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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 | |
x
|
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES
|
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2014
|
|
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
|
||
PART I - FINANCIAL INFORMATION
|
||
Item 1. |
Financial Statements
|
3
|
Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013
|
4
|
|
Statements of Operations for the Three Months ended March 31, 2014 and 2013 (unaudited)
|
5
|
|
Statements of Cash Flows for the Three Months ended March 31, 2014 and 2013 (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
|
15
|
Item 4. |
Controls and Procedures
|
16
|
PART II - OTHER INFORMATION
|
||
Item 1A. |
Risk Factors
|
16
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
16
|
Item 6. |
Exhibits
|
17
|
SIGNATURES |
18
|
MARCH 31
|
DECEMBER 31
|
|||||||
2014
|
2013
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current
|
||||||||
Cash
|
$
|
-
|
$
|
21
|
||||
$
|
-
|
$
|
21
|
|||||
LIABILITIES
|
||||||||
Current
|
||||||||
Excess of checks issued over funds on deposit
|
$
|
48
|
$ |
-
|
||||
Accounts payable and accrued liabilities
|
89,535
|
78,076
|
||||||
Loans payable
|
130,861
|
111,731
|
||||||
220,444
|
189,807
|
|||||||
Contractual Obligations, Commitments And Subsequent Events (Note 6)
|
||||||||
STOCKHOLDERS’ DEFICIENCY
|
||||||||
Capital Stock
|
||||||||
Authorized:
|
||||||||
100,000,000 voting common shares with a par value of $0.00001 per share
|
||||||||
Issued:
|
||||||||
11,509,000 common shares at March 31, 2014 and December 31, 2013
|
115
|
115
|
||||||
Additional Paid-In Capital
|
692,385
|
692,385
|
||||||
Accumulated Deficit
|
(912,944
|
)
|
(882,286
|
)
|
||||
(220,444
|
)
|
(189,786
|
)
|
|||||
$
|
-
|
$
|
21
|
|||||
THREE MONTHS ENDED
|
|||||||
MARCH 31
|
|||||||
2014
|
2013
|
||||||
Revenue
|
$
|
-
|
$
|
-
|
|||
Operating Expenses
|
|||||||
Consulting services
|
25,917
|
30,240
|
|||||
Corporate support services
|
-
|
4,480
|
|||||
Interest, bank and finance charges
|
2,353
|
3,360
|
|||||
Office, foreign exchange and sundry
|
(2,468
|
)
|
114
|
||||
Professional fees
|
2,742
|
3,000
|
|||||
Transfer and filing fees
|
2,114
|
2,049
|
|||||
30,658
|
43,243
|
||||||
Net Loss For The Period
|
$
|
(30,658
|
)
|
$
|
(43,243
|
)
|
|
Basic And Diluted Loss Per Common Share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
|
Weighted Average Number Of Common Shares Outstanding
|
11,509,000
|
9,901,500
|
|||||
THREE MONTHS ENDED
|
||||||||
MARCH 31
|
||||||||
2014
|
2013
|
|||||||
Cash Provided By (Used In)
|
||||||||
Operating Activities
|
||||||||
Net loss for the period
|
$
|
(30,658
|
)
|
$
|
(43,243
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Accrued interest payable
|
2,035
|
2,035
|
||||||
Net changes in non-cash operating working capital items
|
||||||||
Decrease in prepaid expenses
|
-
|
43,022
|
||||||
Decrease in amounts receivable
|
-
|
9,464
|
||||||
Increase (decrease) in accounts payable and accrued liabilities
|
11,459
|
(29,172
|
)
|
|||||
(17,164
|
)
|
(17,894
|
)
|
|||||
Financing Activities
|
||||||||
Loan advances
|
17,095
|
6,890
|
||||||
17,095
|
6,890
|
|||||||
Net Decrease In Cash
|
(69
|
)
|
(11,004
|
)
|
||||
Cash, Beginning Of Period
|
21
|
11,282
|
||||||
(Excess of checks issued over funds on deposit) Cash, End Of Period
|
$
|
(48
|
)
|
$
|
278
|
|||
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, 2014
|
Balance,
December 31, 2013
|
||||||||||||
Loans payable
|
$
|
-
|
$
|
130,861
|
$
|
-
|
$
|
130,861
|
$
|
111,731
|
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
|
|
·
|
in connection with the $0.20 private placement, the Company received $90,000 as subscriptions for 450,000 shares of its common stock. 250,000 shares were issued on October 3, 2013 and 200,000 on October 25, 2013 in connection with those subscriptions; and
|
|
·
|
the Company reached an agreement with a lender to issue 217,500 shares of its common stock to settle $21,750 in loans payable. Those shares were issued on October 3, 2013.
|
4.
|
LOANS PAYABLE
|
|
Principal balances as at March 31, 2014:
|
|
i)
|
$5,000: unsecured; interest at 15% per annum; due on April 20, 2012.
|
|
ii)
|
$75,000: unsecured; interest at 10% per annum; due on August 2, 2011.
|
|
iii)
|
$1,842: unsecured; non-interest bearing; with no specific terms of repayment.
|
|
iv)
|
$24,019: unsecured; non-interest bearing; with no specific terms of repayment.
|
|
v)
|
$1,855: unsecured; non-interest bearing; with no specific terms of repayment.
|
|
Principal balances as at December 31, 2013:
|
|
i)
|
$5,000: unsecured; interest at 15% per annum; due on April 20, 2012.
|
|
ii)
|
$75,000: unsecured; interest at 10% per annum; due on August 2, 2011.
|
|
iii)
|
$1,642: unsecured; non-interest bearing; with no specific terms of repayment.
|
|
iv)
|
$8,979: unsecured; non-interest bearing; with no specific terms of repayment.
|
5.
|
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE
|
a)
|
Related Party Amounts Due
|
b)
|
Consulting Services
|
6.
|
CONTRACTUAL OBLIGATIONS, COMMITMENTS AND SUBSEQUENT EVENTS
|
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)
|
Three Months Ended March 31
|
Change
|
|||||||||||||||
2014
|
2013
|
Amount
|
Percentage
|
|||||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||||
Operating Expenses
|
$
|
30,658
|
$
|
43,243
|
$
|
(12,585
|
)
|
(29%)
|
||||||||
Net (Loss) Income
|
$
|
(30,658
|
)
|
$
|
(43,243
|
)
|
$
|
12,585
|
29%
|
|||||||
Three Months Ended March 31
|
Change
|
|||||||||||||||
2014
|
2013
|
Amount
|
Percentage
|
|||||||||||||
Consulting services
|
$
|
25,917
|
$
|
30,240
|
$
|
(4,323
|
)
|
(14%
|
)
|
|||||||
Corporate support services
|
$
|
-
|
$
|
4,480
|
$
|
(4,480
|
)
|
(100%
|
)
|
|||||||
Interest, bank and finance charges
|
$
|
2,353
|
$
|
3,360
|
$
|
(1,007
|
)
|
(30%
|
)
|
|||||||
Office, foreign exchange and sundry
|
$
|
(2,468
|
)
|
$
|
114
|
$
|
(2,582
|
)
|
(2,265%
|
)
|
||||||
Professional fees
|
$
|
2,742
|
$
|
3,000
|
$
|
(258
|
)
|
(9%
|
)
|
|
§
|
Consulting services
decreased as a result of foreign exchange differences between Q1 2014 and 2013. Consulting fees are paid in Canadian dollars.
|
|
§
|
Corporate support services
decreased as a result of the agreement to supply those services being terminated by the service provider as of December 31, 2013.
|
|
§
|
Interest, bank and finance charges
were lower in 2014 primarily due a decrease in interest charges on overdue accounts payable.
|
|
§
|
Office, foreign exchange and sundry
decreased in 2014 primarily due to a drop of approximately $2,300 in foreign exchange cost.
|
|
§
|
Professional fees
decreased marginally in 2014, primarily due to timing of billings for audit and review services.
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
March 31
|
December 31
|
Change
|
|||||||||||
2014
|
2013
|
Amount
|
Percentage
|
||||||||||
Accounts payable and accrued liabilities
|
$
|
89,535
|
$
|
78,076
|
$
|
11,459
|
15%
|
||||||
Loans payable
|
$
|
130,861
|
$
|
111,731
|
$
|
19,130
|
17%
|
|
§
|
Accounts payable and accrued liabilities
increased mainly due to delay in payments for bookkeeping (approximately $3,000) and consulting fees (approximately $9,000).
|
|
§
|
Loans payable
increased due to the receipt in 2014 of loan amounts totalling approximately $17,000, together with an increase in accrued interest of approximately $2,000.
|
March 31
|
December 31
|
Increase/(Decrease)
|
||||||||||||||
2014
|
2013
|
Amount
|
Percentage
|
|||||||||||||
Current Assets
|
$
|
-
|
21
|
$
|
(21
|
)
|
(100%
|
)
|
||||||||
Current Liabilities
|
220,444
|
189,807
|
30,637
|
16%
|
||||||||||||
Working Capital (Deficiency)
|
$
|
(220,444
|
)
|
(189,786
|
)
|
$
|
(30,658
|
)
|
16%
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Three Months Ended March 31
|
Change
|
|||||||||||||||
2014
|
2013
|
Amount
|
Percentage
|
|||||||||||||
Cash Flows (Used In) Provided By:
|
||||||||||||||||
Operating Activities
|
$
|
(17,164
|
)
|
(17,894
|
)
|
$
|
730
|
(4%
|
)
|
|||||||
Financing Activities
|
17,095
|
6,890
|
10,205
|
148%
|
||||||||||||
Net increase (decrease) in cash
|
(69
|
)
|
(11,004
|
)
|
10,935
|
(99%
|
)
|
|
Cash Used In Operating Activities
|
|
The decrease in cash used in operating activities is primarily due to the following:
|
|
§
|
Operating expenses were lower by approximately $13,000 (comprised of the differences explained above, under Expenses) in the current three month period than in the equivalent period last year, together with:
|
|
§
|
Non-cash changes that impacted the net loss, as follows:
|
|
-
|
The Q1, 2014 decrease in prepaid expenses was lower than in Q1, 2013 by approximately $43,000; and
|
|
-
|
The Q1, 2014 amounts receivable decrease was approximately $9,000 lower than in Q1, 2013;
|
|
-
|
which were offset by a period over period difference of approximately $40,000 in the change in accounts payable and accrued liabilities. (An increase of approximately $11,000 in Q1, 2014, compared to a decrease in Q1, 2013 of approximately $29,000.)
|
|
The increase of approximately $10,000 in cash provided by financing activities was due to loan advances in Q1, 2014 of approximately $17,000, compared to approximately $7,000 in Q1, 2013.
|
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
|
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
|
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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