þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
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35-2302128
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(State or Other Jurisdiction
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(IRS Employer Identification
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Of Incorporation or Organization)
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Number)
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10775 Double R Boulevard
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||
Reno, Nevada
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89521
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(Address of Principal Executive Offices)
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(Zip Code)
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(775) 996 - 8200
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(Registrant’s telephone number, including area code)
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Large accelerated filer
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o |
Accelerated filer
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o |
Non-accelerated filer
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o |
Smaller reporting company
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þ |
(Do not check if smaller reporting company) |
PART I – FINANCIAL INFORMATION
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|||||
Item 1.
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Financial Statements
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1 | |||
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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16 | |||
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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19 | |||
Item 4.
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Controls and Procedures
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20 | |||
PART II – OTHER INFORMATION
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|||||
Item 1.
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Legal Proceedings
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21 | |||
Item 1A.
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Risk Factors
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21 | |||
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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21 | |||
Item 3.
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Defaults Upon Senior Securities
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21 | |||
Item 4.
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Mine Safety Disclosures
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21 | |||
Item 5.
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Other Information
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21 | |||
Item 6.
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Exhibits
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22 | |||
Signature Page
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23 |
PAGE
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1
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CONDENSED BALANCE SHEETS AS OF APRIL 30, 2012 (UNAUDITED) AND JULY 31, 2011.
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PAGE
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2
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CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2012 AND 2011 AND FOR THE PERIOD FROM JULY 2, 2007 (INCEPTION) TO APRIL 30, 2012 (UNAUDITED)
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PAGE
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3
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CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY /(DEFICIENCY) FOR THE PERIOD FROM JULY 2, 2007 (INCEPTION) TO APRIL 30, 2012 (UNAUDITED)
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PAGE
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4
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CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED APRIL 30, 2012 AND 2011 AND FOR THE PERIOD FROM JULY 2, 2007 (INCEPTION) TO APRIL 30, 2012 (UNDAUDITED)
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PAGES
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5 - 15
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NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
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Gold American Mining, Corp.
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|||||||
(An Exploration Stage Company)
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|||||||
Condensed Balance Sheets
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ASSETS
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||||||||
April 30, 2012
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July 31, 2011
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|||||||
(Unaudited)
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||||||||
Current Assets
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||||||||
Cash
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$ | 25,004 | $ | 5,226 | ||||
Prepaid Expenses
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- | 5,174 | ||||||
Total Current Assets
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25,004 | 10,400 | ||||||
Property and Equipment, net
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2,507 | 3,121 | ||||||
Total Assets
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$ | 27,511 | $ | 13,521 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
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||||||||
Current Liabilities
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||||||||
Accounts Payable and Accrued Expenses
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$ | 27,008 | $ | 22,043 | ||||
Accounts Payable - related party
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60,000 | 37,500 | ||||||
Notes Payable - related party
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20,000 | 18,500 | ||||||
Loans Payable - related party
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66,128 | 2,244 | ||||||
Total Liabilities
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173,136 | 80,287 | ||||||
Commitments and Contingencies
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||||||||
Stockholders' Deficiency
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||||||||
Preferred stock, $0.00001 par value; 10,000,000 shares authorized,
|
||||||||
none issued and outstanding
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- | - | ||||||
Common stock, $0.00001 par value; 500,000,000 shares authorized, 89,804,393 and 89,804,393
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||||||||
issued and outstanding, respectively
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898 | 898 | ||||||
Additional paid-in capital
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3,996,030 | 3,993,595 | ||||||
Deficit accumulated during the exploration stage
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(4,142,553 | ) | (4,061,259 | ) | ||||
Total Stockholders' Deficiency
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(145,625 | ) | (66,766 | ) | ||||
Total Liabilities and Stockholders' Deficiency
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$ | 27,511 | $ | 13,521 |
Gold American Mining, Corp.
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||||||||||
(An Exploration Stage Company)
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||||||||||
Condensed Statements of Operations
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||||||||||
(Unaudited)
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For the Period
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||||||||||||||||||||
For the Three Months Ended
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For the Nine Months Ended
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From July 2, 2007 (Inception) to
|
||||||||||||||||||
April 30, 2012
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April 30, 2011
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April 30, 2012
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April 30, 2011
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April 30, 2012
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||||||||||||||||
Operating Expenses
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||||||||||||||||||||
Professional fees
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$ | 5,445 | $ | 6,250 | $ | 35,993 | $ | 58,620 | $ | 247,243 | ||||||||||
Consulting Expense
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7,500 | 50,700 | 22,500 | 243,850 | 388,425 | |||||||||||||||
Exploration Costs
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- | 511,329 | 6,021 | 1,656,330 | 3,259,729 | |||||||||||||||
General and administrative
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4,515 | 12,141 | 14,795 | 74,921 | 242,985 | |||||||||||||||
Total Operating Expenses
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17,460 | 580,420 | 79,309 | 2,033,721 | 4,138,382 | |||||||||||||||
Loss from Operations
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(17,460 | ) | (580,420 | ) | (79,309 | ) | (2,033,721 | ) | (4,138,382 | ) | ||||||||||
Other Income/(Expenses)
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||||||||||||||||||||
Interest Income
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- | - | - | 20 | 22 | |||||||||||||||
Interest Expense
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(936 | ) | (40 | ) | (1,985 | ) | (808 | ) | (4,193 | ) | ||||||||||
LOSS FROM OPERATIONS BEFORE INCOME TAXES
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(18,396 | ) | (580,460 | ) | (81,294 | ) | (2,034,509 | ) | (4,142,553 | ) | ||||||||||
Provision for Income Taxes
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- | - | - | - | - | |||||||||||||||
NET LOSS
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$ | (18,396 | ) | $ | (580,460 | ) | $ | (81,294 | ) | $ | (2,034,509 | ) | $ | (4,142,553 | ) | |||||
Net Loss Per Share - Basic and Diluted
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$ | (0.00 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.02 | ) | ||||||||
Weighted average number of shares outstanding
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||||||||||||||||||||
during the period - Basic and Diluted
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89,804,393 | 88,790,713 | 89,804,393 | 87,871,728 |
(An Exploration Stage Company)
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|||||||
Condensed Statement of Changes in Stockholders' Equity/(Deficiency)
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|||||||
For the period from July 2, 2007 (Inception) to April 30, 2012
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|||||||
(Unaudited)
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Deficit
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||||||||||||||||||||||||||||
Additional
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accumulated during
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Total
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||||||||||||||||||||||||||
Preferred stock |
Common stock
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paid-in
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exploration
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Stockholders'
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||||||||||||||||||||||||
Shares
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Amount
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Shares
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Amount
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capital
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stage
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Equity/(Deficiency)
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||||||||||||||||||||||
Balance July 2, 2007
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- | $ | - | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Common stock issued for services to founder ($0.00001)
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- | - | 250,000,000 | 2,500 | (2,450 | ) | - | 50 | ||||||||||||||||||||
In kind contribution of services
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- | - | - | - | 1,080 | - | 1,080 | |||||||||||||||||||||
Net loss for the period July 2, 2007 (inception) to July 31, 2007
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- | - | - | - | - | (4,879 | ) | (4,879 | ) | |||||||||||||||||||
Balance, July 31, 2007
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- | - | 250,000,000 | 2,500 | (1,370 | ) | (4,879 | ) | (3,749 | ) | ||||||||||||||||||
Common stock issued for cash ($0.10 per share)
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- | - | 40,000,000 | 400 | 79,600 | - | 80,000 | |||||||||||||||||||||
In kind contribution of services
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- | - | - | - | 5,760 | - | 5,760 | |||||||||||||||||||||
Net loss for the year ended July 31, 2008
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- | - | - | - | - | (70,555 | ) | (70,555 | ) | |||||||||||||||||||
Balance, July 31, 2008
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- | - | 290,000,000 | 2,900 | 83,990 | (75,434 | ) | 11,456 | ||||||||||||||||||||
In kind contribution of services
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- | - | - | - | 5,760 | - | 5,760 | |||||||||||||||||||||
In kind contribution of interest
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- | - | - | - | 256 | - | 256 | |||||||||||||||||||||
Net loss for the year ended July 31, 2009
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- | - | - | - | - | (31,521 | ) | (31,521 | ) | |||||||||||||||||||
Balance, July 31, 2009
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- | - | 290,000,000 | 2,900 | 90,006 | (106,955 | ) | (14,049 | ) | |||||||||||||||||||
Shares issued in exchange for mining rights
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- | - | 700,000 | 7 | 657,993 | - | 658,000 | |||||||||||||||||||||
Shares issued for cash ($0.60 per share)
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- | - | 333,333 | 3 | 199,997 | - | 200,000 | |||||||||||||||||||||
Shares returned by founder as an in kind contribution
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- | - | (205,000,000 | ) | (2,050 | ) | 2,050 | - | - | |||||||||||||||||||
Shares issued for services
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- | - | 37,500 | 0 | 48,375 | - | 48,375 | |||||||||||||||||||||
Shares and warrants issued for cash ($1.10 per share)
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- | - | 272,727 | 3 | 299,997 | - | 300,000 | |||||||||||||||||||||
Forgiveness of debts by principal stockholder
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- | - | - | - | 24,262 | - | 24,262 | |||||||||||||||||||||
Expenses paid by shareholder on Company's behalf
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- | - | - | - | 60,871 | - | 60,871 | |||||||||||||||||||||
In kind contribution of services
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- | - | - | - | 4,320 | - | 4,320 | |||||||||||||||||||||
In kind contribution of interest
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- | - | - | - | 627 | - | 627 | |||||||||||||||||||||
Net loss for the year ended July 31, 2010
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- | - | - | - | - | (1,351,087 | ) | (1,351,087 | ) | |||||||||||||||||||
Balance, July 31, 2010
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- | - | 86,343,560 | 863 | 1,388,498 | (1,458,042 | ) | (68,681 | ) | |||||||||||||||||||
Shares issued for services
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- | - | 152,500 | 2 | 88,948 | - | 88,950 | |||||||||||||||||||||
Shares issued in exchange for mining rights
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- | - | 1,600,000 | 16 | 1,615,984 | - | 1,616,000 | |||||||||||||||||||||
Shares and warrants issued for cash ($0.80 per share)
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- | - | 375,000 | 4 | 299,996 | - | 300,000 | |||||||||||||||||||||
Shares and warrants issued for cash ($0.75 per share)
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- | - | 533,333 | 5 | 399,995 | - | 400,000 | |||||||||||||||||||||
Shares and warrants issued for cash ($0.25 per share)
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- | - | 800,000 | 8 | 199,992 | - | 200,000 | |||||||||||||||||||||
In kind contribution of interest
|
- | - | - | - | 182 | - | 182 | |||||||||||||||||||||
Net loss for the year ended July 31, 2011
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- | - | - | - | (2,603,217 | ) | (2,603,217 | ) | ||||||||||||||||||||
Balance, July 31, 2011
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- | - | 89,804,393 | 898 | 3,993,595 | (4,061,259 | ) | (66,766 | ) | |||||||||||||||||||
In kind contribution of legal services
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- | - | - | - | 450 | - | 450 | |||||||||||||||||||||
In kind contribution of interest
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- | - | - | - | 1,985 | - | 1,985 | |||||||||||||||||||||
Net loss for the nine months ended April 30, 2012
|
- | - | - | - | - | (81,294 | ) | (81,294 | ) | |||||||||||||||||||
Balance, April 30, 2012
|
- | $ | - | 89,804,393 | $ | 898 | $ | 3,996,030 | $ | (4,142,553 | ) | $ | (145,625 | ) |
Gold American Mining, Corp.
|
(An Exploration Stage Company)
|
Condensed Statements of Cash Flows
|
(Unaudited)
|
For the
Period from
|
||||||||||||
For the Nine Months Ended
|
July 2, 2007
(Inception) to
|
|||||||||||
April 30, 2012
|
April 30, 2011
|
April 30, 2012
|
||||||||||
Cash Flows From Operating Activities:
|
||||||||||||
Net Loss
|
$ | (81,294 | ) | $ | (2,034,509 | ) | $ | (4,142,553 | ) | |||
Adjustments to reconcile net loss to net cash used in operations
|
||||||||||||
Depreciation expense
|
614 | 6,710 | 11,801 | |||||||||
Stock issued for mining rights
|
- | 1,111,000 | 2,274,000 | |||||||||
Impairment of website
|
- | - | 14,253 | |||||||||
Stock issued for services
|
- | 87,850 | 137,325 | |||||||||
In-kind contribution of services
|
450 | - | 17,370 | |||||||||
In-kind contribution of interest
|
1,985 | - | 3,050 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Increase/(Decrease) in accounts payable and accrued expenses
|
4,965 | (98,632 | ) | 27,008 | ||||||||
Increase in accounts payable - related party
|
22,500 | 15,000 | 60,000 | |||||||||
(Increase)/Decrease in prepaid expenses
|
5,174 | 10,600 | - | |||||||||
Net Cash Used In Operating Activities
|
(45,606 | ) | (901,981 | ) | (1,597,746 | ) | ||||||
Cash Flows From Investing Activities:
|
||||||||||||
Advance receivable - related party
|
- | (1,123 | ) | (1,123 | ) | |||||||
Repayment of advance receivable - related party
|
- | 1,123 | 1,123 | |||||||||
Purchase of fixed assets
|
- | (2,099 | ) | (28,561 | ) | |||||||
Net Cash Used In Investing Activities
|
- | (2,099 | ) | (28,561 | ) | |||||||
Cash Flows From Financing Activities:
|
||||||||||||
Repayment of loan payable- related party
|
- | (23,881 | ) | (66,276 | ) | |||||||
Expenses paid by shareholder on Company's behalf
|
- | - | 60,871 | |||||||||
Proceeds from loans payable-related party
|
63,884 | 22,174 | 156,666 | |||||||||
Proceeds from notes payable-related party
|
1,500 | - | 20,000 | |||||||||
Proceeds from issuance of common stock
|
- | 900,000 | 1,480,050 | |||||||||
Net Cash Provided by Financing Activities
|
65,384 | 898,293 | 1,651,311 | |||||||||
Net Increase / (Decrease) in Cash
|
19,778 | (5,787 | ) | 25,004 | ||||||||
Cash at Beginning of Period
|
5,226 | 8,202 | - | |||||||||
Cash at End of Period
|
$ | 25,004 | $ | 2,415 | $ | 25,004 | ||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Cash paid for interest
|
$ | - | $ | 888 | $ | 948 | ||||||
Cash paid for taxes
|
$ | - | $ | - | $ | - | ||||||
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||||||
During the year ended July 31,2010, the Company's principal stockholder forgave loans of $24,262. The forgiveness was treated as contributed capital from the principal stockholder.
|
April 30,
2012
(Unaudited)
|
July 31,
2011
|
|||||||
Website Development
|
$ | - | $ | - | ||||
Office Equipment
|
4,098 | 4,098 | ||||||
Less: accumulated depreciation
|
(1,591 | ) | (977 | ) | ||||
Total Property and Equipment
|
$ | 2,507 | $ | 3,121 |
Number of
Options
|
Weighted
Average
Exercise
Price
|
|||||||
Stock Warrants
|
||||||||
Balance at July 31, 2011
|
990,530 | $ | .91 | |||||
Granted
|
- | $ | - | |||||
Exercised
|
- | $ | - | |||||
Forfeited
|
- | $ | - | |||||
Balance at April 30, 2012
|
990,530 | $ | 0.91 | |||||
Weighted Average Fair Value of Options Granted
|
$ | 0.91 |
2012 Outstanding Warrants
|
Warrants Exercisable
|
||||||||||||||||||
Range of
Exercise Price
|
Number
Outstanding at
April 30, 2012
|
Weighted
Average Remaining
Contractual Life
|
Weighted
Average
Exercise Price
|
Number
Exercisable at
April 30, 2012
|
Weighted
Average
Exercise Price
|
||||||||||||||
$ | 0.38 - $1.65 | 990,530 |
0.38 years
|
$ | 0.91 | 990,530 | $ | 0.91 |
2011 Outstanding Warrants
|
Warrants Exercisable
|
||||||||||||||||||
Range of
Exercise Price
|
Number
Outstanding at
April 30, 2011
|
Weighted
Average Remaining
Contractual Life
|
Weighted
Average
Exercise Price
|
Number
Exercisable at
April 30, 2011
|
Weighted
Average
Exercise Price
|
||||||||||||||
$ | 0.38 - $1.65 | 990,530 |
1.38 years
|
$ | .91 | 990,030 | $ | 0.91 |
●
|
Upon signing the letter of intent the Company paid Yale $10,000 in refundable deposit
|
●
|
Upon signing of a Definite Agreement the Company paid $10,000 and issued 100,000 shares of common stock having a fair value of $101,000
|
●
|
For the year ended July 31, 2010 the Company paid $20,000 and issued 100,000 shares of common stock (See Note 5(E)).
|
●
|
On or before December 30, 2010, the Company will pay $30,000 and issue 100,000 shares of common stock. On December 31, 2010, the Company paid $30,000 and issued 100,000 shares of common stock (See Note 5(E)).
|
●
|
On or before June 30, 2011, the Company was required to pay $50,000 and issue 100,000 shares of common stock. and have minimum expenditures of $400,000. As of July 31, 2011, Yale issued a waiver regarding the required cash payment and stock issuance.
|
●
|
On or before December 30, 2011, the company will pay $50,000 and issue 100,000 shares of common stock. The Company did not pay this required cash payment and stock issuance because effective February 21, 2012, the agreement was terminated and no additional cash payments and share issuance are due. The agreement is no longer in effect.
|
●
|
On or before June 30, 2012, the Company will pay $75,000 and issue 100,000 shares of common stock
|
●
|
On or before December 30, 2012, the company will pay $100,000, issue 100,000 shares of common stock and have minimum expenditures of an additional $700,000
|
●
|
On or before June 30, 2013, the Company will pay $200,000 and issue 100,000 share of common stock
|
●
|
On or before December 30, 2013, the Company will pay $355,000, issue an 200,000 shares of common stock and have minimum expenditures of an additional $900,000
|
●
|
Upon the execution of the agreement the Company paid $40,000 on August 23, 2010.
|
●
|
On or before December 23, 2010 the Company will pay $50,000.
|
●
|
On or before June 23, 2011 the Company will pay $50,000.
|
●
|
On or before December 23, 2011 the Company will pay $50,000.
|
●
|
On or before June 23, 2012, the Company will pay $175,000.
|
●
|
On or before December 23, 2012 the Company will pay $400,000.
|
Nine-Months Ended
|
||||||||||||
April 30,
|
Increase
|
|||||||||||
2012
|
2011
|
(Decrease)
|
||||||||||
Revenues
|
$
|
0
|
$
|
0
|
$
|
0
|
||||||
Professional Fees
|
35,993
|
58,620
|
(22,627
|
)
|
||||||||
Consulting Expenses
|
22,500
|
243,850
|
(221,350
|
)
|
||||||||
Exploration Costs
|
6,021
|
1,656,330
|
(1,650,309
|
)
|
||||||||
General and Administrative
|
14,795
|
74,921
|
(60,126
|
)
|
||||||||
Total Operating Expenses
|
79,309
|
2,033,721
|
(1,954,412
|
)
|
||||||||
(Loss) from Operations
|
(79,309
|
)
|
(2,033,721
|
)
|
1,954,412
|
|
||||||
Net Interest Income (Expense)
|
(1,985
|
)
|
(788
|
)
|
(1,197
|
)
|
||||||
Loss from Operations Before Taxes
|
(81,294
|
)
|
(2,034,509
|
)
|
(1,953,215
|
)
|
||||||
Net Loss
|
$
|
(81,294
|
)
|
$
|
(2,034,509
|
)
|
$
|
(1,953,215
|
)
|
April 30,
2012
(unaudited)
|
July 31,
2011
|
|||||||
Current assets
|
$
|
25,004
|
$
|
10,400
|
||||
Current liabilities
|
173,136
|
80,287
|
||||||
Working capital deficit
|
$
|
(148,132
|
)
|
$
|
(69,887
|
)
|
Nine-Months Ended
|
||||||||
April 30,
|
||||||||
2012
|
2011
|
|||||||
Net Cash Used in Operating Activities
|
$
|
(45,606
|
)
|
$
|
(901,981
|
)
|
||
Net Cash Used in Investing Activities
|
0
|
|
(2,099
|
)
|
||||
Net Cash Provided by Financing Activities
|
65,384
|
898,293
|
||||||
Net Increase (Decrease) in Cash
|
$
|
19,778
|
$
|
(5,787
|
)
|
Exhibit No.
|
Description
|
|
Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
||
Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
||
Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
GOLD AMERICAN MINING CORP.
|
|||
Date: June 14, 2012
|
By:
|
/s/ Johannes Petersen
|
|
Johannes Petersen
|
|||
Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, President, Chairman of the Board of Directors
|
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
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: June 14, 2012 | |
/s/ Johannes Petersen
|
|
Johannes Petersen
|
|
Chief Executive Officer, Principal Executive Officer
|
e)
|
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;
|
f)
|
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;
|
g)
|
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
|
h)
|
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
|
c)
|
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
|
d)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: June 14, 2012 | |
/s/ Johannes Petersen
|
|
Johannes Petersen
|
|
Chief Financial Officer, Principal Accounting 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 the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
|
Date: June 14, 2012
|
/s/ Johannes Petersen
|
|
|
Johannes Petersen
Chief Executive Officer, Chief Financial Officer,
Principal Accounting Officer, President, Sole Director
|
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NOTES PAYABLE – RELATED PARTY
|
9 Months Ended |
---|---|
Apr. 30, 2012
|
|
Notes to Financial Statements | |
NOTES PAYABLE – RELATED PARTY |
NOTE 3 NOTES PAYABLE RELATED PARTY
On October 10, 2011, the Company executed an unsecured, non-interest bearing, due on demand promissory note payable to its principal stockholder in the amount of $20,000 encompassing the $18,500 loaned to the Company during the year ended July 31, 2011 and an additional $1,500 loaned on August 22, 2011. Pursuant to the terms of the note, the loans are non-interest bearing, unsecured and due on demand (See Note 6). |