UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
[X] |
QUARTERLY
REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR
THE QUARTERLY PERIOD ENDED DECEMBER 31, 2015 |
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OR |
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[ ] |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
file number 000-52837
GOLDEN
STAR RESOURCE CORP.
(An
Exploration Stage Company)
(Exact
name of registrant as specified in its charter)
NEVADA
(State
or other jurisdiction of incorporation or organization)
#300
– 500 North Rainbow Blvd
Las
Vegas, Nevada 89107
(Address
of principal executive offices, including zip code.)
(760)
464-9869
(telephone
number, including area code)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 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 past 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 (§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 [ ]
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” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
[ ] |
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Accelerated
filer |
[ ] |
Non-accelerated
filer |
[ ] |
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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 [ ]
NO [X]
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 7,070,000
as of December 31, 2015.
TABLE
OF CONTENTS
GOLDEN STAR RESOURCE CORP.
FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014
(Stated in U.S. Dollars)
PART
I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL
STATEMENTS
GOLDEN STAR RESOURCE CORP.
BALANCE SHEETS
(Stated in U.S. Dollars)
(Unaudited)
| |
DECEMBER 31, 2015 | | |
JUNE 30, 2015 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current | |
| | | |
| | |
Cash | |
$ | 10 | | |
$ | 16 | |
TOTAL ASSETS | |
$ | 10 | | |
$ | 16 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY) | |
| | | |
| | |
| |
| | | |
| | |
Current | |
| | | |
| | |
Accounts payables and accrued liabilities | |
$ | 175,576 | | |
$ | 176,153 | |
Loan payable (Note 7) | |
| 231,336 | | |
| 216,038 | |
Due to related parties (Note 6) | |
| 82,959 | | |
| 82,959 | |
TOTAL LIABILITIES | |
| 489,871 | | |
| 475,150 | |
| |
| | | |
| | |
STOCKHOLDERS’ (DEFICIENCY) EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Capital stock (Note 5) | |
| | | |
| | |
Authorized: | |
| | | |
| | |
100,000,000 voting common shares with a par value of $0.00001 per share | |
| | | |
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100,000,000 preferred shares with a par value of $0.00001 per share; none issued | |
| | | |
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Issued: | |
| | | |
| | |
7,070,000 common shares at June 30, 2014 & 2013 | |
| 70 | | |
| 70 | |
Additional paid in capital | |
| 106,990 | | |
| 106,990 | |
Deficit Accumulated During the Exploration Stage | |
| (596,921 | ) | |
| (582,194 | ) |
| |
| (489,861 | ) | |
| (475,134 | ) |
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| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIENCY) EQUITY | |
$ | 10 | | |
$ | 16 | |
The accompanying notes are an integral part
of these financial statements
GOLDEN STAR RESOURCE CORP.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(Stated in U.S. Dollars)
(Unaudited)
| |
THREE MONTHS ENDED DECEMBER 31, | | |
SIX MONTHS ENDED DECEMBER 31, | |
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2015 | | |
2014 | | |
2015 | | |
2014 | |
Expenses | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Professional fees | |
$ | 563 | | |
$ | 10,945 | | |
| 1,313 | | |
$ | 10,945 | |
Transfer and filing fees | |
| 13,395 | | |
| 280 | | |
| 13,395 | | |
| 3,076 | |
Office and sundry | |
| 13 | | |
| - | | |
| 13 | | |
| - | |
Interest expenses | |
| (6 | ) | |
| 4,479 | | |
| 6 | | |
| 8,551 | |
Foreign exchange (gain) loss | |
| - | | |
| (14 | ) | |
| - | | |
| (14 | ) |
| |
| 13,965 | | |
| 15,690 | | |
| 14,727 | | |
| 22,558 | |
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| | | |
| | | |
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Net Loss and Comprehensive Loss | |
| (13,965 | ) | |
| (15,690 | ) | |
| (14,727 | ) | |
| (22,558 | ) |
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| | | |
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Basic and fully diluted loss per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
| (0.00 | ) | |
$ | (0.00 | ) |
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| | | |
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Weighted average number of common shares outstanding | |
| 7,070,000 | | |
| 7,070,000 | | |
| 7,070,000 | | |
| 7,070,000 | |
The accompanying notes are an integral part
of these financial statements
GOLDEN STAR RESOURCE CORP.
STATEMENTS OF CASH FLOWS
(Stated in U.S. Dollars)
(Unaudited)
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SIX MONTHS ENDED | |
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DECEMBER 31, | |
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2015 | | |
2014 | |
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Cash flow from operating activities: | |
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Net loss for the period | |
$ | (14,727 | ) | |
$ | (22,557 | ) |
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Items not affecting cash: | |
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Accrued interest expense | |
| - | | |
| 8,520 | |
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| | | |
| | |
Changes in non-cash working capital: | |
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| | |
Prepaid | |
| - | | |
| (10,319 | ) |
Accounts payables and accrued liabilities | |
| (577 | ) | |
| (1,592 | ) |
Net cash used in operating activities | |
| (15,304 | ) | |
| (25,948 | ) |
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Cash flow from financing activities | |
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Loan payable | |
| 15,298 | | |
| 24,440 | |
Due to related parties | |
| - | | |
| 1,510 | |
Net Cash provided by financing activities | |
| 15,298 | | |
| 25,950 | |
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| | | |
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Cash increase (decrease) in the period | |
| (6 | ) | |
| 2 | |
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| | | |
| | |
Cash, beginning of period | |
| 16 | | |
| 3 | |
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| | |
Cash, end of period | |
$ | 10 | | |
$ | 5 | |
The accompanying notes are an integral part
of these financial statements
GOLDEN STAR RESOURCE CORP.
STATEMENTS OF STOCKHOLDERS’ (DEFICIENCY)
EQUITY
FOR THE PERIOD ENDED DECEMBER 31, 2015
(Stated in U.S. Dollars)
(Unaudited)
| |
NUMBER OF COMMON SHARES | | |
PAR VALUE | | |
ADDITIONAL PAID-IN CAPITAL | | |
DEFICIT ACCUMULATED DURING
THE EXPLORATION STAGE | | |
TOTAL | |
Balance, June 30, 2014 | |
| 7,070,000 | | |
| 70 | | |
| 106,990 | | |
| (525,058 | ) | |
| (417,998 | ) |
Net loss for the year | |
| - | | |
| - | | |
| - | | |
| (57,136 | ) | |
| (57,136 | ) |
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| | | |
| | | |
| | | |
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Balance, June 30, 2015 | |
| 7,070,000 | | |
| 70 | | |
| 106,990 | | |
| (582,194 | ) | |
| (475,134 | ) |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| (14,727 | ) | |
| (14,727 | ) |
Balance, December 31, 2015 | |
| 7,070,000 | | |
| 70 | | |
| 106,990 | | |
| (596,921 | ) | |
| (489,861 | ) |
The accompanying notes are an integral part
of these financial statements
GOLDEN STAR RESOURCE CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2015
(Stated in U.S. Dollars)
(Unaudited)
1. NATURE OF OPERATIONS
Organization
The Company was incorporated in the State of Nevada,
U.S.A. on April 21, 2006.
Exploration Stage Activities
The
Company has been in the exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining
claims. Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and
enter a development stage. During the fiscal year 2012, the Company entered into an agreement with Mayan Mineral Ltd. to acquire
a resource property in Nevada (Note 4). Currently, the Company is actively looking for other mineral properties for its planned
business operation.
Going
Concern
These
financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America
(“US GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities
and commitments in the normal course of business.
The
general business strategy of the Company is to acquire and explore mineral properties. The continued operations of the Company
and the recoverability of mineral property costs is dependent upon the existence of economically recoverable mineral reserves,
the ability of the Company to obtain necessary financing to complete the development of its properties, and upon future profitable
production. The Company has not generated any revenues or completed development of any properties to date. Further, the Company
has a working capital deficit of $489,861 (June 30, 2015 - $475,134), has incurred losses of $596,921 since inception, and further
significant losses are expected to be incurred in the exploration and development of its mineral properties. The Company will require
additional funds to meet its obligations and maintain its operations. There can be no guarantee that the Company will be successful
in raising the necessary financing. Management’s plans in this regard are to raise equity financing as required.
These
conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements
do not include any adjustments that might result from this uncertainty.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the
Company have been prepared in accordance with US GAAP. Because a precise determination of many assets and liabilities is dependent
upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been
made using careful judgment. Actual results may vary from these estimates. The financial statements have, in management’s
opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting
policies summarized below.
GOLDEN STAR RESOURCE CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2015
(Stated in U.S. Dollars)
(Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Company early adopted Accounting
Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements.
This standard removes all incremental financial reporting requirements from U.S. generally accepted accounting principles for development
stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. Upon adoption, the Company
no longer reports its operations as a development stage entity and eliminated all inception to date information.
a) Cash
The Company considers all highly liquid instruments with
maturity of three months or less at the time of issuance to be cash equivalents. There is no cash equivalents as at December 31,
2015 (June 30, 2015: $nil).
b) Mineral Property Acquisition
Payments
The Company expenses all costs incurred
on mineral properties to which it has secured exploration rights prior to the establishment of proven and probable reserves. If
and when proven and probable reserves are determined for a property and a feasibility study prepared with respect to the property,
then subsequent exploration and development costs of the property will be capitalized.
The Company regularly performs evaluations
of any investment in mineral properties to assess the recoverability and/or the residual value of its investments in these assets.
All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of
an asset may not be recoverable.
c) Exploration Expenditures
The Company follows a policy of expensing
exploration expenditures until a production decision in respect of the project and the Company is reasonably assured that it will
receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project approval certificate.
d) Asset Retirement Obligations
The Company has adopted ASC 410,
“Accounting for Asset Retirement Obligations”, which requires that an asset retirement obligation (“ARO”)
associated with the retirement of a tangible long-lived asset be recognized as a liability in the period which it is incurred and
becomes determinable, with an offsetting increase in the carrying amount of the associated asset.
The cost of the tangible asset, including
the initially recognized ARO, is depleted, such that the cost of the ARO is recognized over the useful life of the asset. The ARO
is recorded at fair value, and accretion expense is recognized over time as the discounted liability is accreted to its expected
settlement value. The fair value of the ARO is measured using expected future cash flow, discounted at the Company’s credit-adjusted
risk-free interest rate. To date, no significant asset retirement obligation exists due to the early stage of exploration. Accordingly,
no liability has been recorded.
GOLDEN STAR RESOURCE CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2015
(Stated in U.S. Dollars)
(Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
e) Use of Estimates and Assumptions
The preparation of financial statements
in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
Date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
f) Financial Instruments
ASC 820, “Fair Value Measurements
and Disclosures” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding
the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that
may be used to measure fair value:
Level 1 - Quoted prices
in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted
prices included within Level 1 that are either directly or indirectly observable; and
Level 3 - Unobservable inputs that
are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions
that market participants would use in pricing.
The Company’s financial instruments
consist principally of cash, accounts payable and accrued liabilities, loan payable and due to a related party. Pursuant to ASC
820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets
for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate their
current fair values because of their nature and respective maturity dates or durations.
The Company’s operations are
in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to
the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates.
Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
GOLDEN STAR RESOURCE CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2015
(Stated in U.S. Dollars)
(Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g) Income Taxes
The Company accounts for income taxes
in accordance with ASC 740, “Accounting for Income Taxes” and ASC 740 —Accounting for Uncertainty in Income Taxes,
which require the liability method of accounting for income taxes. The liability method requires the recognition of deferred tax
assets and liabilities for future tax consequences of temporary differences between the financial statement basis and the tax basis
of assets and liabilities.
h) Basic and Diluted Net Loss
per Share
The Company reports basic loss per
share in accordance with ASC 260 – “Earnings per Share”. Basic loss per share is computed using the weighted
average number of common stock outstanding during the period. Diluted loss per share is computed using the weighted average number
of common and potentially dilutive common stock outstanding during the period. Diluted loss per share is equal to basic loss per
share because there are no potential dilutive securities.
i) Foreign Currency Translation
The Company’s functional currency
is the U.S. dollar. Transactions in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the
date of the transaction. Monetary assets and liabilities in foreign currencies are translated into U.S. dollars at the rate prevailing
at the balance sheet date. Non-monetary items are translated at the historical rate unless such items are carried at market value,
in which case they are translated using exchange rates that existed when the value were determined. Any resulting exchange rate
differences are recorded in the statement of operations.
3. RECENT ACCOUNTING PRONOUNCEMENTS
In August 2014, FASB issued ASU
2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an
Entity’s Ability to Continue as a Going Concern.” The FASB’s objective in issuing this ASU is to reduce diversity
in the timing and content of footnote disclosures. The amendment is effective for the annual period ending after December 15, 2015
and for annual periods and interim periods thereafter. Early adoption is permitted. We are currently assessing the impact of the
adoption of this update on our financial position or results of operations.
In January 2015, the FASB issued
ASU 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating
the Concept of Extraordinary Items, which eliminates the concept of extraordinary items. Under this new guidance, entities will
no longer be required to separately classify, present and disclose extraordinary events and transactions. The amendments in this
update are effective for annual and interim periods beginning after December 15, 2015. The Company is evaluating the impact of
ASU 2015-01 and an estimate of the impact to the consolidated financial statements cannot be made at this time.
The Company does not expect that
the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
GOLDEN STAR RESOURCE CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2015
(Stated in U.S. Dollars)
(Unaudited)
4. MINERAL CLAIM INTEREST
On August 15, 2013, the Company
entered into a Quitclaim Deed (the “Deed”) with Kee Nez Resources, LLC (“Grantor”), a Utah limited liability
company. Pursuant to the Deed, the Grantor, in consideration of $10 and other valuable consideration, remise, release, and forever
quitclaim unto the Company all of Grantor’s right, title, and interest in and to the GSR group of unpatented lode mining
claims situated in Churchill Country, Nevada. As a result, the Company has obtained title to the GSR claims in August 2013.
The Company did not incur further
expenditures on the property during the six months ended December 31, 2015 as well as for the year ended June 30, 2015 due to lack
of cash.
5. CAPITAL STOCK
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a) |
On April 24, 2006, the Company issued 6,000,000 common shares at $0.00001 per share to two founding shareholders. |
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b) |
On March 28, 2007, the Company closed its public offering and issued additional 1,070,000 common shares at $0.10. |
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c) |
The Company has not issued any shares during the six months ended December 31, 2015 and has no stock option plan, warrants or other dilutive securities. |
6. DUE TO RELATED PARTIES
As of December 31, 2015, due to
related parties balance of $82,959 (June 30, 2015: $82,959) represents the combination of the following:
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a) |
$54,959 (June 30, 2015: $54,959) owed to a company controlled by a former director and principal shareholder of the Company, for the amount of office, transfer agent and travel expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand; |
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b) |
$28,000 (June 30, 2015: $28,000) owed to a director of the Company, for the amount of office, travel and telephone expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand. Also see Note 7. |
GOLDEN STAR RESOURCE CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2015
(Stated in U.S. Dollars)
(Unaudited)
7. LOAN PAYABLE
Loan payable consists of followings:
$143,700 (June 30, 2015: $143,700)
was payable to 0787129 B.C. Ltd. (a non-related party) of which $51,272 and $34,827 were the result of the assignment and transfer
from loan payable to ATP Corporate Services Corp. (a non-related party) and Bobcat Development, respectively. The loan amount is
unsecured, interest-bearing at 12% per annual and due on demand. During the six months ended December 31, 2015, the Company incurred
and accrued interest expense of $nil (2014: $6,104).
$57,859 (June 30, 2015: $57,859)
was payable to Bobcat Development (a non-related party). The loan amount is unsecured, interest-bears at 12% per annual and due
on demand. During the six months ended December 31, 2015, the Company incurred and accrued interest expenses of $nil (2014: $2,263).
$29,777 (June 30, 2015: $14,479)
was payable to Dimac Capital (a related party). The loan amount is unsecured, interest-bears at 12% per annual and due on demand.
During the six months ended December 31, 2015, the Company incurred and accrued interest expenses of $nil (2014: $151).
ITEM 2. MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
This section of the quarterly report
includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance.
Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar
expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking
statements, which apply only as of the date of this prospectus. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from historical results or our predictions.
Plan of Operation
We are a start-up, exploration Stage
Corporation and have not yet generated or realized any revenues from our business operations.
Our auditors have issued a going concern
opinion. This means there is substantial doubt that we can continue as an on-going business for the next twelve months unless we
obtain additional capital to pay our bills. This is because we have not generated any revenues and do not anticipate generating
any revenues until we begin removing and selling minerals. There is no assurance we will ever achieve these goals. Accordingly,
we must raise cash from sources other than the sale of minerals in order to implement our project and stay in business. Our only
other source for cash at this time is investments by others.
Our exploration target is to find a
mineralized material, specifically, an ore body containing gold. Our success depends upon finding mineralized material. This includes
a determination by our consultant that the property contains reserves. We have not yet selected a consultant. Mineralized material
is a mineralized body which has been delineated by appropriate spaced drilling or underground sampling to support sufficient tonnage
and average grade of metals to justify removal. If we don’t find mineralized material or if it is not economically feasible
to remove it, we will cease operations and you will lose your investment.
In addition, we may not have enough
money to complete the acquisition and exploration of a property. If it turns out that we have not raised enough money to complete
our acquisition we will try to raise additional funds from a second public offering, a private placement or through loans. At the
present time, we have not made any plans to raise additional money and there is no assurance that we would be able to raise additional
money in the future. If we need additional money and cannot raise it, we will have to suspend or cease operations.
Research & Development
As
an exploration stage company in the mining industry we are not involved in any research and development.
Effects of Compliance with Environmental
Laws
As
a company in the mining industry we are subject to numerous environmental laws and regulations. We strive to comply with all applicable
environmental, health and safety laws and regulations are currently taking the steps indicated above. We believe that our operations
are in compliance with all applicable laws and regulations on environmental matters. These laws and regulations, on federal, state
and local levels, are evolving and frequently modified and we cannot predict accurately the effect, if any, they will have on its
business in the future. In many instances, the regulations have not been finalized, or are frequently being modified. Even where
regulations have been adopted, they are subject to varying and contradicting interpretations and implementation. In some cases,
compliance can only be achieved by capital expenditure and we cannot accurately predict what capital expenditures, if any, may
be required.
Limited Operating History; Need for
Additional Capital
There is no historical financial information
about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any
revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks
inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the acquisition
and exploration of our properties, and possible cost overruns due to price increases in services.
To become profitable and competitive,
we need to identify a property and conduct research and explore our property before we start production of any minerals we may
find. If we do find mineralized material, we will need additional funding to move beyond the research and exploration stage. We
have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory
terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to
existing shareholders.
Liquidity and Capital Resources
We have completed our public offering
as of March 28, 2007 and to date have raised $107,060, we will attempt to raise additional money through a subsequent private placement,
public offering or through loans.
Currently, we do not have sufficient
funds for our intended business operation. Ms. Miller, one of our officers and directors, has agreed in financing the related operating
expenditures to maintain the Company. The foregoing agreement is oral; we have nothing in writing. While Ms. Miller has agreed
to advance the funds, the agreement is unenforceable as a matter of law because no consideration was given. At the present time,
we have not made any arrangements to raise additional cash. If we need additional cash and can’t raise it, we will either have
to suspend operations until we do raise the cash, or cease operations entirely. Other than as described in this paragraph, we have
no other financing plans.
Since inception, we have issued 7,070,000
shares of our common stock and received $107,060.
In March 2006, we issued 3,000,000 shares
of common stock to Kathrine MacDonald, our former secretary/treasurer, in consideration of $30 and we issued 3,000,000 shares of
common stock to Marilyn Miller, one of our officers and directors, in consideration of $30 pursuant to the exemption from registration
contained in Regulation S of the Securities Act of 1993.
We issued 1,070,000 shares of common
stock pursuant to the exemption from registration contained in section 4(2) of the Securities Act of 1933. This was accounted for
as a purchase of shares of common stock.
As of December 31, 2015, due to related
parties balance of $82,959 (June 30, 2015: $82,959) represents the combination of the following:
|
a) |
54,959 (June 30, 2015: $54,959) owed to a company controlled by a former director and principal shareholder of the Company, for the amount of office, transfer agent and travel expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand; |
|
|
|
|
b) |
$28,000 (June 30, 2015: $28,000) owed to a director of the Company, for the amount of office, travel and telephone expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand. Also see Note 7. |
Loan
payable consists of followings:
$143,700
(June 30, 2015: $143,700) was payable to 0787129 B.C. Ltd. (a non-related party) of which $51,272 and $34,827 were the result of
the assignment and transfer from loan payable to ATP Corporate Services Corp. (a non-related party) and Bobcat Development, respectively.
The loan amount is unsecured, due on demand and non-interest bearing for the six months ended December 31, 2015. During the six
months ended December 31, 2015, the Company incurred and accrued interest expense of $nil (December 31, 2014: $6,104).
$57,859
(June 30, 2015: $57,859) was payable to Bobcat Development (a non-related party). The loan amount is unsecured, due on demand and
non-interest bearing for the six months ended December 31, 2015. During the six months ended December 31, 2015, the Company incurred
and accrued interest expenses of $nil (December 31, 2014: $2,263).
$29,777
(June 30, 2015: $14,479) was payable to Dimac Capital (a related party). The loan amount is unsecured, due on demand and non-interest
bearing for the six months ended December 31, 2015. During the six months ended December 31, 2015, the Company incurred and accrued
interest expenses of $nil (December 31, 2014: $151).
We
have no off-balance sheet arrangements including arrangements that would affect the liquidity, capital resources, market risk support
and credit risk support or other benefits.
Where
you can find more information
You
are advised to read this Quarterly Report on Form 10-Q in conjunction with other reports and documents that we file from time to
time with the SEC. In particular, please read our Quarterly Reports on Form 10-Q, Annual Report on Form 10-K, and Current Reports
on Form 8-K that we file from time to time. You may obtain copies of these reports directly from us or from the SEC at the SEC’s
Public Reference Room at 100 F. Street, N.E. Washington, D.C. 20549, and you may obtain information about obtaining access to the
Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains information for electronic filers at its website
http://www.sec.gov.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required
under this item.
ITEM
4. CONTROLS AND PROCEDURES.
Under
the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial
Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b)
as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial
Officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control
over financial reporting during the quarter ended March 31, 2014 that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
ITEM
1A. RISK FACTORS
We are a smaller reporting company
as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
ITEM
6. EXHIBITS.
The following documents are included herein:
Exhibit
No. |
|
Document
Description |
|
|
|
31.1 |
|
Certification of
Principal Executive Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2 |
|
Certification of
Principal Financial Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1 |
|
Certification of
Chief Executive Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.2 |
|
Certification of
Chief Financial Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101.INS |
|
XBRL Instance Document |
|
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|
101.SCH |
|
XBRL Taxonomy Extension
Schema |
|
|
|
101.CAL |
|
XBRL Taxonomy Extension
Calculation Linkbase |
|
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|
101.DEF |
|
XBRL Taxonomy Extension
Definition Linkbase |
|
|
|
101.LAB |
|
XBRL Taxonomy Extension
Label Linkbase |
|
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|
101.PRE |
|
XBRL Taxonomy Extension
Presentation Linkbase |
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in
the capacities on this 16th day of February, 2016.
|
GOLDEN STAR RESOURCE CORP. |
|
(Registrant) |
|
|
|
BY: |
/s/
Steven Bergstrom |
|
|
Steven Bergstrom |
|
|
President, Principal Executive Officer
and a member of the Board of Directors. |
|
|
|
|
BY: |
/s/
Marilyn Miller |
|
|
Marilyn Miller |
|
|
Principal Financial Officer, Principal
Accounting Officer, Secretary/Treasurer and a member of the Board of Directors. |
Exhibit
31.1
SARBANES-OXLEY
SECTION 302(a) CERTIFICATION
I,
Steven Bergstrom, certify that:
1. |
I
have reviewed this 10-Q for the quarter ended December 31, 2015 of Golden Star Resource Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)): |
|
|
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principals; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based
on such evaluation; and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
and |
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions): |
|
|
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
February 16, 2016 |
/s/
STEVEN BERGSTROM |
|
Steven
Bergstrom |
|
Principal
Executive Officer |
Exhibit
31.2
SARBANES-OXLEY
SECTION 302(a) CERTIFICATION
I,
Marilyn Miller, certify that:
1. |
I
have reviewed this 10-Q for the quarter ended December 31, 2015 of Golden Star Resource Corp.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)): |
|
|
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principals; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based
on such evaluation; and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
and |
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions): |
|
|
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
February 16, 2016 |
/s/
MARILYN MILLER |
|
Marilyn
Miller |
|
Principal
Financial Officer |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. Section 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Golden Star Resource Corp. (the “Company”) on Form 10-Q for the
period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date here of (the
“report”), I, Steven Bergstrom, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in this Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated
this 16th day of February, 2016.
|
/s/
STEVEN BERGSTROM |
|
Steven
Bergstrom |
|
Chief
Executive Officer |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. Section 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Golden Star Resource Corp. (the “Company”) on Form 10-Q for the
period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date here of (the
“report”), I, Marilyn Miller, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in this Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
|
|
|
Dated
this 16th day of February, 2016.
|
/s/
MARILYN MILLER |
|
Marilyn
Miller |
|
Chief
Financial Officer |
v3.3.1.900
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v3.3.1.900
Balance Sheets (Unaudited) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Current |
|
|
Cash |
$ 10
|
$ 16
|
TOTAL ASSETS |
10
|
16
|
Current |
|
|
Accounts payables and accrued liabilities |
175,576
|
176,153
|
Loan payable (Note 7) |
231,336
|
216,038
|
Due to related parties (Note 6) |
82,959
|
82,959
|
TOTAL LIABILITIES |
489,871
|
475,150
|
STOCKHOLDERS' (DEFICIENCY) EQUITY |
|
|
Capital stock (Note 5) Authorized: 100,000,000 voting common shares with a par value of $0.00001 per share 100,000,000 preferred shares with a par value of $0.00001 per share; none issued Issued: 7,070,000 common shares at December 31, 2015 & June 30, 2015 |
70
|
70
|
Additional paid in capital |
106,990
|
106,990
|
Deficit Accumulated During the Exploration Stage |
(596,921)
|
(582,194)
|
TOTAL STOCKHOLDER' (DEFICIENCY) EQUITY |
(489,861)
|
(475,134)
|
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY |
$ 10
|
$ 16
|
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v3.3.1.900
Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Common stock, voting shares |
100,000,000
|
100,000,000
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
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100,000,000
|
100,000,000
|
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares issued |
0
|
0
|
Common stock, shares issued |
7,070,000
|
7,070,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Expenses |
|
|
|
|
Professional fees |
$ 563
|
$ 10,945
|
$ 1,313
|
$ 10,945
|
Transfer and filing fees |
13,395
|
$ 280
|
13,395
|
$ 3,076
|
Office and sundry |
13
|
|
13
|
|
Interest expenses |
$ (6)
|
$ 4,479
|
$ 6
|
$ 8,551
|
Foreign exchange (gain) loss |
|
(14)
|
|
(14)
|
Total Expenses |
$ 13,965
|
15,690
|
$ 14,727
|
22,558
|
Net Loss and Comprehensive Loss |
$ (13,965)
|
$ (15,690)
|
$ (14,727)
|
$ (22,558)
|
Basic and fully diluted loss per share |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted average number of common shares outstanding |
7,070,000
|
7,070,000
|
7,070,000
|
7,070,000
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X |
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v3.3.1.900
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flow from operating activities: |
|
|
Net loss for the period |
$ (14,727)
|
$ (22,558)
|
Items not affecting cash: |
|
|
Accrued interest expense |
|
8,520
|
Changes in non-cash working capital: |
|
|
Prepaid |
|
(10,319)
|
Accounts payables and accrued liabilities |
$ (577)
|
(1,592)
|
Net cash used in operating activities |
(15,304)
|
(25,948)
|
Cash flow from financing activities |
|
|
Loan payable |
$ 15,298
|
24,440
|
Due to related parties |
|
1,510
|
Net Cash provided by financing activities |
$ 15,298
|
25,950
|
Cash increase (decrease) in the period |
(6)
|
2
|
Cash, beginning of period |
16
|
3
|
Cash, end of period |
$ 10
|
$ 5
|
X |
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v3.3.1.900
Statements of Stockholders' (Deficiency) Equity (Unaudited) - USD ($)
|
Number of Common Shares, Par Value [Member] |
Additional Paid-In Capital |
Deficit Accumulated During The Exploration Stage [Member] |
Total |
Balance at Jun. 30, 2014 |
$ 70
|
$ 106,990
|
$ (525,058)
|
$ (417,998)
|
Balance, shares at Jun. 30, 2014 |
7,070,000
|
|
|
|
Net loss for the year |
|
|
(57,136)
|
(57,136)
|
Balance at Jun. 30, 2015 |
$ 70
|
$ 106,990
|
(582,194)
|
(475,134)
|
Balance, shares at Jun. 30, 2015 |
7,070,000
|
|
|
|
Net loss for the year |
|
|
(14,727)
|
(14,727)
|
Balance at Dec. 31, 2015 |
$ 70
|
$ 106,990
|
$ (596,921)
|
$ (489,861)
|
Balance, shares at Dec. 31, 2015 |
7,070,000
|
|
|
|
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v3.3.1.900
Nature of Operations
|
6 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
1. NATURE OF OPERATIONS
Organization
The Company was incorporated in the State of Nevada,
U.S.A. on April 21, 2006.
Exploration Stage Activities
The Company has been in the
exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining claims. Upon location
of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage.
During the fiscal year 2012, the Company entered into an agreement with Mayan Mineral Ltd. to acquire a resource property in Nevada
(Note 4). Currently, the Company is actively looking for other mineral properties for its planned business operation.
Going Concern
These financial statements
have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP)
applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments
in the normal course of business.
The general business strategy
of the Company is to acquire and explore mineral properties. The continued operations of the Company and the recoverability of
mineral property costs is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company
to obtain necessary financing to complete the development of its properties, and upon future profitable production. The Company
has not generated any revenues or completed development of any properties to date. Further, the Company has a working capital deficit
of $489,861 (June 30, 2015 - $475,134), has incurred losses of $596,921 since inception, and further significant losses are expected
to be incurred in the exploration and development of its mineral properties. The Company will require additional funds to meet
its obligations and maintain its operations. There can be no guarantee that the Company will be successful in raising the necessary
financing. Managements plans in this regard are to raise equity financing as required.
These conditions raise substantial
doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments
that might result from this uncertainty.
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v3.3.1.900
Summary of Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements
of the Company have been prepared in accordance with US GAAP. Because a precise determination of many assets and liabilities is
dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which
have been made using careful judgment. Actual results may vary from these estimates. The financial statements have, in managements
opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting
policies summarized below.
The Company early adopted
Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements.
This standard removes all incremental financial reporting requirements from U.S. generally accepted accounting principles for development
stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. Upon adoption, the Company
no longer reports its operations as a development stage entity and eliminated all inception to date information.
a) Cash
The Company considers all highly liquid instruments
with maturity of three months or less at the time of issuance to be cash equivalents. There is no cash equivalents as at December
31, 2015 (June 30, 2015: $nil).
b) Mineral Property Acquisition
Payments
The Company expenses all costs
incurred on mineral properties to which it has secured exploration rights prior to the establishment of proven and probable reserves.
If and when proven and probable reserves are determined for a property and a feasibility study prepared with respect to the property,
then subsequent exploration and development costs of the property will be capitalized.
The Company regularly performs
evaluations of any investment in mineral properties to assess the recoverability and/or the residual value of its investments in
these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying
amount of an asset may not be recoverable.
c) Exploration Expenditures
The Company follows a policy
of expensing exploration expenditures until a production decision in respect of the project and the Company is reasonably assured
that it will receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project
approval certificate.
d) Asset Retirement Obligations
The Company has adopted ASC
410, Accounting for Asset Retirement Obligations, which requires that an asset retirement obligation (ARO)
associated with the retirement of a tangible long-lived asset be recognized as a liability in the period which it is incurred and
becomes determinable, with an offsetting increase in the carrying amount of the associated asset.
The cost of the tangible
asset, including the initially recognized ARO, is depleted, such that the cost of the ARO is recognized over the useful life of
the asset. The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted liability is accreted
to its expected settlement value. The fair value of the ARO is measured using expected future cash flow, discounted at the Companys
credit-adjusted risk-free interest rate. To date, no significant asset retirement obligation exists due to the early stage of
exploration. Accordingly, no liability has been recorded.
e) Use of Estimates and Assumptions
The preparation of financial
statements in conformity with United States generally accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
Date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
f) Financial Instruments
ASC 820, Fair Value
Measurements and Disclosures requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence
surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy
is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into
three levels that may be used to measure fair value:
Level 1 - Quoted
prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than
quoted prices included within Level 1 that are either directly or indirectly observable; and
Level 3 - Unobservable inputs
that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions
that market participants would use in pricing.
The Companys financial
instruments consist principally of cash, accounts payable and accrued liabilities, loan payable and due to a related party. Pursuant
to ASC 820, the fair value of our cash is determined based on Level 1 inputs, which consist of quoted prices in active
markets for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate
their current fair values because of their nature and respective maturity dates or durations.
The Companys operations
are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk
to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these
rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
g) Income Taxes
The Company accounts for income
taxes in accordance with ASC 740, Accounting for Income Taxes and ASC 740 Accounting for Uncertainty in Income
Taxes, which require the liability method of accounting for income taxes. The liability method requires the recognition of deferred
tax assets and liabilities for future tax consequences of temporary differences between the financial statement basis and the tax
basis of assets and liabilities.
h) Basic and Diluted Net
Loss per Share
The Company reports basic
loss per share in accordance with ASC 260 Earnings per Share. Basic loss per share is computed using the
weighted average number of common stock outstanding during the period. Diluted loss per share is computed using the weighted average
number of common and potentially dilutive common stock outstanding during the period. Diluted loss per share is equal to basic
loss per share because there are no potential dilutive securities.
i) Foreign Currency Translation
The Companys functional
currency is the U.S. dollar. Transactions in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing
at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into U.S. dollars at the
rate prevailing at the balance sheet date. Non-monetary items are translated at the historical rate unless such items are carried
at market value, in which case they are translated using exchange rates that existed when the value were determined. Any resulting
exchange rate differences are recorded in the statement of operations.
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v3.3.1.900
Recent Accounting Pronouncements
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Changes and Error Corrections [Abstract] |
|
Recent Accounting Pronouncements |
3. RECENT ACCOUNTING PRONOUNCEMENTS
In August 2014, FASB issued
ASU 2014-15, Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about
an Entitys Ability to Continue as a Going Concern. The FASBs objective in issuing this ASU is to reduce diversity
in the timing and content of footnote disclosures. The amendment is effective for the annual period ending after December 15, 2015
and for annual periods and interim periods thereafter. Early adoption is permitted. We are currently assessing the impact of the
adoption of this update on our financial position or results of operations.
In January 2015, the FASB
issued ASU 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation
by Eliminating the Concept of Extraordinary Items, which eliminates the concept of extraordinary items. Under this new guidance,
entities will no longer be required to separately classify, present and disclose extraordinary events and transactions. The amendments
in this update are effective for annual and interim periods beginning after December 15, 2015. The Company is evaluating the impact
of ASU 2015-01 and an estimate of the impact to the consolidated financial statements cannot be made at this time.
The Company does not expect
that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
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v3.3.1.900
Mineral Claim Interest
|
6 Months Ended |
Dec. 31, 2015 |
Extractive Industries [Abstract] |
|
Mineral Claim Interest |
4. MINERAL CLAIM INTEREST
On August 15, 2013, the Company
entered into a Quitclaim Deed (the Deed) with Kee Nez Resources, LLC (Grantor), a Utah limited liability
company. Pursuant to the Deed, the Grantor, in consideration of $10 and other valuable consideration, remise, release, and forever
quitclaim unto the Company all of Grantors right, title, and interest in and to the GSR group of unpatented lode mining
claims situated in Churchill Country, Nevada. As a result, the Company has obtained title to the GSR claims in August 2013.
The Company did not incur
further expenditures on the property during the six months ended December 31, 2015 as well as for the year ended June 30, 2015
due to lack of cash.
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- DefinitionThe entire disclosure for mineral industries.
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v3.3.1.900
Capital Stock
|
6 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
Capital Stock |
5. CAPITAL STOCK
|
a) |
On April 24, 2006, the Company issued 6,000,000 common shares at $0.00001 per share to two founding shareholders. |
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b) |
On March 28, 2007, the Company closed its public offering and issued additional 1,070,000 common shares at $0.10. |
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c) |
The Company has not issued any shares during the six months ended December 31, 2015 and has no stock option plan, warrants or other dilutive securities. |
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Due to Related Parties
|
6 Months Ended |
Dec. 31, 2015 |
Related Party Transactions [Abstract] |
|
Due to Related Parties |
6. DUE TO RELATED PARTIES
As of December 31, 2015,
due to related parties balance of $82,959 (June 30, 2015: $82,959) represents the combination of the following:
|
a) |
$54,959 (June 30, 2015: $54,959) owed to a company controlled by a former director and principal shareholder of the Company, for the amount of office, transfer agent and travel expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand; |
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b) |
$28,000 (June 30, 2015: $28,000) owed to a director of the Company, for the amount of office, travel and telephone expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand. Also see Note 7. |
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Loan Payable
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Loan Payable |
7. LOAN PAYABLE
Loan payable consists of
followings:
$143,700 (June 30, 2015:
$143,700) was payable to 0787129 B.C. Ltd. (a non-related party) of which $51,272 and $34,827 were the result of the assignment
and transfer from loan payable to ATP Corporate Services Corp. (a non-related party) and Bobcat Development, respectively. The
loan amount is unsecured, interest-bearing at 12% per annual and due on demand. During the six months ended December 31, 2015,
the Company incurred and accrued interest expense of $nil (2014: $6,104).
$57,859 (June 30, 2015: $57,859)
was payable to Bobcat Development (a non-related party). The loan amount is unsecured, interest-bears at 12% per annual and due
on demand. During the six months ended December 31, 2015, the Company incurred and accrued interest expenses of $nil (2014: $2,263).
$29,777 (June 30, 2015:
$14,479) was payable to Dimac Capital (a related party). The loan amount is unsecured, interest-bears at 12% per annual and due
on demand. During the six months ended December 31, 2015, the Company incurred and accrued interest expenses of $nil (2014: $151).
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Cash |
a) Cash
The Company considers all highly liquid instruments
with maturity of three months or less at the time of issuance to be cash equivalents. There is no cash equivalents as at December
31, 2015 (June 30, 2015: $nil).
|
Mineral Property Acquisition Payments |
b) Mineral Property Acquisition
Payments
The Company expenses all costs
incurred on mineral properties to which it has secured exploration rights prior to the establishment of proven and probable reserves.
If and when proven and probable reserves are determined for a property and a feasibility study prepared with respect to the property,
then subsequent exploration and development costs of the property will be capitalized.
The Company regularly performs
evaluations of any investment in mineral properties to assess the recoverability and/or the residual value of its investments
in these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the
carrying amount of an asset may not be recoverable.
|
Exploration Expenditures |
c) Exploration Expenditures
The Company follows a policy
of expensing exploration expenditures until a production decision in respect of the project and the Company is reasonably assured
that it will receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project
approval certificate.
|
Asset Retirement Obligations |
d) Asset Retirement Obligations
The Company has adopted ASC
410, Accounting for Asset Retirement Obligations, which requires that an asset retirement obligation (ARO)
associated with the retirement of a tangible long-lived asset be recognized as a liability in the period which it is incurred and
becomes determinable, with an offsetting increase in the carrying amount of the associated asset.
The cost of the tangible
asset, including the initially recognized ARO, is depleted, such that the cost of the ARO is recognized over the useful life of
the asset. The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted liability is accreted
to its expected settlement value. The fair value of the ARO is measured using expected future cash flow, discounted at the Companys
credit-adjusted risk-free interest rate. To date, no significant asset retirement obligation exists due to the early stage of
exploration. Accordingly, no liability has been recorded.
|
Use of Estimates and Assumptions |
e) Use of Estimates and Assumptions
The preparation of financial
statements in conformity with United States generally accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
Date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
Financial Instruments |
f) Financial Instruments
ASC 820, Fair Value
Measurements and Disclosures requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence
surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy
is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into
three levels that may be used to measure fair value:
Level 1 - Quoted
prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than
quoted prices included within Level 1 that are either directly or indirectly observable; and
Level 3 - Unobservable inputs
that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions
that market participants would use in pricing.
The Companys financial
instruments consist principally of cash, accounts payable and accrued liabilities, loan payable and due to a related party. Pursuant
to ASC 820, the fair value of our cash is determined based on Level 1 inputs, which consist of quoted prices in active
markets for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate
their current fair values because of their nature and respective maturity dates or durations.
The Companys operations
are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk
to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these
rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
|
Income Taxes |
g) Income Taxes
The Company accounts for
income taxes in accordance with ASC 740, Accounting for Income Taxes and ASC 740 Accounting for Uncertainty
in Income Taxes, which require the liability method of accounting for income taxes. The liability method requires the recognition
of deferred tax assets and liabilities for future tax consequences of temporary differences between the financial statement basis
and the tax basis of assets and liabilities.
|
Basic and Diluted Net Loss Per Share |
h) Basic and Diluted Net
Loss per Share
The Company reports basic
loss per share in accordance with ASC 260 Earnings per Share. Basic loss per share is computed using the
weighted average number of common stock outstanding during the period. Diluted loss per share is computed using the weighted average
number of common and potentially dilutive common stock outstanding during the period. Diluted loss per share is equal to basic
loss per share because there are no potential dilutive securities.
|
Foreign Currency Translation |
i) Foreign Currency Translation
The Companys functional
currency is the U.S. dollar. Transactions in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing
at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into U.S. dollars at the
rate prevailing at the balance sheet date. Non-monetary items are translated at the historical rate unless such items are carried
at market value, in which case they are translated using exchange rates that existed when the value were determined. Any resulting
exchange rate differences are recorded in the statement of operations.
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v3.3.1.900
Loan Payable (Details Narrative) - USD ($)
|
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Loans payable |
$ 231,336
|
|
$ 216,038
|
Accrued interest expense |
|
$ 8,520
|
|
Bobcat Development [Member] |
|
|
|
Loans payable |
$ 57,859
|
|
$ 57,859
|
Debt interest rate percentage |
12.00%
|
|
12.00%
|
Accrued interest expense |
|
2,263
|
|
Dimac Capital [Member] |
|
|
|
Loans payable |
$ 29,777
|
|
$ 14,479
|
Debt interest rate percentage |
12.00%
|
|
12.00%
|
Accrued interest expense |
|
151
|
|
B.C. Ltd [Member] |
|
|
|
Loans payable |
$ 143,700
|
|
$ 143,700
|
Debt interest rate percentage |
12.00%
|
|
12.00%
|
Accrued interest expense |
|
$ 6,104
|
|
ATP Corporate Services Corp [Member] |
|
|
|
Loans payable |
$ 51,272
|
|
$ 34,827
|
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