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 June 30, 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 1994-10 K report, involving
Appeals Court
arbitrator's findings of facts winding up the Company's option
granted to
United States Oil & Mineral Corporation is still pending. On
Motion by
Bagdad Chase, the matter has been assigned for arbitration
with, Thomas S.
Hudspeth.
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: N/A
5. Other Material Events: The Castle Mountain joint venture
referenced in
1st qrtr 10 Q report continues production. On May 6, 1997,
authorization
was granted for the sale and wire transfer of the proceeds of
20 oz Gold.
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 resolve
remaining
issues regarding the Settlement Agreement by which United
States Oil and
Mineral, Inc. was granted a right to purchase all of Company's
rights in
the Stedman Mining District, including the Bagdad Chase mine
for $3.5
million and did not timely exercise its option or make any of
the payments
required thereunder.
No effort was extended nor further funds expended on the Golden
Anchor
property or the Stedman Mining District claims except for
necessary claim
maintenance.
Viceroy Resources, holder of the lease agreement on the Oro
Belle property
in the Castle Mountain District of eastern San Bernardino
County,
California, continues highly profitable pouring of gold bars
during the
second 3 months of 1997 from its large production plant.
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
AS OF JUNE 30, 1996 AND 1997
<TABLE>
<CAPTION>
Increase or
Quarter Ended June 30
(Decrease)
- ---------------------------------------
1996 1997
<S> <C> <C> <C>
Current Assets
Cash in Bank $ 2,320 $ 1,284 (1,036)
Investments 33,070 22,950
(10,120)
Other current assets 1,500 0 (1,500)
Income tax receivable 0 0 0
from 1995 loss carry over
Total Current Assets 36,890 24,234
(12,656)
Fixed Assets
Mining Properties
Equipment & Fixtures 60,414 59,541 (873)
Golden Anchor Dev. Cost
Other Assets
Deposits 3,838 0 (3,838)
Deferred Tax Benefit 0 0 0
Total Other Assets 1,500 0 (1,500)
TOTAL ASSETS 101,142 83,775
(17,367)
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
AS OF JUNE 30, 1996 AND 1997
<TABLE>
<CAPTION>
Increase or
Quarter Ended June 30
(Decrease)
- --------------------------------------
1996 1997
<S> <C> <C> <C>
LIABILITIES AND CAPITAL
Current Liabilities
Accounts Payable $ 0 $ 0 0
Accrued Income Taxes
Total Current Liabilities $ 0 $ 0 0
Long Term Liabilities $ 0 $ 0 0
Deferred Income Taxes $ 0 $ 0 0
TOTAL LIABILITIES $ 0 $ 0 0
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 (119,290 ) (207,119 ) 0
TOTAL LIABILITIES
& CAPITAL 101,142 86,341
(14,801)
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF INCOME AND EXPENSE
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
Increase or
Quarter Ended June 30
(Decrease)
- ------------------------------------
1996 1997
<S> <C> <C> <C>
REVENUE $ 3,838 6,818 2,980
Less Operating Expense:
Administration & Travel 42 0 42
Depreciation 530 530 0
Director's Fees 2,016 600 (1,416)
Golden Anchor Costs 1,637 0 1,637
Stedman Placer Costs 0 0 0
Miscellaneous 266 1,569 1,303
Office Expense 1,500 1,500 0
Leasehold Rent 0 0 0
Professional Fees 5,032 0 (5,032)
Taxes & Licenses 1,231 1,044 ( 187 )
Telephone 230 186 ( 44 )
12,484 5,429 (7,055)
--------------------------------
INCOME (LOSS) before
Income Tax provision (8,646) 1,389 (7,257)
Provision for Income Tax 0 0 0
NET INCOME (LOSS) (8,646) 1,389 (7,252)
--------------------------------
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 Q
FOR THE QUARTER ENDING JUNE 30, 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
<PAGE>
[ARTICLE] 5
<TABLE>
<S> <C> <C>
[PERIOD-TYPE] 3-MOS 3-MOS
[FISCAL-YEAR-END] DEC-31-1997
DEC-31-1997
[PERIOD-START] APR-01-1997
APR-01-1996
[PERIOD-END] JUN-30-1997
JUN-30-1996
[CASH] 1,284
2,320
[SECURITIES] 22,950
37,500
[RECEIVABLES] 0
1,500
[ALLOWANCES] 0
0
[INVENTORY] 0
0
[CURRENT-ASSETS] 24,234
36,890
[PP&E] 0
0
[DEPRECIATION] 0
0
[TOTAL-ASSETS] 83,775
101,142
[CURRENT-LIABILITIES] 0
0
[BONDS] 0
0
[PREFERRED-MANDATORY] 0
0
[PREFERRED] 0
0
[COMMON] 1,379,562
1,379,562
[OTHER-SE] 207,119
136,857
[TOTAL-LIABILITY-AND-EQUITY] 86,341
101,142
[SALES] 0
0
[TOTAL-REVENUES] 0
1,500
[CGS] 0
0
[TOTAL-COSTS] 0
0
[OTHER-EXPENSES] 5,429
12,484
[LOSS-PROVISION] 0
0
[INTEREST-EXPENSE] 0
0
[INCOME-PRETAX] 1,389
(8,646)
<INCOME TAX> 0
0
[INCOME-CONTINUING] 0
0
[DISCONTINUED] 0
0
[EXTRAORDINARY] 0
0
[CHANGES] 0
0
[NET-INCOME] 1,389
(8,646)
[EPS-PRIMARY] (.04)
(.01)
[EPS-DILUTED] 0
0
</TABLE>
