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, 2015       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, 2015, 13,399,505 shares of Common Stock, par value $.03 per
share, were issued and outstanding.



PART I 1. FINANCIAL INFORMATION Original Sixteen to One Mine, Inc. Condensed Balance Sheet September 30, 2015 & December 31, 2014 ASSETS Current Assets Cash $ 16,576 $ - Accounts receivable 73,320 72,204 Inventory 480,822 247,069 Other current assets - - ------- ------- Total current assets 570,718 319,273 ------- ------- 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 885,307 877,208 Buildings 209,487 209,487 Vehicles 171,522 158,396 --------- --------- Total fixed assets at cost 1,266,316 1,245,091 --------- --------- Less accumulated depreciation (1,123,490) (1,095,980) ----------- ----------- Net fixed assets 142,826 149,111 ----------- ----------- Other Assets Bonds and misc. deposits 5,460 5,460 --------- ------- Total Assets $ 997,381 $ 752,221 =========== ==========
Original sixteen to One Mine, Inc. Condensed Balance Sheet Continued LIABILITIES & STOCKHOLDERS' EQUITY September 30, 2015 & December 31, 2014 Current Liabilities Accounts payable & accrued expenses $1,234,217 943,912 Due to related party 112,493 171,489 Notes payable Short-term 1,020,376 843,094 -------- ------- Total Current Liabilities 2,367,086 1,958,495 -------- ------- Long Term Liabilities Notes payable due after one year 163,125 173,349 -------- ------- Total Liabilities 2,530,211 2,131,844 -------- ------- Stockholders' Equity Capital stock, par value $.03: 30,000,000 shares authorized: 13,399,505 issued and outstanding as of December 31, 2014 and as of September 30, 2015 440,656 440,656 Additional paid-in capital 2,063,202 2,063,202 (Accumulated deficit) Retained earnings (4,036,689) (3,883,481) ------------ ----------- Total Stockholders' Equity (1,532,831) (1,379,623) ------------ ----------- Total Liabilities and Stockholders' Equity $ 997,380 $ 752,221 ============ ========== 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, 2015 2014 2015 2014 ------ ------ ------ ----- Revenues: Gold & Jewelry Sales 379,744 534,159 56,652 Other Revenue 24,000 24,000 72,000 64,000 --------- --------- -------- -------- Total revenues $ 403,744 $ 24,000 $ 606,159 $ 120,652 --------- --------- -------- -------- Operating expenses: Salaries and wages 15,000 15,000 45,000 45,434 Contract Labor 64,632 66,182 191,753 207,679 Utilities 16,136 15,783 44,275 41,848 Taxes - property & payroll 5,304 5,754 15,900 18,075 Supplies 15,023 5,223 43,584 76,418 Insurance 4,046 1,258 13,224 5,888 Small equipment & repairs 958 3,481 4,748 15,032 Mine Maintenance 29,141 30,326 78,126 82,736 Drayage 4,515 7,139 12,696 21,587 Corporate expenses 2,620 1,009 9,397 8,147 Legal and accounting 5,759 2,352 233,218 3,396 Depreciation & amortization 5,638 2,989 27,510 8,966 Other expenses 924 832 4,255 4,436 ---------- ---------- ------- ------- Total operating expenses 169,696 157,328 723,686 539,642 ---------- ---------- -------- -------- Profit (Loss) from operations 234,048 (133,328) (117,527) (418,990) Other Income: 4,636 1,100 11,813 4,605 Other Expense: 15,264 15,470 46,693 18,955 -------- --------- --------- --------- Total Other income(expense) (10,628) (14,370) (34,880) (14,350) -------- ---------- ------- -------- Profit (Loss) before taxes 223,420 (147,698) (152,407) (433,340) -------- ---------- --------- --------- Income tax benefit (expense) (800) (800) -------- ---------- --------- -------- Net profit (loss) $ 223,420 $ (147,698) $ (153,207) $ (434,140) ============ =========== ========== ========== Basic and diluted (loss) earnings per share $ .02 $ (.01) $ (.03) $ (.03) ============ ============ ========= ========= Shares used in the calculation of net (loss) income per share 13,399,505 13,399,505 13,399,505 13,399,505 ============ =========== ========== =========== See Accompanying Notes
Original Sixteen to One Mine, Inc. Statement of Cash Flows Nine Months Ended Sept. 30, 2015 and Sept. 30, 2014 Nine Months Ended Sept. 30, 2014 2014 -------------- ------------ Net profit (loss) $ (153,206) $ (434,140) Cash Flows From Operating Activities: Depreciation and amortization 27,510 8,966 (Increase)Decrease in accounts receivable (1,116) (1,177) Decrease(Increase) in inventory (233,753) 49,417 (Increase)Decrease in other current assets - - (Decrease) increase in accounts payable and accrued expenses 290,303 118,760 (Decrease) increase in related party loans (58,996) (24,728) (Decrease) increase in short term notes 177,282 247,087 ------------ ---------- Net cash (used) provided by operating activities 48,024 (35,815) ------------ ---------- Cash Flows From Investing Activities: Fixed Asset Purchases (21,225) (52,982) Proceed from sale real estate - - Other assets bonds misc. deposits - - ----------- ----------- Net cash (used) provided by investing activities (21,225) (52,982) ----------- ----------- Cash Flows From Financing Activities Increase (decrease) notes payable (10,223) 45,439 Proceeds from sale of common stock - - Additional paid-in capital - - ----------- ----------- Net cash provided (used) by financing activities (10,223) 45,439 ------------ ------------ (Decrease) increase in cash 16,576 (43,358) Cash, beginning of period - 44,479 ------------ ---------- Cash, end of period $ 16,576 $ 1,121 ============ ============ Supplemental schedule of other cash flows: Cash paid during the period for: Interest expense $ 44,863 $ 18,156 ============ =========== Income taxes $ 800 $ 800 ============ =========== 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 gold mines in Alleghany, California; currently, in exploration status. 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 the gold content plus labor cost. Gold bullion and jewelry are accounted for using the FIFO method. All other inventory is 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 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, 2015 and December 31, 2014, the results of operations and cash flows for the three-month and nine-month periods ended Sept. 30, 2014 and 2015. 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 ore deposit has been mined. Production is approximately 1,500,000 ounces of gold. There are over twenty-eight 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 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. 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 For the nine-month period from December 31, 2014 to Sept. 30, 2015 total current assets increased by 79% primarily due to a 95% increase in inventory. The increase in inventory was due to gold production. For the same nine-month period accounts payable and accrued expenses increased by 31%. Related party payables decreased by 34% primarily due to loan payments. Short-term notes increased by 21% primarily due to interest expense. STATEMENT OF OPERATIONS Revenues for the three-month period ended Sept. 30, 2015 were 1,582% higher than the same period in 2014 primarily due to gold production. Revenues for the nine-month period ended Sept. 30, 2015 compared to the same period in 2014 increased by $402% due to gold production in 2015. Operating expenses for the three-month period ended Sept 30,2015 increased by 8% compared to the same period in 2014. Specific categories which increased substantially include: Supplies 188% due to more purcases in 2015, Coporate expenses 160% and Legal and accounting 145%. Categories which decreased significantly include small equipment and tools 72% and drayage 37%. Operating expenses for the nine-month period ended Sept 30,2015 increased by 34% compared to the same period in 2014. Specific categories which increased substantially include: Insurance 125%, corporate expense 15% and Legal and compliance 6,767% due to a settlement agreement with California Regional Water Quality Control Board. Categories which decreased substantially include supplies 43%, small tools and equipment 68% and drayage 48%. Other expenses for the three-month and nine-month periods ended Sept 30,2015 increased significantly compared to the same periods in 2014 primarliy due to higher interest expense in 2015. For the three-month period ended Sept. 30, 2015 the company showed a profit of $223,420 compared to a loss of $147,697 for the same period in 2014. The 251% difference is due to increased gold production in 2015. For the nine-month period ended Sept. 30, 2015 the company showed a loss of $153,207 compared to a loss of $434,139 for the same period in 2014. The 65% difference is primarily due to gold production in 2015 compared to none in 2014. SUBSEQUENT EVENTS None 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 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, 2015. 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: December 15, 2015