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, 2018March 31, 2020 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, 2019, 14,338,855March 31, 2020, 14,342,097 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.
Condensed Balance Sheet
Sept. 30, 2019March 31, 2020 & December 31, 20182019
ASSETS
2020
2019
Current Assets
Cash $ 7,72024,830
$ 3,2964,433
Accounts receivable 55,524 67,17556,775
56,525
Inventory 250,082 429,329(see Note 1) 270,194
305,691
Other current assets 1,000-
-
-------
-------
Total current assets 314,326 499,800351,799
366,649
-------
-------
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 (see Note 2) 278,377
278,377
-------
-------
Fixed Assets at Cost
Equipment 597,602
594,152597,602
Buildings 209,487
209,487
Vehicles 168,925
168,925
---------
---------
Total fixed assets at cost 976,014
972,564976,014
---------
---------
Less accumulated depreciation (923,441) (909,387)(930,402)
(927,961)
----------- ------------
----------
Net fixed assets 52,573 63,17745,612
48,053
----------- ------------
----------
Other Assets
Bonds and misc. deposits 14,869
21,46014,869
---------
-------
Total Assets $ 660,145 $862,814
===========690,657
$ 707,948
==========
==========
?
Original sixteen to One Mine, Inc.
Condensed Balance Sheet Continued
LIABILITIES & STOCKHOLDERS' EQUITY
September 30,2020
2019 & December 31, 2018
Current Liabilities
Accounts payable & accrued expenses $1,316,540 1,274,559(see Note 3)$ 1,237,392
1,342,718
Due to related party 244,475 229,472(see Note 4) 209,511
247,911
Notes payable Short-term (see Note 6) 538,558
538,558
--------
-------
Total Current Liabilities 2,099,573 2,042,5891,985,461
2,129,187
--------
-------
Long Term Liabilities
Notes payable due after one year 103,418 110,323(see Note 7) 98,736
101,092
--------
-------
Total Liabilities 2,202,991 2,152,912
-------- -------2,084,197
2,230,279
----------
---------
Stockholders' Equity
Capital stock, par value $.03:$.033:
30,000,000 shares authorized: 14,338,85514,342,097
issued and outstanding as of Sept. 30,Dec. 31, 2018
and as of DecemberMarch 31, 2017 473,289 473,2892019
(see Note 8) 474,891
474,891
Additional paid-in capital 2,222,892
2,222,8922,221,290
(Accumulated deficit)
Retained earnings (4,239,026) (3,986,279)(4,091,323)
(4,218,512)
------------ ------------
----------
Total Stockholders' Equity (1,542,845) (1,290,098)(1,393,540)
(1,522,331)
------------ ------------
----------
Total Liabilities and Stockholders' Equity $ 660,146690,657 $
862,814707,948
============
============
See Accompanying Notes
?
Original Sixteen to One Mine, Inc.
Statement of Operations and Retained Earnings
Three Months Ending Sept. 30, NineEnded March 31, 2020 and March 31, 2019
Three Months Ending Sept. 30,March 31,
2020 2019
2018 2019 2018
------ ------ ------ -----
Revenues:
Gold & Jewelry Sales (14,935) (12,470) 137,614 77,627jewelry sales $ 50,130 $ 116,451
Other Revenue - - - 48,000
--------- --------- -------- ----------
----------- -----------
Total revenues $ (14,935) $ (12,470) $ 137,614 $ 125,627
--------- --------- -------- --------50,130 116,451
----------- -----------
Operating expenses:
Salaries and wages 15,000 15,000
45,000 45,000
Contract Labor 41,323 53,011 153,247 183,188
Utilities 24,573 24,066 66,844 65,25834,517 55,287
Telephone & utilities 18,661 19,316
Taxes - property & payroll 8,786 8,962 17,657 17,9874,762 4,379
Supplies 5,599 4,297 15,694 16,016448 3,727
Insurance 1,592 895 4,531 3,4131,127 1,875
Small equipment & repairs 1,468 678 7,943 8,3212,600 2,511
Drayage 3,967 2,512
Corporate expenses 1,221 365
Legal fees and penalties 4,201 880
Mine Maintenance 4,800 7,427 14,911 14,343
Drayage 3,743 3,579 11,948 8,646
Corporate expenses 7,249 1,472 10,759 3,382
Legal and& Compliance 914 1,500 7,670 11,9311,271 3,411
Depreciation & amortization 2,442 4,520
6,343 14,053 19,028
Other operating expenses 2,656 1,692 6,640 3,765846 1,468
---------- ---------- ------- -------
Total operating expenses 122,223 128,922 376,897 400,27891,063 115,251
---------- ---------- -------- --------
Profit (Loss) from operations(107,288) (141,392) (239,283) (274,651)operations (40,933) 1,200
Other Income: (16) 838 2,678 2,808Income & Expenses:
Other Expense: 3,883 3,006 14,042 16,523Income 1,200 1,519
Other Expenses - 5,284
------- -------- --------- --------- ---------
Total Other income(expense) (3,899) (2,168) (11,364) (13,715)
--------Income (Expense) 1,200 (3,765)
---------- ------- -------------------
Profit (Loss) before taxes (111,187) (143,560) (250,647) (288,366)
--------(39,733) (2,565)
---------- --------- --------------------
Income tax benefit (expense)Tax Benefit - -
800 1,600
-------- ---------- --------- --------
Net profit (loss)Profit (Loss) $ (111,187)(39,733) $ (143,560) $ (251,447) $ (289,966)(2,565)
============ =========== ========== ==========
Basic and diluted (loss)
earningsGain
(Loss) per share $ (.01)(0.0002) $ (.01) $ (.02) $ (.02)(0.0002)
============ ============ ========= ===================
Shares used in the
calculation of net
(loss)loss income per share 14,338,855 14,338,855 14,338,855 14,338,85514,342,097 14,342,097
============ =========== ========== ===========
See Accompanying Notes
Original Sixteen to One Mine, Inc.
Statement of Cash Flows
NineThree Months Ended Sept. 30,March 31, 2020 and March 31, 2019
and Sept. 30, 2018
NineThree Months
Ended Sept. 30,March 31,
2020
2019
2018
--------------
------------
Net profit (loss) $ (251,447) $ (289,966)--------------
Cash Flows From Operating Activities:
Net profit (loss) $ (39,733)
$ (2,564)
operating activities:
Depreciation and amortization 14,053 19,0282,442
4,520
(Increase)Decrease in
accounts receivable 10,650 6,934(250)
(750)
Decrease(Increase) in inventory 179,247 206,52835,496
5,453
(Increase)Decrease in other
current assets -
-
(Decrease) increase in accounts payable
and accrued expenses 40,681 47,164(52,064)
(4,857)
(Decrease) increase in related partyrelated-party loans 15,004 19,32812,464
6,397
(Decrease) increase in short term notes _
- 1,282
------------
----------
Net cash (used) provided by
operating activities 8,188 10,298(41,645)
8,199
------------
---------------------
Cash Flows From Investing Activities:
(Increase) Decrease Fixed Asset PurchasesAssets -
(3,450)
_
Proceed from sale real estate - -
Other assets bonds misc. deposits 6,591 -
----------- ------------------------
----------
Net cash (used) provided by
investing activities -
-
-----------(3,450)
------------
-----------
Cash Flows From Financing Activities
Increase (decrease) notes payable (6,905) (13,735)(50,864)
(1,523)
(Increase) decrease in notes receivable -
-
Proceeds from sale of common stock -
-
Additional paid-in capital -
-
----------- -----------------------
------------
Net cash provided (used) by
financing activities (6,905) (13,735)112,906
(1,523)
------------
------------
(Decrease) increase in cash 4,424 (3,437)20,397
3,226
Cash, beginning of period 4,433
3,296
6,986------------
----------
Cash, end of period $ 7,72024,830 $
3,5496,522
============
============
Supplemental schedule of other cash flows:
Cash paid during the period for:
Interest expense $ 12,633-
$ 6,9594,611
Income Taxes $ -
$ -
============
===========
Income taxes $ 800 $ 1,600
============ ===========
See Accompanying Notes
NOTES TO THE FINANCIAL STATEMENTS
I.
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 Theoperates the
Sixteen to One mine in Alleghany, California.
Inventory: Inventory consists of gold bullion, specimens and
jewelry. Gold bullion and specimens areis quoted at the market price for gold bullion.price. Jewelry
isand specimens are quoted at the market price for gold content
plus labor cost. Due to limitations of the Company's accounting software all inventoryInventory is accounted for using the average
cost.cost method.
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.
Company does not capitalize underground expenses or
exploration.
Depletion Policy: Because of the geological formation in the
Alleghany Mining District, estimates of ore 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, gold specimens are recorded in
inventory and revenueRevenue is recognized using quoted
market prices for gold.gold when mined. For income tax purposes
revenues are not recognized until the gold is sold.
Use of Estimates: The preparationPreparation of financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions.
These estimatesEstimates and assumptions affect the reported amounts of assets
and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the
reporting period. Actual results couldmay 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 infor
the period. The "exploration state" as defined in Guide
7(a)(4)(iii). may apply.
2. In the opinion of management, the financialFinancial statements contain all adjustments (consisting only
of normal recurring accruals) necessary to present fairly the
Company's financial position at Sept. 30, 2019March 31, 2020 and December
31, 2018,2019, the results of operations and cash flows for the
three-month reporting
quarterperiods ended March 31, 2020 and nine-month periods ending Sept. 30, 2019 and 2018. The unaudited2019. Unaudited
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.
II.Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF
OPERATION
The Sixteen to One Minemine in the Alleghany Mining District is a
unique minegold deposit and requires a uniquean unfamiliar operation,
which is recognized by its owners, its miners, geologists,
engineers, and some public agencies during the last decade of the twentieth
century and to the present.for 125 years. It is a
traditionalrare California high-grade, hard rock, underground gold mine.
The same company owns and operates (maintains)Company celebrated its 100th year anniversary on Oct. 9,
2011. It became the mine. Original Sixteen to One Mine Inc, (owner) incorporatedoldest gold mining corporation in California in
1911.the
United States. Experts estimate that less than thirtysixty percent of the of
the deposit has been
mined.remain. Production is approximately 1,500,000
ounces of gold.
The Company began a new exploration program last quarter led by a California
registered geologist. The basis is strictly geology: identifying hydrothermal
solution pathways, evaluating the ore potential and mining environment.
There are overOver thirty miles of horizontal workings and millions of cubic
feet of vertical excavations called stopes.stopes exist. The entire
grounds are not maintained for mining. Once an area is
targeted for mining, travel ways and escape routes are brought
into safety compliance. Production miners set up a heading
(face) and begin a drill-blast-muck sequence into the quartz.
Gold is hosted in the quartz vein inas exceedingly rich
concentrations called "pockets". Metal detectors are regularly
used underground as a tool for guiding the direction of the
work. Metal detectors are also used as a tool to classify the
ore underground. This has theA positive affect of reducingeffect reduces the volume of rock
taken from the mine, thereby reducing costs.
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.
Production has been termed a "feast or famine" situation for
over 100 years. Reserves in athis high-grade gold mine cannot
be termed as "proven". By industry
wide definition of phases of a mine operation, the operation during this
quarter is rehabilitation. Due to the extensive workings and small size of the
crew, maintenance and rehabilitation must periodically be prioritized over
exploration, development and production. 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 One the search for
gold or ore embraces: (1) geological surveys;historical maps; (2) geophysical
prospecting; (3) boreholes; (4) surface or underground headings, drifts or tunnels. When
minersoperations detect the presence of gold, the Company evaluates
the indicatorsenvironment and if warranted, moves its operationchanges from exploration to development. When the presence of gold is evaluated, the Company
moves its operation into production.development to
production rapidly. The company hoards gold and sells it
according to short-term cash needs. This fact requires an operator to manage
itsThese facts create
headaches for the Company managing cash flow to operate between pockets.
ItBalance Sheet notes:
Gold inventory is difficult to undertake major
expansion plans with an uncertain supplyrecorded at spot price despite proven
additional value for specimen and gem-stone material which is
substantially greater than spot price. Jewelry inventory is
recorded at labor plus gold cost.
No value is recorded on the balance sheet for timber reserves.
The company owns 470 acres of capital.prime forested timberland. No
value is recorded on the balance sheet for the Company owned
water-rights. Reduced value is recorded on the balance sheet
for buildings, equipment and land. No value is recorded on
the balance sheet for marketable aggregate and decorative
stone currently stockpiled. No value is recorded on the
balance sheet for goodwill. Fixed assets are recorded at
historic cost less depreciation which cloud the true value of
Company assets.
BALANCE SHEET COMPARISONS
For the nine-monththree-month period from Decemberended March 31, 20182020 there were no
significant changes to Sept. 30, 2019 total
assets decreased by 23% primarily due to a 42% decrease in inventory and 17%
in Accounts Receivable. The corresponding revenue decrease was from a planned
shift from production towards development and maintainence.
For the same nine-month period long-term liabilities decreased by 6%.balance sheet.
STATEMENT OF OPERATIONS
Revenues
Gold revenues for the three-month period ended Sept. 30,ending March 31,
2020, decreased by $116,607 (58%) compared with the same
period in 2019 show a negative
amount due to management?s decision to dewater the
fact thatmine.
Expenses
For the gold that was sold this quarter was mined and
transferred into inventory at a higher price than the current gold market. This
results in "cost of goods sold" which is included in the "gross income" figure
to exceed total income. The fact that the company's software program uses the
average cost method for cost of goods sold further complicates this problem.
The company cannot afford to purchase a more robust software program at this
time.
Revenues for the nine-monththree-month period ended Sept. 30, 2019March 31, 2020 compared to
the same period in 2018 were 9% higher2019 total operating expenses decreased by
$31,813 (26%) primarily due to a
higher percentage of sales being
generated by bullion (raw gold) rather than gemstone sales.
Operating expenses forsmaller crew in 2020 compared to 2019.
For the three-month period ended Sept 30, 2019 were 5%
lower than in 2018 due to the shift of priorities to new maintainence and
development of lower levels of underground workings. Operating expenses
for the nine-month period ended Sept 30,2019 decreased by 6%March 31, 2020 compared to
the same period in 2018 for the same reason.
For the three-month period ended Sept. 30,
2019 the company showed a loss of $111,187$39,733 compared to a loss
of $143,560 for the same period in 2018. For the
nine-month period ended Sept. 30, 2019 the company showed a loss of $251,447
compared$5,225. The $34,508 (87%) difference is due to a loss of $289,966 for the same period in 2018.
ITEM 3lower gold
production.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
From time to time the Original Sixteen to One Mine, Inc. (the Company), will
makeCompany makes written and oral forward-lookingforward-
looking statements about matters that involve risks and
uncertainties that could cause actual results to differ
materially from projected results. Important factors that
could cause actual results to differ materially include, among
others:
- Fluctuations in the market prices of gold
- General domestic and international economic, political and
politicalgovernmental
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 exploration
- Environmental risks
- 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, expansion of operations,
and financing of operations
- Fluctuations in interest rates and other adverse financial
market conditions
- Other unanticipated difficulties in obtaining necessary financing with
specifications or expectations
- Labor relations
- Accidents
- Unusual weather or operating 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 theseThese 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 towill update its
forward-looking statements, whether as a result of receiving
new information, the occurrence of future events or otherwise.otherwise
if significant.
ITEM 44: CONTROLS AND PROCEDURES
See notesSecurity procedures include multiple levels of gold custody,
from the mine to financial statements.sales. Inventory control procedures were set
up by an SEC certified auditing firm and continue to be
followed.
PART II
ITEMItem 1 LEGAL PROCEEDINGS
Roger Haas,None
Item 1a RISK FACTORS
(a) Price of Gold
The daily spot price of gold has a shareholdermodest effect on gross
revenue if it's between $1,000 and President$1,300 an ounce. A
significant drop below $1,000 may have an adverse effect on
the Company's operation. The Company's realized gold values
usually exceed the bullion price due to the jewelry and
main figurespecimen markets which are not affected by the spot price of
gold.
?
(b) Lack of Proven Reserves
Because proven reserves are not utilized as a component for
evaluating future earnings or ore values, a sense of
uncertainty of existence is perceived by some. Caution is
always recommended in using the doctrines of reserves as an
economic tool for valuing a mining company. While (i) the
Company has recovered over one million ounces of gold and (ii)
management knows that substantial additional virgin veins
exist in the operation of
Quartzview, a Silicon Valley start-up financed by Carl Berg, filed a petition
for Writ of Mandate onSeptember 6, 2018 for accessSixteen to One mine, the Company's shareholder
list. The Company refusedhas no ability
to measure potential gold production using the demand, filing the answer on October 17, 2018.
The action ismathematical
tools generally recognized in the Superior Courtmining industry; however,
the company can prove that approximately seventy percent (70%)
of its vein systems have not been developed.
(c) Governmental Regulation
The attached financial statements have not been audited by a
Securities Exchange Commission (SEC) accounting firm.
Therefore, the Company is not in full compliance with this SEC
regulation for companies listed on an exchange.
State and federal statutes regulate environmental quality,
safety, exploration procedures, reclamation, employee?s health
and safety, use of California, Countyexplosives, air quality standards,
pollution of Sierra.
The State Water Resources Control Board issued Adminstrative Civil Liability
Order R5-2017-0115 on Dec. 8, 2017. The Company filed a timely Petition for
Review. No decision has been issued in this matter.
ITEM 1A RISK FACTORS
The Company's liquidity is substantially dependent uponstream and fresh water sources, noxious odors,
noise, dust, and other environmental protection controls as
well as the resultsrights of adjoining property owners. Laws may
change preventing or delaying the commencement or continuance
of given operations.
The Company maintains a gold inventory whichis substantially in compliance with all known
safety and environmental standards and regulations, however;
it liquidatesfaces reoccurring unreasonable and illegal demands from the
Central Valley Regional Water Quality Control Board (CVRWCB)
or its staff. The Company is forced to satisfyexpend working capital
needs.and time defending this excessive and punitive behavior.
There iscan be no assurance that future changes in the laws,
regulations or reckless interpretations thereof will not have
a material adverse effect. CVRWCB staff accepted invitations
to visit the mine property. A definitive plan is under mutual
development to re-write the mine's discharge permit.
(d) Liquidity
Gold inventory at March 31, 2020, was $270,194 primarily as
specimens or gold held as jewelry. While history of actual
cash sales supports an inventory value exceeding the spot
price, no such increases are used to compute the inventory.
All inventory of raw material is adequaterecorded at spot price per
troy ounce. In addition, contract manufacturing costs of
jewelry are included in the finished jewelry inventory.
Periodic shortfalls in liquidity occur which are not likely to
sustainbe bridged by institutional debt financing. Management
addresses these issues as they arise.
(e) Price of Stock
Bids and offers are publicly recorded on the Company.
ITEMstock page of the
Company's web site and a gray market. Exposure is limited.
The price of stock may not accurately reflect its fair market
value because of the limited marketplace and the existence of
a wild and free gray market. The company deferred programs to
support or promote its stock.
There are conflicting bids, offers and trades between the
Company's website and the unregulated Pink Sheet Gray Market,
ticker symbol OSTO. Because of these discrepancies the market
price is unreliable.
Item 2 UNREGISTERED SALES OF EQUITY
None
ITEM 3Item 3. DEFAULTS UPON SENIORON SECURITIES
None
ITEM 4Item 4. MINE SAFETY DISCLOSURES
For the three-month periodthree-months ended September 30, 2019March 31, 2020, the Mine Safety and
Health Administration (MSHA) issued no S&S citations under
Section 104(a) were issued. No 104(b) Orders or 104(d) S&S Citations
Section 110 (b)(2) Violations or Section 107 (a) Orders were issued.
ITEM 5orders.
Item 5. OTHER INFORMATION
The unaudited interim consolidated financial statements of Original Sixteen to
One Mine, Inc. (the Company) have beenthe
Company are 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, all
adjustments necessary for a fair presentation of these interim
statements have been 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 amountamounts of revenues and expenses during the reporting
period. On an ongoing basis, management evaluates its
estimates and assumptions; however, actual amounts could differ from those based on such estimates and assumptions.may differ.
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. 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.
30, 2019.
ITEM 6March 31,
2020.
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: NovemberApril 15, 20192020
2