UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2012
Commission file number 000-54665
LUCKY STRIKE EXPLORATIONS INC.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation or organization)
4240 W. Flamingo Road, Suite 201, Las Vegas, NV 89103
(Address of principal executive offices, including zip code)
(702)922-2700
(Telephone number, including area code)
Michael Noble
4240 W. Flamingo Road, Suite 201, Las Vegas, NV 89103
(702)922-2700
(Name and Address of Agent for Service)
Check whether the issuer (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 required to file such reports), and (2) has been
subject to such filing requirements for the last 90 days. YES [X] NO [ ]
Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of
this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). YES [X] NO [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer, "accelerated filer,"
"non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). YES [X] NO [ ]
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 5,800,000 shares as of August 13,
2012
ITEM 1. FINANCIAL STATEMENTS
The un-audited financial statements for the quarter ended June 30, 2012
immediately follow.
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LUCKY STRIKE EXPLORATIONS, INC.
(An Exploration Stage Company)
Balance Sheets (Unaudited)
--------------------------------------------------------------------------------
As of As of
June 30, December 31,
2012 2012
-------- --------
ASSETS
CURRENT ASSETS
Cash $ 3,708 $ 17
Deposit 4,400 4,400
-------- --------
TOTAL CURRENT ASSETS 8,108 4,417
-------- --------
$ 8,108 $ 4,417
======== ========
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts Payable $ -- $ 1,660
Loan Payable - Related Party 28,000 --
-------- --------
TOTAL CURRENT LIABILITIES 28,000 1,660
-------- --------
TOTAL LIABILITIES 28,000 1,660
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, ($0.001 par value, 75,000,000 shares
authorized; 5,800,000 shares and shares issued and
outstanding as of June 30, 2012 and December 31, 2011) 5,800 5,800
Additional paid-in capital 68,200 68,200
Deficit accumulated during exploration stage (93,892) (71,243)
-------- --------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (19,892) 2,757
-------- --------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 8,108 $ 4,417
======== ========
See Accompanying Notes and Accountant's Report
3
LUCKY STRIKE EXPLORATIONS, INC
(An Exploration Stage Company)
Statements of Operations (Unaudited)
--------------------------------------------------------------------------------
December 15, 2006
Three Months Three Months Six Months Six Months (inception)
Ended Ended Ended Ended through
June 30, June 30, June 30, June 30, June 30,
2012 2011 2012 2011 2012
---------- ---------- ---------- ---------- ----------
REVENUES
Revenues $ -- $ -- $ -- $ -- $ --
---------- ---------- ---------- ---------- ----------
TOTAL REVENUES -- -- -- -- --
OPERATING COSTS
Mineral Property Expenditures -- -- -- -- 16,328
Administrative Expenses 1,170 680 17,649 1,630 35,499
Professional Fees 1,900 1,500 5,000 4,500 42,065
---------- ---------- ---------- ---------- ----------
TOTAL OPERATING COSTS 3,070 2,180 22,649 6,130 93,892
---------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (3,070) $ (2,180) $ (22,649) $ (6,130) $ (93,892)
========== ========== ========== ========== ==========
BASIC EARNINGS (LOSS) PER SHARE $ (0.00) $ (0.00) $ (0.00) $ (0.00)
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 5,800,000 5,800,000 5,800,000 5,800,000
========== ========== ========== ==========
See Accompanying Notes and Accountant's Report
4
LUCKY STRIKE EXPLORATIONS, INC.
(An Exploration Stage Company)
Statements of Cash Flows (Unaudited)
--------------------------------------------------------------------------------
December 15, 2006
Six Months Six Months (inception)
Ended Ended through
June 30, June 30, June 30,
2012 2011 2012
-------- -------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $(22,649) $ (6,130) $(93,892)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Changes in operating assets and liabilities:
(Increase) decrease in Deposit -- 425 (4,400)
Increase (Decrease) in Accounts Payable (1,660) (690) --
-------- -------- --------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (24,309) (6,395) (98,292)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of equipment -- -- --
-------- -------- --------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES -- -- --
CASH FLOWS FROM FINANCING ACTIVITIES
Loan Payable - Related Party 28,000 -- 28,000
Issuance of common stock -- -- 74,000
-------- -------- --------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 28,000 -- 102,000
-------- -------- --------
NET INCREASE (DECREASE) IN CASH 3,691 (6,395) 3,708
CASH AT BEGINNING OF PERIOD 17 12,542 --
-------- -------- --------
CASH AT END OF PERIOD $ 3,708 $ 6,147 $ 3,708
======== ======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during year for:
Interest $ -- $ -- $ --
======== ======== ========
Income Taxes $ -- $ -- $ --
======== ======== ========
See Accompanying Notes and Accountant's Report
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LUCKY STRIKE EXPLORATIONS INC.
(An Exploration Stage Company)
Notes to Financial Statements
June 30, 2012
--------------------------------------------------------------------------------
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited interim financial statements of Lucky Strike
Explorations Inc., have been prepared in accordance with accounting principles
generally accepted in the United States of America and the rules of the
Securities and Exchange Commission, and should be read in conjunction with the
audited financial statements and notes thereto contained in Lucky Strike's Form
10-K filed with SEC. 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 interim periods presented have
been reflected herein. The results of operations for interim periods are not
necessarily indicative of the results to be expected for the full year. Notes to
the financial statements which would substantially duplicate the disclosure
contained in the audited financial statements for fiscal 2011 as reported in the
Form 10-K have been omitted.
NOTE 2. GOING CONCERN
As of June 30, 2012, Lucky Strike has not generated revenues and has accumulated
losses since inception. The continuation of Lucky Strike as a going concern is
dependent upon the continued financial support from its shareholders, its
ability to obtain necessary equity financing to continue operations, and the
attainment of profitable operations. These factors raise substantial doubt
regarding Lucky Strike's ability to continue as a going concern.
NOTE 3. NOTE PAYABLE - RELATED PARTY
As of June 30, 2012, $28,000 is owed to Michael Noble and is non interest
bearing with no specific repayment terms.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements that involve risk and
uncertainties. We use words such as "anticipate", "believe", "plan", "expect",
"future", "intend", and similar expressions to identify such forward-looking
statements. Investors should be aware that all forward-looking statements
contained within this report are good faith estimates of management as of the
date of this report and actual results may differ materially from historical
results or our predictions of future results.
RESULTS OF OPERATIONS
We are still in our exploration stage and have generated no revenues to date.
Our net loss from inception (December 15, 2006) through June 30, 2012 was
$93,892.
We incurred operating expenses of $3,070 for the three months ended June 30,
2012. These expenses consisted of general operating expenses and professional
fees incurred in connection with the day to day operation of our business and
the preparation and filing of our required reports with the U.S. Securities and
Exchange Commission. Operating expenses for the same period ending June 30, 2011
were $2,180.
We incurred operating expenses of $22,649 for the six months ended June 30,
2012. These expenses consisted of general operating expenses and professional
fees incurred in connection with the day to day operation of our business and
the preparation and filing of our required reports with the U.S. Securities and
Exchange Commission. Operating expenses for the same six month period ending
June 30, 2011 were $6,130.
We have sold $74,000 in equity securities since inception, $14,000 from the sale
of 2,800,000 shares of stock to our officer and director and $60,000 from the
sale of 3,000,000 shares registered pursuant to our SB-2 Registration Statement
which became effective on March 12, 2007.
The following table provides selected financial data about our company for the
quarter ended June 30, 2012.
Balance Sheet Data: 6/30/12
------------------- -------
Cash $ 3,708
Total assets $ 8,108
Total liabilities $ 28,000
Shareholders' equity $(19,892)
LIQUIDITY AND CAPITAL RESOURCES
Our cash in the bank at June 30, 2012 was $3,708 with $28,000 in outstanding
liabilities. Management does not believe our current cash and cash equilvalents
of $8,108 are sufficient to fund our operations over the next twelve months. If
we experience a shortfall of cash our director has agreed to advance the company
funds to continue in a limited operations scenario.
PLAN OF OPERATION
The consulting geologist was paid $8,500 for Phase 1 of the exploration program
on the claims. He completed the field work and provided the company with his
recommendations. The first phase of exploration, which included detailed
prospecting and soil sampling, identified a minimal number of anomalies.
Management decided the results did not warrant further exploration and did not
renew the claim. The company is now investigating other properties to secure for
exploration or other available business opportunities to better utilize our
remaining cash resources.
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OFF-BALANCE SHEET ARRANGEMENTS
We do not have any off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on our financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that is material to investors.
ITEM 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer, we have
conducted an evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
under the Securities and Exchange Act of 1934, as of the end of the period
covered by this report. Based on this evaluation, our principal executive
officer and principal financial officer concluded as of the evaluation date that
our disclosure controls and procedures were effective such that the material
information required to be included in our Securities and Exchange Commission
reports is accumulated and communicated to our management, including our
principal executive and financial officer, recorded, processed, summarized and
reported within the time periods specified in SEC rules and forms relating to
our company, particularly during the period when this report was being prepared.
CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting that
occurred during the last fiscal quarter ended June 30, 2012 that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
ITEM 5. OTHER INFORMATION
None.
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS
The following exhibits are included with this quarterly filing:
Exhibit No. Description
----------- -----------
3.1 Articles of Incorporation*
3.2 Bylaws*
31 Sec. 302 Certification of Principal Executive & Financial Officer
32 Sec. 906 Certification of Principal Executive & Financial Officer
101 Interactive data files pursuant to Rule 405 of Regulation S-T
----------
* Document is incorporated by reference and can be found in its entirety in
our Registration Statement on Form SB-2, SEC File Number 333-140839, at the
Securities and Exchange Commission website at www.sec.gov.
SIGNATURES
In accordance with the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe it meets all of
the requirements for filing Form 10-Q and authorized this report to be signed on
its behalf by the undersigned, in the city of Las Vegas, state of Nevada on
August 13, 2012.
Lucky Strike Explorations Inc.
/s/ Michael Noble
----------------------------------------
By: Michael Noble
(Principal Executive Officer)
In accordance with the requirements of the Securities Act of 1933, this
registration statement was signed by the following person in the capacities and
date stated.
/s/ Michael Noble August 13, 2012
------------------------------------ ---------------
Michael Noble, President & Director Date
(Principal Executive Officer,
Principal Financial Officer,
Principal Accounting Officer)
/s/ Christian Jean Prieur August 13, 2012
------------------------------------ ---------------
Christian Jean Prieur, Director Date
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