Nevada | 98-0487414 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
TABLE OF CONTENTS | |
3rd Amendment to 10-K
We have amended our 10-K for the period ended April 30, 2010. The changes include the following:
1. On June 10, 2009, a promissory note in the amount of $60,000 was converted into common shares. The explanation of this amendment is in Note 14 to the Financial Statements.
2. The Linderos Property was restated. The explanation of this amendment is explained in Note 14 to the Financial Statements.
- | Water discharge will have to meet water standards; | |
- | Dust generation may have to be minimal or otherwise re-mediated; | |
- | Dumping of material on the surface may have to be re-contoured and re-vegetated; | |
- | An assessment of all material to be left on the surface will need to be environmentally benign; | |
- | Ground water will have to be monitored for any potential contaminants; | |
- | The socio-economic impact of the project will have to be evaluated and if deemed negative, will have to be re-mediated; and | |
- | There will likely have to be an impact report of the work on the local fauna and flora. |
Claim Name | Hectare | Code |
La Mina Prospera | 133.86 | 01-00909-04 |
La Prospera XXI | 1000.0 | 01-03944-06 |
TOTAL | 1133.86 |
Claim Name | Hectare | Code |
El Baron | 300 | 01-05511-07 |
TOTAL | 300 |
April 30, 2011 (Restated - Note 14) | April 30, 2010 (Restated - Note 14) | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 1,502 | $ | - | ||||
1,502 | - | |||||||
Mineral properties (Note 3) | 100,000 | 100,000 | ||||||
TOTAL ASSETS | $ | 101,502 | $ | 100,000 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued liabilities | $ | 318,399 | $ | 501,683 | ||||
Due to related parties (Note 6) | 16,158 | 16,158 | ||||||
Convertible debentures (Note 7) | - | 19,382 | ||||||
Notes payable - related parties (Note 4) | 10,338 | 10,338 | ||||||
TOTAL LIABILITIES | 344,895 | 547,561 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding | - | - | ||||||
Common stock, $0.001 par value, 345,000,000 shares authorized, 50,375,595 shares and 37,160,779 shares issued and outstanding, respectively (Note 5) | 50,376 | 37,161 | ||||||
Additional paid in capital (Note 5) | 10,616,535 | 9,792,894 | ||||||
Accumulated deficit during exploration stage | (10,910,304 | ) | (10,277,616 | ) | ||||
Total stockholders’ deficit | (243,393 | ) | (447,561 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 101,502 | $ | 100,000 |
For the Year Ended April 30, 2011 | For the Year Ended April 30, 2010 (Restated - Note 14) | For the Period From July 11, 2005 (Inception) to April 30, 2011 (Restated - Note 14) | ||||||||||
OPERATING EXPENSES | ||||||||||||
Accounting and auditing fees | $ | 25,064 | $ | 15,350 | $ | 133,119 | ||||||
Consulting fees | 120,000 | 240,000 | 539,000 | |||||||||
Exploration costs and expenses | - | 10,453 | 59,555 | |||||||||
General and administrative | 13,659 | 15,878 | 62,113 | |||||||||
Insurance | - | - | 27,000 | |||||||||
Investor relation | - | - | 55,393 | |||||||||
Listing and filing fees | 3,060 | 1,180 | 15,868 | |||||||||
Legal fees | 3,600 | (9,236 | ) | 101,822 | ||||||||
Management fees | - | 120,000 | 330,000 | |||||||||
Stock-based compensation | - | - | 100,977 | |||||||||
Travel | 4,258 | - | 14,695 | |||||||||
Wages | - | - | 20,630 | |||||||||
Impairment of mineral property | - | 200,000 | 7,208,000 | |||||||||
Total Operating Expenses | 169,641 | 593,625 | 8,668,172 | |||||||||
LOSS FROM OPERATIONS | (169,641 | ) | (593,625 | ) | (8,668,172 | ) | ||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Foreign currency transaction gain | - | - | 908 | |||||||||
Interest income | - | - | 8 | |||||||||
Loss on settlement of debt | (463,047 | ) | (1,780,000 | ) | (2,243,048 | ) | ||||||
Total Other (Expense)/Income | (463,047 | ) | (1,780,000 | ) | (2,242,132 | ) | ||||||
NET LOSS AND COMPREHENSIVE LOSS | $ | (632,688 | ) | $ | (2,373,625 | ) | $ | (10,910,304 | ) | |||
Basic and Diluted Loss per Common Share | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.82 | ) | |||
Weighted average number of shares outstanding during the period – basic and diluted | 40,696,729 | 32,744,341 | 13,322,065 |
(Restated - Note 14) | (Restated - Note 14) | (Restated - Note 14) | (Restated - Note 14) Accumulated | (Restated - Note 14) | ||||||||||||||||||||||||
Preferred | Additional | Deficit During | ||||||||||||||||||||||||||
Stock | Common Stock | Paid-In | Exploration | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Stage | Total | ||||||||||||||||||||||
Common stock issued to | ||||||||||||||||||||||||||||
founders for cash ($0.01 per | ||||||||||||||||||||||||||||
share) | - | $ | - | 600,000 | $ | 600 | $ | 5,400 | $ | - | $ | 6,000 | ||||||||||||||||
Common stock issued for | ||||||||||||||||||||||||||||
cash ($0.10 per share) | - | - | 550,000 | 550 | 54,450 | - | 55,000 | |||||||||||||||||||||
Net loss for the period from | ||||||||||||||||||||||||||||
July 11, 2005 (inception) to | ||||||||||||||||||||||||||||
April 30, 2006 | - | - | - | - | - | (10,193 | ) | (10,193 | ) | |||||||||||||||||||
BALANCE, APRIL 30, 2006 | - | - | 1,150,000 | 1,150 | 59,850 | (10,193 | ) | 50,807 | ||||||||||||||||||||
In-kind contribution of stock to officer | - | - | - | - | 30,000 | - | 30,000 | |||||||||||||||||||||
Net loss for the year | - | - | - | - | - | (68,479 | ) | (68,479 | ) | |||||||||||||||||||
BALANCE, APRIL 30, 2007 | - | - | 1,150,000 | 1,150 | 89,850 | (78,672 | ) | 12,328 | ||||||||||||||||||||
In-kind contribution of property | - | - | - | - | 5,000 | - | 5,000 | |||||||||||||||||||||
In-kind contribution of expenses | - | - | - | - | 5,950 | - | 5,950 | |||||||||||||||||||||
Stock-base compensation | - | - | - | - | 100,977 | - | 100,977 | |||||||||||||||||||||
Common stock issued for | - | - | 10,779 | 11 | 269,426 | - | 269,437 | |||||||||||||||||||||
cash ($25 per share) | ||||||||||||||||||||||||||||
Net loss for the year | - | - | - | - | - | (342,242 | ) | (342,242 | ) | |||||||||||||||||||
BALANCE, APRIL 30, 2008 | - | - | 1,160,779 | 1,161 | 471,203 | (420,914 | ) | 51,450 | ||||||||||||||||||||
Common stock issued on | ||||||||||||||||||||||||||||
property acquisition | - | - | 20,000,000 | 20,000 | 7,180,000 | - | 7,200,000 | |||||||||||||||||||||
In-kind contribution of expenses | - | - | - | - | 56,474 | - | 56,474 | |||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (7,483,077 | ) | (7,483,077 | ) | |||||||||||||||||||
BALANCE, APRIL 30, 2009 | - | $ | - | 21,160,779 | $ | 21,161 | $ | 7,707,677 | $ | (7,903,991 | ) | $ | (175,153 | ) | ||||||||||||||
In-kind contribution of expenses | - | - | - | - | 7,217 | - | 7,217 | |||||||||||||||||||||
Debt settlement | - | - | 16,000,000 | 16,000 | 2,064,000 | - | 2,080,000 | |||||||||||||||||||||
Issuance of convertible debentures | - | - | 14,000 | - | 14,000 | |||||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (2,373,625 | ) | (2,373,625 | ) | |||||||||||||||||||
. | ||||||||||||||||||||||||||||
BALANCE, APRIL 30, 2010 | - | $ | - | 37,160,779 | $ | 37,161 | $ | 9,792,894 | $ | (10,277,616 | ) | $ | (447,561 | ) | ||||||||||||||
In-kind contribution of expenses | - | - | - | - | 4,324 | - | 4,324 | |||||||||||||||||||||
Debt settlement | - | - | 12,214,816 | 12,215 | 808,527 | - | 820,742 | |||||||||||||||||||||
Issuance of convertible debentures | - | - | 1,790 | - | 1,790 | |||||||||||||||||||||||
Common stock issued for cash ($0.01 per share) | - | - | 1,000,000 | 1,000 | 9,000 | - | 10,000 | |||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (632,688 | ) | (632,688 | ) | |||||||||||||||||||
BALANCE, APRIL 30, 2011 | - | $ | - | 50,375,595 | $ | 50,376 | $ | 10,616,534 | $ | (10,910,304 | ) | $ | (243,393 | ) |
For the Year Ended April 30, 2011 |
|
| For the Year Ended April 30, 2010 (Restated - Note 14) |
|
| For the Period Fm July 11, 2005 (Inception) to April 30, 2011 (Restated - Note 14) | ||||||
CASH FLOWS USED IN OPERATING ACTIVITIES: | ||||||||||||
Net loss for the period | $ | (632,688 | ) | $ | (2,373,625 | ) | $ | (10,910,304 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Impairment of mineral properties | - | 200,000 | 7,205,000 | |||||||||
In-kind contribution of expenses | 4,324 | 7,217 | 73,875 | |||||||||
In-kind contribution of shares | - | - | 30,003 | |||||||||
Accretion interest (Note 7) | 7,790 | 8,000 | 15,790 | |||||||||
Loss on debt settlement (Note 5) | 463,047 | 1,780,000 | 2,243,048 | |||||||||
Settlement of accounts payable | - | (14,803 | ) | (14,803 | ) | |||||||
Stock-based compensation | - | - | 100,977 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid | - | - | - | |||||||||
Accounts receivable | - | - | - | |||||||||
Accounts payable and accrued expenses | 147,238 | 357,492 | 905,006 | |||||||||
Due to related parties | - | 11,453 | 26,158 | |||||||||
Net Cash Used In Operating Activities | (10,289 | ) | (24,266 | ) | (325,250 | ) | ||||||
CASH FLOWS USED IN INVESTING ACTIVITIES: | ||||||||||||
Purchase of mineral rights | - | - | (50,000 | ) | ||||||||
Net Cash Used In Investing Activities | - | - | (50,000 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Issuance of common shares | 10,000 | 340,436 | ||||||||||
Notes payable – related parties | - | - | 10,338 | |||||||||
Proceeds from Convertible debenture | 1,791 | 24,187 | 25,978 | |||||||||
Net Cash Provided By Financing Activities | 11,791 | 24,187 | 376,752 | |||||||||
NET INCREASE (DECREASE) IN CASH | 1,502 | (79 | ) | 1,502 | ||||||||
CASH AT BEGINNING OF PERIOD | - | 79 | - | |||||||||
CASH AT END OF PERIOD | $ | 1,502 | $ | - | $ | 1,502 | ||||||
Supplemental disclosure of cash flow information (Note 11) | ||||||||||||
Interest paid | $ | - | $ | - | $ | - | ||||||
Taxes paid | $ | - | $ | - | $ | - |
2011 | 2010 | |||||||
Loss before income taxes | $ | (632,688 | ) | $ | (2,373,625 | ) | ||
Statutory tax rate | 34.00 | % | 15.00 | % | ||||
Expected income tax (recovery) | $ | (215,114 | ) | $ | (356,044 | ) | ||
Effect of higher tax rate in subsidiary | - | (1,278 | ) | |||||
Non-deductible items | 158,906 | 244,083 | ||||||
Change in prior period estimate | (272,311 | ) | ||||||
Change in valuation allowance | 328,519 | 113,240 | ||||||
Total income taxes (recovery) | $ | - | $ | - |
UNITED STATES: | 2011 | 2010 | ||||||
Net operating losses carry-forward | $ | 547,062 | $ | 241,452 | ||||
Mine exploration costs | 734 | 11,032 | ||||||
Other | - | 1,200 | ||||||
547,796 | 253,684 | |||||||
Valuation allowance | $ | (547,796 | ) | $ | (253,684 | ) | ||
Deferred tax asset | - | - |
PERU: | 2011 | 2010 | ||||||
Net operating losses carry-forward | $ | 25,226 | $ | 23,807 | ||||
Mine exploration costs | 9,181 | 10,600 | ||||||
34,407 | 34,407 | |||||||
Valuation allowance | $ | (34,407 | ) | $ | (34,407 | ) | ||
Deferred tax asset | - | - |
YEAR | ||||
2027 | 76,587 | |||
2028 | 165,899 | |||
2029 | 480,007 | |||
2030 | 728,476 | |||
2031 | 158,037 | |||
1,609,006 |
United States / Canada | Peru | Total | ||||||||||
Accounting and auditing fees | $ | 25,064 | $ | - | $ | 25,064 | ||||||
Consulting fees | 120,000 | - | 120,000 | |||||||||
Exploration costs and expenses | - | - | - | |||||||||
General and administrative | 13,659 | - | 13,659 | |||||||||
Insurance | - | - | - | |||||||||
Investor relations | - | - | - | |||||||||
Listing and filing fees | 3,060 | - | 3,060 | |||||||||
Legal fees | 3,600 | 3,600 | ||||||||||
Management fees | - | - | - | |||||||||
Travel | 4,258 | - | 4,258 | |||||||||
Wages | - | - | - | |||||||||
Impairment of mineral property | - | - | - | |||||||||
Loss on settlement of debt | 463,047 | - | 463,047 | |||||||||
Net loss and comprehensive loss | $ | 632,688 | $ | - | $ | 632,688 |
United States / Canada | Peru | Total | ||||||||||
Accounting and auditing fees | $ | 15,350 | $ | - | $ | 15,350 | ||||||
Consulting fees | 240,000 | - | 240,000 | |||||||||
Exploration costs and expenses | - | 10,453 | 10,453 | |||||||||
General and administrative | 15,878 | - | 15,878 | |||||||||
Insurance | - | - | - | |||||||||
Investor relations | - | - | - | |||||||||
Listing and filing fees | 1,180 | - | 1,180 | |||||||||
Legal fees | (9,236 | ) | - | (9,236 | ) | |||||||
Management fees | 120,000 | - | 120,000 | |||||||||
Travel | - | - | - | |||||||||
Wages | - | - | - | |||||||||
Impairment of mineral property | - | 200,000 | 200,000 | |||||||||
Loss on settlement of debt | 1,780,000 | - | 1,780,000 | |||||||||
Net loss and comprehensive loss | $ | 2,163,172 | $ | 210,453 | $ | 2,373,625 |
United States / Canada | Peru | Total | |||||||
April 30, 2011 | |||||||||
Mineral properties | $ Nil | $ | 100,000 | $ | 100,000 | ||||
April 30, 2010 | |||||||||
Mineral properties | $ Nil | $ | 100,000 | $ | 100,000 | ||||
On November 20, 2007, the Company issued a promissory note in the amount of $60,000 to a related party. On June 10, 2009, this promissory note was settled with 12,000,000 common shares of the Company (Notes 4 and 5).The common shares issued on settlement of the notes were assigned a value of $1,680,000, which was calculated based on the trading value of the Company’s stock on the date the settlement was approved by the Board of Directors. The Company presented this transaction as a capital transaction in its financial statements for the year ended April 30, 2010, however the Company has determined that the difference between the carrying amount of the debt and the value of the common shares issued should have been recorded as a loss on extinguishment.
On February 10, 2009, the Company, through its wholly owed Peruvian subsidiary, acquired the right, title and interest in and to Linderos mining concessions, Peru. In consideration for the property, the Company issued 20,000,000 of it common shares, which it valued at $200,000. The Company has determined that common shares issued should have been valued at their then trading price of $0.36 per share, resulting in a valuation of the Linderos property of $7,200,000. Subsequent to recording the property at $7,200,000 the company wrote the property down to the fair value of $200,000.
Consolidated Balance Sheet: |
| April 30, 2011 (Previously Reported) | April 30, 2011 (Restated) | April 30, 2010 (Previously Reported) |
| April 30, 2010 (Restated) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash | $ | 1,502 | 1,502 | - | $ | - |
|
| 1,502 | 1,502 | - |
| - |
Mineral properties (Note 3) |
|
100,000 |
100,000 |
100,000 |
|
100,000 |
TOTAL ASSETS | $ | 101,502 | 101,502 | 100,000 | $ | 100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
| �� |
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable and accrued liabilities | $ | 318,399 | 318,399 | 501,683 | $ | 501,683 |
Due to related parties (Note 6) |
| 16,158 | 16,158 | 16,158 |
| 16,158 |
Convertible debentures (Note 7) |
| - | - | 19,382 |
| 19,382 |
Notes payable – related parties (Note 4) |
| 10,338 | 10,338 | 10,338 |
| 10,338 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
| 344,895 | 344,895 | 547,561 |
| 547,561 |
|
|
|
|
|
|
|
STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding |
| - | - | - |
| - |
|
|
|
|
|
|
|
Common stock, $0.001 par value, 345,000,000 shares authorized, 50,375,595 shares and 37,160,779 shares issued and outstanding, respectively (Note 5) |
| 50,376 | 50,376 | 37,161 |
| 37,161 |
|
|
|
|
|
|
|
Additional paid in capital (Note 5) |
| 3,616,535 | 10,616,535 | 2,792,894 |
| 9,792,894 |
|
|
|
|
|
|
|
Accumulated deficit during exploration stage |
| (3,910,304) | (10,910,304) | (3,277,616) |
| (10,277,616) |
Total stockholders’ deficit |
| (243,393) | (243,393) | (447,561) |
| (447,561) |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
101,502 |
101,502 |
100,000 |
$ |
100,000 |
|
| As Previously Reported |
|
As Restated | As Previously Reported |
As Restated |
|
| For the Year Ended April 30, 2010
|
| For the Year Ended April 30, 2010
| For the Period from inception to April 30, 2011 | For the Period from Inception to April 30, 2011 |
OPERATING EXPENSES |
|
|
|
|
|
|
Accounting and auditing fees | $ | 15,350 | $ | 15,350 | 133,119 | 133,119 |
Consulting fees |
| 240,000 |
| 240,000 | 539,000 | 539,000 |
Exploration costs and expenses |
| 10,453 |
| 10,453 | 59,555 | 59,555 |
General and administrative |
| 15,878 |
| 15,878 | 62,113 | 62,113 |
Insurance |
| - |
| - | 27,000 | 27,000 |
Investor relation |
| - |
| - | 55,393 | 55,393 |
Listing and filing fees |
| 1,180 |
| 1,180 | 15,868 | 15,868 |
Legal fees |
| (9,236) |
| (9,236) | 101,822 | 101,822 |
Management fees |
| 120,000 |
| 120,000 | 330,000 | 330,000 |
Stock-based compensation |
| - |
| - | 100,977 | 100,977 |
Travel |
| - |
| - | 14,695 | 14,695 |
Wages |
| - |
| - | 20,630 | 20,630 |
Impairment of mineral property |
| 200,000 |
| 200,000 | 208,000 | 7,208,000 |
Total Operating Expenses |
| 593,625 |
| 593,625 | 1,668,172 | 8,668,172 |
LOSS FROM OPERATIONS |
| (593,625) |
| (593,625) | (1,668,172) | (8,668,172) |
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transaction gain |
| - |
| - | 908 | 908 |
Interest income |
| - |
| - | 8 | 8 |
Loss on settlement of debt |
| (160,000) |
| (1,780,000) | (2,243,048) | (2,243,048) |
|
|
|
|
|
|
|
Total Other (Expense)/Income |
| (160,000) |
| (1,780,000) | (2,242,132) | (2,242,132) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS AND COMPREHENSIVE LOSS | $ | (753,625) | $ | (2,373,625) | (3,910,304) | (10,910,304) |
|
|
|
|
|
|
|
Basic and Diluted Loss per Common Share | $ | (0.02) | $ | (0.07) | (0.29) | (0.82) |
Consolidated Statement of Changes in Stockholders’ Equity:
As Previously Reported:
| Preferred Stock | Common Stock |
| Additional Paid-In |
| Accumulated |
|
| ||||
| Shares |
| Amount | Shares |
| Amount |
| Capital |
| Deficit |
| Total |
BALANCE, APRIL 30, 2008 | - |
| - | 1,160,779 |
| 1,161 |
| 471,203 |
| (420,914) |
| 51,450 |
Common stock issued on property acquisition | - |
| - | 20,000,000 |
| 20,000 |
| 180,000 |
| - |
| 200,000 |
In-kind contribution of expenses | - |
| - | - |
| - |
| 56,474 |
| - |
| 56,474 |
Net loss for the period | - |
| - | - |
| - |
| - |
| (483,077) |
| (483,077) |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, APRIL 30, 2009 | - | $ | - | 21,160,779 | $ | 21,161 | $ | 707,677 | $ | (903,991) | $ | (175,153) |
In-kind contribution of expenses | - |
| - | - |
| - |
| 7,217 |
| - |
| 7,217 |
Debt settlement | - |
| - | 16,000,000 |
| 16,000 |
| 284,000 |
| - |
| 300,000 |
Loss on debt settlement | - |
| - |
|
|
|
| 1,780,000 |
| (1,620,000) |
| 160,000 |
Issuance of convertible debentures | - |
| - |
|
|
|
| 14,000 |
| - |
| 14,000 |
Net loss for the period | - |
| - | - |
| - |
| - |
| (753,625) |
| (753,625) |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, APRIL 30, 2010 | - | $ | - | 37,160,779 | $ | 37,161 | $ | 2,792,894 | $ | (3,277,616) | $ | (447,561) |
In-kind contribution of expenses | - |
| - | - |
| - |
| 4,324 |
| - |
| 4,324 |
Debt settlement | - |
| - | 12,214,816 |
| 12,215 |
| 808,527 |
| - |
| 820,742 |
Issuance of convertible debentures | - |
| - |
|
|
|
| 1,790 |
| - |
| 1,790 |
Common stock issued for cash ($0.01 per share) | - |
| - | 1,000,000 |
| 1,000 |
| 9,000 |
| - |
| 10,000 |
Net loss for the period | - |
| - | - |
| - |
| - |
| (632,688) |
| (632,688) |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, APRIL 30, 2011 | - | $ | - | 50,375,595 | $ | 50,376 | $ | 3,616,534 | $ | (3,910,304) | $ | (243,393) |
As Restated:
| Preferred Stock | Common Stock |
| Additional Paid-In |
| Accumulated |
|
| ||||
| Shares |
| Amounts | Shares |
| Amount |
| Capital |
| Deficit |
| Total |
BALANCE, APRIL 30, 2008 | - |
| - | 1,160,779 |
| 1,161 |
| 471,203 |
| (420,914) |
| 51,450 |
Common stock issued on property acquisition | - |
| - | 20,000,000 |
| 20,000 |
| 7,180,000 |
| - |
| 7,200,000 |
In-kind contribution of expenses | - |
| - | - |
| - |
| 56,474 |
| - |
| 56,474 |
Net loss for the period | - |
| - | - |
| - |
| - |
| (7,483,077) |
| (7,483,077) |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, APRIL 30, 2009 | - | $ | - | 21,160,779 | $ | 21,161 | $ | 7,707,677 | $ | (7,903,991) | $ | (175,153) |
In-kind contribution of expenses | - |
| - | - |
| - |
| 7,217 |
| - |
| 7,217 |
Debt settlement | - |
| - | 16,000,000 |
| 16,000 |
| 2,064,000 |
| - |
| 2,080,000 |
Issuance of convertible debentures | - |
| - |
|
|
|
| 14,000 |
| - |
| 14,000 |
Net loss for the period | - |
| - | - |
| - |
| - |
| (2,373,625) |
| (2,373,625) |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, APRIL 30, 2010 | - | $ | - | 37,160,779 | $ | 37,161 | $ | 9,792,894
| $ | (10,277,616) | $ | (447,561) |
In-kind contribution of expenses | - |
| - | - |
| - |
| 4,324 |
| - |
| 4,324 |
Debt settlement | - |
| - | 12,214,816 |
| 12,215 |
| 808,527 |
| - |
| 820,742 |
Issuance of convertible debentures | - |
| - |
|
|
|
| 1,790 |
| - |
| 1,790 |
Common stock issued for cash ($0.01 per share) | - |
| - | 1,000,000 |
| 1,000 |
| 9,000 |
| - |
| 10,000 |
Net loss for the period | - |
| - | - |
| - |
| - |
| (632,688) |
| (632,688) |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, APRIL 30, 2011 | - | $ | - | 50,375,595 | $ | 50,376 | $ | 10,616,535
| $ | (10,910,304) | $ | (243,393) |
Consolidated Statement of Cash Flows:
|
| As Previously Reported |
| As Restated | As Previously Reported | As Restated |
|
| For the Year Ended April 30, 2010 |
| For the Year Ended April 30, 2010 | For the Period from inception to April 30, 2011 | For the Period from Inception to April 30, 2011 |
CASH FLOWS USED IN OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss for the period | $ | (753,625) | $ | (2,373,625) | (3,910,304) | (10,910,304) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Impairment of mineral properties |
| 200,000 |
| 200,000 | 205,000 | 7,205,000 |
In-kind contribution of expenses |
| 7,217 |
| 7,217 | 73,875 | 73,875 |
In-kind contribution of shares |
| - |
| - | 30,003 | 30,003 |
Accretion interest (Note 7) |
| 8,000 |
| 8,000 | 15,790 | 15,790 |
Loss on debt settlement (Note 5) |
| 160,000 |
| 1,780,000 | 2,243,048 | 2,243,048 |
Settlement of accounts payable (Note 12) |
| (14,803) |
| (14,803) | (14,803) | (14,803) |
Stock-based compensation |
| - |
| - | 100,977 | 100,977 |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Prepaid |
| - |
| - | - | - |
Accounts receivable |
| - |
| - | - | - |
Accounts payable and accrued expenses |
| 357,492 |
| 357,492 | 905,006 | 905,006 |
Due to related parties |
| 11,453 |
| 11,453 | 26,158 | 26,158 |
Net Cash Used In Operating Activities |
| (24,266) |
| (24,266) | (325,250) | (325,250) |
|
|
|
|
|
|
|
CASH FLOWS USED IN INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchase of mineral rights |
| - |
| - | (50,000) | (50,000) |
Net Cash Used In Investing Activities |
| - |
| - | (50,000) | (50,000) |
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
Issuance of common shares |
|
|
|
| 340,436 | 340,436 |
Notes payable – related parties |
| - |
| - | 10,338 | 10,338 |
Proceeds from Convertible debenture |
| 24,187 |
| 24,187 | 25,978 | 25,978 |
Net Cash Provided By Financing Activities |
| 24,187 |
| 24,187 | 376,752 | 376,752 |
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH |
| (79) |
| (79) | 1,502 | 1,502 |
|
|
|
|
|
|
|
CASH AT BEGINNING OF PERIOD |
| 79 |
| 79 | - | - |
|
|
|
|
|
|
|
CASH AT END OF PERIOD | $ | - | $ | - | 1,502 | 1,502 |
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.
Annual Compensation | Long Term Compensation | ||||||||
Awards | Payout(s) | ||||||||
Name and Principal Position | Year | Salary $ | Bonus $ | Stock Awards $ | Option Awards $ | Non-equity incentive plan compensation $ | Nonqualified deferred compensation earnings $ | All Other Compensation $ | Total $ |
Shahin Tabatabaei | 2011 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amount of | |||
Title of Class | Name and address of beneficial owner | beneficial | Percent of |
ownership | class | ||
Common Stock | Shahin Tabatabaei, Director 1480 Benevides Stmiraflores Lima 18 R5 0000 | 0 | 0% |
Description of Service | Fees (May 1, 2010 to April 30, 2011) ($) | Fees (July 11, 2005 (Inception) to April 30, 2011) ($) | ||||||
Audit fees | 25,064 | 133,119 | ||||||
Audit-related fees | - | - | ||||||
Tax fees | - | |||||||
All other fees | - | |||||||
Total | 25,064 | 133,119 |
Number | Description |
3.1 | Certificate (Articles) of Incorporation as filed with the Nevada Secretary of State on July 11, 2005. |
3.2 | Certificate of Amendment changing the number of its authorized shares of common stock from sixty-nine million (69,000,000) shares, at $0.01 par value, to three-hundred and forty-five million (345,000,000) shares of common stock at 0.001 par value and 1,000,000 shares shall be preferred stock, each share having a par value of $0.001 filed with the Nevada Secretary of State on February 26, 2007. |
31.1 | Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Nilam Resources, Inc. | |
Date: April 3, 2012 | By /s/ Shahin Tabatabaei |
Shahin Tabatabaei | |
Chief Executive Officer, Acting Chief Financial Officer, Acting Principal Accounting Officer, and Director | |
Signature | Title | Date |
/s/Shahin Tabatabaei Shahin Tabatabaei | Chief Executive Officer, Acting Chief Financial Officer, Acting Principal Accounting Officer, and Director | April 3, 2012 |