UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month ended: August 2003 Commission File Number: 000-31168
CONDOR GOLD CORP.
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(Translation of registrant's name into English)
390 Bay Street, Suite 2020, Toronto, Ontario M5H 2Y2
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b) 82.
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CONDOR GOLD CORP.
FINANCIAL STATEMENTS
THE PERIOD ENDED
AUGUST 31, 2003
CONTENTS
Balance Sheet...............................3
Statement of Shareholders' Deficit..........4
Statement of Earnings.......................5
Statement of Cash Flows.....................6
Notes to Financial Statements...............7
2
CONDOR GOLD CORP.
Consolidated Balance Sheet
(Stated in Canadian Dollars)
August 31, 2003
(prepared by Management)
Period Ended Year ended
August 31, 2003 November 30, 2002
(unaudited) (auudited)
ASSETS
Current
Cash $ 235 $ 24,804
Notes Receivable 143,333
Fixed Assets, Net 18,187
Properties, Net 5,708,572 5,498,572
Deferred Expenses 187,500
----------- -----------
$ 6,057,827 $ 5,523,376
=========== ===========
Liabilities
Current Liabilities
Accounts Payable $ 341,113 $ 203,409
Deposits 200,000 100,000
Advances from related parties 405,700 533,678
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946,813 837,087
Notes payable 2,100,327 554,000
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3,047,140 1,391,087
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SHAREHOLDERS' EQUITY
Share Capital 7,840,171 7,259,171
Deficit (4,829,484) (3,126,882)
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3,010,687 4,132,289
$ 6,057,827 $ 5,523,376
=========== ===========
The accompanying notes are an integral part of these financial statements.
3
CONDOR GOLD CORP.
Consolidated Statement of Shareholders' Deficit
(Stated in Canadian Dollars)
For the Period Ended August 31, 2003
(prepared by Management)
Month Period Ended 9 Month Period Ended
August 31 August 31 August 31 August 31
2003 2002 2003 2002
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Deficit - beginning of period $(4,404,967) $ (323,155) $(3,126,882) $ (125,129)
Net loss for the period (424,517) (523,708) (1,702,602) (721,734)
----------- ----------- ----------- -----------
Deficit - end of period $(4,829,484) $ (846,863) $(4,829,484) $ (846,863)
=========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements.
4
CONDOR GOLD CORP.
Consolidated Statement of Earnings & Expenses
(Stated in Canadian Dollars)
For the Period Ended August 31, 2003
(prepared by Management)
3 Month Period Ended 9 Month Period Ended
August 31 August 31 August 31 August 31
2003 2002 2003 2002
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Expenses
General and administrative $ 202,337 $ 13,395 $ 538,928 $ 21,875
Consulting fees 12,000 10,300 105,563 15,300
Exploration 133,869 435,106 744,471 515,397
Management fees 30,000 25,274 90,000 65,467
Professional fees 44,667 37,943 210,651 83,719
Miscellaneous 1,644 1,690 12,989 19,976
----------- ----------- ----------- -----------
424,517 523,708 1,702,602 721,734
Net Loss $ (424,517) $ (523,708) $(1,702,602) $ (721,734)
=========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements.
5
CONDOR GOLD CORP.
Consolidated Statement of Cash Flows
(Stated in Canadian Dollars)
For the Period Ended August 31, 2003
(prepared by Management)
3 Month Period Ended 9 Month Period Ended
August 31 August 31 August 31 August 31
2003 2002 2003 2002
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash Flows from Operating Activities
Net loss $ (424,517) $ (523,708) $(1,702,602) $ (721,734)
Adjustments to reconcile net loss to net
Increase in accounts payayble
and accrued liabilities 243,785 86,325 153,198 170,571
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(180,732) (437,383) (1,549,404) (551,163)
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Cash Flows from Investing Activities
Purchase of fixed Assets (3,078) -- (18,187) --
Investment in mining properities -- (62,500) (210,000) (212,500)
----------- ----------- ----------- -----------
(3,078) (62,500) (228,187) (212,500)
Cash Flows from Financing Activities
Proceeds from issuance of common shares -- 427,450 581,000 503,050
Proceeds from notes payable 143,333 1,200,000
Proceeds from related parties -- 83,375 (127,978) 35,941
Proceeds from Deposits -- -- 100,000 100,000
----------- ----------- ----------- -----------
143,333 510,825 1,753,022 638,991
----------- ----------- ----------- -----------
Net (Drecease) Increase in Cash (40,477) 10,942 (24,569) (124,672)
Cash beginning of year 40,712 436 24,804 136,050
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Cash - end of period $ 235 $ 11,378 $ 235 $ 11,378
=========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements.
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Condor Gold Corp.
Notes to the Interim Financial Statements
For the Nine Month Period Ended August 31, 2003
(Unaudited - prepared by management)
Readers are cautioned that these statements may not be appropriate for their
purposes.
1. Nature of Business
Condor Gold Corp. (formerly Ripped Canada Artists Inc.) (herein the
"Company") was duly incorporated in the province of Ontario on June 19,
1997, under the Business Corporations Act (Ontario). The company is
engaged in the exploration and development of gold and diamond
properties.
2. Significant Accounting Policies
Management in accordance with generally accepted accounting principles
in Canada has prepared the financial statements of the Corporation. The
preparation of financial statements in conformity with Canadian
generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could
differ from those estimates. The financial statements, in management's
opinion, have been properly prepared using careful judgment with
reasonable limits of materiality. These interim financial statements do
not contain all disclosures required under generally accepted
accounting principles for annual financial statements and should
therefore be read in conjunction with the most recent annual financial
statements. The significant accounting policies follow that of the most
recently reported annual financial statements.
The Company has suffered operating losses during the current year and
has a negative working capital and a net capital deficiency that raises
doubt as to its ability to continue as a going concern. Management
expects that the Company will be in a position to obtain the working
capital financing required to support its business operations. The
Company's continued existence as a going concern is dependent upon its
ability to attain and maintain profitable operations and to obtain the
necessary financing.
Unit of Measurement
Canadian currency is being used as the unit of measurement in these
financial statements.
Use of Estimates
In preparing the company's financial statements, management is required
to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosures of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenue and expenses during the period. Actual results could
differ from these estimates.
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Condor Gold Corp.
Notes to the Interim Financial Statements
For the Nine Month Period Ended August 31, 2003
(Unaudited - prepared by management)
Mineral Exploration Properties and Revenue Recognition
Property acquisition costs are capitalized until the property to which
they relate is placed into production, sold, abandoned or management
determines that there has been an impairment in value. As at August 31,
2003, there has not been any production at any of the properties.
Exploration expenditures are expensed as incurred.
3. Properties
August 31, 2003 November 31, 2002
--------------- -----------------
Accumulated Accumulated
Cost Amortization Cost Amortization
---------- ------------ ---------- ------------
Exploration Properties $5,708,572 -0- $5,498,572 -0-
Net Carrying Amount -- $5,708,572 -- $5,498,572
4. Advances from Related Parties
Advances due to related parties are payable either to shareholders or
to private companies which are owned by shareholders who may be
officers and/or directors of the Company. The amounts payable are
non-interest bearing and have no specified terms of repayment.
5. Common Stock
Common Stock at no par value
Unlimited shares authorized
Issued Number of Shares $ Value
------ ---------------- ------------
Balance beginning of period 63,237,200 $ 7,259,171
Issued during period 9,100,000 $ 581,000
Balance at end of period 72,337,200 $ 7,840,171
6. Subsequent Events
On September 5, 2003 acquired an aggregate of 20,452,000 common shares
of VHS Network Inc.(VHS) This is a change in control as it represents
54% of the issued and outstanding shares of VHS. The Company intends to
change the business operations of VHS to a resource exploration and
development company.
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SIGNATURES
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In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONDOR GOLD CORP.
Date October 28th, 2003 /s/ Alexander G. Stewart
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(Signature)* Alexander G. Stewart
Chief Executive Officer
Date October 28th, 2003 /s/ L. Kirk Boyd
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(Signature)* L. Kirk Boyd
Chief Financial Officer
*Print the name and title of each signing officer under his signature.
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