Mines Management Inc (MGN, Financial) filed Quarterly Report for the period ended 2012-09-30.
Mines Management, Inc. has a market cap of $31.9 million; its shares were traded at around $1.07 with and P/S ratio of 1595.
The Company had common share purchase warrants with exercise price reset features which qualified for treatment as a derivative liability. These warrants expired on April 20, 2012. The warrants did not qualify for hedge accounting and, as such, all changes in the fair value of the warrants were recognized in earnings until they expired. The Company reported a gain from the change in fair value of these warrants of $-0- and $126,345 in the Condensed Consolidated Statements of Operations for the three months ended September 30, 2012 and 2011, respectively. Gains of $357,977 and $1,823,552 were recorded for the nine months ended September 30, 2012 and 2011, respectively.
For a description of the public offering that occurred in 2007 and the sales of common stock during 2007 and 2005, refer to the consolidated financial statements and notes thereto in the Companys Annual Report on Form 10-K for the year ended December 31, 2011. The warrants associated with the public offering completed in April 2007 expired on April 20, 2012. No warrants related to this offering were exercised before they expired. The warrants associated with the sale of stock in October 2005, also expired on April 20, 2012. Cumulative warrants exercised relating to this issue were 269,620. During the nine months ended September 30, 2012 and 2011, $-0- and 101,435 warrants were exercised for gross proceeds of $-0- and $144,474, respectively.
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Mines Management, Inc. has a market cap of $31.9 million; its shares were traded at around $1.07 with and P/S ratio of 1595.
Highlight of Business Operations:
The preparation of financial statements in accordance with US GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Companys condensed consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Companys consolidated financial position and results of operations. Operating results for the three and nine month periods ended September 30, 2012, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2012.The Company had common share purchase warrants with exercise price reset features which qualified for treatment as a derivative liability. These warrants expired on April 20, 2012. The warrants did not qualify for hedge accounting and, as such, all changes in the fair value of the warrants were recognized in earnings until they expired. The Company reported a gain from the change in fair value of these warrants of $-0- and $126,345 in the Condensed Consolidated Statements of Operations for the three months ended September 30, 2012 and 2011, respectively. Gains of $357,977 and $1,823,552 were recorded for the nine months ended September 30, 2012 and 2011, respectively.
For a description of the public offering that occurred in 2007 and the sales of common stock during 2007 and 2005, refer to the consolidated financial statements and notes thereto in the Companys Annual Report on Form 10-K for the year ended December 31, 2011. The warrants associated with the public offering completed in April 2007 expired on April 20, 2012. No warrants related to this offering were exercised before they expired. The warrants associated with the sale of stock in October 2005, also expired on April 20, 2012. Cumulative warrants exercised relating to this issue were 269,620. During the nine months ended September 30, 2012 and 2011, $-0- and 101,435 warrants were exercised for gross proceeds of $-0- and $144,474, respectively.
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