TRI-LATERAL VENTURE CORPORATION |
TRI-LATERAL VENTURE CORPORATION | ||
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Current |
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LIABILITIES | ||
Current |
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SHAREHOLDERS' DEFICIENCY | ||
Share capital - Note 2 | 6,769,726 | 5,783,259 |
SEE ACCOMPANYING NOTES |
TRI-LATERAL VENTURE CORPORATION |
Three Months ended | Nine Months ended | |||
Administrative Expenses |
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SEE ACCOMPANYING NOTES |
SEE ACCOMPANYING NOTES |
TRI-LATERAL VENTURE CORPORATION | |
Note 1 | Interim Reporting
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Note 2 | Share Capital
Unlimited common shares |
Issued Common Shares | Number | $ | |
Balance, December 31, 2002 | 3,372,872 | 5,783,259 |
Note 3 | Related Party Transactions During the three and nine months ended September 30, 2003 the Company incurred the following expenses with directors and a company with a common director: |
Three Months ended | Nine Months ended | |||||
Accounting fees | $ 1,400 | $ 2,100 | $ 5,325 | $ 6,400 |
The expenses were measured by the exchange amount, which is the amount agreed upon by the transacting parties and are on terms and conditions similar to non-related entities.
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Note 4 | Non-cash Transactions
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Note 5 | Canadian and United States of America Accounting Principles The financial statements have been prepared in accordance with accounting principles generally accepted in Canada, which differ in certain respects with those principles and practices that the Company would have followed had its financial statements been prepared in accordance with accounting principles generally accepted in the United States of America. The Company's accounting principles generally accepted in Canada ("Canadian GAAP") differ from accounting principles generally accepted in the United States ("US GAAP") as follows: a)Resource Properties Under Canadian GAAP, resource property acquisition costs and exploration costs may be deferred and amortized to the extent they meet certain criteria. Under US GAAP, acquisition costs and exploration costs must be expensed as incurred unless the resource properties have proven reserves. During the nine months ended September 30, 2003, $7,619 was incurred in resource property costs. Therefore, an additional expense is required under US GAAP.
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September 30, | |||
Net loss for the period per Canadian GAAP | $ (80,172) | $ (80,862) | |
September 30, | December 31, | ||
Total assets per Canadian GAAP | $ 22,698 | $ 26,947 |