<PAGE>
[LETTERHEAD OF BAGDAD CHASE, INC.]
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
For the Quarter Ended March 31, 1997
Commission File #07883
BAGDAD CHASE, INC.
================================================================================
(Exact Name of Registrant as Specified in its Charter)
State of Incorporation: NEVADA I.R.S. I.D. 95-236978
Address of Principal Executive Office: 359 SAN MIGUEL DR., SUITE 203
NEWPORT BEACH, CA 92660
Registrants Telephone Number including Area Code: (714) 644-4633
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: $1.00 PAR value
common stock. Currently not registered with any exchange.
Shares of common stock issued and outstanding on September 30, 1994:
1,689,921 NUMBER OF SHAREHOLDERS: 582.
The registrant has filed all reports required to be filed by Section 13 or 15(d)
of the Securities and Exchange Act of 1934 during the preceding twelve months
and has been subject to such filing requirements for the past ninety (90) days.
X YES No
- --- ---
DOCUMENTS INCORPORATED BY REFERENCE: NONE
<PAGE>
PART TWO
Current disclosure requirements covering the business, leases, properties, legal
proceedings and beneficial ownership.
1. Legal Proceedings:
The litigation, referenced in the 1995-10 K report, involving winding up the
Company's option granted to United States Oil & Mineral Corporation is still
pending.
2. No Change in Securities:
(a) No increase in amount of securities
(b) No decrease in amount of securities
3. No Defaults in Senior Securities
4. Submission of Matters to a Vote of Security Holders: Not applicable
5. Other Material Events: The Castle Mountain/Viceroy Resource Corporation
joint venture project which involves a 1% net smelter return to Bagdad Chase for
mining of its 3 patented claims continues production, and produced 29,469 oz. of
Gold during this quarter. Amounts of precious metals which have not been
recovered from the Refiners in favor of Company include 498.545 oz of gold and
365.441 oz of silver. A "commingling" agreement is being prepared better to
coordinate Company's royalty payments from the Castle Mountain project.
6. Exhibits and Reports on Form
(a) Not applicable
(b) Not applicable
7. Management's Discussion and Analysis of Financial Condition and
Results of Operations:
The principal activity to date has been attempting to wind up any remaining
issues regarding the Stipulated Judgment on Appeal by which United States Oil
and Mineral, Inc., is to forego any interest in Company's property because it
did not timely exercise its right to purchase all of Company's rights in the
Stedman Mining District, including the Bagdad Chase mine for $3.5 million.
No effort was extended nor further funds expended on the Golden Anchor property
or the Stedman Mining District claims except for necessary claim maintenance.
2
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BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
AS OF MARCH 31, 1997 AND 1996
<TABLE>
<CAPTION>
Increase or
Quarter Ended March 31 (Decrease)
-------------------------------------------
1996 1997
<S> <C> <C> <C>
Current Assets
Cash in Bank $ 4,107 $ 906 (3,201)
Investments 37,500 22,950 (14,550)
Other current assets 1,500 0 (1,500)
Income tax receivable
from 1996 loss carry over 0 0 0
Total Current Assets 43,107 23,856 (19,251)
Fixed Assets
Mining Properties
Equipment & Fixtures 60,414 59,541 (873)
Golden Anchor Dev. Cost
Other Assets
Deposits 1,500 0 (1,500)
Deferred Tax Benefit 0 0 0
Total Other Assets 1,500 0 (1,500)
TOTAL ASSETS 105,021 83,397 (21,624)
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
3
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
AS OF MARCH 31, 1997 AND 1996
<TABLE>
<CAPTION>
Increase or
Quarter Ended March 31 (Decrease)
-------------------------------------------
1996 1997
<S> <C> <C> <C>
LIABILITIES AND CAPITAL
Current Liabilities
Accounts Payable $ 155 $ 182 27
Accrued Income Taxes 0 0 0
Total Current Liabilities $ 155 $ 182 27
Long Term Liabilities $ 0 0 0
Deferred Income Taxes 0 0 0
TOTAL LIABILITIES $ 155 $ 182 27
CAPITAL
Common Stock @ $1 par
4,000,000 shs authorized;
1,698,921 issued and
Outstanding in '93/'94 1,689,921 1,689,921 0
Paid in Capital
(below par) (1,396,461) (1,396,461) 0
Retained Earnings
- Beginning (136,857) (207,119) 70,262
TOTAL LIABILITIES
& CAPITAL 156,603 86,341 70,262
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
4
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF INCOME AND EXPENSE
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<TABLE>
<CAPTION>
Increase or
Quarter Ended MARCH 31 (Decrease)
-------------------------------------------
1996 1997
<S> <C> <C> <C>
REVENUE $ 1,500 0 (1,500)
Less Operating Expense:
Administration & Travel 0 0 0
Depreciation 848 873 25
Director's Fees 0 0 0
Golden Anchor Costs 0 0 0
Stedman Placer Costs 0 0 0
Miscellaneous 0 0 0
Office Expense 0 0 0
Leasehold Rent 0 0 0
Professional Fees 150 600 450
Taxes & Licenses 275 810 535
Telephone 0 0 0
1,273 2,283 1,010
-----------------------------------------------
INCOME (LOSS) before
Income Tax provision (17,566) (70,261) (52,695)
Provision for Income Tax 0 0 0
NET INCOME (LOSS) (17,566) (70,261) (52,695)
-----------------------------------------------
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
5
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 Q
FOR THE QUARTER ENDING MARCH 31, 1997
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report, on its behalf by the Undersigned,
thereunto duly authorized.
BAGDAD CHASE, INC.
a Nevada corporation
/s/ Phillip J. Buller
----------------------------
PHILLIP J. BULLER, PRESIDENT
(SEAL)
/s/ George Rodda, Jr.
----------------------------
GEORGE RODDA, JR., Secretary,
Chief Financial Officer
6
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-01-1997 JAN-01-1996
<PERIOD-END> MAR-31-1997 MAR-31-1996
<CASH> 906 4,107
<SECURITIES> 22,950 37,500
<RECEIVABLES> 0 1,500
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 23,856 43,107
<PP&E> 0 0
<DEPRECIATION> 0 0
<TOTAL-ASSETS> 83,397 105,021
<CURRENT-LIABILITIES> 0 0
<BONDS> 0 0
0 0
0 0
<COMMON> 1,379,562 1,379,562
<OTHER-SE> 207,119 136,857
<TOTAL-LIABILITY-AND-EQUITY> 86,341 156,603
<SALES> 0 0
<TOTAL-REVENUES> 0 1,500
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 2,283 1,273
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (70,261) (17,566)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (70,261) (17,566)
<EPS-PRIMARY> (.04) (.01)
<EPS-DILUTED> 0 0
</TABLE>
