The 2021-year financial analysis has no value due to the mandate
by the Federal Internal Revenue Service (IRS) to change the
Company?s internal accounting methods. See SUBSEQUENT EVENTS for
details. Mining and developmental operations and expenses
changed for management during the third and fourth quarters of
the year. By years end directors and officers realized that
control would be passing to a different entity.
Original Sixteen to One Mine, Inc. is a distinct company. It is
the only known operating company of its kind remaining in the
United States. The assets of the Company are understated due to
the age of acquisition. Exploration and development expenses are
now capitalized instead of expensed. The Company celebrated its
110-year anniversary on Oct. 9, 2021.
No value is recorded on the balance sheet for timber. No value
is recorded on the balance sheet for 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
aggregates. No value is recorded on the balance sheet for
goodwill.
The operation over the past four years was focused on
rehabilitation of the underground working in order to access the
lower levels of the mine which are under water.
Balance Sheet Comparisons
Assets: For the one-year period ended December 31, 2021,
compared to the one-year period ended December 31, 2020, cash
decreased by $17,020 (78%) due to cash flow variations. Accounts
receivable increased by $71,789 (57%).
For the one-year period ended December 31, 2021, compared to the
one-year period ended December 31, 2020 Total Assets increased
by $443,169 (39%) due to capitalizing mine expenses as directed
by the IRS auditors.
Liabilities:
For the one-year period ended December 31, 2021, compared to the
one-year period ended December 31, 2020, accounts payable
increased by $93,891 (7%) as the company relied on loans to
finance the operation.
For the one-year period ended December 31, 2021, compared to the
one-year period ended December 31, 2020, short-term and related
party notes increased by $234,745 (23%) due to a combination of
additional loans from related party and payment of one short-
term loan.
Statement of Operations
Income:
Total revenues increased by $1,628 due to finance charges being
accrued on an Accounts Receivable account.
Operating Expenses:
For the one-year period ended December 31, 2021, compared to the
one-year period ended December 31, 2020, operating expenses
decreased overall by $79,559 (30%) due to reduced operations in
2021, and capitalizing mine contract labor, mine supplies, and
mine maintenance.
The company showed a loss of $63,591 in 2021 compared to a loss
of $173,578 in 2020. The $109,987 (64%) difference is primarily
due to capitalizing mine expenses. Operations increased in 2021
compared to 2020. The basic and diluted loss per share was (.04)
in 2021 compared to (.012) in 2020. The number of shares used
for the 2021 calculation was 14,870,631 and the number of shares
for the 2020 calculation was 14,390,631.
Other Income and Expense:
For the one-year period ended December 31, 2021, compared to the
one-year period ended December 31, 2020, other income increased
by $29,600 (87%) due to Covid PPP loan being forgiven.
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