Exhibit 99.1
STEPHEN P. HIGGINS, CPA
67 Dumbarton Drive
Huntington, NY 11743
INDEPENDENT AUDITOR'S REPORT
Board of Directors
Brittany Enterprises, Inc.
We have audited the accompanying balance sheet of Brittany Enterprises, Inc. as
of March 31, 2001. This financial statement is the responsibility of the
Company's management. Our responsibility is to express an opinion on this
financial statement based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statement is free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Brittany Enterprises, Inc. at March
31, 2001 in conformity with accounting principles generally accepted in the
United States of America.
/s/ Stephen P. Higgins
August 28, 2001
Huntington, New York
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BRITTANY ENTERPRISES, INC.
Balance Sheet
March 31, 2001
ASSETS
Real estate $46,394
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Total assets $46,394
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LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Note payable $36,394
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Current liabilities 36,394
STOCKHOLDER'S EQUITY:
Common stock, $.001 par value, 100,000,000
shares authorized; 2,000,000 shares issued and outstanding 2,000
Additional paid-in capital 8,000
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Total stockholder's equity 10,000
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Total liabilities and stockholder's equity $46,394
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See accompanying notes to financial statement.
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BRITTANY ENTERPRISES, INC.
Notes to Financial Statement
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) DESCRIPTION OF BUSINESS
Brittany Enterprises, Inc. ("the Company") was formed on October 29,
1998 under the laws of the state of Nevada. The Company remained
inactive until March 30, 2001 at which time it acquired two
condominium units that are located in Dallas, Texas, which the Company
intends to continue leasing.
(b) MANAGEMENT ESTIMATES
The process of preparing a financial statement in conformity with
generally accepted accounting principles requires the use of estimates
and assumptions regarding certain types of assets and liabilities.
Such estimates primarily relate to unsettled transactions and events
as of the date of the financial statement. Accordingly, upon
settlement, actual results could differ from those estimated amounts.
(c) PROPERTY AND EQUIPMENT
Depreciation of residential rental property is computed on the
straight-line method with a life of 27.5 years.
(2) RELATED PARTY TRANSACTION
On March 30, 2001, the Company issued 2,000,000 shares of its common stock
and assumed debt in the amount of $36,394 to acquire two condominium units
located in Dallas, Texas. The real estate was recorded at $46,394, its
approximate depreciated cost to the sole shareholder of the Company.
(3) NOTE PAYABLE
As a part of the transaction described above, the Company assumed debt in
the amount of $36,394 which is due on demand with interest at 10%.
(4) SUBSEQUENT EVENT
On April 24, 2001 the Company's sole shareholder exchanged his
2,000,000-share investment in the Company's common stock for 18,000,000
shares of the common stock of Princeton Mining Company ("Princeton"), an
Idaho corporation. Consequently, the Company became a wholly owned
subsidiary of Princeton, a publicly traded company. The former sole
shareholder of the Company owned 65.29% of Princeton after the transaction.
For accounting purposes, the acquisition will be treated as the acquisition
of the Company by Princeton with the Company as the acquirer (reverse
acquisition).
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