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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sovereign Lithium Inc (CE) | USOTC:SLCO | 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% | 0.000001 | 0.00 | 01:00:00 |
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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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Delaware
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20-8602410
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(State or other jurisdiction of
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(IRS Employer
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|
incorporation or organization)
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Identification No.)
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Large accelerated filer
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o
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Accelerated filer
|
o
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Non-accelerated filer
|
o
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Smaller reporting company
|
þ
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(Do not check if smaller reporting company)
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PART I — FINANCIAL INFORMATION
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|||||
Item 1.
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Condensed Unaudited Financial Statements
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3
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|||
Item 2.
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Management’s Discussion and Analysis or Plan of Operation
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4
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|||
Item 3.
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Quantitative and Qualitative Disclosure about Market Risk
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9
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|||
Item 4.
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Controls and Procedures
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9
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|||
PART II — OTHER INFORMATION
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|||||
Item 1.
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Legal Proceedings
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10
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|||
Item 1A.
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Risk Factors
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10
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|||
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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10
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|||
Item 3.
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Defaults Upon Senior Securities
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10
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|||
Item 4.
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Mine Safety Disclosures
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11
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|||
Item 5.
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Other Information
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11
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|||
Item 6.
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Exhibits.
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11
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Condensed Balance Sheets as of June 30, 2013 (unaudited) and December 31, 2012
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F-1
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Condensed Statements of Operations for the three and six months ended June 30, 2013 and 2012 and the period from June 29, 2012, entrance into exploration stage, to June 30, 2013 (unaudited)
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F-2
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Condensed Statements of Cash Flows for the six months ended June 30, 2013 and 2012 and the period from June 29, 2012, entrance into exploration stage, to June 30, 2013 (unaudited)
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F-3
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Notes to Condensed Financial Statements (unaudited)
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F-4
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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Period From
June 29, 2012,
Entrance Into Exploration Stage,
To June 30,
2013
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||||||||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||||||
REVENUE
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$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
COST OF REVENUES
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— | — | — | — | — | |||||||||||||||
OPERATING EXPENSES
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||||||||||||||||||||
Officers compensation
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28,500 | — | 57,000 | — | 119,000 | |||||||||||||||
Exploration and evaluation
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95,075 | — | 150,075 | — | 205,555 | |||||||||||||||
General and administrative
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93,669 | — | 154,165 | — | 261,981 | |||||||||||||||
Total operating expenses
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(217,244 | ) | — | (361,240 | ) | — | 586,536 | |||||||||||||
NET LOSS FROM CONTINUING OPERATIONS
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(217,244 | ) | — | (361,240 | ) | — | (586,536 | ) | ||||||||||||
DISCONTINUED OPERATIONS
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||||||||||||||||||||
Income (loss) from operations of discontinued Uptone Pictures, Inc.
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— | (110,175 | ) | — | (188,099 | ) | — | |||||||||||||
NET LOSS
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$ | (217,244 | ) | $ | (110,175 | ) | $ | (361,240 | ) | $ | (188,099 | ) | $ | (586,536 | ) | |||||
BASIC AND DILUTED EARNINGS PER SHARE - CONTINUING OPERATIONS
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
BASIC AND DILUTED EARNINGS PER SHARE - DISCONTINUED OPERATIONS
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
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44,737,739 | 44,000,000 | 44,598,243 | 44,000,000 |
Six months ended
June 30,
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Period From June 29, 2012,
Entrance Into
Exploration Stage,
to
June 30,
2013
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|||||||||||
2013
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2012
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|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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||||||||||||
Net loss for the period
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$
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(361,240
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)
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$
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(188,099
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)
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$
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(586,536
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)
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|||
Adjustments to reconcile net loss to net cash used in operating activities:
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||||||||||||
Donated rent
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—
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5,400
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—
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|||||||||
Donated consulting services
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—
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27,500
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—
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|||||||||
Shares for services
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5,555
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—
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5,555
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|||||||||
Changes in operating assets and liabilities:
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||||||||||||
(Decrease) in bank overdraft
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—
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(572
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)
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—
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||||||||
Increase (decrease) in accounts payable
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43,560
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(5,630
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)
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52,849
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||||||||
(Decrease) increase in accounts payable – related party
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(6,580
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)
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—
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8,009
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||||||||
(Decrease) in deferred revenue
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—
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(2,500
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)
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—
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||||||||
Increase in prepaid expenses
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(12,334
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)
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—
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(18,012
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)
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|||||||
Net cash used in operating activities
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(331,039
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)
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(163,901
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)
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(538,135
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)
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CASH FLOWS FROM INVESTING ACTIVITIES
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||||||||||||
Cash paid for mineral property options
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(295,000
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)
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(150,000)
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(625,000
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)
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|||||||
Cash surrendered in deconsolidation
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—
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(1,988)
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—
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|||||||||
Net cash used in investing activities
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(295,000
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)
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(151,988)
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(625,000
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)
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|||||||
CASH FLOWS FROM FINANCING ACTIVITIES
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||||||||||||
Proceeds from sale of stock
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680,500
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250,000
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1,180,500
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|||||||||
Contributed capital
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—
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125,403
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—
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|||||||||
Net cash provided by financing activities
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680,500
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375,403
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1,180,500
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|||||||||
NET INCREASE IN CASH
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54,461
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59,514
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17,365
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|||||||||
CASH – BEGINNING OF PERIOD
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22,418
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—
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59,514
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|||||||||
CASH – END OF PERIOD
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$
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76,879
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$
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59,514
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$
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76,879
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||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
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||||||||||||
Interest paid in cash
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$
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—
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$
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—
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$
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—
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||||||
Income taxes paid in cash
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$
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—
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$
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—
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$
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—
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Fair Value Measurements Using
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|||||||||||||||||||
Quoted prices in
active markets for
identical instruments
(Level 1)
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Significant other
observable inputs
(Level 2)
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Significant
unobservable inputs
(Level 3)
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Balance,
June 30,
2013
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Balance,
December 31,
2012
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|||||||||||||||
Cash
|
$ |
76,879
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$
|
—
|
$
|
—
|
$
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76,879
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$
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22,418
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|||||||||
Accounts payable
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$ |
—
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$
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52,850
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$
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—
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$
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52,850
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$
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9,289
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|||||||||
Accounts payable – related parties
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$ |
—
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$
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8,009
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$
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—
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$
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8,009
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$
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14,589
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Weighted Average
|
Weighted Average
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|||||||||
Shares
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Exercise Price
|
Remaining Life
|
||||||||
Outstanding, December 31, 2012
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416,667 | $ | 2.60 |
2.53 years
|
||||||
Granted
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471,682 | 2.11 | ||||||||
Outstanding, vested and exercisable, June 30, 2013
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888,349 | $ | 2.34 |
2.43 years
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Cash
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$
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1,988
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||
Total assets
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1,988
|
|||
Accrued liabilities
|
12,798
|
|||
Deferred revenue
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9,525
|
|||
Total liabilities
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22,323
|
|||
Net assets – discontinued operations
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$
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(20,335
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)
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(i)
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make cash payments to Wallach totaling $350,000, inclusive of $25,000 for staking additional claims within the area of mutual interest. As of June 30, 2013 the Company has paid all required cash payments of $325,000. The additional staked claims have not been pursued by the parties to the agreement;
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(ii)
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fund improvement and mineral exploration projects on the property totaling $350,000 of which $55,000 had been paid as of June 30, 2013; and
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(iii)
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if the mineral and exploration projects provide evidence that there is the equivalent of at least $1,000,000,000 of gross value on the property, issue 1,000,000 shares of common stock to Wallach.
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Exhibit
|
Item
|
|
3.1
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Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on July 11, 2013 (1)
|
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Advisory Agreement*
|
||
Certification of Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
||
Certification of Principal Executive and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
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||
101.INS
|
XBRL Instance Document (2)
|
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101.SCH
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XBRL Taxonomy Extension Schema (2)
|
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101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase (2)
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101.DEF
|
XBRL Taxonomy Extension Definition Linkbase (2)
|
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101.LAB
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XBRL Taxonomy Extension Label Linkbase (2)
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101.FRE
|
XBRL Taxonomy Extension Presentation Linkbase (2)
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SOVEREIGN LITHIUM, INC.
|
|||
Date: August 5, 2013
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By:
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/s/ Felipe Pimienta Barrios
|
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Felipe Pimienta Barrios
|
|||
Its: Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer and Principal Accounting
Officer)
|
1 Year Sovereign Lithium (CE) Chart |
1 Month Sovereign Lithium (CE) Chart |
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