SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, D.C.  20549


                               FORM 10-K/A



                 (x)ANNAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
               OF THE SECURITIES EXCHANGE ACT OF 1934 (no fee required)



               For the fiscal year ended December 31, 2012
                    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.)
        incorporation 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.

                        Yes:                        No:   x



As of December 31, 2012, 13,399,505 shares of Common Stock, par value $.03 per
share, were issued and outstanding.


PART I GENERAL NOTE 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). ITEM 1: BUSINESS Description of Business Original Sixteen to One Mine, Inc. (the Company) was incorporated in 1911 in California. It mines gold on properties it owns in fee simple or on which it has claims in the Alleghany Mining District, about 65 miles northeast of the intersection of I-80 and California State Route 49. The primary operation is the Sixteen to One mine from which more than 1,111,628 troy ounces of gold have been retrieved since the mine commenced operation in 1896. It is a traditional hard rock underground mine where employees create horizontal levels at various elevations and raise into favorable areas. The geology of the mineral deposit is well documented. Gold is not distributed evenly within the quartz veins; however, concentrations of gold deposits are found scattered within these quartz veins. Because the gold appears intermittently, the Company has never declared reserves according to contemporary industry standards. Most mining is exploration. Operations are characterized by significant amounts of preparation, tunneling, underground property maintenance and upgrading, all of which are necessary to permit access to and extraction of gold. The Company from time to time focuses substantially all of its resources on infrastructure development and maintenance, and during these periods, little gold is mined. At other times, employees are primarily exploring for gold. Accordingly, business is subjected to two very different cycles, one dependent on whether the Company is directing its resources towards infrastructure or underground development and the other as a function of gold production. The operation resembles the classical "boom or bust" cycles regardless of outside influences. Metal detection technology enables exploration to detect gold from zero to 48 inches from quartz faces in the wall rock. (The size of the concentration is a factor). The Company works with others interested in developing new technologies for deeper penetration. These arrangements allow the Company to benefit from research activities without incurring the full costs associated with research and development. Advancement in metal detection technology has steadily progressed over the past twenty years. Greater sensitivity in metal detection has historically increased gold production throughout the mine. Since the Company lacks the funds to carry forth scientific research, it is impossible to predict when a new device will be developed; however, the hardware used in advanced gold detection has continued to improve. In September 2012, the company completed negotiating a service agreement with Quartzview Corporation, a technology start-up company based in Scotts Valley, California. Quartzview is a developer of deep sensing technology and believes it can develop and demonstrate its ability to detect the presence of gold at a range beyond ten feet through solid quartz. Quartzview has expertise in developing software algorithms which will be applied to create and maintain a three dimensional digital map of the mine. The objectives are to evaluate likely gold content, estimate potential gold reserves and target most likely locations to drill patterns within the mine to affirm an economic target. For accounting purposes gold revenues are accrued when the metal has been recovered. For tax purposes revenues are not recognized until the gold is sold. Rare highgrade gold and quartz is sold at a premium to museums, collectors and jewelry manufacturers. This market has become a significant financial factor since its beginning in 1993. Demand for the Sixteen to One gold quartz gemstone is currently greater than the amount mined. The Company lacks sufficient funds to implement major construction projects to increase mining efficiency. Sinking a new shaft in the center of the property is one project. Other mining related projects are: joining a public stock exchange, building and testing a gold detector specifically designed for the Sixteen to One vein and dewatering the levels that were left to flood. Supplies and equipment used for underground exploration are commonly available. Labor requirements are available. The Company believes that within the Sixteen to One mine substantial exploration opportunities exist. No particular seasonality exists for the marketing of gold (other than the Company's gold jewelry sales for which some modest bias toward the fourth quarter is recorded). Business is not seasonal except for the adverse effect of winter storms on the ability of the crew to access the mine. Management believes it is in substantial compliance with all applicable federal, state and local laws and regulations relating to the environment. The Company does not presently anticipate any material capital expenditures for environmental control facilities, either for the remainder of its current fiscal year or for the succeeding fiscal year. The Company's executive office is located at 527 Miners Street, Alleghany, California 95910. It maintains a website: www.origsix.com. Risk Factors (a) Price of Gold The price of gold has increased significantly from the low of $254 in 1999. Any significant drop in the price of gold ($1,664 on 12/31/12) may have an adverse effect on the results of the Company's operations unless the Company is able to offset such a price drop by increasing production and/or jewelry sales. (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 recommended in using the doctrines of reserves as an economic tool for valuing the Sixteen to One mine. While (i) the Company has recovered over one million ounces of gold and (ii) management believes that substantial additional virgin veins exists in the Sixteen to One mine, the Company has no ability to measure using the mathematical tools generally recognized in the mining industry; however, the company can prove that approximately eighty percent (80%) of its vein system has 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 compliance with this SEC regulation for companies listed on an exchange. Mining is generally subjected to regulation by state and federal authorities. State and federal statutes regulate environmental quality, safety, exploration procedures, reclamation, employees health and safety, use of explosives, air quality standards, pollution of stream and fresh water sources, noxious odors, noise, dust, and other environmental protection controls as well as the rights of adjoining property owners. Laws may change preventing or delaying the commencement or continuance of given operations. The Company is substantially in compliance with all known safety and environmental standards and regulations. There can be no assurance that future changes in the laws, regulations or reckless interpretations thereof will not have a material adverse effect. (d) Liquidity Gold inventory at December 31, 2012, was $311,823 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 recorded 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 be bridged by institutional debt financing. Management addresses these issues as they arise. Current inventory is collateral for a loan. (e) Price of Stock Bids and offers are publicly recorded on the stock page of the Company's web site. Exposure is limited. The price of stock may not accurately reflect its fair market value because of the limited marketplace. The company maintains no program to support or promote its stock and is unlikely to conduct a program until a public marketplace is secured. 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 unpredictable. ITEM 2: PROPERTIES Properties The Sixteen to One mine was incorporated into Original Sixteen to One Mine, Inc. in 1911. Properties acquired prior to 1925 are carried on the Company's books at their original purchase price and are fully amortized through depletion. In 1999, the Company acquired the Plumbago mine in the Alleghany Mining District, which is located approximately two miles southeast of the Sixteen to One mine. The property includes a twenty-acre patented claim, mineral rights to eight patented claims and sixteen unpatented claims. The property has a history of rich gold production. The Company will pursue the potential within this property when funding becomes available for exploration and development. On June 22, 2005, the Company acquired the mineral rights to fourteen claims, the patent rights to one claim and the mill of the Gold Crown mine, adjacent to the Sixteen to One Mine. The Board of Directors decided that it is a long-term investment and important to the long-term welfare of the Company. No depletion has been applied to the Gold Crown or Plumbago properties. The Alleghany properties consist of 26 patented claims (470 acres), 160 acres of mineral rights on patented claims and approximately 320 acres of unpatented claims. The following table sets forth further information with respect to the Company's mining claims. PATENTED MINING CLAIMS OWNED 100% BY THE COMPANY NAME OF CLAIM NAME OF CLAIM Belmont Rainbow Fraction Number Three Twenty-One Eclipse Quartz Eclipse Extension Tightner Extension Contract Alene Valentine Red Star Bartlett Farnham Gold Quartz Mine Belmont #2 Contract Extension Hanley Quartz Mine Noble Sixteen to One Groves Gold Quartz Mine Denver Happy Jack Extension Ophir Rainbow Extension Happy Jack Marion Lode Sphoon MINERAL RIGHTS - PATENTED CLAIMS NAME OF CLAIM NAME OF CLAIM Standard Lode Standard Lode Extension Gold Beater Lode Clute Lode Hope Extension Lode Crafts Lode Plumbago Mine Mill Site Enterprise Quartz UNPATENTED CLAIMS NAME OF CLAIM NAME OF CLAIM Alice Alice Annex General Sherman N. Ext. Jumbo No Better No Better Ext. Right Place Wonder #1 Wonder #2 Wonder Goldmines MS ITEM 3: LEGAL PROCEEDINGS In July 2009 the Company and its president were served a complaint for damages in Superior Court of the State of California, County of Sierra by the California Regional Water Quality Control Board, Central Valley Region. Both defendants filed an answer on August 20, 2009 denying that the state is entitled to any damages. A hearing is scheduled for October 28, 2013 Sierra County Superior Court Case No. 7019. On January 6, 2010, the California Department of Conservation, formally the Division of Mines and Geology filed a complaint for statutory reporting and mining fees and penalties alleging failures by the Company. Various Public Resources Code Sections were cited substantially related to surface mining. On January 25, 2012 the Company agreed to settle under serious duress due to its lack of money to wage a defense on the advice of its attorney. Settlement amount is $30,000, payable at $500 per month. The Company denies any wrongdoing. The pressure and threats from State of California agents complimented its monetary extortion instead of the right of due process and a public trial. Case number 7097 ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable PART II ITEM 5: MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Market Information Currently there is no public marketplace for the Company's common stock. Data from 2002 through 2011 is based upon activity on the X-Mart posted on the Company's web-site. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter High Low High Low High Low High Low ------ ----- ------ ----- ------ ----- ------ ----- 2012 $ .49 $ .49 $ .49 $ .49 $ * $ * $ * $ * 2011 * * .55 .55 * * * * 2010 * * .89 .45 * * .55 .50 2009 .60 .45 * * .40 .40 .45 .60 2008 .89 .75 .89 .75 * * * * 2007 1.00 .80 .95 .90 .90 .85 .88 .88 2006 1.00 .75 1.00 .75 1.00 1.00 1.00 .95 2005 .65 .60 .75 .50 .60 .60 1.00 .40 2004 .83 .62 .75 .72 1.00 .60 .75 .42 2003 .90 .85 .83 .38 .70 .50 .60 .60 * No trades took place on the Company website in these quarters. ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Balance Sheet Original Sixteen to One Mine, Inc. is a distinct company in that it is the only operating company of its kind remaining in the United States. Management believes that the assets of the Company are understated due to the age of acquisition. The Company celebrated its 100 year anniversary on Oct. 9 2011. It is the oldest U.S. gold mining corporation. Gold inventory is recorded at spot price despite proven additional value for specimen and gem-stone material which is substantially greater than spot price. On-hand jewelry is recorded at labor plus gold cost. No value is recorded on the balance sheet for timber. The company owns 470 acres of 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. Balance Sheet Balance Sheet Comparisons (a) Comparisons of 2012 with 2011. Assets: Assetts decreased overall by $95,784 (13%) primarily due to a decrease in inventory of $85,060 (21%). The decrease in inventory was the result of sales and trades against debt in 2012. Liabilities: Notes due related parties decreased by $117,728 (27%) primarily due to a trade of inventory against an old debt. Statement of Operations (B) Comparison of 2012 with 2011 Income: For the one-year period ended December 31, 2012 compared to the one-year period ended December 31, 2011, revenue increased by $36,857 (14%) due to increased sales in 2012. Operating Expenses: For the one-year period ended December 31,2012, compared to the one-year period ended December 31,2011, operating expenses decreased overall by $51,789 (15%). This was primarily due to a decrease in maintenance activities in 2012 compared to 2011. Areas that decreased significantly were: utilities by $11,293 (19%) supplies by $7,176 (23%), small equipment & repairs by $3,272 (27%), drayage by $5,235 (25%) and mine maintenance by $14,504 (29%). This was offset by an increase in legal & accounting of $9,878 (74%) primarily due to the settlement of Sierra County Superior Court case #7097 California Dept. of Conservation vs. Original Sixteen to One Mine, Inc. (See Legal section of this document.) Other expenses: For the one-year period ended December 31,2012, compared to the one-year period ended December 31,2011, interest expense increased by $6,735 (20%) due to more interest bearing debt in 2012 than 2011. The company showed a loss of $48,638 in 2012 compared to a loss of $125,484 in 2011. The $77,646 (61%) difference was due to increased sales and decreased expenses in 2012 compared to 2011.The basic and diluted loss per share was .004 in 2012 compared to .01 in 2011. The number of shares used in both calculations was 13,399,505. (c) Comparison of 2011 with 2010 Income: For the one-year period ended December 31, 2011, compared to the one-year period ended December 31, 2010 revenue increased by $102,747 (67%) primarily due to the increase in the price of gold in 2011. Operating Expenses: For the one-year period ended December 31,2011, compared to the one-year period ended December 31,2010, operating expenses decreased overall by $240,842 (40%). This was primarily due to a decrease in maintenance activities in 2011, compared to 2010. Other Income: For the one-year period ended December 31, 2011, compared to the one-year period ended December 31,2010 other income decreased by $289,140 (96%) due to the sale of the Brown Bear Mine in 2010. The basic and diluted loss per share of approximately .01 was about the same for both years. The number of shares used in both calculations was 13,399,505. ITEM 7: SUBSEQUENT EVENTS None ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The unaudited financial statements of the Company are attached at the end of this document. PART III ITEM 9: DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT Officers and Directors The following table sets forth the Officers and Directors of the Company. The directors listed below will serve until the next annual shareholders meeting to be held on June 15, 2013. All of the officers of the Company serve at the pleasure of the Board of Directors. Name Age Position Officer Since Director Since Michael M. Miller 70 President & Director 1983 1977 Scott K. Robertson 56 Treasurer & Director 1999 1999 Hugh Daniel O'Neill 70 Director N/A 2002 Andrew Yeiser 87 Director N/A 2010 Rae Bell Arbogast 46 Secretary 2002 N/A Michael M. Miller-Director, President and CEO As President and Chief Executive Officer, Mr. Miller is responsible for the day to day operations of the Company. In 1975, Mr. Miller became the sole proprietor of Morning Glory Gold Mines. Prior to that, he was self-employed in Santa Barbara County, California from 1965 to 1974. Mr. Miller served as a trustee and President of the Sierra County Board of Education (1979 to 1983 trustee) (President in 1983). In 1991 he was appointed a member of the Sierra County Planning Commission (Chairman in 1992, 1993, 1999 and 2000) until 2001. Mr. Miller is licensed as a California Class A general engineering contractor. He is a member of the American Institute of Mining Engineers. In 1965, Mr. Miller received a B.A. from the University of California at Santa Barbara in combined Social Sciences-Economics. He was born in Sacramento, California. Scott K. Robertson- Treasurer ~ Director Scott has been active in the Company as an outside accountant since 1984 and a director since 1999. In 1991, Scott co-founded the CPA business and development firm Robertson, Woodford & Summers, LLP located in Grass Valley, California. Currently he is CEO of Emerald Cove Marina, a full service marina at Bullard's Bar Reservoir and President of the Nevada County Broadcaster's Inc. a local radio station group. Scott also serves on the board of a high tech company and a local toy company. His community service includes past president of Rotary Club of Grass Valley, Nevada County Economic Council, Nevada County Business Association and Big Brothers Big Sisters. Scott is a graduate of University of Santa Barbara in Business in 1981 receiving his CPA certificate in 1986. Scott resides in Nevada City, California with his wife of over 30 years Debra, a graduate of University of Santa Barbara. They have three sons, Trevor, Keith and Dan. Hugh Daniel O'Neill III ~ Director Mr. O'Neill was born April 21, 1942 at a naval base in Virginia. He was raised in seventeen states over a fourteen-year period, settling in Nevada City, California. He attended the University of San Francisco, where he created Odd Bodkins in 1961. The San Francisco Chronicle syndicated Odd Bodkins in 1963 making Mr. O'Neill the youngest cartoonist ever hired by a national syndicate. It was published in 350 newspapers. At its peak readership was 50 million daily. Dan is an historian, an accomplished journalist and a former War Correspondent. Andrew Yeiser ~ Director Andrew Yeiser has taken an active interest in Original Sixteen to One Mine for 19 years. In 1992, at Michael Miller's request, he took his ground penetrating radar (GPR) equipment in the mine to investigate the possibility of using GPR to locate gold deposits at distances greater than the range of metal detectors. The concept was proven by the detection of echoes from 600 feet away. "The mountain is transparent to radar!" was the surprised remark of Lamber Dalphin, Stanford Research Institute's GPR expert who assisted him. The proof of concept was successful, yet the equipment had been designed for surface use and was not suitable for use in a mine. Mr. Yeiser holds a BA in Physics from MIT and a MA in Physics from UC Berkely. He is a professor Emeritus in Computer Engineering at UCLA and UCI and has taught classes around the world. His management experience includes: project manager of the Polaris Atomic Submarine satellite navigation computer, ANBRN-1, project manager of the first MILSPEC computer, ANUYK-1, Director of the California State Water Project (Feather River) Completion and Activation Phase contract at North American Rockwell, project Apollo Lunar Landing Program Information Systems Director at North American Aviation, and founder and Director of General systems Industries, Inc., a multidisciplinary company that included computer, civil and mechanical engineers and behavioral scientists. Rae Bell Arbogast ~ Secretary Rae Bell was born in Southern California and moved to the Alleghany area with her family in 1975. They lived near the Ruby Mine where they relied on skis and a snowmobile for transportation in the winter. Her father worked as a miner at the Ruby and Carson mines. Rae Bell has been involved with the Sixteen to One Mine since 1996. Currently she provides bookkeeping & secretarial services to a few clients in addition to Original Sixteen to One Mine, Inc. She serves as a Director of the Alleghany Water District, Secretary/Treasurer Underground Gold Miners Museum and has held various board positions with the Fire District since 1996 (currently as Treasurer). She has served as a volunteer Emergency Medical Technician with the Fire Dept. since 1997. She is a part-time student at Sierra College majoring in business/accounting. ITEM 10: EXECUTIVE COMPENSATION Remuneration of Directors and Executive Officers Total compensation for each Director, excluding the President, consists of $750 per meeting attended and an annual $2,000 retainer effective January 1, 1994, and remains unchanged. The Company has not paid or distributed and does not pay or distribute cash or non-cash compensation to officers, directors or employees under any retirement or pension plans, and has no intent to do so in the future. Management Remuneration for the Period Ended December 31, 2012 Name/ Principal Annual Position Year Salary Bonus Compensation Securities --------- ------ ------ ----- ------------ ---------- Michael Miller/ 2012 $ 60,000 0 0 0 President & CEO 2011 $ 60,000 0 0 0 2010 $ 60,000 0 0 0 ITEM 11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT Security Ownership of Certain Beneficial Owners and Management Title of Name and Address Amount and Nature Percent Class of Beneficial Owner of Beneficial Owner of Class ------- ------------------- ------------------- -------- Common M. Blair Hull 1,962,822 14.6% Hull Trading Co. 401 So. LaSalle, Ste. 505 Chicago, IL 60605 Common Kathy N. Hull 1,490,250 11% 11 Sierra Ave. Piedmont, CA 94611 Common Michael M. Miller 1,308,597 9.8% Officer and Director P.O. Box 941 Alleghany, CA 95910 Common Charles I. Brown Family Partnership LTD 833,668 6% P.O. Box 1835 Edwards, CO 81632 Common Scott K. Robertson 167,820 1.2% Officer and Director 12391 Deer Park Drive Nevada City, CA 95945 Common Hugh Daniel O'Neill 26,227 .19% Director 227 Prospect St. Nevada City, CA 95959 Common Andrew Yeiser 18,450 .13% Director 302 Cleveland Dr. Huntington Beach, CA 92648 Common Rae Bell Arbogast 13,158 .01% Secretary P.O. Box 919 Alleghany, CA 95910 Common All Officers & Directors 1,534,252 11% (as a group) ITEM 12: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS See notes to financial statements. PART IV ITEM 13: UNAUDITED FINANCIAL STATEMENTS In the opinion of management, the financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company's financial position at December 31, 2012 and December 31, 2011, the results of operations and cash flows for the twelve-month periods ended December 30, 2010, 2011 and 2012. The unaudited financial statements have been prepared in accordance with Generally Accepted Accounting Principles. CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 From time to time the Original Sixteen to One Mine, Inc. (the Company), will make written and oral forward-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 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 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 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. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized. ORIGINAL SIXTEEN TO ONE MINE, INC. Registrant By: /s/Michael M. Miller Michael M. Miller President and Director Date April 22, 2013
Condensed Balance Sheet December 31, 2012 & December 31, 2011 ASSETS 2012 2011 Current Assets Cash $ 4,881 $ 6,339 Accounts receivable 100 1,522 Inventory 311,823 396,883 Other current assets - - ------- ------- Total current assets 316,804 404,744 ------- ------- 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 810,404 810,404 Buildings 209,487 209,487 Vehicles 105,414 105,414 --------- --------- Total fixed assets at cost 1,125,305 1,125,305 --------- --------- Less accumulated depreciation (1,074,703) (1,066,860) ----------- ----------- Net fixed assets 50,601 58,445 ----------- ----------- Other Assets Bonds and misc. deposits 5,460 5,460 --------- ------- Total Assets $ 651,242 $ 747,026 ========== ==========
Balance Sheet Continued LIABILITIES & STOCKHOLDERS' EQUITY 2012 2011 Current Liabilities Accounts payable & accrued expenses (see Note 5) $ 886,327 815,746 Due to related party (see Note 3) 325,142 442,870 Notes payable due within one year - - -------- ------- Total Current Liabilities 1,211,469 1,258,616 -------- ------- Long Term Liabilities Notes payable due after one year (see Note 6) 97,236 97,236 -------- ------- Total Liabilities 1,308,705 1,355,852 -------- ------- Stockholders' Equity Capital stock, par value $.03: 30,000,000 shares authorized: 13,399,505 issued and outstanding as of December 31, 2012 and as of December 31, 2011 440,656 440,656 Additional paid-in capital 2,063,202 2,063,202 (Accumulated deficit) Retained earnings (3,161,321) (3,112,684) ------------ ----------- Total Stockholders' Equity (657,463) (608,826) ------------ ----------- Total Liabilities and Stockholders' Equity $ 651,242 $ 747,026 ============ ============ Original Sixteen to One Mine, Inc.
Statement of Operations 2012 2011 2010 Revenues: Gold & jewelry sales 292,963 256,106 153,359 ------ ------- ------- Total Revenues 292,963 256,106 153,359 Operating expenses: Salaries and wages 66,967 76,712 201,354 Contract Labor 32,283 36,586 42,622 Utilities 47,629 58,922 71,564 Taxes - property & payroll 24,099 26,177 40,758 Insurance 3,036 3,163 39,588 Supplies 23,754 30,930 85,443 Small equipment & repairs 8,964 12,236 17,230 Drayage 15,645 20,880 28,179 Corporate expense 10,692 9,759 10,543 Legal and accounting 23,153 13,275 11,631 Mine Maintenance 34,890 49,394 16,555 Depreciation & amortization 7,843 11,504 17,414 Other expenses 5,137 6,342 13,841 ------- ------ ------ Total operating expenses 304,092 355,880 596,722 Profit (Loss) from operations (11,129) (99,774) (443,363) Other Income & (Expense): Interest Expense (40,955) (34,220) (35,626) Other expense (176) (1,150) (874) Other income 4,422 9,660 298,800 --------- -------- --------- Total other (expense) income (36,709) (25,710) 262,300 Profit (Loss) before taxes (47,838) (125,484) (181,063) Income tax expense (800) (800) (800) Net (loss) income $ (48,638) $ (126,284) $ (181,863) ========= ========== ========= Basic and diluted gain (loss) per share $ (.004) $ (.01) $ (.01) Shares used in the calculation of net (loss) income per share 13,399,505 13,399,505 13,399,505 ======== ========= ========
Original Sixteen to One Mine, Inc. Statement of Cash Flow For the Years Ended December 31, 2012, 2011, 2010 Cash Flows From Operating Activities: Net profit (loss) $ (48,638)$ (126,284)$ (181,863) Operating activities: Depreciation and amortization 7,843 11,504 17,414 Gain on retirement of Asset - - (1,370) Decrease(Increase) in accounts receivable 1,422 2,075 114 Decrease(Increase) in inventory 85,060 (24,684) 42,132 Decrease (Increase) in other current assets - - - (Decrease) Increase in accounts payable accrued expenses and short term notes (47,145) 136,270 (232,344) -------- ------- --------- Net cash (used) provided by operating activities (1,458) (1,119) (355,917) Cash Flows From Investing Activities: Sale (Purchase) of Real Estate - 297,354 (Purchase) sale of fixed assets - - - Other assets Bonds Misc. deposits - 2,502 (2,502) --------- -------- -------- Net cash (used) provided by investing activities - 2,502 294,852 Cash Flows From Financing Activities Increase (decrease) notes payable - - - Proceeds from sale of common stock - - 780 Paid in Capital from Shareholders - - 57,920 -------- -------- -------- Net cash provided (used) by financing activities - - 58,700 (Decrease)increase in cash (1,458) 1,383 (2,365) Cash, beginning of period 6,339 4,956 7,321 ------ ------- -------- Cash, end of period $ 4,881 $ 6,339 $ 4,956 ======== ========= ========
NOTES TO THE FINANCIAL STATEMENTS 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 a gold mine in Alleghany, California; currently on maintenance status. 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). Inventory: Inventory consists of gold bullion, specimens and jewelry. Gold bullion and specimens are quoted at the market price for gold bullion. (PM London Fix on the last day of the quarter.) The quarterly valuation adjustment to inventory is recorded as an expense when the value decreases and as revenue when the value increases and is combined with Gold Sales Revenue on the Condensed Income Statement. This serves the dual purpose of fairly presenting the value of the gold inventory on the balance sheet and adjusts Cost of Goods Sold to reflect the actual spot gold price. Jewelry is quoted at the market price for the gold content plus labor cost. Gold Bullion and jewelry are accounted for using the FIFO method. Specimens are accounted for using the specific identification 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. Depletion Policy: Because of the geological formation in the Alleghany Mining District, estimates of ore reserves currently 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, no depletion deduction will be recorded. Revenue Recognition: As they are mined, gold specimens are recorded in inventory and revenue is recognized using quoted market prices for gold. For income tax purposes revenues are not recognized until the gold is sold. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates 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 could differ from these estimates. 2. PROPERTY The company's original property is carried at the 1924 value of $628,662 and has been fully amortized through depletion charges of $524,145. Other properties included in the "real estate and property rights" category are a lot purchased in 1984 for $1,000, Surface rights purchased at the townsite auction in 1996 for $76,574 and $48,310 for the Sphoon Mine which is patented property included with the purchase of the Gold Crown Mine in 2005. The category "mineral property includes the Plumbago Mine which was exchanged for 50,000 shares of restricted stock in 1999 and ten unpatented mining claims. 3. NOTES PAYABLE RELATED PARTIES Notes payable related parties at December 31, 2012 was $325,142 consisting of $300,142 in loans from Michael Miller secured by real-estate. Interest is charged on this loan on a reimbursement basis based on the interest charged on Michael Miller's personal line of credit at tri-counties bank. The remaining $25,000 in this account is owed to a shareholder. 4. RELATED PARTY TRANSACTIONS Debt in the amount of $130,911 owed to two shareholders was traded against inventory that had been held as collateral for over two years. 5. ACCOUNTS PAYABLE & ACCRUED EXPENSES Accounts payable and accrued expenses was $886,237 at December 31, 2012. This balance includes $505,695 in accrued wages owed to Michael Miller and $12,000 in accrued wages owed to a previous employee of the company. Payroll and sales taxes payable as well as accounts payable make up the rest of the balance. 6. NOTES PAYABLE Notes payable due after one year of $97,236 is the balance remaining on the mortgage for the Gold Crown Mine. The Company is behind on its payments and interest has not been accrued on this note. 7. STOCK Capital authorized: 30,000,000 non-assessable shares of common stock, par value $.03. Issued and outstanding: 13,399,505 shares of common stock. At December 31, 2012, 2,797,299 shares were restricted. Restricted common stock cannot be sold within two years of the issuance date. After the required holding period, the shareholder can take steps to remove the indicated restriction.