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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 March 31, 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 March 31, 1999: 9,563,334
**************************************************************************
<PAGE>
PART I
ITEM 1
Statement of Financial Position as of March 31, 1999
and December 31,1998
Statement of Operations for the Three Month
Period Ended March 31, 1999
Statement of Changes in Stockholders' Equity
for the Three Month Period Ended March 31, 1999
Statement of Cash Flows for the Three Month
Period Ended March 31, 1999
Notes to Financial Statements as of March 31, 1999
<PAGE>
PRINCETON MINING COMPANY
Statement of Financial Position as of
March 31, 1999 and December 31, 1998
(UNAUDITED)
<TABLE>
March 31, December 31,
1999 1998
____________ ____________
<C> <S> <S>
ASSETS
CURRENT ASSETS - Cash $ 83 $ 72
PROPERTY
Mining claims 25,000 25,688
____________ ____________
TOTAL ASSETS $ 25,083 $ 25,072
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 22,606 $ 23,605
Advances from shareholder 3,900 -
____________ ____________
Total current liabilities 22,606 23,605
____________ ____________
STOCKHOLDERS' EQUITY
Common stock; assessable;
$.10 par value; 3,000,000
shares authorized; 3,000,000
shares issued and outstanding 956,334 956,334
Additional paid-in capital (280,101) (280,101)
Accumulated deficit (677,656) (674,766)
____________ ____________
Total stockholders' equity (1,423) 1,467
____________ ____________
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,083 $ 25,072
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Operations for the Three
Month Period Ended March 31, 1999
(UNAUDITED)
<TABLE>
March 31, March 31,
1999 1998
_____________ ____________
<C> <S>
REVENUES $ - $ -
_____________ ____________
OPERATING EXPENSES
Interest 400 -
Office 2,480 2,196
Taxes and licenses 10 300
_____________ _____________
Total Operating Expenses 2,890 2,496
_____________ _____________
NET (LOSS) $ (2,890) $ (2,496)
============= =============
NET (LOSS) PER SHARE $ 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 Three Month Period Ended March 31, 1999 and 1998
(UNAUDITED)
<TABLE>
Common Stock Additional
____________________ Paid-in Accumulated
Shares Amount Capital Deficit Total
_________ _________ ___________ ____________ ___________
<C> <S> <S> <S> <S> <S>
Balances as of
December 31, 1997 9,563,340 $ 956,334 $ (280,101) $ (661,495) $ 14,738
Net (Loss) - - - (2,496) (2,496)
_________ _________ ___________ ____________ ___________
Balances as of
March 31, 1998 9,563,340 $ 956,334 $ (280,101) $ (663,991) $ 12,242
========= ========= =========== ============ ===========
Balances as of
December 31, 1998 9,563,340 $ 956,334 $ (280,101) $ (674,766) $ 1,467
Net (Loss) - - - (2,890) (2,890)
_________ _________ ___________ ____________ ___________
Balances as
of March 31,
19998 9,563,340 $ 956,334 $ (280,101) $ (677,656) $ (1,423)
========= ========= =========== ============ ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Statement of Cash Flows for the Three
Month Period Ended March 31, 1999
(UNAUDITED)
<TABLE>
March 31, March 31,
1999 1998
_______________ _______________
<C> <S> <S>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) $ (2,890) $ (2,496)
(Decrease) in accounts payable (999) (3,672)
Increase in advances from shareholders 3,900 6,100
_______________ _______________
Net cash flows used from operating activities 11 (68)
_______________ _______________
NET DECREASE IN CASH 11 (68)
CASH AT BEGINNING OF PERIOD 72 110
_______________ _______________
CASH AT END OF PERIOD $ 83 $ 42
=============== ===============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
Notes to Financial Statements
(UNAUDITED)
as of March 31, 1997
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 currently maintains ten unpatented mining claims east of Mullan,
Idaho, in the Coeur d'Alene Mining District, Shoshone County, Idaho. As of
March 31, 1999, current liabilities exceeded current assets by $26,443.
During the quarter ended March 31, 1999, the Company had a net operating loss
of $2,890, which was primarily due to normal operating expenses.
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: May 11, 1999
____________________________________ __________________________
H. James Magnuson
President and Director
/s/ Dennis O'Brien Date: May 10, 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: May 11, 1999
____________________________________ __________________________
H. James Magnuson
President and Director
/s/ Dennis O'Brien Date: May 10, 1999
____________________________________ __________________________
Dennis O'Brien
Secretary-Treasurer and Director
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Financial Condition for Princeton Mining Company at March 31,
1999 (unaudited) and the Statement of Income for the three month period ended
March 31, 1999 (unaudited) and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 86
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 83
<PP&E> 25,000
<DEPRECIATION> 0
<TOTAL-ASSETS> 25,083
<CURRENT-LIABILITIES> 26,506
<BONDS> 0
0
0
<COMMON> 956,334
<OTHER-SE> (957,757)
<TOTAL-LIABILITY-AND-EQUITY> 25,083
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,490
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 400
<INCOME-PRETAX> (2,890)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,890)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,890)
<EPS-PRIMARY> (0.00)
<EPS-DILUTED> (0.00)
</TABLE>
