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Dolat Ventures, Inc.
0001436568
10-Q
2012-11-30
false
--02-29
No
No
Yes
Smaller Reporting Company
Q3
2013
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated subsequent events
through the date the financial statements were issued and filed with Securities and Exchange Commission. The Company has determined
that there are no other events that warrant disclosure or recognition in the financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income taxes have been provided to
show the effect of temporary differences between the recognition of expenses for financial and income tax reporting purposes and
between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements.  In
assessing the realizability of deferred tax assets, the Company assesses the likelihood that deferred tax assets will be recovered
through tax planning strategies or from future taxable income, and to the extent that recovery is not likely or there is insufficient
operating history, a valuation allowance is established.  The Company adjusts the valuation allowance in the period management
determines it is more likely than not that net deferred tax assets will or will not be realized.  As of February 29,
2012 and February 28, 2011, the Company has provided a valuation allowance for all net deferred tax assets due to their current
realization not being  more likely than not.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The provisions for income taxes differ from
the amount computed by applying the statutory federal income tax rate to Income before provision for income taxes. The source and
tax effects of the differences are as follows for the twelve months ended February 29, 2012 and February 28, 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td colspan="2" style="border-bottom: black 2.25pt double; font-weight: bold; text-align: center">2012</td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td colspan="2" style="border-bottom: black 2.25pt double; font-weight: bold; text-align: center">2011</td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 78%; text-align: justify">U.S. federal statutory rate</td>
<td style="width: 1%; text-align: justify"> </td>
<td style="width: 1%; text-align: justify"> </td>
<td style="width: 8%; text-align: right">34</td>
<td style="width: 1%; text-align: justify">%</td>
<td style="width: 1%; text-align: justify"> </td>
<td style="width: 1%; text-align: justify"> </td>
<td style="width: 8%; text-align: right">34</td>
<td style="width: 1%; text-align: justify">%</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify">Valuation reserve</td>
<td style="text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">-34</td>
<td style="text-align: justify">%</td>
<td style="text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">-34</td>
<td style="text-align: justify">%</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify">Total</td>
<td style="text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">0</td>
<td style="text-align: justify">%</td>
<td style="text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right">0</td>
<td style="text-align: justify">%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of Aug. 31, 2012, the Company did not recognize
any assets or liabilities relative to uncertain tax positions, nor do we anticipate any significant unrecognized tax benefits will
be recorded during the next 12 months.  Any interest or penalties related to unrecognized tax benefits is recognized
in income tax expense. Since there are no unrecognized tax benefits as a result of tax positions taken, there are no accrued penalties
or interest.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tax positions are positions taken in a previously
filed tax return or positions expected to be taken in a future tax return that are reflected in measuring current or deferred income
tax assets and liabilities reported in the consolidated financial statements.  Tax positions include, but are not limited
to, the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 7%; text-align: justify">-</td>
<td style="width: 93%; text-align: justify; text-indent: 0in">    An allocation or shift of income between taxing jurisdictions;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 7%; text-align: justify">-</td>
<td style="width: 93%; text-align: justify; text-indent: 0in">   The characterization of income or a decision to exclude reportable taxable income in a tax return; or</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 7%; text-align: justify">-</td>
<td style="width: 93%; text-align: justify; text-indent: 0in">    A decision to classify a transaction, entity or other position in a tax return as tax exempt.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reflects tax benefits only if it
is more likely than not that we will be able to sustain the tax position, based on its technical merits.  If a tax benefit
meets this criterion, it is measured and recognized based on the largest amount of benefit that is cumulatively greater than 50%
likely to be realized.  The Company has no unrecognized tax benefits as of February 29, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s practice is to recognize
interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties
on the Company’s balance sheets at Nov. 30, 2012, and has not recognized interest and/or penalties in the statement of operations
for either period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 19, 2006, the Company issued 4,000,000
restricted shares of its common stock for $4,000 cash, or $.001 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 26, 2006, the Company issued 1,000,000
restricted shares of its common stock for $1,000 cash, or $.001 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 21, 2006, the Company issued 800,000
restricted shares of its common stock for $8,000 cash, or $.01 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 1, 2006, the Company issued 800,000
restricted shares of its common stock for $16,000 cash, or $.02 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 15, 2009, the Company issued 20,622,000
shares of stock to two individuals in exchange for 100% of the shares of the outstanding capital stock of Dove Diamonds and Mining,
Inc.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, the
company sold 1,803,279 restricted shares of its common stock for $325,000 or $0.18 per share.  The Company incurred $17,500
of expense related to sale of these shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 13, 2010, the Company issued 28,000,000
shares of common stock in a share exchange agreement for 75% of Millennium Mining LLC common stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 29, 2010, the Company filed an amendment
to its articles of incorporation with the Nevada Secretary of State to increase its authorized number of common shares to 250,000,000
at $0.001 par value and authorized 25,000,000 shares of preferred stock with a par value of $0.001.  Also on July 29,
2010, the Board of Directors of the Company filed a Designation of Series A Preferred Stock creating 1,000,000 shares of Series
A Preferred Stock and a Designation of Series B Preferred Stock creating 24,000,000 shares of Series B Preferred Stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, the
Company issued a total of 4,162,223 restricted shares of its common stock for $503,000 cash, or an average of $0.12 per share,
under private placements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, the
Company issued 861,000 shares of its restricted common stock to various individuals and entities for services at a value of $126,650,
or an average of $0.147 per share, based on the market value at the date of issuance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, the
Company issued 375,000 shares of its restricted common stock to various charitable organizations as donations at a value of $56,250,
or an average of $0.15 per share, based on the market value at the date of issuance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, the
Company issued 19,709,660 shares of its restricted common stock to various individuals and entities for past support of the Company
at a value of $10,458,150, or an average of $0.53 per share, based on the market value at the date of issuance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, the
Company issued 2,092,199 shares of its Series B preferred stock to various individuals and entities for global public relations
at a value of $320,523, or an average of $0.153 per share, based on the market value of its common stock at the date of issuance.  The
Company cancelled these shares, and the shares were returned, on February 27, 2010 as the services were not performed by the recipients.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the twelve months ended May 28, 2011,
the Company issued 555,555 restricted shares of its common stock for $50,000 cash, or $0.09 per share, under a private placement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the twelve months ended February 29,
2012 the Company issued 14,833,000 restricted shares of its common stock for $350,000.00.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September, 2012 the Company issued 1,000,000
common restricted shares, and 5,000,000 common restricted shares to two (2) debt holders in debt reduction of a an aggregate $6,000
at par value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September, 2012 the Company issued 2,500,00
common restricted shares for services to Paramount Capital for consulting services.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not adopted a stock option
plan and has not granted any stock options or issued any warrants as of Nov. 30, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 28, 2009 the Company had received
$24,660 from associates of the Company’s management. These advances were unsecured and non-interest bearing.  During
the year ended February 28, 2010 the Company received an additional $7,022 from Company’s management, and $25,247 of this
debt was forgiven and credited to additional paid in capital, resulting in a balance of $6,435 due to related parties as of February
28, 2010 and February 28, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 9, 2009, the Company entered into
an Agreement and Plan of Acquisition (the “Acquisition Agreement”) with Dove Diamond and Mining, Inc. (“Dove”),
a Nevada corporation, and the shareholders of Dove (“Dove Shareholders”) whereby the Company acquired 100% of the issued
and outstanding common stock of Dove in exchange (the “Stock Exchange”) for 20,622,000 newly issued shares of its restricted
common stock.  The final closing was concluded and is effective February 15, 2009</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, Dove
advanced $298,000 to a Millennium, which at the time was majority owned by the Company’s President and majority shareholder<i>.</i>
  On April 13, 2010, the Company acquired a 75% interest in Millennium.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 29, 2009, Mr. Gary Tice and Ms.
Nigar Lila executed a stock Purchase Agreement, pursuant to which Ms. Lila agreed to sell all of her holding in Dolat to Mr. Tice
for $250,000.  Ms. Lila resigned from the Board of Directors on September 22, 2009 and was replaced by Gary Tice,
who was appointed President the same day.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 28, 2009 Shmuel Dovid Hauck was
nominated and elected by the Board of Directors as President of the Company upon the resignation of Gary Tice, who previously
served as President, Chief Financial Officer, Secretary, and a Director.   Mr. Hauck was also appointed to the Board
of Directors on February 28, 2009.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended February 28, 2010 and February
28, 2009 the Company paid a total of $220 and $2,500, respectively, to the Company’s sole officer for administrative services
rendered to the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 13, 2010, the Company entered into
a Share Exchange Agreement with Millennium Mining LLC (“Millennium”), a Sierra Leone Limited Liability Company.   Under
the agreement, the company acquired 75% of the capital stock of Millennium in exchange for thirty million (28,000,000) shares of
the Company’s common stock. The shares of stock acquired were owned by Mr. Shmuel Dovid Hauck, the Company’s President
and majority shareholder.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 21, 2010, the Company issued 1,000,000
shares of its restricted common stock to the brother-in-law of the Company’s President and Director for compensation for
past support of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In  September 2012, the Company’s
President lent $5,000 at no interest for a term of one year to the Corporation, to pay for administrative expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company issued twelve notes payable as
follows: Note One is a non-interest bearing loan in the amount of $17,113 (74,441,165 Sierra Leones) disbursed to the Company on
multiple dates between March 15, 2008 and August 5, 2009.  All amounts were payable February 1, 2009.  Note
Two is a non-interest bearing loan in the amount of $18,391 (80,000,000 Sierra Leones) obtained on March 28, 2008 and payable June
28, 2008.  Note Twelve is a non-interest bearing loan secured by a motor vehicle in the amount of $3,218 (14,000,000
Sierra Leones) obtained on February 24, 2009 and due on demand.  All twelve notes are in default at February 28, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended February 28, 2010, one
of the Company’s banks credited their overdraft balance by $34,070 (140,000,000 Sierra Leones) and created a Bank Loan for
this amount.  During the twelve months ended February 28, 2011, $15,296 (58,333,333 Sierra Leones) was paid on the loan
leaving a balance of $18,774 (81,666,667 Sierra Leones).  This loan accrues interest monthly which is automatically charged
to the bank account.  Interest expense of $602 was paid during the twelve months ended February 28, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 28, 2011, the Company issued a short-term
note payable in the amount of $100,000.  The note is non-interest bearing and is due January 28, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Paula Property, British Columbia, Canada</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 3, 2006, the Company acquired a
100% undivided right, title and interest in and to the ‘‘Paula Property’’ located in the province of British
Columbia, Canada from an unrelated party for $1,000.  From that time through February 28, 2010, the Company has incurred
property acquisition and exploration costs totaling $10,771 on the Paula Property.  During the year ended February 28,
2010, the Company has decided to abandon the Paula Property to focus on its operations acquired in Sierra Leone.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Bo District, Sierra Leone</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 13, 2010, the Company acquired 75%
of the capital stock of Millennium Mining LLC (“Millennium”).  Millennium was incorporated in Sierra Leone
as a Private Limited Liability Company on March 3, 2008 and commenced commercial operations after obtaining its license from the
Ministry of Mineral Resources (Sierra Leone) shortly after.  The Company’s core operations are to mine, extract,
refine, and purify precious metals and stones.  The Company buys, sells, distributes and exports diamond bauxite, rutile
gold, silver and other precious minerals in Sierra Leone and internationally.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Millennium is party to a mining agreement pursuant
to which owners of land in the towns of Gandorhun and Njala in the Tikonko Chiefdom, Bo District of Sierra Leone have agreed to
allow Millennium to mine the area in and around the Baimbawai Pool of the Sewa River located between those two towns. According
to the terms of the mining agreement dated January 26, 2008, Millennium will fund all diamond mining operations, and shall be responsible
for all required machinery, mining equipment and/or structures. The landowners who hold the license to mine this area shall be
entitled to thirty percent (28%) of the net profits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated financial statements
in conformity with accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant estimates
in the accompanying consolidated financial statements include the depreciable lives of property and equipment, valuation of share-based
payments and the valuation allowance on deferred tax assets.  Actual results could differ from those estimates and would
impact future results of operations and cash flows.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Principles of Consolidation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include
the accounts of Dolat Ventures, Inc., its wholly-owned subsidiary, Dove Diamond and Mining, Inc., and its majority-owned subsidiary,
Millennium Mining LLC.  All significant inter-company balances and transactions have been eliminated in consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Reclassifications</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain items on the 2010 statement of operations,
and statement of cash flows have been reclassified to conform to the current period presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid temporary
cash investments with an original maturity of twelve months or less to be cash equivalents. At Nov. 30, 2012 and Nov. 30, 2011,
respectively, the Company had no cash equivalents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Property and Equipment</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are recorded at cost.
Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred.
Depreciation of property and equipment is computed by the straight-line method (after taking into account their respective estimated
residual values) over the assets estimated useful lives of 10 years. Upon sale or retirement of property and equipment, the related
cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements
of operations. Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful
lives, whichever is shorter.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the nine
months ended Nov 30, 2012 was $174,332.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Mineral Property and Exploration Costs</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has been in the exploration stage
since April 13, 2006 and has not yet realized sustainable revenues from its planned operations.  It is primarily engaged
in the acquisition, exploration, and development of mining properties and the wholesale distribution and sale of diamonds and precious
gemstones.  In accordance with Securities and Exchange Commission Industry Guide 7, mineral property acquisition costs
and exploration costs are expensed to operations as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When it has been determined that a mineral
property can be economically developed as a result of establishing probable and then proven reserves, the costs then incurred to
develop such property are capitalized.  Such costs will be amortized using the units-of-production method over the estimated
life of the probable-proven reserves.  If mineral properties are subsequently abandoned or impaired, any capitalized
costs will be charged to operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Impairment or Disposal of Long-Lived
Assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the impairment or
disposal of long-lived assets according to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 360 “Property, Plant and Equipment”. ASC 360 clarifies the accounting for the impairment of long-lived
assets and for long-lived assets to be disposed of, including the disposal of business segments and major lines of business. Long-lived
assets are reviewed when facts and circumstances indicate that the carrying value of the asset August not be recoverable. When
necessary, impaired assets are written down to estimate fair value based on the best information available. Estimated fair value
is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment
is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fair Value of Financial Instruments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FASB ASC 820, Fair Value Measurements and Disclosures,
establishes a framework for measuring fair value and expands disclosures about fair value measurements.  ASC 820 defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.  ASC 820 states that a fair value measurement should be determined based on the
assumptions the market participants would use in pricing the asset or liability.  In addition, ASC 820 specifies a hierarchy
of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable.  Observable
inputs reflect market data obtained from independent sources, while unobservable inputs reflect the reporting entity’s own
assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information
available in the circumstances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The twelve broad levels defined by ASC 820
hierarchy are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 1 – quoted prices for identical
assets or liabilities in active markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 2 – pricing inputs are other than
quoted prices in active markets, which are either directly or indirectly observable as of the reported date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 – valuations derived from methods
in which one or more significant inputs or significant value drivers are unobservable in the markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These financial instruments are measured using
management’s best estimate of fair value, where the inputs into the determination of fair value require significant management
judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments.  Changes
in such judgments could have a material impact on fair value estimates.  In addition, since estimates are as of a specific
point in time, they are susceptible to material near-term changes.  Changes in economic conditions August also dramatically
affect the estimated fair values.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management as of November 30, 2012. The respective carrying
value of certain financial instruments approximated their fair values due to the short-term nature of these instruments. These
financial instruments include related party receivables, prepaid expenses, accounts payable and accrued expenses and related party
payables. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt
of similar terms which is not significantly different from its stated value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Revenue Recognition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized revenue on arrangements
in accordance with ASC Topic 605, <i>“Revenue Recognition”</i>   (“ASC Topic 605”).  Under
ASC Topic 605, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists,
the service is performed and collectability of the resulting receivable is reasonably assured.  Revenue is recognized
when the products are received and accepted by the customer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Environmental Costs</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Environmental expenditures that relate to current
operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations,
and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental
assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals
coincides with the earlier of completion of a feasibility study or the Company’s commitments to plan of action based on the
then known facts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Stock Based Compensation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for Stock-Based Compensation
under ASC 718 “Compensation – Stock Compensation”, which addresses the accounting for transactions in which an
entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains
employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based
Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued
to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received
in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental
compensation costs arising from subsequent modifications of awards after the grant date must be recognized.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for stock-based compensation
awards to non-employees in accordance with ASC 505-50 “Equity-Based Payments to Non-Employees” ("ASC 505-50").
Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the
fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
Any stock options issued to non-employees are recorded in expense and additional paid-in capital in shareholders' equity/(deficit)
over the applicable service periods using variable accounting through the vesting dates based on the fair value of the options
at the end of each period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not adopted a stock option
plan and has not granted any stock options as of November 30, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes are accounted for under the liability
method of accounting for income taxes.  Under the liability method, future tax liabilities and assets are recognized
for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying
amounts of existing assets and liabilities and their respective tax bases.  Future tax assets and liabilities are measured
using enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled.  The
effect of a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the
change occurs.  Future income tax assets are recognized to the extent that they are considered more likely than not to
be realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The FASB has issued ASC 740 “Income Taxes”
(formerly, Financial Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” – An Interpretation
of FASB Statement No. 109 (FIN 48)).  ASC 740 clarifies the accounting for uncertainty in income taxes recognized in
an enterprise’s financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes.  This
standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination
based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position
to determine the amount to recognize in the financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the implementation of this standard,
the Company performed a review of its material tax positions in accordance with recognition and measurement standards established
by FASB ASC 740 and concluded that the tax position of the Company has not met the more-likely-than-not threshold as of February
29, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Currency Translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements are presented
in United States dollars.  In accordance with ASC 828 ‘‘Foreign Currency Matters’’, foreign denominated
monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed
at the balance sheet date.  Non-monetary assets and liabilities are translated at the exchange rates prevailing at the
transaction date.  Revenue and expenses are translated at average rates of exchange during the year.  Gains
or losses resulting from foreign currency transactions are included in results of operations.  Translation adjustments
are included in Accumulated Other Comprehensive Income (Loss).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basic and Diluted Loss Per Share</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company computes income (loss) per share
in accordance with ASC 260, "Earnings per Share", which requires presentation of both basic and diluted earnings per
share (“EPS”) on the face of the statement of operations.  Basic EPS is computed by dividing income (loss)
available to common shareholders by the weighted average number of shares outstanding during the period.  Diluted EPS
gives effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method and
convertible preferred stock using the if-converted method.  In computing diluted EPS, the average stock price for the
period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants.  Diluted
EPS excludes all dilutive potential shares if their effect is anti-dilutive.  Dilutive loss per share has not been presented
because as of February 28, 2011 and 2010, respectively, there were no common share equivalents outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Segment Information</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the provisions of ASC 280-10,
“Disclosures about Segments of an Enterprise and Related Information”, the Company is required to report financial
and descriptive information about its reportable operating segments.  The Company operates in only one operating
segment as of February 29, 2012.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exploration Stage Company</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is an “exploration stage
company” as defined in the Securities and Exchange Commission Industry Guide 7, and is subject to compliance with ASC Topic
915 “Development Stage Entities”.  To date, the Company's planned principal operations have not fully commenced.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Accounting Standards Codification</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2009, the Financial Accounting
Standards Board (“FASB”) issued ASC 105, formerly FASB Statement No. 168, the FASB Accounting Standards Codification
(“Codification”) and the Hierarchy of Generally Accepted Accounting Principles (“GAAP”), a replacement
of FASB Statement No. 162 (“SFAS 168”). SFAS 168 establishes the Codification as the single source of authoritative
GAAP in the United States, other than rules and interpretive releases issued by the SEC. The Codification is a reorganization of
current GAAP into a topical format that eliminates the current GAAP hierarchy and establishes instead two levels of guidance —
authoritative and non-authoritative. All non-grandfathered, non-SEC accounting literature that is not included in the Codification
will become non-authoritative. The FASB’s primary goal in developing the Codification is to simplify user access to all authoritative
GAAP by providing all the authoritative literature related to a particular accounting topic in one place. The Codification was
effective for interim and annual periods ending after September 15, 2009. As the Codification was not intended to change or alter
existing GAAP, it did not have a material impact on the Company’s consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Effect of Recent Accounting Pronouncements</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews new accounting standards
as issued. No new standards had any material effect on these consolidated financial statements. The accounting pronouncements issued
subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential
effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a
material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement
of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent
to May 31, 2012 through the date these financial statements were issued.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
107466362
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Organization</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dolat Ventures, Inc., the “Company”
was incorporated in Nevada on April 13, 2006 with the intent to engage in the business of mineral property exploration.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 9, 2009, the Company entered into
an Agreement and Plan of Acquisition (the “Acquisition Agreement”) with Dove Diamond and Mining, Inc. (“Dove”),
a Nevada corporation, and the shareholders of Dove (“Dove Shareholders”) whereby the Company acquired 100% of the issued
and outstanding common stock of Dove in exchange (the “Stock Exchange”) for 20,622,000 newly issued shares of its restricted
common stock.  The final closing was concluded and is effective February 15, 2009.  For accounting purposes,
the Stock Exchange is being accounted for as if Dove is considered a newly created entity.  Dove will import and wholesale
rough diamonds and gemstones.   </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In conjunction with the acquisition of Dove,
the Company experienced a change in control. On February 28, 2009 Shmuel Dovid Hauck was nominated and elected by the Board of
Directors as President of Dolat Ventures, Inc. upon the resignation of Gary Tice, who previously served as President, Chief
Financial Officer, Secretary, and a Director.   Mr. Hauck was also appointed to the Board of Directors on February
28, 2009.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 13, 2010, the Company entered into
a Share Exchange Agreement with Millennium Mining LLC (“Millennium”), a Sierra Leone Limited Liability Company.   Under
the agreement, the company acquired 75% of the capital stock of Millennium in exchange for thirty million (28,000,000) shares of
the Company’s common stock. The shares of stock acquired were owned by Mr. Shumel Dovid Hauck, the Company’s President
and majority shareholder.  Millennium is an operating entity in the business of mining and wholesale distribution of
diamonds and precious gemstones.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying 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 Securities and Exchange Commission (“SEC”). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Going Concern</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited consolidated financial
statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.  As reflected in the accompanying consolidated financial statements, the Company had
an accumulated deficit of $11,657,285 at November 30, 2012, a net loss of $82,449 for the Nine Months months ended November 30, 2012,
as compared to a net loss of $110,610 for the same three month period ending November 30, 2011.  These conditions raise substantial
doubt about the Company’s ability to continue as a going concern.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ability of the Company’s to continue
as a going concern is dependent upon the Company’s ability to further implement its business plan, generate revenues, and
continue to raise additional investment capital.  No assurance can be given that the Company will be successful in these
efforts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited consolidated financial statements
do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.  Management believes
that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the
Company to continue as a going concern.</p>
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-21914
-167234
-82499
-110610
-11657335
-4000
-299270
307103
18218
1548
4000
4000
31599
145098
134704
1381360
6000
15296
115778
5000
100000
138040
146098
50000
1353098
-8206
-657
-8206
3674
0
0
174332
174332
0
0
15296
18774
602
100000
555555
14833000
50000
350000
0.09
0.34
0.34
-0.34
-0.34
0.00
0.00
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying 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 Securities and Exchange Commission (“SEC”). </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business.  As reflected in the accompanying consolidated financial statements,
the Company had an accumulated deficit of $11,657,285 at November 30, 2012, a net loss of $ 82,449 for the three months ended November
30, 2012, as compared to a net loss of $110,610 for the same three month period ending November 30, 2011.  These conditions
raise substantial doubt about the Company’s ability to continue as a going concern.  </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The ability of the Company’s to
continue as a going concern is dependent upon the Company’s ability to further implement its business plan, generate revenues,
and continue to raise additional investment capital.  No assurance can be given that the Company will be successful in
these efforts.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited consolidated financial
statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts
and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  Management
believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity
for the Company to continue as a going concern.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated financial
statements in conformity with accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of
the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant
estimates in the accompanying consolidated financial statements include the depreciable lives of property and equipment, valuation
of share-based payments and the valuation allowance on deferred tax assets.  Actual results could differ from those estimates
and would impact future results of operations and cash flows.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements
include the accounts of Dolat Ventures, Inc., its wholly-owned subsidiary, Dove Diamond and Mining, Inc., and its majority-owned
subsidiary, Millennium Mining LLC.  All significant inter-company balances and transactions have been eliminated in consolidation.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain items on the 2010 statement
of operations, and statement of cash flows have been reclassified to conform to the current period presentation.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid
temporary cash investments with an original maturity of twelve months or less to be cash equivalents. At Nov. 30, 2012 and Nov.
30, 2011, respectively, the Company had no cash equivalents.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are recorded
at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as
incurred. Depreciation of property and equipment is computed by the straight-line method (after taking into account their respective
estimated residual values) over the assets estimated useful lives of 10 years. Upon sale or retirement of property and equipment,
the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated
statements of operations. Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated
useful lives, whichever is shorter.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the
nine months ended Nov 30, 2012 was $174,332.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has been in the exploration
stage since April 13, 2006 and has not yet realized sustainable revenues from its planned operations.  It is primarily
engaged in the acquisition, exploration, and development of mining properties and the wholesale distribution and sale of diamonds
and precious gemstones.  In accordance with Securities and Exchange Commission Industry Guide 7, mineral property acquisition
costs and exploration costs are expensed to operations as incurred.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">When it has been determined that a mineral
property can be economically developed as a result of establishing probable and then proven reserves, the costs then incurred to
develop such property are capitalized.  Such costs will be amortized using the units-of-production method over the estimated
life of the probable-proven reserves.  If mineral properties are subsequently abandoned or impaired, any capitalized
costs will be charged to operations.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the impairment
or disposal of long-lived assets according to the Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) 360 “Property, Plant and Equipment”. ASC 360 clarifies the accounting for the impairment
of long-lived assets and for long-lived assets to be disposed of, including the disposal of business segments and major lines of
business. Long-lived assets are reviewed when facts and circumstances indicate that the carrying value of the asset August not
be recoverable. When necessary, impaired assets are written down to estimate fair value based on the best information available.
Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable
management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly
from such estimates.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">FASB ASC 820, Fair Value Measurements
and Disclosures, establishes a framework for measuring fair value and expands disclosures about fair value measurements. 
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.  ASC 820 states that a fair value measurement should be determined
based on the assumptions the market participants would use in pricing the asset or liability.  In addition, ASC 820 specifies
a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or
unobservable.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect
the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability
developed based on the best information available in the circumstances.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The twelve broad levels defined by ASC
820 hierarchy are as follows:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 1 – quoted prices for identical
assets or liabilities in active markets.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 2 – pricing inputs are other
than quoted prices in active markets, which are either directly or indirectly observable as of the reported date.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 – valuations derived from
methods in which one or more significant inputs or significant value drivers are unobservable in the markets.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">These financial instruments are measured
using management’s best estimate of fair value, where the inputs into the determination of fair value require significant
management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments.  Changes
in such judgments could have a material impact on fair value estimates.  In addition, since estimates are as of a specific
point in time, they are susceptible to material near-term changes.  Changes in economic conditions August also dramatically
affect the estimated fair values.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value estimates discussed herein
are based upon certain market assumptions and pertinent information available to management as of November 30, 2012. The respective
carrying value of certain financial instruments approximated their fair values due to the short-term nature of these instruments.
These financial instruments include related party receivables, prepaid expenses, accounts payable and accrued expenses and related
party payables. The fair value of the Company’s notes payable is estimated based on current rates that would be available
for debt of similar terms which is not significantly different from its stated value.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized revenue on arrangements
in accordance with ASC Topic 605, <i>“Revenue Recognition”</i>   (“ASC Topic 605”).  Under
ASC Topic 605, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists,
the service is performed and collectability of the resulting receivable is reasonably assured.  Revenue is recognized
when the products are received and accepted by the customer.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Environmental expenditures that relate
to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past
operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental
assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals
coincides with the earlier of completion of a feasibility study or the Company’s commitments to plan of action based on the
then known facts.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for Stock-Based
Compensation under ASC 718 “Compensation – Stock Compensation”, which addresses the accounting for transactions
in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity
obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based
Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued
to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received
in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental
compensation costs arising from subsequent modifications of awards after the grant date must be recognized.  </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for stock-based
compensation awards to non-employees in accordance with ASC 505-50 “Equity-Based Payments to Non-Employees” ("ASC
505-50"). Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted
as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably
measurable. Any stock options issued to non-employees are recorded in expense and additional paid-in capital in shareholders' equity/(deficit)
over the applicable service periods using variable accounting through the vesting dates based on the fair value of the options
at the end of each period.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not adopted a stock
option plan and has not granted any stock options as of November 30, 2012.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes are accounted for under
the liability method of accounting for income taxes.  Under the liability method, future tax liabilities and assets are
recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of existing assets and liabilities and their respective tax bases.  Future tax assets and
liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized or
the liability settled.  The effect of a change in income tax rates on future income tax liabilities and assets is recognized
in income in the period that the change occurs.  Future income tax assets are recognized to the extent that they are
considered more likely than not to be realized.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The FASB has issued ASC 740 “Income
Taxes” (formerly, Financial Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” – An Interpretation
of FASB Statement No. 109 (FIN 48)).  ASC 740 clarifies the accounting for uncertainty in income taxes recognized in
an enterprise’s financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes.  This
standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination
based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position
to determine the amount to recognize in the financial statements.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the implementation of
this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards
established by FASB ASC 740 and concluded that the tax position of the Company has not met the more-likely-than-not threshold as
of February 29, 2012.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements
are presented in United States dollars.  In accordance with ASC 828 ‘‘Foreign Currency Matters’’,
foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange
rates which prevailed at the balance sheet date.  Non-monetary assets and liabilities are translated at the exchange
rates prevailing at the transaction date.  Revenue and expenses are translated at average rates of exchange during the
year.  Gains or losses resulting from foreign currency transactions are included in results of operations.  Translation
adjustments are included in Accumulated Other Comprehensive Income (Loss).</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company computes income (loss) per
share in accordance with ASC 260, "Earnings per Share", which requires presentation of both basic and diluted earnings
per share (“EPS”) on the face of the statement of operations.  Basic EPS is computed by dividing income (loss)
available to common shareholders by the weighted average number of shares outstanding during the period.  Diluted EPS
gives effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method and
convertible preferred stock using the if-converted method.  In computing diluted EPS, the average stock price for the
period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants.  Diluted
EPS excludes all dilutive potential shares if their effect is anti-dilutive.  Dilutive loss per share has not been presented
because as of February 28, 2011 and 2010, respectively, there were no common share equivalents outstanding.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the provisions of
ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, the Company is required to report
financial and descriptive information about its reportable operating segments.  The Company operates in only one
operating segment as of February 29, 2012.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is an “exploration
stage company” as defined in the Securities and Exchange Commission Industry Guide 7, and is subject to compliance with ASC
Topic 915 “Development Stage Entities”.  To date, the Company's planned principal operations have not fully
commenced.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2009, the Financial Accounting
Standards Board (“FASB”) issued ASC 105, formerly FASB Statement No. 168, the FASB Accounting Standards Codification
(“Codification”) and the Hierarchy of Generally Accepted Accounting Principles (“GAAP”), a replacement
of FASB Statement No. 162 (“SFAS 168”). SFAS 168 establishes the Codification as the single source of authoritative
GAAP in the United States, other than rules and interpretive releases issued by the SEC. The Codification is a reorganization of
current GAAP into a topical format that eliminates the current GAAP hierarchy and establishes instead two levels of guidance —
authoritative and non-authoritative. All non-grandfathered, non-SEC accounting literature that is not included in the Codification
will become non-authoritative. The FASB’s primary goal in developing the Codification is to simplify user access to all authoritative
GAAP by providing all the authoritative literature related to a particular accounting topic in one place. The Codification was
effective for interim and annual periods ending after September 15, 2009. As the Codification was not intended to change or alter
existing GAAP, it did not have a material impact on the Company’s consolidated financial statements.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews new accounting standards
as issued. No new standards had any material effect on these consolidated financial statements. The accounting pronouncements issued
subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential
effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a
material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement
of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent
to May 31, 2012 through the date these financial statements were issued.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The provisions for income taxes differ
from the amount computed by applying the statutory federal income tax rate to Income before provision for income taxes. The source
and tax effects of the differences are as follows for the twelve months ended February 29, 2012 and February 28, 2011:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%; text-align: justify"> </td>
<td style="line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">2012</td>
<td nowrap="nowrap" style="line-height: 115%; font-weight: bold"> </td>
<td style="line-height: 115%; font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">2011</td>
<td nowrap="nowrap" style="line-height: 115%; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 76%; line-height: 115%; text-align: justify">U.S. federal statutory rate</td>
<td style="width: 1%; line-height: 115%; text-align: justify"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 9%; line-height: 115%; text-align: right">34</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%">%</td>
<td style="width: 1%; line-height: 115%; text-align: justify"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 9%; line-height: 115%; text-align: right">34</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%">%</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; text-align: justify">Valuation reserve</td>
<td style="line-height: 115%; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">- 34</td>
<td nowrap="nowrap" style="line-height: 115%">%</td>
<td style="line-height: 115%; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">-34</td>
<td nowrap="nowrap" style="line-height: 115%">%</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; text-align: justify">Total</td>
<td style="line-height: 115%; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">0</td>
<td nowrap="nowrap" style="line-height: 115%">%</td>
<td style="line-height: 115%; text-align: justify"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">0</td>
<td nowrap="nowrap" style="line-height: 115%">%</td></tr>
</table>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></p>