Lode-Star Mining (LSMG) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 05, 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-Sep-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	'Q3	'
Document Fiscal Year Focus	'2014	'

INTERIM_BALANCE_SHEETS_Unaudit

INTERIM BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current	'	'
Cash	$16,192	$21
Prepaid fees and advances	8,300	0
Current assets	24,492	21
Current	'	'
Accounts payable and accrued liabilities	108,066	78,076
Loans payable	202,530	111,731
Liabilities Current	310,596	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	-978,604	-882,286
Stockholders' deficiency	-286,104	-189,786
Liabilities and Stockholders' Deficiency	$24,492	$21

INTERIM_BALANCE_SHEETS_Parenth

INTERIM BALANCE SHEETS (Parenthetical) (USD $)	Sep. 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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]	'	'	'	'
Revenue	$0	$0	$0	$0
Operating Expenses	'	'	'	'
Consulting services	9,789	26,623	61,590	83,480
Corporate support services	0	1,838	0	9,397
Interest, bank and finance charges	3,252	2,158	7,970	-3,069
Office, foreign exchange and sundry	-2,763	3,923	-2,723	4,409
Professional fees	16,769	6,550	38,800	32,547
Transfer and filing fees	3,064	1,046	10,280	10,151
Total expenses	30,111	42,138	115,917	136,915
Loss from operations	-30,111	-42,138	-115,917	-136,915
Other income	19,599	0	19,599	0
Net Loss For The Period	($10,512)	($42,138)	($96,318)	($136,915)
Basic And Diluted Loss Per Common Share	$0	$0	($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 $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Provided By (Used In) Operating Activites	'	'
Net loss for the period	($96,318)	($136,915)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Accrued interest payable	6,171	7,247
Net changes in non-cash operating working capital items	'	'
(Increase) decrease in prepaid fees and advances	-8,300	34,032
Decrease in amounts receivable	0	9,464
Increase (decrease) in accounts payable and accrued liabilities	29,990	-35,710
Net cash used in Operating Activities	-68,457	-121,882
Financing Activities	'	'
Issuance of common stock subscriptions	0	90,000
Loan advances	84,628	20,690
Net cash provided by Financing Activities	84,628	110,690
Net Increase (Decrease) In Cash	16,171	-11,192
Cash, beginning of period	21	11,282
Cash, End of Period	16,192	90
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
Shares issued for debt settlement	$0	$21,750

1_BASIS_OF_PRESENTATION_AND_NA

1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2014
Notes to Financial Statements	'
NOTE 1 - BASIS OF PRESENTATION AND NATURE OF OPERATIONS	'
	Organization and Nature of Operations
	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 not currently 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 $978,604 for the period from December 9, 2004 (inception) to September 30, 2014, and has had no revenue from operations.  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 third 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 nine month period ended September 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	9 Months Ended
	Sep. 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. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.
		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. At September 30, 2014 and December 31, 2013, the Company had no 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.
		The Company’s financial instruments consist of cash, prepaid fees and advances, accounts payable and accrued liabilities, and loans payable. The Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The carrying values of cash and prepaid fees and advances (Level 1), accounts payable and accrued liabilities, and loans payable (Level 2) approximate their fair values due to the immediate or short term maturity of these financial instruments.
		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 Earnings (Loss) Per Share
			The Company reports basic earnings or loss per share in accordance with ASC Topic 260, “Earnings Per Share”. Basic earnings or loss per share is calculated based on the weighted average number of common stock outstanding during the period. In periods with net income, the diluted per share amounts include the dilutive effect of common stock equivalents such as outstanding warrants or stock options. In periods with net losses, basic and diluted loss per share are the same, as including the effect of common stock equivalents would be anti-dilutive. The Company has no stock option plan, warrants or other dilutive securities.
		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	9 Months Ended
	Sep. 30, 2014
Notes to Financial Statements	'
NOTE 3 - CAPITAL STOCK	'
	During the nine months ended September, 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	9 Months Ended
	Sep. 30, 2014
Notes to Financial Statements	'
NOTE 4 - LOANS PAYABLE	'
	The Company had the following loans payable:
	Principal balances as at September 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)	$32,858: unsecured; non-interest bearing; with no specific terms of repayment; owed to a director.
		iv)	$25,561: unsecured; non-interest bearing; with no specific terms of repayment.
		v)	$1,829: unsecured; non-interest bearing; with no specific terms of repayment.
		vi)	$35,000: unsecured; non-interest bearing; with no specific terms of repayment; owed to a company controlled by a director.
	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 September 30, 2014, interest totaling $27,282 (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	9 Months Ended
	Sep. 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 September 30, 2014, the Company owed a company controlled by a director and officer $70,819 (December 31, 2013: $32,108) which was included in accounts payable.
		b)	Consulting Services
			During the nine months ended September 30, 2014, the Company incurred $60,653 (September 30, 2013 - $83,480) in consulting fees to a director and officer of the Company. See Note 6.

6_CONTRACTUAL_OBLIGATIONS_COMM

6. CONTRACTUAL OBLIGATIONS, COMMITMENTS AND SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2014
Notes to Financial Statements	'
NOTE 6 - CONTRACTUAL OBLIGATIONS, COMMITMENTS AND SUBSEQUENT EVENTS	'
		a)	On February 21, 2012, a consulting agreement was fully executed between the Company and another company controlled by a 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 CAD plus applicable taxes, with the 48 month term to commence from the new effective date.
	The final monthly installment under the above agreement was paid in July, 2014. The Company and the service provider (the related company) are negotiating a settlement agreement and the parties have agreed that payments subsequent to July, 2014 are advances on the settlement amount. $6,713 of such payments is included in prepaid fees and advances at September 30, 2014 (December 31, 2013: $Nil)
		b)	On August 29, 2014, the Company entered into a Letter of Intent (“the LOI”) with Lode Star Gold Inc. (“LSG”), a Nevada registered private company, regarding a proposed purchase by the Company of an interest in LSG’s mineral property. Pursuant to the LOI, the Company has agreed to issue shares of its common stock and make certain payments to LSG in consideration for the interest. The two companies have agreed to use their best efforts to negotiate and execute a definitive agreement setting out the full terms of the transaction within 30 days. The definitive agreement will be subject to a number of closing conditions including satisfactory completion of due diligence and the receipt of all necessary governmental and regulatory approvals.
	On October 4, 2014, the Company and LSG entered into a definitive mineral option agreement (the "Definitive Agreement") for the Company to acquire an interest in LSG’s Nevada Goldfield Bonanza property (the "Property").  Certain conditions to closing the proposed takeover remain outstanding, including the execution and delivery of settlement agreements between the Company and certain of its creditors.
	Pursuant to the Definitive Agreement, the Company is required to issue to LSG 35,000,000 shares of common stock at a deemed price of $0.02 per share for a total value of $700,000 in order to earn a 20% undivided interest in the Property. In order to earn an additional 60% interest in the Property (for a total of 80%), the Company is required to fund all expenditures on the Property and pay LSG an aggregate of $5 million in cash from the Property’s mineral production proceeds in the form of a net smelter returns (“NSR”) royalty.
	Until such time as the Company has earned the additional 60% interest, the NSR royalty will be split as to 79.2% to LSG and 19.8% to the Company since the Property is subject to a pre-existing 1% NSR royalty in favor of a third party.
	If the Company fails to make any cash payments to LSG within one year of signing the definitive agreement, the Company has agreed to pay LSG an additional $100,000, and in any subsequent years in which the Company fails to complete the payment of the entire $5 million described above, it must make quarterly cash payments to LSG of $25,000 until such time as it has earned the 60% interest in the Property.
	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)	9 Months Ended
	Sep. 30, 2014
Notes to Financial Statements	'
Basis of Accounting	'
	The Company’s financial statements have been prepared using the accrual method of accounting. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.
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. At September 30, 2014 and December 31, 2013, the Company had no 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.
		The Company’s financial instruments consist of cash, prepaid fees and advances, accounts payable and accrued liabilities, and loans payable. The Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The carrying values of cash and prepaid fees and advances (Level 1), accounts payable and accrued liabilities, and loans payable (Level 2) approximate their fair values due to the immediate or short term maturity of these financial instruments.
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 Earnings (Loss) Per Share	'
			The Company reports basic earnings or loss per share in accordance with ASC Topic 260, “Earnings Per Share”. Basic earnings or loss per share is calculated based on the weighted average number of common stock outstanding during the period. In periods with net income, the diluted per share amounts include the dilutive effect of common stock equivalents such as outstanding warrants or stock options. In periods with net losses, basic and diluted loss per share are the same, as including the effect of common stock equivalents would be anti-dilutive. The Company has no stock option plan, warrants or other dilutive securities.
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.

1_BASIS_OF_PRESENTATION_AND_NA1

1. BASIS OF PRESENTATION AND NATURE OF OPERATIONS (Details Narrative) (USD $)	106 Months Ended
	Sep. 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	$978,604

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 $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Interest on accrued loans	$27,282	$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	32,858	1,642
Loans Payable 4	'	'
Principal balance	25,561	8,979
Loans Payable 5	'	'
Principal balance	1,829	'
Loans Payable 6	'	'
Principal balance	$35,000	'

5_RELATED_PARTY_TRANSACTIONS_A1

5. RELATED PARTY TRANSACTIONS AND AMOUNTS DUE (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transactions And Amounts Due Details Narrative	'	'	'
Accounts payable related party	$70,819	'	$32,108
Consulting fees	$60,653	$83,480	'