Some assets are not on balance sheet due to accounting
regulations, such as, timber rights, water rights, federal
and SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 20172022
Commission File No. 001-10156
ORIGINAL SIXTEEN TO ONE MINE, INC.
(Exact name of registrant as specified in its charter)
CALIFORNIA 94-0735390
(State or other jurisdiction of (I.R.S. Employer
Identification No.)
incorporated or organization)
Post Office Box 909, Alleghany, CA 95910
(Address of principal executive offices)
(530) 287-3223
(Registrant's telephone number)
(including area code)
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 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 requirement for the past 90 days.
N/A Voluntary Filer
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated
filer, or a smaller reporting company. See the definitions of
"large accelerated filer,""accelerated "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] Accelerated filer
[ ]
Non-accelerated filer [ ] (do not check if smaller reporting
company)
Smaller reporting company [X]
Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-d of the Exchange Act). Yes
[ ] NoN0 [X]
As of September 30, 2017, 14,338,8552022, 14,870,631 shares of Common Stock,
par value $.03$.033 per share, were issued and outstanding.
Item 1. PART I
ITEM 1. FINANCIAL INFORMATION
Original Sixteen to One Mine, Inc.
Original Sixteen to One Mine, Inc.
Condensed Balance Sheet
September 30, 20172022 & December 31, 20162021
ASSETS
2022 2021
Current Assets
Cash $ 16,4201,783 $ 6,9564,802
Accounts receivable 43,923 105,417181,593 127,564
Inventory 749,675 1,010,213
Other current assets - -130,438 130,438
Capitalized Expenses 906,229 604,044
------- -------
Total current assets 810,018 1,122,5861,220,043 866,848
------- -------
Mining Property
Real estate and property rights
net of depletion of $524,145 230,401 230,401
Mineral property 47,976 47,976
------- -------
Total Mining Property 278,377 278,377
------- -------
Fixed Assets at Cost
Equipment 885,307 885,307605,646 597,602
Buildings 209,487 209,487
Vehicles 171,522 171,522168,925 168,925
--------- ---------
Total fixed assets at cost 1,266,316 1,266,316984,058 976,014
--------- ---------
Less accumulated depreciation (1,167,922) (1,151,296)(964,896) (963,606)
----------- -----------
Net fixed assets 98,394 115,02019,162 12,408
----------- -----------
Other Assets
Bonds and misc. deposits 21,460 21,460- 4,091
--------- -------
Total Assets $1,208,249 $1,537,443$ 1,517,582 $ 1,161,724
========== ==========
Original sixteen to One Mine, Inc.
Condensed Balance Sheet Continued
LIABILITIES & STOCKHOLDERS' EQUITY
September 30, 2017 & December 31, 20162022 2021
Current Liabilities
Accounts payable & accrued expenses $1,191,248 1,187,920$ 614,051 1,417,728
Due to related party 198,382 175,533295,833 515,993
Notes payable Short-term 536,698 534,6912,080,578 543,558
-------- -------
Total Current Liabilities 1,926,328 1,898,1442,990,462 2,477,279
-------- -------
Long Term Liabilities
Notes payable due after one year 131,819 144,44997,236 97,236
-------- -------
Total Liabilities 2,058,147 2,042,593
-------- -------3,087,698 2,574,515
---------- ---------
Stockholders' Equity
Capital stock, par value $.03:$.033:
30,000,000 shares authorized: 14,338,85514,870,631
issued and outstanding as of Sept. 30,2017Dec. 31, 2021
and 14,870,631 as of December 31, 2016 468,836 468,836September 30, 2022
490,731 490,731
Additional paid-in capital 2,222,892 2,222,8922,446,044 2,446,044
(Accumulated deficit)
Retained earnings (3,541,626) (3,196,878)(4,506,891) (4,349,566)
------------ -----------
Total Stockholders' Equity (849,898) (505,150)(1,570,116) (1,412,791)
------------ -----------
Total Liabilities and
Stockholders' Equity $1,208,249 $1,537,443
============$ 1,517,582 $ 1,161,724
=========== ============
See Accompanying Notes
?
Original Sixteen to One Mine, Inc.
Statement of Operations
and Retained Earnings
Three Months Ending Sept.Sept 30, Nine Months Ending Sept.Sept 30,
2017 2016 2017 20162022 2021 2022 2021
------ ------ ------ -----------
Revenues:
Gold & Jewelry Sales 29,853 64,974 131,024 562,7972,321 22,353 2,321 30,632
Other Revenue 24,000 24,000 72,000 72,00050,032 2,032 54,029 55,63
--------- --------- -------- -----------------
Total revenues $ 53,85352,353 $ 88,97424,385 $ 203,024 $ 634,79756,350 86,266
--------- --------- ------------------ --------
Operating expenses:
Salaries and wages 60,000 15,000 15,000 45,00090,000 45,000
Contract Labor 71,540 63,535 213,470 278,0845,412 11,326 51,962 25,774
Utilities 19,183 24,543 61,121 59,184875 6,755 10,733 20,656
Taxes - property & payroll 7,837 10,331 15,921 21,359(808) 412 5,160 5,664
Supplies 3,820 11,253 23,930 47,813800 2,448 685 3,237
Insurance 1,091 967 3,218 2,5562,249 1,047 7,635 6,891
Small equipment equip.&
repairs 1,387 1,267 22,853 26,2912,001 2,649 5,668 6,366
Drayage 710 (10,304) 13,124 (5,455)
Corporate expenses 9,945 7,971 12,057 10,455
Legal & Compliance 345 2,188 12,195 8,628
Mine Maintenance 45,250 17,316 87,953 57,176
Drayage 4,067 4,007 11,592 10,701
Corporate expenses 1,192 1,272 10,374 10,790
Legal and Compliance 5,276 28,833 12,598 53,279- 793 304 1,302
Depreciation & amortization 5,542 5,542 16,626 16,626amort. 58 596 1,290 1,788
Other expenses 1,275 1,353 4,095 6,060
---------- ----------57 84,460 1,138 96,196
------- ------- --------- ----------
Total operating
expenses 182,660 185,219 528,751 634,919
---------- ----------81,644 125,341 211,951 226,503
-------- -------- --------- ----------
Profit (Loss) from
operations(128,807) (96,245) (325,727) (122)Operations (29,291) (100,956) (155,601) (140,237)
Other Income: 1,979 800 5,208 3,4001,200 1,200 3,700 3,600
Other Expense: 7,582 6,578 20,912 30,3201,600 - 1,600 -
--------- -------- --------- --------- -------------------
Total Other income(expense) (5,603) (5,778) (15,704) (26,920)income (400) 1,200 2,100 3,600
-------- -------- --------- ---------- ------- --------
Profit (Loss)
before taxes (134,410) (102,023) (341,431) (27,042)
--------(29,691) (99,756) (153,501) (136,637)
---------- --------- --------- ---------
Income tax benefit
(expense) 2,517 (3,317) (800)
--------- - (3,825) (1,600)
---------- --------- ----------------- ---------
Net profit
(loss) $ (136,927)(29,691) $ (102,023) $ (344,748) $ (27,842)
============(99,756) (157,326) (138,237)
=========== ========== =================== =========
Basic and diluted (loss)
earnings per share $ (.002) $ (.006) $ (.01) $ (.008) $ (.024) $ (.002)
============ ============(.009)
========== ========== ========= ====================
Shares used in the
calculation of net (loss)
income per share
14,338,855 13,399,505 14,338,855 13,399,50514,870,631 14,870,631 14,870,631 14,870,631
============ =========== ========== =====================
See Accompanying Notes
Original Sixteen to One Mine, Inc.
Statement of Cash Flows
Nine Months Ended Sept.Sept 30, 20172022 and Sept.Sept 30, 20162021
Nine Monthsmonths Ended Sept.September 30,
2017 20162022 2021
-------------- ------------
Net profit (loss) $ (344,748)(157,325) $ (27,842)(138,237)
Cash Flows From Operating Activities:
Depreciation and amortization 16,626 16,6261,290 1,788
(Increase)Decrease in
accounts receivable 61,494 (2,086)(54,029) (58,357)
Decrease(Increase) in inventory 260,538 297,700- 181,747
(Increase)Decrease in other
current assets - -(302,185) (390,822)
(Decrease) increase in accounts payable
and accrued expenses 3,328 81,222(803,677) 28,125
(Decrease)increase in related party loans
22,819 (378,323)
(Decrease)(220,160) 290,063
Decrease) increase in short term notes
2,007 (495,346)1,537,019 (152,594)
------------ -----------------
Net cash (used) provided by
operating activities 22,094 (508,049)933 (238,287)
------------ -------------------
Cash Flows From Investing Activities:
Fixed Asset Purchases _ _(8,044) -
Proceed from sale real estate - -
Other assets bonds misc. deposits 4,091 -
(16,000)
----------- ---------------------
Net cash (used) provided by
investing activities (3,953) - (16,000)
----------- -----------
Cash Flows From Financing Activities
Increase (decrease) notes payable (12,630) (12,171)- -
Proceeds from sale of common stock - -15,840
Additional paid-in capital - -224,160
----------- -----------
Net cash provided (used) by
financing activities (12,630) (12,717)- 240,000
------------ ------------
(Decrease) increase in cash 9,464 (536,662)(3,020) 1,713
Cash, beginning of period 4,442 540,6624,802 21,137
------------ ----------
Cash, end of period $ 16,4201,782 $ 4,44222,850
============ ============
Supplemental schedule of other cash flows:
Cash paid during the period for:
Interest expense $ 20,483- $ 30,006-
============ ===========
Income taxes $ 3,317- $ 800-
============ ===========
See Accompanying Notes
NOTES TO THE FINANCIAL STATEMENTS
Item 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
..
Nature of Business: Original Sixteen to One Mine, Inc. (the
Company) was
incorporated in 1911, and is actively involved in operating gold minesoperates the Sixteen to One
mine in Alleghany, California; currently, in exploration and production status.
Inventory: Inventory consists of gold bullion, specimens and jewelry. Gold
bullion and specimens are quoted at the market price for gold bullion.
Jewelry is quoted at the market price for the gold content plus labor cost.
Inventory is accounted for using the Average Cost method due to the limitations
of the Company's accounting software. Valuation adjustments to account for
changes in the price of gold are made quarterly.California.
Fixed Assets: Fixed assets are stated at historical cost.
Depreciation is calculated using straight-line and
accelerated methods over the following useful lives: Vehicles
3 to 5 years, Equipment 5 to 7 years, Buildings 18 to 31.5
years.
Depletion Policy: Because of the geological formation in the
Alleghany Mining District, estimates of oreproven reserves
cannot be calculated, and accordingly, a cost per unit
depletion factor cannot be determined. Should estimates of ore
reserves become available, the units of production method of depletion will be
used. Until such time, noNo depletion
deduction will beis recorded.
Revenue Recognition: As they are mined,New production of gold specimens areis recorded in
inventory and revenue is recognized using quoted market prices for gold.as an
asset at the current spot price (.999 fine purity). For
income tax purposes revenues are not recognized until the
gold is sold.
UseTwo IRS audits for 2018 and 2019 were centered around Net Loss
Carryover and COGS (Cost of Estimates:Goods Sold. The preparation ofIncome Tax
Examination Changes Letter reported financial statements in conformity with
generally accepted accounting principles requires management to make estimateswere
incorrect and assumptions. These estimates and assumptions affectdid not reflect the reported amounts
of assets and liabilities at the datetrue financial conditions of
the corporation. Losses were over-stated, thereby compounding
the Retained Earnings (losses) every year. Assets were
understated. IRS states: ?Available Net Operating Loss will be
entirely disallowed. Net Operating Loss as of 1/1/2022 is $0.
There is also $0 of carryforward Net Operating Loss Deduction
for tax years under examination.? The 2021 financial statementsreports
required that these changes of overstated losses going back 20
years affecting Retained Earnings and the
reported amounts of revenues and expenses during the reporting period. Actual
results could differ from these estimates.
GENERAL NOTES
1. In accordance with directive from the Securities and Exchange Commission
(SEC)and Industry Guide 7, reference for all intent and purposes to the
Company's employees as miners, its properties as mines or its operation as
mining does not diminish the fact that the Company has no proven reserves and
is in the "exploration state" as defined in Guide 7(a)(4)(iii).
2. In the opinion of management, the financialStockholder?s Equity..
Financial statements contain all
adjustments (consisting only of normal recurring accruals) necessary to present
fairly the Company's financial position at Sept.September 30, 20172022
and December 31, 2016, the2021. The results of operations and cash
flows for the three-monththird quarter of 2022 and nine-month periods ended Sept. 30, 2016 and 2017. The unaudited financial2021 are reported.
Financial statements have beenare prepared in accordance with
Generally Accepted Accounting Principles for interim
financial information and with the instructions to Form 10-Q and
Item 310(b) of Regulation S-B.
ITEMItem 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF
OPERATION
The Sixteen to One mine in the Alleghany Mining District is a unique mine and
requires a unique operation,an unusual approach to its
operations, which has been recognizedunderstood by its owners, its miners,
geologists, engineers, and some public agencies duringfor many
years.
In 2012, Quartzview Corporation, a startup shell by a Silicon
Valley group, claimed it had the last decade
of the twentieth centuryexpertise and technology -
similar to the present. It isdevelopment of metal detectors - to assist the
mine in finding gold. It?s efforts failed. Instead of
separately peacefully, as many other parties have done over
the years, Quartzview began to interfere with the Company?s
operation, creating a traditional high-grade,
hard rock, underground gold mine. The same company owns and operates
(maintains)hostile takeover to order to own the mine. Original
Sixteen to One Mine, Inc. (owner) was incorporated
in California in 1911. Experts estimatethough not the Corporation.
In 2022, Quartzview, signed a written agreement that less than twenty percentall
willing shareholders would receive $1.00 per share. However,
once it claimed to have over 50% of the ore deposit has been mined. Production is approximately 1,500,000 ounces of
gold.
There are over twenty-eight miles of horizontal workings and millions of cubic
feet of vertical excavations called stopes. The entire grounds are not
maintainedshares, it
subsequently refused to purchase any more shares that were
offered for mining. Once an area is targeted for mining, travel ways and
escape routes are brought into safety compliance. Production miners set upsale. As a heading (face) and begin a drill-blast-muck sequence into the quartz. Gold is
hosted in the quartz vein in exceedingly rich concentrations called "pockets".
Metal detectors are regularly used underground as a tool for guiding the
directioncondition of the work. Metal detectors areinitial agreement in
2012, Quartzview also used asagreed to the preparation of a tool to classify the
ore underground. This has the positive affectthree-
dimensional map of reducing the volume of rock
from the mine, thereby reducing costs. Maps and reports comprise a valuable
tool for evaluating present and future mining operations.
In 1992, the company initiated a gold marketing plan of selling gold in quartz
as a gemstone. This produces revenue significantly greater than selling gold
into the spot market. Demand for the Sixteen to One gold-in-quartz gemstone
exceeds supply.
ProductionMine, which it has
been termedfailed to do.
Why was this map so important? Truth can become a
"feastmanipulative concept with variables that can be represented,
or famine" situation for over 100 years.
Reserves innot represented to fit a high-grade gold mine cannot be termed as "proven". By industry
wide definitionnarrative. The geology and
operational history of phases of a mine operation, the operation during this
quarter is exploration. Exploration aims at locating the presence of economic
deposits and establishing their nature, shape and grade. The investigation may
be divided into (1) initial and (2) final. At the Sixteen to oneOne mine is like no
other. For truth to hold the search for
gold or ore embraces: (1) geological surveys; (2) geophysical prospecting; (3)
boreholes; (4) surface or underground headings, drifts or tunnels. When
operations detectbottom line, accuracy is
necessary. What determines accuracy in evaluating the presence of gold, the Company evaluates the indicators
and if warranted, moves its operation from exploration to development. When the
presence of gold is evaluated, the Company moves its operation into production.
The company hoards gold and sells it according to short-term cash needs. This
fact requires an operator to manage its cash flow to operate between pockets.
It is difficult to undertake major expansion plans with an uncertain supply of
capital.
Our crew began a tough but significant project last December: reestablish the
49 WINZE for mining. (WINZE is a vertical opening driven downward connecting
two or more levels in a mine). Crumpled stairs and ground support, failed
electrical switches, transformers and wire, dilapidated compressed air and
water lines faced the miners. The 49 WINZE, access to the southern levels (of
the underground), is a vital component of mining. It became a victim of
depreciated gold prices over a decade ago. The task seemed an overwhelming
head ache to even think about its rejuvenation; but we did think about it and
decided to risk last year's profit here. Why is our future tied with the 49
WINZE project?
The Company has two new gold detectors with proven successes of identifying
gold in quartz previously undetected with older models. Our miners stopped
working in the deep levels due to uncontrollable economic changes. It was not
the absence of gold. Multiple areas with visible gold targets were left that
are now below the water. Our current inventory provides the capital to open
those levels for mining. The 49 WINZE also satisfies federal requirements for
a second exit for miners.
The crew worked every quarter this year to reestablish safe access (ground
support) in the winze, Utilities are in place (compressed air, water,
communications) from the 800 foot level to the 1700 foot level. Stairs or
ladders are also in place. Simultaneously, the water level is continuously
lowering. It is between the 1700 and 1900 level. Predictions are difficult
with this type of work; however it is likely the crew will reach the 1900 foot
level this year.
Last year besides mining gold and maintaining or repairing infrastructure,
regulatory drama was a factor. It has lessened. A more common sense approach
regarding federal MSHA inspectors is noticed. Tools of reason and common sense
played a part. MSHA took notice that the requirements for an inspector have
been ignored and determined as "unlawful". California's misguided water public
servants may soon recognize similar facts regarding the overreach by its
Prosecution Team of lawyers. Regulating government agencies have cost us
dearly in time and money.
California is nationally known for its environmental hostilities towards
business. The mineral and timber extraction business became easy targets. Our
operation does zero environmental/public harm, zero. Sixteen
to One watermine? Accurate maps, records and models which indicate
the conditions where gold is most likely to be found.
In addition, the Company has minerals naturally becausereported ?Tender Offer Fraud? -
as defined below - to the entire watershedSecurities and Kanaka CreekExchange Commission
(SEC) in regards to Quartzview?s actions.
?It shall be unlawful for any person to make any untrue
statement of a material fact or omit to state any material
fact necessary in order to make the statements made, in the
light of the circumstances under which they are mineralized. Water passing through our property has no adverse effectmade, not
misleading, or to engage in any fraudulent, deceptive, or
manipulative acts or practices, in connection with any tender
offer or request or invitations for tenders, or any
solicitation of security holders in opposition to or in favor
of any such offer, request, or invitation.?
FINANCIAL REPORT NOTES:
No value is recorded on any
beneficial use downstream. Outright reckless enforcement by some Californian
public servants may be shifting towards reason. Top water consultants are
working with regulatorsthe balance sheet for standing
timber. No value is recorded on the balance sheet for water-
rights. No value is on the balance sheet for required federal
and California operating permits. No value is recorded on the
balance sheet for land zoning. No value is recorded on the
balance sheet for goodwill.
Due to fix some problems.
BALANCE SHEET COMPARISONS
For the nine-month period from December 31, 2016 to Sept. 30, 2017 total
assets decreased by 21% primarily due to a 58% decreaseIRS audit report the annual and quarterly filings
changed in Accounts Receivablereporting income and expenses and a 26% decrease in inventory. The corresponding revenue from these
decreases was used to fund operations.
For the same nine-month period related party payables decreased by 13%.
STATEMENT OF OPERATIONS
Revenues for the three-month period ended Sept. 30, 2017 were 39% lower than
the same period in 2016 primarily due to no gold production in 2017.
Revenues for the nine-month period ended Sept. 30, 2017 compared to the same
period in 2016 were 68% lower due to the lackcomparison of
gold production in 2017past and lower sales of existing inventory in 2017 compared to 2016.
Operating expenses for the three-month period ended Sept 30,2017 were similar
to the same period in 2016.
Operating expenses for the nine-month period ended Sept 30,2017 decreased by
17% compared to the same period in 2016 due tocurrent quarter reports is not a smaller work-force in 2017.
For the three-month period ended Sept. 30, 2017 the company showed a loss of
$136,927 compared to a loss of $102,023 for the same period in 2016. The
34% difference is due to lower gold sales in 2017. For the nine-month
period ended Sept. 30, 2017 the company showed a loss of $344,748 compared to a
loss of $27,842 for the same period in 2016. The 1,138% difference is
primarily due to the sale of less inventory in 2017 compared to 2016.
ITEM 3significant
exercise.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
From time to time the Original Sixteen to One Mine, Inc. (the Company), willThe Company may make written and oral forward-looking
statements about matters that involve risks and uncertainties
that couldmay cause actual results to differ materially from projected
results. Important factors that couldmay cause actual results to
differ materially include, among others:
- Fluctuations in the market prices of gold
- General domestic andDomestic, international, economic, and political conditions
- Unexpected geological conditions or rock stability conditions
resulting in cave-ins, flooding, rock-bursts or rock slides
- Difficulties associated with managing complex operations in remote areas
- Unanticipated milling and other processing problems
- The speculative nature of mineral explorationconditions.
- Environmental risksrisks.
- Changes in laws and government regulations
including those
relating to taxes and the environment
- The availability and timing of receipt of necessary governmental
permits and approval relating to operations, expansionExpansion of operations, and financing of operations
- Fluctuations in interest rates and other adverse financial market conditionsoperations.
- Other unanticipated difficulties in obtaining necessary financing with
specifications or expectations
- Labor relations
- Accidents
- Unusual weather or operatingadverse financial conditions
- Force majeure events
- Other risk factors described from time to time in the Original Sixteen to One
Mine, Inc., filings with the Securities and Exchange Commission
Many of these factors are beyond the Company's ability to control or predict.
Investors are cautioned not to place undue reliance on forward-looking
statements. The Company disclaims any intent or obligation to update its
forward-looking statements, whether as a result of receiving new information,
the occurrence of future events or otherwise.events.
ITEM 44: CONTROLS AND PROCEDURES
See notesDuring gold production, security procedures include multiple
levels of gold custody, from the mine to financial statements.sales. Inventory
control procedures were established by a SEC certified auditing
firm. For the past two years, the Company ceased production work
and emphasized rehabilitation the underground workings to the
lowest levels of the mine.
PART II
ITEMItem 1 LEGAL PROCEEDINGS
The Company filed a petition for reviewFile No. is 588 with the United States court of Appeals
for the Ninth Circuit, accepted July 12, 2016. File number is: No. 16-72349.
Original Sixteen to One Mine, Inc. (operator) and its miners (WE) have been
adversely affected by an order of the Federal MineOccupational Safety and Health
Review
Commission (FMSHRC)Standards Board regarding HDPE pipe used for compressed air
over twenty year is under appeal. The pipe is marked 200 psi
for water and not for air. The hearing process continues. The
obsolete regulation was challeng4ed and received favorable
attention. It is not known how the Federal Mine Safetycitation will be treated.
Item 1 (a) RISK FACTORS
(a) Price of Gold currently is not a significant factor.
(b) Lack of Proven Reserves
A sense of uncertainty is associated by some. Caution is
recommended in using reserves as an economic tool for valuing
a mining company. The Company has no ability to measure
reserves using the mathematical tools recognized in the
mining industry. It never has nor never should make the
attempt.
(c) Governmental Regulation
The attached financial statements are unaudited. Therefore,
the Company is not in full compliance with the SEC regulation
for companies listed on an exchange. The Company is in
compliance with all known safety and Health Actenvironmental standards
and regulations.
(d) Liquidity
Gold is global. Spot price per ounce is always available.
(e) Price of 1977,
Public Law 91-173 (ACT). WE askStock. There is no active trading market for a review of such order in your court in
our district, the
Ninth Circuit. WE pray thatstock. Exposure is negligible. A per share price by
Quartzview Corporation for shareholders on the order be modified or set
aside as allowed in Sec.106. (a)(1) ofOctober 2021,
shareholder list at $1.00 per share expires on March 31,2023.
Item 2 UNREGISTERED SALES OF EQUITY
None
Item 3. DEFAULTS ON SECURITIES
None
Item 4. MINE SAFETY DISCLOSURES
For the ACT.
Citations were written outside ofnine-month ended September 30, 2022, the law specified in SEC 4 under the heading,
MINES SUBJECT TO ACT: Each coal or other mine, the products of which enter
commerce, or the operations or products of which affect commerce, and each
operator of such mine, and every miner in such mine shall be subject to the
provisions of the ACT.
The Secretary of Labor is designated to carry out the intents by Congress of
ACT, SEC. 2. Congress declares the importance of our most precious resource
the miner. The Mine Safety
and Health Administration (MSHA) was establishedissued no citations or
orders to carryout CFR 30 Mineral Resources and issue citations. During the public
hearing for citations, MSHA placed no supportive testimony to refute its
position that Plumbago meets the requirement for regulations under ACT. No
case rulings to support the Administrative Law Judge (ALJ) or FMSHRC decisions
are entered into the record.
While there are instances where SEC. 4. language was challenged by
an operator and the challenge fails, there are no cases or situations that
resemble Plumbago. WE entered over eighty pages of testimony supporting our
position, including the recent decision by the United States Supreme Court
regarding the Affordable Care Act and its effect on interstate commerce.The
argument that at one time, Plumbago was a mine and affected commerce, has
merit.
The argument that the operation at Plumbago meets the requirement of SEC. 4.
during recent times has no standing. MSHA actions followed by the ALJ and
FMSHRC, violates the intent of Congress as written in ACT.
This important law must be honestly enforced in its entirety, not through a
selective interpretational process. This behavior must be severed, not the law
but its abuse. Only the Judicial Branch remains to protect the American miner
from extinction by overreaching power. The Legislative Branch held numerous
public meeting in the 1970s on the subject of mining health and safety in the
industry. Congress passed a law for the Executive Branch to implement. Over a
span of 39 years regulators have drifted away from its stated purposes. WE
pray for relief and support from the Judicial Branch to return the course of
health and safety to the most endangered species in America, the underground
gold miner.
ITEM 1A RISK FACTORS
The Company's liquidity is substantially dependent upon the results of
operations. The Company maintains a gold inventory which it liquidates to
satisfy working capital needs. There is no assurance that inventory is
adequate to sustain the Company.
ITEM 2 UNREGISTERED SALES OF EQUITY
None
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4 MINE SAFETY DISCLOSURES
For the three-month period ended September 30, 2016 NO citations under Section
104(a) S&S, 104(b) Orders or 104 (d) S&S Citations Section 110 (b)(2)
Violations or Section 107 (a) Orders were issued.
A total of two citations were issued during the three-month period ended Sept
30, 2017. The total proposed penalties on these four citations is $984
These citations are being contested.
ITEM 5report.
Item 5. OTHER INFORMATION
The unaudited interim consolidated financial statements of Original Sixteen to
One Mine, Inc. (the Company) have beenare prepared by management in
accordance with generally accepted accounting practices.
Such rules allow the omission of certain information and
footnote disclosures normally included in financial statements
prepared in accordance with generally accepted audited
accounting principles as long as the statements are not
misleading.
In the opinion of management, verified by signature below, allAll adjustments necessary for a fair presentation of thesethe
interim statements have beenare included. These adjustments are of a
normal recurring nature.
The preparation of the Company's financial statements in conformity with
accounting principles accepted in the United States requires management to make
estimates and assumptions. These estimates and assumptions affect the reported
amounts of assets and liabilities and disclosure of contingent liabilities at
the date of the financial statements, as well as the reported amount of
revenues and expenses during the reporting period. On an ongoing basis,
managementManagement evaluates its estimates and assumptions; however, actual
amounts could differ from those based on such estimates and assumptions. No accounting
principle upon which the Company's financial status depends, requires estimates
of proven and probable reserves and/or assumptions of future gold prices.
Commodity prices may significantly affect the company's profitability and cash
flow.differ. No independent accounting firm or
auditors have any responsibility for the accounting and
written statements of the Form 10-Q.
The Company and its president assume responsibility for the
accuracy of this filing and certify the financial statements
present fairly in all material respects, the financial
position of Original Sixteen to One Mine, Inc at Sept.September
30, 2017.
ITEM 62022.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrantRegistrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
ORIGINAL SIXTEEN TO ONE MINE, INC.
(Registrant)
/s/Michael M. Miller
President and Director
Dated: November 14, 2017October 31, 2022