(THIS SPACE LEFT INTENTIONALLY BLANK)
DOWNLOAD FORMATTING INSTRUCTIONS FOR CORRECT PAGINATION:
PAGE SETUP: .5"TOP, .5"BOTTOM, 1"LEFT, 1"RIGHT
TYPE: COURIER NEW, 10
BEGIN PAGE AT "START"
<PAGE>
START*********************************************************************
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 June 30, 2000
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, 2000: 9,569,140
**************************************************************************
<PAGE>
PRINCETON MINING COMPANY
FORM 10Q
FOR THE PERIOD ENDED JUNE 30, 2000
PART 1 - FINANCIAL INFORMATION
ITEM 1
STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2000 AND DECEMBER 31, 1999
STATEMENT OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2000
AND 1999
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE THREE MONTH PERIODS ENDED
JUNE 30, 2000 AND 1999
STATEMENT OF CASH FLOWS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2000
AND 1999
<PAGE>
PRINCETON MINING COMPANY Statement of Financial Position as of
(Unaudited) June 30, 2000 and December 31, 1999
-------------------------- -----------------------------------------------
<TABLE>
June 30, December 31,
2000 1999
------------ ------------
<S> <C> <C>
ASSETS
CURRENT ASSETS - Cash $ 45 $ 113
------------ ------------
PROPERTY
Mining claims 10,000 10,000
------------ ------------
TOTAL ASSETS $ 10,045 $ 10,113
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 5,189 $ 7,073
Accrued interest 1,586 -
Loans from a related party 39,900 28,400
------------ ------------
Total current liabilities 46,675 35,473
------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock; $.10 par value; 1,000,000
shares authorized; no shares outstanding
Common stock; $.10 par value; 29,000,000
shares authorized; 9,569,140 shares
issued and outstanding 956,914 956,914
Discount on common stock (280,681) (280,681)
Additional paid-in capital 563 563
Accumulated deficit (713,426) (702,156)
------------ ------------
Total stockholders' equity (36,630) (25,360)
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,045 $ 10,113
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY Statement of Operations for the Three and
(UNAUDITED) Six Month Periods Ended June 30, 2000 and 1999
------------------------ -------------------------------------------------
<TABLE>
June 30, 2000 June 30, 1999
-------------------------- --------------------------
Three Six Three Six
Months Months Months Months
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0- $ -0-
------------ ------------ ------------ ------------
OPERATING EXPENSES
Accounting and professional 2,288 6,688 - -
Office 1,470 2,986 1,055 3,535
Taxes and licenses - 10 - 10
------------ ------------ ------------ ------------
Total Operating Expenses 3,758 9,684 1,055 3,545
------------ ------------ ------------ ------------
LOSS FROM OPERATIONS (3,758) (9,684) (1,055) (3,545)
------------ ------------ ------------ ------------
OTHER EXPENSE
Interest 896 1,586 519 919
------------ ------------ ------------ ------------
LOSS BEFORE INCOME TAXES (4,654) (11,270) (1,574) (4,464)
INCOME TAXES -0- -0- -0- -0-
------------ ------------ ------------ ------------
NET LOSS $ (4,654) $ (11,270) $ (1,574) $ (4,464)
============ ============ ============ ============
NET LOSS PER SHARE $ (NIL) $ (NIL) $ (NIL) $ (NIL)
============ ============ ============ ============
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING 9,569,140 9,569,140 9,569,140 9,569,140
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
(UNAUDITED)
Statement of Changes in Stockholders' Equity for
the Three Month Periods Ended June 30, 2000 and 1999
<TABLE>
Discount
Common Stock On Additional Accum-
---------------------- Common Paid-in ulated
Shares Amount Stock Capital Deficit Total
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balances as of
March 31, 1999 9,569,140 $ 956,914 $ (280,681) $ (677,656) $ (1,423)
Net Loss (1,574) (1,574)
---------- ---------- ---------- ---------- ---------- ----------
Balances as of
June 30, 1999 9,569,140 $ 956,914 $ (280,681) $ (679,230) $ (2,997)
========= ========== ========== =========== ==========
</TABLE>
<TABLE>
Discount
Common Stock On Additional Accum-
---------------------- Common Paid-in ulated
Shares Amount Stock Capital Deficit Total
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balances as of
March 31, 2000 9,569,140 $ 956,914 $ (280,681) $ 563 $ (708,772) $ (31,976)
Net Loss (4,654) (4,654)
---------- ---------- ---------- ---------- ---------- ----------
Balances as of
June 30, 2000 9,569,140 $ 956,914 $ (280,681) $ 563 $ (713,426) $ (36,630)
========= ========== ========== ========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY Statement of Cash Flows for the Three and
(UNAUDITED) Six Month Periods Ended June 30, 2000 and 1999
-------------------------- ------------------------------------------------
<TABLE>
June 30, 2000 June 30, 1999
-------------------------- --------------------------
Three Six Three Six
Months Months Months Months
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Loss $ (4,654) $ (11,270) $ (1,574) $ (4,464)
Decrease in accounts payable (1,163) (988) (386) (1,385)
Increase (decrease) in
accrued interest (1,125) 690 - -
------------ ------------ ------------ ------------
Net cash flows used from
operating activities v (6,942) (11,568) (1,960) (5,849)
------------ ------------ ------------ ------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Loans from a related party 6,900 11,500 2,000 5,900
------------ ------------ ------------ ------------
Net cash flows provided by
financing activities 6,900 11,500 2,000 5,900
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN CASH (42) (68) 40 51
CASH AT BEGINNING OF PERIOD 87 113 83 72
------------ ------------ ------------ ------------
CASH AT END OF PERIOD $ 45 $ 45 $ 123 $ 123
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
PRINCETON MINING COMPANY
(UNAUDITED)
Notes to Financial Statements
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, 1999.
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>
PRINCETON MINING COMPANY
FORM 10Q
FOR THE PERIOD ENDED JUNE 30, 2000
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 June
30, 2000, current liabilities exceeded current assets by $46,630.
During the quarter ended June 30, 2000, the Company had a net operating loss of
$4,654, 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 /s/ Dennis O'Brien
_______________________________ __________________________
H. James Magnuson Dennis O'Brien
President and Director Secretary-Treasurer and
Director
August 11, 2000 August 11, 2000
_______________________________ __________________________
Date Date
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-Treasurer and
Director
August 11, 2000 August 11, 2000
_______________________________ __________________________
Date Date
