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UNITED STATES
SECURITY AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 12 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the year ended December 31, 1999
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period
Commission File Number: 001-04026
PRINCETON MINING COMPANY
(Exact name of registrant as specified in its charter)
IDAHO 82-6008727
(State of Incorporation or Organization) (IRS Employer ID Number)
413 CEDAR STREET, WALLACE, IDAHO 83873
(Address of Principal Executive Offices)
(208) 752-1131
(Registrant's Telephone Number)
Securities Registered Under Section 12 (b) of the Act:
COMMON NON-ASSESSABLE STOCK, $.10 PAR VALUE, PREFERRED STOCK, $.10 PAR VALUE
(Title of Class)
Securities Registered Under Section 12 (g) of the Act:
NONE
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section `3 or `5(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.
X YES NO
Indicate by check mark if disclosure of delinquent filers in response to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III or any amendment to this Form
10-K. (X)
The aggregate market value based on the average bid and asked prices of the
registrant's Common Stock held by non-affiliates of the registrant at March 2,
2000, was approximately $393,150. As of March 2, 2000, there were 9,569,140
shares of the registrant's common stock outstanding. There were no shares of
the registrant's preferred stock outstanding.
Page 1 of 19
<PAGE>
TABLE OF CONTENTS
PART I
PAGE
Item 1. Business 3
Item 2. Properties 3
Item 3. Legal Proceedings 3
Item 4. Submission of Matters to a Vote of Security Members 3
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters 3
Item 6. Selected Financial Data 4
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
Item 8. Financial Statements 5-13
Item 9. Changes in and Disagreements with Accountants 5
PART III
Item 10. Directors and Executive Officers of the Registrant 14
Item 11. Executive Compensation 14
Item 12. Security Ownership of Certain Beneficial Owners and
Management 14
Item 13. Certain Relationships and Related Transactions 14
PART IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports on Form 8-K 15
Signatures 15
Exhibit 23 - Consent of Accountants 16
Exhibit 27 - Financial Data Schedule 17
Page 2 of 19
<PAGE>
PRINCETON MINING COMPANY
FORM 10-K ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
PART I
Item 1 - BUSINESS
Princeton Mining Company (the "Company") was incorporated under the laws of
Idaho in September 1950. The Company is the owner of an interest in ten
unpatented mining claims situated east of the village of Mullan in the Coeur d'
Alene Mining District, Shoshone County, Idaho.
To the knowledge of the Company, no commercial ore deposit has been found as the
result of any exploration work done to date on the Company's Property.
Consequently, there has been no production of ore from the Property and the
Company makes no claim to the existence of ore reserves in the Property.
There are numerous Federal and State laws and regulations related to
environmental protection, which have direct application to mining and milling
activities. The more significant of these laws deal with mined land reclamation
and wastewater discharge from mines and milling operations. The Company does
not believe that these laws and regulations as presently enacted will have a
direct material adverse effect on its mining claims.
Item 2 - PROPERTIES
The information regarding the Properties of the Company is set forth under
"Item 1. Business" of this report, and is incorporated by reference in answer to
this item.
Item 3 - LEGAL PROCEEDINGS
None
Item 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no shareholders' meetings during 1999.
PART II
Item 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
(a) The market price ranges of the Company's common stock during each quarter
of the years 1999 and 1998 were as follows:
<TABLE>
1999 1998
----------------- -----------------
High Low High Low
---- --- ---- ---
<S> <C> <C> <C> <C>
1st Quarter .01 .01 .01 .01
2nd Quarter .01 .01 .01 .01
3rd Quarter .05 .01 .01 .01
4th Quarter .08 .05 .01 .01
</TABLE>
Page 3 of 19
<PAGE>
PRINCETON MINING COMPANY
FORM 10-K ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
(b) Approximate Number of Equity Security Holders.
Title Class (1) Number of Record Holders December 31, 1999
- ------------ -------------------------------------------
Common stock, par value Approximately 1,350 (1)
10 cents per share
(1) Included in the number of shareholders of record are shares held in
"nominee" or "street" name.
(c) No dividends were paid by the Company in 1999 or 1998.
Item 6 - SELECTED FINANCIAL DATA
The following data should be read in conjunction with the Company's financial
statements and the notes thereto:
Selected Income Statement Data:
<TABLE>
Year Ended December 31,
----------------------------------------------------------
1995 1996 1997 1998 1999
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net Revenues $ -0- $ -0- $ -0- $ -0- $ -0-
Net income (loss) (29,456) (34,578) (317,839) (13,271) (27,390)
Per share (.01) (.004) (.033) (.001) (.0029)
Cash dividends
per share -0- -0- -0- -0- -0-
</TABLE>
The following data should be read in conjunction with the Company's financial
statements and the notes thereto:
Selected Balance Sheet Data:
<TABLE>
Year Ended December 31,
----------------------------------------------------------
1995 1996 1997 1998 1999
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Current Assets $ 57 $ 108 $ 110 $ 72 $ 113
Current Liabilities 261,757 296,386 10,372 23,605 35,473
---------- ---------- ---------- ---------- ----------
Working Capital (261,700) (296,278) (10,262) (23,533) (35,360)
Total Assets 300,745 300,796 25,110 25,022 10,113
Long-term debt -0- -0- -0- -0- -0-
Stockholders'
Equity 38,988 4,410 14,738 1,467 (25,360
</TABLE>
Page 4 of 19
<PAGE>
PRINCETON MINING COMPANY
FORM 10-K ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
Item 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company incurred a net loss of $27,390 in 1999 compared to a net loss of
$13,271 for 1998. The majority of the loss for 1999 was attributed to a write
down of $15,000 for the impaired value of the Company's unpatented mining
claims.
The Company has ten unpatented mining claims which have been adjusted to a value
of $10,000. The only other asset is a cash balance of $113. Total current
liabilities totaled $35,473 as of December 31, 1999. Thus, there is a negative
working capital balance of $35,360.
Item 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The company's financial statements appear following Part II of the report.
Item 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
In February 2000, the Company retained the certified public accounting firm of
Williams and Webster, P.S. of Spokane, Washington as independent auditors for
the 1999 financial statements. There were no independent auditors prior to
Williams and Webster, P.S.
PRINCETON MINING COMPANY
Financial Statements
DECEMBER 31, 1999
WILLIAMS & WEBSTER PS
Certified Public Accountants
BANK OF AMERICA FINANCIAL CENTER
W 601 RIVERSIDE, SUITE 1940
SPOKANE, WA 99201
(509) 838-5111
PRINCETON MINING COMPANY
TABLE OF CONTENTS
December 31, 1999
INDEPENDENT AUDITOR'S REPORT
FINANCIAL STATEMENTS
Balance Sheet
Statement of Operations and Accumulated Deficit
Statement of Stockholders' Equity (Deficit)
Statement of Cash Flows
NOTES TO FINANCIAL STATEMENTS
Page 5 of 19
<PAGE>
Board of Directors
Princeton Mining Company
Wallace, Idaho
Independent Auditor's Report
------------------------------
We have audited the accompanying balance sheet of Princeton Mining Company, as
of December 31, 1999, and the related statements of operations and accumulated
deficit, stockholders' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Princeton Mining Company, as of
December 31, 1999, and the results of its operations and its cash flows for the
year then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2, the Company
has no revenues and negative working capital. These factors raise substantial
doubt about the Company's ability to continue as a going concern. Realization
of a major portion of the assets is dependent upon the Company's ability to meet
its future financing requirements, and the success of future operations.
Management's plans regarding those matters also are described in Note 2. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
/S/
Williams & Webster, P.S.
Certified Public Accountants
Spokane, Washington
February 29, 2000
Page 6 of 19
<PAGE>
PRINCETON MINING COMPANY
BALANCE SHEET
DECEMBER 31, 1999
<TABLE>
ASSETS
<S> <C>
CURRENT ASSETS
Cash $ 113
Total Current Assets 113
------------
OTHER ASSETS
Mining claims 10,000
------------
TOTAL ASSETS $ 10,113
============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 7,073
Loans from a related party 28,400
------------
Total Current Liabilities 35,473
------------
COMMITMENTS AND CONTINGENCIES -
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.10 par value,
1,000,000 shares authorized;
No shares issued and outstanding -
Common stock, $0.10 par value,
29,000,000 shares authorized; 9,569,140
shares issued and outstanding 956,914
Discount on common stock (280,681)
Additional paid-in-capital 563
Accumulated deficit (702,156)
------------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (25,360)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
$ 10,113
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
Page 7 of 19
<PAGE>
PRINCETON MINING COMPANY
STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE YEAR ENDED DECEMBER 31, 1999
REVENUES $ -
------------
EXPENSES
Filing and recording fees 434
Legal and professional 7,200
Office expense 2,112
Taxes 10
Mining exploration and engineering expense 613
------------
TOTAL EXPENSES 10,369
------------
NET LOSS FROM OPERATIONS (10,369)
OTHER INCOME (EXPENSE)
Loss on impairment of assets (15,000)
Interest expense (2,021)
------------
TOTAL OTHER INCOME (EXPENSE) (17,021)
------------
INCOME TAXES -
------------
NET LOSS (27,390)
ACCUMULATED DEFICIT, BEGINNING BALANCE (674,766)
------------
ACCUMULATED DEFICIT, ENDING BALANCE $ 702,156
============
NET LOSS PER COMMON SHARE $ (0.0029)
============
WEIGHTED AVERAGE NUMBER OF
COMMON STOCK SHARES OUTSTANDING 9,569,140
============
The accompanying notes are an integral part of these financial statements.
Page 8 of 19
<PAGE>
PRINCETON MINING COMPANY
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE YEAR ENDED DECEMBER 31, 1999
(Begin 8 pt type)
<TABLE>
Total
Preferred Stock Common Stock Discount Stock-
------------------- -------------------- on Additional Accum- holders'
Number Number Common Paid-in ulated Equity
Of Shares Amount Of Shares Amount Stock Capital Deficit (Deficit)
--------- -------- --------- --------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance
December
31, 1998 - $ - 9,569,140 $ 956,914 $(280,681) $ - $(674,766) $ 1,467
Contribution
of capital - - - - - 563 - 563
Loss for
year ending,
December
31, 1999 - - - - - - (27,390) (27,390)
--------- -------- --------- --------- ---------- ---------- ---------- ---------
Balance,
December
31, 1999 - $ - 9,569,140 $ 956,914 (280,681) $ 563 $(702,156) (25,360)
========= ======== ========= ========= ========== ========== ========== =========
</TABLE>
(end 8pt type)
The accompanying notes are an integral part of these financial statements.
Page 9 of 19
<PAGE>
PRINCETON MINING COMPANY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (27,390)
Adjustments to reconcile net loss
to net cash used by operating activities:
Write off of impaired mining claims 15,000
Increase in accounts payable 1,268
------------
Net cash (used) in operating activities (11,122)
CASH FLOWS FROM INVESTING ACTIVITIES -
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder advances 10,600
Proceeds from shareholder contribution of capital 563
------------
Net cash provided by financing activities 11,163
Change in cash 41
Cash, beginning of period 72
------------
Cash, end of period $ 113
============
Supplemental disclosures:
Interest paid $ 2,021
============
Income taxes paid $ -
============
The accompanying notes are an integral part of these financial statements.
Page 10 of 19
<PAGE>
PRINCETON MINING COMPANY
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1999
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Princeton Mining Company (hereinafter "the Company") was incorporated on
September 29, 1950 under the laws of the State of Idaho for the purpose of
acquiring, exploring and developing mining properties. The Company maintains
offices in Wallace, Idaho. The Company's fiscal year end is December 31.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This summary of significant accounting policies of Princeton Mining Company is
presented to assist in understanding the Company's financial statements. The
financial statements and notes are representations of the Company's management,
which is responsible for their integrity and objectivity. These accounting
policies conform to generally accepted accounting principles and have been
consistently applied in the preparation of the financial statements.
Principal Business Activities
The Company has been in the minerals exploration business since its formation in
September 1950 and has not yet realized any significant revenues from its
planned operations. It is primarily engaged in the acquisition, exploration and
development of mining properties. Upon location of a commercial minable
reserves, the Company expects to actively prepare such sites for ore extraction
and further development.
Going Concern
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.
As shown in the accompanying financial statements, the Company incurred a net
loss of $27,390 for the year ended December 31, 1999 and has an accumulated
deficit of $702,156. The Company has no sales and has negative working capital.
The future of the Company is dependent upon its ability to obtain financing and
upon future successful explorations for and profitable operations from the
development of mineral properties. The financial statements do not include any
adjustments relating to the recoverability and classification of recorded
assets, or the amounts and classification of liabilities that might be necessary
in the event the Company cannot continue in existence.
Accounting Method
The Company's financial statements are prepared using the accrual method of
accounting.
Loss Per Share
Loss per share was computed by dividing the net loss by the weighted average
number of shares outstanding during the period. The weighted average number of
shares was calculated by taking the number of shares outstanding and weighting
them by the amount of time that they were outstanding.
Page 11 of 19
<PAGE>
PRINCETON MINING COMPANY
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1999
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Cash and Cash Equivalents
For purposes of the Statement of Cash Flows, the Company considers all
short-term debt securities purchased with a maturity of three months or less to
be cash equivalents.
Provision for Taxes
For income tax reporting purposes, the Company has elected to treat its current
and historical operating expenses as capitalizable exploration and development
costs under IRC Code Section 616 (b). Accordingly, the Company has no net
operating loss carryforwards.
Use of Estimates
The process of preparing financial statements in conformity with generally
accepted accounting principles requires the use of estimates and assumptions
regarding certain types of assets, liabilities, revenues, and expenses. Such
estimates primarily relate to unsettled transactions and
events as of the date of the financial statements. Accordingly, upon
settlement, actual results may differ from estimated amounts.
Impaired Asset Policy
In March 1995, the Financial Accounting Standards Board issued a statement
titled "Accounting for Impairment of Long-lived Assets." In complying with this
standard, the Company reviews its long-lived assets quarterly to determine if
any events or changes in circumstances have transpired which indicate that the
carrying value of its assets may not be recoverable. The Company does not
believe any additional adjustments are needed to the carrying value of its
assets at December 31, 1999. See Note 3.
Exploration Costs
In accordance with generally accepted accounting principles, the Company
expenses exploration costs as incurred.
NOTE 3 - MINERAL PROPERTIES
The Company maintains unpatented mining property east of Mullan, Idaho in the
Coeur d'Alene Mining district of Shoshone County, Idaho.
During the year ended December 31, 1999, the Company wrote down the carrying
value of its mining claims to $10,000, thereby incurring an asset impairment
loss of $15,000, in recognition of the decreased value of its mineral
properties.
Page 12 of 19
<PAGE>
PRINCETON MINING COMPANY
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1999
NOTE 4 - STOCKHOLDERS' EQUITY
In prior years, the Company has issued its common stock in exchange for services
at values less than the underlying par value of the Company's common stock. The
aggregate effect of such transactions is the Company's recording of $280,681 as
a discount on common stock in the stockholders' equity section of the Company's
balance sheet.
In the year ended December 31, 1999, a shareholder paid $563 of corporate
expenses while relinquishing the opportunity for repayment. These funds have
been recorded as additional paid-in capital in the stockholders' equity section
of the Company's balance sheet.
NOTE 5 - STOCK OPTIONS
Although the Company has not adopted a stock option plan, the Company's board of
directors agreed to grant an option in January 1998 to an outside consultant to
purchase 1,200,000 shares of the Company's common stock at a strike price of
$0.01 per share (which was then the market price). The exercise of the option
is contingent upon the Company's stock being listed upon the OTC Bulletin Board.
There is no written instrument memorializing the length and other terms of the
options, which has not been formally granted or exercised as of the date of
these financial statements.
NOTE 6 - COMMITMENTS AND CONTINGENCIES
The Company is engaged in the exploration and development of mineral properties.
At present, there are no feasibility studies establishing proven and probable
reserves.
Although the minerals exploration and mining industries are inherently
speculative and subject to complex environmental regulations, the Company is
unaware of any pending litigation or of any specific past or prospective matters
which could impair the value of its mining claims.
NOTE 7 - RELATED PARTIES
The Company occupies office space provided by H. F. Magnuson, a significant
shareholder, at no charge. The value of this space is not considered materially
significant for financial reporting purposes.
A shareholder and officer of the Company has advanced monies to the Company
totaling $28,400 at December 31, 1999 in payment of expenses. These have been
recorded as unsecured short-term loans, bearing 9% interest and being payable
upon demand.
Page 13 of 19
<PAGE>
PRINCETON MINING COMPANY
FORM 10-K ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
PART III
Item 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
<TABLE>
Name of Executive Officers and Principal Occupation, Five-Year
Directors and Positions Held Age Business History and Directorships
- ------------------------------------ --- -----------------------------------
<S> <C> <C>
H. James Magnuson, 46 Attorney at Law for more than the
President and Director past five years.
R. M. MacPhee, 69 Certified Public Accountant for
Director more than five years. Director of
Western Silver-Lead Corporation.
Donald H. Grismer, 68 Employed in mining for more than
Director the past five years.
Dale B. Lavigne, 69 President, Osurn Drug Company,
Vice-President and Director Director Western Silver-Lead
Company.
Dennis O'Brien, 38 Certified Public Accountant
Director
Mark W. Absec, 42 Certified Public Accountant
Assistant Secretary-Treasurer
</TABLE>
The bylaws of the Company provided that the Directors serve until the next
annual meeting of shareholders or until their respective successors have been
duly elected and qualified. The bylaws also provide that the officers serve at
the discretion of the Board of Directors.
Item 11 - EXECUTIVE COMPENSATION
None
Item 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
H.F. Magnuson, owns 6,423,940 shares.
Item 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
A shareholder of the Company, H.F. Magnuson, has advanced cash to the
Company totaling $28,400 as of December 31, 1999.
Page 14 of 19
<PAGE>
PRINCETON MINING COMPANY
FORM 10-K ANNUAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
PART IV
Item 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K
(a) Financial Statements - See index to Financial Statements at page 8 of
this report.
(b) Exhibits - No additional exhibits are filed as a part of this report.
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 /S/ Dennis O'Brien
- ------------------------- ---------------------------
H. James Magnuson Dennis O'Brien
President and Director Secretary and Director
Date: March 3, 2000 Date: March 3, 2000
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 /S/ Dennis O'Brien
- ------------------------- ---------------------------
H. James Magnuson Dennis O'Brien
President and Director Secretary and Director
Date: March 3, 2000 Date: March 3, 2000
Consent of Certified Public Accountants
Board of Directors
Princeton Mining Company
Wallace, Idaho
We consent to the use of our audit report dated February 29, 2000, on the
Financial Statements of Princeton Mining Company as of December 31, 1999,
for the filing with and attachment to the Form 10-K for the year ending
December 31, 1999.
/s/ Williams & Webster, P.S.
Williams & Webster, P.S.
Certified Public Accountants
Spokane, Washington
March 6, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Financial Position for Princeton Mining Company at December
31, 1999 (audited) and the Statement of Operations for the year ended
December 31, 1999 (audited) and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<CASH> 113
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 113
<PP&E> 10,000
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,113
<CURRENT-LIABILITIES> 35,473
<BONDS> 0
0
0
<COMMON> 956,914
<OTHER-SE> (982,274)
<TOTAL-LIABILITY-AND-EQUITY> (25,360)
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 10,369
<LOSS-PROVISION> 15,000
<INTEREST-EXPENSE> 2,021
<INCOME-PRETAX> (27,390)
<INCOME-TAX> 0
<INCOME-CONTINUING> (27,390)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (27,390)
<EPS-BASIC> (.003)
<EPS-DILUTED> (.003)
</TABLE>
