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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
|
|
SECURITIES AND EXCHANGE COMMISSION
|
|
Washington, D.C. 20549
|
|
|
|
FORM 10-Q
|
|
|
|
☑
|
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30,
2017
|
|
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
|
Commission file number 000-53676
|
NEVADA
|
47-4347638
|
(State or other jurisdiction of incorporation or
organization)
|
(IRS Employer Identification No.)
|
Large Accelerated Filer
|
☐
|
Accelerated Filer
|
☐
|
Non-accelerated Filer
|
☐
|
Smaller Reporting Company
|
☑
|
Emerging Growth Company
|
☐
|
|
|
|
Page
|
PART I - FINANCIAL INFORMATION
|
|
|
|
Item 1. Financial
Statements
|
3
|
|
|
Balance Sheets as of September 30, 2017 and December 31, 2016
(unaudited)
|
4
|
|
|
Statements of Operations for the Three Months and Nine Months ended
September 30, 2017 and 2016 (unaudited)
|
5
|
|
|
Statements of Cash Flows for the Nine Months ended September 30,
2017 and 2016 (unaudited)
|
6
|
|
|
Notes to Financial Statements (unaudited)
|
7
|
|
|
Item 2. Management’s
Discussion and Analysis Of Financial Condition and Results of
Operations
|
10
|
|
|
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
|
|
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
||
|
SEPTEMBER 30
|
SEPTEMBER 30
|
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Revenue
|
$
-
|
$
-
|
$
-
|
$
-
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
Consulting
services
|
100,659
|
6,834
|
411,558
|
18,657
|
Corporate
support services
|
499
|
482
|
1,440
|
1,625
|
Exploration
and evaluation
|
-
|
-
|
3,190
|
-
|
Mineral
option fees
|
25,012
|
25,000
|
75,000
|
74,988
|
Office,
foreign exchange and sundry
|
1,799
|
3,789
|
5,600
|
11,905
|
Professional
fees
|
12,316
|
12,206
|
33,842
|
36,084
|
Transfer
and filing fees
|
1,909
|
5,074
|
19,234
|
24,485
|
|
142,194
|
53,385
|
549,864
|
167,744
|
|
|
|
|
|
Operating Loss
|
(142,194
)
|
(53,385
)
|
(549,864
)
|
(167,744
)
|
|
|
|
|
|
Other Income (Expenses)
|
|
|
|
|
Interest,
bank and finance charges
|
(11,600
)
|
(7,374
)
|
(33,645
)
|
(21,023
)
|
Penalties
|
-
|
-
|
-
|
(20,113
)
|
Total
other expenses
|
(11,600
)
|
(7,374
)
|
(33,645
)
|
(41,136
)
|
|
|
|
|
|
Net Loss
|
$
(153,794
)
|
(60,759
)
|
(583,509
)
|
(208,880
)
|
|
|
|
|
|
Basic And Diluted Net Loss Per Common Share
|
$
(0.00
)
|
(0.00
)
|
(0.01
)
|
(0.00
)
|
|
|
|
|
|
Weighted Average Number Of Common Shares Outstanding – Basic
and Diluted
|
49,127,825
|
49,127,825
|
49,127,825
|
49,127,825
|
|
NINE MONTHS ENDED
|
|
|
SEPTEMBER 30
|
|
|
2017
|
2016
|
|
|
|
Operating Activities
|
|
|
Net
loss
|
$
(583,509
)
|
$
(208,880
)
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
Foreign
exchange loss
|
2,103
|
1,486
|
Stock
options issued for services
|
393,565
|
-
|
Changes
in operating assets and liabilities:
|
|
|
Accounts
payable and accrued liabilities
|
36,465
|
64,331
|
Due
to related parties
|
75,000
|
74,988
|
Accrued
interest payable
|
33,407
|
20,638
|
Net
cash used in operating activities
|
(42,969
)
|
(47,437
)
|
|
|
|
Financing Activities
|
|
|
Repayment
of loans payable
|
(15,000
)
|
(15,000
)
|
Proceeds
from loans payable – related party
|
55,000
|
60,000
|
Net cash provided
by financing activities
|
40,000
|
45,000
|
|
|
|
Net Decrease In Cash
|
(2,969
)
|
(2,437
)
|
|
|
|
Cash, Beginning Of Period
|
5,134
|
12,456
|
|
|
|
Cash, End Of Period
|
$
2,165
|
$
10,019
|
|
|
|
Supplemental Disclosure Of Cash Flow Information
|
|
|
Cash
paid during the period for:
|
|
|
Interest
|
$
-
|
$
-
|
Income
taxes
|
$
-
|
$
-
|
|
|
|
Non-cash Financing Activity
|
|
|
Expenses
paid by related party on behalf of the Company
|
$
53,987
|
$
53,174
|
1.
|
BASIS OF PRESENTATION AND NATURE OF OPERATIONS
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3.
|
MINERAL PROPERTY INTEREST
|
3.
|
MINERAL PROPERTY INTEREST
(Continued)
|
4.
|
CAPITAL STOCK
|
|
Options
|
|
|
|
|
|
|
|
Issued
|
Vested
|
Exercise
Price
|
Weighted Average
Exercise Price
|
Weighted Average
Life Remaining (Years)
|
Expiry
Date
|
Intrinsic
Value
|
Balance December
31, 2016
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Issued
|
9,500,000
|
2,375,000
|
$
0.06
|
$
0.06
|
5.00
|
February 14,
2022
|
-
|
Expired
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance September
30,
2017
|
9,500,000
|
4,750,000
|
$
0.06
|
$
0.06
|
4.38
|
February 14,
2022
|
-
|
|
Number of
Warrants
|
Exercise
Price
|
Weighted Average
Exercise Price
|
Weighted Average
Life Remaining (Years)
|
Expiry
Date
|
Intrinsic
Value
|
Balance December
31, 2016
|
3,336,060
|
$
0.02
|
$
0.02
|
3.86
|
November 19,
2020
|
$
66,721
|
Issued
|
-
|
-
|
-
|
-
|
-
|
-
|
Expired
|
-
|
-
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance
outstanding and exercisable at September 30, 2017
|
3,336,060
|
$
0.02
|
$
0.02
|
3.11
|
November 19,
2020
|
$
66,721
|
5.
|
LOANS PAYABLE
|
6.
|
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE
|
7.
|
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)
|
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
|
Site and Surface Preparation
|
$
100,000
|
Equipment and Mining Materials
|
$
500,000
|
Underground Rehab & Preliminary Mine Development
|
$
110,000
|
Ore Grade Control
|
$
50,000
|
Red Hill's Vein Zone Work
|
$
270,000
|
General Corporate and Administration Fees
|
$
720,000
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
Three Months Ended September 30
|
Change
|
||
|
2017
|
2016
|
Amount
|
Percentage
|
Revenue
|
$
-
|
$
-
|
$
-
|
-
|
Operating
Expenses
|
142,194
|
53,385
|
88,809
|
166
%
|
Operating
Loss
|
(142,194
)
|
(53,385
)
|
(88,809
)
|
166
%
|
Other
Income (Expense)
|
(11,600
)
|
(7,374
)
|
(4,226
)
|
57
%
|
Net
Loss
|
(153,794
)
|
(60,759
)
|
(93,035
)
|
153
%
|
|
Nine Months Ended September 30
|
Change
|
||
|
2017
|
2016
|
Amount
|
Percentage
|
Revenue
|
$
-
|
$
-
|
$
-
|
-
|
Operating
Expenses
|
549,864
|
167,744
|
382,120
|
228
%
|
Operating
Loss
|
(549,864
)
|
(167,744
)
|
(382,120
)
|
228
%
|
Other
Income (Expense)
|
(33,645
)
|
(41,136
)
|
7,491
|
(18
%)
|
Net
Loss
|
(583,509
)
|
(208,880
)
|
(374,629
)
|
179
%
|
|
Three Months Ended September 30
|
Increase/(Decrease)
|
||
|
2017
|
2016
|
Amount
|
Percentage
|
Consulting
services
|
$
100,659
|
$
6,834
|
$
93,825
|
1,373
%
|
Transfer
and filing fees
|
$
1,909
|
$
5,074
|
$
(3,165
)
|
(62
%)
|
Interest,
bank and finance charges
|
$
11,600
|
$
7,374
|
$
4,226
|
57
%
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
Nine Months Ended September 30
|
Increase/(Decrease)
|
||
|
2017
|
2016
|
Amount
|
Percentage
|
Consulting services
|
$
411,558
|
$
18,657
|
$
392,901
|
2,106
%
|
Exploration and evaluation
|
$
3,190
|
$
-
|
$
3,190
|
-
|
Office, foreign exchange and sundry
|
$
5,600
|
$
11,905
|
$
(6,305
)
|
(53
%)
|
Transfer and filing fees
|
$
19,234
|
$
24,485
|
$
(5,251
)
|
(21
%)
|
Interest, bank and finance charges
|
$
33,645
|
$
21,023
|
$
12,622
|
60
%
|
Penalties
|
$
-
|
$
20,113
|
$
(20,113
)
|
(100
%)
|
|
|
Change
|
||
|
September 30, 2017
|
December 31, 2016
|
Amount
|
Percentage
|
Cash
|
$
2,165
|
$
5,134
|
$
(2,969
)
|
(58
%)
|
Accounts payable and accrued liabilities
|
$
1,494
|
$
19,016
|
$
(17,522
)
|
(92
%)
|
Due to related parties and accrued interest
|
$
977,819
|
$
762,117
|
$
215,702
|
28
%
|
Loans payable and accrued interest
|
$
51,105
|
$
62,310
|
$
(11,205
)
|
(18
%)
|
Additional paid-in capital
|
$
1,463,629
|
$
1,070,064
|
$
393,565
|
37
%
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
|
Increase/(Decrease)
|
||
|
September 30,
2017
|
December 31, 2016
|
Amount
|
Percentage
|
Current Assets
|
$
2,165
|
$
5,134
|
$
(2,969
)
|
(58
%)
|
Current Liabilities
|
1,030,418
|
843,443
|
186,975
|
22
%
|
Working Capital Deficiency
|
$
(1,028,253
)
|
$
(838,309
)
|
$
(189,944
)
|
23
%
|
|
Nine Months Ended September 30
|
Increase/(Decrease)
|
||
|
2017
|
2016
|
Amount
|
Percentage
|
Cash Flows Provided By (Used In):
|
|
|
|
|
Operating Activities
|
$
(42,969
)
|
(47,437
)
|
4,468
|
(9
%)
|
Financing Activities
|
40,000
|
45,000
|
(5,000
)
|
(11
%)
|
Net decrease in cash
|
$
(2,969
)
|
(2,437
)
|
(532
)
|
22
%
|
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 GOLD 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 14, 2017
|
Mark Walmesley
|
|
|
|
|
|
|
|
|
/s/
Thomas
Temkin
|
Director and Chief Operating Officer
|
November 14, 2017
|
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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