Lode-Star Mining (LSMG) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document And Entity Information	'	'
Entity Registrant Name	'INTERNATIONAL GOLD CORP.	'
Entity Central Index Key	'0001319643	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	11,509,000
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

INTERIM_BALANCE_SHEETS_Unaudit

INTERIM BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current	'	'
Cash	$27	$21
Current assets	27	21
Current	'	'
Accounts payable and accrued liabilities	127,880	78,076
Loans payable	147,739	111,731
Liabilities Current	275,619	189,807
Contractual Obligations, Commitments And Subsequent Events (Note 6)	0	0
Capital Stock	'	'
Authorized: 100,000,000 voting common shares with a par value of $0.00001 per share Issued: 11,509,000 common shares at June 30, 2014 and December 31, 2013	115	115
Additional Paid-In Capital	692,385	692,385
Accumulated Deficit	-968,092	-882,286
Stockholders' deficiency	-275,592	-189,786
Liabilities and Stockholders' Deficiency	$27	$21

INTERIM_BALANCE_SHEETS_Parenth

INTERIM BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
STOCKHOLDERS' DEFICIENCY	'	'
Common stock, par value	$0.00	$0.00
Common stock, Authorized	100,000,000	100,000,000
Common stock, Issued	11,509,000	11,509,000

INTERIM_STATEMENTS_OF_OPERATIO

INTERIM STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Revenue	$0	$0	$0	$0
Operating Expenses	'	'	'	'
Consulting services	25,885	26,617	51,801	56,857
Corporate support services	0	3,079	0	7,559
Interest, bank and finance charges	2,364	-8,587	4,717	-5,227
Office, foreign exchange and sundry	2,508	372	40	486
Professional fees	19,289	22,997	22,031	25,997
Transfer and filing fees	5,103	7,056	7,217	9,105
Total expenses	55,149	51,534	85,806	94,777
Net Loss For The Period	($55,149)	($51,534)	($85,806)	($94,777)
Basic And Diluted Loss Per Common Share	($0.01)	($0.01)	($0.01)	($0.01)
Weighted Average Number Of Common Shares Outstanding	11,509,000	9,901,500	11,509,000	9,901,500

INTERIM_STATEMENTS_OF_CASH_FLO

INTERIM STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash Provided By (Used In) Operating Activites	'	'
Net loss for the period	($85,806)	($94,777)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Accrued interest payable	4,091	4,092
Net changes in non-cash operating working capital items	'	'
Decrease in prepaid expenses	0	34,032
Decrease in amounts receivable	0	9,464
Increase (decrease) in accounts payable and accrued liabilities	49,804	-69,218
Net cash used in Operating Activities	-31,911	-116,407
Financing Activities	'	'
Issuance of common stock subscriptions	0	90,000
Loan advances	31,917	20,690
Net cash provided by Financing Activities	31,917	110,690
Net Increase (Decrease) In Cash	6	-5,717
Cash, beginning of period	21	11,282
Cash, End of Period	27	5,565
Supplemental Disclosure Of Cash Flow Information	'	'
Cash paid during the period for Interest	0	0
Cash paid during the period for Income taxes	$0	$0

1_BASIS_OF_PRESENTATION_AND_NA

1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
NOTE 1 - BASIS OF PRESENTATION AND NATURE OF OPERATIONS	'
	Organization
	International Gold Corp. (“the Company”) was incorporated in the State of Nevada, U.S.A., on December 9, 2004.  The Company’s principal executive offices are located in Vancouver, British Columbia, Canada.  The Company was originally formed for the purpose of acquiring exploration stage natural resource properties. The Company currently has no properties, is not conducting any exploration work and is currently not in the “exploration stage”.  The Company has not yet realized any revenues from its operations.
	Going Concern
	The accompanying financial statements have been prepared assuming the Company will continue as a going concern.
	The future of the Company is dependent upon its ability to establish a business and to obtain new financing to execute a business plan. As shown in the accompanying financial statements, the Company has incurred accumulated losses of $968,092 for the period from December 9, 2004 (inception) to June 30, 2014, and has had no revenue.  There is no assurance that management’s plans to seek additional capital through private placements of its common stock will be realized, and these factors cast substantial doubt upon the use of the going concern assumption. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
	Basis of Presentation
	The unaudited financial information furnished herein reflects all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented.  These second quarter financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2013.  The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding fiscal year, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context.  Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s financial statements for the fiscal year ended December 31, 2013, has been omitted.  The results of operations for the six month period ended June 30, 2014 are not necessarily indicative of results for the entire year ending December 31, 2014.

2_SUMMARY_OF_SIGNIFICANT_ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

'

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

'

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment.  All dollar amounts are in U.S. dollars unless otherwise noted.

The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:

a)

Basis of Accounting

The Company’s financial statements have been prepared using the accrual method of accounting.

b)

Cash and Cash Equivalents

Cash consists of cash on deposit with high quality major financial institutions.  For purposes of the balance sheet and statements of cash flows, the Company considers all highly liquid debt instruments purchased with maturity of 90 days or less to be cash equivalents.

c)

Foreign Currency Accounting

The Company’s functional currency is the U.S. dollar.  Head office financing and investing activities are generally in Canadian dollars. Transactions in Canadian currency are translated into U.S. dollars as follows:

i)         monetary items at the exchange rate prevailing at the balance sheet date;

ii)        non-monetary items at the historical exchange rate; and

iii)       revenue and expense items at the rate in effect of the date of transactions.

Gains and losses arising on the settlement of foreign currency denominated transactions or balances are recorded in the statements of operations.

d)

Fair Value of Financial Instruments

ASC Topic 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value.  The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:

§

Level 1 – defined as observable inputs such as quoted prices in active markets;

§

Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

§

Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Liabilities measured at fair value on a recurring basis were presented on the Company’s balance sheet as at June 30, 2014 as follows:

Fair Value Measurements Using

Quoted prices in

Significant other

Significant

Balance,

Balance,

active markets for

observable inputs

unobservable inputs

30-Jun-14

31-Dec-13

identical instruments

(Level 2)

(Level 3)

(Level 1)

Loans payable

$

-

$

147,739

$

-

$

147,739

$

111,731

The carrying amount of loans payable was a reasonable approximation of the fair value.

e)

Use of Estimates and Assumptions

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures.  By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant.  Significant areas requiring management’s estimates and assumptions are determining the fair value of transactions involving related parties and common stock.  Actual results may differ from the estimates.

f)

Basic and Diluted Loss Per Share

The Company reports basic loss per share in accordance with ASC Topic 260, “Earnings Per Share”.  Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common stock outstanding during the period.  Diluted loss per share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As the Company generated net losses in the period presented, the basic and diluted loss per share are the same.

g)

Income Taxes

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes.  This standard requires the use of an asset and liability approach for financial accounting and reporting on income taxes.  If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized.

h)

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3_CAPITAL_STOCK

3. CAPITAL STOCK	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
NOTE 3 - CAPITAL STOCK	'
	During the six months ended June 30, 2014, the Company received no subscriptions for shares of its common stock.
	During the year ended December 31, 2013:
		·	in connection with the $0.20 private placement, the Company received $90,000 as subscriptions for 450,000 shares of its common stock. 250,000 shares were issued on October 3, 2013 and 200,000 on October 25, 2013 in connection with those subscriptions; and
		·	the Company reached an agreement with a lender to issue 217,500 shares of its common stock to settle $21,750 in loans payable. Those shares were issued on October 3, 2013.
	The Company has no stock option plan, warrants or other dilutive securities.

4_LOANS_PAYABLE

4. LOANS PAYABLE	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
NOTE 4 - LOANS PAYABLE	'
	The Company had the following loans payable:
		Principal balances as at June 30, 2014:
		i)	$5,000: unsecured; interest at 15% per annum; due on April 20, 2012.
		ii)	$75,000: unsecured; interest at 10% per annum; due on August 2, 2011.
		iii)	$15,668: unsecured; non-interest bearing; with no specific terms of repayment.
		iv)	$24,983: unsecured; non-interest bearing; with no specific terms of repayment.
		v)	$1,886: unsecured; non-interest bearing; with no specific terms of repayment.
		Principal balances as at December 31, 2013:
		i)	$5,000: unsecured; interest at 15% per annum; due on April 20, 2012.
		ii)	$75,000: unsecured; interest at 10% per annum; due on August 2, 2011.
		iii)	$1,642: unsecured; non-interest bearing; with no specific terms of repayment.
		iv)	$8,979: unsecured; non-interest bearing; with no specific terms of repayment.
	As of June 30, 2014, interest totaling $25,202 (December 31, 2013 - $21,110) was accrued on the loan amounts.
	The loan balances remain outstanding to date and the Company intends to renegotiate the repayment terms with the lenders.

5_RELATED_PARTY_TRANSACTIONS_A

5. RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
NOTE 5 - RELATED PARTY TRANSACTIONS AND AMOUNTS DUE	'
	Transactions with related parties were in the normal course of operations and have been valued in these financial statements at the exchange amount, which is the amount of consideration agreed to and established by the related parties.
		a)	Related Party Amounts Due
		At June 30, 2014, the Company owed a company controlled by its sole director and officer $64,115 (December 31, 2013: $32,108) which was included in accounts payable.
		b)	Consulting Services
		During the six months ended June 30, 2014, the Company incurred $51,801 (June 30, 2013 - $56,857) in consulting fees to the sole director and officer of the Company. See Note 6.

6_CONTRACTUAL_OBLIGATIONS_COMM

6. CONTRACTUAL OBLIGATIONS, COMMITMENTS AND SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
NOTE 6 - CONTRACTUAL OBLIGATIONS, COMMITMENTS AND SUBSEQUENT EVENTS	'
	On February 21, 2012 a consulting agreement was fully executed between the Company and another company controlled by the sole director and officer of the Company, effective January 1, 2012 for a term of 48 months, whereby the related company agreed to provide the services of its shareholder as the Company’s CEO, COO, CFO and Corporate Secretary.  As compensation, the Company was to pay $90,000 per annum, in equal monthly installments of $7,500, in arrears and plus applicable taxes.  The Company also agreed to reimburse reasonable business and/or entertainment and automobile expenses during the duration of the consulting agreement. Effective July 1, 2012, the agreement was revised to amend the compensation to be monthly installments of $9,000 plus applicable taxes, with the 48 month term to commence from the new effective date.
	Management has evaluated subsequent events and the impact on the reported results and disclosures and has concluded that no other significant events require disclosure as of the date these financial statements were issued.

2_SUMMARY_OF_SIGNIFICANT_ACCOU1

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2014

Notes to Financial Statements

'

Basis of Accounting

'

The Company’s financial statements have been prepared using the accrual method of accounting.

Cash and Cash Equivalents

'

Cash consists of cash on deposit with high quality major financial institutions.  For purposes of the balance sheet and statements of cash flows, the Company considers all highly liquid debt instruments purchased with maturity of 90 days or less to be cash equivalents.

Foreign Currency Accounting

'

The Company’s functional currency is the U.S. dollar.  Head office financing and investing activities are generally in Canadian dollars. Transactions in Canadian currency are translated into U.S. dollars as follows:

i)         monetary items at the exchange rate prevailing at the balance sheet date;

ii)        non-monetary items at the historical exchange rate; and

iii)       revenue and expense items at the rate in effect of the date of transactions.

Gains and losses arising on the settlement of foreign currency denominated transactions or balances are recorded in the statements of operations.

Fair Value of Financial Instruments

'

ASC Topic 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value.  The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:

§

Level 1 – defined as observable inputs such as quoted prices in active markets;

§

Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

§

Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Liabilities measured at fair value on a recurring basis were presented on the Company’s balance sheet as at June 30, 2014 as follows:

Fair Value Measurements Using

Quoted prices in

Significant other

Significant

Balance,

Balance,

active markets for

observable inputs

unobservable inputs

30-Jun-14

31-Dec-13

identical instruments

(Level 2)

(Level 3)

(Level 1)

Loans payable

$

-

$

147,739

$

-

$

147,739

$

111,731

The carrying amount of loans payable was a reasonable approximation of the fair value.

Use of Estimates and Assumptions

'

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures.  By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant.  Significant areas requiring management’s estimates and assumptions are determining the fair value of transactions involving related parties and common stock.  Actual results may differ from the estimates.

Basic and Diluted Loss Per Share

'

The Company reports basic loss per share in accordance with ASC Topic 260, “Earnings Per Share”.  Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common stock outstanding during the period.  Diluted loss per share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As the Company generated net losses in the period presented, the basic and diluted loss per share are the same.

Income Taxes

'

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes.  This standard requires the use of an asset and liability approach for financial accounting and reporting on income taxes.  If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized.

Recent Accounting Pronouncements

'

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

2_SUMMARY_OF_SIGNIFICANT_ACCOU2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2014

Summary Of Significant Accounting Policies Tables

'

Summary of financial instruments measured at fair value

'

Fair Value Measurements Using

Quoted prices in

Significant other

Significant

Balance,

Balance,

active markets for

observable inputs

unobservable inputs

30-Jun-14

31-Dec-13

identical instruments

(Level 2)

(Level 3)

(Level 1)

Loans payable

$

-

$

147,739

$

-

$

147,739

$

111,731

1_BASIS_OF_PRESENTATION_AND_NA1

1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Details Narrative) (USD $)	112 Months Ended
	Jun. 30, 2014
Basis Of Presentation And Nature Of Operations Details Narrative	'
State of incorporation	'State of Nevada, U.S.A.
Date of incorporation	9-Dec-04
Accumulated losses	$968,092

2_SUMMARY_OF_SIGNIFICANT_ACCOU3

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Loans payable	$147,739	$111,731
Quoted prices in active markets for identical instruments (Level 1)	'	'
Loans payable	0	'
Significant other observable inputs (Level 2)	'	'
Loans payable	147,739	'
Significant unobservable inputs (Level 3)	'	'
Loans payable	$0	'

3_CAPITAL_STOCK_Details_Narrat

3. CAPITAL STOCK (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013
Capital Stock Details Narrative	'
Subscriptions received	$90,000
Shares Subscribed	450,000
Shares Subscribed par value	$0.20

4_LOANS_PAYABLE_Details_Narrat

4. LOANS PAYABLE (Details Narrative) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Interest on accrued loans	$25,202	$21,110
Loans Payable 1	'	'
Principal balance	5,000	5,000
Interest rate	15.00%	15.00%
Due Date	20-Apr-12	20-Apr-12
Loans Payable 2	'	'
Principal balance	75,000	75,000
Interest rate	10.00%	10.00%
Due Date	2-Aug-11	2-Aug-11
Loans Payable 3	'	'
Principal balance	15,668	1,642
Loans Payable 4	'	'
Principal balance	24,983	8,979
Loans Payable 5	'	'
Principal balance	$1,886	'

5_RELATED_PARTY_TRANSACTIONS_A1

5. RELATED PARTY TRANSACTIONS AND AMOUNTS DUE (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Related Party Transactions And Amounts Due Details Narrative	'	'	'
Accounts payable related party	$64,115	'	$32,108
Consulting fees	$51,801	$56,857	'