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, 1998
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 was assigned for arbitration with, Thomas S.
Hudspeth. Arbitration is schedulled for April 3, 1998.
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
1997 10 K report continues production. To date there has been one wire
transfer of $5,570 from sale of 50 oz. of 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 pouring of gold bars during the first 3 months of
1998 from its large production plant.
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
AS OF MARCH 31, 1997 AND 1998
<TABLE>
<CAPTION>
Increase or
Quarter Ended MARCH 31 (Decrease)
---------------------------------------
1998 1997
<S> <C> <C> <C>
Current Assets
Cash in Bank $ 2,644 $ 906 1,738
Investments 22,950 22,950 0
Other current assets 0 0 0
Income tax receivable 0 0 0
from 1995 loss carry over
Total Current Assets 25,594 23,856 1,738
Fixed Assets
Mining Properties
Equipment & Fixtures 74,140 59,541 14,599
Golden Anchor Dev. Cost
Other Assets
Deposits 5,570 0 5,570
Deferred Tax Benefit 0 0 0
Total Other Assets 0 0 0
TOTAL ASSETS 67,059 83,397 (16,338)
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF FINANCIAL CONDITION
AS OF MARCH 31 1997 AND 1998
<TABLE>
<CAPTION>
Increase or
Quarter Ended MARCH 31 (Decrease)
--------------------------------------
1998 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 ( 92,131 ) (207,119 ) 114,988
TOTAL LIABILITIES
& CAPITAL 67,059 86,341 (19,282)
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
<PAGE>
BAGDAD CHASE, INC.
COMPARATIVE STATEMENT OF INCOME AND EXPENSE
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
Increase or
Quarter Ended MARCH 31 (Decrease)
------------------------------------
1998 1997
<S> <C> <C> <C>
REVENUE $ 5,570 0 5,570
Less Operating Expense:
Administration & Travel 0 0 0
Director's Fees 0 0 0
Golden Anchor Costs 0 0 0
Stedman Placer Costs 0 0 0
Miscellaneous 50 0 50
Office Expense 2,000 2,000 0
Leasehold Rent 0 0 0
Professional Fees 922 600 322
Taxes & Licenses 10 810 ( 800 )
Telephone 0 0 0
2,982 3,410 ( 428 )
--------------------------------
INCOME (LOSS) before
Income Tax provision 2,588 (3,410) ( 822 )
Provision for Income Tax 0 0 0
NET INCOME (LOSS) 2,588 (3,410) ( 822 )
--------------------------------
</TABLE>
PLEASE SEE ACCOUNTANT'S LAST COMPILATION REPORT
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 Q
FOR THE QUARTER ENDING MARCH 31, 1998
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-31-1998 DEC-31-1997
[PERIOD-START] JAN-01-1998 JAN-01-1997
[PERIOD-END] MAR-31-1998 MAR-31-1997
[CASH] 2,644 906
[SECURITIES] 22,950 22,950
[RECEIVABLES] 0 0
[ALLOWANCES] 0 0
[INVENTORY] 0 0
[CURRENT-ASSETS] 25,594 23,856
[PP&E] 0 0
[DEPRECIATION] 0 0
[TOTAL-ASSETS] 67,059 83,397
[CURRENT-LIABILITIES] 0 0
[BONDS] 0 0
[PREFERRED-MANDATORY] 0 0
[PREFERRED] 0 0
[COMMON] 1,379,562 1,379,562
[OTHER-SE] 207,119 207,119
[TOTAL-LIABILITY-AND-EQUITY] 67,059 83,397
[SALES] 0 0
[TOTAL-REVENUES] 0 0
[CGS] 0 0
[TOTAL-COSTS] 0 0
[OTHER-EXPENSES] 2,982 3,410
[LOSS-PROVISION] 0 0
[INTEREST-EXPENSE] 0 0
[INCOME-PRETAX] 5,570 0
<INCOME TAX> 0 0
[INCOME-CONTINUING] 0 0
[DISCONTINUED] 0 0
[EXTRAORDINARY] 0 0
[CHANGES] 0 0
[NET-INCOME] 2,588 (3,410)
[EPS-PRIMARY] (.04) (.01)
[EPS-DILUTED] 0 0
</TABLE>
