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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Trilliant Exploration Corporation (CE) | USOTC:TTXP | 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 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
20-0936313
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
|
|
|
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
x
|
Class
|
Outstanding as of July 9, 2013
|
|
Common Stock, $0.001
|
283,915,300
|
|
Page
|
||||
PART I-FINANCIAL INFORMATION
|
|||||
Item 1.
|
Financial Statements
|
||||
Condensed Consolidated Balance Sheets as of March 31, 2013 (Unaudited) and December 31, 2012 (Unaudited)
|
3 | ||||
Condensed Consolidated Statements of Operations for the Three months Ended March 31, 2013 and 2012 (Unaudited)
|
4 | ||||
Condensed Consolidated Statements of Cash Flows for the Three months Ended March 31, 2013 and 2012 (Unaudited)
|
5 | ||||
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
6 | ||||
Forward Looking Statement
|
17 | ||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
17 | |||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
22 | |||
Item 4.
|
Controls and Procedures
|
23 | |||
PART II - OTHER INFORMATION
|
|||||
Item 1.
|
Legal Proceedings
|
24 | |||
Item 1A.
|
Risk Factors
|
24 | |||
Item 2.
|
Unregistered Sales of Equity Securities
|
24 | |||
Item 3.
|
Defaults upon Senior Securities
|
24 | |||
Item 4.
|
Mining Safety Disclosures
|
24 | |||
Item 5.
|
Other Information
|
25 | |||
Item 6.
|
Exhibits
|
25 | |||
Signatures
|
26 |
For three months ended
31-
March-201
3
Unaudited
|
For year
ended
31-
Dec-2012
Unaudited
|
|||||||
ASSETS
|
||||||||
Current Assets
|
$ | 60 | $ | 60 | ||||
Cash
|
||||||||
Total current assets
|
$ | 60 | $ | 60 | ||||
Other assets
|
||||||||
TOTAL ASSETS
|
$ | 60 | $ | 60 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 313,889 | $ | 288,889 | ||||
Accrued interest
|
172,499 | 172,499 | ||||||
Convertible Notes payable-related party
|
597,495 | 597,495 | ||||||
Bonds payable, convertible and secured-related party net of discount
|
- | |||||||
Short term notes payable-related party
|
30,150 | 30,150 | ||||||
Total current liabilities
|
$ | 1,114,033 | $ | 1,089,033 | ||||
Long term liabilities
|
||||||||
Derivative liabilities
|
505,275 | 560,817 | ||||||
Total long term liabilities
|
505,275 | 560,817 | ||||||
Total liabilities
|
1,619,308 | 1,649,850 | ||||||
STOCKHOLDERS' DEFICIT
|
||||||||
Common stock, par value $.001, 2,000,000,000 shares authorized, 152,819,187 outstanding at March 31, 2013 and December 31, 2012
|
152,819 | 152,819 | ||||||
Additional paid in capital
|
66,681,901 | 66,681,901 | ||||||
Accumulated deficit during pre-exploration stage
|
(52,207,651 | ) | (52,207,651 | ) | ||||
Deficit Accumulated
|
(6,046,317 | ) | (6,076,859 | ) | ||||
Total stockholders' equity (deficit) before Treasury stock
|
8,580,752 | 8,550,210 | ||||||
Treasury stock( Note 5)
|
(10,200,000 | ) | (10,200,000 | ) | ||||
Total stockholders’ equity (deficit)
|
(1,619,248 | ) | (1,649,790 | ) | ||||
Total liabilities and shareholders' deficit
|
$ | 60 | $ | 60 |
For the three months ended
31-
March-13
Unaudited
|
For the year ended
31-
Dec-12
Unaudited
|
|||||||
Revenues
|
$ | - | $ | - | ||||
Operating Expenses
|
||||||||
General and Administrative
|
25,000 | 8,031,502 | ||||||
Total operating expenses
|
25,000 | 8,031,502 | ||||||
Net loss from operations
|
(25,000 | ) | (8,031,502 | ) | ||||
Other income (expense)
|
||||||||
Loss on settlement of debt and accrued interest
|
(38,029,624 | ) | ||||||
Net realized and unrealized gain and loss in change in fair value of derivative liability
|
55,542 | 6,599,244 | ||||||
Amortization of beneficial conversion feature and bond cost
|
- | |||||||
Interest expense
|
(401,758 | ) | ||||||
Total other income (expense)
|
55,542 | (31,832,138 | ) | |||||
Net gain (loss) before income tax
|
30,542 | (39,863,640 | ) | |||||
Income taxes (benefit)
|
||||||||
Net Loss
|
30,542 | (39,863,640 | ) | |||||
BASIC AND DILUTED LOSS PER SHARE
|
||||||||
Net gain ( loss) per share, continuing operations
|
$ | 0.0002 | $ | (1.01 | ) | |||
Weighted Average Number of Common Shares Outstanding (Basic and Diluted)
|
152,819,187 | 39,405,131 |
For the three months ended
31-March-13
Unaudited
|
For year ended
31-Dec-12
Unaudited
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net gain (loss)
|
$ | 30,542 | $ | 9,863,640 | ) | |||
Adjustments to reconcile net income to net cash provided by operations and non-cash items:
|
||||||||
Amortization of bond issue costs
|
- | - | ||||||
Net realized and unrealized change in fair value of derivative liability
|
(55,542 | ) | (6,599,244 | ) | ||||
Unrealized loss on shares held on deposit at fair market value for pending acquisition
|
||||||||
Loss on settlement of debt
|
38,431,382 | |||||||
Common stock at par issued
|
152,175 | |||||||
Additional paid-in capital
|
65,013,993 | |||||||
Accounts payable and accrued expenses settled with common stock
|
7,961,008 | |||||||
Common stock issued to retire preferred stock and derivatives
|
(16,797,000 | ) | ||||||
Common stock issued in settlement of debt and accrued interest
|
(40,378,070 | ) | ||||||
Common stock issued for services
|
(7,991,098 | ) | ||||||
Changes in operating assets and liabilities
|
||||||||
Bonds payable, convertible and secured related party
|
- | |||||||
Accounts payable and accrued expenses
|
25,000 | 40,404 | ||||||
Net cash (used in) provided by operating activities
|
$ | - | $ | (30,090 | ) | |||
NET CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Net cash (used in) provided by investing activities
|
- | - | ||||||
NET CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Short term notes payable
|
- | 30,150 | ||||||
Net cash provided by financing activities
|
- | 30,150 | ||||||
Net increase (decrease) in cash
|
- | 60 | ||||||
Cash at beginning of period
|
60 | - | ||||||
Cash at end of period
|
60 | 60 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Cash paid for interest
|
$ | - | $ | - | ||||
Cash paid for income taxes
|
$ | - | $ | - | ||||
Non-cash investing activities
|
||||||||
Common stock issued for debt and accrued interest
|
$ | - | $ | 40,378,070 | ||||
Common stock issued for acquisition
|
$ | - | $ | - | ||||
Common stock to retire preferred stock
|
$ | - | $ | 16,797,000 | ||||
Common stock issued for services
|
$ | - | $ | 7,991,098 |
Convertible Notes
|
|||||||||||||
Issue date
|
Maturity
|
Principal
|
Interest Rate
|
Date of Default
|
|||||||||
(A)
|
12/31/2008
|
1/5/2010
|
90,000
|
8.00
|
%
|
1/5/2010
|
|||||||
(A)
|
1/16/2009
|
1/5/2010
|
100,000
|
8.00
|
%
|
1/5/2010
|
|||||||
(A)
|
1/23/2009
|
1/5/2010
|
50,000
|
8.00
|
%
|
1/5/2010
|
|||||||
(A)
|
2/2/2009
|
1/5/2010
|
25,000
|
8.00
|
%
|
1/5/2010
|
|||||||
(A)
|
3/9/2009
|
1/5/2010
|
10,000
|
8.00
|
%
|
1/5/2010
|
|||||||
(B)
|
4/8/2009
|
4/8/2010
|
50,000
|
8.00
|
%
|
4/8/2010
|
|||||||
6/23/2009
|
6/23/2010
|
25,000
|
8.00
|
%
|
6/23/2010
|
||||||||
7/1/2009
|
7/1/2010
|
*
|
8.00
|
%
|
7/2/2010
|
||||||||
7/6/2009
|
7/6/2010
|
20,000
|
8.00
|
%
|
7/7/2010
|
||||||||
8/26/2009
|
8/31/2010
|
195,000
|
8.00
|
%
|
9/1/2010
|
||||||||
Totals
|
$
|
565,000
|
Dividend yield:
|
-0-
|
%
|
||
Volatility
|
181.03
|
%
|
||
Risk free rate:
|
0.82
|
%
|
31-March-2013
|
2012
|
|||||||
Dividend yield:
|
-0-
|
%
|
-0-
|
%
|
||||
Volatility
|
395.51
|
%
|
639.20
|
%
|
||||
Risk free rate:
|
0..25
|
%
|
.25
|
%
|
Dividend yield:
|
-0-
|
%
|
||
Volatility
|
291.51
|
%
|
||
Risk free rate:
|
0.80
|
%
|
31-March-13
|
2012
|
|||||||
Dividend yield:
|
-0-
|
%
|
-0-
|
%
|
||||
Volatility
|
395.51
|
%
|
639.20
|
%
|
||||
Risk free rate:
|
0.25
|
%
|
0.25
|
%
|
Dividend yield:
|
-0-
|
%
|
||
Volatility
|
291.5
|
3%
|
||
Risk free rate:
|
0.802
|
%
|
31-March-2013
|
2012
|
|||||||
Dividend yield:
|
-0-
|
%
|
-0-
|
%
|
||||
Volatility
|
395.51
|
%
|
639.20
|
%
|
||||
Risk free rate:
|
0.25
|
%
|
0..25
|
%
|
Dividend yield:
|
-0-
|
%
|
||
Volatility
|
293
|
%
|
||
Risk free rate:
|
0.80
|
%
|
31-March-13
|
201
2
|
|
||||||
Dividend yield:
|
-0-
|
%
|
-0-
|
%
|
||||
Volatility
|
395.51
|
%
|
639.20
|
%
|
||||
Risk free rate:
|
.25
|
%
|
.25
|
%
|
Issue date
|
Maturity
|
Principal
|
Interest rate
|
Default rate
|
Date of Default
|
||||||||||||
(A)
|
10/15/2008
|
10/15/2010
|
$ | 1,058,407 | * | 9.00 | % | 18.00 | % |
1/15/2010
|
|||||||
(B)
|
4/30/2009
|
10/31/2010
|
300,000 | 9.00 | % | 18.00 | % |
1/15/2010
|
|||||||||
(C)
|
10/12/2009
|
1/12/2010
|
252,000 | 9.00 | % | 9.00 | % |
1/13/2010
|
|||||||||
(D)
|
11/3/2009
|
2/3/2010
|
- | * | 9.00 | % | 9.00 | % |
2/3/2010
|
||||||||
Totals
|
$ | 1,610,407 |
Common
|
Additional
|
Deficit
Accumulated
|
Total
Stockholders
|
|||||||||||||||||
Preferred
|
Stock
|
Paid in
|
During Pre
|
Equity
|
||||||||||||||||
Stock
|
Amount
|
Capital
|
Exploration
|
(Deficit)
|
||||||||||||||||
Balance December 31, 2009
|
$
|
10,200
|
$
|
93,132
|
$
|
10,706,521
|
$
|
(3,557,556
|
)
|
$
|
7,252,297
|
|||||||||
Reverse Stock Split
|
-
|
(92,822
|
)
|
92,822
|
-
|
-
|
||||||||||||||
Reversal of interest Payable
|
-
|
-
|
-
|
149,112
|
149,112
|
|||||||||||||||
Beneficial Conversion feature on Preferred Stock
|
(10,034,407
|
)
|
-
|
-
|
-
|
(10,034,407
|
)
|
|||||||||||||
Re-class
|
10,189,800
|
(10,189,800
|
)
|
-
|
-
|
|||||||||||||||
Amortization of Beneficial Conversion feature on Preferred Stock
|
10,034,407
|
-
|
-
|
-
|
10,034,407
|
|||||||||||||||
Amortization of Beneficial Conversion on Convertible Debt
|
-
|
-
|
363,883
|
-
|
363,883
|
|||||||||||||||
Change in Value of Derivative Liability
|
-
|
-
|
-
|
1,747,423
|
1,747,423
|
|||||||||||||||
Change in Interest Expense and amortization of beneficial conversion feature
|
-
|
-
|
-
|
(10,682,980
|
)
|
(10,682,980
|
)
|
|||||||||||||
Balance December 31, 2009 (restated)
|
10,200,000
|
310
|
973,426
|
(12,344,001
|
)
|
(1,170,265
|
)
|
|||||||||||||
Removed Preferred Stock from Equity
|
(10,200,000
|
)
|
-
|
-
|
-
|
(10,200,000
|
)
|
|||||||||||||
Total Stockholder's equity (deficit) (before treasury stock)
|
$
|
-
|
$
|
310
|
$
|
973,426
|
$
|
(12,344,001
|
)
|
$
|
(11,370,265
|
)
|
|
Fair Value Measurements at December 31, 2012 using:
|
|||||||||||||||
|
March 31, 2013
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Liabilities:
|
||||||||||||||||
Debt derivative liabilities
|
$
|
560,817
|
-
|
-
|
$
|
505,275
|
||||||||||
Preferred stock derivative liabilities
|
$
|
0
|
$
|
0
|
Debt Derivative
Liability
|
||||
Balance, December 31, 2012
|
$
|
560,817
|
||
Mark-to-market at December 31, 2012:
|
||||
- Embedded debt derivatives
|
(55,542)
|
|||
Balance, March 31, 2013
|
$
|
505,275
|
||
Net gain on derivatives realized and unrealized for the period included in earnings relating to the liabilities held at March 31, 2013
|
$
|
55,542
|
Contractual Obligations
|
|
Total
|
|
|
Less than one year
|
|
|
1 – 3 Years
|
|
|
3 – 5 Years
|
|
|
More than 5 Years
|
|
|||||
Convertible Notes Payable
|
|
|
597,495
|
|
|
|
597,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
597,495
|
|
|
$
|
597,495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Exhibit Number
|
Description
|
|
Exhibit 31.1
|
Certification of President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
Exhibit 31.2
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
Exhibit 32.1
|
Certification of President pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
|
|
|
101.INS**
|
XBRL Instance Document
|
|
101.SCH**
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL**
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF**
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB**
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE**
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
TRILLIANT EXPLORATION CORPORATION
|
||
|
|
|
|
Dated: July 9, 2013
|
By:
|
/s/ Eric Radtke
|
|
|
|
Eric Radtke, President/Chief
|
|
|
|
Executive Officer
|
|
|
|
|
|
Dated: July 9, 2013
|
By:
|
/s/ Eric Radtke
|
|
|
|
Eric Radtke, Chief Financial Officer
|
1 Year Trilliant Exploration (CE) Chart |
1 Month Trilliant Exploration (CE) Chart |
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