===============================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------
FORM 10-QSB
-----------------
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended: July 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
-----------------
Commission File Number: 033-18437-LA
PRECIOUS METAL MINES, INC.
Incorporated pursuant to the laws of the state of Nevada
-----------------
IRS Employer Identification No. - 88-0230400
15th Floor, 640 5th Ave., New York City, NY 10019
(212) 262-5786
-----------------
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 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
--------- ---------
The Company had 4,165,705 shares of common stock outstanding at July 31,
1999.
Transitional Small Business Disclosure Format (check one): Yes No X
------- -------
- 1 -
<PAGE>
PRECIOUS METAL MINES, INC.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Balance Sheets as of July 31, 1999 ..................................3
Statements of Operations ............................................4
Statements of Cash Flows ............................................5
Notes to Consolidated Financial Statements (unaudited)...............6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.................................. 7
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K................................7
Signature Page........................................................8
- 2 -
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PRECIOUS METAL MINES, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
July 31, July 30,
1999 1998
-------- ---------
(Unaudited) (Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 0 $ 0
Notes Receivable 20,750 20,750
--------- -----------
TOTAL CURRENT ASSETS $ 20,750 $ 20,750
MINING PROPERTIES 0 0
---------- -----------
TOTAL ASSETS $ 20,750 $ 20,750
========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Stockholder Advances $ 15,000 $ 0
Accounts payable 55,911 44,616
---------- ----------
TOTAL CURRENT LIABILITIES $ 70,911 $ 44,616
---------- ----------
STOCKHOLDERS' EQUITY
Common stock, $.01 par value;
Authorized 50,000,000
for property - 750,000 shares issued
for services - 273,000 shares issued
for cash - 3,142,705 shares
Total Issued 4,165,705 shares $ 41,657 $ 41,657
Capital Surplus 128,833 128,833
Deficit accumulated during
the development stage $(219,201) $(194,356)
----------- -----------
TOTAL STOCKHOLDER'S EQUITY $ (53,873) $ (23,866)
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 20,750 $ 20,750
=========== ===========
</TABLE>
- 3 -
<PAGE>
PRECIOUS METAL MINES, INC.
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
July 30, 1999 July 30, 1998 July 30, 1999 July 30, 1998
-------------- -------------- -------------- --------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INCOME
Received for Lease $ 0 $ 0 $ 0 $ 0
Cancellation of Lease 0 0 0 0
------------ ----------- ------------ ------------
Total Income $ 0 $ 0 $ 0 $
EXPENSES
Administration $ 5,213 $ 3,700 $ 14,249 $ 7,399
Financial 0 0 0 0
Property 0 0 0 0
Organization - Note 3 0 0 0 0
----------- ----------- ------------ ------------
Total Expenses $ 5,213 $ 3,700 $ 14,249 $ 7,399
----------- ----------- ------------ ------------
Income (loss) from operations $ (5,213) $ (3,700) $ (14,249) $ (7,399)
=========== =========== ============ ============
Average Shares Outstanding 4,165,705 4,165,705 4,165,705 4,165,705
=========== =========== ============ ===========
Loss per share $ (.0001) $ (.0001) $ (.0014) $ (.0002)
Deficit at Beginning of Period $ (204,209) $ 193,122 $ (195,575) $ 190,656
Deficit at End of Period $ (209,422) $ 194,356 $ (209,422) $ 194,356
=========== =========== ============ ===========
</TABLE>
- 4 -
<PAGE>
PRECIOUS METAL MINES, INC.
STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
July 31, 1999 July 31, 1998 July 31, 1999 July 31, 1998
-------------- -------------- -------------- --------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Cash Received from
subscription to
Companies Shares $ 0 $ 0 $ 0 $ 0
Cash Received from
Officers 5,213 0 14,249 0
Cash Received from
Operations 0 0 0 0
Total Cash Received
During Period $ 5,213 $ 0 $ 14,249 $ 0
Cash Used in Operations $ 5,213 $ 0 $ 14,249 $ 0
Increase in Cash 0 0 0 0
Cash at Beginning of
Period 0 0 0 0
Cash at End of Period 0 0 0 0
</TABLE>
The accompanying notes to condensed consolidated
financial statements are an integral part of these
condensed consolidated statements.
- 5 -
<PAGE>
PRECIOUS METAL MINES, INC.
Notes to Financial Statements
1. Basis of Preparation
The unaudited information included herein includes, in the opinion of
management, all adjustments necessary for a fair presentation of the
results of operations for the period covered hereby.
The preparation of the Company's financial statements requires
management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual
results may vary from these estimates.
- 6 -
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
The Company had no business operations during the period to which this report
relates.
Liquidity and Capital Resources
The Company had no income from operations in the period to which this report
relates. As of July 31, 1999 shareholders and other parties had provided cash
and services to the value of $39,249.
PART II - OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS IN FORM 8-K
None
- 7 -
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PRECIOUS METAL MINES, INC. Dated: March 17, 2000
by: /s/ Francis J. Joslin
- -------------------------
Chief Executive Officer
