4,035 4,695,598 3 14,086,794 14,086,794 14,086,794
03/31/98 (E) 4,035 4,699,633 3 14,098,899 14,098,899 14,098,899 14,098,899
06/30/98 (E) 4,035 4,703,668 3 14,111,004 14,111,004
09/30/98 (E) 10,794 4,714,462 3 14,143,386 14,143,386
12/31/98 (E) 10,794 4,725,256 3 14,175,768 14,104,143
03/31/99 (E) 0 4,725,256 3 14,175,768 14,175,768 14,014,143
06/30/99 (E/F) 95,037 4,820,293 0 0 '
' ' ' '
305 960,655,901 14,175,768 14,098,899 28,351,536 28,351,536 56,440,083
MONTHS 305 3 3 6 6 12
WEIGHTED AVERAGE SHARES 3,149,691 4,725,256 4,699,633 4,725,256 4,697,616
4,703,340
NET INCOME GAIN/(LOSS) ($6,811,722) $1,012 ($30,187) ($6,424) ($48,287)
($74,882)
EARNINGS GAIN /(LOSS) PER SHARE ($2.163) $0.0002 ($0.006) ($0.001) ($0.010)
($0.016)
NOTES: (A) Share amounts have been restated for the following: 5:1 stock split-
1977; 15:1 stock split - 1978; 10% stock dividend - 1984.
(B) Includes net shares deemed to be issued upon exercise of stock options
described in notes to financial statements. The amount is based on the
exercise price of the option compared to the ending trading price for each
period. If the ending trading price was less than the exercise price in a
period, no assumption has been made that the options have been exercised.
(C) Includes conversion of 100,614 deferred salary shares that could have
been exercised.
(D) Includes February 1992 cancellation of shares held by Northern Mines, Inc.,
an 82% owned subsidiary of Mother Lode Gold Mines Consolidated.
(E) Assumes the exercise and conversion of Series A preferred shares previously
issued were converted on this date.
(F) Includes common shares issued upon conversion of Series A Preferred Stock
for deferred compensation and fees.
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDARIES
EARNINGS PER SHARE
(PRIMARY)
CUMULATIVE 305 MONTHS 3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS 12 MONTHS
DATE SHARES SHARES MONTHS TO 6/30/99 TO 6/30/99 TO 6/30/98 TO 6/30/99
TO 6/30/98 TO 12/31/98
For the period 02/08/74 thru 12/31/95 (A,B,C,D) 266 754,834,730
03/31/96 0 3,967,888 3 11,903,664
06/30/96 0 3,967,888 1 3,967,888
07/30/96 3,363 3,971,251 2 7,942,502
09/30/96 0 3,971,251 1 3,971,251
10/31/96 3,224 3,974,475 2 7,948,950
12/31/96 2,661 3,977,136 3 11,931,408
03/31/97 2,258 3,979,394 3 11,938,182
06/30/97 0 3,979,394 3 11,938,182
09/30/97 0 0 3,979,394 3 11,938,182
12/31/97 0 0 3,979,394 3 11,938,182 11,938,182 11,938,182
03/31/98 0 3,979,394 3 11,938,182 11,938,182 11,938,182 11,938,182
06/30/98 0 3,979,394 3 11,938,182 11,938,182
09/30/98 0 3,979,394 3 11,938,182 11,938,182
12/31/98 0 3,979,394 3 11,938,182 11,938,182
03/31/99 0 3,979,394 3 11,938,182 11,938,182 11,938,182
06/30/99 95,037 4,075,431 0 0 ' '
' ' '
305 960,655,901 11,938,182 11,938,182 23,876,364 23,876,364 47,752,728
MONTHS 305 3 3 6 6 12
WEIGHTED AVERAGE SHARES 3,149,691 3,979,394 3,979,394 3,979,394 3,979,394
3,979,394
NET INCOMEGAIN/(LOSS) ($6,811,722) $1,012 ($30,187) ($6,424) ($48,287)
($74,882)
EARNINGS GAIN/(LOSS) PER SHARE ($2.283) $0.0003 ($0.008) ($0.001) ($0.006)
($0.019)
NOTES: (A) Share amounts have been restated for the following: 5:1 stock split-
1977; 15:1 stock split - 1978; 10% stock dividend - 1984.
(B) Includes net shares deemed to be issued upon exercise of stock options
described in notes to financial statements. The amount is based on the
exercise price of the option compared to the ending trading price for each
period. If the ending trading price was less than the exercise price in a
period, no assumption has been made that the options have been exercised.
(C) Includes conversion of 100,614 deferred salary shares that could have been
exercised.
(D) Includes February 1992 cancellation of shares held by Northern Mines, Inc.,
an 82% owned subsidiary of Mother Lode Gold Mines Consolidated.
(E) Includes common shares issued upon conversion of Series A Preferred Stock
for deferred compensation and fees.
Sequential Page Number 13
