Ancona Mining Corporation Form 10-QSB

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10QSB

[ x ]	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the QUARTERLY PERIOD ENDED MARCH 31, 2002 OR
[ ]	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to

COMMISSION FILE NUMBER 333-94835

ANCONA MINES CORPORATION
(Exact name of registrant as specified in its charter)

Nevada
(State of other jurisdiction of
incorporation or organization)

88-0436055
(IRS Employer Identification Number)

1040 West Georgia Suite 1160
Vancouver, British Columbia
Canada V6E 4H1
(Address of principal executive offices)

(604) 605-0885
(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 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 [ ]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of March 31, 2002: 6,062,200

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PART I.

ITEM 1. - Financial Statements

ANCONA MINING CORPORATION (AN EXPLORATION STAGE ENTERPRISE) BALANCE SHEETS
					March 31, 2002 (Unaudited)		June 30, 2001
ASSETS
	CURRENT ASSETS
		Cash		$	7,746	$	75,560
			Total Current Assets		7,746		75,560

	PROPERTY, PLANT AND EQUIPMENT
		Office furniture			2,466		2,466
		Accumulated depreciation			(432)		(62)
			Total Fixed Assets		2,034		2,404

	OTHER ASSETS
		Deposits			411		411
		Mining claims			2,644		2,644
			Total Other Assets		3,055		3,055

		TOTAL ASSETS		$	12,835 ===========	$	81,019 ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
	CURRENT LIABILITIES
		Accounts payable		$	477	$	5,051
		Accounts payable, related parties			100		27,339
			Total Current Liabilities		577		32,390

	COMMITMENTS AND CONTINGENCIES				-		-
	STOCKHOLDERS' EQUITY
		Common stock, 100,000,000 shares authorized, $0.00001 par value; 6,062,200 shares issued and outstanding
					61		61
		Additional paid-in capital			381,159		381,159
		Deficit accumulated during exploration stage			(368,962)		(332,591)
			Total Stockholders' Equity		12,258		48,629

		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	12,835 ===========	$	81,019 ==========

See notes to interim financial statements
F-1

ANCONA MINING CORPORATION (AN EXPLORATION STAGE ENTERPRISE) STATEMENT OF OPERATIONS

				Three Months Ended March 31,				Nine Months Ended March 31,			From September 7, 1999 (Inception) to March 31, 2002 (Unaudited)
				Three Months Ended March 31,				Nine Months Ended March 31,
				2002 (Unaudited)	2001 (Unaudited)			2002 (Unaudited)	2001 (Unaudited)

REVENUES			$	-	$	-	$	-	$	-	$	-

EXPENSES
	Consulting services provided by directors			-		-		-		-		271,536
	Professional fees			1,873		3,095		10,463		9,707		57,255
	Rent			461		-		2,332		1,209		5,421
	General and administrative			4,009		17		10,271		497		18,373
	Stock transfer fees			25		-		50		-		2,950
	Depreciation expense			121		-		370		-		432
	Mining exploration			-		-		3,539		-		3,649
	Travel			852		-		9,346		-		9,346
		TOTAL EXPENSES		7,341		3,112		36,371		11,413		368,962

LOSS FROM OPERATIONS				(7,341)		(3,112)		(36,371)		(11,413)		(368,962)

INCOME TAXES				-		-		-		-		-

NET LOSS			$	(7,341) =========	$	(3,112) =========	$	(36,371) =========	$	(11,413) =========	$	(368,962) =========
											$
NET LOSS PER COMMON SHARE, BASIC AND DILUTED			$	nil =========	$	nil =========	$	(0.01) =========	$	nil =========	$	(0.07) =========

WEIGHTED AVERAGE NUMBER OF COMMON STOCK SHARES OUTSTANDING, BASIC AND DILUTED				6,062,200 =========		5,000,000 =========		6,062,200 =========		5,000,000 =========		5,369,138 =========
				6,062,200 =========		5,000,000 =========		6,062,200 =========		5,000,000 =========		5,369,138 =========

See notes to interim financial statements
F-2

ANCONA MINING CORPORATION (AN EXPLORATION STAGE ENTERPRISE) STATEMENT OF STOCKHOLDERS' EQUITY
	Common Stock				Additional Paid-in Capital		Deficit Accumulated During Exploration Stage		Total Stockholders' Equity
	Number of Shares	Amount
Issuance of common stock for expenses, mining claims, and in payment of advances at approximately $0.055 per share	5,000,000	$	50	$	274,950	$	-	$	275,000




Net loss for period ended June 30, 2000	-		-		-		(294,522)		(294,522)


Balance, June 30, 2000	5,000,000		50		274,950		(294,522)		(19,522)

Issuance of common stock at $0.10 per share	1,062,200		11		106,209		-		106,220


Net loss for year ended June 30, 2001	-		-		-		(38,069)		(38,069)


Balance, June 30, 2001	6,062,200		61		381,159		(332,591)		48,629

Net loss for the nine months ended March 31, 2002	-		-		-		(36,371)		(36,371)

Balance, March 31, 2002 (Unaudited)	6,062,200 ========	$	61 ======	$	381,159 =========	$	(368,962) =========	$	12,258 ==========

See notes to interim financial statements
F-3

ANCONA MINING CORPORATION (AN EXPLORATION STAGE ENTERPRISE) STATEMENTS OF CASH FLOWS
		Nine Months Ended March 31,				From September 7, 1999 (Inception) to March 31, 2002 (Unaudited)
		2002 (Unaudited)		2001 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
	Net loss	$	(36,371)	$	(11,413)	$	(368,962)
	Adjustments to reconcile net loss to net cash used by operating activities:

	Depreciation		370		-		432
	Expenses paid by issuance of stock		-		-		272,223
	Increase (decrease) in accounts payable		(4,574)		4,438		21,353
	Increase (decrease) in accounts payable, related parties		(27,239)		6,878		(20,776)
	Decrease (increase) in deposits		-		-		(411)
Net cash used by operating activities			(67,814)		(97)		(96,141)

CASH FLOWS FROM INVESTING ACTIVITIES
	Purchase of office furniture		-		-		(2,466)
Net cash used by financing activities			-		-		(2,466)

CASH FLOWS FROM FINANCING ACTIVITIES
	Proceeds from advances		-		100		133
	Proceeds from sale of common stock		-		-		106,220
Net cash provided by financing activities			-		100		106,353
Change in cash			(67,814)		3		7,746
Cash, beginning of period			75,560		57		- -
Cash, end of period		$	7,746 =========	$	60 =========	$	7,746 =========

SUPPLEMENTAL DISCLOSURES:
	Interest paid in cash	$	- =========	$	- =========	$	- =========
	Income taxes paid in cash	$	- =========	$	- =========	$	- =========

NON-CASH INVESTMENT AND FINANCING ACTIVITIES:
	Stock issued in exchange for expenses paid	$	-	$	-	$	272,223
	Stock issued in payment of advances	$	-	$	-	$	133
	Stock issued in exchange for mining claims	$	-	$	-	$	2,644

See notes to interim financial statements
F-4

ANCONA MINING CORPORATION
(An Exploration Stage Enterprise)
March 31, 2002

NOTES TO INTERIM FINANCIAL STATEMENTS
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1. BASIS OF PRESENTATION

The foregoing unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Regulation S-B as promulgated by the Securities and Exchange Commission. Accordingly, these financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements for the period ended June 30, 2001. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.

The preparation of financial statements in accordance with generally accepted accounting principles 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 Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions that could have a material effect on the reported amounts of the Company's financial position and results of operations.

Operating results for the three-month and nine-month periods ended March 31, 2002 are not necessarily indicative of the results that may be expected for the year ending June 30, 2002.

F-5
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PART II.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

Financial Condition, Liquidity and Capital Resources

Since inception on September 7, 1999, the Company has been engaged in exploration and acquisition of mineral properties. The Company's principal capital resources have been acquired through issuance of common stock and from shareholder loans.

At March 31, 2002, there was positive working capital of $7,169 compared to $43,170 at June 30, 2001. This change is primarily the result of increased activity of the Company resulting in expenses in all major categories.

At March 31, 2002, the Company's total assets of $12,835 consisted of mainly cash, mining claims and office equipment, which compares with the Company's assets at June 30, 2001 of $81,019, which were mainly cash.

At March 31, 2002, the Company's total liabilities were $577 versus $32,390 at June 30, 2001, primarily reflecting the payment of most bills and accounts payable.

The Company has not had revenues from inception. Although there is insufficient capital to fully explore and develop its mineral properties, the Company expects to survive and exploit its resources primarily with funding from sales of its securities and, as necessary, from shareholder loans.

The Company has no long-term debt and does not regard long-term borrowing as a good, prospective source of financing.

Results of Operations

The Company posted losses of $36,371 for the nine months ending March 31, 2002. The principal components of the loss were travel, professional expenses, administrative expenses and exploration expenses.

Operating expenses for the nine months ending March 31, 2002 were $36,371, up from $11,413 in the same period of the prior year.

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.

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 on this 8^th day of May, 2002.

ANCONA MINING CORPORATION
(Registrant)

/s/ Hugh Grenfal, Jr.

Hugh Grenfal, President, Treasurer, Principal Accounting Officer and a member of the Board Of Directors