0001477932-12-001989.txt : 20120618 0001477932-12-001989.hdr.sgml : 20120618 20120618152202 ACCESSION NUMBER: 0001477932-12-001989 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120618 DATE AS OF CHANGE: 20120618 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VICTORY EAGLE RESOURCES CORP. CENTRAL INDEX KEY: 0001304898 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52308 FILM NUMBER: 12912309 BUSINESS ADDRESS: STREET 1: 1 YONGE STREET, SUITE 1801 CITY: TORONTO STATE: A6 ZIP: M5E 1Y5 BUSINESS PHONE: 647-783-3206 MAIL ADDRESS: STREET 1: 1 YONGE STREET, SUITE 1801 CITY: TORONTO STATE: A6 ZIP: M5E 1Y5 10-Q 1 verc_10q.htm FORM 10-Q verc_10q.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended   April 30, 2012

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _________ to __________

Commission file number 000-52308

Victory Eagle Resources Corp.
(Exact name of small business issuer as specified in its charter)
 
Nevada
 
N/A
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
1 Yonge Street, Suite 1801, Toronto, ON M5E 1W7
(Address of principal executive offices)
 
(647) 783-3206
(Issuer's telephone number)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)

Check whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 requirements for the past 90 days.    Yes x     No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x     No o

Indicate by checkmark 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. (Check one):
 
Large accelerated filer o Accelerated filer o
Non-accelerated filer o Smaller reporting company x
(Do not check if a smaller reporting company)      
 
State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 3,614,940 common shares issued and outstanding as of June 18, 2012

Check whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes x No o
 


 
 

 
Item 1. Financial Statements

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.
 
 
2

 
 
VICTORY EAGLE RESOURCES CORP.
(AN EXPLORATION STAGE COMPANY)
BALANCE SHEETS
 
   
April 30, 2012
(Unaudited)
   
July 31, 2011
 
ASSETS
           
Current assets
           
Cash
  $ 32,665     $ 2,343  
Prepaid expenses
    -       550  
Total current assets
    32,665       2,893  
Total assets
  $ 32,665     $ 2,893  
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
Current liabilities
               
Accounts payable and accrued liabilities
  $ 16,705     $ 13,525  
Note payable and advances-related parties
    27,949       27,155  
Accrued interest on related party note payable
    21,426       19,422  
Total current liabilities
    66,080       60,102  
Total liabilities
    66,080       60,102  
STOCKHOLDERS' DEFICIT:
               
Common stock, $0.001 par value, 25,000,000 shares authorized, 3,614,940 and 3,394,940 shares issued and outstanding at April 30, 2012 and July 31, 2011, respectively
     3,615        3,395  
Additional paid-in capital
    200,748       145,968  
Subscription receivable
    (3,880 )     (3,880 )
Deficit accumulated during the exploration stage
    (233,898 )     (202,692 )
Total stockholders' deficit
    (33,415 )     (57,209 )
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
  $ 32,665     $ 2,893  
 
See accompanying summary of accounting policies and notes to financial statements.
 
 
3

 
 
VICTORY EAGLE RESOURCES CORP.
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF OPERATIONS
Three and Nine Months Ended April 30, 2012 and 2011
and the Period from March 18, 2004 (Inception) through April 30, 2012
(Unaudited)
 
   
Three Months
Ended
April 30,
   
Nine Months
Ended
April 30,
   
Inception
Through
April 30,
 
   
2012
   
2011
   
2012
   
2011
   
2012
 
Operating expenses:
                             
Exploration cost
  $ -     $ -     $ -     $ -     $ 9,500  
General and administrative
    7,900       4,536       29,202       23,433       202,972  
Operating loss
    (7,900 )     (4,536 )     (29,202 )     (23,433 )     (212,472 )
Interest expense
    (668 )     (668 )     (2,004 )     (2,004 )     (21,426 )
Net loss
  $ (8,568 )   $ (5,204 )   $ (31,206 )   $ (25,437 )   $ (233,898 )
Net loss per share:
                                       
Basic and diluted
  $ (0.00 )   $ (0.00 )   $ (0.01 )   $ (0.01 )        
Weighted average shares outstanding:
                                       
Basic and diluted
    3,498,940       3,394,940       3,459,028       3,060,808          
 
See accompanying summary of accounting policies and notes to financial statements.
 
 
4

 
 
VICTORY EAGLE RESOURCES CORP.
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF CASH FLOWS
Nine Months Ended April 30, 2012 and 2011
and the Period from March 18, 2004 (Inception) through April 30, 2012
(Unaudited)

   
Nine Months
Ended
April 30,
2012
   
Nine Month
 Ended
April 30,
2011
   
Inception
Through
April 30,
2012
 
CASH FLOWS FROM OPERATINGACTIVITIES:
                 
Net loss
  $ (31,206 )   $ (25,437 )   $ (233,898 )
Adjustments to reconcile net loss to net cash used in operating activities:
                       
Impairment of mineral property rights
    -       -       11,500  
Net change in:
                       
     Prepaid expenses
    550       1,800       -  
     Accounts payable and accrued liabilities
    3,180       (226 )     16,705  
     Accrued interest on stockholder note payable
    2,004       2,004       21,426  
NET CASH USED IN OPERATING ACTIVITIES
    (25,472 )     (21,859 )     (184,267 )
CASH FLOWS FROM INVESTING ACTIVITIES:
                       
Expenditures on mineral property rights
    -       -       (2,000 )
NET CASH USED IN INVESTING ACTIVITES
    -       -       (2,000 )
CASH FLOWS FROM FINANCING ACTIVITIES:
                       
Proceeds from note payable and advances-related parties
    794       -       27,949  
Proceeds from sale of common stock
    55,000       26,120       190,983  
NET CASH PROVIDED BY FINANCING ACTIVITIES
    55,794       26,120       218,932  
NET CHANGE IN CASH
    30,322       4,261       32,665  
Cash, beginning of period
    2,343       3,381       -  
Cash, end of period
  $ 32,665     $ 7,642     $ 32,665  
SUPPLEMENTAL DISCLOSURES
                       
Stock issued for mineral property costs
  $ -     $ -     $ 9,500  
Issuance of common stock for subscription receivable
  $ -     $ 3,880     $ 3,880  
 
See accompanying summary of accounting policies and notes to financial statements.
 
 
5

 
 
VICTORY EAGLE RESOURCES CORP.
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2012
(Unaudited)
 
NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of Victory Eagle Resources Corp. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported on Form 10-K, have been omitted.

NOTE 2 - NOTE PAYABLE - RELATED PARTIES
 
During April 2004, the majority shareholder of the Company loaned the Company $26,500. Interest is being accrued on this note at the rate of 10% per annum. As at April 30, 2012, the interest accrued on the loan is $21,426. The note payable and accrued interest are payable on demand.

During the year ended July 31, 2011, the President of the Company made payments of $655 on behalf of the Company, which was outstanding at April 30, 2012.

During the nine months ended April 30, 2012, the President of the Company made payments of $794 on behalf of the Company, which was outstanding at April 30, 2012. These advances from the President are unsecured, non-interest bearing and payable upon demand.
 
NOTE 3 - COMMON STOCK
 
On December 10, 2009 the Company received $36,100 for subscriptions for 361,000 shares at $0.10 per share. The shares were issued on December 16, 2010. As at April 30, 2012, $3,880 of the proceeds for the shares was outstanding.

On October 26, 2011, the Company received $25,000 from subscriptions for 100,000 common shares at $0.25 per share. The shares were issued on November 10, 2011.

On April 27, 2012, the Company issued 120,000 common shares at $0.25 per share for gross proceeds of $30,000.

 
6

 
 
Item 2. Management's Discussion and Analysis and Plan of Operation.

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors", that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "CDN$" refer to Canadian dollars and all references to "common shares" refer to the common shares in our capital stock.
 
As used in this quarterly report, the terms "we", "us", "our", and "Victory Eagle" mean Victory Eagle Resources Corp., unless otherwise indicated.

Corporate History

We were incorporated in the State of Nevada on March 18, 2004. We are engaged in the acquisition and exploration of mining properties. We maintain our statutory registered agent's office at Suite 880-50 West Liberty Street, Reno, Nevada 89501, and our business office is located at 1 Yonge Street, Suite 1801, Toronto, Ontario.

Other than as set out herein, we have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of our business.

Our Current Business
 
We are an exploration stage resource company, and are primarily engaged in the exploration for and development in the properties in which we have acquired interests.  We do not currently have any properties.  We are actively pursuing an acquisition of a resource property.

 
7

 
 
Product Research and Development

Our business plan is focused on the long-term exploration and development of our mineral properties.

We do not anticipate that we will expend any significant funds on research and development over the next twelve months ending April 30, 2013.

Employees

Currently there are no full time or part-time employees of our Company (other than our directors and officer who, at present, have not signed employment or consulting agreements with us). We do not expect any material changes in the number of employees over the next 12 month period (although we may enter into employment or consulting agreements with our officer or directors). We do and will continue to outsource contract employment as needed. However, if we are successful in our initial and any subsequent drilling programs we may retain additional employees.

Purchase or Sale of Equipment

We do not intend to purchase any significant equipment over the next twelve months ending April 30, 2013.

Competition

The gold mining industry is fragmented. We compete with other exploration companies looking for gold. We are one of the smallest exploration companies in existence. We are an infinitely small participant in the gold mining market. While we compete with other exploration companies, there is no competition for the exploration or removal of minerals from our property. Readily available gold markets exist in Canada and around the world for the sale of gold.

We may not have access to all of the supplies and materials we need to begin exploration that could cause us to delay or suspend operations. Competition and unforeseen limited sources of supplies in the industry could result in occasional spot shortages of supplies, such as explosives, and certain equipment such as bulldozers and excavators that we might need to conduct exploration. We have not attempted to locate or negotiate with any suppliers of products, equipment or materials. We will attempt to locate products, equipment and materials after this offering is complete. If we cannot find the products and equipment we need, we will have to suspend our exploration plans until we do find the products and equipment we need.

 
8

 
 
Government Regulations and Supervision

Our future mineral exploration program will be subject to applicable rules and regulations of the jurisdiction in which we hold properties.  As of April 30, 2012 we do not hold rights to any mineral properties. Our future property will likely be subject to rules similar to the Mineral Tenure Act (Ontario) and Regulation. This act sets forth rules for:

-  
Locating claims
-  
Posting claims
-  
Working claims
-  
Reporting work performed
 
We also anticipate being subject to regulations similar to the British Columbia Mineral Exploration Code (the "Code") that tells us how and where we can explore for minerals. We must comply with these laws to operate our business. The purpose of the Code is to assist persons who wish to explore for minerals in British Columbia to understand the process whereby exploration activities are permitted and regulated. The Code establishes province wide standards for mineral exploration and development activities. The Code also manages and administers exploration and development activities to ensure maximum extraction with a minimum of environmental disturbance. The Code does not apply to certain exploration work we will be conducting. Specifically, work that does not involve mechanical disturbance of the surface including:

-  
Prospecting using hand-held tools
-  
Geological and geochemical surveying
-  
Airborne geophysical surveying
-  
Hand-trenching without the use of explosives
-  
The establishment of gridlines that do not require the felling of trees
-  
Exploration activities that we intend on carrying out which are subject to the provisions of the Code are as follows:
-  
Drilling, trenching and excavating using machinery
-  
Disturbance of the ground by mechanical means

Compliance with these rules and regulations will require us to meet the minimum annual work requirements. Also, prior to proceeding with any exploration work subject to the Code we must apply for a notice of work permit. In this notice we will be required to set out the location, nature, extent and duration of the proposed exploration activities. The notice is submitted to the regional office of the Mines Branch, Energy Division.

 
9

 
 
We currently do not have any pending applications for government approval of our exploration program. We only require one permit for exploration and we have not yet applied for it since it is not required until later stages of exploration (i.e. drilling). We estimate that this exploration permit can be obtained within 2 weeks.

Environmental Law

The Code deals with environmental matters relating to the exploration and development of mining properties. The goal of this Act is to protect the environment through a series of regulations affecting:

-  
Health and Safety
-  
Archaeological Sites
-  
Exploration Access

We are responsible to provide a safe working environment, to not disrupt archaeological sites, and to conduct our activities to prevent unnecessary damage to the property. 

We anticipate no discharge of water into active stream, creek, river, lake or any other body of water regulated by environmental law or regulation. No endangered species will be disturbed. Restoration of the disturbed land will be completed according to law. All holes, pits and shafts will be sealed upon abandonment of the property. It is difficult to estimate the cost of compliance with the environmental law since the full nature and extent of our proposed activities cannot be determined until we start our operations and we know what that will involve from an environmental standpoint.

Three Months Ended April 30, 2012 and 2011

We generated no revenue during the three months ended April 30, 2012 or 2011. During the three months ended April 30, 2012 we had net loss of $8,568 compared to net loss of $5,204 during the same period in 2011, with the increase largely due to increased professional fees and SEC filing fees in 2012. During each of the three months ended April 30, 2012 and 2011, we incurred interest expense of $668 on note payable to a shareholder of the Company.

Nine Months Ended April 30, 2012 and 2011

We generated no revenue during the nine months ended April 30, 2012 or 2011. During the nine months ended April 30, 2012 we had net loss of $31,206 compared to net loss of $25,437 during the same period in 2011, with the increase largely due to increased professional fees and SEC filing fees in 2012. During each of the nine months ended April 30, 2012 and 2011, we incurred interest expense of $2,004 on note payable to a shareholder of the Company.

Financial Condition, Liquidity and Capital Resources

At April 30, 2012, our total assets were $32,665, which consisted of cash of $32,665.

 
10

 
 
At April 30, 2012, our total current liabilities were $66,080.

Historically, we have financed our cash flow and operations from the sale of stock and advances from stockholders.

We have no external sources of liquidity in the form of credit lines from banks. Based on the plan of operation described below, management believes that our available cash will not be sufficient to fund our immediate working capital requirements and therefore, we will have to raise financing through the sale of our equity securities or arrange another advance from a shareholder of our company as soon as possible.
 
Plan of Operation

Cash Requirements

Over the twelve months ending April 30, 2013, we plan to expend a total of approximately $140,000 in respect of acquiring new mineral properties. We estimate that we will also require working capital of approximately $40,000 over the twelve months ending April 30, 2013.

We intend to raise the capital required through sales of our securities in secondary offerings or private placements. We have no agreements in place to do this at this time. If we fail to raise sufficient funds, we may modify our operations plan accordingly. Even if we do raise funds for operations, there is no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment in our common stock. Further, we may continue to be unprofitable.

There are no assurances that we will be able to obtain additional funds required for our continued operations. In such event that we do not raise sufficient additional funds by secondary offering or private placement, we will consider alternative financing options, if any, or be forced to scale down or perhaps even cease our operations.

Over the twelve months ending April 30, 2013, we intend to use all available funds to acquire new mineral resource properties as follows if we are successfully able to raise funds:

Estimated Funding Required During the Next Twelve Months

Operations: acquiring new properties
  $ 140,000  
Working Capital
    40,000  
Total
  $ 180,000  
 
Going Concern

The continuation of our business is dependent upon us raising additional financial support. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

 
11

 
 
We have incurred losses of $233,898 from March 18, 2004 (inception) through April 30, 2012.

There are no assurances that we will be able to either (1) ever achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through future private placements, public offerings and/or bank financing necessary to support our working capital requirements. To the extent that funds generated from our recently completed offering, operations and any future private placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to us. If adequate working capital is not available we may not increase our operations.

These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Our independent auditors' report on our audited financial statements, in our Form 10-K filed November 14, 2011 for the fiscal year ended July 31, 2011, indicated that there was substantial doubt about our ability to continue as a going concern. The qualifying explanatory paragraph contained in their audit report should be read in connection with our management's discussion of our financial condition, liquidity and capital resources. 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.
 
Not applicable to smaller reporting companies.

Item 4. Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, as of the end of the period covered by this quarterly report, being April 30, 2012, we have carried out an evaluation of the effectiveness of the design and operation of our company's disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our company's management, including our President, Secretary and Treasurer (Principal Executive Officer, Principal Financial Officer and Principal Reporting Officer). Based upon that evaluation, our President, Secretary and Treasurer (Principal Executive Officer, Principal Financial Officer and Principal Reporting Officer) concluded that our disclosure controls and procedures are effective as at the end of the period covered by this report.

There have been no changes in our internal controls over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.

Disclosure controls and procedures and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our President and Secretary as appropriate, to allow timely decisions regarding required disclosure.

 
12

 
 
Part II - OTHER INFORMATION

Item 1. Legal Proceedings.

We know of no material, active or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

RISK FACTORS

Much of the information included in this quarterly report includes or is based upon estimates, projections or other "forward-looking statements". Such forward-looking statements include any projections or estimates made by us and our management in connection with our business operations. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested herein. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.

Such estimates, projections or other "forward-looking statements" involve various risks and uncertainties as outlined below. We caution readers of this quarterly report that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other "forward-looking statements". In evaluating us, our business and any investment in our business, readers should carefully consider the following factors.

Our independent auditors have expressed substantial doubt about our ability to continue as a going concern.
 
Our net loss since inception is $233,898.  There can be no assurance that will generate significant revenues or achieve profitable operations.
 
These circumstances raise substantial doubt about our ability to continue as a going concern, as described in the explanatory paragraph to our independent auditors' report on our financial statements for the year ended July 31, 2011, contained in our annual report on Form 10-K filed November 14, 2011. 
 
Because of the unique difficulties and uncertainties inherent in mineral exploration ventures, we face a high risk of business failure.
 
Potential investors should be aware of the difficulties normally encountered by new mineral exploration companies and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the mineral properties that we plan to undertake. These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates. The expenditures to be made by us in the exploration of the mineral claim may not result in the discovery of mineral deposits. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. If the results of our exploration do not reveal viable commercial mineralization, we may decide to abandon our claim and acquire new claims for new exploration. The acquisition of additional claims will be dependent upon us possessing capital resources at the time in order to purchase such claims. If no funding is available, we may be forced to abandon our operations.
 
 
13

 
 
We have limited operating history and losses that we expect to continue into the future.
 
We have not yet realized any revenues. We have limited operating history upon which an evaluation of our future success or failure can be made. Our net loss since inception is $233,898. Our ability to achieve and maintain profitability and positive cash flow is dependent upon the following:

-  
Our ability to locate a profitable resource property;
-  
Our ability to generate revenues; and
-  
Our ability to reduce exploration costs.
 
Based upon current plans, we expect to incur operating losses in future periods. This will happen because there are expenses associated with exploration of our mineral properties. We may not be successful in generating revenues in the future. Failure to generate revenues will cause us to go out of business.
 
If we do not raise enough money for exploration we will have to delay exploration or go out of business.
 
Once we acquire a suitable mineral property, we will need additional financing before we are able to commence exploration efforts. We currently do not have any arrangements for financing in place for such eventuality and we may be unable to raise such financing. If we are not able to raise any financing after acquiring such property, we will have to delay our exploration or go out of business.
 
We may not have access to all of the supplies and materials we need to begin exploration that could cause us to delay or suspend operations.
 
Competition and unforeseen limited sources of supplies in the industry could result in occasional spot shortages of supplies, such as explosives, and certain equipment such as bulldozers and excavators that we might need to conduct exploration. We have not attempted to locate or negotiate with any suppliers of products, equipment or materials. We will attempt to locate products, equipment and materials once we have acquired a mineral property. If we cannot find the products and equipment we need, we will have to suspend our exploration plans until we do find the products and equipment we need.
 
Because of the speculative nature of exploration of mineral properties, there is no assurance that our future exploration activities will result in the discovery of new commercially exploitable quantities of minerals.
 
We plan to continue to acquire mineral claims. The search for valuable minerals as a business is extremely risky. We can provide investors with no assurance that exploration on our future properties will establish that additional commercially exploitable reserves of gold exist. Problems such as unusual or unexpected geological formations or other variable conditions are involved in exploration and often result in exploration efforts being unsuccessful. The additional potential problems include, but are not limited to, unanticipated problems relating to exploration and attendant additional costs and expenses that may exceed current estimates. These risks may result in us being unable to establish the presence of additional commercial quantities of ore on our mineral claims with the result that our ability to fund future exploration activities may be impeded.
 
 
14

 
 
Because the SEC imposes additional sales practice requirements on brokers who deal in our shares that are penny stocks, some brokers may be unwilling to trade them. This means that you may have difficulty in reselling your shares and may cause the price of the shares to decline.
 
Our shares qualify as penny stocks and are covered by Section 15(g) of the Securities Exchange Act of 1934, which imposes additional sales practice requirements on broker/dealers who sell our securities in this offering or in the aftermarket. In particular, prior to selling a penny stock, broker/dealers must give the prospective customer a risk disclosure document that: contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; contains a description of the broker/dealers' duties to the customer and of the rights and remedies available to the customer with respect to violations of such duties or other requirements of Federal securities laws; contains a brief, clear, narrative description of a dealer market, including "bid" and "ask" prices for penny stocks and the significance of the spread between the bid and ask prices; contains the toll free telephone number for inquiries on disciplinary actions established pursuant to section 15(A)(i); defines significant terms used in the disclosure document or in the conduct of trading in penny stocks; and contains such other information, and is in such form (including language, type size, and format), as the SEC requires by rule or regulation. Further, for sales of our securities, the broker/dealer must make a special suitability determination and receive from you a written agreement before making a sale to you. Because of the imposition of the foregoing additional sales practices, it is possible that brokers will not want to make a market in our shares. This could prevent you from reselling your shares and may cause the price of the shares to decline.
 
We have no known ore reserves and we cannot guarantee we will find any gold or if we find gold, that production will be profitable.
 
We currently have no mineral properties.  We did not identify any gold on our prior properties and we cannot guarantee that we will find any gold on our future properties. Even if we find that there is gold on a property, we cannot guarantee that we will be able to recover the gold.  Even if we recover the gold, we cannot guarantee that we will make a profit.  If we cannot find gold or it is not economical to recover the gold, we will have to cease operations.
 
Our officer and directors will be devoting a small amount of their professional time to our activities.
 
Our officer and director will be devoting a small amount of their professional time to our operations. Our management's lack of devotion of time may make us more vulnerable than other companies to certain risks, and it may also cause us to be more vulnerable to business risks associated with errors in judgment that could have been prevented by more experienced management.
 
Ludvik Rolin, our  former director, owns a total of 2,000,000 shares of our company. He may sell some of his shares in the future, which could cause the price of our common stock to fall, which will reduce the value of your shares.
 
Ludvik Rolin, our former officer and director own a total of 2,000,000 shares of stock, which is approximately 55% of the issued and outstanding number of shares, as of June 14, 2012. Subject to all holding periods under applicable securities laws, he will likely sell a portion or all of his stock in the future. If he does sell his stock into the market, the sales may cause the market price of the stock to drop.
 
 
15

 
 
As we face intense competition in the mining industry, we will have to compete with our competitors for financing and for qualified managerial and technical employees.
 
The mining industry is intensely competitive in all of its phases. Competition includes large established mining companies with substantial capabilities and with greater financial and technical resources than we have. As a result of this competition, we may be unable to acquire additional attractive mining claims or financing on terms we consider acceptable. We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for financing or for qualified employees, our exploration and development programs may be slowed down or suspended.
 
Trading of our stock may be restricted by the SEC's Penny Stock Regulations which may limit a stockholder's ability to buy and sell our stock.
 
The U.S. Securities and Exchange Commission has adopted regulations which generally define "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions.  Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors".  The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse.  The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market.  The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account.  The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation.  In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction.  These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules.  Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities.  We believe that the penny stock rules discourage investor interest in and limit the marketability of, our common stock.
 
We do not expect to declare or pay any dividends.
 
We have not declared or paid any dividends on our common stock since our inception, and we do not anticipate paying any such dividends for the foreseeable future.
 
Anti-Takeover Provisions
 
We do not currently have a shareholder rights plan or any anti-takeover provisions in our By-laws.  Without any anti-takeover provisions, there is no deterrent for a take-over of our company, which may result in a change in our management and directors.
 
 
16

 
 
Our By-laws contain provisions indemnifying our officer and directors against all costs, charges and expenses incurred by them.
 
Our By-laws contain provisions with respect to the indemnification of our officer and directors against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgement, actually and reasonably incurred by him, including an amount paid to settle an action or satisfy a judgement in a civil, criminal or administrative action or proceeding to which he is made a party by reason of his being or having been one of our directors or officer.
 
Volatility of Stock Price.
 
Our common shares are not currently publicly traded.  In the future, the trading price of our common shares may be subject to wide fluctuations.  Trading prices of the common shares may fluctuate in response to a number of factors, many of which will be beyond our control.  In addition, the stock market in general, and the market for software technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of such companies.  Market and industry factors may adversely affect the market price of the common shares, regardless of our operating performance.
 
In the past, following periods of volatility in the market price of a company's securities, securities class-action litigation has often been instituted.  Such litigation, if instituted, could result in substantial costs and a diversion of management's attention and resources.
 
 
17

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.
 
None.

Item 5. Other Information.

None. 

Item 6. Exhibits.

Exhibits Required by Item 601 of Regulation S-B.

Exhibit Number/Description

(3) Charter and By-laws

3.1 Articles of Incorporation (incorporated by reference to the Company's SB-2 Registration Statement filed January 5, 2004).

3.2 Bylaws (incorporated by reference to the Company's SB-2 Registration Statement filed January 5, 2004).

(10) Material Contracts

10.1 Loan Agreement between Ludvik Rolin and the Company dated April 12, 2004 (incorporated by reference from our Registration Statement on Form SB-2, filed on January 5, 2004).
 
 
18

 

(14) Code of Ethics

14.1 Code of Business Conduct and Ethics

(31) Section 302 Certification

31.1 Certification of Angel Cruz

(32) Section 906 Certification

32.1 Certification of Angel Cruz
 
101.INS **
 
XBRL Instance Document
     
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XBRL Taxonomy Extension Schema Document
     
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** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
 
 
19

 
 
SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.
 
  VICTORY EAGLE RESOURCES CORP.  
       
Date: June 18, 2012
By:
/s/ Angel Cruz  
   
Angel Cruz, President, Secretary, Treasurer and Director
 
   
(Principal Executive Officer, Principal Financial Officer
and Principal Accounting Officer)
 
       
 
 
 
20

EX-31.1 2 verc_ex311.htm CERTIFICATION verc_ex311.htm
EXHIBIT 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 
I, Angel Cruz, certify that:
 
1.
I have reviewed this quarterly report on Form 10-Q of Victory Eagle Resources Corp.;
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles
 
 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
       
Date: June 18, 2012
By:
/s/ Angel Cruz  
    Angel Cruz  
   
President and Treasurer (Principal Executive Officer,
 
    Principal Financial Officer and Principal Accounting Officer)  

 
EX-32.1 3 verc_ex321.htm CERTIFICATION verc_ex321.htm
EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Victory Eagle Resources Corp. (the "Company") on Form 10-Q for the period ended April 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Angel Cruz, the President, Secretary, Treasurer and Director (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
 
       
Date: June 18, 2012
By:
/s/ Angel Cruz  
    Angel Cruz  
   
(Principal Executive Officer, Principal Financial Officer
and Principal Accounting Officer)
 
       

 

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COMMON STOCK
9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 3.COMMON STOCK

On December 10, 2009 the Company received $36,100 for subscriptions for 361,000 shares at $0.10 per share. The shares were issued on December 16, 2010. As at April 30, 2012, $3,880 of the proceeds for the shares was outstanding.

 

On October 26, 2011, the Company received $25,000 from subscriptions for 100,000 common shares at $0.25 per share. The shares were issued on November 10, 2011.

 

On April 27, 2012, the Company issued 120,000 common shares at $0.25 per share for gross proceeds of $30,000.

XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Apr. 30, 2012
Jul. 31, 2011
Current assets    
Cash $ 32,665 $ 2,343
Prepaid expenses    550
Total current assets 32,665 2,893
Total assets 32,665 2,893
Current liabilities    
Accounts payable and accrued liabilities 16,705 13,525
Note payable and advance-related parties 27,949 27,155
Accrued interest on related party note payable 21,426 19,422
Total current liabilities 66,080 60,102
Total liabilities 66,080 60,102
STOCKHOLDERS' DEFICIT:    
Common stock, $0.001 par value, 25,000,000 shares authorized, 3,614,940 and 3,394,940 shares issued and outstanding at April 30, 2012 and July 31, 2011, respectively 3,615 3,395
Additional paid-in capital 200,748 145,968
Subscription receivable (3,880) (3,880)
Deficit accumulated during the exploration stage (233,898) (202,692)
Total stockholders' deficit (33,415) (57,209)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 32,665 $ 2,893
XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
BASIS OF PRESENTATION
9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 1.BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of Victory Eagle Resources Corp. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported on Form 10-K, have been omitted.

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XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTE PAYABLE - RELATED PARTIES
9 Months Ended
Apr. 30, 2012
Notes to Financial Statements  
Note 2. NOTE PAYABLE - RELATED PARTIES

During April 2004, the majority shareholder of the Company loaned the Company $26,500. Interest is being accrued on this note at the rate of 10% per annum. As at April 30, 2012, the interest accrued on the loan is $21,426. The note payable and accrued interest are payable on demand.

 

During the year ended July 31, 2011, the President of the Company made payments of $655 on behalf of the Company, which was outstanding at April 30, 2012.

 

During the nine months ended April 30, 2012, the President of the Company made payments of $794 on behalf of the Company, which was outstanding at April 30, 2012. These advances from the President are unsecured, non-interest bearing and payable upon demand.

XML 17 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (Parenthetical) (USD $)
Apr. 30, 2012
Jul. 31, 2011
STOCKHOLDERS' DEFICIT:    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 25,000,000 25,000,000
Common stock issued 3,614,940 3,394,940
Common stock, outstanding 3,614,940 3,394,940
XML 18 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
9 Months Ended
Apr. 30, 2012
Jun. 18, 2012
Document And Entity Information    
Entity Registrant Name Victory Eagle Resources Corp.  
Entity Central Index Key 0001304898  
Document Type 10-Q  
Document Period End Date Apr. 30, 2012  
Amendment Flag false  
Current Fiscal Year End Date --07-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   3,614,940
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2012  
XML 19 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS(Unaudited) (USD $)
3 Months Ended 9 Months Ended 97 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Operating expenses:          
Exploration cost             $ 9,500
General and administrative 7,900 4,536 29,202 23,433 202,972
Operating loss (7,900) (4,536) (29,202) (23,433) (212,472)
Interest expense (668) (668) (2,004) (2,004) (21,426)
Net loss $ (8,568) $ (5,204) $ (31,206) $ (25,437) $ (233,898)
Net loss per share:          
Basic and diluted $ 0 $ 0 $ (0.01) $ (0.01)  
Weighted average shares outstanding:          
Basic and diluted 3,498,940 3,394,940 3,459,028 3,060,808  
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STATEMENTS OF CASH FLOWS(Unaudited) (USD $)
9 Months Ended 97 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (31,206) $ (25,437) $ (233,898)
Adjustments to reconcile net loss to net cash used in operating activities:      
Impairment of mineral property rights       11,500
Prepaid expenses 550 1,800   
Accounts payable and accrued liabilities 3,180 (226) 16,705
Accrued interest on shareholder notes payable 2,004 2,004 21,426
NET CASH USED IN OPERATING ACTIVITIES (25,472) (21,859) (184,267)
CASH FLOWS FROM INVESTING ACTIVITIES :      
Expenditures on mineral property rights       (2,000)
NET CASH USED IN INVESTING ACTIVITES       (2,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from note payable and advances-related parties 794    27,949
Proceeds from sale of common stock 55,000 26,120 190,983
NET CASH PROVIDED BY FINANCING ACTIVITIES 55,794 26,120 218,932
NET CHANGE IN CASH 30,322 4,261 32,665
Cash, beginning of period 2,343 3,381   
Cash, end of period 32,665 7,642 32,665
Stock issued for mineral property costs       9,500
Issuance of common stock for subscription receivable    $ 3,880 $ 3,880
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