UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
AMENDMENT NO. 1
(Mark One)
þ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period from 7-1-05 to 9-30-05
o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT.
For the transition period from to
Commission file number 000-31025
METALINE CONTACT MINES
(Exact name of small business issuer as specified in its charter)
| | | |
| Washington | | 91-0779945 |
| | | |
(State or jurisdiction of incorporation or
organization) | | (IRS Employer Identification No.) |
W. 3848 Turtle Patch Road, Pine River WI 54965
(Address of principal executive offices)
920-987-5317
(Issuer’s telephone number
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practical date:14,783,189
Transitional Small Business Disclosure Format (Check one): Yeso Noþ
Metaline Contact Mines (the “Company”) is filing this Amendment No. 1 to its Form 10-QSB, filed with the U.S. Securities and Exchange Commission on November 14, 2005, for the purposes of:
| 1. | | Revising the Statement of Operations contained in its interim Financial Statements for the quarter ended September 30, 2005, to correct the weighted average number of common shares that were not input correctly when Edgarized. |
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| 2. | | Revising our Statements of Cash Flows contained in its interim Financial Statements for the quarter ended September 30, 2005, to reflect the acquisition of the Golden Chest Mine lease valued at $250,000 as a non-cash transaction. |
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| 3. | | Revising our Section 302 Certifications pursuant to the Sarbanes-Oxley Act of 2003. |
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| DATED this the 13th day of January, 2006 | METALINE CONTACT MINES
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| | By: | /s/ John W. Beasley | |
| | | John W. Beasley | |
| | | Secretary/Treasurer/CFO | |
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| METALINE CONTACT MINES | | | | | | |
| STATEMENTS OF OPERATIONS |
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
| | | (unaudited) | | | (unaudited) | | | (unaudited) | | | (unaudited) | |
REVENUES | | | | | | | | | | | | | | | | |
| Royalty income | | $ | 8,483 | | | $ | 3,880 | | | $ | 58,566 | | | $ | 16,440 | |
| | | | | | | | | | | | | |
GENERAL AND ADMINISTRATIVE EXPENSES | | | | | | | | | | | | | | | | |
| Property expense | | | — | | | | — | | | | — | | | | 37,765 | |
| Administrative expenses | | | 10,076 | | | | 39,751 | | | | 46,418 | | | | 55,524 | |
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TOTAL EXPENSES | | | 10,076 | | | | 39,751 | | | | 46,418 | | | | 93,289 | |
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OPERATING INCOME (LOSS) | | | (1,593 | ) | | | (35,871 | ) | | | 12,148 | | | | (76,849 | ) |
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OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | | | |
| Dividend income | | | 517 | | | | 137 | | | | 1,251 | | | | 250 | |
| Interest income | | | 1,915 | | | | 1,915 | | | | 5,744 | | | | 5,744 | |
| Loss from investment in LLC | | | — | | | | (144 | ) | | | — | | | | (393 | ) |
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TOTAL OTHER INCOME | | | 2,432 | | | | 1,908 | | | | 6,995 | | | | 5,601 | |
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INCOME (LOSS) BEFORE TAXES | | | 839 | | | | (33,963 | ) | | | 19,143 | | | | (71,248 | ) |
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INCOME TAX EXPENSE | | | — | | | | — | | | | — | | | | — | |
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NET INCOME (LOSS) | | $ | 839 | | | $ | (33,963 | ) | | $ | 19,143 | | | $ | (71,248 | ) |
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| NET INCOME (LOSS) PER COMMON SHARE, BASIC AND DILUTED | | $ | nil | | $ | nil | | $ | nil | | $ | nil |
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| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC | | | 14,783,189 | | | | 14,453,428 | | | | 14,116,522 | | | | 14,453,428 | |
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| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, DILUTED | | | 14,783,189 | | | | 14,453,428 | | | | 14,116,522 | | | | 14,453,428 | |
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The accompanying condensed notes are an integral part of these financial statements.
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| METALINE CONTACT MINES | | | | | | |
| STATEMENTS OF CASH FLOWS |
| | | Nine Months Ended |
| | | September 30, | | | September 30, | |
| | | 2005 | | | 2004 | |
| | | (unaudited) | | | (unaudited) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | |
| Net income (loss) | | $ | 19,143 | | | $ | (71,248 | ) |
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | | | | | | | | |
| Amortization expense | | | 250 | | | | — | |
| Loss in LLC investment | | | — | | | | 393 | |
| Rent expense paid with NJMC stock | | | — | | | | — | |
| Royalty income received in NJMC stock | | | — | | | | — | |
| Common stock issued in payment of expenses | | | — | | | | 37,765 | |
| Stock options issued for directors’ fees | | | — | | | | 30,000 | |
| Changes in assets and liabilities: | | | | | | | | |
| Increase in accrued interest receivable | | | (5,744 | ) | | | (5,744 | ) |
| Increase in prepaid expenses | | | — | | | | (350 | ) |
| Increase in website | | | — | | | | (1,000 | ) |
| Increase in accounts payable | | | 523 | | | | — | |
| | | | | | | |
| Net cash used by operating activities | | | 14,172 | | | | (10,184 | ) |
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CASH FLOWS USED BY INVESTING ACTIVITIES: | | | (20,500 | ) | | | (2,400 | ) |
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CASH FLOWS PROVIDED BY FINANCING ACTIVITIES: | | | (1,141 | ) | | | — | |
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| Net decrease in cash and cash equivalents | | | (7,469 | ) | | | (12,584 | ) |
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Cash at beginning of period | | | 90,652 | | | | 105,687 | |
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Cash at end of period | | $ | 83,183 | | | $ | 93,103 | |
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SUPPLEMENTAL CASH FLOW DISCLOSURES: | | | | | | | | |
| Income taxes paid | | $ | — | | | $ | — | |
| Interest paid | | $ | — | | | $ | — | |
| | | | | | | | | |
NON-CASH TRANSACTIONS: | | | | | | | | |
| Loss in LLC investment | | $ | — | | | $ | 393 | |
| Common stock issued in payment of expenses | | $ | — | | | $ | 37,765 | |
| Rent expense paid with NJMC stock | | $ | 20,500 | | | $ | — | |
| Royalty income received in NJMC stock | | $ | 41,000 | | | $ | — | |
| Stock options issued for directors’ fees | | $ | — | | | $ | 30,000 | |
| Stocck issued fjor acquisition of Golden Chest Mine Lease | | $ | 250,000 | | | $ | — | |
The accompanying condensed notes are an integral part of these financial statements.
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