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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 MARCH 31,
2018
|
|
|
☐
|
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 March 31, 2018 and December 31, 2017
(unaudited)
|
4
|
|
|
Statements of Operations for the Three Months ended March 31, 2018
and 2017 (unaudited)
|
5
|
|
|
Statements of Cash Flows for the Three Months ended March 31, 2018
and 2017 (unaudited)
|
6
|
|
|
Notes to Financial Statements (unaudited)
|
7
|
|
|
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
|
11
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market
Risk
|
15
|
|
|
Item 4. Controls and Procedures
|
15
|
|
|
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
|
|
|
MARCH 31
|
|
|
2018
|
2017
|
|
|
|
Revenue
|
$
-
|
$
-
|
|
|
|
Operating Expenses
|
|
|
Consulting
services
|
37,119
|
204,797
|
Corporate
support services
|
500
|
475
|
Mineral
option fees
|
24,976
|
24,976
|
Office,
foreign exchange and sundry
|
4,284
|
904
|
Professional
fees
|
22,231
|
4,714
|
Transfer
and filing fees
|
16,434
|
14,317
|
Total
operating expenses
|
105,544
|
250,183
|
|
|
|
Operating Loss
|
(105,544
)
|
(250,183
)
|
|
|
|
Other Expenses
|
|
|
Interest,
bank and finance charges
|
(13,999
)
|
(10,775
)
|
|
|
|
Net Loss
|
$
(119,543
)
|
$
(260,958
)
|
|
|
|
Basic And Diluted Net Loss Per Common Share
|
$
(0.00
)
|
$
(0.01
)
|
|
|
|
Weighted Average Number of Common Shares Outstanding –
Basic and Diluted
|
49,127,825
|
49,127,825
|
|
THREE MONTHS ENDED
|
|
|
MARCH 31
|
|
|
2018
|
2017
|
|
|
|
Operating Activities
|
|
|
Net
loss
|
$
(119,543
)
|
$
(260,958
)
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
Foreign
exchange loss
|
1,861
|
216
|
Stock
options issued for services
|
30,819
|
198,570
|
Changes
in operating assets and liabilities:
|
|
|
Prepaid
fees
|
564
|
-
|
Accounts
payable and accrued liabilities
|
28,448
|
12,968
|
Due
to related parties
|
24,976
|
24,976
|
Accrued
interest payable
|
14,085
|
10,595
|
Net
cash used in operating activities
|
(18,790
)
|
(13,633
)
|
|
|
|
Financing Activities
|
|
|
Repayment
of loans payable
|
(5,000
)
|
(5,000
)
|
Proceeds
from loans payable – related party
|
25,000
|
25,000
|
Net cash provided
by financing activities
|
20,000
|
20,000
|
|
|
|
Net Increase In Cash
|
1,210
|
6,367
|
|
|
|
Cash, Beginning of Period
|
818
|
5,134
|
|
|
|
Cash, End of Period
|
$
2,028
|
$
11,501
|
|
|
|
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
|
$
17,019
|
$
16,040
|
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, 2017
|
9,500,000
|
4,750,000
|
$
0.06
|
$
0.06
|
4.12
|
February 14,
2022
|
-
|
Issued
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Expired
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Vested
|
-
|
2,375,000
|
$
0.06
|
$
0.06
|
-
|
February 14,
2022
|
-
|
Balance March 31, 2018
|
9,500,000
|
7,125,000
|
$
0.06
|
$
0.06
|
3.88
|
February 14, 2022
|
-
|
4.
|
CAPITAL STOCK
(Continued)
|
|
Number of
Warrants
|
Exercise
Price
|
Weighted Average
Exercise Price
|
Weighted Average Life
Remaining (Years)
|
Expiry
Date
|
Intrinsic
Value
|
Balance December
31, 2017
|
3,336,060
|
$
0.02
|
$
0.02
|
2.86
|
November 19,
2020
|
$
40,033
|
Issued
|
-
|
-
|
-
|
-
|
-
|
-
|
Expired
|
-
|
-
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance outstanding and exercisable at March 31,
2018
|
3,336,060
|
$
0.02
|
$
0.02
|
2.61
|
November 19, 2020
|
$
33,027
|
5.
|
LOANS PAYABLE
|
6.
|
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE
|
6.
|
RELATED PARTY TRANSACTIONS AND AMOUNTS DUE
(Continued)
|
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
|
|
Three
Months Ended March 31
|
Change
|
||
|
2018
|
2017
|
Amount
|
Percentage
|
|
$
|
$
|
$
|
|
Revenue
|
-
|
-
|
-
|
-
|
Operating
Expenses
|
105,544
|
250,183
|
(144,639
)
|
(58
%)
|
Operating
Loss
|
(105,544
)
|
(250,183
)
|
144,639
|
(58
%)
|
Other
Income (Expense)
|
(13,999
)
|
(10,775
)
|
(3,224
)
|
30
%
|
Net
Loss
|
(119,543
)
|
(260,958
)
|
141,415
|
(54
%)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
Three
Months Ended March 31
|
Increase/(Decrease)
|
||
|
2018
|
2017
|
Amount
|
Percentage
|
Consulting
services
|
$
37,119
|
$
204,797
|
$
(167,768
)
|
(82
%)
|
Office,
foreign exchange and sundry
|
$
4,284
|
$
904
|
$
3,380
|
374
%
|
Professional
fees
|
$
22,231
|
$
4,714
|
$
17,517
|
372
%
|
Interest,
bank and finance charges
|
$
13,999
|
$
10,775
|
$
3,224
|
30
%
|
|
|
Change
|
||
|
March
31
2018
|
December
31
2017
|
Amount
|
Percentage
|
Accounts
payable and accrued liabilities
|
$
19,477
|
$
8,048
|
$
11,429
|
142
%
|
Due
to related parties and accrued interest
|
$
1,118,533
|
$
1,036,569
|
$
81,964
|
8
%
|
Loans
payable and accrued interest
|
$
43,032
|
$
47,055
|
$
(4,023
)
|
(9
%)
|
Additional
paid-in capital
|
$
1,543,691
|
$
1,512,872
|
$
30,819
|
2
%
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
|
Increase/(Decrease)
|
||
|
March
31
2018
|
December
31
2017
|
Amount
|
Percentage
|
Current
Assets
|
$
5,189
|
$
4,543
|
$
646
|
14
%
|
Current
Liabilities
|
1,181,042
|
1,091,672
|
89,370
|
8
%
|
Working
Capital Deficiency
|
$
(1,175,853
)
|
$
(1,087,129
)
|
$
(88,724
)
|
8
%
|
|
Three
Months Ended March 31
|
Increase/(Decrease)
|
||
|
2018
|
2017
|
Amount
|
Percentage
|
Cash
Flows Provided By (Used In):
|
|
|
|
|
Operating
Activities
|
$
(18,790
)
|
$
(13,633
)
|
$
(5,157
)
|
38
%
|
Financing
Activities
|
20,000
|
20,000
|
-
|
-
|
Net
increase in cash
|
$
1,210
|
$
6,367
|
$
(5,157
)
|
(81
)%
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
(Continued
)
|
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
|
May 14, 2018
|
Mark Walmesley
|
|
|
|
|
|
|
|
|
/s/
Thomas
Temkin
|
Director and Chief Operating Officer
|
May 14, 2018
|
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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