EDGAR 10-K Filing

Company CIK: 74925
Filing Year: 2022
Filename: 74925_10-K_2022_0000074925-22-000002.json

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ITEM 1. BUSINESS
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 under fee simple grant deeds. The Alleghany Mining District is about 65 miles northeast of the intersection of I-80 and California State Route 49.
More than 1,113,280 troy ounces of gold were produced. It is a traditional, hard rock, underground mine. Miners create horizontal levels at various elevations and raises into favorable areas. Geology of the mineral deposit is well documented. Gold is not distributed evenly within the quartz veins. Concentrations of gold deposits are found scattered within the veins called ore shoots. The Company has never declared reserves according to industry definitions.
The Company from time to time focuses substantially all of its resources on infrastructure development or maintenance. During these periods little gold is mined. At other times, miners primarily work for gold. Business is subjected to cycles. The operation resembles the classical "boom or bust" cycles regardless of outside influences.
For accounting purposes gold recovered is recorded as an asset at the current spot price (.999 fine purity). For income tax purposes revenues are not recognized until the gold is sold.
Supplies and equipment used for mining are commonly available. Labor requirements are available but are a concern throughout the mining industry.
Company is in compliance with all applicable federal, state and local laws and regulations relating to the environment.

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ITEM 1A. RISK FACTORS
ITEM 1A RISK FACTORS
(a) Price of Gold
The daily spot price of gold has modest financial effect on gross revenue if it's between $1,700 and $1,800 an ounce. A significant drop below $1,700 may have an adverse effect on the Company's revenue. Closing spot price on December 31, 2021, was $1,820.10.
(b) Lack of Proven Reserves
Because proven reserves are not utilized as a component for evaluating future earnings or assets, a sense of uncertainty is perceived. Caution is recommended when using the doctrines of reserves as an economic tool for evaluations. While (i) the Company has recovered over one million ounces of gold and (ii) substantial additional virgin veins exist, it has no ability to measure potential gold production using the mathematical tools generally recognized in the mining industry.
(c) Governmental Regulation
The attached financial statements are unaudited. Therefore, the Company is not in full compliance with the SEC regulation for companies listed on an exchange. The Company is in compliance with all known safety and environmental standards and regulations.
(d) Liquidity
A buy market for gold is global and a spot price per ounce is always available.
(e) Price of Stock
Bids and offers are publicly recorded on the stock page of the Company's web site. Exposure is negligible. The Company maintains no program to support or promote its stock. A per share price document exists for shareholders listed on the October 2021, shareholder list at $1.00 per share until March 31, 2023.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

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ITEM 2. PROPERTIES
ITEM 2: PROPERTIES
Properties Sixteen to One Mine was located in 1896, incorporated into Original Sixteen to One Mine, Inc. in 1911. Properties acquired prior to 1925 are carried on the Company's books at the purchase price and are fully amortized.
No corporate funds were spent on unpatented mining claims during 2021. On September 1, 2020, the company hand delivered check number 15699 for $2,610.00 to the Bureau of Land Management (BLM) for unpatented claims fees. BLM misplaced the check which created a loss of all unpatented claims. The Company?s fight to mitigate this was unsuccessful.
The Alleghany properties consist of 25 patented 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 Sphoon

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ITEM 3. LEGAL PROCEEDINGS
ITEM 3: LEGAL PROCEEDINGS
As of December 31, 2021 there are no legal proceedings.

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ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4 MINE SAFETY DISCLOSURES
For the twelve-month period ended December 31, 2021, no citations were issued by the Mine Health and Safety Administration (MSHA).
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5: MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Market Information There is limited public marketplace for common stock.
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter High Low High Low High Low High Low ------ ----- ------ ----- ------ ----- ------ ----- 2021 NO TRADES ON XMART FOR 2021 2020 NO TRADES ON XMART FOR 2020 2019 NO TRADES ON XMART FOR 2019 * No trades took place on the Company website in these quarters. An unrelated company solicited the purchase of shares from specific shareholders at a price of $1.00 per share. The names of shareholders and number of shares purchased are unknown.

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ITEM 6. SELECTED FINANCIAL DATA
ITEM 6: SELECTED FINANCIAL DATA
Year	 2021	 2020 2019	 2018 2017 ---- ---- ---- ---- ---- Sales 91,853 90,225 228,286 204,570 287,212 Income(loss)(63,591) (173,578) (230,933) (359,736) (429,965) Income(loss) per share (.004) (.012) (.016) (.025) (.03) Total Assets1,161,724 718,555 707,948 862,814 1,127,813 TotalLiab 2,574,515 2,245,939 2,230,279 2,152,912 2,062,927 S.H.Equity(1,412,791)(1,527,384)(1,522,331)(1,290,098) (935,114)

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
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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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company may 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 - - - Environmental risks - Changes in laws and government regulations, especially those relating to taxes and the environment - The availability and timing 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- Force majeure events. The above factors are beyond the Company's ability to control or predict.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The unaudited financial statements of the Company are attached at the end of this document.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9: CONTROLS AND PROCEDURES
When mining for gold production, security procedures include multiple levels of gold custody, from the mine to sales. Inventory control procedures established by SEC certified auditing firm.
PART III

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ITEM 9A. CONTROLS AND PROCEDURES

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ITEM 9B. OTHER INFORMATION

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10: 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 at a later date still to be determined. 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 79 President 1983 1977 & Director
Hugh Daniel O'Neill 79 Secretary 2016
Robert Besso 69 Treasurer 2016 2016 & Director
Scott K. Robertson Director 2021
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. He is licensed as a California Class A general engineering contractor. He was a member of the American Institute of Mining Engineers. In 1965, he received a B.A. from the University of California at Santa Barbara in combined Social Sciences-Economics. He was born in Sacramento, California.
Hugh Daniel O'Neill III ~ Secretary
Mr. O'Neill was born in 1942. He attended the University of San Francisco, where he created Odd Bodkins in 1961. The San Francisco Chronicle syndicated Odd Bodkins in 1963 making him the youngest cartoonist ever hired by a national syndicate. He is an historian, an accomplished journalist and a former War Correspondent.
Robert Besso ~ Director, Treasurer
Robert John Besso was born in Sacramento. Just out of high school, he drew draft # 32 and joined the US Army. Once in Vietnam he was promoted to Sargent at age 19. He took POINT for nine months in the Vietnam battlefields. In 1971 he was decorated with two bronze stars: oak leaf cluster and V for valor. He declined the offer to continue his military career at West Point. Robert cuts hair and serves our country working with Alcoholics Anonymous, Jail and Prison inmates, Boys Ranch and Teen Substance addiction groups.
Scott K. Robertson. Director
Scott has been active in the Company since 1984 as an outside accountant. He served years as a director and treasurer and was reelected a director in 2021. He received his bachelor?s degree in Business Economics in 1981 from the UC Santa Barbara campus and his CPA certificate in 1986.

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ITEM 11. EXECUTIVE COMPENSATION
ITEM 11: EXECUTIVE COMPENSATION
Name/ Principal Annual Position Year Salary Bonus Compensation Securities --------- ------ ------ ----- ------------ ---------- Michael Miller/ 2021 $ 60,000 0 0 	 0 President & CEO 2020 $ 60,000 0 0 	 0

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12: 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 Michael M. Miller 2,123,597 15% Officer and Director P.O. Box 941 Alleghany, CA 95910
Common M. Blair Hull 1,962,822 14% Hull Trading Co. 401 So. LaSalle, Ste. 505 Chicago, IL 60605
Common Kathy N. Hull 1,490,250 10% 11 Sierra Ave. Piedmont, CA 94611
Common Charles I. Brown Family Partnership LTD 833,668 6% 29922 N 133rd Lane Peoria, CO 85383
Common Hugh Daniel O'Neill 183,077 2% Secretary 227 Prospect St. Nevada City, CA 95959
Scott K. Robertson 153,442 1% Common 12391 Deer Park Drive Nevada City, CA 95959
Common Robert Besso 47,700 1% .1% Director - Treasurer PO Box 909 Alleghany, CA 95910
Common All Officers & Directors 2,2507,816 17% (As a group)

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Directors Meeting July 23, 2021 Motion from Robert Besso Seconded by Hugh Dan O?Neill
Whereas Director and President, Michael Meister Miller, committed years at an industry low salary, served our Company, mine and shareholders with countless sacrifices, provided notices to shareholders and the public, we move and approve his transfer of ownership of the inactive Plumbago mine to himself. This decision is in appreciation of his contributions and services to Original Sixteen to One Mine, Inc. It is a grateful gift to a man who deserves it.
Robert Besso: aye Hugh Dan O?Neill: aye Michael Miller: abstain.
Respectfully submitted, Hugh Daniel O?Neill, Secretary

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14: PRINCIPLE ACCOUNTING FEES AND SERVICES
The Company has not hired a SEC certified CPA firm for years. Most accounting functions are performed by the Company in-house with the exception of the depreciation schedule and tax returns which are handled by outside CPA firms.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15: 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, 2021, and December 31, 2020, the results of operations and cash flows for the twelve-month periods ended December 30, 2019, 2020 and 2021. The unaudited financial statements have been prepared in accordance with Generally Accepted Accounting Principles.