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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 | 0.008 | 0.008 | 0.00 | 01:00:00 |
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 JUNE 30,
2019
|
|
|
☐
|
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 June 30, 2019 and December 31, 2018
(unaudited)
|
4
|
|
|
Statements of Operations for the Three Months and Six Months ended
June 30, 2019 and 2018 (unaudited)
|
5
|
|
|
Statements of Cash Flows for the Six Months ended June 30, 2019 and
2018 (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
|
16
|
|
|
Item 4. Controls and Procedures
|
16
|
|
|
PART II - OTHER INFORMATION
|
|
|
|
Item 1A. Risk Factors
|
17
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
17
|
|
|
Item 6. Exhibits
|
18
|
|
|
SIGNATURES
|
19
|
|
|
|
||
|
THREE MONTHS ENDED
|
SIX MONTHS ENDED
|
||
|
JUNE 30
|
JUNE 30
|
||
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
Revenue
|
$
-
|
$
-
|
$
-
|
$
-
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
Consulting
services
|
8,834
|
23,301
|
23,233
|
60,420
|
Corporate
support services
|
469
|
463
|
927
|
963
|
Mineral
option fees
|
25,012
|
25,012
|
49,988
|
49,988
|
Office,
foreign exchange and sundry
|
1,882
|
6,916
|
7,709
|
11,200
|
Professional
fees
|
12,102
|
7,359
|
26,727
|
29,590
|
Transfer
and filing fees
|
1,923
|
2,093
|
18,319
|
18,527
|
Total
operating expenses
|
50,222
|
65,144
|
126,903
|
170,688
|
|
|
|
|
|
Operating Loss
|
(50,222
)
|
(65,144
)
|
(126,903
)
|
(170,688
)
|
|
|
|
|
|
Other Expenses
|
|
|
|
|
Interest,
bank and finance charges
|
(14,358
)
|
(14,465
)
|
(29,636
)
|
(28,464
)
|
|
|
|
|
|
Net Loss For The period
|
$
(64,580
)
|
$
(79,609
)
|
$
(156,539
)
|
$
(199,152
)
|
|
|
|
|
|
Basic And Diluted Net Loss Per Common Share
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
$
(0.00
)
|
|
|
|
|
|
Weighted Average Number Of Common Shares Outstanding – Basic
and Diluted
|
50,605,965
|
49,127,825
|
50,605,965
|
49,127,825
|
|
SIX MONTHS
ENDED
|
|
|
JUNE 30
|
|
|
2019
|
2018
|
|
|
|
Operating Activities
|
|
|
Net
loss
|
$
(156,539
)
|
$
(199,152
)
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
Foreign
exchange loss
|
155
|
558
|
Stock
options issued for services
|
5,446
|
48,025
|
Changes
in operating assets and liabilities:
|
|
|
Prepaid
fees
|
(84
)
|
703
|
Accounts
payable and accrued liabilities
|
25,384
|
26,872
|
Due
to related parties
|
49,988
|
49,988
|
Accrued
interest payable
|
22,754
|
28,102
|
Net
cash used in operating activities
|
(52,896
)
|
(44,904
)
|
|
|
|
Financing Activities
|
|
|
Repayment
of loans payable
|
(6,000
)
|
(10,000
)
|
Proceeds
from loans payable – related party
|
65,000
|
55,000
|
Net cash provided
by financing activities
|
59,000
|
45,000
|
|
|
|
Net Increase In Cash
|
6,104
|
96
|
|
|
|
Cash, Beginning of Period
|
6,508
|
818
|
|
|
|
Cash, End of Period
|
$
12,612
|
$
914
|
|
|
|
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
|
$
24,050
|
$
27,266
|
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
|
4.
|
CAPITAL STOCK
(Continued)
|
|
Options
|
Exercise
Price
|
Weighted
Average Exercise Price
|
Weighted
Average Life Remaining (Years)
|
Expiry
Date
|
Intrinsic
Value
|
|
Issued
|
Vested
|
||||||
|
9,500,000
|
9,500,000
|
$0.06
|
|
|
February
14, 2022
|
|
|
500,000
|
-
|
$0.06
|
|
|
November
20, 2023
|
|
Balance
December 31, 2018
|
10,000,000
|
9,500,000
|
|
$0.06
|
3.21
|
|
-
|
Issued
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Expired
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Vested
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance June 30, 2019
|
10,000,000
|
9,500,000
|
|
$0.06
|
2.72
|
|
-
|
|
Number
of Warrants
|
Exercise
Price
|
Weighted
Average Exercise Price
|
Weighted
Average Life Remaining (Years)
|
Expiry
Date
|
Intrinsic
Value
|
Balance
December 31, 2018
|
3,336,060
|
$0.02
|
$0.02
|
1.88
|
November
19, 2020
|
$6,672
|
Issued
|
-
|
-
|
-
|
-
|
-
|
-
|
Expired
|
-
|
-
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
-
|
-
|
Balance outstanding and exercisable at June 30, 2019
|
3,336,060
|
$0.02
|
$0.02
|
1.39
|
November 19, 2020
|
$83,401
|
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)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
Three Months Ended June 30
|
Change
|
||
|
2019
|
2018
|
Amount
|
Percentage
|
|
$
|
$
|
$
|
|
Revenue
|
-
|
-
|
-
|
-
|
Operating
Expenses
|
50,222
|
65,144
|
(14,922
)
|
(23
%)
|
Operating
Loss
|
(50,222
)
|
(65,144
)
|
14,922
|
(23
%)
|
Other
Expenses
|
(14,358
)
|
(14,465
)
|
107
|
(1
%)
|
Net
Loss
|
(64,580
)
|
(79,609
)
|
15,029
|
(19
%)
|
|
Six Months Ended June 30
|
Change
|
||
|
2019
|
2018
|
Amount
|
Percentage
|
|
$
|
$
|
$
|
|
Revenue
|
-
|
-
|
-
|
-
|
Operating
Expenses
|
126,903
|
170,688
|
(43,785
)
|
(26
%)
|
Operating
Loss
|
(126,903
)
|
(170,688
)
|
43,785
|
(26
%)
|
Other
Expenses
|
(29,636
)
|
(28,464
)
|
(1,172
)
|
4
%
|
Net
Loss
|
(156,539
)
|
(199,152
)
|
42,613
|
(21
%)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
Three Months Ended June 30
|
Increase/(Decrease)
|
||
|
2019
|
2018
|
Amount
|
Percentage
|
Consulting
services
|
8,834
|
$
23,301
|
(14,467
)
|
(62
%)
|
Office,
foreign exchange and sundry
|
1,882
|
$
6,916
|
(5,034
)
|
(73
%)
|
Professional
fees
|
12,102
|
$
7,359
|
4,743
|
64
%
|
|
|
Change
|
||
|
June 30, 2019
|
December 31, 2018
|
Amount
|
Percentage
|
|
$
|
$
|
$
|
|
Due
to related parties and accrued interest
|
1,456,406
|
1,286,011
|
170,395
|
13
%
|
Loans
payable and accrued interest
|
15,819
|
30,267
|
(14,448
)
|
(48
%)
|
|
|
Increase/(Decrease)
|
||
|
June 30,2019
|
December 31,2018
|
Amount
|
Percentage
|
|
$
|
$
|
$
|
|
Current
Assets
|
14,675
|
8,487
|
6,188
|
73
%
|
Current
Liabilities
|
1,478,813
|
1,321,532
|
157,281
|
12
%
|
Working
Capital (Deficiency)
|
(1,464,138
)
|
(1,313,045
)
|
(151,093
)
|
12
%
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(Continued)
|
|
Six Months Ended June 30
|
Increase/(Decrease)
|
||
|
2019
|
2018
|
Amount
|
Percentage
|
|
$
|
$
|
$
|
|
Cash
Flows Provided By (Used In):
|
|
|
|
|
Operating
Activities
|
(52,896
)
|
(44,904
)
|
(7,992
)
|
18
%
|
Financing
Activities
|
59,000
|
45,000
|
14,000
|
31
%
|
Net
increase in cash
|
6,104
|
96
|
6,008
|
6,258
%
|
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
|
August 8, 2019
|
Mark Walmesley
|
|
|
|
|
|
|
|
|
/s/
Thomas
Temkin
|
Director and Chief Operating Officer
|
August 8, 2019
|
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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