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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, 1999
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 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: 9,563,340
**************************************************************************
<PAGE>
PART I
ITEM 1 Statement of Financial Position as of September 30, 1999
and December 31,1998
Statement of Operations for the Three and Nine Month
Periods Ended September 30, 1999 and 1998
Statement of Changes in Stockholders' Equity
for the Three Month Periods Ended September 30, 1999 and 1998
Statement of Cash Flows for the Three and Nine Month
Periods Ended September 30, 1999 and 1998
Notes to Financial Statements as of September 30, 1999
<PAGE>
PRINCETON MINING COMPANY
Statement of Financial Position as of
September 30, 1999 and December 31, 1998
(UNAUDITED)
<TABLE>
September 30, December 31,
1999 1998
____________ ____________
<C> <S> <S>
ASSETS
CURRENT ASSETS - Cash $ 85 $ 72
PROPERTY
Mining claims 25,000 25,000
____________ ____________
TOTAL ASSETS $ 25,085 $ 25,072
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 6,053 $ 23,605
Advances from shareholder 23,700 -
____________ ____________
Total current liabilities 29,753 23,605
____________ ____________
STOCKHOLDERS' EQUITY
Preferred stock; $0.10 par value;
1,000,000 shares authorized; no shares
outstanding - -
Common stock; $.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 (680,901) (674,766)
____________ ____________
Total stockholders' equity (4,668) 1,467
____________ ____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,085 $ 25,072
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Operations for the Three and Nine
Month Periods Ended September 30, 1999 and 1998
(UNAUDITED)
<TABLE>
September 30, 1999 September 30, 1998
__________________________ ________________________
Three Nine Three Nine
Months Months Months Months
____________ ____________ ___________ ___________
<C> <S> <S> <S> <S>
REVENUES $ - $ - $ - $ -
____________ ____________ ___________ ___________
OPERATING EXPENSES
Interest 533 1,452 281 659
Office 1,024 4,559 1,333 5,325
Professional fees 114 114 - 600
Taxes and licenses - 10 - 310
_____________ ____________ ___________ ___________
Total Operating Expenses 1,671 6,135 1,614 6,894
_____________ ____________ ___________ ___________
NET (LOSS) $ (1,671) $ (6,135) $ (1,614) $ (6,894)
============= ============ =========== ===========
NET (LOSS) PER SHARE $ (NIL) $ (NIL) $ (NIL) $ (NIL)
============= ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Changes in Stockholders' Equity for
the Nine Month Periods Ended September 30, 1999 and 1998
(UNAUDITED)
<TABLE>
Common Stock Discount
____________________ On Common Accumulated
Shares Amount Stock 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
========= ========= =========== ============ ===========
Balances as
of June 30, 1999 9,563,340 $ 956,334 $ (280,101) $ (679,230) $ (2,997)
Net (Loss) - - - (1,671) (1,671)
_________ _________ ___________ ____________ ___________
Balances as
of Sept. 30, 1999 9,563,340 $ 956,334 $ (280,101) $ (680,901) $ (4,668)
========= ========= =========== ============ ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Cash Flows for the Three and Nine Month
Periods Ended September 30, 1999 and 1998
(UNAUDITED)
<TABLE>
September 30, 1999 September 30, 1998
__________________________ _________________________
Three Nine Three Nine
Months Months Months Months
____________ ___________ ___________ ___________
<C> <S> <S> <S> <S>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net (Loss) $ (1,671) $ (6,135) $ (1,614) $ (6,894)
Increase (decrease) in
accounts payable (16,167) (17,552) 1,582 2,788
Increase (decrease) in
advances from
shareholders 17,800 23,700 79 4,100
_____________ ___________ ___________ ___________
Net cash flows provided
(used)from operating
activities (38) 13 47 (6)
_____________ ____________ ___________ ___________
NET INCREASE (DECREASE)
IN CASH (38) 13 47 (6)
CASH AT BEGINNING OF PERIOD 123 72 57 110
_____________ ____________ ___________ ___________
CASH AT END OF PERIOD $ 85 $ 85 $ 104 $ 104
============= ============ =========== ===========
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY Notes to Financial Statements
(UNAUDITED) as of September 30, 1999
- --------------------------------------------------------------------------------
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, 1998.
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 maintains unpatented mining property east of Mullan, Idaho, in the
Coeur d'Alene Mining District, Shoshone County, Idaho. As of September 30,
1999, current liabilities exceeded current assets by $29,668.
During the quarter ended September 30, 1999, the Company had a net operating
loss of $1,671.
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: October 20, 1999
____________________________________ __________________________
H. James Magnuson
President and Director
/s/ Dennis O'Brien Date: October 19, 1999
____________________________________ __________________________
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: October 20, 1999
____________________________________ __________________________
H. James Magnuson
President and Director
/s/ Dennis O'Brien Date: October 19, 1999
____________________________________ __________________________
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,
1999 (unaudited) and the Statement of Income for the nine month period ended
September 30, 1999 (unaudited) and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1999
<CASH> 85
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 85
<PP&E> 25,000
<DEPRECIATION> 0
<TOTAL-ASSETS> 25,085
<CURRENT-LIABILITIES> 29,753
<BONDS> 0
0
0
<COMMON> 956,334
<OTHER-SE> (961,002)
<TOTAL-LIABILITY-AND-EQUITY> (4,668)
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,671
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,671)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,671)
<EPS-BASIC> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
