ITEM 6: SELECTED FINANCIAL DATA
Year 2019 2018 2017 2016 2015
---- ---- ---- ---- ----
Sales 228,286 204,570 287,212 1,452,169 1,037,972
Income(loss)(230,933) (359,736) (429,965) 610,160 76,443
Income(loss)
per share (.016) (.025) (.03) .04 .01
Total Assets 707,948 862,814 1,127,813 1,537,443 1,757,262
Total Debt 2,230,279 2,152,912 2,062,927 2,042,593 3,060,443
|
SH Equity (1,522,331) (1,290,098) (935,114) (505,150) (1,303,181)
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ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
Balance Sheet
Original Sixteen to One Mine, Inc. is a distinct company in that
it is the only operating company of its kind remaining in the
United States. Management knows the assets of the Company are
understated due to the age of acquisition. Exploration and
development expenses are not capitalized. The Company celebrated
its 100-year anniversary on Oct. 9, 2011. It is the oldest gold
mining corporation in the United States. Gold inventory is
recorded at spot price despite proven additional value for
specimen and gem-stone material which is substantially greater
than spot price. Jewelry inventory is recorded at labor plus
gold cost.
No value is recorded on the balance sheet for timber. The
company owns 470 acres of prime forested timberland. No value is
recorded on the balance sheet for the Company owned water-
rights. Reduced value is recorded on the balance sheet for
buildings, equipment and land. No value is recorded on the
balance sheet for marketable aggregate and decorative stone
currently stockpiled. No value is recorded on the balance sheet
for goodwill. Fixed assets are recorded at historic cost less
depreciation.
(A) Comparisons of 2018 with 2019.
Balance Sheet Comparisons
Assets:
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018, cash increased by
$1,137 (34%) due to cash flow variations. Accounts receivable
decreased by $10,651 (16%).
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018 inventory decreased by
$123,638 (29%) due to changes in mining objectives in 2019 and
sales of inventory to fund operations.
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018 equipment increased by
$3,450 due to the purchase of a pump.
Liabilities:
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018 accounts payable
increased by $68,159 as the company relied on credit to finance
the operation.
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018 notes due related
parties increased by $18,439 (7%) due to a combination of
additional loans and interest expense.
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018 long-term notes
decreased by $9,231 (8%) as a result of scheduled payments with
no new loans taken out.
Statement of Operations
Income:
For the one-year period ended December 31, 2019 compared to the
one-year period ended December 31, 2018, revenue increased by
$23,716 (11%) primarily due to increased gold sales in 2019.
Operating Expenses:
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018, operating expenses
decreased overall by $90,608 (17%) due to reduced operations in
2019.
Other Income and Expense:
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018 other income decreased
by $1,795 (39%) due to less rent collected on a company house.
For the one-year period ended December 31, 2019, compared to the
one-year period ended December 31, 2018 other expenses decreased
by $16,274 (50%)primarily due to a reconciliation of the stock
account that was needed due to a discrepancy accumulated by
years of rounding.(par value $0.033)
The company showed a loss of $230,933 in 2019 compared to a loss
of $359,936 in 2018. The $128,803 (36%) difference is primarily
due to lower operating costs in 2019 as the result of reduced
operations compared to 2018. The basic and diluted loss per
share was (.016) in 2019 compared to (.025) in 2018. The number
of shares used for the 2019 calculation was 14,390,631 and the
number of shares for the 2018 calculation was 14,342,097.
(A) Comparisons of 2018 with 2017.
Balance Sheet Comparisons
Assets:
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017, cash decreased by
$3,690 (53%) due to cash flow variations. Accounts receivable
decreased by $12,742 (16%) as a customer paid off his account.
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017 inventory decreased by
$222,899 (34%) due to changes in mining objectives in 2018 and
sales of inventory to fund operations.
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017 equipment decreased by
$291,155 as the result of write-offs of fully depreciated
equipment. This is offset by corresponding decrease in
accumulated depreciation with a net change of $596 as reflected
on the statement of cash flows.
Liabilities:
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017 accounts payable
increased by $77,533 as the company relied on credit to finance
the operation.
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017 notes due related
parties increased by $28,590 (12%) due to a combination of
additional loans and interest expense.
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017 long-term notes
decreased by $17,420 (14%) as a result of scheduled payments
with no new loans taken out.
Statement of Operations
Income:
For the one-year period ended December 31, 2018 compared to the
one-year period ended December 31, 2017, revenue decreased by
$82,642 (29%) primarily due to decreased gold sales in 2018.
Operating Expenses:
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017, operating expenses
decreased overall by $150,515 (22%) due to reduced operations in
2018.
Other Income and Expense:
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017 other income decreased
by $1,266 (22%) due to less rent collected on a company house.
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017 other expenses increased
by $4,709 (14%)primarily due to a reconciliation of the stock
account that was needed due to a discrepancy accumulated by
years of rounding.(par value $0.033)
For the one-year period ended December 31, 2018, compared to the
one-year period ended December 31, 2017, interest expense did
not change significantly.
The company showed a loss of $359,736 in 2018 compared to a loss
of $429,965 in 2017. The $70,229 (16%) difference is primarily
due to lower operating costs in 2018 as the result of reduced
operations compared to 2017. The basic and diluted loss per
share was (.025) in 2018 compared to (.03) in 2017. The number
of shares used for the 2018 calculation was 14,342,097 and the
number of shares for the 2017 calculation was 14,338,855.