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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Golden Star Enterprises Ltd (PK) | USOTC:GSPT | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.00129 | -43.14% | 0.0017 | 0.0017 | 0.0033 | 0.004 | 0.0011 | 0.0014 | 639,833 | 21:00:10 |
x
|
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the quarterly period ended September 30, 2012 | |
o
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Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the transition period from _________ to _________ |
Large accelerated filer
|
o |
Accelerated filer
|
o |
Non-accelerated filer
|
o |
Smaller reporting company
|
x |
(Do not check if a smaller reporting company)
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CONSOLIDATED BALANCE SHEETS
|
F-2 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS
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F-3 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS
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F-4 | |||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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F-6 |
Three Months Ended September 30, |
Nine Months Ended September 30,
|
Sept.13,1993
(inception) to
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||||||||||||||||||
2012
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2011
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2012
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2011
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Sept. 30, 2012
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||||||||||||||||
REVENUES
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||||||||||||||||||||
Processing fees
|
$ | - | $ | - | $ | - | $ | - | $ | 98,425 | ||||||||||
Gaming Revenue
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- | - | - | - | 18,596 | |||||||||||||||
Sale of oil and gas interest
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- | - | - | - | 47,501 | |||||||||||||||
Interest income
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- | - | - | - | 2,927 | |||||||||||||||
TOTAL REVENUES
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- | - | - | - | 167,449 | |||||||||||||||
COST OF SALES-
Poker royalties and processing fees
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- | - | - | - | 30,601 | |||||||||||||||
GROSS PROFIT (LOSS)
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- | - | - | - | 136,848 | |||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | ||||||||||||||||||||
Advertising and marketing
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- | - | - | - | 93,895 | |||||||||||||||
Consulting fees
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4,583 | 5,502 | 15,208 | 225,731 | 7,851,949 | |||||||||||||||
Depreciation and amortization
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- | - | - | - | 132,569 | |||||||||||||||
Exploration costs
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- | - | - | - | 241,754 | |||||||||||||||
Investor relations
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1,250 | 3,750 | 9,375 | 15,628 | 766,838 | |||||||||||||||
Litigation settlement
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- | - | - | - | 52,169 | |||||||||||||||
Loss on settlement of debt
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- | - | - | - | 302,500 | |||||||||||||||
Management fees
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- | - | - | - | 378,447 | |||||||||||||||
Office and general
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14,387 | 12,728 | 37,113 | 36,798 | 778,857 | |||||||||||||||
Poker Sponsorships
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- | - | - | - | 52,500 | |||||||||||||||
Professional fees
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5,471 | 8,626 | 18,837 | 21,870 | 738,255 | |||||||||||||||
Travel and accommodation
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1,754 | 2,233 | 4,671 | 5,655 | 293,768 | |||||||||||||||
Wages and salaries
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1,000 | 1,500 | 3,015 | 5,743 | 271,308 | |||||||||||||||
Write-off of website development costs
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- | - | - | - | 425,682 | |||||||||||||||
Write-down (recovery) of URL costs
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- | - | - | - | 1,571,657 | |||||||||||||||
Write-down of technology license
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- | - | - | - | 2,055,938 | |||||||||||||||
Write-down of film production and distribution costs | - | - | - | - | 90,763 | |||||||||||||||
Write-off of other assets | - | - | - | - | 275,543 | |||||||||||||||
TOTAL GENERAL &ADMINISTRATIVE EXPENSES | 28,445 | 34,339 | 88,219 | 311,425 | 16,374,392 | |||||||||||||||
OTHER INCOME (EXPENSES)
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||||||||||||||||||||
EQUITY LOSS FROM BRAVO ENTERPRISES | - | - | - | - | (1,394,280 | ) | ||||||||||||||
WRITE-DOWN OF INVESTMENT IN BRAVO ENTERPRISES
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- | - | - | - | (313,301 | ) | ||||||||||||||
GAIN/LOSS ON SALE OF SECURITIES-RELATED PARTIES | - | - | - | - | 216,509 | |||||||||||||||
(LOSS) ON IMPAIRMENT- SECURITIES-RELATED PARTIES
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- | - | - | - | (115,602 | ) | ||||||||||||||
DILUTION GAIN – LEGACY
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- | - | - | - | 334,087 | |||||||||||||||
PROPERTY OPTION LOSS
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- | - | - | - | (600,000 | ) | ||||||||||||||
TOTAL OTHER INCOME (EXPENSES) | - | - | - | - | (1,872,587 | ) | ||||||||||||||
Loss before income taxes | (28,445 | ) | (34,339 | ) | (88,219 | ) | (311,425 | ) | (18,110,131 | ) | ||||||||||
Income Tax Provision | - | - | - | - | - | |||||||||||||||
NET LOSS | (28,445 | ) | (34,339 | ) | (88,219 | ) | (311,425 | ) | (18,110,131 | ) | ||||||||||
NET LOSS - NONCONTROLLING INTEREST | 479,978 | |||||||||||||||||||
NET LOSS TO TERRALENE FUELS CORPORATION | (28,445 | ) | (34,339 | ) | (88,219 | ) | (311,425 | ) | $ | (17,630,153 | ) | |||||||||
BASIC AND DILUTED LOSS PER COMMON SHARE | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||||||
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES | 91,085,648 | 57,198,691 | 83,137,377 |
53,123,508
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September 13,
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||||||||||||
Nine Months |
Nine Months
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1993 (inception) to
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||||||||||
Ended |
Ended
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September 30,
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||||||||||
September 30, 2012
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September 30, 2011
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2012
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||||||||||
OPERATING ACTIVITIES
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||||||||||||
Net loss
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$ | (88,219 | ) | $ | (311,425 | ) | $ | (18,110,131 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities:
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||||||||||||
Depreciation
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- | - | 132,569 | |||||||||
Fees and services paid for with shares
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24,584 | 242,003 | 5,531,252 | |||||||||
Loss on settlement of debt
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- | - | 302,500 | |||||||||
Stock-based compensation
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- | - | 2,208,169 | |||||||||
Non-cash component of URL write-down
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- | - | 1,214,193 | |||||||||
Resource property acquisition and exploration costs
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- | - | 763,000 | |||||||||
Film production and development costs
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- | - | (90,763 | ) | ||||||||
Write-down of technology license
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- | - | 2,055,938 | |||||||||
Write-off of website development costs
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- | - | 206,876 | |||||||||
Write-down of film production & development costs
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- | - | 90,763 | |||||||||
Write-off of other assets
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- | - | 9,657 | |||||||||
Equity loss from Bravo Enterprises Ltd.
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- | - | 1,394,280 | |||||||||
Write-down of investment in Bravo Enterprises Ltd.
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- | - | 313,301 | |||||||||
(Gain)/Loss on sale of marketable securities
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- | - | (216,509 | ) | ||||||||
Loss on impairment of securities
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- | - | 115,602 | |||||||||
Dilution gain – Legacy
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- | - | (334,087 | ) | ||||||||
Net changes in operating assets and liabilities
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2,937 | 492 | 325,744 | |||||||||
CASH FLOWS USED IN OPERATING ACTIVITIES
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(60,698 | ) | (68,930 | ) | (4,087,646 | ) | ||||||
INVESTING ACTIVITIES
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||||||||||||
Deposit
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- | - | (75,000 | ) | ||||||||
Technology license
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- | - | (135,938 | ) | ||||||||
Acquisition of furniture and equipment
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- | - | (32,696 | ) | ||||||||
Website development costs
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- | - | (306,876 | ) | ||||||||
Other tangible and intangible assets
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(450 | ) | 5,556 | (21,508 | ) | |||||||
Purchase of securities – related parties
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- | - | (75,603 | ) | ||||||||
Net proceeds from sale of securities – related parties
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- | - | 380,238 | |||||||||
Net cash on disposition of Legacy Wine & Spirits International Ltd.
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- | - | 209,955 | |||||||||
CASH FLOWS (USED IN) INVESTING ACTIVITIES
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(450 | ) | (5,556 | ) | (57,428 | ) | ||||||
FINANCING ACTIVITIES
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||||||||||||
Net advances (to)/ from related parties
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61,245 | 73,710 | 1,019,809 | |||||||||
Net proceeds on sale of common stock
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- | - | 3,125,423 | |||||||||
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
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61,245 | 73,710 | 4,145,232 | |||||||||
NET (DECREASE) INCREASE IN CASH
|
97 | (776 | ) | 158 | ||||||||
CASH, BEGINNING OF PERIOD
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61 | 824 | - | |||||||||
CASH , END OF PERIOD
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$ | 158 | $ | 48 | $ | 158 |
Three Months ended
September 30,
|
Nine Months ended
September 30,
|
For the period from January 1,
1996 to September30,
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||||||||||||||||||
2012
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2011
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2012
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2011
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2012
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||||||||||||||||
NET LOSS
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$ | (28,445 | ) | $ | (34,339 | ) | $ | (88,219 | ) | $ | (311,245 | ) | $ | (18,110,131 | ) | |||||
Unrealized (loss) gain on related party securities
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(1,056 | ) | (24,867 | ) | (1,642 | ) | (26,556 | ) | 3,333 | |||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), net of tax
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(1,056 | ) | (24,867 | ) | (1,642 | ) | (26,556 | ) | 3,333 | |||||||||||
COMPREHENSIVE (LOSS) | $ | (29,501 | ) | $ | (59,206 | ) | $ | (89,861 | ) | $ | (337,801 | ) | $ | (18,113,464 | ) |
September 30,
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December 31,
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|||||||
2012
|
2011
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|||||||
2,345,937 (2011-2,345,937) shares of Legacy Wine & Spirits
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$ | 2,815 | $ | 3,754 | ||||
35,187 (2011- 35,187) shares of Bravo Enterprises Ltd.
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704 | 1,407 | ||||||
$ | 3,519 | $ | 5,161 |
September 30,
2012
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December 31,
2011
|
|||||||
Patents, trademarks, copyright
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$ | 111,662 | $ | 81,212 | ||||
Formulas, reports, studies
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35,000 | 25,000 | ||||||
Schematics, proprietary info | 21,000 | 15,000 | ||||||
Website | 7,000 | 5,000 | ||||||
Terralene brandname | 7,000 | 5,000 | ||||||
$ | 181,662 | $ | 131,212 |
a)
|
On October 1, 2011, the Company entered into an agreement with a consultant, for a two year term, whereby the consultant provides consulting services to the Company (valued at $10,000) in exchange for 5,000,000 restricted shares of the Company’s common stock. During the nine month ended September 30, 2012, $3,750 was expensed (December 31, 2011 - $1,250).
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b)
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On October 1, 2011, the Company entered into an agreement with Palisades Financial Ltd. (“Palisades”), a private company controlled by a significant shareholder, with a two-year term, whereby Palisades provides investment-banking services to the Company (valued at $10,000) in exchange for 5,000,000 restricted shares of the Company’s common stock. During the nine month ended September 30, 2012, $3,750 was expensed (December 31, 2011 - $1,250).
|
c)
|
On October 1, 2011 the Company entered into an agreement with Compte de Sierge Accomodative Corp. Limited (“Compte”), a private company controlled by a significant shareholder, with a two-year term, whereby Compte provides investor relations services to the Company (valued at $10,000) in exchange for 5,000,000 restricted shares of the Company’s common stock. During the nine month ended September 30, 2012, $3,750 was expensed (December 31, 2011 - $1,250).
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d)
|
On August 30, 2012, the Company entered into an agreement with Domain Land Holdings Ltd. (“Domain”), a private company controlled by a significant shareholder, with a two-year term, whereby Domain provides consulting services to the Company (valued at $25,000) in exchange for 25,000,000 restricted shares of the Company’s common stock. During the nine month period ended September 30, 2012, $1,042 was expensed (December 31, 2011 - $Nil).
|
e)
|
On August 30, 2012, the Company entered into an agreement with a consultant, with a two-year term, whereby the consultant provides consulting services to the Company (valued at $25,000) in exchange for 25,000,000 restricted shares of the Company’s common stock. During the nine month period ended September 30, 2012, $1,042 was expensed (December 31, 2011 - $Nil).
|
(1)
|
2012 Stock Transactions
|
(2)
|
2012 Stock Options
|
Number of
options
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life
|
|||||||||
Balance, December 31, 2009
|
3,002,517 | $ | 0.20 |
2.67 years
|
|||||||
Granted during 2010
|
14,516,667 | - | |||||||||
Exercised during 2010
|
(14,516,667 | ) | - | ||||||||
Balance, December 31,2010
|
3,002,517 | - | |||||||||
Granted during 2011
|
12,000,000 | 0.03 | |||||||||
Exercised during 2011
|
(12,000,000 | ) | |||||||||
Balance, December 31, 2011
|
3,002,517 | $ | 0.20 |
2.67 years
|
|||||||
Granted during 2012
|
15,000,000 | 0.03 | |||||||||
Exercised during 2012
|
(15,000,000 | ) | |||||||||
Balance, September 30, 2012
|
3,002,517 | $ | 0.20 |
2.67 years
|
(1)
|
2011 Stock Transactions
|
(2)
|
2011 Stock Options
|
Number of
options
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life
|
|||||||||
Balance, December 31, 2009
|
3,002,517 | $ | 0.20 |
2.67 years
|
|||||||
Granted during 2010
|
14,516,667 | - | |||||||||
Exercised during 2010
|
(14,516,667 | ) | - | ||||||||
Balance, December 31,2010
|
3,002,517 | - | |||||||||
Granted during 2011
|
12,000,000 | 0.03 | |||||||||
Exercised during 2011
|
(12,000,000 | ) | |||||||||
Balance, September 30, 2011
|
3,002,517 | $ | 0.20 |
2.67 years
|
September 30, 2012
|
December 31, 2011
|
|||||||
Significant shareholders
|
$ | 102,026 | $ | 62,606 |
Cash paid during the six months ended September 30, 2012 and 2011 for:
|
2012
|
2011
|
||||||
Interest
|
$ | - | $ | - | ||||
Income taxes
|
$ | - | $ | - | ||||
Shares issued for debt settlement | $ | 27,700 | $ | 103,500 | ||||
Shares issued for deferred compensation | $ | 50,000 | $ | 30,000 |
September 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
2,345,937 (2011-2,345,937) shares of Legacy Wine & Spirits
|
$ | 2,815 | $ | 3,754 | ||||
35,187 (2011- 35,187) shares of Bravo Enterprises Ltd.
|
704 | 1,407 | ||||||
$ | 3,519 | $ | 5,161 |
September 30,
2012
|
December 31,
2011
|
|||||||
Patents, trademarks, copyright
|
$ | 111,662 | $ | 81,212 | ||||
Formulas, reports, studies
|
35,000 | 25,000 | ||||||
Schematics, proprietary info
|
21,000 | 15,000 | ||||||
Website
|
7,000 | 5,000 | ||||||
Terralene brandname | 7,000 | 5,000 | ||||||
$ | 181,662 | $ | 131,212 |
(1)
|
2012 Stock Transactions
|
(2)
|
2012 Stock Options
|
Number of
options
|
Weighted Average Exercise Price
|
Weighted Average
Remaining
Contractual Life
|
||||||||
Balance, December 31, 2009
|
3,002,517 | $ | 0.20 |
2.67 years
|
||||||
Granted during 2010
|
14,516,667 | - | ||||||||
Exercised during 2010
|
(14,516,667 | ) | - | |||||||
Balance, December 31,2010
|
3,002,517 | - | ||||||||
Granted during 2011
|
12,000,000 | 0.03 | ||||||||
Exercised during 2011
|
(12,000,000 | ) | ||||||||
Balance, December 31, 2011
|
3,002,517 | $ | 0.20 |
2.67 years
|
||||||
Granted during 2012
|
15,000,000 | 0.03 | ||||||||
Exercised during 2012
|
(15,000,000 | ) | ||||||||
Balance, September 30, 2012
|
3,002,517 | $ | 0.20 |
2.67 years
|
(3)
|
2011 Stock Transactions
|
(4)
|
2011 Stock Options
|
Number of
options
|
Weighted Average Exercise Price
|
Weighted Average
Remaining Contractual Life
|
||||||||
Balance, December 31, 2009
|
3,002,517 | $ | 0.20 |
2.67 years
|
||||||
Granted during 2010
|
14,516,667 | - | ||||||||
Exercised during 2010
|
(14,516,667 | ) | - | |||||||
Balance, December 31,2010
|
3,002,517 | - | ||||||||
Granted during 2011
|
12,000,000 | 0.03 | ||||||||
Exercised during 2011
|
(12,000,000 | ) | ||||||||
Balance, September 30, 2011
|
3,002,517 | $ | 0.20 |
2.67 years
|
Exhibit 31.1 - |
Section 906 Certification of Periodic Report of the Chief Executive Officer.
|
|
Exhibit 31.2 - |
Section 906 Certification of Periodic Report of the Chief Financial Officer.
|
|
Exhibit 32.1 - |
Section 302 Certification of Periodic Report of the Chief Executive Officer.
|
|
Exhibit 32.2 - |
Section 302 Certification of Periodic Report of the Chief Financial Officer.
|
|
101.INS **
|
XBRL Instance Document
|
|
101.SCH **
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL **
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF **
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB **
|
XBRL Taxonomy Extension Label Linkbase Document
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|
101.PRE **
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
TERRALENE FUELS CORPORATION | |||
Date: November 19, 2012
|
By: |
/s/
J. Cruz
|
|
Jaclyn Cruz
|
|||
President and a Director.
|
|||
Date: November 19, 2012
|
By: |
/s/
M. Kelly
|
|
Matt Kelly
|
|||
Director, Secretary & Treasurer
|
1 Year Golden Star Enterprises (PK) Chart |
1 Month Golden Star Enterprises (PK) Chart |
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