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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Panex Resources Inc (CE) | USOTC:DBGF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000013 | 0.00 | 01:00:00 |
Class | Outstanding at April 12, 2013 |
Common Stock – $0.001 par value | 103,261,507 |
PANEX RESOURCES INC.
|
||||
(An exploration stage enterprise)
|
As at
|
As at
|
||
Balance Sheets
|
February 28,
|
August 31
|
||
2013 (Unaudited)
|
2012
|
|||
(Expressed in U.S. Dollars)
|
$
|
$
|
||
ASSETS
|
||||
Current assets
|
||||
Cash
|
6,970
|
65,799
|
||
Total current assets
|
6,970
|
65,799
|
||
Total
assets (all current)
|
6,970
|
65,799
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY)
|
||||
Current
liabilities
|
||||
Accounts payable and accrued expenses
|
277,093
|
302,047
|
||
Accounts payable and accrued expenses
– related parties (Note 4)
|
96,334
|
31,594
|
||
Loans and borrowings (Note 5)
|
100,000
|
-
|
||
Total liabilities (all current)
|
473,427
|
333,641
|
||
Stockholders’ Equity (Deficiency)
|
||||
Common stock
|
||||
Authorized: 500,000,000 (2012: 500,000,000)
common shares with par value of $0.001 each
|
||||
Issued and outstanding:
103,261,507 (2012: 103,261,507) common shares
|
103,261
|
103,261
|
||
Additional paid-in capital
|
13,020,699
|
13,020,699
|
||
Donated capital
|
77,627
|
77,627
|
||
Accumulated deficit during the exploration stage
|
(13,668,044)
|
(13,469,429)
|
||
Stockholder’ equity (deficiency)
|
(466,457)
|
(267,842)
|
||
Total liabilities and stockholders’ equity (deficiency)
|
6,970
|
65,799
|
PANEX RESOURCES INC.
|
Cumulative
|
For the
|
For the
|
For the
|
For the
|
||||
(An exploration stage enterprise)
|
May 28, 2004
|
Three Months
|
Three Months
|
Six Months
|
Six Months
|
||||
Statements of Operations
|
(inception)
|
Ended
|
Ended
|
Ended
|
Ended
|
||||
to February 28
|
February 28
|
February 29
|
February 28
|
February 29
|
|||||
(Unaudited)
|
2013
|
2013
|
2012
|
2013
|
2012
|
||||
(Expressed in U.S. Dollars)
|
$
|
$
|
$
|
$
|
$
|
||||
Operating Expenses
|
|||||||||
Donated rent
|
5,250
|
-
|
-
|
-
|
-
|
||||
Donated services
|
72,377
|
-
|
15,000
|
-
|
30,260
|
||||
General and administrative
|
727,423
|
26,552
|
637
|
72,946
|
953
|
||||
Foreign currency transaction loss (gain)
|
104,559
|
293
|
8,465
|
1,001
|
(15,058)
|
||||
Mineral property and exploration costs
|
4,739,777
|
-
|
-
|
-
|
-
|
||||
Management fees
|
783,254
|
27,028
|
-
|
61,431
|
-
|
||||
Professional fees
|
1,388,329
|
20,492
|
241,772
|
63,201
|
261,044
|
||||
Travel costs
|
335,415
|
-
|
-
|
-
|
-
|
||||
Write-off deferred acquisition cost
|
400,000
|
-
|
-
|
-
|
-
|
||||
Provision against Minanca loan
|
6,100,000
|
-
|
-
|
-
|
-
|
||||
14,656,384
|
74,365
|
265,874
|
198,579
|
277,199
|
|||||
Other income (expense)
|
|||||||||
Interest income
|
42,707
|
-
|
-
|
-
|
-
|
||||
Interest expense
|
(304,413)
|
-
|
(11,185)
|
(36)
|
(21,553)
|
||||
Loss on sale of investment
|
(126,182)
|
-
|
-
|
-
|
-
|
||||
Gain on sale of mineral property right
|
1,376,228
|
-
|
-
|
-
|
-
|
||||
988,340
|
-
|
(11,185)
|
(36)
|
(21,553)
|
|||||
Net Loss
|
(13,668,044)
|
(74,365)
|
(277,059)
|
(198,615)
|
(298,752)
|
||||
Net Loss Per Share – Basic and Diluted
|
*
|
*
|
*
|
*
|
|||||
Weighted Average Shares Outstanding
|
103,261,507
|
79,908,868
|
103,261,507
|
79,584,095
|
|||||
* amount is less than $0.01 per share
|
|||||||||
The accompanying notes are an integral part of these financial statements.
|
PANEX RESOURCES INC.
|
Cumulative
|
For the
|
For the
|
||
(An exploration stage enterprise)
|
May 28, 2004
|
Six Months
|
Six Months
|
||
Statements of Cash Flows
|
(inception)
|
Ended
|
Ended
|
||
to February 28
|
February 28
|
February 29
|
|||
(Unaudited)
|
2013
|
2013
|
2012
|
||
(Expressed in U.S. Dollars)
|
$
|
$
|
$
|
||
Cash Flows From Operating Activities
|
|||||
Net loss
|
(13,668,044)
|
(198,615)
|
(298,752)
|
||
Adjustments to reconcile net loss to cash used in
operating activities
|
|||||
Foreign currency transaction loss (gain)
|
104,559
|
1,001
|
(15,058)
|
||
Gain on sale of mineral property rights
|
(586,228)
|
-
|
-
|
||
Loss on sale of investment
|
126,181
|
-
|
-
|
||
Extinguishment of debt
|
(10,426)
|
-
|
|||
Donated services and expenses
|
77,627
|
-
|
30,260
|
||
Expenses paid by issue of common stock
|
500
|
-
|
-
|
||
Options expense
|
221,756
|
-
|
|||
Write-off deferred acquisition costs
|
400,000
|
-
|
-
|
||
Provision against Minanca loan
|
6,100,000
|
-
|
-
|
||
Change in operating assets and liabilities
|
|||||
Increase (decrease) in accounts payable and accrued expenses
|
1,021,326
|
(24,954)
|
343,684
|
||
Increase (decrease) in amounts due to related parties
|
226,850
|
64,740
|
(71,977)
|
||
Net Cash Used in Operating Activities
|
(5,985,899)
|
(157,828)
|
(11,843)
|
||
Cash Flows From Investing Activities
|
|||||
Cash received from sale of investment
|
250,047
|
-
|
-
|
||
Cash received from sale of mineral property rights
|
210,000
|
-
|
-
|
||
Deferred acquisition costs
|
(400,000)
|
-
|
-
|
||
Loan advances
|
(7,100,000)
|
-
|
-
|
||
Repayment of loan advance
|
1,000,000
|
-
|
-
|
||
Net Cash Used in Investing Activities
|
(6,039,953)
|
-
|
-
|
||
Cash Flows From Financing Activities
|
|||||
Loan from related parties
|
594,313
|
-
|
-
|
||
Loan repaid to related parties
|
(576,483)
|
-
|
-
|
||
Loan from unrelated third parties
|
330,000
|
-
|
-
|
||
Deposits received for common shares to be issued
|
40,000
|
100,000
|
162,000
|
||
Common shares issued for cash
|
11,647,739
|
-
|
-
|
||
Net Cash Provided by Financing Activities
|
12,035,569
|
100,000
|
162,000
|
||
Effect of Exchange Rates on Cash
|
(2,747)
|
(1,001)
|
(876)
|
||
Increase (decrease) in Cash
|
6,970
|
(58,829)
|
149,281
|
||
Cash at Beginning of Period
|
-
|
65,799
|
19,357
|
||
Cash at End of Period
|
6,970
|
6,970
|
168,638
|
||
The accompanying notes are an integral part of these financial statements.
|
PANEX RESOURCES INC.
(An exploration stage enterprise)
Statements of Stockholder’s Equity (Deficiency) and Comprehensive Income (Loss)
May 28, 2004 (inception) to February 28, 2013
(Expressed in U.S. Dollars)
|
Common Stock
Shares Amount
|
Additional paid-in capital
|
Donated Capital
|
Accumulated (deficit) during exploration stage
|
Total stockholders' equity (deficiency)
|
|||||||||||||||||||
# | $ | $ | $ | $ | $ | |||||||||||||||||||
Balances, May 28, 2004 (Date of inception)
|
||||||||||||||||||||||||
Common stock issued for services to president
|
6,000,000 | 6,000 | (5,500 | ) | - | - | 500 | |||||||||||||||||
Return and cancellation of shares
|
(6,000,000 | ) | (6,000 | ) | 6,000 | - | - | - | ||||||||||||||||
Net loss
|
(500 | ) | (500 | ) | ||||||||||||||||||||
Balances, August 31, 2004
|
- | - | 500 | - | (500 | ) | - | |||||||||||||||||
Common stock issued for cash
|
64,500,000 | 64,500 | (17,750 | ) | - | - | 46,750 | |||||||||||||||||
Return and cancellation of shares
|
(30,000,000 | ) | (30,000 | ) | 30,000 | - | - | - | ||||||||||||||||
Donated rent
|
- | - | - | 3,000 | - | 3,000 | ||||||||||||||||||
Donated services
|
- | - | - | 6,000 | - | 6,000 | ||||||||||||||||||
Net loss
|
(15,769 | ) | (15,769 | ) | ||||||||||||||||||||
Balances, August 31, 2005
|
34,500,000 | 34,500 | 12,750 | 9,000 | (16,269 | ) | 39,981 | |||||||||||||||||
Common stock issued for cash
|
1,964,285 | 1,964 | 4,498,036 | - | - | 4,500,000 | ||||||||||||||||||
Donated rent
|
- | - | - | 2,250 | - | 2,250 | ||||||||||||||||||
Donated services
|
- | - | - | 4,500 | - | 4,500 | ||||||||||||||||||
Net loss
|
(848,560 | ) | (848,560 | ) | ||||||||||||||||||||
Balances, August 31, 2006
|
36,464,285 | 36,464 | 4,510,786 | 15,750 | (864,829 | ) | 3,698,171 | |||||||||||||||||
Common stock issued for cash
|
7,632,500 | 7,632 | 6,098,368 | 6,106,000 | ||||||||||||||||||||
Net loss
|
(10,943,990 | ) | (10,943,990 | ) | ||||||||||||||||||||
Balances, August 31, 2007
|
44,096,785 | 44,096 | 10,609,154 | 15,750 | (11,808,819 | ) | (1,139,819 | ) | ||||||||||||||||
Net loss
|
(66,651 | ) | (66,651 | ) | ||||||||||||||||||||
Balances, August 31, 2008
|
44,096,785 | 44,096 | 10,609,154 | 15,750 | (11,875,470 | ) | (1,206,470 | ) | ||||||||||||||||
Common stock issued for cash
|
1,600,000 | 1,600 | 14,400 | 16,000 | ||||||||||||||||||||
Common stock issued for settlement of debt
|
14,000,000 | 14,000 | 126,000 | 140,000 | ||||||||||||||||||||
Shares to be issued
|
- | - | 30,000 | 30,000 | ||||||||||||||||||||
Net loss
|
(154,585 | ) | (154,585 | ) | ||||||||||||||||||||
Balances, August 31, 2009
|
59,696,785 | 59,696 | 10,779,554 | 15,750 | (12,030,055 | ) | (1,175,055 | ) | ||||||||||||||||
Common stock issued for cash received in
December 2008
|
4,000,000 | 4,000 | 6,000 | - | - | 10,000 | ||||||||||||||||||
Common stock issued for settlement of debt
|
3,350,000 | 3,350 | 30,150 | - | - | 33,500 | ||||||||||||||||||
Net loss
|
(213,860 | ) | (213,860 | ) | ||||||||||||||||||||
Balances, August 31, 2010
|
67,046,785 | 67,046 | 10,815,704 | 15,750 | (12,243,915 | ) | (1,345,415 | ) | ||||||||||||||||
Common stock issued for settlement of accounts
payable, accrued liabilities and debt
|
12,303,123 | 12,303 | 602,853 | - | - | 615,156 | ||||||||||||||||||
Donated services
|
- | - | - | 31,617 | - | 31,617 | ||||||||||||||||||
Net loss
|
(299,498 | ) | (299,498 | ) | ||||||||||||||||||||
Balances, August 31, 2011
|
79,349,908 | 79,349 | 11,418,557 | 47,367 | (12,543,413 | ) | (998,140 | ) | ||||||||||||||||
Donated services
|
- | - | - | 30,260 | - | 30,260 | ||||||||||||||||||
Issuance of common stock for settlement of debt and accounts payable in February 20126)
|
8,477,553 | 8,478 | 161,073 | - | - | 169,551 | ||||||||||||||||||
Common stock issued for cash at $0.08 per share
|
12,237,075 | 12,237 | 966,752 | - | - | 978,989 | ||||||||||||||||||
Common stock issued for settlement of debt and accounts payable in March 2012
|
3,196,971 | 3,197 | 252,561 | - | - | 255,758 | ||||||||||||||||||
Stock option compensation expense
|
- | - | 221,756 | - | - | 221,756 | ||||||||||||||||||
Net loss
|
- | - | - | - | (926,016 | ) | (926,016 | ) | ||||||||||||||||
Balances, August 31, 2012
|
103,261,507 | 103,261 | 13,020,699 | 77,627 | (13,469,429 | ) | (267,842 | ) | ||||||||||||||||
Net loss
|
- | - | - | - | (198,615 | ) | (198,615 | ) | ||||||||||||||||
Balances, February 28, 2013
|
103,261,507 | 103,261 | 13,020,699 | 77,627 | (13,668,044 | ) | (466,457 | ) |
1.
|
Organization, Nature of Business, Going Concern and Management’s Plans
|
2.
|
Summary of Significant Accounting Policies
|
a.
|
Basis of Preparation
|
2.
|
Summary of Significant Accounting Policies (Continued)
|
b.
|
Use of Estimates
|
c.
|
Basic and Diluted Net Income (Loss) Per Share
|
d.
|
Cash
|
e.
|
Mineral Property and Exploration Costs
|
f.
|
Deferred Acquisition Costs
|
g.
|
Fair Value Measurements
|
2.
|
Summary of Significant Accounting Policies (Continued)
|
h.
|
Income Taxes
|
i.
|
Stock-Based Compensation
|
j.
|
Foreign Currency Translation and Transactions
|
k.
|
Concentration of Credit Risk
|
l.
|
Interim Financial Statements
|
2.
|
Summary of Significant Accounting Policies (Continued)
|
m.
|
Recent Accounting Pronouncements
|
3.
|
Stock Options
|
Stock Options
#
|
Weighted Average Exercise Price
$
|
Remaining Contractual Life (years)
As At
|
Aggregate Intrinsic value
As At
|
|
Outstanding and exercisable at August 31, 2011
|
-
|
-
|
-
|
-
|
Granted on August 3, 2012
|
8,000,000
|
0.08
|
4.92
|
-
|
Outstanding and exercisable at August, 31, 2012
|
8,000,000
|
0.08
|
4.92
|
-
|
Granted during the six months ended February 28, 2013
|
-
|
-
|
-
|
-
|
Outstanding and exercisable at February, 28, 2013
|
8,000,000
|
0.08
|
4.42
|
-
|
4.
|
Related Party Transactions
|
a.
|
There were no donated services provided by the president of the Company during the six months ended February 28, 2013 (February 29, 2012: $30,260).
|
b.
|
The Company incurred $43,076 management fees during the six months ended February 28, 2013 (prior period: $nil) for services provided by the president of the Company. Management fees are 10,000 Swiss Francs per month and the agreement expires in December 2015, however can be terminated with 6 months notice. As of February 28, 2013, the Company has an accrued liability of $32,400 for management fees and travel expenses due to these related parties.
|
c.
|
Included in professional fees during the six months ended February 28, 2013 were $45,230 in consulting fees recognized for services performed by Coresco AG (prior period: $39,618), including the amount paid to the Chief Financial Officer. Consulting fees are 7,000 Swiss Francs per month and the agreement, which may be extended, expires in December 2015. The President and CFO exert significant influence over this company. The fees are in relation to work performed for fund raising, corporate office and management activities. As of February 28, 2013, the Company has an accrued liability of $63,934 due to this related party.
|
5.
|
Loans and Borrowings
|
6.
|
Material Contingencies and Commitments
|
7.
|
Stockholders’ Equity
|
7.
|
Stockholders’ Equity (Continued)
|
-
|
Ross Doyle, a related party for $ 39,551, for a total of 1,977,553 shares at a price of $0.02 per share.
|
-
|
Werte AG, a creditor, for $80,000, for a total of 4,000,000 shares at a price of $0.02 per share.
|
-
|
Lars Pearl, a creditor, for $50,000, for a total of 2,500,000 shares at a price of $0.02 per share.
|
-
|
Dr Georg Schnura, a creditor, for $175,758, for a total of 2,196,971 shares at a price of $0.08 per share.
|
-
|
Victor Dario, a creditor, for $80,000, for a total of 1,000,000 shares at a price of $0.08 per share.
|
-
|
Dr Georg Schnura, a creditor, for $175,758, for a total of 2,196,971 shares at a price of $0.08 per share.
|
-
|
Victor Dario, a creditor, for $80,000, for a total of 1,000,000 shares at a price of $0.08 per share.
|
(a)
|
Index to and Description of Exhibits
|
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 aspects, the financial condition and result of operations of the Company.
|
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 aspects, the financial condition and result of operations of the Company.
|
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