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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