0001144204-12-035807.txt : 20120621 0001144204-12-035807.hdr.sgml : 20120621 20120621153155 ACCESSION NUMBER: 0001144204-12-035807 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120621 DATE AS OF CHANGE: 20120621 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCKFORD MINERALS INC /FI CENTRAL INDEX KEY: 0000844538 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34911 FILM NUMBER: 12919688 BUSINESS ADDRESS: STREET 1: 1250 BAY ST STE 500 CITY: TORONTO ONTARIO M5R 2B1 STATE: A6 ZIP: 00000 BUSINESS PHONE: 207-282-1543 MAIL ADDRESS: STREET 1: 1250 Bay Street, Suite 500 CITY: Toronto Ontario M5R 2B1 STATE: A6 ZIP: 00000 10-Q 1 v316238_10q.htm FORM 10-Q

 

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

xFor the quarterly period ended April 30, 2012

 

or

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ________________

 

Commission File Number: 001-34911

 

Rockford Minerals Inc.

(Exact name of registrant as specified in its charter)

 

Nevada   None
(State or other jurisdiction of   (I.R.S. Employer Identification No.)
incorporation or organization)    

 

369 Shuter Street

Toronto, Ontario M5A 1X2, Canada

(Address of principal executive offices)

 

Registrant’s telephone number, including area code:  (416) 937-3266

 

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x   No ¨

 

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

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting Company in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨ Accelerated filer  ¨
Non-accelerated filer  ¨ Smaller reporting Company x

 

Indicate by check mark whether the registrant is a shell Company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨ No x

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  ¨    No ¨

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 10,296,683 shares of common stock at June 15, 2012.

 

 
 

 

ROCKFORD MINERALS INC.

 

INDEX

 

PART I - FINANCIAL INFORMATION  
       
Item 1. Financial Statements:  
       
    Condensed Balance Sheets as of April 30, 2012 (Unaudited) and October 31, 2011 4
       
    Condensed Statements of Operations for the three months and six months ended April 30, 2012 and 2011, and for the period from October 29, 2007 (inception) to April 30, 2012 (Unaudited) 5
       
    Condensed Statement of Changes in Stockholders’ Equity/(Deficiency) for the period from October 29, 2007 (inception) to April 30, 2012 (Unaudited) 6
       
    Condensed Statements of Cash Flows for the six months ended April 30, 2012 and 2011, and for the period from October 29, 2007 (inception) to April 30, 2012 (Unaudited) 7
       
    Notes to Condensed Financial Statements (Unaudited) 8
       
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15
       
Item 3. Quantitative and Qualitative Disclosure About Market Risk 18
       
Item 4. Controls and Procedures 18
       
PART II- OTHER INFORMATION  
     
Item 1. Legal Proceedings 19
       
Item 1A. Risk Factors (not applicable) 19
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19
       
Item 3. Defaults Upon Senior Securities 19
       
Item 4. Mine Safety Disclosures 19
       
Item 5. Other Information 19
       
Item 6. Exhibits 19
       
Signatures 20

 

2
 

 

Item 1.Financial Statements

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

 

CONTENTS

 

 

     
PAGE 4 CONDENSED BALANCE SHEETS AS OF APRIL 30, 2012(UNAUDITED) AND AS OF OCTOBER 31, 2011
     
PAGE 5 CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED APRIL 30, 2012 AND 2011, AND FOR THE PERIOD FROM OCTOBER 29, 2007 (INCEPTION) TO APRIL 30,2012 (UNAUDITED)
     
PAGE 6 CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY/(DEFICIENCY) FOR THE PERIOD FROM OCTOBER 29, 2007 (INCEPTION) TO APRIL 30, 2012 (UNAUDITED)
     
PAGE 7 CONDENSED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED APRIL 30, 2012 AND 2011, AND FOR THE PERIOD FROM OCTOBER 29, 2007 (INCEPTION) TO APRIL 30,2012 (UNAUDITED)
     
PAGES 8- 14 NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

3
 

 

Rockford Minerals, Inc.
(An Exploration Stage Company)
Condensed Balance Sheets
               

ASSETS
         
   April 30, 2012   October 31, 2011 
   (Unaudited)     
         
Current Assets          
  Cash  $1,515   $2,860 
           
Total Assets  $1,515   $2,860 
           
           
LIABILITIES AND STOCKHOLDERS' DEFICIENCY          
           
Current Liabilities          
Accounts payable  $36,340   $23,519 
Notes payable - shareholder   42,967    34,874 
Shareholder loans   1,799    3,242 
Total Liabilities   81,106    61,635 
           
Commitments and Contingencies   -    - 
           
Stockholders' Deficiency          
 Common stock,  $0.001 par value; 100,000,000 shares authorized,          
10,146,883 and 10,000,000 shares issued and outstanding, respectively   10,147    10,000 
 Additional paid-in capital   102,943    83,954 
 Accumulated Deficit During the Exploration Stage   (192,681)   (152,729)
Total Stockholders' Deficiency   (79,591)   (58,775)
           
Total Liabilities and Stockholders' Deficiency  $1,515   $2,860 
           

 

See accompanying notes to condensed unaudited financial statements

 

4
 

  

Rockford Minerals, Inc.
(An Exploration Stage Company)
Condensed Statements of Operations
(Unaudited)

 

                   For the Period From  
   For the Three Months Ended
April 30,
   For the Six Months Ended
April 30,
   October 29, 2007
(Inception) to
 
   2012   2011   2012   2011   April 30, 2012 
                     
Operating Expenses                         
Mining development rights  $-   $-   $-   $-   $15,297 
Professional fees   12,880    18,412    27,526    21,370    126,955 
General and administrative   4,975    2,457    11,098    4,457    46,697 
Total Operating Expenses   17,855    20,869    38,624    25,827    188,949 
                          
Loss from Operations   (17,855)   (20,869)   (38,624)   (25,827)   (188,949)
                          
Other Expense                         
Interest Expense   (726)   -    (1,328)   -    (3,478)
Loss on Exchange   -    -    -    -    (254)
Total Other Expenses   (726)   -    (1,328)   -    (3,732)
                          
Loss from Operations Before Provision for Income Taxes   (18,581)   (20,869)   (39,952)   (25,827)   (192,681)
                          
Provision for Income  Taxes   -    -    -    -    - 
                          
Net Loss  $(18,581)  $(20,869)  $(39,952)  $(25,827)  $(192,681)
                          
Net Loss Per Share  - Basic and Diluted  $-   $-   $-   $-      
                          
Weighted average number of shares outstanding                         
 during the period - Basic and Diluted   10,146,883    10,000,000    10,114,423    10,000,000      

 

See accompanying notes to condensed unaudited financial statements 

 

5
 

 

Rockford Minerals, Inc.
(An Exploration Stage Company)
Condensed Statement of Changes in Stockholders' Equity/(Deficiency)
For the Period From October 29, 2007 (Inception) to April 30, 2012
(Unaudited)
                     

 

   Common stock       Accumulated   Total  
   $.001 Par Value   Additional   Deficit during   Stockholders’ 
               Paid-in      exploration      Equity  
     Shares      Amount      Capital      stage      (Deficiency)  
                          
 Balance October 29, 2007 (Inception)   -   $-   $-   $-   $- 
                          
 In kind contribution of services   -    -    1,340    -    1,340 
                          
 Net loss for the period October 29, 2007 (Inception ) to October 31, 2007   -    -    -    (1,340)   (1,340)
                          
 Balance October 31, 2007   -    -    1,340    (1,340)   - 
                          
 Common stock issued to founder ($0.001/Sh)   6,000,000    6,000    -    -    6,000 
                          
 In kind contribution of services   -    -    6,240    -    6,240 
                          
 Net loss October 31, 2008   -    -    -    (22,879)   (22,879)
                          
 Balance October 31, 2008   6,000,000    6,000    7,580    (24,219)   (10,639)
                          
 Common stock issued for cash  ($0.015/Sh)   3,000,000    3,000    42,000    -    45,000 
                          
 In kind contribution of services   -    -    6,240    -    6,240 
                          
 In kind contribution of interest   -    -    977    -    977 
                          
 Net loss October 31, 2009   -    -    -    (24,694)   (24,694)
                          
 Balance October 31, 2009   9,000,000    9,000    56,797    (48,913)   16,884 
                          
 Common stock issued for cash  ($0.015/Sh)   1,000,000    1,000    14,000    -    12,000 
                          
 Collection of subscription receivable   -    -    -    -    3,000 
                          
 In kind contribution of services   -    -    6,240    -    6,240 
                          
 Net loss October 31, 2010   -    -    -    (41,541)   (41,541)
                          
 Balance October 31, 2010   10,000,000    10,000    77,037    (90,454)   (3,417)
                          
 In kind contribution of services   -    -    6,240    -    6,240 
                          
 In kind contribution of interest   -    -    677    -    677 
                          
 Net loss October 31, 2011   -    -    -    (62,275)   (62,275)
                          
 Balance October 31, 2011   10,000,000    10,000    83,954    (152,729)   (58,775)
                          
 Common stock issued for cash  ($0.10/Sh)   146,883    147    14,541    -    14,688 
                          
 In kind contribution of services   -    -    3,120    -    3,120 
                          
 In kind contribution of interest   -    -    1,328    -    1,328 
                          
 Net loss for the six months ended April 30 , 2012   -    -    -    (39,952)   (39,952)
                          
 Balance April 30, 2012   10,146,883   $10,147   $102,943   $(192,681)  $(79,591)
                          

 

See accompanying notes to condensed unaudited financial statements  

6
 

 

 

Rockford Minerals, Inc.
(An Exploration Stage Company)
Condensed Statements of Cash Flows
(Unaudited)
             
             
           For the Period From 
   For the Six Months Ended April 30,   October 29, 2007 (Inception) 
   2012   2011   to April 30, 2012 
Cash Flows From Operating Activities:               
Net Loss  $(39,952)  $(25,827)  $(192,681)
Adjustment to reconcile net loss  to net cash used in operations               
     In kind contribution of services   3,120    3,120    29,420 
     In-kind contribution of interest   1,328    -    2,982 
 Changes in operating assets and liabilities:               
     Increase in accounts payable   12,821    5,718    36,340 
Net Cash  Used In Operating Activities   (22,683)   (16,989)   (123,939)
                
Cash Flows From Financing Activities:               
Proceeds from notes payable - shareholder   8,093    -    67,970 
Repayment of notes payable - shareholder   -    -    (25,003)
Proceeds from shareholder loans   4,430    1,115    9,364 
Repayment of shareholder loans   (5,873)   -    (7,565)
Proceeds from issuance of common stock   14,688    -    80,688 
Net Cash Provided by Financing Activities   21,338    1,115    125,454 
                
Net Increase (Decrease) in Cash   (1,345)   (15,874)   1,515 
                
Cash at Beginning of Period   2,860    17,137    - 
                
Cash at End of Period  $1,515   $1,263   $1,515 
                
Supplemental disclosure of cash flow information:               
                
Cash paid for interest  $-   $-   $497 
Cash paid for taxes  $-   $-   $- 

 

See accompanying notes to condensed unaudited financial statements  

 

 

7
 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF APRIL 30, 2012

(UNAUDITED)

 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

 

(A)Basis of Presentation

 

The accompanying unaudited condensed 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 for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.

 

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 statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Rockford Minerals, Inc. (an exploration stage company) (the “Company”) was incorporated under the laws of the State of Nevada on October 29, 2007. The Company is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the exploration stage include developing the business plan and raising capital.

 

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

(C) Cash and Cash Equivalents

 

For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

 

Cash includes deposits at foreign financial institutions which are not covered by FDIC. As of April 30, 2012 and October 31, 2011, the Company held $1,515 and $2,860, respectively, of US funds in a Canadian bank.

 

8
 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF APRIL 30, 2012

(UNAUDITED)

 

(D) Property and Equipment, Mining Properties (Exploration Costs)

 

In accordance with FASB Accounting Standards Codification No. 930, Extractive Activities – Mining, costs of acquiring mining properties are capitalized when proven and probable reserves exist and the property is a commercially mineable property. If the criteria are not met for capitalization, the costs of acquiring mining properties are expensed as incurred. Mining exploration costs are expensed as incurred. When it has been determined that a mineral property can be commercially developed, mining development costs incurred either to develop new gold, silver, lead and copper deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of the carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

 

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

 

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.The Company currently does not have any capitalized mining costs and all mining costs have been expensed.

 

(E) Loss Per Share

 

Basic income per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification No. 260, Earnings Per Share. As of April 30, 2012 and 2011, there were no common share equivalents outstanding.

 

(F) Income Taxes

 

The Company accounts for income taxes under the FASB Accounting Standards Codification No. 740, Income Taxes.  Under FASB Accounting Standards Codification No. 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  Under FASB Accounting Standards Codification No. 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

9
 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF APRIL 30, 2012

(UNAUDITED)

 

(G) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

 

(H) Fair Value of Financial Instruments

 

The carrying amounts of the Company’s financial instruments including accounts payable, notes payable- shareholder, and shareholder loans approximate fair value due to the relatively short period to maturity for these instruments.

 

(I) Reclassifications

 

Certain amounts from prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on the Company’s net loss or cash flows.

 

(J) Recent Accounting Pronouncements

 

In December 2011, FASB issued Accounting Standards Update 2011-11, Balance Sheet - Disclosures about Offsetting Assets and Liabilities” to enhance disclosure requirements relating to the offsetting of assets and liabilities on an entity's balance sheet. The update requires enhanced disclosures regarding assets and liabilities that are presented net or gross in the statement of financial position when the right of offset exists, or that are subject to an enforceable master netting arrangement. The new disclosure requirements relating to this update are retrospective and effective for annual and interim periods beginning on or after January 1, 2013. The update only requires additional disclosures, as such, we do not expect that the adoption of this standard will have a material impact on our results of operations, cash flows or financial condition.

 

NOTE 2 GOING CONCERN

 

As reflected in the accompanying unaudited financial statements, the Company is in the exploration stage with minimal operations, has a net loss of $192,681 since inception and has used cash from operations of $123,939 from inception. In addition, there is a working capital deficiency and stockholders’ deficiency of $79,591 as of April 30, 2012. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

10
 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF APRIL 30, 2012

(UNAUDITED)

 

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.

 

NOTE3NOTES PAYABLE - SHAREHOLDER

 

During the six months ended April 30,2012, the CFO loaned an additional $8,093 to the Company to pay Company expenses. The loan is non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2011,the CFO paid $34,874 of expenses on behalf of the Company. Pursuant to the terms of the note agreements, the amount is non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2009, the CEO loaned $6,500 to the Company. This loan isnon interest bearing, unsecured, and due on demand (See Note 6).

 

For the year ended October 31, 2008, the CEO loaned $18,503 to the Company. This loan isnon interest bearing, unsecured, and due on demand (See Note 6).

 

For the year ended October 31, 2009, the CEO was repaid $25,500 by the Company which included $497 of interest (See Note 6).

 

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 5 and 6).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 5 and 6).

 

NOTE 4 SHAREHOLDER LOANS

 

During the six months ended April 30, 2012, the CFO paid an additional $4,430 of expenses on behalf of the company and was reimbursed $5,873. The loans are non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2011, the CFO paid $4,934 of expenses on behalf of the Company and was repaid $1,692 (See Note 6). Pursuant to the terms of the loans, the remaining balance of $3,242 is non interest bearing, unsecured and due on demand.

 

11
 

  

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF APRIL 30, 2012

(UNAUDITED)

 

NOTE 5 STOCKHOLDERS’ EQUITY/(DEFICIENCY)

  

Increase in Authorized Shares

 

On August 24, 2010, the Company increased the authorized shares of common stock from 10,000,000 to 100,000,000 shares.

 

Common Stock Issued for Cash

 

On December 11, 2011, the Company issued 146,883 shares of common stock for cash of $14,688 ($0.10 per share).

 

For the year ended October 31, 2010, the Company issued 1,000,000 shares of common stock for cash of $15,000 ($0.015 per share).

 

For the year ended October 31, 2009, the Company issued 3,000,000 shares of common stock for cash of $45,000 ($0.015 per share).

 

For the year ended October 31, 2008, the Company issued 6,000,000 shares of common stock for cash of $6,000 ($0.001 per share) to its founders.

 

In kind contribution of services and interest

 

For the six months ended April 30, 2012, the CEO and CFO of the Company contributed services having a fair value of $3,120 (See Note 6).

 

For the year ended October 31, 2011,the CEO and CFO of the Company contributed services having a fair value of $6,240(See Note 6).

 

For the six months ended April 30, 2012, the Company recorded $1,328 of imputed interest related to shareholder loans payable as an in-kind contribution (See Note 6).

  

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 6).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 6).

 

For the year ended October 31, 2010,the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 6).

 

For the year ended October 31, 2009,the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 6).

 

12
 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF APRIL 30, 2012

(UNAUDITED)

 

For the year ended October 31, 2008, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 6).

 

For the period from October 29, 2007 (inception) through October 31, 2007, the CEO and CFO of the Company contributed service having a fair value of $1,340 (See Note 6).

 

NOTE 6 RELATED PARTY TRANSACTIONS

 

For the six months ended April 30, 2012, the Company recorded $1,328 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Note 5).

 

For the six months ended April 30, 2012, the CEO and CFO of the Company contributed services having a fair value of $3,120 (See Note 5).

 

During the six months ended April 30, 2012, the CFO loaned an additional $8,093 to the Company to pay Company expenses. The loan is non-interest bearing, unsecured and due on demand (See Note 3).

  

During the six months ended April 30, 2012, the CFO paid an additional $4,430 of expenses on behalf of the company and was reimbursed $5,873. The loans are non-interest bearing, unsecured and due on demand (See Note 4).

 

For the year ended October 31, 2011, the CFO paid $34,874 of expenses on behalf of the Company. Pursuant to the terms of the note agreements, the amount is non-interest bearing, unsecured and due on demand (See Note 3).

 

For the year ended October 31, 2011, the CFO paid $4,934 of expenses on behalf of the Company and was repaid $1,692 (See Note 4). Pursuant to the terms of the loans the remaining balance of $3,242 is non interest bearing, unsecured and due on demand.

 

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 3 and 5).

 

For the year ended October 31, 2011, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2010, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

13
 

For the year ended October 31, 2009, the CEO loaned $6,500 to the Company. This loan ison interest bearing, unsecured, and due on demand (See Note 3).

 

For the year ended October 31, 2009, the CEO was repaid $25,500 by the Company, which included $497 of interest (See Note 3).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 5).

 

For the year ended October 31, 2009, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2008, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2008, the CEO loaned $18,503 to the Company. This loan is non interest bearing, unsecured, and due on demand (See Note 3).

 

For the period from October 29, 2007 (inception) through October 31, 2007, the CEO and CFO of the Company contributed service having a fair value of $1,340 (See Note 5).

 

NOTE7SUBSEQUENT EVENTS

 

Subsequent to April 30, 2012, a shareholder loaned an additional $1,682 to the Company to pay Company expenses and was repaid $3,189. These loans are non-interest bearing, unsecured and due on demand .

 

In May 2012, the Company issued 99,900 shares of common stock for $9,900 ($0.10 per share).

 

In June 2012, the Company issued 49,900 shares of common stock for $4,990 ($0.10 per share). 

 

 

14
 

 

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operation

 

Caution Regarding Forward-Looking Statements

 

The following information may contain certain forward-looking statements that are not historical facts. These statements represent our expectations or beliefs, including but not limited to, statements concerning future acquisitions, future operating results, statements concerning industry performance, capital expenditures, financings, as well as assumptions related to the foregoing. Forward-looking statements may be identified by the use of forward-looking terminology such as “may,” “shall,” “will,” “could,” “expect,” “estimate,” “anticipate,” “predict,” “should,” “continue” or similar terms, variations of those terms or the negative of those terms. Forward-looking statements are based on current expectations and involve various risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or view expressed herein. Our financial performance and the forward-looking statements contained in this report are further qualified by other risks including those set forth from time to time in documents filed by us with the U.S. Securities and Exchange Commission (“SEC”).

 

The following information has not been audited.  You should read this information in conjunction with the unaudited financial statements and related notes to the financial statements of Rockford Minerals Inc. (the “Company”) included in this report.

 

Plan of Operations

 

Overview

 

We are a natural resource exploration company with an objective of acquiring, exploring, and if warranted and feasible, exploiting natural resource properties. Our primary focus in the natural resource sector is gold.

 

We do not anticipate going into production ourselves but instead anticipate optioning or selling any ore bodies that we may discover to a major mining company. Most major mining companies obtain their ore reserves through the purchase of ore bodies found by junior exploration companies such as the Company. Although these major mining companies do some exploration work themselves, many of them rely on the junior resource exploration companies to provide them with future deposits for them to mine. By optioning or selling a deposit found by us to these major mining companies, it would provide an immediate return to our shareholders without the long time frame and cost of putting a mine into operation ourselves, and it would also provide future capital for the Company to continue operations.

 

The search for valuable natural resources as a business is extremely risky. We can provide no assurance that the properties we have contain commercially exploitable reserves.  Exploration for natural resource reserves is a speculative venture involving substantial risks. Few properties that are explored are ultimately developed into producing commercially feasible reserves. Problems such as unusual or unexpected geological formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. In such a case, we would be unable to complete our business plan and any money spent on exploration would be lost.

 

 Natural resource exploration and development requires significant capital and our assets and resources are very limited. Therefore, we anticipate participating in the natural resource industry through the purchase or option of early stage properties.   To date, we own one mining property which is located in southwest Nevada.

 

15
 

 

Rockford Lode Claim

 

The Company owns the Rockford Lode Claim which was filed in Clark County, Nevada recorder’s office in Las Vegas on June 19, 2008, as Instrument 20080619- 0000221, File 081, Page 0074, in the official records book, T20080120393.

 

The Rockford Lode Claim is located within Township 27S, Range 60E, Section 31, and adjoining Township 28S, Range 60E, Section 6, in the Sunset Mining District of Clark County, Nevada, and is a Lode claim, unpatented mining claim.

 

Access from Las Vegas, Nevada to the Rockford Lode Claim is southeastward to Boulder City, then southward via Highway 95 to Searchlight, then westward via Highway 164 to Crescent from where a sub-standard road is taken northward to the Rockford Lode Claim. The entire distance from Las Vegas to the Rockford Lode Claim is approximately 84 miles.

 

The Sunset Mining District was established in 1867 within an area comprised of a group of hills (the Lucy Grey Range) of relatively low relief about 16 miles south of Jean, Nevada in the extreme southern part of Township 27S, Range 60E. The Sunset Mining District is south of the Goodsprings Mining District, which ranks second only to Tonopah in total lead and zinc production in the State of Nevada. The Lucy Grey mine began operations in 1905. Total production from the Lucy Grey mine is estimated (Vanderburg, 1937, p.80) at $50,000, principally in gold with lesser amounts of silver, lead, and copper.

 

There is no recorded production from the ground covered by the Rockford Lode Claim; however, inclusive prospect pits indicate the existence of mineralized zones.

 

Results of Operations for the three months ended April 30, 2012 compared to the three months ended April 30, 2011

 

 Mining Development Rights. During the three month periods ended April 30, 2012, and 2011, the Company did not incur any costs to develop its mineral rights.

 

Professional Fees. During the three months period ended April 30, 2012, the Company incurred $12,880 in professional fees compared to $18,412 for the three month period ended April 30, 2011, a decrease of 30%. Professional fees were paid primarily to the attorneys and accountants of the Company for legal compliance and SEC public company registration and reporting requirements.

 

General and Administrative Expenses. During the three month period ended April 30, 2012, the Company incurred $4,975 of general and administrative expenses compared to $2,457 during the three month period ended April 30, 2011, an increase of 102% in general administrative expenses. The general and administrative costs were comprised of administrative expenses including filing fees and including contribution of services.

 

Net Loss. During the three month period ended April 30, 2012, the Company incurred a net loss of $18,581 compared to a net loss of $20,869 during the three month period ended April 30, 2011, a decrease in net loss of 11%.

 

Revenues. We have not earned any revenues since our incorporation on October 29, 2007, through April 30, 2012.  We do not anticipate producing revenues unless we enter into commercial production on our Rockford Lode mining claim, which is doubtful.  We can provide no assurance that we will discover economic mineralization on the Rockford Lode claim, or if such minerals are discovered, that we will enter into commercial production.

 

16
 

 

Results of Operations for the six months ended April 30, 2012 compared to the six months ended April 30, 2011

 

Mining Development Rights. During the six month periods ended April 30, 2012, and 2011, the Company did not incur any costs to develop its mineral rights.

 

Professional Fees. During the six months period ended April 30, 2012, the Company incurred $27,526 in professional fees compared to $21,370 for the six month period ended April 30, 2011, an increase of 28.9%. Professional fees were paid primarily to the attorneys and accountants of the Company for legal compliance and SEC public company registration and reporting requirements.

 

General and Administrative Expenses. During the six month period ended April 30, 2012, the Company incurred $11,098 of general and administrative expenses compared to $4,457 during the six month period ended April 30, 2011, an increase of 149% in general administrative expenses. The general and administrative costs were comprised of administrative expenses including filing fees and including contribution of services.

 

Net Loss. During the six month period ended April 30, 2012, the Company incurred a net loss of $39,952 compared to a net loss of $25,827 during the six month period ended April 30, 2011, an increase in net loss of 64%.

 

Revenues. We have not earned any revenues since our incorporation on October 29, 2007, through April 30, 2012. We do not anticipate producing revenues unless we enter into commercial production on our Rockford Lode mining claim, which is doubtful.  We can provide no assurance that we will discover economic mineralization on the Rockford Lode claim, or if such minerals are discovered, that we will enter into commercial production.

 

Liquidity and Capital Resources

  

There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. Therefore, there is substantial doubt of the Company’s ability to continue as a going concern. If we are unable to achieve the financing necessary to continue the plan of operations, then we will not be able to continue our exploration of our mineral claims as the Company’s sources of cash are not adequate for the next twelve months and our business plans will fail.

 

Off-Balance Sheet Arrangements

 

We do not maintain any off-balance sheet transactions, arrangements, or obligations that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity, or capital resources.

 

Critical Accounting Policies

 

Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States (“GAAP”). GAAP requires the use of estimates, assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements. Our significant accounting policies are summarized in Note 1 of our financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment as estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect in our condensed results of operations, financial position or liquidity for the periods presented in this report.

 

17
 

 

Recent Accounting Pronouncements

 

In December 2011, FASB issued Accounting Standards Update 2011-11, Balance Sheet - Disclosures about Offsetting Assets and Liabilities” to enhance disclosure requirements relating to the offsetting of assets and liabilities on an entity's balance sheet. The update requires enhanced disclosures regarding assets and liabilities that are presented net or gross in the statement of financial position when the right of offset exists, or that are subject to an enforceable master netting arrangement. The new disclosure requirements relating to this update are retrospective and effective for annual and interim periods beginning on or after January 1,2013. The update only requires additional disclosures, as such, we do not expect that the adoption of this standard will have a material impact on our results of operations, cash flows or financial condition.

 

Item 3.Quantitative and Qualitative Disclosures About Market Risk

 

We are a smaller reporting Company as defined by Rule 12b-2 under the Securities Exchange Act of 1934, and are not required to provide the information required under this item.

 

Item 4.Controls and Procedures

 

Evaluation of Disclosure Controls

 

Our management, which includes our President and our Chief Financial Officer who serves as our principal financial officer, have conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-14(c) promulgated under the Securities and Exchange Act of 1934, as amended) as of a date (the “Evaluation Date”) as of the end of the period covered by this report.  Our management does not expect that our disclosure controls and procedures will prevent all errors and all fraud.  A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met.  Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.  Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.  The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Based on their evaluation as of the end of the period covered by this report, our President and our Chief Financial Officer who also serves as our principal financial officer have concluded that our disclosure controls and procedures were effective such that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, including our President and our Chief Financial Officer who serves as our Principal Financial Officer, to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting in our last quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

18
 

 

PART II

 

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None

 

ITEM 1A. RISK FACTORS

 

N/A

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

  

In May 2012, the Company issued 99,900 shares of Common Stock for $9,900 ($0.10 per share) in reliance upon Section 4(2) under the Securities Act of 1933.

 

In June 2012, the Company issued 49,900 shares of common stock for $4,990 ($0.10 per share) in reliance upon Section 4(2) under the Securities Act of 1933.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4. MINE SAFETY

 

The Company has not and currently is not conducting any active mining operations on its Rockford Lode Claim in Clark County, Nevada, or at any other locations, and therefore has no mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act or Item 104 of Regulation S-K (17 CFR 229.104). Therefore, no Exhibit 95 is contained in this Form 10-Q quarterly report.

 

ITEM 5. OTHER INFORMATION

 

Mr. Dewingaerde resigned as a director and the President of the Company effective May 2, 2012. The resignation was not the result of any disagreement with the Company regarding any matter relating to the Company’s operations, policies or practices.

 

Effective June 18, 2012, Mr. Gregory J. Neely was appointed to be the President of the Company. Mr. Neely is currently the sole director of the Company.

 

ITEM 6. EXHIBITS

 

31.1 Certification of Gregory J. Neely - Director, President, Secretary, Treasurer, chief financial officer and principal accounting officer of the Company
   
32.1 Certification of  Gregory J. Neely

 

19
 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

June 20, 2012

 

  ROCKFORD MINERALS INC.
     
  By: /s/ Gregory J. Neely
    Gregory J. Neely, Director, President, Secretary,
    Treasurer, chief financial officer and principal
    accounting officer

 

20
 

 

INDEX TO EXHIBITS

 

Exhibit
No.
  Description
     
31.2   Certification of Gregory J. Neely
     
32.1   Certification of Gregory J. Neely

 

21

EX-31.1 2 v316238_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Gregory J. Neely, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Rockford Minerals Inc.;

 

2. Based on my knowledge, this quarterly 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(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant's other certifying officers 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 registrant's board of directors (or persons performing the equivalent functions):

 

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

 

June 20, 2012

 

  By: /s/ Gregory J. Neely
    Gregory J. Neely,
   

Director, President, Secretary, Treasurer, chief financial
officer and principal accounting officer 

 

 

EX-32.1 3 v316238_ex32-1.htm EXHIBIT 32.1

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. 1350 AS ADOPTED

 

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of Rockford Minerals Inc. (the “Company”) for the quarter ended April 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the Report), the undersigned Director and President and the principal accounting and financial officer of the Company each hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

2. The information contained in the Report fairly presents, in all material respects the financial condition and results of operations of the Company.

 

June 20, 2012

 

  /s/Gregory J. Neely
  Gregory J. Neely, Director, President, Secretary, Treasurer, chief financial officer and
principal accounting officer

 

 

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margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"> <font style="color: Black"><i>&#xA0;</i></font></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"> <font style="color: Black">&#xA0;</font></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"> <font style="color: Black">&#xA0;</font></p> <p style="font: bold 10pt Times New Roman, Times, Serif; 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GOING CONCERN
6 Months Ended
Apr. 30, 2012
GOING CONCERN
NOTE 2  GOING CONCERN

 

As reflected in the accompanying unaudited financial statements, the Company is in the exploration stage with minimal operations, has a net loss of $192,681 since inception and has used cash from operations of $123,939 from inception. In addition, there is a working capital deficiency and stockholders’ deficiency of $79,591 as of April 30, 2012. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is 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.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
6 Months Ended
Apr. 30, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

 

(A) Basis of Presentation

 

The accompanying unaudited condensed 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 for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.

 

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 statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Rockford Minerals, Inc. (an exploration stage company) (the “Company”) was incorporated under the laws of the State of Nevada on October 29, 2007. The Company is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the exploration stage include developing the business plan and raising capital.

 

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

(C) Cash and Cash Equivalents

 

For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

 

Cash includes deposits at foreign financial institutions which are not covered by FDIC. As of April 30, 2012 and October 31, 2011, the Company held $1,515 and $2,860, respectively, of US funds in a Canadian bank.

 

 

 

(D) Property and Equipment, Mining Properties (Exploration Costs)

 

In accordance with FASB Accounting Standards Codification No. 930, Extractive Activities – Mining, costs of acquiring mining properties are capitalized when proven and probable reserves exist and the property is a commercially mineable property. If the criteria are not met for capitalization, the costs of acquiring mining properties are expensed as incurred. Mining exploration costs are expensed as incurred. When it has been determined that a mineral property can be commercially developed, mining development costs incurred either to develop new gold, silver, lead and copper deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of the carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

 

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

 

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.The Company currently does not have any capitalized mining costs and all mining costs have been expensed.

 

(E) Loss Per Share

 

Basic income per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification No. 260, Earnings Per Share. As of April 30, 2012 and 2011, there were no common share equivalents outstanding.

 

(F) Income Taxes

 

The Company accounts for income taxes under the FASB Accounting Standards Codification No. 740, Income Taxes.  Under FASB Accounting Standards Codification No. 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  Under FASB Accounting Standards Codification No. 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

 

 

(G) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

 

(H) Fair Value of Financial Instruments

 

The carrying amounts of the Company’s financial instruments including accounts payable, notes payable- shareholder, and shareholder loans approximate fair value due to the relatively short period to maturity for these instruments.

 

(I) Reclassifications

 

Certain amounts from prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on the Company’s net loss or cash flows.

 

(J) Recent Accounting Pronouncements

 

In December 2011, FASB issued Accounting Standards Update 2011-11, Balance Sheet - Disclosures about Offsetting Assets and Liabilities” to enhance disclosure requirements relating to the offsetting of assets and liabilities on an entity's balance sheet. The update requires enhanced disclosures regarding assets and liabilities that are presented net or gross in the statement of financial position when the right of offset exists, or that are subject to an enforceable master netting arrangement. The new disclosure requirements relating to this update are retrospective and effective for annual and interim periods beginning on or after January 1, 2013. The update only requires additional disclosures, as such, we do not expect that the adoption of this standard will have a material impact on our results of operations, cash flows or financial condition.

XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (USD $)
Apr. 30, 2012
Oct. 31, 2011
Current Assets    
Cash $ 1,515 $ 2,860
Total Assets 1,515 2,860
Current Liabilities    
Accounts payable 36,340 23,519
Notes payable - shareholder 42,967 34,874
Shareholder loans 1,799 3,242
Total Liabilities 81,106 61,635
Commitments and Contingencies      
Stockholders' Deficiency    
Common stock, $0.001 par value; 100,000,000 shares authorized, 10,146,883 and 10,000,000 shares issued and outstanding, respectively 10,147 10,000
Additional paid-in capital 102,943 83,954
Accumulated Deficit During the Exploration Stage (192,681) (152,729)
Total Stockholders' Deficiency (79,591) (58,775)
Total Liabilities and Stockholders' Deficiency $ 1,515 $ 2,860
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Condensed Statement of Changes in Stockholders' Equity/(Deficiency) (Parenthetical) (USD $)
6 Months Ended 12 Months Ended
Apr. 30, 2012
Oct. 31, 2010
Oct. 31, 2009
Oct. 31, 2008
Common stock issued, per share $ 0.10 $ 0.015 $ 0.015 $ 0.001
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XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Cash Flows (USD $)
6 Months Ended 54 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Cash Flows From Operating Activities:      
Net Loss $ (39,952) $ (25,827) $ (192,681)
Adjustment to reconcile net loss to net cash used in operations      
In kind contribution of services 3,120 3,120 29,420
In-kind contribution of interest 1,328   2,982
Changes in operating assets and liabilities:      
Increase in accounts payable 12,821 5,718 36,340
Net Cash Used In Operating Activities (22,683) (16,989) (123,939)
Cash Flows From Financing Activities:      
Proceeds from notes payable - shareholder 8,093   67,970
Repayment of notes payable - shareholder     (25,003)
Proceeds from shareholder loans 4,430 1,115 9,364
Repayment of shareholder loans (5,873)   (7,565)
Proceeds from issuance of common stock 14,688   80,688
Net Cash Provided by Financing Activities 21,338 1,115 125,454
Net Increase (Decrease) in Cash (1,345) (15,874) 1,515
Cash at Beginning of Period 2,860 17,137  
Cash at End of Period 1,515 1,263 1,515
Supplemental disclosure of cash flow information:      
Cash paid for interest     497
Cash paid for taxes         
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (Parenthetical) (USD $)
Apr. 30, 2012
Oct. 31, 2011
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 10,146,883 10,000,000
Common stock, shares outstanding 10,146,883 10,000,000
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
6 Months Ended
Apr. 30, 2012
Jun. 15, 2012
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Apr. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q2  
Entity Registrant Name ROCKFORD MINERALS INC /FI  
Entity Central Index Key 0000844538  
Current Fiscal Year End Date --10-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   10,296,683
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Operations (USD $)
3 Months Ended 6 Months Ended 54 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Operating Expenses          
Mining development rights         $ 15,297
Professional fees 12,880 18,412 27,526 21,370 126,955
General and administrative 4,975 2,457 11,098 4,457 46,697
Total Operating Expenses 17,855 20,869 38,624 25,827 188,949
Loss from Operations (17,855) (20,869) (38,624) (25,827) (188,949)
Other Expense          
Interest Expense (726)   (1,328)   (3,478)
Loss on Exchange         (254)
Total Other Expenses (726)   (1,328)   (3,732)
Loss from Operations Before Provision for Income Taxes (18,581) (20,869) (39,952) (25,827) (192,681)
Provision for Income Taxes               
Net Loss $ (18,581) $ (20,869) $ (39,952) $ (25,827) $ (192,681)
Net Loss Per Share - Basic and Diluted               
Weighted average number of shares outstanding during the period - Basic and Diluted 10,146,883 10,000,000 10,114,423 10,000,000  
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY/(DEFICIENCY)
6 Months Ended
Apr. 30, 2012
STOCKHOLDERS' EQUITY/(DEFICIENCY)
NOTE 5  STOCKHOLDERS’ EQUITY/(DEFICIENCY)

  

Increase in Authorized Shares

 

On August 24, 2010, the Company increased the authorized shares of common stock from 10,000,000 to 100,000,000 shares.

 

Common Stock Issued for Cash

 

On December 11, 2011, the Company issued 146,883 shares of common stock for cash of $14,688 ($0.10 per share).

 

For the year ended October 31, 2010, the Company issued 1,000,000 shares of common stock for cash of $15,000 ($0.015 per share).

 

For the year ended October 31, 2009, the Company issued 3,000,000 shares of common stock for cash of $45,000 ($0.015 per share).

 

For the year ended October 31, 2008, the Company issued 6,000,000 shares of common stock for cash of $6,000 ($0.001 per share) to its founders.

 

In kind contribution of services and interest

 

For the six months ended April 30, 2012, the CEO and CFO of the Company contributed services having a fair value of $3,120 (See Note 6).

 

For the year ended October 31, 2011,the CEO and CFO of the Company contributed services having a fair value of $6,240(See Note 6).

 

For the six months ended April 30, 2012, the Company recorded $1,328 of imputed interest related to shareholder loans payable as an in-kind contribution (See Note 6).

  

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 6).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 6).

 

For the year ended October 31, 2010,the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 6).

 

For the year ended October 31, 2009,the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 6).

 

 

 

For the year ended October 31, 2008, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 6).

 

For the period from October 29, 2007 (inception) through October 31, 2007, the CEO and CFO of the Company contributed service having a fair value of $1,340 (See Note 6).

XML 23 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHAREHOLDER LOANS
6 Months Ended
Apr. 30, 2012
SHAREHOLDER LOANS
NOTE 4  SHAREHOLDER LOANS

 

During the six months ended April 30, 2012, the CFO paid an additional $4,430 of expenses on behalf of the company and was reimbursed $5,873. The loans are non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2011, the CFO paid $4,934 of expenses on behalf of the Company and was repaid $1,692 (See Note 6). Pursuant to the terms of the loans, the remaining balance of $3,242 is non interest bearing, unsecured and due on demand.

XML 24 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS
6 Months Ended
Apr. 30, 2012
RELATED PARTY TRANSACTIONS
NOTE 6  RELATED PARTY TRANSACTIONS

 

For the six months ended April 30, 2012, the Company recorded $1,328 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Note 5).

 

For the six months ended April 30, 2012, the CEO and CFO of the Company contributed services having a fair value of $3,120 (See Note 5).

 

During the six months ended April 30, 2012, the CFO loaned an additional $8,093 to the Company to pay Company expenses. The loan is non-interest bearing, unsecured and due on demand (See Note 3).

  

During the six months ended April 30, 2012, the CFO paid an additional $4,430 of expenses on behalf of the company and was reimbursed $5,873. The loans are non-interest bearing, unsecured and due on demand (See Note 4).

 

For the year ended October 31, 2011, the CFO paid $34,874 of expenses on behalf of the Company. Pursuant to the terms of the note agreements, the amount is non-interest bearing, unsecured and due on demand (See Note 3).

 

For the year ended October 31, 2011, the CFO paid $4,934 of expenses on behalf of the Company and was repaid $1,692 (See Note 4). Pursuant to the terms of the loans the remaining balance of $3,242 is non interest bearing, unsecured and due on demand.

 

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 3 and 5).

 

For the year ended October 31, 2011, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2010, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2009, the CEO loaned $6,500 to the Company. This loan ison interest bearing, unsecured, and due on demand (See Note 3).

 

For the year ended October 31, 2009, the CEO was repaid $25,500 by the Company, which included $497 of interest (See Note 3).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 5).

 

For the year ended October 31, 2009, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2008, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2008, the CEO loaned $18,503 to the Company. This loan is non interest bearing, unsecured, and due on demand (See Note 3).

 

For the period from October 29, 2007 (inception) through October 31, 2007, the CEO and CFO of the Company contributed service having a fair value of $1,340 (See Note 5).

XML 25 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
6 Months Ended
Apr. 30, 2012
SUBSEQUENT EVENTS
NOTE7 SUBSEQUENT EVENTS

 

Subsequent to April 30, 2012, a shareholder loaned an additional $1,682 to the Company to pay Company expenses and was repaid $3,189. These loans are non-interest bearing, unsecured and due on demand .

 

In May 2012, the Company issued 99,900 shares of common stock for $9,900 ($0.10 per share).

 

In June 2012, the Company issued 49,900 shares of common stock for $4,990 ($0.10 per share).

XML 26 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statement of Changes in Stockholders' Equity/(Deficiency) (USD $)
Total
Services
Founder
Common stock issued for cash
Interest
Common stock
Common stock
Founder
Common stock
Common stock issued for cash
Additional Paid-in Capital
Additional Paid-in Capital
Services
Additional Paid-in Capital
Common stock issued for cash
Additional Paid-in Capital
Interest
Accumulated Deficit during exploration stage
Beginning Balance at Oct. 28, 2007                          
In kind contribution   $ 1,340               $ 1,340      
Net Loss (1,340)                       (1,340)
Ending Balance at Oct. 31, 2007                 1,340       (1,340)
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008) (in shares)             6,000,000            
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008)     6,000       6,000            
In kind contribution   6,240               6,240      
Net Loss (22,879)                       (22,879)
Ending Balance at Oct. 31, 2008 (10,639)         6,000     7,580       (24,219)
Ending Balance (in shares) at Oct. 31, 2008           6,000,000              
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008) (in shares)               3,000,000          
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008)       45,000       3,000     42,000    
In kind contribution   6,240     977         6,240   977  
Net Loss (24,694)                       (24,694)
Ending Balance at Oct. 31, 2009 16,884         9,000     56,797       (48,913)
Ending Balance (in shares) at Oct. 31, 2009           9,000,000              
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008) (in shares)               1,000,000          
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008)       12,000       1,000     14,000    
Collection of subscription receivable 3,000                        
In kind contribution   6,240               6,240      
Net Loss (41,541)                       (41,541)
Ending Balance at Oct. 31, 2010 (3,417)         10,000     77,037       (90,454)
Ending Balance (in shares) at Oct. 31, 2010           10,000,000              
In kind contribution   6,240     677         6,240   677  
Net Loss (62,275)                       (62,275)
Ending Balance at Oct. 31, 2011 (58,775)         10,000     83,954       (152,729)
Ending Balance (in shares) at Oct. 31, 2011           10,000,000              
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008) (in shares)               146,883          
Common stock issued ($0.10/Sh in 2012, $0.015/Sh in 2010, $0.015/Sh in 2009 and $0.001/Sh in 2008)       14,688       147     14,541    
In kind contribution   3,120     1,328         3,120   1,328  
Net Loss (39,952)                       (39,952)
Ending Balance at Apr. 30, 2012 $ (79,591)         $ 10,147     $ 102,943       $ (192,681)
Ending Balance (in shares) at Apr. 30, 2012           10,146,883              
XML 27 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTES PAYABLE - SHAREHOLDER
6 Months Ended
Apr. 30, 2012
NOTES PAYABLE - SHAREHOLDER
NOTE3 NOTES PAYABLE - SHAREHOLDER

 

During the six months ended April 30,2012, the CFO loaned an additional $8,093 to the Company to pay Company expenses. The loan is non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2011,the CFO paid $34,874 of expenses on behalf of the Company. Pursuant to the terms of the note agreements, the amount is non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2009, the CEO loaned $6,500 to the Company. This loan isnon interest bearing, unsecured, and due on demand (See Note 6).

 

For the year ended October 31, 2008, the CEO loaned $18,503 to the Company. This loan isnon interest bearing, unsecured, and due on demand (See Note 6).

 

For the year ended October 31, 2009, the CEO was repaid $25,500 by the Company which included $497 of interest (See Note 6).

 

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 5 and 6).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 5 and 6).

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