UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2009
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number 333-149000
Midex Gold Corp.
(Exact name of small business issuer as specified in its charter)
| |
Nevada | N/A |
(State or Other Jurisdiction of Incorporation of Organization) | (I.R.S. Employer Identification No.) |
| |
Kanonyele, Box 55758, Dar es Salaam, Tanzania | N/A |
(Address of principal executive offices) | (ZIP Code) |
(+255 788 364 496
(Issuer's telephone number)
_______________
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company þ
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of June 15, 2010, the registrant’s outstanding common stock consisted of 175,000,000 shares.
EXPLANATORY NOTE
This Amendment No. 1 on Form 10-Q/A (this “Amendment”) amends the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 which the Registrant previously filed with the Securities and Exchange Commission on August 19, 2009 (the “Original Filing”). The Registrant is filing this Amendment to because the Registrant has restated its financial statements as at and for the three months ended June 30, 2009. The financial statements have been restated to reflec t the following transactions:
·
Recording of legal fees of $3,673 that was previously not recorded;
·
Recording of transfer agent fees of $1,996 that was previously not recorded;
·
Recording of filing fees of $569 that wa s previously not recorded; and
·
Recording of $3,500 for accounting fees that were previously not recorded.
The effect of the restatements resulted in an increase in total liabilities of $9,738, and a decrease in total stockholders’ equity by $9,738. In addition, general and operating expenditures increased by $9,738 and net loss increased by $9,738.
Except as set forth above, the Original Filing has not been amended, updated or otherwise modified. Other events occurring after the filing of the Form 10-Q/A or other dis closures necessary to reflect subsequent events have been addressed in our reports filed with the Securities and Exchange Commission subsequent to the filing of this Form 10-Q/A.
2
Table of Contents
3
PART I - FINANCIAL INFORMATION
4
| | | | | | | | |
Midex Gold Corp. fka Tripod International, Inc. (An Exploration Stage Company) Balance Sheets |
Assets |
| | June 30 | | March 31 |
| | 2009 | | 2009 |
| | (Unaudited) | | |
| | (Restated – Note 5) | | |
Current Assets | | | | |
Cash | $ | 22,663 | $ | 55,373 |
Total Assets |
$ |
22,663 | $ |
55,373 |
| | | | |
| | | | |
Liabilities and Stockholders’ Equity (deficit) |
| | | | |
| | | | |
Current Liabilities | | | | |
Accounts Payable | $ | 4,576 | | - |
Loan fr om Director | | 9,392 | | 4,230 |
Total Current Liabilities |
$ |
13,968 | $ |
4,230 |
| | | | |
| | | | |
Stockholders’ Equity (deficit) | | | | |
| �� | | | |
Common stock, $0.001 par value, 250,000,000 shares authorized; | | | | |
35,000,000 shares issued and outstanding | | | | |
At June 30, 2009 and March 31, 2009, respectively | | 35,000 | | 35,000 |
Additional paid-in-capital | | 70,000 | | 70,000 |
Deficit accumulated during the exploration stage | | (96,305) | | (53,857) |
Total stockholders’ equity (deficit) |
|
8,695 | |
51,143 |
Total liabilities and stockholders’ equity (deficit) |
$ |
22,663 | $ |
$55,373 |
| |
The accompanying notes are an integral part of these financial statements.
F-1
| | | | | | | | |
Midex Gold Corp. fka Tripod International, Inc. (An Exploration Stage Company) Statements of Operations (Unaudited) |
| | | | Three Months Ended June 30, 2009 (Restated – Note 5) | | Three Months Ended June 30, 2008 | | From Inception on February 6, 2008 to June 30, 2009 (Restated – Note 5) |
Revenue | $ | - | $ | - | $ | - |
Expenses | | | | | | |
General and Administrative Expenses | | 42,448 | | 6,144 | | 96,305 |
Net (loss) from Operation before Taxes | | (42,448) | | (6,144) | &nb sp; | 96,305 |
Provision for Income Taxes | | - | | - | | - |
Net loss | $ | (42,448) | $ | (6,144) | $ | (96,305) |
| | | | | | |
| | | | | | |
Loss per common share – Basic and diluted | $ | - | $ | - | | |
| | | | | | |
Weighted Average Number of Common Shares Outstanding | | 35,000,000 | | 25,000,000 | |
|
The accompanying notes are an integral part of these financial statements.
F-2
| | | | | |
Midex Gold Corp. fka Tripod International, Inc. (An Exploration Stage Company) Statements of Stockholders’ Equity (Deficit) From Inception on February 6, 2008 to June 30, 2009 (Unaudited) |
| Common Stock Shares | Amount | Additional Paid-in- Capital | | Deficit accumulated During exploration stage (Restated – Note 5) | Total (Restated – Note 5) |
Balance at inception on February 6, 2008 | | | | | | |
Common shares issued for cash at $0.0002 (par value) on March 31, 2008 |
25,000,000 |
$ 25,000 |
$ (20,000) | |
$ ;- |
$ 5,000 |
Net (loss) for the period from inception on February 6, 2008 to March 31, 2008 | - | - | - | | (1,082) | (1,082) |
Balance as of March 31, 2008 |
25,000,000 |
$ 25,000 |
$ (20,000) |
|
$ (1,082) |
$ 3,918 |
Shares for cash at $0.01/share 9/30/08 | 8,800,000 | 8,800 | 79,200 | | ; | 88,000 |
Shares for cash at $0.01/share 12/31/08 | 1,200,000 | 1,200 | 10,800 | | | 12,000 |
Net (loss) for the year ended to March 31, 2009 | - | - | - | |
(52,775) | (52,775) |
Balance as of March 31, 2009 | 35,000,000 |
$ 35,000 |
$ 70,000 | |
(53,857) |
51,143 |
Net (loss) for the period ending June 30, 2009 | - |
- |
- | |
(42,448) |
(42,448) |
Balance as of June 30, 2009 | 35,000,000 |
$ 35,000 |
$ 70,000 | |
$ (96,305) |
$ 8,695 |
Retroactively stated due to 5:1 Forward Split on April 27, 2009
The accompanying notes are an integral part of these financial statements.
F-3
| | | | | | | | | | | |
Midex Gold Corp. fka Tripod International, Inc. (An Exploration Stage Company) Statements of Cash Flows (Unaudited) |
| | | Three Months Ended June 30, 2009 (Restated – Note 5) | | Three Months Ended June 30, 2008 | | From Inception on February 6, 2008 to June 30, 2009 (Restated – Note 5) |
Operating Activities | | | | | |
| Net (loss) | $ | (42,448) | $ | (6,144) | $ | (96,305) |
| | | | | | | |
| Changes in operating assets and liabilities: | | | | | | |
| Accounts Payable | | 4,576 | | - | | 4,576 |
|
N et cash (used) for operating activities | |
(37,872) | |
(6,144) | |
(91,729) |
| | | | | | |
Financing Activities | | | | | | |
| Loans from Director | | 5,162 | | 2,500 | | 9,392 |
| Sale of common stock | | - | | - | | 105,000 |
|
Net cash provided by financing activities |
$ |
5,162 | |
2,500 | |
114,392 |
| | | | | | | |
Net increase (decrease) in cash and equivalents | | (32,710) | | (3,644) | | 22,663 |
| | | | | | |
Cash and equivalents at beginning of the period | | 55,373 | | 5,148 | | - |
Cash and equivalents at end of the period |
$ |
22,663 |
$ |
1,504 |
$ |
22,663 |
| | | | | | | |
| | | | | | | |
| Supplemental cash flow inf ormation: | | | | | | |
| | | | | | | |
| Cash paid for: | | | | | | |
| | | | | | | |
| Interest ; | $ | - | | | $ | - |
| Taxes |
$ |
- | | |
$ |
- |
| | | | | | | |
| | | | | | | |
Non-Cash Activities | $ | - | | | $ | - |
|
The accompanying notes are an integral part of these financial statements.
F-4
Midex Gold Corp. fka Tripod International, Inc.
(An Exploration Stage Company)
Notes to the Condensed Interim Financial Statements
June 30, 2009
(Unaudited)
1. ORGANIZATION AND BUSINESS OPERATIONS
TRIPOD INTERNATIONAL, INC (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on February 6, 2008. The name of the company was changed to Midex Gold Corp. on April 27, 2009. The Company is in the exploration stage as defined under Statement on Financial Accounting Standards No. 7, Exploration Stage Enterprises (“SFAS No.7”). The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from i nception, February 6, 2008 through June 30, 2009 the Company has accumulated losses of $96,305.
2. GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $96,305 as of June 30, 2009 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company genera ting profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock.
3.
INTERIM FINANCIAL STATEMENTS
These interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United St ates for interim financial information. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended March 31, 2009.
The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at June 30, 2009, and the results of its operations and cash flows for the three month period ended June 30, 2009 and 2008. The results of operations for the period ended June 30, 2009 are not necessarily indicative of the results to be expected for future quarters or the full year.
4. RELATED PARTY TRANSACTIONS
As at June 30, 2009, the Company owed $9,392 (March 31, 2009 - $4,230) to a director in the Company for payment of general expenditures on behalf of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand.
5. RESTATEMENT
The Company has restated its financial statements as at and for the three months ended June 30, 2009. The fina ncial statements have been restated to reflect the following transactions:
·
Recording of legal fees of $3,673 that was previously not recorded;
·
Recording of transfer agent fees of $1,996 that was previously not recorded;
·
Recording of filing fees of $569 that was pr eviously not recorded; and
·
Recording of $3,500 for accounting fees that were previously not recorded.
The effect of the restatements resulted in an increase in total liabilities of $9,738, and a decrease in total stockholders’ equity by $9,738. In addition, general and operating expenditures increased by $9,738 and net loss increased by $9,738.
F-5
Midex Gold Corp. fka Tripod International, Inc.
(An Exploration Stage Company)
Notes to the Financial Statements
June 30, 2009
(Unaudited)
5. RESTATEMENT (continued)
a) Balance Sheets
| | | |
| As at June 30, 2009 |
| As Reported | Adjustment | Restated |
| $ | $ | $ |
Liabilities | | | |
Accounts Payable | - | 4,576 | 4,576 |
Due to Related Parties | 4,230 | 5,162 | 9,392 |
Total Liabilities | 4,230 | 9,738 | 13,968 |
Stockholders’ Equity | | | |
Accumulated Deficit | (86,567) | (9,738) | (96,305) |
Total Stockholders’ Equity | 18,433 | (9,738) | 8,695 |
b)
Statements of Operations
| | | |
| For the Three Months Ended June 30, 2009 |
| As Reported | Adjustment | Restated |
| $ | $ | $ |
Operating Expenses | | | |
General and Administrative | 32,710 | 9,738 | 42,448 |
Total Operating Expenses | 32,710 | 9,738 | 42,448 |
Net Income (Loss) | 32,710 | 9,738 | 42,448 |
| | | |
| From Inception on February 6, 2008 to June 30, 2009 |
| As Reported | Adjustment | Restated |
| $ | $ | $ |
Operating Expenses | | | |
General and Administrative | 86,567 | 9,738 | 96,305 |
Total Operating Expenses | 86,567 | 9,738 | 96,305 |
Net Income (Loss) | 86,567 | 9,738 | 96,305 |
c)
Statements of Cash flows
| | | |
| For the Three Months Ended June 30, 2009 |
| As Reported | Adjustment | Restated |
| $ | $ | $ |
Operating Activities | | | |
Net Loss | (32,710) | (9,738) | (42,448) |
Changes in Operating Assets and Liabilities | | | |
Accounts Payable | - | 4,576 | 4,576 |
Net cash used for operating activities | (32,710) | (5,162) | (37,872) |
| | | |
Financing Activities | | | |
Loans from Director | - | 5,162 | 5,162 |
Net cash provided by financing activities | - | 5,162 | 5,162 |
F-6
Midex Gold Corp. fka Tripod International, Inc.
(An Exploration Stage Company)
Notes to the Financial Statements
June 30, 2009
(Unaudited)
5. RESTATEMENT (continued)
c)
Statements of Cash flows (continued)
| | | |
| From Inception on February 6, 2008 to June 30, 2009 |
| As Reported | Adjustment | Restated |
| $ | $ | $ |
Operating Activities | | | |
Net Loss | (86,567) | (9,738) | (96,305) |
Changes in Operating Assets and Liabilities | | | |
Accounts Payable | - | 4,576 | 4,576 |
Net cash used for operating activities | (86,567) | (5,162) | (91,729) |
| | | |
Financing Activities | | | |
Loans from Director | - | 5,162 | 5,162 |
Net cash provided by financing activities | 109,230 | 5,162 | 114,392 |
d)
Statements of Stockholders’ Equity
| | | |
| From Inception on February 6, 2008 to June 30, 2009 |
| As Reported | Adjustment | Restated |
| $ | $ | $ |
Deficit Accumulated during the Exploration Stage | (86,567) | (9,738) | (96,305) |
Total | 18,433 | (9,738) | 8,695 |
6.
SUBSEQUENT EVENTS
In accordance with ASC 855, we have evaluated subsequent events through June 15, 2010, the date of issuance of the unaudited interim consolidated financial statements, and did not have any material recognizable subsequent events.
F-7
ITEM 2. Management Discussion and Analysis of Financial Condition and Results of Operations.
Safe Harbor Statement
This report on Form 10-Q contains certain forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or perf ormance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.
These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs, and risk of declining revenues. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements. The following discusses our financial condition and results of operations based upon our consolidated financial statements which have been prepared in conformity with accounting principles generally accepted in the United States. It should be read in conjunction with our financial statements and the notes thereto included elsewhere herein.
The following discussion should be read in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this Form 10-Q. The discussions of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.
Overview
We were incorporated in the State of Nevada on February 6, 2008 under the name Tripod International, Inc. On April 27, 2009 we changed our name to Midex Gold Corp. We are engaged in the business of devel oping a select portfolio of near-term gold and diamond production projects in Tanzania.
Our shares of common stock trade on the Over-the-Counter Bulletin Board under the symbol “MDXO.OB”. We do not have any subsidiaries.
Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "Midex Gold" refers to Midex Gold Corp.
Liquidity and Capital Resources
As of June 30, 2009, we had cash of $22,663 and a working capital surplus of $8,695. As of June 30, 2009 our accumulated deficit was $96,305. For the three months ended June 30, 2009 our net loss was $42,448 compared to $6,144 during the same period in 2008. This increase was due to higher general and administrative expenses.
5
Our loss was funded by proceeds from our bank account. During the three months ended June 30, 2009, we raised in net proceeds $nil from the sale of our common stock and our cash position decreased by $32,710.
We used net cash of $37,872 in operating activities for the three months ended June 30, 2009 compared to net cash of $6,144 in operating activities for the same period in 2008. We received $5,162 in financing activities from a director in the Company compared to $2,500 for the same period in 2008.
During the three months ended June 30, 2009 our monthly cash requirement was approximately $12,624, compared to approximately $2,048 for the same period in 2008. We expect to require a total of approximately $500,000 to fully carry out our business plan over the next twelve months beginning September 2009 as set out in this table:
| |
Description | Estimated Expense |
Legal and Auditing Expenses &nbs p; | $75,000 |
Office Rent and Expenses | $12,500 |
General Administration | $25,000 |
Geological Consulting | $60,000 |
Technical Consulting | $90,000 |
Field Contractors | $120,000 |
Field Labor | $10,000 |
Lab Expenses | $27,500 |
Travel | $60,000 |
Miscellaneous Expenses | $20,000 |
Total | $500,000 |
We intend to meet our cash requirements for the next 12 months through external sources: a combination of debt financing and equity financing through private placements. We are currently not in good short-term financial standing. We anticipate that we may not generate any revenues in the near future and we will not have enough positive internal operating cash flow until we can generate substantial revenues, which may take the next few years to fully realize. There is no assurance we will achieve profitable operations. We have historically financed our operations primarily by cash flows generated from the sale of our equity securities and through cash infusions from officers and outside investors in exchange for debt and/or common stock.
These financial statements have been prepared on the assumption that we are a going concern, m eaning we will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate when a company is not expected to continue operations for the foreseeable future. Our continuation as a going concern is dependent upon our ability to attain profitable operations and generate funds there-from, and/or raise equity capital or borrowings sufficient to meet current and future obligations. Management plans to raise equity financings over the next twelve months to finance operations. There is no guarantee that we will be able to complete any of these objectives. We have incurred losses from operations since inception and at June 30, 2009, have a working capital deficiency and an accumulated deficit that creates substantial doubt about our ability to continue as a going concern.
6
Results of Operations for the three months ended June 30, 2009 compared to the three months ended June 30, 2008 and from inception to June 30, 2009.
Limited Revenues
Since our inception on February 6, 2008 to June 30, 2009, we did not earn any revenues. As of June 30, 2009, we have an accumulated deficit of $96,305 and we did not earn any revenues during the three months ending on June 30, 2009. At this time, our ability to generate any significant revenues continues to be uncertain. Our financial statements contain an additional explanatory paragraph in Note 2, which identifies issues that raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustment that might result from the outcome of this uncertainty.
Net Loss
We incurred a net loss of $42,448 for the three months ended June 30, 2009, compared to a net loss of $6,144 for the same period in 2008. This increase in net loss was due to higher general and administrative expenses. From inception on February 6, 2008 to June 30, 2009, we have incurred a net loss of $96,305. Our basic and diluted loss per share was $0.00 for the three months ended June 30, 2009, and $0.00 for the same period in 2008.
Expenses
Our total operating expenses increased from $6,144 to $42,448 for the three months ended June 30, 2009 compared to the same period in 2008. This increase in expenses is due to higher general and administrative fees. Since our inception on February 6, 2008 to June 30, 2009, we have incurred total operating expenses of $96,305.
Our general and administrative expenses consist of bank charges, travel, meals and entertainment, office maintenance, communication expenses (internet, fax, and telephone), courier, postage costs, office supplies. Our general and administrative expenses increased from $6,144 to $42,448 for the three months ended June 30, 2009 compared to the same period in 2008. Since our inception on February 6, 2008 until June 30, 2009 we have spent $96,305 on general and administrative expenses.
Inflation
The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown wo uld be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.
Off-Balance Sheet Arrangements
As of June 30, 2009, we had no off-balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
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ITEM 3. Quantitative and Qualitative Disclosure About Market Risks.
Not applicable.
ITEM 4. Control and Procedures
Not applicable
ITEM 4T. Control and Procedures.
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company is collected and communicated to management to allow timely decisions regarding required disclosures. The Chief Executive Officer and the Chief Financial Officer have concluded, based on their evaluation as of June 30, 2009 that, as a result of the following material weaknesses in internal control over financial reporting as described further in our Annual Report on Form 10-K filed with the SEC on June 29, 2009, disclosure controls and procedures were ineffective in providing reasonable assurance that material information is made known to them by others within the Company:
a) We did not maintain sufficient personnel with an appropriate level of technical accounting knowledge, experience, and training in the application of generally accepted accounting principles commensurate with our complexity and our financial accounting and reporting requirements. We have limited experience in the areas of financial reporting and disclosure controls and procedures. Also, we do not have an independent audit committee. As a result, there is a lack of monitoring of the financial reporting process and there is a reasonable possibility that material misstatements of the consolidated financial statements, including disclosures, will not be prevented or detected on a timely basis; and
b) Due to our small size, we do not have a proper segregation of duties in certain areas of our financial reporting process. The areas where we have a lack of segregation of duties include cash receipts and disbursements, approval of purchases and approval of accounts payable invoices for payment. This control deficiency, which is pervasive in nature, results in a reasonable possibility that material misstatements of the financial statements will not be prevented or detected on a timely basis.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting du ring the fiscal quarter ended June 30, 2009 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
8
Limitations On The Effectiveness Of Internal Controls
Our management, including the CEO and CFO, does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of the control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgment s in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, and/or the degree of compliance with the policies or procedures may deteriorate.
PART II – OTHER INFORMATION
ITEM 1. Legal Proceedings.
As of June 15, 2010 there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we or any of our subsidiaries are a party or of which any of our properties is the subject. Also, our management is not aware of any legal proceedings contemplated by any governmental authority against us.
ITEM 2. Unregistered Sales of Equity Securities.
None.
ITEM 3. Defaults Upon Senior Securities.
None.
ITEM 4. Submission of Matters to a Vote of Security Holders.
None.
ITEM 5. Other Information.
None.
9
ITEM 6. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.
| | | |
| MIDEX GOLD CORP. |
| | (REGISTRANT) |
| |
Date: June 15, 2010 | /s/ Morgan Magella |
| | Morgan Magella |
| | Chief Executive Officer, Chief Financial Officer, Director |
| | (Authorized Officer for Registrant) |
| |
10