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Queensridge Mining Resources, Inc.
0001498372
10-Q
2012-03-31
false
--06-30
No
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6427800
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2012
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Queensridge Mining Resources, Inc. (“Queensridge”
and the “Company”) was incorporated in Nevada on January 29, 2010. Queensridge is an exploration stage company and
has not yet realized any revenues from its planned operations. Queensridge is currently in the process of acquiring certain mining
claims.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Basis of Presentation</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited interim financial
statements have been prepared by Queensridge Mining Resources, Inc. pursuant to the rules and regulations of the U.S. Securities
and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance
with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules
and regulations. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these financial
statements have been included. Such adjustments consist of normal recurring adjustments. These interim financial statements should
be read in conjunction with the audited financial statements of the Company for the fiscal year ended June 30, 2011. The results
of operations for the six months ended March 31, 2012 are not indicative of the results that may be expected for the full year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Use of Estimates</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at the date of the balance sheet. Actual results could
differ from those estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Basic Loss Per Share</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic loss per share has been calculated based
on the weighted average number of shares of common stock outstanding during the period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Mineral Properties</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of license acquisition, exploration, carrying
and retaining unproven mineral lease properties are expensed as incurred. Costs of acquisition are capitalized subject to impairment
testing, in accordance with SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”, when facts
and circumstances indicate impairment may exist.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Comprehensive Income</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has adopted SFAS 130 “Reporting
Comprehensive Income” (ASC 220-10), which establishes standards for reporting and display of comprehensive income, its components
and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’
Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The
Company has not had any significant transactions that are required to be reported in other comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Income Tax </u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Queensridge follows SFAS 109, “Accounting
for Income Taxes” (ASC 740-10). Deferred income taxes reflect the net effect of (a) temporary difference between carrying
amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating
loss carryforwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because
no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward
has been recognized, as it is not deemed likely to be realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0"><font style="letter-spacing: -0.1pt"><u>Cash</u></font><u>
and Cash <font style="letter-spacing: -0.15pt">E</font>q<font style="letter-spacing: -0.1pt">ui</font><font style="letter-spacing: -0.15pt">v</font>a<font style="letter-spacing: -0.1pt">lents</font></u></p>
<p style="font: 10pt/13.65pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt">T</font>h<font style="letter-spacing: -0.1pt">e</font><font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.1pt">C</font>o<font style="letter-spacing: -0.2pt">m</font>p<font style="letter-spacing: -0.1pt">a</font>ny<font style="letter-spacing: 0.1pt">
</font><font style="letter-spacing: -0.1pt">c</font>o<font style="letter-spacing: -0.1pt">nsi</font>d<font style="letter-spacing: -0.1pt">ers</font><font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.1pt">all</font><font style="letter-spacing: 0.15pt"> </font>h<font style="letter-spacing: -0.1pt">i</font>gh<font style="letter-spacing: -0.1pt">ly</font><font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.1pt">li</font>qu<font style="letter-spacing: -0.15pt">i</font>d<font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.1pt">inves</font>t<font style="letter-spacing: -0.2pt">m</font><font style="letter-spacing: -0.1pt">e</font>n<font style="letter-spacing: -0.1pt">ts</font><font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.1pt">wit</font>h<font style="letter-spacing: 0.15pt"> </font><font style="letter-spacing: -0.1pt">t</font>h<font style="letter-spacing: -0.1pt">e</font><font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.1pt">ori</font>g<font style="letter-spacing: -0.15pt">i</font>n<font style="letter-spacing: -0.1pt">a</font>l<font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.2pt">m</font>atu<font style="letter-spacing: -0.1pt">ritie</font>s<font style="letter-spacing: 0.15pt">
</font><font style="letter-spacing: -0.1pt">o</font>f<font style="letter-spacing: 0.15pt"> </font><font style="letter-spacing: -0.1pt">thre</font>e<font style="letter-spacing: 0.1pt">
</font><font style="letter-spacing: -0.2pt">m</font>on<font style="letter-spacing: -0.1pt">t</font>hs<font style="letter-spacing: 0.2pt">
</font>or<font style="letter-spacing: 0.2pt"> </font><font style="letter-spacing: -0.1pt">les</font>s<font style="letter-spacing: 0.1pt">
</font><font style="letter-spacing: -0.1pt">to </font>be ca<font style="letter-spacing: -0.15pt">s</font>h <font style="letter-spacing: -0.15pt">e</font><font style="letter-spacing: -0.1pt">q</font>u<font style="letter-spacing: -0.1pt">i</font>v<font style="letter-spacing: -0.15pt">a</font><font style="letter-spacing: -0.1pt">le</font>n<font style="letter-spacing: -0.1pt">t</font>s</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Queensridge does not expect the adoption of
recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial
position or cash flow.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Queensridge has recurring losses and has a
deficit accumulated during the exploration stage of $110,049 as of March 31, 2012. Queensridge's financial statements are prepared
using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets
and liquidation of liabilities in the normal course of business. However, Queensridge has no current source of revenue. Without
realization of additional capital, it would be unlikely for Queensridge to continue as a going concern. Queensridge's management
plans on raising cash from public or private debt or equity financing, on an as needed basis and in the longer term, revenues from
the acquisition, exploration and development of mineral interests, if found. Queensridge's ability to continue as a going concern
is dependent on these additional cash financings, and, ultimately, upon achieving profitable operations through the development
of mineral interests.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period ended June 30, 2010, the
Company electronically staked and recorded a 100% interest in a block of mining claims located in northern Newfoundland, Canada
known as the Cutwell Harbour property for $3,000. The mineral properties were found to be unproven and the entire balance of $3,000
was impaired as of June 30, 2010.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The loans payable to a related party are non-
interest bearing and have no specified terms of repayment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The promissory note payables in the amount
of $10,000 each are due to a related party, bear interest at 5% per annum and are due on due on April 24, 2013 and October 4, 2013.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total loan principle owed to the related party
was $20,000 at March 31, 2012 and $10,000 at June 30, 2011, plus accrued interest of $500 and $125 at March 31, 2012 and June 30,
2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The provision
for Federal income tax consists of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">March
31, 2012</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">March
31, 2011</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal income tax
benefit attributable to:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,204); vertical-align: bottom">
<td style="text-align: left; padding-left: 12.6pt; width: 54%"><font style="font: 10pt Times New Roman, Times, Serif">Current
operations</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 20%"><font style="font: 10pt Times New Roman, Times, Serif">3,448</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 20%"><font style="font: 10pt Times New Roman, Times, Serif">8,116</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12.6pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
valuation allowance</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,448</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,116</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,204); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net
provision for Federal income taxes</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The cumulative
tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font-size: 10pt">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">March
31, 2012</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2011</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax asset
attributable to:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,204); vertical-align: bottom">
<td style="text-align: left; padding-left: 12.6pt; width: 54%"><font style="font: 10pt Times New Roman, Times, Serif">Net
operating loss carryover</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 20%"><font style="font: 10pt Times New Roman, Times, Serif">37,418</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 20%"><font style="font: 10pt Times New Roman, Times, Serif">33,969</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 12.6pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
valuation allowance</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(37,418</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(33,969</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,204); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net
deferred tax asset</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">At March
31, 2012, Queensridge had an unused net operating loss carryover approximating $110,049 that is available to offset future taxable
income; it expires beginning in 2030.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At inception, Queensridge issued 3,100,000
shares of stock at $0.001 to its founding shareholder for $3,100 cash.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period ended June 30, 2010, Queensridge
issued 3,250,000 shares of stock at $0.005 for $16,250 cash.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period ended June 30, 2010, Queensridge
issued 77,800 shares of stock at $0.25 for $19,450 cash.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Operating
Leases</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Company
leases its office facilities under a lease which expires February 1, 2012 . The monthly rate is $310. The lease is renewable for
an additional two year term at the same monthly rate.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Aggregate
minimum annual rental payments under the non-cancelable operating lease are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="width: 30%; font-size: 10pt">
<tr style="background-color: rgb(204,238,204); vertical-align: bottom">
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 68%"><font style="font: 10pt Times New Roman, Times, Serif">Year ended June 30, 2012</font></td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 27%"><font style="font: 10pt Times New Roman, Times, Serif">310</font></td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated subsequent events
occurring after the balance sheet date through the date the financial statements were issued, and has determined that it does not
have any material subsequent events to disclose.</p>