UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 (NO FEE REQUIRED)
For The Quarter Ended: September 30, 2002
_ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934.
(NO FEE REQUIRED)
For the Transition Period from ______________ to _______________.
Commission File Number: 0-16468
MOTHER LODE GOLD MINES CONSOLIDATED
(Exact name of Company as specified in its charter)
CALIFORNIA 94-2236016
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1440 CONCANNON BOULEVARD
LIVERMORE, CA 94550
(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code: (925) 455-0802
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: None
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: Common Stock, No
Par Value
Documents incorporated by reference: Not Applicable
Indicate by check mark whether the Company (l) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the
preceding 12 months (or for such shorter period that the Company was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.
Class Outstanding
Common Stock, 6,223,488
without par value as of September 30, 2002
Total Pages: 15
Exhibit Index on Page: 10
PART I - FINANCIAL INFORMATION
Item 1. Financial information required by Item 310(b) of Regulation S-B and by
Rule 10.01 of Regulation SX, for the Company's fiscal quarter ended September
30, 2002. The Company has prepared this information without independent audit.
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
TABLE OF CONTENTS
Consolidated Balance Sheets as of September 30, 2002 and December 31, 2001 3
Consolidated Statement of Operations for the 9-month period ending
September 30, 2002. 4
Consolidated Statement of Cash Flows for the 9-month period ending
September 30, 2002 5
Consolidated Statements of Stockholder's Equity from inception on February 8,
1974 to September 30, 2002. 6
Notes to Consolidated Statements 7
(The balance of this page is intentionally left blank)
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
BALANCE SHEETS
(1990 through 2002 Unaudited)
ASSETS
September 30 December 31
2002 2001
(Unaudited) (Unaudited)
Current Assets
Cash $90 $10
Total current assets 90 10
Other Assets
Property rights 618,332 618,332
Note receivable from
Amador United Gold Mines 93,120 49,418
Deposits 0 1,969
Total other assets 711,452 669,719
$711,542 $669,729
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities
Accounts payable $32,717 $16,596
California income tax 11,256 12,607
Total current liabilities 43,973 29,203
Non-current liabilities
Notes payable 11,038 381,381
Deferred fees payable 58,303 175,627
Deferred officer's salary 0 182
Total non-current liabilities 69,341 557,191
Minority interest in equity of subsidiaries 0 238,670
Stockholder's equity
Common stock, without par value,
Authorized, 7,500,000 shares:
Issued and outstanding, September 30
2001: 5,905,012
2002: 6,233,488 6,602,285 5,479,502
Paid-in capital representing rights to
acquire a maximum of 997,679 shares
(See Note 3) 763,180 1,132,066
Deficit accumulated during development stage (6,767,237) (6,766,903)
Net stockholder's equity 598,227 (155,335)
$711,542 $669,729
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(1990 through 2002 Unaudited)
Three Months Ended Nine Months Ended
Sep 30 Sep 30 Sep 30 Sep 30
2002 2001 2002 2001
Pre-operating revenues:
Payments received under
joint venture agreements: $0 $0 $0 $0
Interest Income 1,846 1,421 4,589 4,210
Sub-total 1,846 1,421 4,589 4,210
Pre-operating Expenses
Lease and non-creditable option
payments on mining properties 0 0 0 0
Evaluation of mining properties 600 0 1,255 15,218
Legal and accounting 0 220 0 220
Interest expense 2,259 2,168 8,013 6,398
Administrative compensation 0 0 0 0
Other administrative expense 843 881 2,956 5,366
Depreciation/Amortization 0 0 0 0
California Franchise tax 0 113 25 113
Other expenses 0 500 0 200,550
Sub-total 3,701 3,882 12,258 227,864
Net operating income (1,855) (2,461) (7,669) (223,654)
Minority interest in loss of
subsidiaries 0 0 0 233,145
Net gain/(loss) ($1,855) ($2,461) ($7,669) $9,491
Primary gain/(loss) per share ($0.000) ($0.000) ($0.001) $0.002
Fully diluted gain/(loss) per share ($0.000) ($0.000) ($0.000) $0.002
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(1990 through 2002 Unaudited)
Nine Months Ended
Sep 30 Sep 30
2002 2001
Cash flows from operating activities: ($7,669) $9,491
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 0 0
Salaries and fees 0 0
(Increase) Decrease in deposits 0 1,969
(Increase) Decrease in pre-paid expenses 0 0
(Increase) Decrease in loans receivables (2,927) (40,043)
Increase (Decrease) in accounts payables 6,607 7,318
Increase (Decrease) in long term loans 0 (117,324)
Incr (Decr) in deferred officer salaries 0 0
Incr (Decr) in income taxes payable 0 (1,376)
Incr (Decr) Minority Interest due to Dissolution 0 (238,670)
Incr (Decr) in property loss from abandonment 0 0
Gross cash used in operating activities (3,963) (388,126)
Cash flow from investing activities:
Minority investment 0 8
Purchase of mining property 0 0
Net cash provided by (used in) investing 0 8
Cash flows from financing activities:
Issuance of Series B Stock 0 0
(Inc)Dec Conversion Series A to Common (148,918) (163,726)
Proceeds from sale of company stock 148,918 917,623
Increase (Decrease) in expiration of:
Series A Preferred Stock 0 0
1984 Option Plan 0 0
Net borrowing from notes payable 3,970 (374,454)
Net cash provided by financing activities 3,970 379,443
Net increase (decrease) in cash $7 $815
Cash, beginning of period 83 10
Cash, end of period $90 $825
A. Supplemental disclosures of cash flow information for the 344 month since
inception to September 30, 2002
Cash paid for: Interest $719,084
Income taxes $37,755
B. Supplemental schedule of non-cash investing and financing activities for the
344 months from inception to September 30, 2002:
The Company has satisfied various liabilities (Note 3) by issuance of stock or
options (Exercise price: $0.0001 per share) to acquire common stock:
Stock Options Stock
Salaries $826,549
Equipment _ 0 $5,000
Total $826,549 $5,000
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY
(1990 through 2002 Unaudited)
Issued and Outstanding Paid-in Since Inception
Shares Amount Capital February 1974
From Inception, February 24, 1974 thru December 31, 1998
3,878,780 $4,982,795 $1,726,338 ($6,805,299)
No shares were sold from Jan thru Dec 1999
Series A Preferred shares converted
to common shares 153,390 278,313 (278,313)
Series A Preferred share options expired (9,310)
1984 Stock option Plan Deferred Compensation
Expiration of Options 41,250 (79,433)
Paid-in capital representing options to acquire
a cumulative maximum of 1,442,544 common shares 0
December 31, 1999
pre-operating net gain 0 0 0 56,758
As of December 31, 1999 4,075,420 $5,261,108 $1,359,282 ($6,748,541)
No shares were sold from Jan thru December 2000
Series A Preferred shares converted
to common shares 143,275 218,394 (218,394)
Series A Preferred options expired (8,821)
Paid-in capital representing options
to acquire a cumulative maximum of
1,402,120 common shares 0
December 31, 2000
pre-operating net loss 0 0 0 (18,362)
As of December 31, 2000 4,218,696 $5,479,502 $1,132,066 ($6,766,903)
No shares were sold from Jan thru Dec 2001
Shares issued to satisfy
long-term loans 761,171 380,585
long-term obligations 232,006 116,003
AUGM debt guaranteed
by MLGM 98,130 49,065
Series A Preferred shares converted
to common shares 295,270 219,969 (219,969)
Northern Mines Inc. Dissolution and issuance
of MLGM stock, $0.50/share 416,486 208,243
Paid-in capital representing options to acquire
a cumulative maximum of 1,163,616common shares 0
December 31, 2001 pre-operating
net gain (loss) 0 0 0 7,335
As of December 31, 2001 6,021,759 $6,453,367 $912,098 ($6,759,568)
No shares were sold from Jan thru Sep 2002
Series A Preferred shares converted
to common shares 201,729 148,918 (148,918)
Paid-in capital representing options
to acquire a cumulative maximum: 0
Series A of 972,849 common shares
Series B of 25,068 common shares 0
September 30, 2002
pre-operating net gain 0 0 0 (7,669)
As of September 30, 2002 6,223,488 $6,602,285 $763,180 ($6,767,237)
See accompanying notes
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared
by the Company in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments considered necessary for a fair presentation have been included.
Operating results for the nine-month period ended September 30, 2002 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2001. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's Form 10KSB for the
year ended December 31, 2001.
Effective January 1, 2001, the company has ceased to be a development company
since the sole activity is identification and exploration of properties that
the Company believes have the potential for economic recovery of minerals,
especially gold. In order to develop the property into an economic mining
operation, the Company will form a joint venture for that specific property.
2. POTENTIAL MINING PROPERTIES
a. Big Canyon Mining and Cattle Corporation Property. The lease, with an
option to purchase for surface and mineral rights on 584.07 acres, made
effective July 1, 1996 was amended on January 1, 2001.
b. Fort Yuma Claims: Two unpatented lode claims, directly owned by the
Company, totaling about 20 acres, are located in an area open to mineral entry
under the General Mining Law of 1972.
c. Minimum Annual Land Lease Payments
The minimum monthly payments are subject to adjustments if the highest price of
gold for the prior six months rises above $375 per ounce. Assuming these
properties are retained, the gold price does not rise above $375 per ounce, and
no development and/or exploration is commenced on the Big Canyon property, the
minimum payments are as follows:
Year Amount
2002(3 months) $0
2003 $2,400
2004 $2,400
3. STOCK OPTION PLANS
The Company has two active stock option plans (1995 Stock Option Plan and
Directors' Stock Option Plan). Northern Mines did "Wind up and Dissolve"
effective June 30, 2001; all option plans had expired March 1, 2000.
The Company options are valued at the amount of the salary or other amounts
owed, and are recorded in these amounts as paid-in capital, with offsets to
expense, or accounts payable as appropriate. As of the date of this Form 10-
QSB, they are summarized on the following page, as follows:
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
3. STOCK OPTION PLANS, Continued
A. Option plans for employees, directors and consultants:
Plan Expiration Exercise Common Shares Reserved for
Date Price Under Option Future Grant
1. Mother Lode Gold Mines Consolidated, unissued shares of common stock:
1995 Plan Sep 2005 $2.00 100,000 0
Director's Sep 2005 $2.00 40,000 60,000
Total 140,000 60,000
The exercise prices of the foregoing incentive options were above market
prices at the date of grant, so no compensation expense, or capital credit has
been accounted for in connection with these options.
B. Compensatory options issued for services and/or in satisfaction of Company
indebtedness.
1. Mother Lode Gold Mines Consolidated:
a. Options on Series A preferred stock, callable at $10 per share, $.0001
exercise price, each convertible to common stock for a minimum of 2.1316
shares, increasing at a rate of 10% per annum to a maximum of 3.3368 shares
after five years, and if the common stock has not been registered under the
Securities Act of 1933, then increasing at 10% per annum to a maximum of 5.4901
shares, until final expiration at the end of an additional five years.
Through September 30, 2002, a total of 183,969 options for preferred shares
were issued and outstanding for salaries and fees to officers and others, at
prices ranging from $10.00 to $1.53/share of preferred stock
Shares on Exercise Common Shares Amount of Expense
Conversion Price/Share Under Option or Debt
Relief
Minimum: 483,909
Maximum, 5 years class: .0001 57,554
Maximum, 10 years class: .0001 915,295
972,849 $920,591
b. Options on Series B preferred stock, callable at $10 per share, $.0001
exercise price, each convertible to common stock for a minimum of 5.00 shares,
increasing at a rate of 0.05 shares per annum to a maximum of 5.20 shares after
four years, and if the common stock has not been registered under the
Securities Act of 1933, at a rate of 5.25 shares from the fifth anniversary,
until final expiration at the end of an additional five years.
Through September 30, 2001 a total of 4,775 options for preferred shares were
issued for lease payments due to third parties at $10.00/share of preferred
stock.
Shares on Exercise Common Shares Amount of Expense
Conversion Price/Share Under Option or Debt
Relief
Minimum: 4,775
Maximum, 5 year Class .0001 24,830 $ 47,748
Total amount of expense relief (Series A and Series B) $826,549
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
3. STOCK OPTION PLANS, Continued
c. Changes in options outstanding, as of September 30, 2002 follow:
Compensatory Options, Maximum Shares of common stock:
January 1, 2002
Series B Preferred 24,830
Series A Preferred, 5-year expiration class 76,502
Series A Preferred, 10-year expiration class 1,087,114
Total 1,188,446
Net Changes, 2002
Series A Preferred, 5-year expiration class (18,948)
Series A Preferred, 10-year expiration class (171,819)
Balance, September 30, 2002 997,679
4. MINORITY INTEREST IN SUBSIDARIES
Northern Mines Inc was "wound-up and dissolved effective June 30, 2001,
necessitating the write-off.
5. OFFICE LEASE
The Company shares 1,400 square feet of office space in a Class A low
rise building in a garden office park in Livermore, California. The Company's
share of the monthly lease payment is $510, plus annual operating and tax
escalations.
(The balance of this page intentionally left blank)
Part I - Financial Information (continued)
Item 2. Management's Discussion an Analysis of Financial Condition and Results
of Operations.
Summary of Financial Results. Mother Lode Gold Mines Consolidated and its
consolidated subsidiaries (the "Company") showed a Third Quarter 2002 loss of
$7,669. The Company has no current cash income from the properties in which the
Company has an interest. Sources of cash flow to the Company have historically
been derived from: (1) mining contracts with other mining companies, (2)
securities offerings and (3) drilling programs.
As of September 30, 2002, the Company had outstanding advances for land
and administrative services to subsidiary corporations as follows: Amador
United Gold Mines - $101,337; Pacific FarEast Minerals, Inc. - $6,053.
The total number of common shares of the Company as of September 30, 2001
is 6,223,488.
Cash payments for officer's compensation were suspended effective October
1, 1988, and remain in effect through September 30, 2002 and are in effect as
of the date of this report. To date, 350,000 shares have been authorized and
options for 183,969 shares of Series A Preferred Stock that have been granted
remain active.
Preparation of Financial Statements. The consolidated financial
statements of September 30, 2002, and for the three-month period then ended,
were prepared by the Company and have not been reviewed by independent auditors
prior to filing.
Amador United Gold Mines ("AUGM"). There was no activity by this
corporation during the Third Quarter 2001. The Company owns 48.37 % of the
common stock (the only outstanding security) of AUGM.
Pacific FarEast Minerals, Inc. ("PFEM") During the Third Quarter 2002,
PFEM continued its responsibilities under the two joint ventures in the
People's Republic of China The Company owns 31.7% of the common stock of PFEM.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Company is not aware of any material legal proceedings to which the
Company or any subsidiary is a party or of which any of their properties is
subject, nor does the Company know of any such proceedings currently
contemplated by any governmental agency.
Item 2. Changes in Security: Not Applicable.
Item 3. Default Upon Senior Securities: Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders: Not applicable.
Item 5. Other Information: Not applicable.
Item 6. Exhibits and Reports on Form 8-K. Not Applicable.
Exhibit 11, Statement re Computation of Per Share Earnings which Exhibit begins
at Sequential Page 12.
No reports on Form 8-K were filed during the period of this Form 10-QSB.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MOTHER LODE GOLD MINES CONSOLIDATED
By:
_________________________ ___________________
Frank M. Orrell, Byron S. James,
Chairman, CEO Chief Financial Officer
Date: October 28, 2002 Date: October 28, 2002
CERTIFICATION OF PERIODIC REPORT
We, Frank M. Orrell, Chief Executive Officer and Byron S. James, Chief
Financial Officer, respectively of Mother Lode Gold Mines Consolidated (the
"Company"), do certify, pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, 18 U.S.C. Section 1350, that:
(1) the Quarterly Report on Form 10-Q of the Company for the quarterly period
ended June 30, 2002 (the "Report") fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or
78o(d); and
(2) the information contained in this unaudited Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company to the best of our knowledge.
___________________ __________________
Frank M. Orrell, Byron S. James,
Chairman, CEO Chief Financial Officer
Date: October 28, 2002 Date: October 28, 2002
The Balance of this Page Intentionally Left Blank
I, Frank M. Orrell, certify that:
1. I have reviewed this quarterly report on Form l0QSB of Mother Lode
Gold Mines Consolidated;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;
3. Based on my knowledge, the financial statements. and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined m
Exchange Act Rules l3a-14 and 15d-14) for the registrant and we have:
a) designated such disclosure contro1s and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries. is made known to us by others within those entities. particularly
during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and
6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Date: October 28, 2002
____________________
Chairman, CEO
I, Byron S. James, certify that:
1. I have reviewed this quarterly report on Form l0QSB of Mother Lode
Gold Mines Consolidated;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;
3. Based on my knowledge, the financial statements and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined m
Exchange Act Rules l3a-14 and 15d-14) for the registrant and we have:
a) designated such disclosure contro1s and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries is made known to us by others within those entities particularly
during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and
6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Date: October 28, 2002
_______________
Secretary, CFO
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDARIES
EARNINGS PER SHARE
(FULLY DILUTED)
CUMULATIVE 344 MO TO 3 MO TO 3 MO TO 9 MO TO 9 MO TO 12 MO TO
DATE SHARES SHARES
MONTHS 9/30/02 9/30/02 9/30/01 9/30/02 9/30/01 12/31/01
From 2/08/74 thru 12/31/98 (A,B,C,D) 299 917,481,542
01/01/99 (C) 32,326 4,595,852 3 13,787,556
03/31/99 (C) 0 4,595,852 1 4,595,582
04/30/99 (C) 41,250 4,637,102 3 9,274,204
06/30/99 (C) 95,037 4,732,139 3 14,196,417
09/30/99 (C) 28,713 4,760,852 3 14,282,556
12/31/99 (C) 31,640 4,792,492 3 14,377,476
03/31/00 (C) 32,342 4,824,834 3 14,474,502
06/30/00 (C) 32,342 4,857,176 3 14,571,528
09/30/00 (C) 36,141 4,893,317 3 14,679,951
12/31/00 (C) 42,450 4,935,767 3 14,807,301 14,807,301 14,808,301
03/31/01 (C) 1,163,447 6,099,214 3 18,297,642 18,297,642 18,297,642
06/30/01 (C) 487,626 6,587,840 3 19,763,520 19,763,520 19,763,502 19,763,502
09/30/01 (C) 76,494 6,663,334 3 19,990,002 19,990,002
12/31/01 (C) 75,494 6,738,828 3 20,216,484 20,216,484
03/31/02 (C) 75,495 6,814,323 3 20,442,969 20,442,969
06/30/02 (C) 74,226 6,888,549 3 20,665,467 20,665,467 20,665,467
09/30/02 (C) 52,008 6,940,557 0
____________ __________ ____________ __________ __________ __________
344 1,165,905,149 20,665,467 19,763,520 61,325,100 52,868,463 72,858,465
MONTHS 344 3 3 9 9 12
WEIGHTED AVERAGE SHARES 3,389,259
6,888,549 6,587,840 6,813,900 5,874,274 6,071,539
NET INCOME/(LOSS) ($6,767,237) ($1,585) ($2,461) ($7,669) $9,491 ($6,759,568)
EARNINGS/(LOSS) PER SHARE, FULLY DILUTED
($1.997) ($0.000) ($0.000) ($0.001) $0.002 ($1.113)
NOTES:
(A) Share amounts have been restated for the following: 5:1 stock split - 1977;
15:1 stock split - 1978; 10% stock dividend - 1984.
(B) Includes February 1992 cancellation of shares held by Northern
Mines, Inc., an 82% owned subsidiary of Mother
Lode Gold Mines Consolidated.
(C) Includes the exercise and conversion of Series A preferred shares
previously issued which were converted on
this date.
(D) Exercise of 1984 Stock Option Plan for deferred compensation
options for common stock of the Company.
(E) Includes 993,177 shares of common stock issued for conversion of
MLGM long-term obligations and 98,130 shares
of common stock for assumption of AUGM indebtedness to Boydstun & Klingner.
(F) Includes 416,486 shares of MLGM common stock issued to shareholders
of Northern Mines, Inc., an 82% owned
subsidiary of MLGM, upon Northern Mines, Inc. dissolution
MOTHER LODE GOLD MINES CONSOLIDATED
AND SUBSIDARIES
EARNINGS PER SHARE
(PRIMARY
CUMULATIVE 344 MO TO 3 MO TO 3 MO TO 9 MO TO 9 MO TO 12 MO TO
DATE SHARES SHARES
MONTHS 9/30/02 9/30/02 9/30/01 9/30/02 9/30/01 12/31/01
From 02/08/74 thru 12/31/98 (A,B,C) 299 917,481,542
01/01/99 (C) 0 3,878,783 3 11,636,349
03/31/99 (C) 0 3,878,783 1 3,878,783
04/30/99 (D) 41,250 3,920,033 2 7,840,066
06/30/99 (C) 95,037 4,015,070 3 12,045,210
09/30/99 (C) 28,713 4,043,783 3 12,131,349
12/31/99 (C) 31,640 4,075,423 3 12,226,269
3/31/00 (C) 32,342 4,107,765 3 12,323,295
06/30/00 (C) 32,342 4,140,107 3 12,420,321
09/30/00 (C) 36,141 4,176,248 3 12,528,744
12/31/00 (C) 42,450 4,218,968 3 12,656,094 12,656,094 12,656,094
03/31/01 (C) 1,163,447 5,382,145 3 16,146,435 16,146,435 16,146,435
06/30/01 (C) 488,626 5,870,771 3 17,612,313 17,612,313 17,612,313 17,612,313
09/30/01 (C) 76,494 5,945,265 3 17,838,795 17,838,795
12/31/01 (C) 75,494 6,021,759 3 18,065,277 18,065,277
03/31/02 (C) 75,495 6,097,254 3 18,291,762 18,291,762
06/30/02 (C) 74,226 6,171,480 3 18,514,440 18,514,440 18,514,440
09/30/02 (C) 52,008 6,223,488 0
_____________ __________0 __________ __________ __________ __________
__________ 344
1,165,905,149 18,514,440 17,612,313 54,871,479 46,414,842 64,253,637
MONTHS 344 3 3 9 9 12
WEIGHTED AVERAGE SHARES 3,295,457
6,171,480 5,870,771 6,096,831 5,157,205 5,354,470
NET INCOME/(LOSS) ($6,767,237) ($1,855) ($2,461) ($7,669) $9,491 ($6,759,568)
EARNINGS/(LOSS) PER SHARE, FULLY DILUTED
($2.054) ($0.000) ($0.000) ($0.001) $0.002 ($1.262)
NOTES:
(A) Share amounts have been restated for the following: 5:1 stock split - 1977;
15:1 stock split - 1978; 10% stock dividend - 1984.
(B) Includes February 1992 cancellation of shares held by Northern
Mines, Inc., an 82% owned subsidiary of Mother
Lode Gold Mines Consolidated.
(C) Includes the exercise and conversion of Series A preferred shares
previously issued which were converted on
this date.
(D) Exercise of 1984 Stock Option Plan for deferred compensation
options for common stock of the Company.
(E) Includes 993,177 shares of common stock issued for conversion
of MLGM long-term obligations and 98,130 shares
of common stock for assumption of AUGM indebtedness to Boydstun & Klingner.
(F) Includes 416,486 shares of MLGM common stock issued to shareholders
of Northern Mines, Inc., an 82% owned
subsidiary of MLGM, upon Northern Mines, Inc. dissolution
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