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 March 31, 2018       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 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 [ ] N0 [X]

As of March 31, 2018, 14,338,855 shares of Common Stock, par value $.03 per
share, were issued and outstanding.

PART I Original Sixteen to One Mine, Inc. Condensed Balance Sheet March 31, 2018 & December 31, 2017 ASSETS Current Assets Cash $ 34,843 $ 6,986 Accounts receivable 67,065 79,917 Inventory 642,426 652,228 Other current assets - - ------- ------- Total current assets 744,334 739,131 ------- ------- 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 885,307 885,307 Buildings 209,487 209,487 Vehicles 171,522 171,522 --------- --------- Total fixed assets at cost 1,266,316 1,266,316 --------- --------- Less accumulated depreciation (1,183,813) (1,177,471) ----------- ----------- Net fixed assets 82,503 88,845 ----------- ----------- Other Assets Bonds and misc. deposits 21,460 21,460 --------- ------- Total Assets $1,126,674 $1,127,813 =========== ==========
Original sixteen to One Mine, Inc. Condensed Balance Sheet Continued LIABILITIES & STOCKHOLDERS' EQUITY March 31, 2018 & December 31, 2017 Current Liabilities Accounts payable & accrued expenses $1,226,875 1,197,026 Due to related party 211,032 200,882 Notes payable Short-term 537,914 537,276 -------- ------- Total Current Liabilities 1,975,821 1,935,184 -------- ------- Long Term Liabilities Notes payable due after one year 122,885 127,743 -------- ------- Total Liabilities 2,098,706 2,062,927 -------- ------- Stockholders' Equity Capital stock, par value $.03: 30,000,000 shares authorized: 14,338,855 issued and outstanding as of March 31,2017 and as of December 31, 2016 468,836 468,836 Additional paid-in capital 2,222,892 2,222,892 (Accumulated deficit) Retained earnings (3,663,760) (3,626,842) ------------ ----------- Total Stockholders' Equity (972,032) (935,114) ------------ ----------- Total Liabilities and Stockholders' Equity $1,126,674 $1,127,813 ============ ============ See Accompanying Notes
Original Sixteen to One Mine, Inc. Statement of Operations and Retained Earnings Three Months Ended March 31, 2017 and March 31, 2017 Three Months Ending March 31, 2018 2017 ------ ------ Revenues: Gold & jewelry sales $ 77,288 $ (55,828) Other Revenue 24,000 24,000 ----------- ----------- Total revenues 101,288 (31,828) ----------- ----------- Operating expenses: Salaries and wages 15,000 15,000 Contract Labor 67,665 68,968 Telephone & utilities 18,293 16,722 Taxes - property & payroll 4,512 4,056 Supplies 4,977 9,248 Insurance 1,902 1,036 Small equipment & repairs 4,020 18,414 Drayage 1,660 2,209 Corporate expenses 2,359 1,840 Legal fees and penalties 634 5,918 Mine Maintenance & Compliance 4,387 19,367 Depreciation & amortization 6,343 5,542 Other operating expenses 888 892 ---------- ---------- Total operating expenses 132,640 169,212 ---------- ---------- Profit (Loss) from operations (31,352) (201,040) Other Income & Expenses: Other Income 870 1,587 Other Expenses 6,433 6,197 ------- -------- Total Other Income (Expense) (5,563) (4,610) ---------- ----------- Profit (Loss) before taxes (36,915) (205,650) ---------- ----------- Income Tax Benefit - - Net Profit (Loss) $ (36,915) $ (205,650) ============ =========== Basic and diluted Gain (Loss) per share $ (.003) $ (.014) ============ ========== Shares used in the calculation of net loss income per share 14,338,855 14,338,855 ============ ========== See Accompanying Notes
Original Sixteen to One Mine, Inc. Statement of Cash Flows Three Months Ended March 31, 2017 and March 31, 2016 Three Months Ended March 31, 2018 2017 -------------- -------------- Cash Flows From Operating Activities: Net profit (loss) $ (36,915) $ (205,650) operating activities: Depreciation 6,343 5,542 (Increase)Decrease in accounts receivable 12,852 37,452 Decrease(Increase) in inventory 9,802 179,103 (Increase)Decrease in other current assets - - (Decrease) increase in accounts payable and accrued expenses 29,847 (11,377) (Decrease) increase related-party loans 10,150 30,929 (Decrease) increase in short term notes 236 637 ------------ ---------- Net cash (used) provided by operating activities 32,315 36,636 ------------ ----------- Cash Flows From Investing Activities: (Increase) Decrease Bonds, Misc Deposits - - ------------- ---------- Net cash (used) provided by investing activities - - ------------- ----------- Cash Flows From Financing Activities Increase (decrease) notes payable (4,858) (4,583) (Increase) decrease in notes receivable - - Proceeds from sale of common stock - - Additional paid-in capital - - ------------ ------------ Net cash provided (used) by financing activities (4,858) (4,583) ------------ ------------ (Decrease) increase in cash 27,457 32,053 Cash, beginning of period 6,986 6,956 ------------ ---------- Cash, end of period $ 34,443 $ 39,009 ============ ============ Supplemental schedule of other cash flows: Cash paid during the period for: Interest expense $ 6,327 $ 6,365 Income Taxes $ - $ - ============ ============ 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 The Sixteen to one mine in Alleghany, California. 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 gold content plus labor cost. Due to limitations of the Company's accounting software all inventory is accounted for using average cost. 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 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. 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 financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company's financial position at March 31, 2018 and December 31, 2017, the results of operations and cash flows for the three-month periods ended March 31, 2018 and 2017. The unaudited financial statements have been 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. 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, which has been recognized by its owners, its miners, geologists, engineers, and some public agencies during the last decade of the twentieth century and to the present. It is a traditional high-grade, hard rock, underground gold mine. The same company owns and operates (maintains) the mine. Original Sixteen to One Mine Inc, (owner) was incorporated in California in 1911. Experts estimate that less than twenty percent of the deposit has been mined. Production is approximately 1,500,000 ounces of gold. There are over thirty miles of horizontal workings and millions of cubic feet of vertical excavations called stopes. 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 in 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 the positive affect of reducing 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 a 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 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; (2) geophysical prospecting; (3) boreholes; (4) surface or underground headings, drifts or tunnels. When operations detect 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. The Company has announced general plans to build a new shaft in the northern section of its Alleghany patented claims when funds are available. BALANCE SHEET COMPARISONS Assets For the three-month period ending March 31, 2018, compared to December 31, 2017, cash increased by $27,857 (399%) due to payments on accounts receivable combined with sales of inventory. Accounts Receivable decreased by $12,852 (16%) as customers paid their bills. Liabilities For the three-month period ending March 31, 2018, compared to December 31, 2017, there were no significant changes to the liabilities. STATEMENT OF OPERATIONS Revenues Gold revenues for the three-month period ending March 31, 2018 increased by $133,116 (240%) compared with the same period in 2017 due to the fact that some material sold in a previous period was returned, negatively impacting sales in the quarter ended March 31, 2017. Gold and Jewelry Sales is reflected as a negative number for the previous period due to the unique nature of gold mining. GAAP for mines permits the recognition of revenue at the time the gold is pulled from the ground and put into inventory. Cost of goods sold (COGS) is based on averaged historical gold prices. Currently the Company's COGS exceeds revenue when gold is sold at spot price. The majority of the Company's gold sales exceed spot price because of the value added for specimen and gemstone material. However, in the first quarter of 2017 most of the gold sold was in the form of dore shipped to the refinery and sold at spot price. Expenses For the three-month period ended March 31, 2018 compared to the same period in 2017 total operating expenses decreased by $36,572 (22%) primarily due to a smaller crew in 2018 compared to 2017. For the three-month period ended March 31, 2018 compared to the same period in 2017 the company showed a loss of $36,915 compared to a loss of $205,650. The $168,735 difference is primarily due to lower expenses and increased revenue in 2018. LIQUIDITY AND CAPITAL RESOURCES 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. PART II LEGAL PROCEEDINGS None SUBSEQUENT EVENTS None OTHER INFORMATION The unaudited interim consolidated financial statements of Original Sixteen to One Mine, Inc. (the Company) have been 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 amount 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. 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 March 31, 2018. 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. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ORIGINAL SIXTEEN TO ONE MINE, INC. (Registrant) /s/Michael M. Miller President and Director Dated: September 12,2018