x
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ANNUAL REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2013
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Large Accelerated Filer
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¨
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Accelerated Filer
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¨
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Non-accelerated Filer
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¨
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Smaller Reporting Company
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x
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(Do not check if a smaller reporting company)
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TABLE OF CONTENTS
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Page
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PART I
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||
Item 1.
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Business.
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4
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Item 1A.
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Risk Factors.
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5
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Item 1B.
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Unresolved Staff Comments.
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5
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Item 2.
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Properties.
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5
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Item 3.
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Legal Proceedings.
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5
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Item 4.
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Submission of Matters to a Vote of Security Holders.
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5
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PART II
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||
Item 5.
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Market Price for the Registrant’s Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities.
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5
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Item 6.
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Selected Financial Data.
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6
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Item 7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operation.
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7
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Item 7A.
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Quantitative and Qualitative Disclosures About Market Risk.
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8
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Item 8.
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Financial Statements and Supplementary Data.
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F-1
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PART III
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||
Item 9
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Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
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9
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Item 9A.
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Controls and Procedures.
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9
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Item 9B.
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Other Information.
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10
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Item 10.
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Directors and Executive Officers, Promoters and Control Persons.
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10
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Item 11.
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Executive Compensation.
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13
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management.
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14
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Item 13.
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Certain Relationships and Related Transactions, and Director Independence.
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15
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Item 14.
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Principal Accounting Fees and Services.
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16
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PART IV
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||
Item 15.
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Exhibits and Financial Statement Schedules.
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17
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Signatures
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18
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Claims Name
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Record No.
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Churchill County Document No.
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GSR 1
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NMC 1076314
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428843
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GSR 2
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NMC 1076315
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428844
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Fiscal Year
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||||||||
2013
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High Bid
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Low Bid
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||||||
Fourth Quarter 4-01-13 to 6-30-13
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$
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0.25
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$
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0.0
|
||||
Third Quarter 1-01-13 to 3-31-13
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$
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0.25
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$
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0.0
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Second Quarter 10-01-12 to 12-31-12
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$
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0.25
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$
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0.0
|
||||
First Quarter 7-01-12 to 9-30-12
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$
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0.25
|
$
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0.0
|
Fiscal Year
|
||||||||
2012
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High Bid
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Low Bid
|
||||||
Fourth Quarter 4-01-12 to 6-30-12
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$
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0.25
|
$
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0.0
|
||||
Third Quarter 1-01-12 to 3-31-12
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$
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0.25
|
$
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0.0
|
||||
Second Quarter 10-01-11 to 12-31-11
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$
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0.25
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$
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0.0
|
||||
First Quarter 7-01-11 to 9-30-11
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$
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0.25
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$
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0.0
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Report of Independent Registered Public Accounting Firm
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F-2
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|||
Balance Sheets as of June 30, 2013 and 2012
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F-3
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|||
Statements of Operations and Comprehensive Loss for the years ended June 30, 2013 and 2012 and From Inception, April 21, 2006 to June 30, 2013
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F-4
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|||
Statements of Cash Flows for the years ended June 30, 2013 and 2012 and From Inception, April 21, 2006 to June 30, 2013
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F-5
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|||
Statements of Stockholders’ (Deficiency) Equity From Inception, April 21, 2006 to June 30, 2013
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F-6
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|||
Notes to Financial Statements
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F-7 - F-14
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/s/ MNP LLP | |
Vancouver, Canada
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Chartered Accountants |
JUNE 30
|
||||||||
2013
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2012
|
|||||||
ASSETS
|
||||||||
Current
|
||||||||
Cash
|
$ | 28 | $ | 1,550 | ||||
Prepaid expenses
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- | 1,500 | ||||||
$ | 28 | $ | 3,050 | |||||
LIABILITIES
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||||||||
Current Liabilities
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||||||||
Accounts payable and accrued liabilities
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$ | 161,883 | $ | 130,500 | ||||
Loan payable
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147,574 | 111,006 | ||||||
Due to a related party
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54,959 | - | ||||||
364,416 | 241,506 | |||||||
STOCKHOLDERS’ (DEFICIENCY) EQUITY
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||||||||
Capital Stock
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||||||||
Authorized:
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||||||||
100,000,000 voting common shares with a par value of $0.00001 per share
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||||||||
100,000,000 preferred shares with a par value of $0.00001 per share, none issued
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||||||||
Issued:
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||||||||
7,070,000 common shares at June 30, 2013 and 2012
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70 | 70 | ||||||
Additional paid in capital
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106,990 | 106,990 | ||||||
Deficit Accumulated During the Exploration Stage
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(471,448 | ) | (345,516 | ) | ||||
(364,388 | ) | (238,456 | ) | |||||
$ | 28 | $ | 3,050 |
CUMULATIVE
|
||||||||||||
PERIOD FROM
|
||||||||||||
INCEPTION
|
||||||||||||
YEAR
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YEAR
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APRIL 21
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||||||||||
ENDED
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ENDED
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2006 TO
|
||||||||||
JUNE 30
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JUNE 30
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JUNE 30
|
||||||||||
2013
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2012
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2013
|
||||||||||
Revenue
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$ | - | $ | - | $ | - | ||||||
Expenses
|
||||||||||||
Professional fees
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16,831 | 14,970 | 163,270 | |||||||||
Administration
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13,500 | 18,000 | 49,500 | |||||||||
Consulting fees
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22,500 | 30,000 | 98,359 | |||||||||
Mineral claim payment
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3,177 | - | 13,177 | |||||||||
Transfer and filing fees
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7,406 | 5,906 | 17,070 | |||||||||
Office and sundry
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7,640 | 8,308 | 41,004 | |||||||||
Interest expenses
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15,178 | 10,093 | 30,488 | |||||||||
Rent
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1,500 | 11,000 | 18,500 | |||||||||
Foreign exchange loss
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239 | 502 | (6,206 | ) | ||||||||
Travel
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37,961 | 8,325 | 46,286 | |||||||||
125,932 | 107,104 | 471,448 | ||||||||||
Net Loss and Comprehensive Loss
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$ | (125,932 | ) | $ | (107,104 | ) | $ | (471,448 | ) | |||
Basic And Diluted Loss Per Common Share
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$ | (0.02 | ) | $ | (0.02 | ) | ||||||
Weighted Average Number Of Common Shares Outstanding
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7,070,000 | 7,070,000 |
CUMULATIVE
|
||||||||||||
PERIOD FROM
|
||||||||||||
INCEPTION
|
||||||||||||
YEAR
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YEAR
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APRIL 21
|
||||||||||
ENDED
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ENDED
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2006 TO
|
||||||||||
JUNE 30
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JUNE 30
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JUNE 30
|
||||||||||
2013
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2012
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2013
|
||||||||||
Cash Provided by (Used for):
|
||||||||||||
Operating Activities
|
||||||||||||
Net loss for the year
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$ | (125,932 | ) | $ | (107,104 | ) | $ | (471,448 | ) | |||
Accrued interest
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15,178 | 10,093 | 30,488 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Prepaid expenses
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1,500 | (1,500 | ) | - | ||||||||
Accounts payable and accrued liabilities
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31,383 | 67,699 | 161,883 | |||||||||
Due to a related party
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54,959 | - | 54,959 | |||||||||
(22,912 | ) | (30,812 | ) | (224,118 | ) | |||||||
Financing Activity
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||||||||||||
Loan payable
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21,390 | 32,311 | 75,932 | |||||||||
Due to related parties
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- | - | 41,154 | |||||||||
Issue of share capital
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- | - | 107,060 | |||||||||
21,390 | 32,311 | 224,146 | ||||||||||
Net Increase (Decrease) In Cash
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(1,522 | ) | 1,499 | 28 | ||||||||
Cash, Beginning Of Year
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1,550 | 51 | - | |||||||||
Cash, End Of Year
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$ | 28 | $ | 1,550 | $ | 28 | ||||||
Supplemental Information of Cash Flow Information
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||||||||||||
Interest paid
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$ | - | $ | - | $ | - | ||||||
Income taxes paid
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$ | - | $ | - | $ | - |
COMMON STOCK
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DEFICIT
|
|||||||||||||||||||||||
NUMBER
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ACCUMULATED
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ACCUMULATED
|
||||||||||||||||||||||
OF
|
ADDITIONAL
|
OTHER
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DURING THE
|
|||||||||||||||||||||
COMMON
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PAR
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PAID-IN
|
COMPREHENSIVE
|
EXPLORATION
|
||||||||||||||||||||
SHARES
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VALUE
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CAPITAL
|
INCOME
|
STAGE
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TOTAL
|
|||||||||||||||||||
Beginning balance, April 21, 2006
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- | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
April 24, 2006 – shares issued for cash at $0.00001
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6,000,000 | 60 | - | - | - | 60 | ||||||||||||||||||
Net loss for the period
|
- | - | - | - | (10,440 | ) | (10,440 | ) | ||||||||||||||||
Balance, June 30, 2006
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6,000,000 | 60 | - | - | (10,440 | ) | (10,380 | ) | ||||||||||||||||
March 28, 2007-shares issued for cash at $0.10
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1,070,000 | 10 | 106,990 | - | - | 107,000 | ||||||||||||||||||
Net loss for the year
|
- | - | - | - | (36,562 | ) | (36,562 | ) | ||||||||||||||||
Unrealized foreign exchange gain
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- | - | - | 6,309 | - | 6,309 | ||||||||||||||||||
Balance, June 30, 2007
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7,070,000 | 70 | 106,990 | 6,309 | (47,002 | ) | 66,367 | |||||||||||||||||
Net loss for the year
|
- | - | - | - | (67,681 | ) | (67,681 | ) | ||||||||||||||||
Realized foreign exchange gain
|
- | - | - | (6,309 | ) | - | (6,309 | ) | ||||||||||||||||
Balance, June 30, 2008
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7,070,000 | 70 | 106,990 | - | (114,683 | ) | (7,623 | ) | ||||||||||||||||
Net loss for the year
|
- | - | - | - | (22,415 | ) | (22,415 | ) | ||||||||||||||||
Balance, June 30, 2009
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7,070,000 | 70 | 106,990 | - | (137,098 | ) | (30,038 | ) | ||||||||||||||||
Net loss for the year
|
- | - | - | - | (13,061 | ) | (13,061 | ) | ||||||||||||||||
Balance, June 30, 2010
|
7,070,000 | 70 | 106,990 | - | (150,159 | ) | (43,099 | ) | ||||||||||||||||
Net loss for the year
|
- | - | - | - | (88,253 | ) | (88,253 | ) | ||||||||||||||||
Balance, June 30, 2011
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7,070,000 | 70 | 106,990 | - | (238,412 | ) | (131,352 | ) | ||||||||||||||||
Net loss for the year
|
- | - | - | - | (107,104 | ) | (107,104 | ) | ||||||||||||||||
Balance, June 30, 2012
|
7,070,000 | 70 | 106,990 | - | (345,516 | ) | (238,456 | ) | ||||||||||||||||
Net loss for the year
|
- | - | - | - | (125,932 | ) | (125,932 | ) | ||||||||||||||||
Balance, June 30, 2013
|
7,070,000 | $ | 70 | $ | 106,990 | $ | - | $ | (471,448 | ) | $ | (364,388 | ) |
1.
|
NATURE OF OPERATIONS
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
3.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
4.
|
MINERAL CLAIM INTEREST
|
5.
|
CAPITAL STOCK
|
|
a)
|
On April 24, 2006, the Company issued 6,000,000 common shares at $0.00001 per share to two founding shareholders.
|
|
b)
|
On March 28, 2007, the Company closed its public offering and issued additional 1,070,000 common shares at $0.10.
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c)
|
The Company has no stock option plan, warrants or other dilutive securities.
|
6.
|
DUE TO A RELATED PARTY
|
7.
|
LOAN PAYABLE
|
8.
|
INCOME TAXES
|
|
a)
|
A reconciliation of income tax expense to the amount computed at the statutory rate is as follows:
|
2013
|
2012
|
|||||||
Net loss for the year
|
$ | (125,932 | ) | $ | (107,104 | ) | ||
Statutory tax rate
|
35 | % | 35 | % | ||||
Computed expected (benefit) income taxes
|
(44,076 | ) | (37,486 | ) | ||||
Income tax benefit not recognized
|
44,076 | 37,486 | ||||||
$ | - | $ | - |
|
b)
|
Significant components of deferred income tax assets are as follows:
|
2013
|
2012
|
|||||||
Operating losses carried forward
|
$ | 165,000 | $ | 120,000 | ||||
Valuation allowance
|
(165,000 | ) | (120,000 | ) | ||||
$ | - | $ | - |
8.
|
INCOME TAXES (Continued)
|
|
c)
|
The Company has incurred operating losses of approximately $471,000 which, if unutilized, will expire through to 2033. Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements, and have been offset by a valuation allowance. The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating loss carry forwards:
|
INCOME TAX OPERATING
|
||||||||
LOSS CARRY FORWARDS
|
||||||||
EXPIRATION
|
||||||||
AMOUNT
|
DATE
|
|||||||
$ | 126,000 | 2033 | ||||||
107,000 | 2032 | |||||||
88,000 | 2031 | |||||||
13,000 | 2030 | |||||||
22,000 | 2029 | |||||||
68,000 | 2028 | |||||||
37,000 | 2027 | |||||||
10,000 | 2026 | |||||||
Total income tax operating loss carry forward
|
$ | 471,000 |
9.
|
CONTRACTUAL OBLIGATIONS AND COMMITMENTS
|
10.
|
SUBSEQUENT EVENTS
|
a)
|
There have been no disagreements on accounting and financial disclosures from the inception of our company through the date of this Form 10-K. Our financial statements for the period from inception to June 30, 2013, included in this report have been audited by MNP LLP, as set forth in this annual report.
|
b)
|
On July 7, 2011, Chang Lee LLP (“Chang Lee”) resigned as the Company’s independent registered public accounting firm as Chang Lee was merged with MNP LLP (“MNP”). Most of the professional staff of Chang Lee continued with MNP either as employees or partners of MNP and will continue their practice with MNP. On Date, the Company, through and with the approval of its Board of Director, engaged MNP as its independent registered public accounting firm.
|
c)
|
Prior to engaging MNP, the Company did not consult with MNP regarding the application of accounting principles to a specific completed or contemplated transaction or regarding the type of audit opinions that might be rendered by MNP on the Company’s financial statements, and MNP did not provide any written or oral advice that was an important factor considered by the Company in reaching a decision as to any such accounting, auditing or financial reporting issue.
|
d)
|
The reports of Chang Lee regarding the Company’s financial statements for the fiscal years ended June 30, 2010 and 2009 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the years ended June 30, 2010 and 2009, and during the period from June 30, 2010 to July 7, 2011, the date of resignation, there were no disagreements with Chang Lee on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Chang Lee would have caused it to make reference to such disagreement in its reports.
|
Name and Address
|
Age
|
Position(s)
|
Steven Bergstrom
|
64
|
President, Principal Executive Officer and a member
|
3390 Toopal Drive
|
of the Board of Directors
|
|
Oceanside, California 92058
|
||
Marilyn Miller
|
47
|
Principal Accounting Officer, Principal Financial
|
3390 Toopal Drive
|
Officer, Secretary, Treasurer and a member of our
|
|
Oceanside, California 92058
|
board of directors
|
|
Non-
|
Nonqualified
|
|||||||||||||||||||||||
Equity
|
Deferred
|
All
|
|||||||||||||||||||||||
Incentive
|
Compensa-
|
Other
|
|||||||||||||||||||||||
Stock
|
Option
|
Plan
|
tion
|
Compen-
|
|||||||||||||||||||||
Name and
|
Salary
|
Bonus
|
Awards
|
Awards
|
Compensation
|
Earnings
|
sation
|
Total
|
|||||||||||||||||
Principal Position
|
Year
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
(US$)
|
||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
||||||||||||||||
Steven Bergstrom
|
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
President & CEO
|
2012
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
2011
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||
2010
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||
Marilyn Miller
|
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
CAO, CFO &
|
2012
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
Secretary/Treasurer
|
2011
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
2010
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||
Egil Livgard
|
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
(resigned 10/07)
|
2012
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
2011
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||
2010
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||
Kathrine MacDonald
|
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
(resigned 9/08)
|
2012
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||||
2011
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||
2010
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Director Compensation Table
|
|||||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
||||||||||||||
Change in
|
|||||||||||||||||||||
Pension
|
|||||||||||||||||||||
Value and
|
|||||||||||||||||||||
Fees
|
Non-Equity
|
Nonqualified
|
All
|
||||||||||||||||||
Earned
|
Incentive
|
Deferred
|
Other
|
||||||||||||||||||
or Paid
|
Stock
|
Option
|
Plan
|
Compensation
|
Compen-
|
||||||||||||||||
in Cash
|
Awards
|
Awards
|
Compensation
|
Earnings
|
sation
|
Total
|
|||||||||||||||
Name
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
||||||||||||||
Steven Bergstrom
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||
Marilyn Miller
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||||||
Egil Livgard (resigned)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Name and Address
|
Percentage of
|
|||||||
Beneficial Ownership [1]
|
Number of Shares
|
Ownership
|
||||||
Steven Bergstrom
|
0
|
0
|
%
|
|||||
3390 Toopal Drive
|
||||||||
Oceanside, California 92058
|
||||||||
Marilyn Miller
|
3,000,000
|
42.43
|
%
|
|||||
3390 Toopal Drive
|
||||||||
Oceanside, California 92058
|
||||||||
All Officers and Directors
|
3,000,000
|
42.43
|
%
|
|||||
as a Group (2 persons)
|
||||||||
Kathrine MacDonald [2]
|
3,000,000
|
42.43
|
%
|
|||||
850 West Hastings Street, Suite 201
|
||||||||
Vancouver, British Columbia V5C 1E1
|
[1]
|
The persons named above "promoters" as defined in the Securities Exchange Act of 1934. Mr. Bergstrom and Ms. Miller are the only "promoters" of our company.
|
2013
|
$
|
8,250
|
MNP LLP
|
||
2012
|
$
|
7,500
|
MNP LLP
|
2013
|
$
|
6,193
|
MNP LLP
|
||
2012
|
$
|
5,100
|
MNP LLP
|
2013
|
$
|
0
|
MNP LLP
|
||
2012
|
$
|
0
|
MNP LLP
|
2013
|
$
|
0
|
MNP LLP
|
||
2012
|
$
|
0
|
MNP LLP
|
Incorporated by reference
|
|||||
Filed
|
|||||
Exhibit
|
Document Description
|
Form
|
Date
|
Number
|
herewith
|
3.1
|
Articles of Incorporation.
|
SB-2
|
3.1
|
||
3.2
|
Bylaws.
|
SB-2
|
3.2
|
||
4.1
|
Specimen Stock Certificate.
|
SB-2
|
4.1
|
||
14.1
|
Code of Ethics.
|
10-KSB
|
9/28/07
|
14.1
|
|
X
|
|||||
X
|
|||||
X
|
|||||
X
|
|||||
99.2
|
Audit Committee Charter.
|
10-KSB
|
9/28/07
|
99.2
|
|
99.3
|
Disclosure Committee Charter.
|
10-KSB
|
9/28/07
|
99.3
|
GOLDEN STAR RESOURCES CORPORATION
|
||
(Registrant)
|
||
BY:
|
/s/ Steven Bergstrom
|
|
Steven Bergstrom
|
||
President, Principal Executive Officer and a member of the Board of Directors.
|
||
BY:
|
/s/ Marilyn Miller
|
|
Marilyn Miller
|
||
Principal Financial Officer, Principal Accounting Officer, Secretary/Treasurer and a member of the Board of Directors.
|
Incorporated by reference
|
|||||
Filed
|
|||||
Exhibit
|
Document Description
|
Form
|
Date
|
Number
|
herewith
|
3.1
|
Articles of Incorporation.
|
SB-2
|
3.1
|
||
3.2
|
Bylaws.
|
SB-2
|
3.2
|
||
4.1
|
Specimen Stock Certificate.
|
SB-2
|
4.1
|
||
14.1
|
Code of Ethics.
|
10-KSB
|
9/28/07
|
14.1
|
|
X
|
|||||
X
|
|||||
X
|
|||||
X
|
|||||
99.2
|
Audit Committee Charter.
|
10-KSB
|
9/28/07
|
99.2
|
|
99.3
|
Disclosure Committee Charter.
|
10-KSB
|
9/28/07
|
99.3
|
1.
|
I have reviewed this 10-K for the year ended June 30, 2013 of Golden Star Resource Corp. ;
|
||||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
||||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
||||
4.
|
The registrant's other certifying officer 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)):
|
||||
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 controls 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 principals;
|
||||
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
||||
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
||||
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
||||
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
||||
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
||||
/s/ STEVEN BERGSTROM
|
|||||
Steven Bergstrom
|
|||||
Principal Executive Officer
|
1.
|
I have reviewed this 10-K for the year ended June 30, 2013 of Golden Star Resource Corp. ;
|
|||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|||
4.
|
The registrant's other certifying officer 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)):
|
|||
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 controls 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 principals;
|
|||
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|||
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|||
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|||
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|||
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|||
/s/ MARILYN MILLER
|
||||
Marilyn Miller
|
||||
Principal Financial Officer
|
(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 this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ STEVEN BERGSTROM
|
|
Steven Bergstrom
|
|
Chief Executive Officer
|
(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 this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ MARILYN MILLER
|
|
Marilyn Miller
|
|
Chief Financial Officer
|
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10. SUBSEQUENT EVENTS
|
12 Months Ended |
---|---|
Jun. 30, 2013
|
|
Subsequent Events [Abstract] | |
10. SUBSEQUENT EVENTS |
On August 15, 2013, the Company entered into a Quitclaim Deed (the Deed) with Kee Nez Resources, LLC (Grantor), a Utah limited liability company. Pursuant to the Deed, the Grantor, in consideration of $10 and other valuable consideration, remise, release, and forever quitclaim unto the Company all of Grantors right, title, and interest in and to the GSR group of unpatented lode mining claims situated in Churchilll Country, Nevada. As a result, the Company has obtained title to the GSR claims in August 2013. |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)
|
12 Months Ended | 86 Months Ended | |
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
|
Income Statement [Abstract] | |||
Revenue | $ 0 | $ 0 | $ 0 |
Expenses | |||
Professional fees | 16,831 | 14,970 | 163,270 |
Administration | 13,500 | 18,000 | 49,500 |
Consulting fees | 22,500 | 30,000 | 98,359 |
Mineral claim payment | 3,177 | 0 | 13,177 |
Transfer and filing fees | 7,406 | 5,906 | 17,070 |
Office and sundry | 7,640 | 8,308 | 41,004 |
Interest expenses | 15,178 | 10,093 | 30,488 |
Rent | 1,500 | 11,000 | 18,500 |
Foreign exchange (gain) loss | 239 | 502 | (6,206) |
Travel | 37,961 | 8,325 | 46,286 |
TOTAL EXPENSES | 125,932 | 107,104 | 471,448 |
Net Loss and Comprehensive Loss | $ (125,932) | $ (107,104) | $ (471,448) |
Basic And Diluted Loss Per Common Share | $ (0.02) | $ (0.02) | |
Weighted Average Number Of Common Shares Outstanding | 7,070,000 | 7,070,000 |
3. RECENT ACCOUNTING PRONOUNCEMENTS
|
12 Months Ended |
---|---|
Jun. 30, 2013
|
|
Accounting Changes and Error Corrections [Abstract] | |
3. RECENT ACCOUNTING PRONOUNCEMENTS | In February 2013, ASC guidance was issued related to items reclassified from Accumulated Other Comprehensive Income. The new standard requires either in a single note or parenthetically on the face of the financial statements:(i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and (ii) the income statement line items affected by the reclassification. The update is effective for the Companys fiscal year beginning July 1, 2013 with early adoption permitted. The Company does not expect the updated guidance to have a significant impact on the financial position, results of operations or cash flows.
In November 2011, ASC guidance was issued related to disclosures about offsetting assets and liabilities. The new standard requires disclosures to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The update is effective for the Companys fiscal year beginning July 1, 2013, and interim periods within those annual periods. Retrospective application is required.
In January 2013, ASC guidance was issued to clarify that the disclosure requirements are limited to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (i) offset in the financial statements or (ii) subject to an enforceable master netting arrangement or similar agreement. The Company does not expect the updated guidance to have an impact on the financial position, results of operations or cash flows.
In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02). The amendments in this update provide an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. ASC 2012-02 is effective for fiscal years and interim periods beginning after September 15, 2012. The Company adopted ASU 2012-02 on January 1, 2013 and there was no material impact on the Companys financial position or results of operations upon the adoption. |
8. INCOME TAXES (Details) (USD $)
|
3 Months Ended | 12 Months Ended | 86 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2006
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2009
|
Jun. 30, 2008
|
Jun. 30, 2007
|
Jun. 30, 2013
|
|
Income Tax Disclosure [Abstract] | |||||||||
Net loss for the year | $ (10,440) | $ (125,932) | $ (107,104) | $ (88,253) | $ (13,061) | $ (22,415) | $ (67,681) | $ (36,562) | $ (471,448) |
Statutory tax rate | 35.00% | 35.00% | |||||||
Computed expected (benefit) income taxes | (44,076) | (37,486) | |||||||
Income tax benefit not recognized | 44,076 | 37,486 | |||||||
Net income tax expense | $ 0 | $ 0 |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
---|---|
Jun. 30, 2013
|
|
Notes to Financial Statements | |
a) Exploration Stage Enterprise | The Companys financial statements are prepared using the accrual method of accounting and according to the provisions of ASC 915 Accounting and Reporting for Development Stage Enterprises, as it devotes substantially all of its efforts to acquiring and exploring mineral properties. Until such properties are acquired and developed, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage. |
b) Cash | The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. There is no cash equivalents as at June 30, 2013 (2012: $Nil). |
c) Mineral Property Acquisition Payments | The Company expenses all costs incurred on mineral properties to which it has secured exploration rights prior to the establishment of proven and probable reserves. If and when proven and probable reserves are determined for a property and a feasibility study prepared with respect to the property, then subsequent exploration and development costs of the property will be capitalized.
The Company regularly performs evaluations of any investment in mineral properties to assess the recoverability and/or the residual value of its investments in these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of an asset may not be recoverable. |
d) Exploration Expenditures | The Company follows a policy of expensing exploration expenditures until a production decision in respect of the project and the Company is reasonably assured that it will receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project approval certificate.
|
e) Asset Retirement Obligations | The Company has adopted ASC 410, Accounting for Asset Retirement Obligations, which requires that an asset retirement obligation (ARO) associated with the retirement of a tangible long-lived asset be recognized as a liability in the period which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset.
The cost of the tangible asset, including the initially recognized ARO, is depleted, such that the cost of the ARO is recognized over the useful life of the asset. The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. The fair value of the ARO is measured using expected future cash flow, discounted at the Companys credit-adjusted risk-free interest rate. To date, no significant asset retirement obligation exists due to the early stage of exploration. Accordingly, no liability has been recorded. |
f) Use of Estimates and Assumptions | The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
g) Financial Instruments | ASC 820, Fair Value Measurements and Disclosures requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
Level 1 - Quoted prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and
Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.
The Companys financial instruments consist principally of cash, accounts payable and accrued liabilities, loan payable and due to a related party. Pursuant to ASC 820, the fair value of our cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.
The Companys operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
|
h) Environmental Costs | Environmental expenditures that relate to current operations are charged to operations 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 charged to operations. 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 Companys commitments to plan of action based on the then known facts. |
i) Income Taxes | The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes and ASC 740 Accounting for Uncertainty in Income Taxes, which require the liability method of accounting for income taxes. The liability method requires the recognition of deferred tax assets and liabilities for future tax consequences of temporary differences between the financial statement basis and the tax basis of assets and liabilities. |
j) Basic and Diluted Net Loss Per Share | The Company reports basic loss per share in accordance with ASC 260 Earnings Per Share. Basic loss per share is computed using the weighted average number of common stock outstanding during the period. Diluted loss per share is computed using the weighted average number of common and potentially dilutive common stock outstanding during the period. Diluted loss per share is equal to basic loss per share because there are no potential dilutive securities.
|
k) Foreign Currency Translation | The Companys functional currency is the U.S. dollar. Transactions in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into U.S. dollars at the rate prevailing at the balance sheet date. Non-monetary items are translated at the historical rate unless such items are carried at market value, in which case they are translated using exchange rates that existed when the value were determined. Any resulting exchange rate differences are recorded in the statement of operations. |
9. CONTRACTUAL OBLIGATIONS AND COMMITMENTS (Details Narrative) (USD $)
|
12 Months Ended | 86 Months Ended | |
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
|
Contractual Obligations And Commitments Details Narrative | |||
Consulting fees | $ 22,500 | $ 30,000 | $ 98,359 |
Administrative expense | $ 13,500 | $ 18,000 | $ 49,500 |
8. INCOME TAXES (Details 2) (USD $)
|
Jun. 30, 2013
|
---|---|
EXPIRATION DATE | |
2033 | $ 126,000 |
2032 | 107,000 |
2031 | 88,000 |
2030 | 13,000 |
2029 | 22,000 |
2028 | 68,000 |
2027 | 37,000 |
2026 | 10,000 |
Total income tax operating loss carry forward | $ 471,000 |
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8. INCOME TAXES (Details 1) (USD $)
|
Jun. 30, 2013
|
Jun. 30, 2012
|
---|---|---|
Income Tax Disclosure [Abstract] | ||
Operating losses carried forward | $ 165,000 | $ 120,000 |
Valuation allowance | (165,000) | (120,000) |
Net deferred income tax assets | $ 0 | $ 0 |
1. NATURE OF OPERATIONS
|
12 Months Ended |
---|---|
Jun. 30, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
1. NATURE OF OPERATIONS | Organization
The Company was incorporated in the State of Nevada, U.S.A. on April 21, 2006.
Exploration Stage Activities
The Company has been in the exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining claims. Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage. During the fiscal year 2012, the Company entered into an agreement with Mayan Mineral Ltd. to acquire a resource property in Nevada (Note 4). Currently, the Company is actively looking for other mineral properties for its planned business operation.
Going Concern
These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
The general business strategy of the Company is to acquire and explore mineral properties. The continued operations of the Company and the recoverability of mineral property costs is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain necessary financing to complete the development of its properties, and upon future profitable production. The Company has not generated any revenues or completed development of any properties to date. Further, the Company has a working capital deficit of $364,388 (2012 - $238,456), has incurred losses of $471,448 since inception, and further significant losses are expected to be incurred in the exploration and development of its mineral properties. The Company will require additional funds to meet its obligations and maintain its operations. There can be no guarantee that the Company will be successful in raising the necessary financing. Managements plans in this regard are to raise equity financing as required.
These conditions raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments that might result from this uncertainty. |
4. MINERAL CLAIM INTEREST
|
12 Months Ended |
---|---|
Jun. 30, 2013
|
|
Extractive Industries [Abstract] | |
4. MINERAL CLAIM INTEREST |
On June 29, 2012 the Company entered into an agreement with Mayan Minerals Ltd. to acquire a resource property in Nevada at nil consideration. The property consists of two Minerals Lode Claims (GSR) totaling 40 acres in the Fairview mining district, Churchill County, Nevada. The property is located 98 air miles southeast of Reno and is accessible by road. It is in the vicinity of the Bell Mountain Mining Project which lies along the Eastern margin of the Walker Lane mineral belt which contains a number of past-producing gold-silver deposits and major mining districts (e.g. Tonopah, Rawhide, Paradise Peak). All of the land underlying the property is administered by the US Bureau of Land Management. There is no private land in the area. The core of the GSR property is a block of 2 unpatented mining claims, covering 40 acres.
The Company paid $3,177 for recording and maintenance fee during the year ended June 30, 2013 (2012: $nil).
As at June 30, 2013, the titles of above claims have not been transferred to the Company. Also see note 10. |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
---|---|
Jun. 30, 2013
|
|
Notes to Financial Statements | |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The financial statements of the Company have been prepared in accordance with US GAAP. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates. The financial statements have, in managements opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below.
a) Exploration Stage Enterprise
The Companys financial statements are prepared using the accrual method of accounting and according to the provisions of ASC 915 Accounting and Reporting for Development Stage Enterprises, as it devotes substantially all of its efforts to acquiring and exploring mineral properties. Until such properties are acquired and developed, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.
b) Cash
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. There is no cash equivalents as at June 30, 2013 (2012: $Nil).
c) Mineral Property Acquisition Payments
The Company expenses all costs incurred on mineral properties to which it has secured exploration rights prior to the establishment of proven and probable reserves. If and when proven and probable reserves are determined for a property and a feasibility study prepared with respect to the property, then subsequent exploration and development costs of the property will be capitalized.
The Company regularly performs evaluations of any investment in mineral properties to assess the recoverability and/or the residual value of its investments in these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of an asset may not be recoverable.
d) Exploration Expenditures
The Company follows a policy of expensing exploration expenditures until a production decision in respect of the project and the Company is reasonably assured that it will receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project approval certificate.
e) Asset Retirement Obligations
The Company has adopted ASC 410, Accounting for Asset Retirement Obligations, which requires that an asset retirement obligation (ARO) associated with the retirement of a tangible long-lived asset be recognized as a liability in the period which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset.
The cost of the tangible asset, including the initially recognized ARO, is depleted, such that the cost of the ARO is recognized over the useful life of the asset. The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. The fair value of the ARO is measured using expected future cash flow, discounted at the Companys credit-adjusted risk-free interest rate. To date, no significant asset retirement obligation exists due to the early stage of exploration. Accordingly, no liability has been recorded.
f) Use of Estimates and Assumptions
The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
g) Financial Instruments
ASC 820, Fair Value Measurements and Disclosures requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
Level 1 - Quoted prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and
Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.
The Companys financial instruments consist principally of cash, accounts payable and accrued liabilities, loan payable and due to a related party. Pursuant to ASC 820, the fair value of our cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.
The Companys operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
h) Environmental Costs
Environmental expenditures that relate to current operations are charged to operations 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 charged to operations. 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 Companys commitments to plan of action based on the then known facts.
i) Income Taxes
The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes and ASC 740 Accounting for Uncertainty in Income Taxes, which require the liability method of accounting for income taxes. The liability method requires the recognition of deferred tax assets and liabilities for future tax consequences of temporary differences between the financial statement basis and the tax basis of assets and liabilities.
j) Basic and Diluted Net Loss Per Share
The Company reports basic loss per share in accordance with ASC 260 Earnings Per Share. Basic loss per share is computed using the weighted average number of common stock outstanding during the period. Diluted loss per share is computed using the weighted average number of common and potentially dilutive common stock outstanding during the period. Diluted loss per share is equal to basic loss per share because there are no potential dilutive securities.
k) Foreign Currency Translation
The Companys functional currency is the U.S. dollar. Transactions in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into U.S. dollars at the rate prevailing at the balance sheet date. Non-monetary items are translated at the historical rate unless such items are carried at market value, in which case they are translated using exchange rates that existed when the value were determined. Any resulting exchange rate differences are recorded in the statement of operations. |