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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 | 0.0077 | 0.0203 | 0.00 | 14:30:24 |
UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
|
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Washington, D.C. 20549
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|
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FORM 10-Q
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☒
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QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30,
2016
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|
OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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Commission file number 000-53676
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NEVADA
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47-4347638
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(State or other jurisdiction of incorporation or
organization)
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(IRS Employer Identification No.)
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Large Accelerated Filer
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☐
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Accelerated Filer
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☐
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Non-accelerated Filer
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☐
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Smaller Reporting Company
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☑
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Page
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PART I - FINANCIAL INFORMATION
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Item 1. Financial
Statements
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3
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|
|
Balance Sheets as of September 30, 2016 (unaudited) and December
31, 2015
|
3
|
|
|
Statements of Operations for the Three Months and Nine Months ended
September 30, 2016 and 2015 (unaudited)
|
4
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|
|
Statements of Cash Flows for the Nine Months ended September 30,
2016 and 2015 (unaudited)
|
5
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|
|
Notes to Financial Statements (unaudited)
|
6
|
|
|
Item 2. Management’s
Discussion and Analysis Of Financial Condition and Results of
Operations
|
11
|
|
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Item 3. Quantitative and Qualitative
Disclosures About Market Risk
|
15
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|
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Item 4. Controls and
Procedures
|
15
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PART II - OTHER INFORMATION
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|
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Item 1A. Risk Factors
|
15
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|
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Item 2. Unregistered Sales
of Equity Securities and Use of Proceeds
|
15
|
|
|
Item 6. Exhibits
|
16
|
|
|
SIGNATURES
|
17
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|
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
||
|
SEPTEMBER 30
|
SEPTEMBER 30
|
||
|
2016
|
2015
|
2016
|
2015
|
|
|
|
|
|
Revenue
|
$
-
|
$
-
|
$
-
|
$
-
|
|
|
|
|
|
Expenses
|
|
|
|
|
Consulting
services
|
6,834
|
6,102
|
18,657
|
19,356
|
Corporate
support services
|
482
|
1,140
|
1,625
|
3,691
|
Mineral
option fees
|
25,000
|
-
|
74,988
|
-
|
Office,
foreign exchange and sundry
|
3,789
|
(2,306
)
|
11,905
|
3,756
|
Professional
fees
|
12,206
|
10,592
|
36,084
|
50,301
|
Transfer
and filing fees
|
5,074
|
2,470
|
24,485
|
29,519
|
Total expenses
|
53,385
|
17,998
|
167,744
|
106,623
|
|
|
|
|
|
Operating Loss Before Other Income (Expense)
|
(53,385
)
|
(17,998
)
|
(167,744
)
|
(106,623
)
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
Interest,
bank and finance charges
|
(7,374
)
|
(5,544
)
|
(21,023
)
|
(14,613
)
|
Penalties
|
-
|
-
|
(20,113
)
|
-
|
Total other income
(expense)
|
(7,374
)
|
(5,544
)
|
(41,136
)
|
(14,613
)
|
|
|
|
|
|
Net Loss For The Period
|
$
(60,759
)
|
$
(23,542
)
|
$
(208,880
)
|
$
(121,236
)
|
|
|
|
|
|
Basic And Diluted Loss Per Common Share
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
|
|
|
|
|
Weighted Average Number Of Common Shares Outstanding
|
49,127,825
|
47,658,000
|
49,127,825
|
47,253,956
|
1.
|
BASIS OF PRESENTATION AND NATURE OF OPERATIONS
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3.
|
MINERAL PROPERTY INTEREST
|
4.
|
CAPITAL STOCK
|
4.
|
CAPITAL STOCK
(Continued)
|
|
Number of Warrants
|
Exercise Price
|
Weighted Average Exercise Price
|
Weighted Average Life Remaining(Years)
|
Expiry Date
|
Balance, December 31, 2015
|
3,336,060
|
$
0.02
|
$
0.02
|
4.86
|
November 10, 2020
|
Granted
|
-
|
$
-
|
$
-
|
-
|
|
Expired
|
-
|
$
-
|
$
-
|
-
|
|
Exercised
|
-
|
$
-
|
$
-
|
-
|
|
Balance outstanding and exercisable at September 30,
2016
|
3,333,060
|
$
0.02
|
$
0.02
|
4.11
|
November 10, 2020
|
5.
|
LOANS PAYABLE
|
6.
|
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE
|
6.
|
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE
(Continued)
|
7.
|
CONTRACTUAL OBLIGATIONS AND COMMITMENTS
|
8.
|
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)
|
Rubicon
|
$
40,000
|
Hydrogeologica
|
$
135,000
|
Tierra
|
$
75,000
|
State
/ NDEP
|
$
0
|
Total
|
$
250,000
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
|
|
Three Months Ended
September 30
|
Change
|
||
|
2016
|
2015
|
Amount
|
Percentage
|
Revenue
|
$
-
|
$
-
|
$
-
|
-
|
Operating
Expenses
|
53,385
|
17,998
|
35,387
|
197
%
|
Loss
from Operations
|
(53,385
)
|
(17,998
)
|
(35,387
)
|
197
%
|
Other
Income (Expense)
|
(7,374
)
|
(5,544
)
|
(1,830
)
|
33
%
|
Net
Loss For The Period
|
$
(60,759
)
|
$
(23,542
)
|
$
(37,217
)
|
158
%
|
|
Nine Months Ended
September 30
|
Change
|
||
|
2016
|
2015
|
Amount
|
Percentage
|
Revenue
|
$
-
|
$
-
|
$
-
|
-
|
Operating
Expenses
|
167,744
|
106,623
|
61,121
|
57
%
|
Loss
from Operations
|
(167,744
)
|
(106,623
)
|
(61,121
)
|
57
%
|
Other
Income (Expense)
|
(41,136
)
|
(14,613
)
|
(26,523
)
|
182
%
|
Net
Loss For The Period
|
$
(208,880
)
|
$
(121,236
)
|
$
(87,644
)
|
72
%
|
|
Three Months Ended September 30
|
Change
|
||
|
2016
|
2015
|
Amount
|
Percentage
|
Mineral
option fees
|
$
25,000
|
$
-
|
$
25,000
|
-
|
Office,
foreign exchange and sundry
|
$
3,789
|
$
(2,306
)
|
$
6,095
|
(264
%)
|
Transfer
and filing fees
|
$
5,074
|
$
2,470
|
$
2,604
|
105
%
|
Interest,
bank and finance charges
|
$
7,374
|
$
5,544
|
$
1,830
|
33
%
|
ITEM
2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
|
|
|
|
Change
|
|
|
September 30
2016
|
December 31
2015
|
Amount
|
Percentage
|
Accounts
payable and accrued liabilities
|
$
25,460
|
$
14,302
|
$
11,158
|
78
%
|
Due
to related parties
|
$
700,761
|
$
495,384
|
$
205,377
|
41
%
|
Loans
payable
|
$
66,088
|
$
76,180
|
$
(10,092
)
|
(13
%)
|
|
September 30
|
December 31
|
Increase/(Decrease)
|
|
|
2016
|
2015
|
Amount
|
Percentage
|
Current
Assets
|
$
13,236
|
$
15,673
|
$
(2,437
)
|
(16
%)
|
Current
Liabilities
|
792,309
|
585,866
|
206,443
|
35
%
|
Working
Capital (Deficiency)
|
$
(779,073
)
|
$
(570,193
)
|
$
(208,880
)
|
37
%
|
|
Nine Months Ended
September 30
|
Change
|
||
|
2016
|
2015
|
Amount
|
Percentage
|
Cash
Provided By (Used In):
|
|
|
|
|
Operating
Activities
|
$
(47,437
)
|
$
(132,798
)
|
$
85,361
|
(64
%)
|
Financing
Activities
|
45,000
|
138,426
|
(93,426
)
|
(67
%)
|
Net
increase (decrease) in cash
|
$
(2,437
)
|
$
5,628
|
$
(8,065
)
|
(143
%)
|
ITEM
2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
|
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
|
|
LODE-STAR MINING INC.
|
|
|
|
|
|
|
|
BY:
|
“Mark Walmesley”
|
|
|
|
Mark Walmesley
|
|
|
|
President, Principal Executive Officer, Treasurer, Principal
Financial Officer, and Principal Accounting Officer
|
|
|
|
|
|
Signature
|
Title
|
Date
|
|
|
|
/s/ Mark Walmesley
|
Director,
President, Chief Executive Officer and Chief Financial
Officer
|
November 10
, 2016
|
Mark Walmesley
|
|
|
|
|
|
|
|
|
/s/
Thomas
Temkin
|
Director
and Chief Operating Officer
|
November
10,
2016
|
Thomas Temkin
|
|
|
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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