-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MjwKXZe5SmjmJw7OeRT9gschyM0lrWNtXfSY0x8gyqrHa4fJJmYMhzDGvP+NoLAg F3NI9RCpemlWXYWtkU4wXw== 0001127264-02-000137.txt : 20020814 0001127264-02-000137.hdr.sgml : 20020814 20020814105950 ACCESSION NUMBER: 0001127264-02-000137 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020731 FILED AS OF DATE: 20020814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ST GEORGE METALS INC CENTRAL INDEX KEY: 0000848626 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 880227915 STATE OF INCORPORATION: NV FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-18616 FILM NUMBER: 02732375 BUSINESS ADDRESS: STREET 1: 125 NATIONSBANK CENTER CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 7139774471 MAIL ADDRESS: STREET 1: 125 NATIONSBANK PLAZA CITY: RICHMOND STATE: VA ZIP: 23219 10QSB 1 stgeo_10q.txt SECOND QUARTER 2002 REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 1O-QSB Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended July 31, 2002 Commission File Number 0-18616 - ----------------------------------- ------------------------------ ST. GEORGE METALS, INC. ----------------------------------------------------- (Exact name of registrant as specified In its charter) Nevada 88-0227915 -------- ------------ (State or other jurisdiction of (I.R.S. Employer Identification Number) Incorporation or organization) 9020 Stony Point Parkway, Suite 145, Richmond, Virginia 23235 ------------------------------------------------------- ------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (804) 272-9020 -------------- 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 preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- As of July 31, 2002, the number of shares of Common Stock outstanding was 14,487,159. ST. GEORGE METALS, INC. FORM 10-QSB QUARTER ENDED JULY 31, 2002 INDEX PAGE PART I - FINANCIAL INFORMATION - Omitted pursuant to Rule 13a-13(c)(2) ---- - ------------------------------ under the Securities Exchange Act of 1934 PART II - OTHER INFORMATION - --------------------------- Items 1 - 6.............................................................. 2-3 Signatures............................................................... 4 PART II - OTHER INFORMATION --------------------------- Item 1. Legal proceedings. (a) None Item 2. Changes in securities. (a) None (b) None Item 3. Defaults upon senior securities. Under the Company's Phase I and II Loan Commitments, non-payment of interest constitutes an event of default; however, a note holder must advise the Company in writing that he declares his debt to be in default. As previously reported, two note holders, one a former related party of the Company, advised the Company in January, 1994, that the Company was in default with respect to the Company's debt obligations to them. The Company advised such holders that it did not agree with their position, and no further actions have been taken by such noteholders. Item 4. Submission of matters to a vote of security holders. None 2 Item 5. Other information. General. The Company's financial resources have been substantially exhausted and management does not know of any significant additional financing available to the Company. The Company has no continuing on-going business operations at this time. The Company has been seeking, since early 1995, to satisfy its trade debt other than through a court supervised process, which would entail significant administrative expenses. The Company has been able to satisfy a substantial portion of its trade debt, but in light of its financial position, it is unlikely any payments will be made on its other indebtedness, which has been voluntary subordinated to the Company's trade creditors. SEC Reporting Obligations. Because of the Company's financial condition and its consequent difficulty paying the attendant legal and accounting expenses, its ability to continue to meet its reporting obligations under the Securities Exchange Act of 1934 remains questionable. The financial statements included with its Form 10-KSB for the year ended January 31, 2002, were not audited by an independent certified accountant, because the Company could not afford the cost of an audit. Inability to Pay Indebtedness. Management does not presently anticipate that any of its outstanding obligations under its Operations Advances, Gold Delivery Contracts and term debt, a substantial portion of which outstanding obligations are held by members of the Company's board of directors, can be satisfied. Accordingly, management does not believe, as a practical matter, that there is any remaining value to be ascribed to the Company's outstanding preferred stock or common stock. Status of Properties. The status of the Company's mineral properties has not changed from the description contained in Item 2 of the Company's Form 10-KSB for the fiscal year ended January 31, 2002. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits: None (b) Reports on Form 8-K: None 3 SIGNATURES 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. St. George Metals. Inc. ---------------------------------------------------- (Registrant) August 13, 2002 By: /s/ C. B. Robertson, III ------------------------------------------------- C. B. Robertson, III - Chairman and Principal Executive Officer and Principal Financial Officer 4 -----END PRIVACY-ENHANCED MESSAGE-----