SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1O-QSB
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarter Ended October 31, 2002
Commission File Number: 0-18616
ST. GEORGE METALS, INC.
(Exact name of registrant as specified In its charter)
Nevada 88-0227915
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
1800 N. Beauregard Street, Suite 150, Alexandria, Virginia 22311
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (703) 578-1802
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 90 days.
Yes X No
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As of October 31, 2002, the number of shares of Common Stock
outstanding was 14,487,159.
ST. GEORGE METALS, INC.
FORM 10-QSB
QUARTER ENDED OCTOBER 31, 2002
INDEX
PART I - FINANCIAL INFORMATION - Omitted pursuant to Rule 13a-13(c)(2 under the
Securities Exchange Act of 1934
PART II - OTHER INFORMATION
Items 1 -6............................... 2-3
Signatures............................... 4
PART II - OTHER INFORMATION
Item 1. Legal proceedings.
(a) None
Item 2. Changes in securities.
(a) None
(b) None
Item 3. Defaults upon senior securities.
Under the Company's Phase I and II Loan Commitments, non-payment of interest
constitutes an event of default; however, a note holder must advise the Company
in writing that he declares his debt to be in default. As previously reported,
two note holders, one a former related party of the Company, advised the Company
in January, 1994, that the Company was in default with respect to the Company's
debt obligations to them. The Company advised such holders that it did not agree
with their position, and no further actions have been taken by such noteholders.
Item 4. Submission of matters to a vote of security holders.
None
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Item 5. Other information.
General. The Company's financial resources have been substantially exhausted and
management does not know of any significant additional financing available to
the Company. The Company has no continuing on-going business operations at this
time. The Company has been seeking, since early 1995, to satisfy its trade debt
other than through a court supervised process, which would entail significant
administrative expenses. The Company has been able to satisfy a substantial
portion of its trade debt, but in light of its financial position, it is
unlikely any payments will be made on its other indebtedness, which has been
voluntary subordinated to the Company's trade creditors.
SEC Reporting Obligations. Because of the Company's financial condition and its
consequent difficulty paying the attendant legal and accounting expenses, its
ability to continue to meet its reporting obligations under the Securities
Exchange Act of 1934 remains questionable. The financial statements included
with its Form 10-KSB for the year ended January 31, 2002, were not audited by an
independent certified accountant, because the Company could not afford the cost
of an audit.
Inability to Pay Indebtedness. Management does not presently anticipate that any
of its outstanding obligations under its Operations Advances, Gold Delivery
Contracts and term debt, a substantial portion of which outstanding obligations
are held
by members of the Company's board of directors, can be satisfied. Accordingly,
management does not believe, as a practical matter, that there is any remaining
value to be ascribed to the Company's outstanding preferred stock or common
stock.
Status of Properties. The status of the Company's mineral properties has not
changed from the description contained in Item 2 of the Company's Form 10-KSB
for the fiscal year ended January 31, 2002.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits: None
(b) Reports on Form 8-K: None
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
St. George Metals. Inc.
(Registrant)
November 6, 2002 By: /s/Joseph J. Meuse
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Joseph J. Meuse - Chairman and Principal