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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended September 30, 1998
Commission file number 001-03323
PRINCETON MINING COMPANY
(Exact name of registrant as specified in its charter)
IDAHO 82-6008727
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
413 Cedar Street
Wallace, Idaho
(Address of principal executive offices)
83873
(Zip Code)
(208) 752-1131
(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)
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: 9,563,340
**************************************************************************
<PAGE>
PART I
ITEM Statement of Financial Position as of September 30, 1998
and December 31,1997
Statement of Operations for the Three and Nine 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 Nine Month
Periods Ended September 30, 1998 and 1997
Notes to Financial Statements as of September 30, 1998
<PAGE>
PRINCETON MINING COMPANY
Statement of Financial Position as of
September 30, 1998, and December 31, 1997
(UNAUDITED)
<TABLE>
September 30, December 31,
1998 1997
____________ ____________
<C> <S> <S>
ASSETS
CURRENT ASSETS - Cash $ 104 $ 110
PROPERTY
Mining claims 25,000 25,000
____________ ____________
TOTAL ASSETS $ 25,104 $ 25,110
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 13,160 $ 10,372
Advances from shareholder 4,100 -
____________ ____________
Total Current Liabilities 17,260 10,372
____________ ____________
STOCKHOLDERS' EQUITY
Preferred stock; $.10 par value;
1,000,000 authorized; no shares
outstanding - -
Common stock; assessable; $.10 par
value; 29,000,000 shares authorized;
9,563,340 shares issued and outstanding 956,334 956,334
Discount on common stock (280,101) (280,101)
Accumulated deficit (668,389) (661,495)
____________ ____________
Total stockholders' equity 7,844 14,738
____________ ____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,104 $ 25,110
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Operations for the Three and Six Month
Periods Ended September 30, 1998 and 1997
(UNAUDITED)
<TABLE>
Three Month Periods Nine Month Periods
____________________________ ____________________________
September 30, September 30, September 30, September 30,
1998 1997 1998 1997
_____________ _____________ _____________ _____________
<C> <S> <S> <S> <S>
REVENUES $ - $ - $ - $ -
_____________ _____________ _____________ _____________
OPERATING EXPENSES
Loss on abandoned mining
claims - 45,000 - 275,688
Interest 281 6,454 659 18,606
Office 1,333 457 5,325 5,347
Professional fees - 226 600 517
Taxes and licenses - 9 310 319
_____________ _____________ _____________ _____________
Total Operating Expenses 1,614 52,146 6,894 300,477
_____________ _____________ _____________ _____________
NET (LOSS) $ (1,614) $ (52,146) $ (6,894) $ (300,477)
============= ============= ============= =============
NET (LOSS) PER SHARE $ (NIL) $ (0.005) $ (NIL) $ (.03)
============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Changes in Stockholders' Equity for
the Three Month Period Ended June 30, 1998 and June 30, 1997
(UNAUDITED)
<TABLE>
Common Stock Additional
____________________ Paid-in Accumulated
Shares Amount Capital Deficit Total
_________ _________ ___________ ___________ ___________
<C> <S> <S> <S> <S> <S>
Balances as
of June 30,
1997 3,000,000 $ 300,000 $ 48,066 $ (591,987) $ (243,921)
Net Loss - - - (52,146) (52,146)
_________ _________ ___________ ___________ ___________
Balances as
of Sept. 30,
1997 3,000,000 $ 300,000 $ 48,066 $ (644,133) $ (296,067)
========= ========= =========== =========== ===========
</TABLE>
<TABLE>
Common Stock Additional
____________________ Paid-in Accumulated
Shares Amount Capital Deficit Total
_________ _________ ___________ ___________ ___________
<C> <S> <S> <S> <S> <S>
Balances as
of June 30,
1998 9,563,340 $ 956,334 $ (280,101) $ (666,775) $ 9,458
Net (Loss) - - - (1,614) (1,614)
_________ _________ ___________ ___________ ___________
Balances as
of Sept. 30,
1998 9,563,340 $ 956,334 $ (280,101) $ (668,389) $ 7,844
========= ========= ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Cash Flows for the Three and Six Month
Periods Ended June 30, 1998 and 1997
(UNAUDITED)
<TABLE>
Three Month Periods Nine Month Periods
____________________________ ____________________________
September 30, September 30, September 30, September 30,
1998 1997 1998 1997
_____________ _____________ _____________ _____________
<C> <S> <S> <S> <S>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (Loss) $ (1,614) $ (52,146) $ (6,894) $ (300,477)
Add item not requiring
the use of cash:
Loss on abandoned
mining claims - 45,000 - 275,688
Increase in
accounts payable 1,582 (12,465) 2,788 (1,519)
Increase (decrease) in
advances from
shareholders 79 19,700 4,100 26,300
_____________ _____________ _____________ _____________
Net cash flows used
from operating
activities 47 89 (6) (8)
_____________ _____________ _____________ _____________
NET INCREASE (DECREASE)
IN CASH 47 89 (6) (8)
CASH AT BEGINNING OF PERIOD 57 11 110 108
_____________ _____________ _____________ _____________
CASH AT END OF PERIOD $ 104 $ 100 $ 104 $ 100
============= ============= ============= =============
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY Notes to Financial Statements
(UNAUDITED) as of September 30, 1998
______________________________________________________________________________
The financial statements of Princeton Mining 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, Princeton
Mining Company believes that the disclosures are adequate to make the
information presented not misleading. These financial statements should be
read in conjunction with the financial statements and notes thereto included
in Princeton Mining Company's annual report on Form 10-K for the fiscal year
ended December 31, 1997.
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.
<PAGE>
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION
The Company currently maintains 10 unpatented mining claims east of
Mullan, Idaho, in the Coeur d'Alene Mining District, Shoshone County,
Idaho. As of September 30, 1998, current liabilities exceeded current
assets by $17,156.
During the quarter ended September 30, 1998, the Company had a net
operating loss of $1,614, which was primarily due to a loss on abandoned
mining claims.
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
<PAGE>
*****************************************************************************
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.
Princeton Mining Company
(Registrant)
/s/ H. James Magnuson Date: 11/3/1998
____________________________________ __________________________
H. James Magnuson
President and Director
/s/ Dennis O'Brien Date: 11/3/1998
____________________________________ __________________________
Dennis O'Brien
Secretary-Treasurer and Director
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following person on behalf of the
registrant and in the capacities and as of the date indicated.
/s/ H. James Magnuson Date: 11/3/1998
____________________________________ __________________________
H. James Magnuson
President and Director
/s/ Dennis O'Brien Date: 11/3/1998
____________________________________ __________________________
Dennis O'Brien
Secretary-Treasurer and Director
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Financial Condition for Princeton Mining Company at September
30, 1998 (unaudited) and the Statement of Income for the three month period
ended September 30, 1998 (unaudited) and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1998
<CASH> 104
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 104
<PP&E> 25,000
<DEPRECIATION> 0
<TOTAL-ASSETS> 25,104
<CURRENT-LIABILITIES> 17,260
<BONDS> 0
0
0
<COMMON> 956,334
<OTHER-SE> (948,490)
<TOTAL-LIABILITY-AND-EQUITY> 25,104
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,333
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 281
<INCOME-PRETAX> (1,614)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,614)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,614)
<EPS-PRIMARY> (.00)
<EPS-DILUTED> (.00)
</TABLE>
