SECURITIES AND EXCHANGE COMMISSION
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 September 30, 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 [ ] No [X]

As of September 30, 2019, 14,338,855 shares of Common Stock, par value $.03 per share, were issued and outstanding.

PART I

ITEM 1. FINANCIAL INFORMATION

Original Sixteen to One Mine, Inc.
Condensed Balance Sheet
Sept. 30, 2019 & December 31, 2018

ASSETS 

Current Assets
  Cash                                             $  7,720    $    3,296
   Accounts receivable                               55,524        67,175
   Inventory                                        250,082       429,329
   Other current assets                               1,000          -
                                                    -------       -------
    Total current assets                            314,326       499,800
                                                    -------       -------

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                                        597,602      594,152
   Buildings                                        209,487      209,487
   Vehicles                                         168,925      168,925
                                                  ---------    ---------
  Total fixed assets at cost                        976,014      972,564
                                                  ---------    ---------
Less accumulated depreciation                      (923,441)   (909,387)
                                                -----------  -----------
   Net fixed assets                                 52,573       63,177
                                                -----------  -----------

Other Assets
   Bonds and misc. deposits                         14,869        21,460
                                                  ---------      -------

   Total Assets                                  $  660,145     $862,814
                                                ===========    ==========

Original sixteen to One Mine, Inc.
Condensed Balance Sheet Continued

LIABILITIES & STOCKHOLDERS' EQUITY
                                      September 30, 2019 & December 31, 2018

Current Liabilities
   Accounts payable & accrued expenses             $1,316,540  1,274,559
   Due to related party                               244,475    229,472
   Notes payable Short-term                           538,558    538,558
                                                      --------   -------
   Total Current Liabilities                        2,099,573  2,042,589
                                                      --------   -------

Long Term Liabilities
   Notes payable due after one year                   103,418    110,323
                                                      --------   -------
Total Liabilities                                   2,202,991  2,152,912
                                                      --------   -------

Stockholders' Equity
   Capital stock, par value $.03:
   30,000,000 shares authorized: 14,338,855
   issued and outstanding as of Sept. 30, 2018
   and as of December 31, 2017                     473,289       473,289
   Additional paid-in capital                    2,222,892     2,222,892
   (Accumulated deficit)
   Retained earnings                           (4,239,026)    (3,986,279)
                                              ------------   -----------
   Total Stockholders' Equity                  (1,542,845)   (1,290,098)
                                              ------------   -----------

Total Liabilities and Stockholders' Equity      $ 660,146     $ 862,814
                                              ============  ============

See Accompanying Notes

Original Sixteen to One Mine, Inc. Statement of Operations and Retained Earnings

Three Months Ending Sept. 30, Nine Months Ending Sept. 30, 

                              2019            2018          2019           2018
                             ------          ------         ------         -----
Revenues:
     Gold & Jewelry Sales    (14,935)      (12,470)        137,614        77,627
     Other Revenue              -             -               -           48,000

                             ---------    ---------      --------      --------
     Total revenues         $ (14,935) $   (12,470) $     137,614   $    125,627
                             ---------    ---------      --------      --------
Operating expenses:
  Salaries and wages           15,000       15,000         45,000        45,000
  Contract Labor               41,323       53,011        153,247       183,188
  Utilities                    24,573       24,066         66,844        65,258
  Taxes - property & payroll    8,786        8,962         17,657        17,987
  Supplies                      5,599        4,297         15,694        16,016
  Insurance                     1,592          895          4,531         3,413
  Small equipment & repairs     1,468          678          7,943         8,321
  Mine Maintenance              4,800        7,427         14,911        14,343
  Drayage                       3,743        3,579         11,948         8,646
  Corporate expenses            7,249        1,472         10,759         3,382
  Legal and Compliance            914        1,500          7,670        11,931
  Depreciation & amortization   4,520        6,343         14,053        19,028
  Other expenses                2,656        1,692          6,640         3,765
                           ----------   ----------        -------       -------
  Total operating expenses    122,223      128,922        376,897       400,278
                          ----------    ----------       --------      --------
Profit (Loss) from operations(107,288)   (141,392)      (239,283)      (274,651)

Other Income:                    (16)          838          2,678         2,808
Other Expense:                  3,883        3,006         14,042        16,523
                             --------     ---------      ---------    ---------
 Total Other income(expense)  (3,899)       (2,168)       (11,364)     (13,715)
                             --------    ----------       -------      --------
Profit (Loss) before taxes  (111,187)     (143,560)      (250,647)    (288,366)
                             --------    ----------     ---------     ---------
Income tax benefit (expense)     -            -               800        1,600
                             --------    ----------      ---------     --------
Net profit (loss)      $    (111,187) $   (143,560)   $  (251,447)  $ (289,966)
                         ============    ===========    ==========   ==========

Basic and diluted (loss)
 earnings per share     $    (.01)     $    (.01)    $     (.02)    $    (.02)
                      ============    ============      =========     =========
Shares used in the
calculation of net

(loss) income per share 14,338,855 14,338,855 14,338,855 14,338,855

See Accompanying Notes

Original Sixteen to One Mine, Inc. Statement of Cash Flows Nine Months Ended Sept. 30, 2019 and Sept. 30, 2018 

                                             Nine Months Ended Sept. 30,
                                                 2019                   2018
                                           --------------         ------------


Net profit (loss)                             $   (251,447)       $   (289,966)
  Cash Flows From Operating Activities:
     Depreciation and amortization                  14,053               19,028
          (Increase)Decrease in
        accounts receivable                         10,650                6,934
     Decrease(Increase) in inventory               179,247              206,528
     (Increase)Decrease in other
       current assets                                                      -
     (Decrease) increase in accounts payable
       and accrued expenses                         40,681               47,164
    (Decrease) increase in related party loans      15,004               19,328
    (Decrease) increase in short term notes            -                  1,282

                                              ------------           ----------
  Net cash (used) provided by
     operating activities                            8,188              10,298
                                              ------------           ----------

Cash Flows From Investing Activities:
  Fixed Asset Purchases                            (3,450)               _
  Proceed from sale real estate                         -                -
  Other assets bonds misc. deposits                 6,591                -
                                               -----------         -----------
  Net cash (used) provided by
    investing activities                               -                 -
                                                -----------         -----------

Cash Flows From Financing Activities

   Increase (decrease) notes payable               (6,905)             (13,735)
  Proceeds from sale of common stock                  -                 -
  Additional paid-in capital                          -                 -
                                                -----------        -----------
  Net cash provided (used) by
    financing activities                           (6,905)             (13,735)
                                               ------------        ------------

(Decrease) increase in cash                          4,424              (3,437)

Cash, beginning of period                            3,296                6,986
Cash, end of period                               $  7,720    $           3,549
                                               ============        ============

Supplemental schedule of other cash flows:

  Cash paid during the period for:

    Interest expense                         $      12,633         $      6,959
                                               ============         ===========
    Income taxes                             $         800          $     1,600
                                               ============         ===========

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 Sept. 30, 2019 and December 31, 2018, the results of operations and cash flows for the three-month reporting quarter and nine-month periods ending Sept. 30, 2019 and 2018. 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, 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) incorporated in California in 1911. Experts estimate that less than thirty percent of the deposit has been mined. Production is approximately 1,500,000 ounces of gold.

The Company began a new exploration program last quarter led by a California registered geologist. The basis is strictly geology: identifying hydrothermal solution pathways, evaluating the ore potential and mining environment.

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 rehabilitation. Due to the extensive workings and small size of the crew, maintenance and rehabilitation must periodically be prioritized over 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 miners 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.

BALANCE SHEET COMPARISONS

For the nine-month period from December 31, 2018 to Sept. 30, 2019 total assets decreased by 23% primarily due to a 42% decrease in inventory and 17% in Accounts Receivable. The corresponding revenue decrease was from a planned shift from production towards development and maintainence.

For the same nine-month period long-term liabilities decreased by 6%.

STATEMENT OF OPERATIONS

Revenues for the three-month period ended Sept. 30, 2019 show a negative amount due to the fact that the gold that was sold this quarter was mined and transferred into inventory at a higher price than the current gold market. This results in "cost of goods sold" which is included in the "gross income" figure to exceed total income. The fact that the company's software program uses the average cost method for cost of goods sold further complicates this problem. The company cannot afford to purchase a more robust software program at this time.

Revenues for the nine-month period ended Sept. 30, 2019 compared to the same period in 2018 were 9% higher due to a higher percentage of sales being generated by bullion (raw gold) rather than gemstone sales.

Operating expenses for the three-month period ended Sept 30, 2019 were 5% lower than in 2018 due to the shift of priorities to new maintainence and development of lower levels of underground workings. Operating expenses for the nine-month period ended Sept 30,2019 decreased by 6% compared to the same period in 2018 for the same reason.

For the three-month period ended Sept. 30, 2019 the company showed a loss of $111,187 compared to a loss of $143,560 for the same period in 2018. For the nine-month period ended Sept. 30, 2019 the company showed a loss of $251,447 compared to a loss of $289,966 for the same period in 2018.

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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.

ITEM 4 CONTROLS AND PROCEDURES

See notes to financial statements.

PART II

ITEM 1 LEGAL PROCEEDINGS

Roger Haas, a shareholder and President and main figure in the operation of Quartzview, a Silicon Valley start-up financed by Carl Berg, filed a petition for Writ of Mandate onSeptember 6, 2018 for access to the Company's shareholder list. The Company refused the demand, filing the answer on October 17, 2018. The action is in the Superior Court of the State of California, County of Sierra.

The State Water Resources Control Board issued Adminstrative Civil Liability Order R5-2017-0115 on Dec. 8, 2017. The Company filed a timely Petition for Review. No decision has been issued in this matter.

ITEM 1A RISK FACTORS

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.

ITEM 2 UNREGISTERED SALES OF EQUITY

None

ITEM 3 DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4 MINE SAFETY DISCLOSURES

For the three-month period ended September 30, 2019 no S&S citations under
Section 104(a) were issued. No 104(b) Orders or 104(d) S&S Citations
Section 110 (b)(2) Violations or Section 107 (a) Orders were issued.

ITEM 5 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 Sept. 30, 2019.

ITEM 6 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:  November 15, 2019

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