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, 2000
Commission file number 1-3323
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, 2000:
(Common Stock)
9,569,140
<PAGE> 1
TABLE OF CONTENTS
PART I
PAGE
----
ITEM 1 Statements of Financial Position as of September 30, 2000
and December 31, 1999 3
Statements of Operations for the Three and Nine Month
Periods Ended September 30, 2000 and 1999 4
Statements of Cash Flows for the Nine Month
Periods Ended September 30, 2000 and 1999 5
Notes to Financial Statements as of September 30, 2000 6
6
ITEM 2 Management's Discussion and Analysis of Financial Condition
and Results of Operations 7
PART II
ITEM 1 Legal Proceedings 7
ITEM 2 Changes in Securities 7
ITEM 3 Defaults Upon Senior Securities 7
ITEM 4 Submission of Matters to a Vote of Security Holders
7
ITEM 5 Other Information 7
ITEM 6 Exhibits and Reports on Form 8-K 7
<PAGE> 2
Statements of Financial Position as of
PRINCETON MINING COMPANY September 30, 2000 and December 31, 1999
-------------------------- -------------------------------------------------
(Unaudited)
September 30, December 31,
2000 1999
--------------- ---------------
ASSETS
CURRENT ASSETS - Cash $ 88 $ 113
--------------- ---------------
PROPERTY
Mining claims 2,000 10,000
--------------- ---------------
TOTAL ASSETS $ 2,088 $ 10,113
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 5,189 $ 7,073
Accrued interest 2,580
Loans from a related party 43,100 28,400
--------------- ---------------
Total current liabilities 50,869 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 (280,118) (280,118)
Accumulated deficit (725,577) (702,156)
--------------- ---------------
Total stockholders' equity (48,781) (25,360)
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,088 $ 10,113
=============== ===============
The accompanying notes are an integral part of these financial statements.
<PAGE> 3
PRINCETON MINING COMPANY Statement of Operations for the Three and Nine
(UNAUDITED) Month Periods Ended September 30, 2000 and 1999
----------- -------------------------------------------------
<TABLE>
September 30, 2000 September 30, 1999
-------------------------- --------------------------
Three Nine Three Nine
Months Months Months Months
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
REVENUES $ -0- $ -0- $ -0- $ -0-
------------ ------------ ------------ ------------
OPERATING EXPENSES
Accounting and
professional 2,179 8,867 114 114
Office 978 3,964 1,024 4,559
Taxes and licenses 10 10
Loss on abandoned
mining property 8,000 8,000
------------ ------------ ------------ ------------
Total Operating Expenses 11,157 20,841 1,138 4,683
------------ ------------ ------------ ------------
LOSS FROM OPERATIONS (11,157) (20,841) (1,138) (4,683)
------------ ------------ ------------ ------------
OTHER EXPENSE
Interest 994 2,580 533 1,452
------------ ------------ ------------ ------------
LOSS BEFORE INCOME TAXES (12,151) (23,421) (1,671) (6,135)
INCOME TAXES -0- -0- -0- -0-
------------ ------------ ------------ ------------
NET LOSS $ (12,151) $ (23,421) $ (1,671) $ (6,135)
============ ============ ============ ============
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
============ ============ ============ ============
The accompanying notes are an integral part of these financial statements.
<PAGE> 4
PRINCETON MINING COMPANY Statements of Cash Flows for the Nine Month
(UNAUDITED) Periods Ended September 30, 2000 and 1999
----------- -----------------------------------------------------
September 30, December 31,
2000 1999
--------------- ---------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (23,421) $ (6,135)
Add item not requiring the use of cash:
Loss on abandoned mining property 8,000
Decrease in accounts payable (1,884) (17,552)
Increase in accrued interest 2,580 23,700
--------------- ---------------
Net cash flows provided (used)
by operating activities (14,725) 13
--------------- ---------------
CASH FLOWS FROM OPERATING ACTIVITIES
Increase in related party loans 14,700
--------------
Net cash flows provided by
operating activities 14,700
--------------
NET INCREASE (DECREASE) IN CASH (25) 13
CASH AT BEGINNING OF PERIOD 113 72
--------------- ---------------
CASH AT END OF PERIOD $ 88 $ 85
================= ===============
The accompanying notes are an integral part of these financial statements.
<PAGE> 5
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> 6
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The Company currently maintains two unpatented mining claims east of Mullan,
Idaho, in the Coeur d'Alene Mining District, Shoshone County, Idaho. As of
September 30, 2000, current liabilities exceeded current assets by $50,781 and
there was a stockholders' deficit of $48,781.
During the quarter ended September 30, 2000, the Company had a net operating
loss of $12,151, which was primarily due to a loss of $8,000 recognized on the
abandonment of eight mining claims, and normal operating expenses.
During the nine month period ended September 30, 2000, the Company incurred a
net loss of $23,421. The net loss for the nine month period was principally
due to the loss on the abandonment of eight mining claims, accrued interest of
$2,580 and accounting and professional expenses of $8,867.
The December 31, 1999 audited balance sheet contains a going concern opinion.
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> 7
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
November 15, 2000 November 15, 2000
_______________________________ __________________________
Date Date
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