SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.20549
FORM 10 - KSB
(Mark One)
_X_ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 2000
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from
Commission File Number 000-29786
LITTLE SQUAW GOLD MINING COMPANY
--------------------------------
(Exact Name of Registrant as specified in its charter)
Alaska 91-074281
- -------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
933 W. Third Avenue, P.O. Box 184
Spokane, Washington 99210
- ------------------------------------------ ----------
(Address of principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (509) 624-2676
Securities Registered pursuant to Section 12 (g) of the Act:
COMMON STOCK,
PAR VALUE $0.10
(Title of Class)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or
for such shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past ninety (90)
days. Yes (X) No ( )
Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. (X)
State issuer's revenues for its most recent fiscal year. ($2,666)
State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was sold, or the average bid and asked price of such common equity, as of
a specified date within the past 60 days. Based upon the average bid price at
April 10, 2000 the aggregate market value was $ 324,630
State the number of shares outstanding of each of the issuer's classes of
common equity, as of April 9, 2000 8,351,403 sharesof Common Stock
DOCUMENTS INCORPORATED BY REFERENCE: None
Transitional Small Business Disclosure Format (check one): Yes ( ) No(X)
PART I
ITEM 1. DESCRIPTION OF BUSINESS
General
- -------
Little Squaw Gold Mining Company ( the "Company"), is engaged in the business
of acquiring, exploring, and developing mineral properties, primarily those
containing gold and associated base and precious metals. The Company was
incorporated under the laws of the State of Alaska on May 7, 1959. The
Company's executive offices are located at 933 W Third, Spokane, WA 99201.
With the exception of historical matters, the matters discussed in this report
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and involve risks and uncertainties that could
cause actual results to differ materially from projections or estimates
contained herein. Such forward-looking statements include statements regarding
planned levels of exploration and other expenditures, anticipated mine lives,
timing of production and schedules for development. Factors that could cause
actual results to differ materially include, among others, metals price
volatility. Most of these factors are beyond the Company's ability to predict
or control. The Company disclaims any obligation to update any forward-looking
statement made herein. Readers are cautioned not to put undue reliance on
forward-looking statements. ( See Investment Considerations).
The Registrant is the owner in fee of 445 acres of patented gold mining claims
consisting of 22 claims and one millsite, and controls another 760 acres of
unpatented gold mining claims consisting of 19 State of Alaska unpatented
claims. The mining properties are located approximately 188 air miles NNW of
Fairbanks, Alaska, and 48 miles NE of Coldfoot, in the Chandalar Mining
District. The center of the district is approximately 70 miles north of the
Arctic Circle.
History
- -------
The Registrant was incorporated for the purpose of acquiring the gold mining
properties of the Chandalar District. Operations of the Registrant during the
1960's resulted in the development of a mining camp, a mill, several airstrips,
and development of a small amount of ore reserves in underground workings.
In 1972 and 1976, all of the lode mining claims in the Chandalar District were
acquired by the Registrant except for seven forty acre State of Alaska
unpatented claims. In 1978, the Registrant acquired all of the placer mining
claims in the Chandalar District.
In 1987, the registrant determined that it would be in the best interest of
registrant to convert all Federal unpatented claims held by the registrant to
State of Alaska unpatented claims. The claims are located on property which was
formerly all owned by the Federal Government, however, as of 1991 title to all
of the properties had been transferred to the State of Alaska. During the
1970's the lode and placer properties were leased to various parties for
exploration and development.
Registrant in November of 1989 and May of 1990 entered into a lease with Gold
Dust Mines, Inc. of all placer mining interests of Registrant located on the Big
Creek, St. Mary's Creek, Little Squaw Creek, Big Squaw Creek, and Tobin Creek.
The lease provided for annual advance rentals of $7,500 per creek drainage mined
plus an 8 percent royalty from placer gold production. During 1998 and 1999,
Gold Dust's placer mining was limited to one drainage. There was no mining
conducted in 2000. In 1999 and 2000, however, Gold Dust failed to pay the $7,500
lease fee on the creek drainage. It failed to pay a portion of the 1999
production royalties owed to the Company. In February 2000, the owners of Gold
Dust (guarantors of Gold Dust's obligations to the Company) declared bankruptcy
for the years 1999, 2000, and 2001.
During 1988, a consulting Mining Geologist was hired to conduct a study of the
entire placer and lode district. His comprehensive report was completed in
January 1990, and is available for review by interested Mining companies. A few
conclusions from his report are referred to in the section "Description of
Property." The Registrant does not have sufficient funds to undertake
development of the lodes or placer creek drainages, and is actively looking for
a joint venturer mining company to assist the Registrant in the development of
the properties. The long term potential for the district lies in the
development of the lodes which will initially require a substantial drilling
exploration commitment.
During the Spring of 1990, the lessee transported an IHC wash plant, with
numerous large pieces of placer mining equipment to the site over the winter
haul road from Coldfoot to Registrant's mining claims. Gold Dust Mines
restricted its placer mining operations during the 1991 and 1992 seasons to the
Tobin Creek drainage. During the last part of the 1993 season, Gold Dust Mines
moved its placer operations to the Big Creek, and St. Mary's Creek drainages.
In 1994, placer mining operations were concentrated on the St. Mary's Creek
drainage. During 1995, placer mining operations were conducted on the St. Mary's
Creek and Big Creek Drainages. During 1996, a lease amendment was entered into
between Registrant, lessor, and Gold Dust Mines, lessee, wherein Little Squaw
Creek, Big Squaw Creek and Tobin Creek drainages were excluded from the lease
and the lessor currently has an operating lease only on the Big Creek and St.
Mary's Creek drainages.
During 1996 to 1999, these placer mining operations were conducted on the Big
Creek drainage.
In the late summer of 1997, a placer mining lease was executed by the Registrant
with Day Creek Mining Company, Inc., an Alaskan corporation. The lease included
the placer mining claims only for the Tobin Creek drainages, Big Squaw Creek and
Little Squaw Creek drainages, but did not include the Big Creek and St. Mary's
Creek drainages. The lessee was to have performed minimum exploratory drilling
during each year of the lease and only a minimum amount of drilling was
performed the first year with some good results. Due to lack of finances, the
lessee could not comply with the drilling requirements in 1998 and the lease was
terminated in 1999 by lessor giving a declaration of forfeiture to the lessees
in February of 1999. Lessees have not contested the declaration of forfeiture.
Competition
- -----------
There is aggressive competition within the minerals industry to discover and
acquire properties considered to have commercial potential. The Company
competes for the opportunity to participate in promising exploration projects
with other entities, many of which have greater resources than the Company. In
addition, the Company competes with others in efforts to obtain financing to
explore and develop mineral properties.
Employees
- ---------
During the year ending December 31, 2000, the Company had two part-time
employees (both directors) who provided management services for the Company.
The Company's employees are not subject to a union labor contract or collective
bargaining agreement. On occasion, officers and directors perform consulting
services to the Company at their usual and customary rates.
Regulation
- ----------
The Company's activities in the United States are subject to various federal,
state, and local laws and regulations governing prospecting, development,
production, labor standards, occupational health and mine safety, control of
toxic substances, and other matters involving environmental protection and
taxation. It is possible that future changes in these laws or regulations could
have a significant impact on the Company's business, causing those activities to
be economically reevaluated at that time.
Investment Considerations
- --------------------------
The following Investment Considerations, together with other information set
forth in this Form 10-KSB, should be carefully considered by current and future
investors in the Company's securities.
Risks of Passive Ownership
- -----------------------------
At present, the Company's principal asset is its interest in mining properties
located in the Chandalar Mining District. The Company's success is dependent on
the extent to which reserves can be developed and mined on the Chandalar
District properties and on the extent to which the Company is able to acquire or
create other royalty or property interests.
The holder of a royalty interest typically has no executive authority regarding
development or operation of a mineral property. Therefore, unless the Company
is able to secure and enforce certain extraordinary rights, it can be expected
that the Company will not be in control of basic decisions regarding development
and operation of the properties in which the Company may have an interest.
Thus, the Company's strategy of having others operate properties in which it
retains a royalty or other passive interest puts the Company generally at risk
to the decisions of others regarding all basic operating matters, including
permitting, feasibility analysis, mine design and operation, and processing,
plant and equipment matters, among others. While the Company attempts to obtain
contractual rights that will permit the Company to protect its position, there
can be no assurance
that such rights will be sufficient or that the Company's efforts will be
successful in achieving timely or favorable results.
Risks Inherent in the Mining Industry
- ------------------------------------------
Mineral exploration and development is highly speculative and capital intensive.
Most exploration efforts are not successful, in that they do not result in the
discovery of mineralization of sufficient quantity or quality to be profitably
mined. The operations of the Company are also indirectly subject to all of the
hazards and risks normally incident to developing and operating mining
properties. These risks include insufficient ore reserves, fluctuations in
production costs that may make mining of reserves uneconomic; significant
environmental and other regulatory restrictions; labor disputes; geological
problems; failure of pit walls or dams; force majeure events; and the risk of
injury to persons, property or the environment.
Uncertainty of Reserves and Mineralization Estimates
- ---------------------------------------------------------
There are numerous uncertainties inherent in estimating proven and probably
reserves and mineralization, including many factors beyond the control of the
Company. The estimation of reserves and mineralization is a subjective process
and the accuracy of any such estimates is a function of the quality of available
data and of engineering and geological interpretation and judgment. Results of
drilling, metallurgical testing and production and the evaluation of mine plans
subsequent to the date of any estimate may justify revision of such estimates.
No assurances can be given that the volume and grade of reserves recovered and
rates of production will not be less than anticipated. Assumptions about prices
are subject to greater uncertainty and metals prices have fluctuated widely in
the past. Declines in the market price of base or precious metals also may
render reserves or mineralization containing relatively lower grades of ore
uneconomic to exploit. Changes in operating and capital costs and other factors
including, but not limited to, short-term operating factors such as the need for
sequential development of ore bodies and the processing of new or different ore
grades, may materially and adversely affect reserves.
Fluctuations in the Market Price of Minerals
- --------------------------------------------------
The profitability of mining operations is directly related to the market price
of the metals being mined. The market price of base and precious metals such as
gold, silver and copper fluctuate widely and is affected by numerous factors
beyond the control of any mining company. These factors include expectations
with respect to the rate of inflation, the exchange rates of the dollar and
other currencies, interest rates, global or regional political, economic or
banking crises, and a number of other factors. If the market price of gold,
silver or copper should drop dramatically, the value of the Company's royalty
interest and exploration properties could also drop dramatically, and the
Company might not be able to recover its investment in those interests or
properties. The selection of a property for exploration or development, the
determination to construct a mine and place it into production, and the
dedication of funds necessary to achieve such purposes are decisions that must
be made long before the first revenues from production will be received. Price
fluctuations between the time that such decisions are made and the commence of
production can drastically affect the economics of a mine.
Environmental Risks
- --------------------
Mining is subject to potential risks and liabilities associated with pollution
of the environment and the disposal of waste products occurring as a result of
mineral exploration and production. Insurance against environmental risk
(including potential liability for pollution or other hazards as a result of the
disposal of waste products occurring from exploration and production) is not
generally available to the Company (or to other companies in the minerals
industry) at a reasonable price. To the extent that the Company becomes subject
to environmental liabilities, the satisfaction of any such liabilities would
reduce funds otherwise available to the Company and could have a material
adverse effect on the Company. Laws and regulations intended to ensure the
protection of the environment are constantly changing, and are generally
becoming more restrictive.
Title to Properties
- ---------------------
The validity of unpatented mining claims, which constitute a significant portion
of the Company's property holdings in the United States, is often uncertain, and
such validity is always subject to contest. Unpatented mining claims are unique
property interests and are generally considered subject to greater title risk
than patented mining claims, or real property interests that are owned in fee
simple. Although the Company has attempted to acquire satisfactory title to its
undeveloped properties, the Company does not generally obtain title opinions
until financing is sought to develop a property, with the attendant risk that
title to some properties, particularly title to undeveloped properties, may be
defective.
ITEM 2. DESCRIPTION OF PROPERTIES
The principal assets of the Registrant are mining properties in the Chandalar
Gold Mining District in northern Alaska. The Registrant's holdings include
mining claims, both patented and unpatented, held for lode mining, and claims,
both patented and unpatented, held for placer mining. The lode mining claims
(and associated millsite claims) include 21 patented lode mining claims. The
Registrant holds fee title to the patented claims, and in addition, the
Registrant has the below described unpatented lode and placer mining claims. At
one time, Registrant held a number of federal unpatented claims, however all of
these claims have been subsequently staked as state unpatented claims, and the
federal unpatented claims have been abandoned. The unpatented mining claims and
millsite claims are subject to the paramount title of the State of Alaska and
all patented and unpatented claims are subject to a reserved two percent gross
royalty in Registrant's predecessor in title. The Chandalar Gold Mining
District is within an area which was owned by the federal government and
selected by the State of Alaska for transfer to the State of Alaska under the
Alaska Lands Law.
The Registrant currently owns in fee 21 twenty-acre patented lode claims, 1
twenty-acre patented placer claim, and l five-acre patented mill site. In
addition Registrant holds 19 forty-acre unpatented state claims. During the
fourth quarter of 2000, Registrant abandoned 35 unpatented state claims which
the president deemed to be non-essential to the overall operations in the
district, and which did not justify the expense of holding. The lode mining
claims were located to control the known gold bearing zones, in an area
approximately three miles by seven miles, except for seven State of Alaska
unpatented mining claims, which have never been owned by Registrant, and which
are owned by Registrant's predecessor in title.
The placer mining claims of the Registrant cover the four major drainages
radiating from the area in which the lode mining claims are situated, and
include all areas that were the subject of placer mining operations by
predecessors of the Registrant, as well as substantial portions of these
drainages that have never been mined.
Although the District has long been noted in published literature as being the
source of high-grade ore zones, the cost of fully evaluating the Registrant's
holdings by doing the necessary exploration and development work to establish
the extent of mineralization has, to date, not been accomplished. The principal
evaluation work done by the Registrant, or under its direction has been on the
Mikado mine, the Little Squaw mine, and on the Eneveloe Bonanza mine by lessees
in 1982 and 1983. Each of the groups of claims have been partially developed by
1,000 to 2,000 feet of underground workings. Within the district smaller
amounts of mostly surface work has established the existence of six similar
zones without accomplishing enough development work to block out sufficient
reserves necessary for vein type mining in the district.
ITEM 3. LEGAL PROCEEDINGS
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of the security holders of the
Registrant during the forth quarter of the Registrant's fiscal year.
PART II
-------
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The Common Stock of the Company is traded in the over the counter market on the
NASD Bulletin Board under the symbol "LITS". The following table shows the high
and low closing sales prices for the Common Stock for each quarter since January
1, 1998. The quotations reflect inter-dealer prices, without retail mark-up,
mark-down or commission and may not represent actual transactions.
Fiscal Year High Closing Low Closing
- ------------ ------------- ------------
First 1999 .03 .05
Second 1999 .05 .05
Third 1999 .05 .05
Fourth 1999 .05 .05
First 2000 .05 .05
Second 2000 .08 .08
Third 2000 .08 .08
Fourth 2000 .08 .04
First 2001 .05 .04
April 9, 2001 .05 .04
Holders.
- --------
As of December 31, 2000 there were 3,671 shareholders of record of the Company's
Common Stock.
Dividends.
- ----------
The Company has never paid any dividends and does not anticipate the payment of
dividends in the foreseeable future.
Recent Sales of Unregistered Securities.
- --------------------------------------------
The Registrant has sold no equity securities during the period covered by this
report that were not registered under the Securities Act.
ITEM 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
----------------------------------------------------------------
All of the Registrant's lode properties are still in development stages. The
management has full control of all of the lode properties, and intends to resume
lode operations and placer operations on the open placer claims as soon as a
competent and adequately financed operator can be located. Management has
entered into discussions with prospective companies for lease of the lode and
placer operations. The location of the mining claims, together with the
permafrost found throughout the district, substantially increases the mining
costs.
Management is still discussing with Gold Dust mines the breaches to the lease
and a determination will be made in the near future as to what action should be
taken concerning that lease.
The management is actively seeking joint venturer mining companies capable of
developing the lode operations.
There is a small portion of the property next to the millsite, which has been
identified by the state as requiring cleanup. The estimated cost for cleanup is
$20,000.00-30,000.00, and registrant is waiting until lode operations resume to
perform the cleanup. Registrant has no long term debt, and has sufficient
current assets to meet anticipated expenses during 2001.
ITEM 7. FINANCIAL STATEMENTS
Financial Statements of the Company for the fiscal years ended December 31, 2000
and 1999 have been audited by LeMaster & Daniels PLLC and are included as part
of this Form 10-KSB:
Accountants' Report
Balance Sheets
December 31, 2000 and 1999
Statements of Operations
for the years ended December 31, 2000, and 1999
Statements of Cash Flows
for the years ending December 31, 2000, and 1999
Statement Stockholders' Equity
From inception (March 26, 1959) through December 31, 2000
Notes to Financial Statements
INDEPENDENT AUDITORS' REPORT
Stockholders and Board of Directors
Little Squaw Gold Mining Company
Spokane, Washington
We have audited the accompanying balance sheets of Little Squaw Gold Mining
Company (a development stage company) as of December 31, 2000 and 1999, and the
related statements of operations, cash flows, and stockholders' equity (deficit)
for the years then ended, and for the period from March 26, 1959 (inception)
through December 31, 2000. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. 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 our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Little Squaw Gold Mining
Company as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended, and the period from March 26, 1959
(inception) through December 31, 2000, in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in note 1 to the
financial statements, the Company has suffered recurring net losses and its
current liabilities exceed its current assets. This raises substantial doubt
about the Company's ability to continue as a going concern. Management's plans
in regard to these matters are also described in note 1. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.
/s/ LeMaster & Daniels, PLLC
LeMASTER & DANIELS PLLC
Certified Public Accountants
Spokane, Washington
March 5, 2001
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Balance Sheets
December 31,
-------------------------------
2000 1999
-------------- -------------
ASSETS
CURRENT ASSETS:
Cash $ 15,329 $ 7,353
Cash investment - 10,000
Account receivable, other 768 398
Gold inventory 10,004 25,871
-------------- -------------
Total current assets 26,101 43,622
-------------- -------------
PLANT, EQUIPMENT, AND MINING CLAIMS:
Mine buildings 25,911 25,911
Mining and other equipment 141,692 141,692
-------------- -------------
167,603 167,603
Less accumulated depreciation 167,603 167,603
-------------- -------------
- -
Mining claims 264,000 264,000
-------------- -------------
264,000 264,000
-------------- -------------
$ 290,101 $ 307,622
============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable, related party $ 20,000 $ 20,018
Accrued payroll 243,250 224,650
Accrued and withheld payroll taxes 18,391 16,966
Other accrued expense 20,000 20,000
-------------- -------------
Total current liabilities 301,641 281,634
-------------- -------------
CONTINGENCY - -
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock--12,000,000 shares, $.10 par value,
authorized; 8,468,506 shares issued 846,850 846,850
Additional paid-in capital 351,237 351,237
Deficit accumulated during the development stage (1,201,453) (1,163,925)
-------------- -------------
(3,366) 34,162
Less treasury stock, 117,103 shares, at cost 8,174 8,174
-------------- -------------
Total stockholders' equity (deficit) (11,540) 25,988
-------------- -------------
$ 290,101 $ 307,622
============== =============
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statements of Operations
From Inception
(March 26, 1959)
Years Ended December 31, Through
----------------------------- December 31,
2000 1999 2000
------------- ------------- ------------------
REVENUES:
Royalties, net $ - $ 589 $ 398,752
Management fees - - 4,500
Stock transfer fees - - 16,586
Interest income 420 596 26,357
Loss on sale of assets (3,086) - (3,086)
Gold sales and sundry - - 7,642
Lease and rental - 22,500 99,330
------------- ------------- ------------------
(2,666) 1,185 550,081
------------- ------------- ------------------
EXPENSES:
Management fees and salaries 18,600 38,400 858,757
Directors' fees - - 65,775
Professional services 5,520 8,429 267,177
Telephone 469 399 24,815
Interest - - 35,986
Office and other rent 3,246 3,048 60,321
Office supplies and expense 707 1,582 128,275
Taxes, payroll and other 1,733 3,458 86,889
Travel and meetings 125 296 58,035
Depreciation - - 5,248
Reclamation and miscellaneous 4,462 3,385 78,918
Loss on partnership venture - - 53,402
Equipment repairs - - 25,170
Royalties - - 1,381
Insurance - - 1,157
Amortization of organization costs - - 483
Contract labor, supplies, and freight - - 1,745
------------- ------------- ------------------
34,862 58,997 1,751,534
------------- ------------- ------------------
NET LOSS $ 37,528 $ 57,812 $ 1,201,453
============= ============= ==================
Loss per share of stock outstanding $ - $ - $ .01
============= ============= ==================
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statements of Cash Flows
From Inception
(March 26, 1959)
Years Ended December 31, Through
----------------------------- December 31,
2000 1999 2000
------------- ------------- ------------------
INCREASE (DECREASE) IN CASH
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (37,528) $ (57,812) $ (1,201,453)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization - - 5,733
Stock and options issued for
salaries and fees - - 184,782
(Increase) decrease in current
assets:
Accounts receivable (370) (217) (768)
Inventory 15,867 (590) (10,004)
Increase (decrease) in current
liabilities:
Accounts payable (18) (741) 20,000
Accrued payroll 18,600 38,400 243,250
Accrued and withheld payroll taxes 1,425 2,937 18,391
Other accrued expense - - 20,000
------------- ------------- ------------------
Net cash used in operating activities (2,024) (18,023) (720,069)
------------- ------------- ------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Receipts attributable to unrecovered
promotional, exploratory, and
development costs - - 626,942
Sale of equipment - - 60,000
Disposition of certificate of deposit 10,000 - -
Additions to plant, equipment, and
unrecovered promotional, exploratory,
and development costs - - (343,368)
------------- ------------- ------------------
Net cash provided by investing
activities 10,000 - 343,574
------------- ------------- ------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock - - 400,481
Acquisition of treasury stock - - (8,174)
Organizational costs - - (483)
------------- ------------- ------------------
Net cash provided by financing
activities - - 391,824
------------- ------------- ------------------
NET INCREASE (DECREASE) IN CASH 7,976 (18,023) 15,329
CASH, BEGINNING OF YEAR/PERIOD 7,353 25,376 -
------------- ------------- ------------------
CASH, END OF YEAR/PERIOD $ 15,329 $ 7,353 $ 15,329
============= ============= ==================
See accompanying notes to financial statements.
*Begin Landscape Page Orientation And 9pt Type Size*
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity
From Inception (March 26, 1959) through December 31, 1999
Deficit
Shares Issued for Basis of Common Stock Accumulated
---------------------- Assignment of Amount -------------------- Additional During the Trea-
Noncash for Noncash Paid-in Development sury
Year Transaction Cash Consideration Consideration Shares Par Value Capital Stage Stock Total
- ---- ----------- ---- ---------------- -------------------- --------- --------- ---------- ----------- -------- ---------
1959 Issuance of
shares X ) ) 441,300 $ 44,130 $ - $ - $ - $ -
Net loss - - - (428) - 43,702
1960 Issuance of
shares X ) ) 443,780 43,378 - - - -
Net loss - - - (769) - 86,311
1961 Issuance of
shares X ) ) 306,620 30,662 - - - -
Issuance of
shares X ) ) 25,010 2,501 5,002 - - -
Net loss - - - (12,642) 111,834
1962 Issuance of
shares X ) ) 111,239 11,124 - - - -
Issuance of
shares X ) ) 248,870 24,887 49,773 - - -
Issuance of
shares )Mining leases )Par value of
) ) stock issued 600,000 60,000 - - - -
Net loss - - - (5,078) 252,540
1963 Issuance of
shares X ) ) 223,061 22,306 - - - -
Issuance of
shares X ) ) 27,000 2,700 5,400 - - -
Sale of option ) ) - - 110 - - -
Net loss - - - (5,995) - 277,061
1964 Net loss - - - (8,913) - 268,148
1965 Issuance of
shares X ) ) 19,167 1,917 3,833 - - -
Issuance of
shares )Salaries )Price per share issued
) ) for cash during period 19,980 1,998 3,996 - - -
Net loss - - - (9,239) 270,653
(continued next page)
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1999
Deficit
Shares Issued for Basis of Common Stock Accumulated
---------------------- Assignment of Amount -------------------- Additional During the Trea-
Noncash for Noncash Paid-in Development sury
Year Transaction Cash Consideration Consideration Shares Par Value Capital Stage Stock Total
- ---- ----------- ---- ---------------- -------------------- --------- --------- ---------- ----------- -------- ---------
1966 Issuance of
shares X ) ) 29,970 $ 2,997 $ - $ - $ - $ -
Issuance of
shares X ) ) 5,200 520 520 - - -
Net loss - - - (7,119) - 267,571
1967 Issuance of
shares X ) ) 3,700 370 740 - - -
Issuance of
shares )Engineering and )Par value of
) management fees ) stock issued 24,420 2,442 - - - -
Issuance of
shares )Auditing fees ) 2,030 203 406 - - -
Net loss - - - (5,577) - 266,155
1968 Issuance of
shares X ) ) 64,856 6,486 12,971 - - -
Issuance of
shares )Salaries )Price per share 19,980 1,998 3,996 - - -
Issuance of ) ) issued for cash
shares )Directors' fees ) during period 30,000 3,000 6,000 - - -
Net loss - - - (7,322) - 293,284
1969 Issuance of
shares X 12,760 1,276 2,552 - - -
Issuance of
shares X 338,040 33,804 85,432 - - -
Issuance of
shares )Salaries )Approximate price
) ) per share 24,000 2,400 4,800 - - -
Issuance of
shares )Consideration for)issued for cash
) co-signatures )during period 50,004 5,000 10,001 - - -
Net income - - - 2,272 - 440,821
(continued next page)
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1999
Deficit
Shares Issued for Basis of Common Stock Accumulated
---------------------- Assignment of Amount -------------------- Additional During the Trea-
Noncash for Noncash Paid-in Development sury
Year Transaction Cash Consideration Consideration Shares Par Value Capital Stage Stock Total
- ---- ----------- ---- ---------------- -------------------- --------- --------- ---------- ----------- -------- ---------
1970 Issuance of
shares X ) ) 1,000 $ 100 $ 400 $ - $ - $ -
Issuance of
shares )Salaries )Price per share
) ) issued for cash in
) ) prior period 1,500 150 300 - - -
Issuance of
shares )Salaries )Price per share
) ) issued for cash in
) ) current period 444 44 178 - - -
Net loss - - - (8,880) - 433,113
1971 Issuance of
shares X 13,000 1,300 1,500 - - -
Issuance of
shares )Purchase of )
) assets of )
) Chandalar Mining)Par value of stock
) & Milling Co. ) issued 336,003 33,600 - - - -
Net loss - - - (2,270) - 467,243
1972 Issuance of
shares )Purchase of )
) assets of )
) Chandalar Mining)Par value of stock
) & Milling Co. ) issued 413,997 41,400 - - - -
Issuance of
shares )Additional )
) exploratory and )
) development costs)
) through payment )
) of Chandalar )
) Mining & Milling)Dollar value of
) Co. liabilities ) liabilities paid 55,657 5,566 15,805 - - -
(continued next page)
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1999
Deficit
Shares Issued for Basis of Common Stock Accumulated
---------------------- Assignment of Amount -------------------- Additional During the Trea-
Noncash for Noncash Paid-in Development sury
Year Transaction Cash Consideration Consideration Shares Par Value Capital Stage Stock Total
- ---- ----------- ---- ---------------- -------------------- --------- --------- ---------- ----------- -------- ---------
Receipt of ) $ $ $ $ $
Treasury )
stock in )
satisfaction)
of accounts )
receivable )
and invest- )
ment in Chan-)
dalar Mining)
& Milling Co) (125,688) (12,569) (977) - (13,546) -
Issuance of
shares )Mining claims )Par value of stock
) ) issued 2,240,000 224,000 - 13,527 -
Net loss - - - (65,175) - 675,274
1973 Net loss - - - (16,161) - 659,113
1974 Net loss - - - (13,365) - 645,748
1975 Net loss - - - (15,439) - 630,309
1976 Net loss - - - (5,845) - 624,464
1977 Issuance of
shares )Purchase of )
)assets of )
)Mikado Gold )Par value of stock
)Mines ) issued 1,100,100 110,010 - - - -
Net loss (15,822) - 718,652
1978 Issuance of
shares )Mining claims )Par value of stock
Issuance of ) )issued 400,000 40,000 - - - -
shares )Directors' fees) 40,000 4,000 3,200 - - -
Issuance of
shares )Management fees,)
)notes payable, )
)and accrued )Approximate market
)interest )price per share 109,524 10,952 8,762 - - -
Net loss - - - (39,144) - 746,422
(continued next page)
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1999
Deficit
Shares Issued for Basis of Common Stock Accumulated
---------------------- Assignment of Amount -------------------- Additional During the Trea-
Noncash for Noncash Paid-in Development sury
Year Transaction Cash Consideration Consideration Shares Par Value Capital Stage Stock Total
- ---- ----------- ---- ---------------- -------------------- --------- --------- ---------- ----------- -------- ---------
1979 Net loss - $ - $ - $ (18,388)$ - $728,034
1980 Net loss - - - (34,025) - 694,009
1981 Net loss - - - (32,107) - 661,902
1982 Issuance of
shares )Directors' fees )Approximate market
) ) price per share 40,000 4,000 20,000 - - -
Net loss - - - (70,165) - 615,737
1983 Net loss - - - (10,416) - 605,321
1984 Net loss - - - (63,030) - 542,291
1985 Issuance of
shares )Directors' fees )Approximate market
) ) price per share 40,000 4,000 12,000 - - -
Net loss - - - (78,829) - 479,462
1986 Issuance of
shares X 44,444 4,444 5,556 - - -
Net loss - - - (32,681) - 456,781
1987 Issuance of
shares )Officer salary ) 166,000 16,600 18,500 - - -
Issuance of ) )Approximate
stock option )Legal fees ) market price per - - 12,360 - - -
Issuable shares )Directors' fees ) share - - 4,095 - - -
Issuance of
stock option )Equipment )Value of equipment - - 60,000 - - -
Net loss - - - (48,057) - 520,279
1988 Issuance of
shares )Officer salary )Approximate 194,444 19,444 (1,944) - - -
Issuance of ) ) market
stock option )Legal fees ) price per - - 6,200 - - -
Issuable shares )Directors' fees ) per share - - 1,080 - - -
Issuance of )Settlement of
shares ) stock option )Approximate market
) price when option
) was granted 58,860 5,886 (5,886) - - -
(continued next page)
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1999
Deficit
Shares Issued for Basis of Common Stock Accumulated
---------------------- Assignment of Amount -------------------- Additional During the Trea-
Noncash for Noncash Paid-in Development sury
Year Transaction Cash Consideration Consideration Shares Par Value Capital Stage Stock Total
- ---- ----------- ---- ---------------- -------------------- --------- --------- ---------- ----------- -------- ---------
1988 Issuance of $ $ $ $ $
(cont) shares )Settlement of )
)stock right )Approximate market
) ) price when right
) ) was granted 19,500 1,950 (1,950) - - -
Net loss - - - (46,961) - 498,098
1989 Issuance of
shares )Settlement of )
) stock option )Approximate market
) ) price when option
) ) was granted 68,888 6,889 (6,889) - - -
Issuance of
shares )Settlement of )
) stock right )Approximate market
) ) price when right
) ) was granted 12,000 1,200 (1,200) - - -
Net loss - - - (59,008) - 439,090
1990 Net loss - - - (37,651) - 401,439
1991 Issuance of
shares )Directors' fees )Approximate market
) ) price per share 24,000 2,400 - - - -
Purchase of
20,000
treasury
shares X - - - - (1,500) 360,164
Net loss - - - (42,175) - -
1992 Purchase of
32,000
treasury
shares X - - - - (1,680) -
Net loss - - - (41,705) - -
1993 Net loss - - - (71,011) - -
(continued next page)
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Statement of Stockholders' Equity (continued)
From Inception (March 26, 1959) through December 31, 1999
Deficit
Shares Issued for Basis of Common Stock Accumulated
---------------------- Assignment of Amount -------------------- Additional During the Trea-
Noncash for Noncash Paid-in Development sury
Year Transaction Cash Consideration Consideration Shares Par Value Capital Stage Stock Total
- ---- ----------- ---- ---------------- -------------------- --------- --------- ---------- ----------- -------- ---------
1994 Issuance of $ $ $ $ $
stock )Officer compen- )Approximate market
option ) sation ) price per share - - 6,250 - - -
Net loss - - - (43,793) - -
1995 Issuance of
shares )Officer compen- )Approximate market
) sation )price per share 153,846 15,385 4,615 - - -
Purchase of
65,000
treasury
shares X - - - - (4,975) -
Net loss - - - (30,728) - -
1996 Net loss - - - (39,963) - -
--------- --------- ---------- ----------- -------- ---------
Balances,
December 31, 1996 8,468,506 846,850 357,487 (1,043,604) (8,174) 152,559
1997 Expiration of
stock option - - (6,250) - - (6,250)
Net loss - - - (31,828) - (31,828)
--------- --------- ---------- ----------- -------- ---------
Balances,
December 31, 1997 8,468,506 $846,850 $ 351,237 $(1,075,432) $(8,174) $(114,481)
--------- --------- ---------- ----------- -------- ---------
1998 Net loss - - - (30,681) - (30,681)
--------- --------- ---------- ----------- -------- ---------
Balances,
December 31, 1998 8,468,506 $846,850 $ 351,237 $(1,106,113) $(8,174) $ 83,800
1999 Net loss - - - (57,812) - (57,812)
--------- --------- ---------- ----------- -------- ---------
Balances,
December 31, 1999 8,468,506 $846,850 $ 351,237 $(1,163,925) $(8,174) $ 25,988
2000 Net loss - - - (37,528) - (37,528)
--------- --------- ---------- ----------- -------- ---------
Balances,
December 31, 2000 8,468,506 $846,850 $ 351,237 $(1,201,453) $ (8,174) $(11,540)
========= ========= ========== =========== ======== =========
See accompanying notes to financial statements.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Notes to Financial Statements
NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Nature of Operations:
The Company owns various patented and unpatented mining claims in Alaska.
Placer mining of certain claims has been performed by a lessee. The Company is
considered to be a development stage company, as only nominal operations have
occurred to date. Planned principal operations include lode mining of claims.
The Company operates in one reportable segment, mining operations.
Basis of Presentation:
These financial statements are presented on the basis that the Company is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business over a reasonable length of
time. The accompanying 2000 financial statements show current liabilities
exceeding current assets by approximately $276,000, a deficit accumulated in the
development stage of approximately $1,201,000, stockholders' equity (deficit) of
approximately $(12,000), and a net loss of approximately $38,000. In addition,
as discussed in note 2, the Company's placer mining lessee has defaulted on its
obligations to the Company.
Management's plans for the continuation of the Company as a going concern
include the reduction of operating expenses to the extent possible, continued
deferral of payment of officers' accrued compensation, obtaining a placer lessee
to operate certain placer mining claims, and ultimately to obtain a lode mining
lessee. In addition, some unpatented claims are being abandoned to eliminate
the costs of state fees and minimum assessment work required to maintain the
claims. At December 31, 2000, all but 19 unpatented claims had been abandoned.
There are no assurances with respect to the future success of these plans.
Gold Inventory:
Such asset, representing a mineral royalty received from a placer mining lease,
is stated at net realizable market value. Inventory market value adjustments
are included in royalty income.
Plant, Equipment, and Accumulated Depreciation:
Such assets are based at cost--cost determined by cash, cash items, or value
received for shares of the Company's common stock issued therefor. The mine and
mill build-ings and equipment are located on Company-owned mining claims located
in the Chandalar Mining District of Alaska. A small amount of office equipment
is located at Company offices in Spokane, Washington. All such assets are fully
depreciated.
Mining Claims:
In April 1978, the Company acquired certain patented and unpatented mining
claims located in the Chandalar Mining District from a partnership, a member of
which is an of------ficer/stockholder of the Company. In exchange for the
mining claims, the Company issued 400,000 shares of its previously unissued
shares. A 2 percent gross royalty interest was retained by the partner-ship.
Management assigned a value of $40,000 to the claims which is equal to the par
value of the common stock issued. Any other basis for assign-ing values was not
determinable.
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Notes to Financial Statements
NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)
In May 1972, the Company acquired from a corporation and various individu-als
certain patented and unpatented mining claims located in the Chandalar Mining
District which were previously leased. Under the terms of the acquisition
agreement, the Company issued 2,240,000 shares of its previ-ously unissued
(2,114,312) shares and treasury (125,688) shares and transferred certain placer
mining equipment for such claims. In 1975, effective as of January 1, 1974,
management assigned a value of $224,000 to the claims which is equal to the par
value of the common stock issued. Any other basis for assign-ing values was not
determinable. Management believes there has been no impairment in the values
assigned to the mining claims, based on estimated mineral reserves present in
the claims.
Estimates:
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Significant estimates used in
preparing these financial statements include those assumed in estimating the
recoverability of the cost of mining claims, accrued reclamation costs, and
deferred tax assets and related valuation allowance. Actual results could
differ from those estimates.
Federal and Alaska Income Taxes:
Income tax is provided for the tax effects of transactions reported in the
financial statements and consists of tax currently due plus deferred tax related
to differences between the basis of assets and liabilities for financial and
income tax reporting. The Company, for financial statement purposes, has
reduced unrecov-ered exploratory and development costs by the excess of lease
income over deprecia-tion and sundry direct mine costs. For income tax
purposes, such items have been treated as income and expense. Also, accrued
officers' compensation is not deductible for income tax purposes until paid.
Deferred tax assets and liabilities represent the future tax return consequences
of those differences, which will either be taxable or deductible when the assets
and liabilities are recovered or settled. A deferred tax asset, subject to a
valuation allowance, is also recognized for tax-basis net operating losses being
carried forward. See note 5.
Loss Per Share:
Such amounts (representing basic and diluted loss per share) are computed based
on the weighted average number of shares out-standing during the years
(8,351,403 in 2000 and 1999).
LITTLE SQUAW GOLD MINING COMPANY
(a development stage company)
Notes to Financial Statements
NOTE 2 -- LEASE OF MINING CLAIMS, MINE AND MILL BUILDINGS, AND EQUIPMENT:
Beginning in 1989, the Company entered into a placer mining lease with Gold Dust
Mines, Inc. (Gold Dust) covering placer mining rights on certain of the
Company's mining claims on creek drainages. The lease provided for annual
advance rentals of $7,500 per creek drainage mined plus an 8 percent royalty
from placer gold production. During 1998 and 1999, Gold Dust's placer mining
was limited to one drainage. There was no mining conducted in 2000. In 1999
and 2000, however, Gold Dust failed to pay the $7,500 lease fee on the creek
drainage it mined, and a portion of the 1999 production royalties owed to the
Company were also not paid. In February 2000, the owners of Gold Dust
(guarantors of Gold Dust's obligations to the Company) declared bankruptcy. The
1999 and 2000 unpaid lease fee and 1999 production royalties (estimated at
approximately $2,500) were not reported as assets and revenue in the
accompany-ing financial statements, as such amounts have been reduced in full by
a valuation allowance.
NOTE 3 -- RELATED PARTIES:
Included in expenses for the years presented are legal fees for services as
corporate counsel by Hollis H. Barnett, a stockholder, director, and secretary
of the Company.
Legal fees of Mr. Barnett charged to expense totalled $-0- in 2000 and $2,509 in
1999. Accounts payable for unpaid legal fees totalled $20,000 at December 31,
2000 and 1999.
NOTE 4 -- RECLAMATION COSTS:
The Company had accrued a liability of $20,000 as an estimated total cost of
reclamation at December 31, 2000 and 1999. This cost relates to remedial
actions at a single location to clean up ground contamination as required by the
State of Alaska. An outside consultant has estimated the clean-up costs at
$20,000 to $30,000.
NOTE 5 -- INCOME TAXES:
At December 31, 2000 and 1999, the Company had deferred tax assets which were
fully reserved by valuation allowances. Following are the compo-nents of such
assets and allowances:
December 31,
2000 1999
------------ ------------
Deferred tax assets arising from:
Unrecovered promotional, exploratory, and
development costs $ 56,000 $ 56,000
Accrued compensation 36,000 34,000
Net operating loss carryforwards 39,000 41,000
------------ ------------
131,000 131,000
Less valuation allowance 131,000 131,000
------------ ------------
Net deferred tax assets $ - $ -
============ ============
At December 31, 2000, the Company had federal tax-basis net operating loss
carryforwards totalling approximately $257,000 which will expire in various
amounts from 2001 through 2021. Changes in the deferred tax asset valuation
allowance for 2000 and 1999 relate only to corresponding changes in deferred tax
assets for those years.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There have been no disagreements between the Company and its accountants
regarding any matter or accounting principles or practices or financial
statement disclosures.
PART III
--------
ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROLL PERSONS;
COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
Directors and Executive Officers
- -----------------------------------
Name Age Office with the Company Appointed to Office
- ---- --- ------------------------- -------------------
Eskil Anderson(1) 87 President & Director 1972
Stewart A. Jackson, PH.D 59 Vice Pre. and Director 1993
Leonard C. Havlis 72 Director 1972
Ellamae Anderson (1) 78 Director 1986
Hollis H. Barnett (1) 61 Secretary and Director 1986
There are no arrangements or understandings between any of the foregoing
persons and any other person or persons pursuant to which any of the foregoing
persons were named as Directors.
(1) Eskil Anderson and Ellamae Anderson are husband and wife. Hollis H. Barnett
is married to Eskil and Ellamae Anderson's daughter.
Eskil Anderson is an independent consulting geologist and has practiced as
an independent consulting geologist for over 40 years. He had served as
President for the Registrant for many years and stepped down to allow Stewart
Jackson to become President in May 1994. In April 1996, Mr. Anderson was again
elected President.
Hollis H. Barnett is a practicing attorney, having practiced law for 31
years, and has served the Registrant as Director and Secretary since October,
1986.
Leonard C. Havlis is retired from the Seattle School District, and has
served as a director of the Registrant since 1972.
Ellamae Anderson is a graduate Gemologist of the G.I.A. (Gemological
Institute of America), is a gem appraiser, and has a small gemological service
business. She assisted the corporation Secretary from 1972 to present and was
the corporation's transfer agent from 1972 to 1980. She was a trustee for the
N.W. Mining Association from 1977-79 and founded and produced the first two
issues of the annual N.W. Mining Association Service Directory. She has been a
Director since October, 1986.
Stewart A. Jackson, Ph.D., has been a Mining Geologist for many years, and
has been affiliated with several mining corporations. His office is in
Littleton, Colorado, where he is actively engaged in mining ventures. Mr.
Jackson serves on the board of directors of Monument Resources, Inc.,
Continental Precious Minerals, Inc., Jopeck Resources, LTD., and as president of
Layfield Resources, Inc., all public companies involved in mining activities.
Mr. Jackson is an experienced professional with 30 years in the mineral
industry, involved in the exploration and development of both base and precious
metal deposits in a wide range of environments for both large and small
companies.
The directors are elected for a one-year term and until their successors have
been elected and qualified. Executive Officers are appointed to serve until the
meeting of the Board of Directors following the next annual meeting of
shareholders and until their successors have been elected and qualified. There
are no arrangements or understandings between any of the directors, executive
officers, and other persons pursuant to which any of the foregoing persons were
named as Directors or executive officers.
None of the Directors is also a director of any company with a class of
securities registered pursuant to Section 12 of the Exchange Act or subject to
Section 15(d) of the Act, or of any company registered under the Investment
Company Act of 1940 except as noted above.
No Director, or person nominated to become a Director or Executive Officer, has
been involved in any legal action involving the Company during the past five
years.
Promoters and Control Person: Not Applicable
Compliance with Section 16(a) of the Exchange Act
- --------------------------------------------------------
Based solely upon a review of forms 3 and 4 and amendments thereto furnished to
the Registrant pursuant to Section 240.16a-3 during the most recent fiscal year,
and Form 5 and amendments thereto furnished to the Registrant with respect to
the most recent fiscal year, no person who at any time during the fiscal year
was a director, officer, or beneficial owner or more than ten percent of any
class of equity securities of the Registrant registered pursuant to Section 12
of the Exchange Act, or any other person subject to Section 16 of the Exchange
Act with respect to the Registrant because of the requirements of Section 30 of
the Investment Company Act or Section 17 of the Public Utility Holding Company
Act (A reporting person) failed to file on a timely basis, as disclosed in the
above Forms, reports required by Section 16(a) of the Exchange Act during the
most recent fiscal year or prior fiscal years.
ITEM 10. EXECUTIVE COMPENSATION
A summary of cash and other compensation for the Company's President and Chief
Executive Officer for the three most recent years is as follows:
Summary Compensation Table
- ----------------------------
Long-Term Compensation
Annual Compensation Awards Payouts
- ------------------------------------------- ---------------------- ------------------
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Name Other Restricted Securities
and Annual Stock Underlying LTIP All Other
Principal Year Salary Bonus Comp. Awards(1) Options/ Payouts Comp.
Position ($) ($) ($) ($) SARs(#) ($) ($)
- -------------- ---- ------ ----- ------ ---------- ---------- ------- ---------
Eskil Anderson 1998 $34,850 $0 $0 $0 -0- $0 $0
President 1999 $34,850 $0 $0 $0 -0- $0 $0
2000 $15,000 $0 $0 $0 -0- $0 $0
* These figures do not take into account accrued salary payable to Mr.
Anderson in the amount of $215,350 at December 31, 2000
Option/SAR Grants In Last Fiscal Year
- ------------------------------------------
None
Director Compensation For Last Fiscal Year
- -----------------------------------------------
None
The Company has no employment contracts with executive officers or directors.
ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
Security Ownership of Certain Beneficial Owners and Management
- ---------------------------------------------------------------------
The following table sets forth information as of December 31, 2000 regarding any
person known to the Company to be the beneficial owner of more than five percent
of any class of the Company's voting securities and the number and percentage of
shares of Common Stock of the Company or any of its parents or subsidiaries
beneficially owned (as such term is defined in Rule 13d-3 under the Exchange
Act) by each director, each of the named executive officers and directors and
officers as a group:
Title Amount and Nature of
of Class Name of Beneficial Owner Beneficial Ownership Percent of Class (1)
- -------- -------------------------- -------------------- --------------------
Common Eskil & Ellamae Anderson 784,577 9.4%
Common Leonard Halvis 50,466(1) .65%
Common Hollis H. Barnett 148,498 1.8%
Common Stewart Jackson 153,846 1.8%
Common Total of all officers and
directors (5 individuals) 1,137,387 13.6%
(1) Does not include an additional 9,500 shares Leonard C. Havlis has the right
to vote as custodian under the Uniform Gifts to Minors Act.
Changes in Control
- --------------------
There are no arrangements known to the Registrant the operation of which may at
a subsequent time result in the change of control of the Registrant.
ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
There have been no transactions or series of transactions, or proposed
transactions during the last two years to which the Registrant is a party in
which any director, nominee for election as a director, executive officer or
beneficial owner of five percent or more of the Registrant's common stock, or
any member of the immediate family of the foregoing had or is to have a direct
or indirect material interest exceeding $60,000.
ITEM 13. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K.
(a) the following documents are filed as part of the report:
1. Financial Statements
Accountants' Report
Balance Sheets
December 31, 2000 and 1999
Statements of Operations
for the years ended December 31, 2000, and 1999
Statements of Cash Flows
for the years ending December 31, 2000, and 1999
Statement Stockholders' Equity
From inception (March 26, 1959) through December 31, 2000
Notes to Financial Statements
2. Exhibits required by Item 601
(23) Consent of experts and counsel
All other Exhibits have been omitted as inapplicable or are incorporated by
reference to previous filings.
(b) Reports on Form 8-K.
No reports on Form 8-K have been filed during the last quarter of the period
covered by this report.
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
LITTLE SQUAW GOLD MINING COMPANY
/s/ Eskil Anderson
------------------------------
Date: April 12, 2001 By: Eskil Anderson
President (Principal Executive Officer
and Principal Financial Officer)
In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
/s/Eskil Anderson
------------------------------
Date: April 12, 2001 Eskil Anderson, Director
/s/ Hollis H. Barett
------------------------------
Date: April 12, 2001 Hollis H. Barnett, Director
/s/ Stewart Jackson
------------------------------
Date: April 12, 2001 Stewart Jackson, Director
/s/ Leonard Havlis
------------------------------
Date: April 12, 2001 Leonard Havlis, Director
/s/ Ellamae Anderson
------------------------------
Date: April 10, 2001 Ellamae Anderson, Director