Nevada
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30-0692325
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(State or other jurisdiction of incorporation)
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(IRS Employer Identification Number)
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591 Camino de la Riena, Suite 802
San Diego, California 92108
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(Address of principal executive offices)
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(619) 688-6505
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Registrant’s telephone number, including area code:
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o (Do not check if a smaller reporting Company)
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Smaller reporting Company x
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INDEX TO FINANCIAL STATEMENTS:
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Page | |
Balance Sheets
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3
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|
Statements of Operations
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4
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|
Statements of Cash Flows
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5
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Notes to Unaudited Financial Statements
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6-8
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ASSETS |
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|||||||
April 30,
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July 31,
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|||||||
2012
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2011
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|||||||
Current Assets
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||||||||
Cash and cash equivalents
|
$ | 6,436 | $ | 1,471 | ||||
Prepaid expense
|
5,623 | - | ||||||
Other
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1,296 | - | ||||||
Total current assets
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13,355 | 1,471 | ||||||
Total assets
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$ | 13,355 | $ | 1,471 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
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||||||||
Current Liabilities
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||||||||
Accounts payable and accrued liabilities
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$ | 29,539 | $ | 5,150 | ||||
Due to related parties – Note 4
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67,100 | 44,500 | ||||||
Due to note payable – Note 5
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2,548 | - | ||||||
Total current liabilities
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99,187 | 49,650 | ||||||
Total liabilities
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99,187 | 49,650 | ||||||
Going concern – Note 3
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- | - | ||||||
Subsequent events & commitment - Note 7
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- | - | ||||||
Stockholders’ Deficit
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||||||||
Capital stock, $.001 par value,
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||||||||
1,680,000,000 shares authorized;
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||||||||
112,800,000 shares issued and outstanding,
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||||||||
retroactively restate - Note 8
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112,800 | 112,800 | ||||||
Additional paid-in-capital
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(83,600 | ) | (83,600 | ) | ||||
Deficit accumulated during the exploration stage
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(115,032 | ) | (77,379 | ) | ||||
Total stockholders’ deficit
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(85,832 | ) | (48,179 | ) | ||||
Total liabilities and stockholders’ deficit
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$ | 13,355 | $ | 1,471 |
For Three Months Ended
April 30,
|
For Nine Months Ended
April 30,
|
Cumulative During
the Exploration Stage
February 9, 2007
(inception) to
April 30,
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||||||||||||||||||
2012
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2011
|
2012
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2011
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2012
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||||||||||||||||
Operating expenses
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||||||||||||||||||||
Geological, mineral and prospect costs
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- | - | - | - | 12,500 | |||||||||||||||
General and administrative
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7,231 | 4,709 | 18,226 | 18 | 70,591 | |||||||||||||||
Professional fees
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13,315 | 1,568 | 19,272 | 974 | 31,786 | |||||||||||||||
Total operating expenses
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20,546 | 6,277 | 37,498 | 992 | 114,877 | |||||||||||||||
Loss from operations
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(20,546 | ) | (6,277 | ) | (37,498 | ) | (992 | ) | (114,877 | ) | ||||||||||
Other items
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||||||||||||||||||||
Loss foreign exchange
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(155 | ) | - | (155 | ) | - | (155 | ) | ||||||||||||
Total other items
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(155 | ) | - | (155 | ) | - | (155 | ) | ||||||||||||
Net loss
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$ | (20,701 | ) | $ | (6,277 | ) | $ | (37,653 | ) | $ | (992 | ) | $ | (115,032 | ) | |||||
Loss per common share – basic and fully
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||||||||||||||||||||
diluted
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
Weighted average common shares –
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||||||||||||||||||||
basic and diluted
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112,800,000 | 112,800,000 | 112,800,000 | 112,800,000 |
Accumulated from
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||||||||||||
February 20, 2007
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||||||||||||
For Nine Months ended
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(inception) through
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|||||||||||
April 30,
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April 30,
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|||||||||||
2012
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2011
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2012
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||||||||||
Operating Activities
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||||||||||||
Net loss
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$ | (37,653 | ) | $ | (13,850 | ) | $ | (115,032 | ) | |||
Changes in operating assets and liabilities:
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||||||||||||
Increase in prepaid
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(5,623 | ) | - | (5,623 | ) | |||||||
Increase in other assets
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(1,296 | ) | - | (1,296 | ) | |||||||
Increase in accounts payable and accrued liabilities
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24,389 | 3,092 | 30,039 | |||||||||
Net cash used in operating activities
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(20,183 | ) | (10,758 | ) | (91,912 | ) | ||||||
Cash flows from financing activities
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||||||||||||
Proceeds from related party note
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22,600 | 9,000 | 66,600 | |||||||||
Proceeds from note payable
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2,548 | - | 2,548 | |||||||||
Common Stock issued for cash
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- | - | 29,200 | |||||||||
Net cash provided by financing activities
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25,148 | 9,000 | 98,348 | |||||||||
Increase (Decrease) in cash and cash equivalents
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4,965 | (1,758 | ) | 6,436 | ||||||||
Cash and cash equivalents, beginning of period
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1,471 | 2,435 | - | |||||||||
Cash and cash equivalents, end of period
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$ | 6,436 | $ | 677 | $ | 6,436 | ||||||
Supplement Disclosures:
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||||||||||||
Cash paid for interest
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$ | - | $ | - | $ | - | ||||||
Cash paid for income tax
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$ | - | $ | - | $ | - |
·
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our ability to raise additional funding;
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·
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our ability to acquire a new mineral property;
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·
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the market price for minerals that may be found on any mineral property we may acquire;
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·
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the results of our proposed exploration programs on the mineral property; and
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·
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our ability to find joint venture partners for the development of our property interests.
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ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
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ITEM 4.
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CONTROLS AND PROCEDURES.
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ITEM 1.
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LEGAL PROCEEDINGS.
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ITEM 1A.
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RISK FACTORS.
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ITEM 2.
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
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ITEM 4.
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(REMOVED AND RESERVED).
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ITEM 5.
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OTHER INFORMATION.
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ITEM 6.
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EXHIBITS.
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101.
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SCH XBRL Schema Document.
|
Exhibit 31.1
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14 OR 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John H. Schweitzer, Chief Executive Officer of Patriot Minefinders Inc., certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Patriot Minefinders Inc.;
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 quarterly 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 quarterly report;
4.
The registrant's other certifying officer 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 entitles, 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5.
The registrant's other certifying officer 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 function):
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.
By: /s/ John H. Schweitzer
-----------------------------------
Name: John H. Schweitzer
Title: Chief Executive Officer
Date: June 13, 2012
Exhibit 31.2
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14 OR 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Justin Blanchet, Chief Financial Officer of Patriot Minefinders Inc., certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Patriot Minefinders Inc.;
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 quarterly 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 quarterly report;
4.
The registrant's other certifying officer 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 entitles, 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5.
The registrant's other certifying officer 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 function):
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.
By: /s/ Justin Blanchet
------------------------------------
Name: Justin Blanchet
Title: Chief Financial Officer
Date: June 13, 2012
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 Patriot Minefinders Inc., (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, John H. Schweitzer, Chief Executive 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:
1.
this report fully complies with the requirements of Sections 13(a) or 15(d) of the 1934 Act, and
2.
the information contained in this report fairly presents, in all material respects, the registrant's financial condition and results of operations of the registrant.
By: /s/ John H. Schweitzer
-----------------------------------
Name: John H. Schweitzer
Title: Chief Executive Officer
Date: June 13, 2012
Exhibit 32.2
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 Patriot Minefinders Inc., (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, John H. Schweitzer, Chief Financial 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:
1.
this report fully complies with the requirements of Sections 13(a) or 15(d) of the 1934 Act, and
2.
the information contained in this report fairly presents, in all material respects, the registrant's financial condition and results of operations of the registrant.
By: /s/ John H. Schweitzer
------------------------------------
Name: John H. Schweitzer
Title: Chief Financial Officer
Date: June 14, 2012
Due to Related Party
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Due to Related Party | |
Due to Related Party | Note 4 Due to Related Party
The account represents advances made by a former major shareholder and director of $30,500 and the current major shareholder and director $36,600 as of April 30, 2012. The advances are due on demand without interest. |
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Going Concern
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Going Concern. | |
Going Concern | Note 3 Going Concern
These financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of business. The Company has accumulated a deficit of $115,032 since inception, has yet to achieve profitable operations and further losses are anticipated in the development of its business, raising substantial doubt about the Companys ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These financial statements do not reflect the adjustments or reclassifications to the assets and liabilities which would be necessary if the Company was unable to continue its operations. Management plans to obtain short-term loans from the directors of the Company. |
INTERIM BALANCE SHEETS (USD $)
|
Apr. 30, 2012
|
Jul. 31, 2011
|
---|---|---|
Current Assets | ||
Cash and cash equivalents | $ 6,436 | $ 1,471 |
Prepaid expense | 5,623 | 0 |
Other | 1,296 | 0 |
Total current assets | 13,355 | 1,471 |
Total assets | 13,355 | 1,471 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 29,539 | 5,150 |
Due to related parties - Note 4 | 67,100 | 44,500 |
Due to note payable - Note 5 | 2,548 | 0 |
Total current liabilities | 99,187 | 49,650 |
Total liabilities | 99,187 | 49,650 |
Going concern - Note 3 | ||
Subsequent events and commitment - Note 7 | ||
Stockholders Deficit | ||
Capital stock, $.001 par value, 1,680,000,000 shares authorized; 112,800,000 shares issued and outstanding, retroactively restate - Note 8 | 112,800 | 112,800 |
Additional paid-in-capital | (83,600) | (83,600) |
Deficit accumulated during the exploration stage | (115,032) | (77,379) |
Total stockholders deficit | (85,832) | (48,179) |
Total liabilities and stockholders deficit | $ 13,355 | $ 1,471 |
Basis of Presentation
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Basis of Presentation | |
Basis of Presentation | Note 1 Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited interim financial statements should be read in conjunction with the Companys Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with the Managements Discussion and Analysis, for the year ended July 31, 2011. The interim results for the period ended April 30, 2012 are not necessarily indicative of the results for the full fiscal year. |
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Nature of Operations
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Nature of Operations | |
Nature of Operations | Note 2 Nature of Operations
Atlantic Resources Inc. was incorporated in the State of Nevada on February 9, 2007 and is in the exploration stage. On March 29, 2012, Atlantic Resources Inc. merged with and into our wholly-owned subsidiary Patriot Minefinders Inc. (the Company), a Nevada corporation, to effect a name change from Atlantic Resources Inc to Patriot Minefinders Inc. The Company was formed soley for the change of name. The Company is engaged in activities related to the exploration for mineral resources in Canada. The Company acquired a mineral property claim located in the Province of British Columbia, Canada, but allowed the claim to lapse on October 6, 2010. The Company is currently searching for new mineral properties to acquire.
The Company has adopted July 31as its fiscal year end. |
INTERIM BALANCE SHEETS PARENTHETICALS (USD $)
|
Apr. 30, 2012
|
Jul. 31, 2011
|
---|---|---|
Capital Stock par value or stated value | $ 0.001 | $ 0.001 |
Capital Stock Shares authorized | 1,680,000,000 | 1,680,000,000 |
Capital Stock Shares issued | 112,800,000 | 112,800,000 |
Capital Stock Shares outstanding | 112,800,000 | 112,800,000 |
Document and Entity Information
|
9 Months Ended | |
---|---|---|
Apr. 30, 2012
|
May 14, 2012
|
|
Document and Entity Information | ||
Entity Registrant Name | Patriot Minefinders Inc. | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2012 | |
Amendment Flag | false | |
Entity Central Index Key | 0001424864 | |
Current Fiscal Year End Date | --07-31 | |
Entity Common Stock, Shares Outstanding | 112,800,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2012 | |
Document Fiscal Period Focus | Q3 |
INTERIM STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 9 Months Ended | 63 Months Ended | ||
---|---|---|---|---|---|
Apr. 30, 2012
|
Apr. 30, 2011
|
Apr. 30, 2012
|
Apr. 30, 2011
|
Apr. 30, 2012
|
|
Operating expenses | |||||
Geological, mineral and prospect costs | $ 0 | $ 0 | $ 0 | $ 0 | $ 12,500 |
General and administrative | 7,231 | 4,709 | 18,226 | 18 | 70,591 |
Professional fees | 13,315 | 1,568 | 19,272 | 974 | 31,786 |
Total operating expenses | 20,546 | 6,277 | 37,498 | 992 | 114,877 |
Loss from operations | (20,546) | (6,277) | (37,498) | (992) | (114,877) |
Other items | |||||
Loss foreign exchange | (155) | 0 | (155) | 0 | (155) |
Total other items | (155) | 0 | (155) | 0 | (155) |
Net loss | $ (20,701) | $ (6,277) | $ (37,653) | $ (992) | $ (115,032) |
Loss per common share - basic and fully diluted | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |
Weighted average common shares - basic and diluted | 112,800,000 | 112,800,000 | 112,800,000 | 112,800,000 |
Subsequent Events
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Subsequent Events | |
Subsequent Events | Note 7 Subsequent Events
On May 17, 2012, we entered into an assignment agreement with Skanderbeg Capital Partners Inc., in regards to the acquisition of an option on certain mineral concessions in Mexico known as the La Buena Project.
Skanderbeg and San Marco Resources Inc. had entered into an option agreement dated February 28, 2012, wherein Skanderbeg had acquired from San Marco the Option as defined therein, in regards to the option to acquire a 50% interest in the La Buena Project. Skanderbeg has assigned its interest in the
Option to us for $100,000, which consists of the costs paid by Skanderbeg to date for the acquisition of its interest under the Option terms.
We have assumed all of Skanderbegs obligations under the option agreement and have agreed to issue up to 2,500,000 restricted shares of common stock to San Marco, in periodic installments to December 31, 2014. We shall be required to make aggregate cash payments totaling $300,000 to San Marco, with the next payment of $100,000 due by the end of the year, and then an additional $100,000 due on each of December 31, 2013 and 2014 respectively. We will be required to incur aggregate exploration expenditures of $6,000,000, with $1,000,000 to be incurred by the end of the year, $500,000 to be incurred by December 31, 2013, and the balance of $4,500,000 to be incurred by December 31, 2014.
Effective June 1, 2012, our stock symbol changed from AARI to PROF to better reflect the new name of our company. The symbol change became effective with the Over-the-Counter Bulletin Board at the opening of trading on June 1, 2012 under the new stock symbol PROF.
On June 8, 2012, Patriot Minefinders Inc. (the Company) announced the appointment of Frederick J. Sveinson, Perparim Alikaj, Michael Hofer and Fred Tejada to the Companys Board of Directors effective June 1, 2012.
The Company has evaluated subsequent events for the period June 1, 2012 through the date the financial statements were issued, and concluded there were no other events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Capital Stock
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Capital Stock | |
Capital Stock | Note 6 Capital Stock
Authorized
On March 29, 2010, the board of directors authorized a 24-for-1 forward stock split. Prior to the approval of the forward split, the Company had authorized 70,000,000 common shares with the par value of $0.001 per common share. On the effective date of the forward split, the total authorized capital is 1,680,000,000 common shares with the par value of $0.001 per common share. |
INTERIM STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended | 63 Months Ended | |
---|---|---|---|
Apr. 30, 2012
|
Apr. 30, 2011
|
Apr. 30, 2012
|
|
Operating Activities | |||
Net loss. | $ (37,653) | $ (13,850) | $ (115,032) |
Changes in operating assets and liabilities: | |||
Increase in prepaid | (5,623) | 0 | (5,623) |
Increase in other assets | (1,296) | 0 | (1,296) |
Increase in accounts payable and accrued liabilities | 24,389 | 3,092 | 30,039 |
Net cash used in operating activities | (20,183) | (10,758) | (91,912) |
Cash flows from financing activities | |||
Proceeds from related party note | 22,600 | 9,000 | 66,600 |
Proceeds from note payable | 2,548 | 0 | 2,548 |
Common Stock issued for cash | 0 | 0 | 29,200 |
Net cash provided by financing activities | 25,148 | 9,000 | 98,348 |
Increase (Decrease) in cash and cash equivalents | 4,965 | (1,758) | 6,436 |
Cash and cash equivalents, beginning of period | 1,471 | 2,435 | 0 |
Cash and cash equivalents, end of period | 6,436 | 677 | 6,436 |
Supplement Disclosures: | |||
Cash paid for interest | 0 | 0 | 0 |
Cash paid for income tax | $ 0 | $ 0 | $ 0 |
Note Payable
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Note Payable | |
Note Payable | Note 5 Note Payable
On March 19, 2012, the Company entered into a bridge loan agreement and promissory note with Skanderbeg Capital Partners Inc. (Skanderbeg). Under the terms of the bridge loan agreement, Skanderbeg Capital has agreed to loan the Company $25,000 to facilitate the assignment to the Company of Skanderbegs interest in an option agreement related to the La Buena Project in Mexico (the Transaction).
Upon the signing of a definitive agreement between the Company and Skanderbeg for the Transaction, the bridge loan will be applied to Skanderbegs investment obligations under that agreement and the promissory note will no longer be valid.
The bridge loan shall bear interest at the rate of Prime +1% per annum, payable on the maturity date. As of April 30, 2012, the total principle of the loan taken is $2,548 and interest accrued is $9. |