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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lode Star Mining Inc (PK) | USOTC:LSMG | 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% | 0.008 | 0.004 | 0.0203 | 0.00 | 21:01:35 |
UNITED STATES
|
|
SECURITIES AND EXCHANGE COMMISSION
|
|
Washington, D.C. 20549
|
|
FORM 10-Q
|
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x
|
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES
|
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013
|
|
OR
|
|
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
EXCHANGE ACT OF 1934
|
|
|
|
Commission file number 333-123134
|
Large Accelerated Filer
|
o
|
Accelerated Filer
|
o
|
Non-accelerated Filer
|
o
|
Smaller Reporting Company
|
x
|
Page
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|
PART I - FINANCIAL INFORMATION
|
|
Item 1. Financial Statements
|
3 |
Balance Sheets as of March 31, 2013 (unaudited) and December 31, 2012
|
4 |
Statements of Operations for the Three Months ended March 31, 2013 and 2012 (unaudited)
|
5 |
Statements of Cash Flows for the Three Months ended March 31 2013 and 2012 (unaudited)
|
6 |
Notes to Financial Statements (unaudited)
|
7 |
Item 2. Management’s Discussion and Analysis Of Financial Condition and Results of Operations
|
12 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
16 |
Item 4. Controls and Procedures
|
17 |
PART II - OTHER INFORMATION
|
|
Item 1A. Risk Factors
|
17 |
Item 2. Registered Sales of Equity Securities and Use of Proceeds
|
17 |
Item 6. Exhibits
|
18 |
SIGNATURES
|
19 |
MARCH 31
|
DECEMBER 31
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current
|
||||||||
Cash
|
$
|
278
|
$
|
11,282
|
||||
Amounts receivable
|
-
|
9,464
|
||||||
Prepaid consulting fees to related parties
|
-
|
43,022
|
||||||
$
|
278
|
$
|
63,768
|
|||||
LIABILITIES
|
||||||||
Current
|
||||||||
Accounts payable and accrued liabilities
|
$
|
66,013
|
$
|
88,069
|
||||
Loans payable
|
101,785
|
92,860
|
||||||
Promissory notes due to related party
|
-
|
7,116
|
||||||
167,798
|
188,045
|
|||||||
Contractual Obligations, Commitments And Subsequent Events (Notes 3 and 6)
|
||||||||
STOCKHOLDERS’ DEFICIENCY
|
||||||||
Capital Stock
|
||||||||
Authorized:
|
||||||||
100,000,000 voting common shares with a par value of $0.00001 per share
|
||||||||
Issued:
|
||||||||
9,901,500 common shares at March 31, 2013 and December 31, 2012
|
99
|
99
|
||||||
Additional Paid-In Capital
|
392,651
|
392,651
|
||||||
Shares To Be Issued
|
188,000
|
188,000
|
||||||
Accumulated Deficit
|
(748,270
|
)
|
(705,027
|
)
|
||||
(167,520
|
)
|
(124,277
|
)
|
|||||
$
|
278
|
$
|
63,768
|
|||||
THREE MONTHS ENDED
|
|||||||
MARCH 31
|
|||||||
2013
|
2012
|
||||||
Revenue
|
$
|
-
|
$
|
-
|
|||
Operating Expenses
|
|||||||
Consulting services
|
30,240
|
22,500
|
|||||
Corporate support services
|
4,480
|
11,000
|
|||||
Interest, bank and finance charges
|
3,360
|
6,143
|
|||||
Office, foreign exchange and sundry
|
114
|
4,773
|
|||||
Professional fees
|
3,000
|
9,615
|
|||||
Transfer and filing fees
|
2,049
|
942
|
|||||
43,243
|
54,973
|
||||||
Net Loss
|
(43,243
|
)
|
(54,973
|
)
|
|||
Basic And Diluted Loss Per Common Share
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
|
Weighted Average Number Of Common Shares Outstanding
|
9,901,500
|
6,250,000
|
|||||
THREE MONTHS ENDED
|
||||||||
MARCH 31
|
||||||||
2013
|
2012
|
|||||||
Cash Provided By (Used In)
|
||||||||
Operating Activities
|
||||||||
Net loss for the period
|
$
|
(43,243
|
)
|
$
|
(54,973
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Accrued interest payable
|
2,035
|
2,369
|
||||||
Loss on foreign exchange
|
-
|
432
|
||||||
Net changes in non-cash operating working capital items:
|
||||||||
Decrease in prepaid expenses
|
43,022
|
-
|
||||||
Decrease (increase) in amounts receivable
|
9,464
|
(5,481
|
)
|
|||||
(Decrease) in accounts payable and accrued liabilities
|
(29,172)
|
(2,628
|
)
|
|||||
(17,894
|
)
|
(60,281
|
)
|
|||||
Financing Activities
|
||||||||
Issuance of common stock subscriptions
|
-
|
75,000
|
||||||
Advances (to) related parties
|
-
|
(15,230
|
)
|
|||||
Loan advances
|
6,890
|
-
|
||||||
6,890
|
59,770
|
|||||||
Net Decrease In Cash
|
(11,004
|
)
|
(511
|
)
|
||||
Cash, Beginning Of Period
|
11,282
|
759
|
||||||
Cash, End Of Period
|
$
|
278
|
$
|
248
|
||||
Supplemental Disclosure Of Cash Flow Information
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
1.
|
BASIS OF PRESENTATION AND NATURE OF OPERATIONS
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
a)
|
Basis of Accounting
|
b)
|
Asset Retirement Obligations
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
|
c)
|
Cash and Cash Equivalents
|
d)
|
Foreign Currency Accounting
|
|
i)
|
monetary items at the exchange rate prevailing at the balance sheet date;
|
|
ii)
|
non-monetary items at the historical exchange rate; and
|
|
iii)
|
revenue and expense items at the rate in effect of the date of transactions.
|
e)
|
Fair Value of Financial Instruments
|
|
§
|
Level 1 – defined as observable inputs such as quoted prices in active markets;
|
|
§
|
Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
|
|
§
|
Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted prices in
active markets for
identical instruments
(Level 1)
|
Significant other
observable inputs
(Level 2)
|
Significant
unobservable inputs
(Level 3
)
|
Balance,
March 31, 2013
|
Balance,
December 31, 2012
|
||||||||||||
Loans payable
|
$ | - |
$
|
101,785
|
$
|
-
|
$
|
101,785
|
$ | 92,860 |
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
|
f)
|
Use of Estimates and Assumptions
|
g)
|
Basic and Diluted Loss Per Share
|
h)
|
Income Taxes
|
i)
|
Recent Accounting Pronouncements
|
3.
|
CAPITAL STOCK
|
4.
|
LOANS PAYABLE
|
|
i.
|
$5,000: unsecured, bearing interest at 15% per annum, due on April 20, 2012. The loan balance remains outstanding to date and the Company intends to renegotiate the repayment terms with the lender. The loan was originally $10,000. During the year ended December 31, 2012, loan principal of $5,000 together with accrued loan interest of $1,000 was converted to a subscription for 120,000 shares of the Company’s common stock. Those shares were issued on July 24, 2012. As at March 31, 2013 the Company has accrued a total of $1,476 in interest payable on this loan.
|
|
ii.
|
$75,000: unsecured, bearing interest at 10% per annum, due on August 2, 2011. The loan balance remains outstanding to date and the Company intends to renegotiate the repayment terms with the lender. In 2011, the Company issued 250,000 shares of its common stock as additional consideration for receiving the loan. As at March 31, 2013 the Company has accrued a total of $13,418 in interest payable on this loan.
|
|
iii.
|
Short-term, unsecured, non-interest bearing loans with no specific terms of repayment totaling $7,000 CAD ($6,890 USD) were received during the three months ended March 31, 2013.
|
5.
|
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE
|
a)
|
Related Party Amounts Due
|
b)
|
Promissory Notes Due to Related Party
|
c)
|
Consulting Services
|
6.
|
CONTRACTUAL OBLIGATIONS AND COMMITMENTS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
|
●
|
Overview
|
|
●
|
Bioreagent business
|
|
●
|
Capabilities and resources
|
|
●
|
Directors and management team
|
|
●
|
Business model
|
|
●
|
Intellectual property and competitive barriers to entry
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Three Months Ended March 31
|
Change
|
|||||||||||||||
2013
|
2012
|
Amount
|
Percentage
|
|||||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||||
Operating Expenses
|
$
|
43,243
|
$
|
54,973
|
$
|
(11,730
|
)
|
(21%)
|
||||||||
Net (Loss) Income
|
$
|
(43,243
|
)
|
$
|
(54,973
|
)
|
$
|
(11,730
|
)
|
(21%)
|
||||||
Three Months Ended March 31
|
Change
|
|||||||||||||||
2013
|
2012
|
Amount
|
Percentage
|
|||||||||||||
Consulting services
|
$
|
30,240
|
$
|
22,500
|
$
|
7,740
|
34%
|
|||||||||
Corporate support services
|
$
|
4,480
|
$
|
11,000
|
$
|
(6,520
|
)
|
(59%)
|
||||||||
Interest, bank and finance charges
|
$
|
3,360
|
$
|
6,143
|
$
|
(2,783
|
)
|
(45%)
|
||||||||
Office, foreign exchange and sundry
|
$
|
114
|
$
|
4,773
|
$
|
(4,659
|
)
|
(98%)
|
||||||||
Professional fees
|
$
|
3,000
|
$
|
9,615
|
$
|
(6,615
|
)
|
(69%)
|
||||||||
Transfer and filing fees
|
$
|
2,049
|
$
|
942
|
$
|
1,107
|
118%
|
|
§
|
Consulting services
increased as a result of being higher in the current period than in Q1, 2012, under the terms of the agreement for services of our president that was amended in July, 2012.
|
|
§
|
Corporate support services
decreased as a result of being billed at a lower monthly rate in 2013 than in 2012, in addition to 2012 including a one-time adjustment of $2,000 in recognition of costs foregone by the service provider in 2011.
|
|
§
|
Interest, bank and finance charges
were lower in 2013 primarily due a decrease in interest charges on overdue accounts payable.
|
|
§
|
Office, foreign exchange and sundry
decreased in 2013 primarily due to a drop of approximately $3,900 in foreign exchange cost, along with lower IT expenses.
|
|
§
|
Professional fees
decreased year over year for the quarter primarily due to timing of billings for audit and review services.
|
|
§
|
Transfer and filing fees
increased due to higher costs for XBRL filing requirements in the 2013 quarter.
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
March 31
|
December 31
|
Change
|
||||||||||||||
2013
|
2012
|
Amount
|
Percentage
|
|||||||||||||
Cash
|
278 | $ | 11,282 | $ | (11,004 | ) | (98 %) | |||||||||
Amounts receivable
|
$ | - | $ | 9,464 | $ | (9,464 | ) | (100 %) | ||||||||
Due from related parties
|
$ | - | $ | 43,022 | $ | (43,022 | ) | (100 %) | ||||||||
Accounts payable and accrued liabilities
|
$ | 66,013 | $ | 88,069 | $ | (22,056 | ) | (25 %) | ||||||||
Loans payable
|
$ | 101,785 | $ | 92,860 | $ | 8,925 | 10 % | |||||||||
Amounts due to related party
|
$ | - | $ | 7,116 | $ | (7,116 | ) | (100 %) |
|
§
|
Cash
decreased due to the amount of cash provided by financing activities being lower than the amount of cash used by operating activities.
|
|
·
|
Amounts receivable
decreased due to the receipt in the 2013 period of the final Goods and Services tax refund for which we were eligible. As a non-operating company, we can no longer claim a refund of GST payments. Those amounts are now expensed.
|
|
§
|
Amounts due from related parties
decreased as December 31, 2012 prepaid consulting fees were offset against payables, largely comprised of 2013 consulting fees due to related parties. At March 31, 2013, we are indebted to a company controlled by our president in the amount of $2,943.
|
|
§
|
Accounts payable and accrued liabilities
decreased mainly due to an agreed assignment to our payable account for a related party of various amounts due to a related party, which is our president and/or a company controlled by him.
|
|
§
|
Loans payable
increased due to the receipt in 2013 of two loans of approximately $7,000, together with an increase in accrued interest of approximately $2,000.
|
|
§
|
Amounts due to related party
decreased as a result of an agreed assignment of the December 31, 2012 balance to our payable account for a related party.
|
March 31
|
December 31
|
Increase/(Decrease)
|
||||||||||||||
2013
|
2012
|
Amount
|
Percentage
|
|||||||||||||
Current Assets
|
$
|
278
|
63,768
|
$
|
(63,490
|
)
|
(99.6%)
|
|||||||||
Current Liabilities
|
167,798
|
188,045
|
(20,247
|
)
|
(10.8%)
|
|||||||||||
Working Capital (Deficiency)
|
$
|
(167,520
|
)
|
(124,277
|
)
|
$
|
(43,243
|
)
|
34.8%
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Three Months Ended March 31
|
Change
|
|||||||||||||||
2013
|
2012
|
Amount
|
Percentage
|
|||||||||||||
Cash Flows (Used In) Provided By:
|
||||||||||||||||
Operating Activities
|
$
|
(17,894
|
)
|
(60,281
|
)
|
$
|
42,387
|
(70%)
|
||||||||
Financing Activities
|
6,890
|
59,770
|
(52,880)
|
(88%)
|
||||||||||||
Net increase (decrease) in cash
|
(11,004
|
)
|
(511
|
)
|
(10,493)
|
2,053%
|
|
Cash Used In Operating Activities
|
|
The decrease in cash used in operating activities of approximately $42,000 is primarily due to the following:
|
|
§
|
Operating expenses were lower by approximately $12,000 (comprised of the differences explained above, under Expenses) in the current three month period than in the equivalent period last year, and;
|
|
§
|
Non-cash changes that impacted the net loss: The Q1, 2013 Amounts receivable change was approximately $15,000 higher than in Q1, 2012, which was offset by the Accounts payable change, also higher in the 2013 period, by approximately $19,000. Cash used in operations was also offset by the change in prepaid expenses of approximately $43,000.
|
|
The decrease of approximately $53,000 in cash provided by financing activities was due to:
|
|
§
|
the receipt of subscriptions for our common stock being lower in 2013 period than in the 2012 period by approximately $75,000;
|
|
§
|
a decrease between the same periods in advances to related parties of approximately $15,000 and
|
|
§
|
loan advances in Q1, 2013 of approximately $7,000, compared to none in Q1, 2012.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|
ITEM 6.
|
EXHIBITS.
|
Exhibit No.
|
Document Description
|
31.1
|
Certification of Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive and Chief Financial Officer.
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
INTERNATIONAL GOLD CORP.
|
|||
BY:
|
“Robert M. Baker”
|
||
Robert M. Baker
|
|||
President, Principal Executive Officer, Treasurer, Principal Financial Officer, Principal Accounting Officer, and sole member of the Board of Directors
|
|||
Exhibit No.
|
Document Description
|
31.1
|
Certification of Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive and Chief Financial Officer.
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
1 Year Lode Star Mining (PK) Chart |
1 Month Lode Star Mining (PK) Chart |
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