SECURITIES AND EXCHANGE COMMISSION
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | x |
Page | |||
GUINNESS EXPLORATION, INC. AND SUBSIDIARY | ||||||
(An Exploration Stage Company) | ||||||
Consolidated Balance Sheets | ||||||
November 30, 2009 | May 31, 2009 | |||||
(unaudited) | (See Note 1) | |||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash | $ | 4,093 | $ | 20,638 | ||
Prepaid expenses | 6,581 | 6,203 | ||||
Total current assets | 10,674 | 26,841 | ||||
Total assets | $ | 10,674 | $ | 26,841 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||
CURRENT LIABILITIES | ||||||
Accounts payable | $ | 1,836 | $ | - | ||
Shareholder loans (Note 4) | 88,470 | 86,285 | ||||
Total current liabilities | $ | 90,306 | $ | 86,285 | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||
Preferred shares, 100,000,000 shares authorized with par value $0.001 authorized, 0 shares issued and outstanding | $ | - | $ | - | ||
Common shares, 500,000,000 shares with par value $0.001 authorized, 71,825,000 shares issued and outstanding at November 30, 2009 (Notes 5 and 8) | 71,825 | 71,825 | ||||
Paid-in Capital | (18,325 | ) | (18,325 | ) | ||
Accumulated deficit in the exploration stage | (133,132 | ) | (112,944 | ) | ||
Total stockholders’ equity (deficit) | $ | (79,632 | ) | $ | (59,444 | ) |
Total liabilities and stockholders’ equity (deficit) | $ | 10,674 | $ | 26,841 |
The accompanying notes to financial statements are an integral part of these consolidated financial statements
GUINNESS EXPLORATION, INC. AND SUBSIDIARY | |||||||||||||||||||
(An Exploration Stage Company) | |||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three months ended November 30, 2009 | Three months ended November 30, 2008 | Six months ended November 30, 2009 | Six months ended November 30, 2008 | July 15, 2005 (inception)through November 30, 2009 | |||||||||||||||
EXPENSES: | |||||||||||||||||||
Professional fees | $ | 8,068 | $ | 6,932 | $ | 13,751 | $ | 11,192 | $ | 92,715 | |||||||||
Administrative expenses | 2,039 | 725 | 2,822 | 2,544 | 16,135 | ||||||||||||||
Investor relations | 1,430 | - | 1,430 | - | 1,430 | ||||||||||||||
Impairment losses on mineral | |||||||||||||||||||
properties (Note 6) | - | - | - | - | 15,985 | ||||||||||||||
Total expenses | 11,537 | 7,657 | 18,003 | 13,736 | 126,265 | ||||||||||||||
Net (loss) from Operations | (11,537 | ) | (7,657 | ) | (18,003 | ) | (13,736 | ) | (126,265 | ) | |||||||||
Interest expense | (1,098 | ) | (947 | ) | (2,185 | ) | (1,487 | ) | (6,867 | ) | |||||||||
Net (loss) | $ | (12,635 | ) | $ | (8,604 | ) | $ | (20,188 | ) | $ | (15,223 | ) | $ | (133,132 | ) | ||||
Loss per common share | $ | Nil | $ | Nil | $ | Nil | $ | Nil | |||||||||||
Weighted average shares outstanding | 71,825,000 | 71,825,000 | 71,825,000 | 71,825,000 |
The accompanying notes to financial statements are an integral part of these financial statements
GUINNESS EXPLORATION, INC. AND SUBSIDIARY | ||||||||||
(An Exploration Stage Company) | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
(Unaudited) | ||||||||||
Six months ended November 30, 2009 | Six months ended November 30, 2008 | July 15, 2005 (inception) through November 30, 2009 | ||||||||
Cash flows from operating activities: | ||||||||||
Net loss for the period | $ | (20,188 | ) | $ | (15,223 | ) | $ | (133,132 | ) | |
Reconciling adjustments: Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Accrued interest on shareholder loans | 2,185 | 1,487 | 6,867 | |||||||
Net change in operating assets and liabilities | ||||||||||
Prepaid expenses | (378 | ) | (3,235 | ) | (6,581 | ) | ||||
Accounts payable and accrued liabilities | 1,836 | (1,140 | ) | 1,836 | ||||||
Mineral properties impairments | — | 15,985 | ||||||||
Net cash (used) by operating activities | (16,545 | ) | (18,111 | ) | (115,025 | ) | ||||
Cash flows from investing activities: | ||||||||||
Purchase of Mineral Property | — | — | (15,985 | ) | ||||||
Net cash (used) by investing activities | — | — | (15,985 | ) | ||||||
Cash flows from financing activities: | ||||||||||
Common stock issued for cash | — | — | 53,500 | |||||||
Loans from shareholders | — | 41,260 | 81,603 | |||||||
Net cash provided by financing activities | — | 41,260 | 135,103 | |||||||
Net increase (decrease) in cash | (16,545 | ) | 23,149 | 4,093 | ||||||
Cash, beginning of period | 20,638 | 9,503 | — | |||||||
Cash, end of period | $ | 4,093 | $ | 32,652 | $ | 4,093 |
The accompanying notes to financial statements are an integral part of these consolidated financial statements
(i) | Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date; |
(ii) | Non-Monetary items including equity are recorded at the historical rate of exchange; and |
(iii) | Revenues and expenses are recorded at the period average in which the transaction occurred |
Item | Installments Required $ | Payments Made | Balance Due | Deadlines | |||||||||
Claims payment #1 to ETPI | 475,511 | - | 475,511 | May 31, 2010 | |||||||||
Claims payment #2 to ETPI | 475,511 | - | 475,511 | November 19, 2010 | |||||||||
Sub-total | $ | 951,022 | $ | - | $ | 951,022 |
Item | Share Installments Required | Payments Made | Balance Due | Deadlines | |||||
Share issuance to ETPI | 60,000,000 Restricted common shares | 60,000,000 Restricted common shares | 60,000,000 Restricted common shares | January 18, 2010** | |||||
Sub-total | 60,000,000 Restricted Common Shares | 60,000,000 | 60,000,000 Restricted Common Shares |
Subsequent to the quarter ended November 30, 2009, on December 29, 2009 to fulfill one of the payment terms of the Nantawa Agreement, the Company issued 60,000,000 restricted shares of its common stock valued at US$0.00103 per share to Eagle Trail Properties, Inc. representing aggregate proceeds of US$61,800. These shares were issued pursuant to Regulation S of the Securities Act of 1933, as amended and the Company did not engage in any general solicitation or advertising regarding these shares. The issuance of these shares occurred subsequent to the quarter ended November 30, 2009 and therefore this event is not recorded in these financial statements.
The Company has evaluated subsequent events from the balance sheet date through January 19, 2010, which is the date these consolidated financial statements were issued.
Claim | Grant Number | Expiry Date | Area (Ha) | Comments |
ROSE | 04241 | 09/10/2019 | 20.42 | Lease |
GOLDEN EAGLE | 04278 | 09/10/2019 | 20.96 | Lease |
WAR EAGLE | 04279 | 09/10/2019 | 20.77 | Lease |
SHAMROCK | 04354 | 09/10/2019 | 20.73 | Lease |
SPOT | 04361 | 09/10/2019 | 19.92 | Lease |
ARLEP | 04368 | 09/10/2019 | 14.48 | Lease |
PHYLLIS | 04369 | 09/10/2019 | 20.26 | Lease |
RUB | 55633 | 09/10/2019 | 1.84 | Lease |
PUB | 55663 | 09/10/2019 | 1.93 | Lease |
SUN DOG | 55665 | 09/10/2019 | 3.20 | Lease |
CUB | 55666 | 09/10/2019 | 1.29 | Lease |
JAM | 55890 | 09/10/2019 | 11.64 | Lease |
PAM | 55892 | 09/10/2019 | 2.64 | Lease |
DOME 1 | 73537 | 06/02/2014 | 15.10 | - |
DOME 2 | 73538 | 06/02/2014 | 15.51 | - |
DOME 3 | 73539 | 06/02/2014 | 17.29 | - |
DOME 4 | 73540 | 06/02/2014 | 17.98 | - |
DOME 6 | 73542 | 06/02/2014 | 17.32 | - |
DOME 7 | 73543 | 06/02/2014 | 25.34 | - |
DOME 8 | 73694 | 06/02/2014 | 12.47 | - |
DOME 14 | 73700 | 06/02/2014 | 21.07 | - |
DOME 16 | 73702 | 06/02/2014 | 20.61 | - |
DOME 17 | 73703 | 06/02/2014 | 18.41 | - |
DOME 18 | 73704 | 06/02/2014 | 18.56 | - |
DOME 19 | 73705 | 06/02/2014 | 16.73 | - |
DOME 20 | 73706 | 06/02/2014 | 13.42 | - |
JOANNE 1 | 74283 | 06/02/2014 | 19.79 | - |
JOANNE 2 | 74284 | 06/02/2014 | 19.51 | - |
JOANNE 3 | 74285 | 06/02/2014 | 20.36 | - |
JOANNE 4 | 74286 | 06/02/2014 | 14.78 | - |
JOANNE 5 | 74287 | 06/02/2014 | 19.83 | - |
JOANNE 6 | 74288 | 06/02/2014 | 19.69 | - |
DOME 25 | 77746 | 06/02/2014 | 15.19 | - |
DOME 26 | 77747 | 06/02/2014 | 22.54 | - |
DOME 27 | 77748 | 06/02/2014 | 20.32 | - |
DOME 28 | 77749 | 06/02/2014 | 21.74 | - |
DOME 33 | 77754 | 06/02/2014 | 25.50 | - |
DOME 34 | 77755 | 06/02/2014 | 23.29 | - |
DOME 35 | 77756 | 06/02/2014 | 22.39 | - |
DOME 36 | 77757 | 06/02/2014 | 23.97 | - |
DOME 37 | 77758 | 06/02/2014 | 14.23 | - |
DOME 38 | 77759 | 06/02/2014 | 18.48 | - |
DOME 39 | 77760 | 06/02/2014 | 14.95 | - |
DOME 40 | 77761 | 06/02/2014 | 20.51 | - |
DOME 41 | 77762 | 06/02/2014 | 20.76 | - |
Claim | Grant Number | Expiry Date | Area (Ha) | Comments |
DOME 42 | 77763 | 06/02/2014 | 19.93 | - |
DOME 43 | 77764 | 06/02/2014 | 20.47 | - |
DOME 49 | 77770 | 06/02/2014 | 8.18 | - |
DOME 50 | 77771 | 06/02/2014 | 18.83 | - |
DOME 51 | 77772 | 06/02/2014 | 19.05 | - |
DOME 52 | 77773 | 06/02/2014 | 21.85 | - |
DOME 53 | 77774 | 06/02/2014 | 22.80 | - |
DOME 54 | 77775 | 06/02/2014 | 14.69 | - |
DOME 55 | 77776 | 06/02/2014 | 13.09 | - |
DOME 56 | 77777 | 06/02/2014 | 13.35 | - |
DOME 57 | 77778 | 06/02/2014 | 20.47 | - |
DOME 58 | 77779 | 06/02/2014 | 19.41 | - |
DOME 60 | 77781 | 06/02/2014 | 20.06 | - |
DOME 61 | 77782 | 06/02/2014 | 18.91 | - |
DOME 63 | 77784 | 06/02/2014 | 22.51 | - |
DOME 64 | 77785 | 06/02/2014 | 22.88 | - |
DOME 65 | 77786 | 06/02/2014 | 20.66 | - |
DOME 66 | 77787 | 06/02/2014 | 21.18 | - |
DOME 78 | 81842 | 06/02/2014 | 25.41 | - |
DOME 79 | 81843 | 06/02/2014 | 24.10 | - |
DOME 80 | 81844 | 06/02/2014 | 24.20 | - |
DOME 81 | 81845 | 06/02/2014 | 22.52 | - |
DOME 82 | 81846 | 06/02/2014 | 23.26 | - |
DOME 83 | 81847 | 06/02/2014 | 18.72 | - |
DOME 84 | 81848 | 06/02/2014 | 19.37 | - |
DOME 86 | 81850 | 06/02/2014 | 20.76 | - |
HIW 9 | YA23835 | 06/02/2014 | 19.44 | - |
HIW 10 | YA23836 | 06/02/2014 | 20.83 | Fractions |
HIW 11 | YA23837 | 06/02/2014 | 21.55 | Fractions |
HIW 12 | YA23838 | 06/02/2014 | 19.93 | Fractions |
HIW 13 | YA23839 | 06/02/2014 | 20.72 | - |
HIW 14 | YA23840 | 06/02/2014 | 19.55 | - |
HIW 15 | YA23841 | 06/02/2014 | 20.15 | - |
HIW 16 | YA23842 | 06/02/2014 | 19.86 | - |
HIW 17 | YA23843 | 06/02/2014 | 19.92 | - |
HIW 1 | YA24813 | 06/02/2014 | 4.74 | Fractions |
HIW 2 | YA24814 | 06/02/2014 | 5.15 | Fractions |
HIW 7 | YA24819 | 06/02/2014 | 3.01 | Fractions |
DD 1 | YA59596 | 06/02/2014 | 20.62 | - |
DD 2 | YA59597 | 06/02/2014 | 22.35 | - |
DD 15 | YA59610 | 06/02/2014 | 19.20 | - |
DD 16 | YA59611 | 06/02/2014 | 19.21 | - |
DD 17 | YA59612 | 06/02/2014 | 19.37 | - |
DD 18 | YA59613 | 06/02/2014 | 19.85 | - |
DD 19 | YA59614 | 06/02/2014 | 20.17 | - |
DD 20 | YA59615 | 06/02/2014 | 19.90 | - |
DD 21 | YA59616 | 06/02/2014 | 19.64 | - |
Claim | Grant Number | Expiry Date | Area (Ha) | Comments |
DD 22 | YA59617 | 06/02/2014 | 19.17 | - |
DD 23 | YA59618 | 06/02/2014 | 18.69 | - |
DD 24 | YA59619 | 06/02/2014 | 18.30 | - |
DD 25 | YA59620 | 06/02/2014 | 18.18 | - |
DD 26 | YA59621 | 06/02/2014 | 17.65 | - |
DD 27 | YA59622 | 06/02/2014 | 19.49 | - |
DD 28 | YA59623 | 06/02/2014 | 18.71 | - |
TBR 1 | YA86690 | 06/02/2014 | 8.92 | - |
TBR 2 | YA86691 | 06/02/2014 | 20.16 | - |
TBR 3 | YA86692 | 06/02/2014 | 20.03 | - |
TBR 4 | YA86693 | 06/02/2014 | 20.84 | - |
TBR 5 | YA86694 | 06/02/2014 | 18.34 | - |
TBR 6 | YA86695 | 06/02/2014 | 20.92 | - |
TBR 7 | YA86696 | 06/02/2014 | 15.96 | - |
TBR 8 | YA86697 | 06/02/2014 | 21.79 | - |
ONT 38 | YA87204 | 06/02/2014 | 20.26 | - |
ONT 40 | YA87206 | 06/02/2014 | 18.34 | - |
ONT 42 | YA87208 | 06/02/2014 | 5.73 | - |
EEK 1 | YA87210 | 06/02/2014 | 21.07 | - |
EEK 2 | YA87211 | 06/02/2014 | 20.08 | - |
EEK 3 | YA87212 | 06/02/2014 | 20.70 | - |
EEK 4 | YA87213 | 06/02/2014 | 20.68 | - |
EEK 5 | YA87214 | 06/02/2014 | 20.80 | - |
EEK 6 | YA87215 | 06/02/2014 | 19.58 | - |
EEK 7 | YA87216 | 06/02/2014 | 19.97 | - |
EEK 8 | YA87217 | 06/02/2014 | 21.91 | - |
EEK 9 | YA87218 | 06/02/2014 | 22.64 | - |
EEK 14 | YA87223 | 06/02/2014 | 21.36 | - |
EEK 15 | YA87224 | 06/02/2014 | 21.22 | - |
EEK 16 | YA87225 | 06/02/2014 | 21.76 | - |
EEK 17 | YA87226 | 06/02/2014 | 20.01 | - |
EEK 18 | YA87227 | 06/02/2014 | 20.74 | - |
ONT 44 | YA92655 | 06/02/2014 | 16.80 | - |
ONT 45 | YA92656 | 06/02/2014 | 12.91 | - |
ONT 46 | YA92657 | 06/02/2014 | 18.48 | - |
ONT 47 | YA92658 | 06/02/2014 | 14.41 | - |
TAWA 25 | YA95051 | 03/01/2010 | 4.33 | Fractions |
TAWA 26 | YA95052 | 03/01/2010 | 5.95 | Fractions |
TAWA 27 | YA95151 | 03/01/2010 | 17.11 | - |
TAWA 28 | YA95152 | 03/01/2010 | 22.34 | - |
TAWA 29 | YA95153 | 03/01/2010 | 16.14 | - |
TAWA 30 | YA95154 | 03/01/2010 | 20.77 | - |
TAWA 31 | YA95155 | 03/01/2010 | 23.90 | - |
TAWA 32 | YA95156 | 03/01/2010 | 21.36 | - |
TAWA 33 | YA95157 | 03/01/2010 | 12.16 | - |
TAWA 34 | YA95158 | 03/01/2010 | 18.45 | - |
Claim | Grant Number | Expiry Date | Area (Ha) | Comments |
TAWA 47 | YA95163 | 03/01/2010 | 7.01 | - |
TAWA 48 | YA95164 | 03/01/2010 | 8.00 | - |
TAWA 49 | YA95165 | 03/01/2010 | 21.93 | - |
TAWA 50 | YA95166 | 03/01/2010 | 23.59 | - |
TAWA 51 | YA95167 | 03/01/2010 | 23.22 | - |
TAWA 52 | YA95168 | 03/01/2010 | 23.93 | - |
TAWA 53 | YA95169 | 03/01/2010 | 15.03 | - |
TAWA 54 | YA95170 | 03/01/2010 | 22.93 | - |
TAWA 55 | YA95171 | 03/01/2010 | 5.90 | - |
TAWA 56 | YA95172 | 03/01/2010 | 13.37 | - |
TAWA 57 | YA95173 | 03/01/2010 | 14.12 | - |
TAWA 58 | YA95174 | 03/01/2010 | 16.15 | - |
TAWA 59 | YA95175 | 03/01/2010 | 13.35 | - |
TAWA 60 | YA95176 | 03/01/2010 | 16.19 | - |
TAWA 61 | YA95177 | 03/01/2010 | 12.44 | - |
TAWA 62 | YA95178 | 03/01/2010 | 11.28 | - |
TAWA 63 | YA95179 | 03/01/2010 | 8.41 | - |
TAWA 64 | YA95301 | 03/01/2010 | 18.96 | - |
TAWA 65 | YA95302 | 03/01/2010 | 15.20 | - |
TAWA 66 | YA95303 | 03/01/2010 | 21.82 | - |
TAWA 67 | YA95304 | 03/01/2010 | 22.03 | - |
TAWA 68 | YA95305 | 03/01/2010 | 20.61 | - |
TAWA 69 | YA95306 | 03/01/2010 | 19.68 | - |
TAWA 70 | YA95307 | 03/01/2010 | 19.61 | - |
TAWA 71 | YA95308 | 03/01/2010 | 18.94 | - |
TAWA 72 | YB06963 | 03/01/2010 | 19.15 | - |
TAWA 73 | YB06964 | 03/01/2010 | 18.69 | - |
TAWA 74 | YB06965 | 03/01/2010 | 19.02 | - |
TAWA 75 | YB06966 | 03/01/2010 | 18.61 | - |
TAWA 83 | YB06971 | 03/01/2010 | 19.28 | - |
TAWA 84 | YB06972 | 03/01/2010 | 6.48 | - |
TAWA 85 | YB06973 | 03/01/2010 | 20.10 | - |
TAWA 86 | YB06974 | 03/01/2010 | 21.08 | - |
TAWA 87 | YB06975 | 03/01/2010 | 19.83 | - |
TAWA 88 | YB06976 | 03/01/2010 | 20.96 | - |
TAWA 89 | YB06977 | 03/01/2010 | 19.91 | - |
TAWA 90 | YB06978 | 03/01/2010 | 20.97 | - |
Total | 3136.43 |
Corner | N-S | E-W |
NW | 62o06.0’ N | 137o12.0’ W |
NE | 62o05.5’ N | 137o05.8’ W |
SE | 62o01.2’ N | 137o05.3’ W |
SW | 62o02.4’ N | 137o11.7’ W |
■ | Costs of bringing each property into production, including exploration work, preparation of production feasibility studies, and construction of production facilities; |
■ | Availability and costs of financing; |
■ | Ongoing costs of production; |
■ | Market prices for the precious metals to be produced; |
■ | Environmental compliance regulations and restraints; and |
■ | Political climate and/or governmental regulation and control. |
Number | Exhibit Description |
3.1 | Articles of Incorporation* |
3.2 | Certificate of Amendment of Articles of Incorporation* |
3.3 | Bylaws* |
10.1 | Nantawa Material Definitive Agreement** |
14.1 | Code of Ethics* |