|
x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended November 30, 2012
|
|
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (For the transition period from June 1, 2012 to November 30, 2012).
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Nevada
|
||
(State or other jurisdiction of
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(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
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2432 M. De la Cruz
|
||
Pasay City, Philippines, 1300
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R6 24061
|
|
(Address of principal executive offices)
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(Zip code)
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
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Smaller Reporting Company x
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Page
|
||
PART I . Financial Information
|
||
Item 1.
|
3
|
|
Condensed Balance Sheets at November 30, 2012 (unaudited), and May 31, 2012
|
4
|
|
Unaudited Condensed Statements of Operations for the three and six month periods ended November 30, 2012 and 2011, and the period from March 19, 2010 (inception) to November 30, 2012
|
5
|
|
Unaudited Condensed Statements of Cash Flows for the six month periods ended November 30, 2012 and 2011, and the period from March 19, 2010 (inception) to November 30, 2012
|
6
|
|
7
|
||
Item 2.
|
10
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Item 3.
|
13
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Item 4.
|
13
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PART II. Other Information
|
||
Item 1.
|
14
|
|
Item 1A.
|
14
|
|
Item 2.
|
14
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|
Item 3.
|
14
|
|
Item 4. | Mine Safety Disclosure |
14
|
Item 5.
|
14
|
|
Item 6.
|
15
|
|
15
|
(Pre-Exploration Stage Company)
|
||||||||
CONDENSED BALANCE SHEETS
|
||||||||
November 30
|
May 31
|
|||||||
2012
|
2012
|
|||||||
(Unaudited)
|
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$ | 18,910 | $ | 23,615 | ||||
Total Current Assets
|
$ | 18,910 | $ | 23,615 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Accounts payable | 100 | - | ||||||
Advance from related parties
|
12,847 | 12,847 | ||||||
Total Current Liabilities
|
$ | 12,947 | $ | 12,847 | ||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, $0.001 par value, 300,000,000 shares authorized;
|
||||||||
31,000,000 shares issued
|
31,000 | 31,000 | ||||||
Additional paid-in capital
|
31,900 | 31,900 | ||||||
Accumulated deficit during the pre-exploration stage
|
(56,937 | ) | (52,132 | ) | ||||
Total Stockholders' Equity
|
5,963 | 10,768 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 18,910 | $ | 23,615 |
PLANDEL RESOURCES, INC.
|
||||||||||||||||||||
(Pre-Exploration Stage Company)
|
||||||||||||||||||||
CONDENSED STATEMENT OF OPERATIONS
|
||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months
|
Three Months
|
Six Months
|
Six Months
|
March 19, 2010
|
||||||||||||||||
ended
|
ended
|
ended
|
ended
|
(Inception) to
|
||||||||||||||||
Nov | Nov | Nov | Nov | Nov | ||||||||||||||||
30,2012
|
30,2011
|
30,2012
|
30,2011
|
30,2012
|
||||||||||||||||
REVENUES
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
EXPENSES
|
||||||||||||||||||||
Impairment of mineral claim acquisition costs
|
- | - | - | - | 5,000 | |||||||||||||||
General and administrative
|
4,805 | 5,882 | 4,805 | 9,457 | 51,937 | |||||||||||||||
Total expenses
|
4,805 | 5,882 | 4,805 | 9,457 | 56,937 | |||||||||||||||
Net Loss
|
$ | (4,805 | ) | $ | (5,882 | ) | $ | (4,805 | ) | $ | (9,457 | ) | $ | (56,937 | ) | |||||
NET LOSS PER COMMON SHARE
|
||||||||||||||||||||
Basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
WEIGHTED AVERAGE OUTSTANDING SHARES
|
||||||||||||||||||||
Basic and diluted
|
31,000,000 | 30,000,000 | 31,000,000 | 30,000,000 |
(Pre-Exploration Stage Company)
|
||||||||||||
CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
|
||||||||||||
Six Months
|
Six Months
|
March 19, 2010
|
||||||||||
ended
|
ended
|
(inception) to
|
||||||||||
November 30,
|
November 30,
|
November 30,
|
||||||||||
2012
|
2011
|
2012
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net income (loss)
|
$ | (4,805 | ) | $ | (9,457 | ) | $ | (56,937 | ) | |||
Adjustments to reconcile net loss to net cash provided by used in operating activities:
|
||||||||||||
Expenses paid by shareholders
|
- | - | 2,900 | |||||||||
Impairment loss on mineral claim
|
- | - | 5,000 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts payable
|
100 | (2,385 | ) | 100 | ||||||||
NET CASH FLOWS USED IN OPERATING ACTIVITIES
|
(4,705 | ) | (11,842 | ) | (48,937 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Acquisition of mineral claim
|
- | - | (5,000 | ) | ||||||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES
|
- | - | (5,000 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Advance from related parties
|
- | 11,842 | 12,847 | |||||||||
Proceeds from issuance of common stock
|
- | - | 60,000 | |||||||||
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
|
- | 11,842 | 72,847 | |||||||||
NET INCREASE (DECREASE) IN CASH
|
(4,705 | ) | - | 18,910 | ||||||||
CASH AT BEGINNING OF PERIOD
|
23,615 | 17 | - | |||||||||
CASH AT END OF PERIOD
|
$ | 18,910 | $ | 17 | $ | 18,910 | ||||||
Supplemented Disclosure of Non-cash Financing Activities
|
||||||||||||
Expenses paid by shareholders
|
$ | - | $ | - | $ | 2,900 |
Expenses
|
Amount
|
Description
|
|||
Accounting
|
$
|
7,650
|
Fees to the independent accountant for preparing the quarterly and annual working papers for the financial statements for the calendar year ended May 31, 2012.
|
||
Audit
|
4,550
|
Review of the quarterly financial statements and audit of the annual financial statements
|
|||
Exploration
|
12,702
|
Per Roberto Noga for Phase I
|
Filing Fees
|
475
|
Annual fee to the Secretary of State for Nevada
|
|||
Office
|
1,000
|
Photocopying, delivery and fax expenses
|
|||
Transfer agent’s fees
|
1,500
|
Annual fee of $500 and estimated miscellaneous charges of $1,000
|
|||
Estimated Expenses
|
$
|
27,877
|
Exhibit
Number
|
Ref
|
Description of Document
|
||
31.1
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
31.2
|
Certification of Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
32.1
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
|
|||
32.2
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
|
101
|
*
|
The following materials from this Quarterly Report on Form 10-Q for the quarter ended November 30, 2012, formatted in XBRL (eXtensible Business Reporting Language):
|
||
(1)Balance Sheets at November 30, 2012 (unaudited), and May 31, 2011
|
||||
(2)Unaudited Statements of Operations for the three-month periods ended November 30, 2012 and 2011, and the period from March 19, 2010 (inception) to November 30, 2012
|
||||
(3)Unaudited Statements of Cash Flows for the three-month periods ended November 30, 2012 and 2011, and the period from March 19, 2010 (inception) to November 30, 2012
|
PLANDEL RESOURCES, INC.
|
|||
Date:
|
January 16, 2013
|
By:
|
/s/ Mario Santos Gregorio
|
Mario Santos Gregorio
|
|||
President and Chief Executive Officer
|
|||
(Principal Executive Officer)
|
|||
January 16, 2013
|
By:
|
/s/ Rizalina Raneses
|
|
Rizalina Raneses
|
|||
Treasurer and Secretary
|
|||
(Principal Financial Officer and Principal Accounting Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Plandel Resources, Inc.;
|
||||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
||||
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|||||
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|||||
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|||||
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|||||
5.
|
The registrant’s other certifying 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.
|
January 16, 2013
|
|
/s/ Mario Santos Gregorio
|
|
Mario Santos Gregorio
President and Chief Executive Officer
(Principal Executive Officer)
|
EXHIBIT 31.2
CERTIFICATIONS
I, Rizalina Raneses, certify that:
|
||||
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Plandel Resources, Inc.;
|
|||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|||
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
||||
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
||||
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
||||
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
||||
5.
|
The registrant’s other certifying 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.
|
||||
January 16, 2013
|
||||
/s/ Rizalina Raneses
|
||||
Rizalina Raneses
Treasurer and Secretary
(Principal Financial Officer and Principal Accounting Officer)
|
January 16, 2013
|
|
/s/ Mario Santos Gregorio
|
|
Mario Santos Gregorio
President and Chief Executive Officer
(Principal Executive Officer)
|
January 16, 2013
|
|
/s/ Rizalina Raneses
|
|
Rizalina Raneses
Treasurer and Secretary
|
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Significant Transactions with Related Party
|
6 Months Ended |
---|---|
Nov. 30, 2012
|
|
Related Party Transactions [Abstract] | |
Significant Transactions with Related Parties |
NOTE 4 - SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
The Companys two Officers have acquired 100% of the outstanding common stock issued.
During the year ended May 31, 2012, an Officer advanced $12,847 to the Company. This amount is payable to the Officer at November 30, 2012. All advances are non-interest bearing and payable on demand. |