PINX:CLRVD Quarterly Report 10-Q Filing - 1/31/2012

Effective Date 1/31/2012

UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10-Q

(Mark One)x Quarterly Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934

For the quarterly period ended January 31, 2012

¨ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act Of 1934

For the transition period ________ to ________

                                             COMMISSION FILE NUMBER: 000-53438

CLARIDGE VENTURES, INC.(Exact name of small business issuer as specified in its charter)

NEVADA

Applied for

(State or other jurisdiction of incorporation or

(IRS Employer Identification No.)

organization)

 

 


 3730-1015-4th Street SW Calgary Alberta T2R 1J

(Address of principal executive offices)

                                                                                                                                                         

                 (403) 819-6090

(Registrants telephone number)

                        


                               Suite 2106-24 Hemlock Crescent SW Calgary, Alberta T3C 2Z1

 (Former name, former address and former fiscal year, if changed since last report)                    

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 twelve 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of January 31, 2012, the Issuer had 8,285,000 Shares of Common Stock outstanding.

Transitional Small Business Disclosure Format (check one): Yes  No x



PART I - FINANCIAL INFORMATION

ITEM 1.                FINANCIAL STATEMENTS.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Item 310(b) of Regulation S-K and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders' equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the three months ended January 31, 2012 are not necessarily indicative of the results that can be expected for the year ending July 31, 2011.

As used in this Quarterly Report, the terms "we", "us", "our", the Company and Claridge mean Claridge Ventures, Inc. and its subsidiaries unless otherwise indicated. All dollar amounts in this Quarterly Report are in U.S. dollars unless otherwise stated.
















                                                          CLARIDGE VENTURES, INC.

                                                (AN EXPLORATION STAGE COMPANY)

                                                               BALANCE SHEETS

                                                                     (UNAUDITED)










January 31,

July 31,









2011

2011











ASSETS











CURRENT ASSETS:










Cash







0

0













TOTAL CURRENT ASSETS




                 -

                 -













TOTAL ASSETS





 $            -   

 $            -   

LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY


Accounts payable and accrued expenses





13,582

13,582













TOTAL CURRENT LIABILITIES




       13,582

       13,582











COMMITMENTS AND CONTINGENCIES

















SHAREHOLDERS' (DEFICIT) EQUITY:















8,285

         8,285


Paid in capital






62,415

62,415


Accumulated deficit






(84,282)

(84,282)













TOTAL SHAREHOLDERS' (DEFICIT) EQUITY



    (13,582)

    (13,582)













TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY

 $            -   

 $            -   












The accompanying notes are an integral part of these consolidated financial statements


F-1





                                                          CLARIDGE VENTURES, INC.

                                                (AN EXPLORATION STAGE COMPANY)

                                                       STATEMENT OF OPERATIONS

                                                                     (UNAUDITED)






For the Three

For the Three

For the Period





Months Ended

Months Ended

from May 7,





January 31,

January 31,

2008 (Inception) to





2012

2010

January 31, 2012








REVENUES




 $                     -   

 $                        -   

 $                         -   








Cost of operations



                        -   

                           -   

                            -   








GROSS PROFIT



                        -   

                           -   

                            -   








OPERATING EXPENSES







General and administrative expenses

                        -   

                           -   

                     32,782


Consulting



                        -   

                           -   

                     30,000


Impairment loss on mineral property costs

                        -   

                           -   

                     21,500










Total operating expenses

                        -   

                           -   

                     84,282








Loss from continuing operations






before provision for income taxes

                        -   


                            -   








Provision for income taxes


                        -   

 

                            -   








NET LOSS




 $                       -

 $                          -

 $                (84,282)








Weighted average common shares outstanding - basic and diluted

           8,285,000

              8,285,000

                              -








Net loss per share-basic and diluted


 $                     -   

 $                        -   

 $                         -   








The accompanying notes are an integral part of these consolidated financial statements






F-2


                                                          CLARIDGE VENTURES, INC.

                                                (AN EXPLORATION STAGE COMPANY)

                                                        STATEMENT OF CASHFLOWS

                                                                     (UNAUDITED)









For the Three

For the Three

For the Period

 







Months Ended

Months Ended

from May 7,

 







January 31,

January 31,

2008 (Inception) to

 







2011

2010

January 31, 2012

 

CASH FLOW FROM OPERATING ACTIVITIES:






 


Net loss





 $               -   

 $                  -   

 $           (84,282)

 


Adjustments to reconcile net loss to net cash





 



Impairment loss on mineral property costs

    -   

 -               21,500



Changes in assets and liabilities:









Accounts payable and accrued expenses


                  -   

                     -   

                 13,582












NET CASH USED IN OPERATING ACTIVITIES



                  -   

                     -   

               (49,200)












CASH FLOW FROM INVESTING ACTIVITIES:









Purchase of mineral rights



                  -   

                     -   

               (21,500)


NET CASH USED BY INVESTING ACTIVITIES



                  -   

                     -   

               (21,500)












CASH FLOW FROM FINANCING ACTIVITIES:








Net proceeds from the issuance of common stock


                  -   

                     -   

                         -   



Net proceeds from subscriptions receivable


                  -   

                     -   

                 70,700


NET CASH PROVIDED BY FINANCING ACTIVITIES


                  -   

                     -   

                 70,700












(Decrease) Increase in Cash and Cash Equivalents



                  -   

                     -   

                         -   












CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD


                  -   

                     -   

                         -   












CASH AND CASH EQUIVALENTS, END OF PERIOD


 $               -   

 $                  -   

 $                      -   












SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:




Cash paid for interest




 $               -   

 $                  -   

 $                      -   



Cash paid for income taxes



 $               -   

 $                  -   

 $                      -   












The accompanying notes are an integral part of these consolidated financial statements

F-3


CLARIDGE VENTURES, INC.

(An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

                                                                               January 31, 2012

(Unaudited)


NOTE 1 ORGANIZATION AND BASIS OF PRESENTATION


Claridge Ventures, Inc. (the "Company") was incorporated in the State of Nevada on May 7, 2008. The Company was organized to develop and explore mineral properties in the State of Nevada.

These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in United States (US) dollars. The Company has not produced any revenue from its principal business and is a exploration stage company. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.


NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES


Use of Estimates


The preparation of financial statements in conformity with 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 these financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.


Impaired Asset Policy


The Company tests its assets for recoverability whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable, which includes comparing the carrying amount of a long-lived asset to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss would be measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value. For the Company's mining claims, this test includes examining the discounted and undiscounted cash flows associated with value beyond proven and probable reserves, in determining whether the mining claim is impaired.


Start-up Expenses


The Company expenses costs associated with start-up activities as incurred. Accordingly, start-up costs associated with the Company's formation have been included in the Company's general and administrative expenses for the period from inception on May7, 2008 to January 31, 2012.


Foreign Currency Translation


The Companys functional and reporting currency is the US dollar as substantially all of the Companys operations are in United States.





F-4



CLARIDGE VENTURES,, INC.

(An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

                                                                              January 31, 2012

(Unaudited)


Assets and liabilities that are denominated in a foreign currency are translated at the exchange rate in effect at the year end and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period. Translation adjustments from the use of different exchange rates from period to period are included in the Comprehensive Income statement account in Stockholders Equity, if applicable.  

Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  If applicable, exchange gains and losses are included in other items on the Statement of Operations.


Basic and Diluted Loss Per Share


The Company computes basic loss per share by dividing the net loss by the weighted average common shares outstanding during the period. There are no potential common shares; accordingly, diluted and basic loss per share amounts are the same.


Fair Value of Financial Instruments


The Companys only financial instruments are cash. Due to the short maturities of these financial instruments, their fair value approximates their carrying value.  

                                                                   

Income Taxes


Deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. The Company has cumulative net losses of $84,282 as of January 31, 2012, with an approximate deferred tax asset of $28,321 that has been fully offset by a valuation allowance. The net operating losses expire 20 years from the date incurred.


Recent Authoritative Pronouncements

The Company does not expect that the adoption of any recent accounting standards to have a material impact on its financial statements.

NOTE 3 MINERAL PROPERTY ACQUISITION AND EXPLORATION COST

On July 17, 2008 the Company acquired a 100% interest in numerous claims known as the Pyramid Properties, located in the State of Nevada. The claims were purchased for $21,500 cash and accompanying the property purchase was a geological report which was included in the purchase price. During the year ended July 31, 2008, the Company determined that the carrying amount of the mineral claims were in excess of its estimated fair value and recognized an impairment loss on mineral claims costs of $21,500. The Property has since been abandoned.


F-5




CLARIDGE VENTURES,, INC.

(An Exploration Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

                                                                              January 31, 2012

(Unaudited)


NOTE 4 STOCKHOLDERS EQUITY


The Company has issued common shares to  a total of 39 individuals between May 7, 2008 and July 31, 2008. 5,000,000 shares were purchased at $0.001 by two individual for total proceeds of $5,000; 3,285,000 shares were purchased at $0.02 by 37 individuals for a total proceeds received by the company of $65,700..

                                                        

NOTE 5 GOING CONCERN

These financial statements are presented on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business over a reasonable length of time. As of January 31, 2012 the Company had  incurred accumulated losses since inception of $84,282 The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Its continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing or refinancing as may be required, and ultimately to establish profitable operations.

Management's plans for the continuation of the Company as a going concern include financing the Company's operations through issuance of its common stock. If the Company is unable to complete its financing requirements or achieve revenue as projected, it will then modify its expenditures and plan of operations to coincide with the actual financing completed and actual operating revenues. There are no assurances, however, with respect to the future success of these plans.
















F-6




ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Quarterly Report constitute "forward-looking statements". These statements, identified by words such as plan, "anticipate," "believe," "estimate," "should," "expect" and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption "Management's Discussion and Analysis or Plan of Operation" and elsewhere in this Quarterly Report. We advise you to carefully review the reports and documents we file from time to time with the Securities and Exchange Commission (the SEC).

Overview

We were incorporated on under the laws of the State of Nevada. We are an exploration stage company engaged in the acquisition and exploration of mineral properties. We owned a 100% undivided interest in mineral a property located in the State of Nevada known as the Pyramid Prospect. These claims have currently expired and are seeking new opportunities.

Acquisition of the Pyramid Prospect

We purchased the Pyramid Prospect in an arms-length transaction on July 17, 2008 from David Bending of Reno Nevada for the Sum of $21,500 cash. These claims were not renewed at August 31, 2010 and have expired due to lack of available funding to maintain the claims.

Current State of Exploration

None

PLAN OF OPERATION

Our plan of operation is to actively explore and acquire other business opportunities in the  mineral exploration and mining industry as well as other businesses in different industries that may be suitable for us.

We do not have sufficient cash on hand to fund our operations for the next twelve months. However, we will require additional financing in order to proceed with any additional work beyond Phase I of our exploration program. We presently do not have any arrangements for additional financing







We anticipate that we will incur over the next twelve months the following expenses:

Category

Planned Expenditures Over The Next 12 Months (US$)

 



Legal and Accounting Fees

$20,800

 

Office Expenses

-

 

Mineral Property Exploration Expenses

-

 

                                                 TOTAL

$20,800

 

Our total expenditures over the next twelve months are anticipated to be approximately $20,800 Our cash on hand as of January 31, 2012 is $0

We do not have sufficient cash on hand to pay the costs to fund our operations for the next twelve months. We also require additional financing in order to proceed with any additional work once we acquire other mineral properties or business.

We presently do not have any arrangements for additional financing, and no potential lines of credit or sources of financing are currently available for the purpose of proceeding with acquiring another business.

LIQUIDITY AND CAPITAL RESOURCES

Working Capital

 

 

 

 

At January 31, 2012

At July 31, 2011

Current Assets

0

           $0

Current Liabilities

               (13,582)

              13,582

Working Capital (Deficit)

$(13,582)

           $(13,582)

Cash Flows

 

Three Months Ended

January 31, 2012

 


Cash Flows from (used in) Operating Activities

(0)

Cash Flows from (used in) Investing Activities

-

Cash Flows from (used in) Financing Activities

-

Net Increase (decrease) in Cash During Period

(0)

The decline in our working capital surplus at January 31, 2012 from the period ended July 31, 2009 is reflective of the current state of our business development, primarily due to the decrease in our professional fees paid, due to lack of available funding.  As of, January 31, 2012, we had cash on hand of $0. Since our inception, we have used our common stock to raise money for our operations and for our property acquisitions.



We have not attained profitable operations and are dependent upon obtaining financing to pursue our plan of operation. For these reasons, our auditors stated in their report to our audited financial statements for the year ended July 31, 2010, that there is substantial doubt that we will be able to continue as a going concern.

Future Financings

We have incurred a net loss of $84,282 for the period from May 7, 2008 (inception) to January 31, 2012 and have no revenues to date. Our future is dependent upon our ability to obtain financing. We anticipate continuing to rely on equity sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will achieve any of additional sales of our equity securities or arrange for debt or other financing for to fund our planned business activities.

We presently do not have any arrangements for additional financing, and no potential lines of credit or sources of financing are currently available for the purpose of proceeding with exploration work beyond Phase II of our exploration program.

OFF-BALANCE SHEET ARRANGEMENTS

We have no significant 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.

CRITICAL ACCOUNTING POLICIES

The financial statements presented with this Quarterly Report on Form 10-Q have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information. These financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments (consisting solely of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows as at January 31, 2012 and for all periods presented in the attached financial statements, have been included. Interim results for the three month and three-month period ended January 31, 2012 are not necessarily indicative of the results that may be expected for the fiscal year as a whole.

We have identified certain accounting policies, described below, that are most important to the portrayal of our current financial condition and results of operations. Our significant accounting policies are disclosed in the notes to our consolidated financial statements for the year ended July 31, 2010

Exploration Stage Enterprise

Our financial statements are prepared using the accrual method of accounting and according to the provisions of Statement of Financial Accounting Standards No. 7 (SFAS 7), Accounting and Reporting for Development Stage Enterprises, as we devote substantially all of our efforts to acquiring and exploring mineral properties in Nevada,. Until such properties are acquired and developed, we will continue to prepare our financial statements and related disclosures in accordance with entities in the exploration stage.




Cost of Maintaining Mineral Properties

We do not accrue the estimated future costs of maintaining our mineral properties in good standing.

Mineral Property Acquisition Payments and Exploration Costs

We record our interest in mineral properties at cost. We expense all costs incurred on mineral properties to which we have secured exploration rights, other than acquisition costs, prior to the establishment of proven and probable reserves. If and when proven and probably 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.

We regularly perform evaluations of any investment in mineral properties to assess the recoverability and/or the residual value of our 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

We follow a policy of expensing exploration expenditures until a production decision in respect of the project and we are reasonably assured that it will receive regulatory approval to permit mining operations which may include the receipt of a legally binding project approval certificate.

Management periodically reviews the carrying value of its investments in mineral leases and claims with internal and external mining related professionals. A decision to abandon, reduce or expand a specific project is based upon many factors including general and specific assessments of mineral deposits, anticipated future mineral prices, anticipated future costs of exploring, developing and operating a production mine, the expiration term and ongoing expenses of maintaining mineral properties and the general likelihood that we will continue exploration on such project. We do not set a pre-determined holding period for properties with unproven deposits, however, properties which have not demonstrated suitable metal concentrations at the conclusion of each phase of an exploration program are reevaluated to determine if future exploration is warranted, whether there has been any impairment in value and that their carrying values are appropriate.

If an area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are charged against operations in the year of abandonment or determination of value. The amounts recorded as mineral leases and claims represent costs to date and do not necessarily reflect present or future values.

Our exploration activities and proposed mine development are subject to various laws and regulations governing the protection of the environment. These laws are continually changing, generally becoming more restrictive. We have made, and expect to make in the future, expenditures to comply with such laws and regulations.

The accumulated costs of properties that are developed in the stage of commercial production will be amortized to operations through unit-of-production depletion.




Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for the reporting period. Significant areas requiring the use of management estimates relate to the valuation of its mineral leases and claims and our ability to obtain final government permission to complete the project.

RISKS AND UNCERTAINTIES

We have yet to attain profitable operations and because we will need additional financing to fund our exploration activities, our accountants believe there is substantial doubt about our ability to continue as a going concern

We have incurred a net loss of $84,282 for the period from (inception) to January 31, 2012, and have no revenues to date. Our future is dependent upon our ability to obtain financing and our ability to acquire new mineral properties or other business concern. These factors raise substantial doubt that we will be able to continue as a going concern.

If we do not obtain additional financing, our business will fail

Our current operating funds are insufficient to complete the proposed exploration program; however, they will be insufficient to complete the full exploration of the mineral claims and begin mining efforts should the mineral claims prove commercially viable. Therefore, we will need to obtain additional financing in order to complete our full business plan. As of January 31, 2012, we had cash in the amount of $0. We currently do not have any operations and we have no income. Our plan of operation calls for significant expenses in connection with the exploration of our mineral claims. We require additional financing to complete and proceed past Phase II of our exploration program. We may also require additional financing if the costs of the exploration of our mineral claims are greater than anticipated. We may also require additional financing to sustain our business operations if we are not successful in earning revenues. We currently do not have any arrangements for financing and we may not be able to obtain financing when required. Obtaining additional financing would be subject to a number of factors, including the market prices for the mineral property and metals. These factors may make the timing, amount, terms or conditions of additional financing unavailable to us.

Because of the unique difficulties and uncertainties inherent in mineral exploration ventures, we face a high risk of business failure

Investors should be aware of the difficulties normally encountered by new mineral exploration companies and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the mineral properties that we plan to undertake. These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates. The expenditures to be incurred by us in the exploration of the mineral claims may not result in the discovery of mineral deposits. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. If the results of Phases II and III of our exploration program do not reveal viable commercial mineralization, we may



decide to abandon our claim and acquire new claims for new exploration. The acquisition of additional claims will be dependent upon us possessing capital resources at the time in order to purchase such claims. If no funding is available, we may be forced to abandon our operations.

Because we anticipate our operating expenses will increase prior to our earning revenues, we may never achieve profitability

Prior to completion of our exploration stage, we anticipate that we will incur increased operating expenses without realizing any revenues. We therefore expect to incur significant losses into the foreseeable future. We recognize that if we are unable to generate significant revenues from the exploration of our mineral claims, we will not be able to earn profits or continue operations.

There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we can provide no assurance that we will generate any revenues or ever achieve profitability. If we are unsuccessful in addressing these risks, our business will most likely fail.

Because our executive officers do not have formal training specific to the technicalities of mineral exploration, there is a higher risk our business will fail

Our executive officers and directors, do not have any formal training as a geologist or in the technical aspects of management of a mineral exploration company. Our management lacks technical training and experience with exploring for, starting, and operating a mine. With no direct training or experience in these areas, our management may not be fully aware of the specific requirements related to working within this industry. Our management's decisions and choices may not take into account standard engineering or managerial approaches mineral exploration companies commonly use. Consequently, our operations, earnings, and ultimate financial success could suffer irreparable harm due to management's lack of experience in this industry.

Because our Directors, own 60.36% of our outstanding common stock, investors may find that corporate decisions influenced by our Directors are inconsistent with the best interests of other stockholders

Our directors and executive officers and owns 60.36% of the outstanding shares of our common stock. Accordingly, they will have a significant influence in determining the outcome of major corporate transactions or other matters that require shareholder approval such as mergers, consolidations and the sale of all or substantially all of our assets, and also the power to prevent or cause a change in control. The interests of may differ from the interests of the other stockholders.

We may conduct further offerings in the future in which case current shareholdings will be diluted

We may conduct further equity offerings in the future to finance our current projects or to finance subsequent projects that we decide to undertake. If common stock is issued in return for additional funds, the price per share could be lower than that paid by our current stockholders. The result of this could reduce the value of the stock of our shareholders. If we issue additional stock, shareholders percentage interest in us will be lower. This condition is often referred to as "dilution".





ITEM 3.                CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures


Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act"). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of January 31, 2012, due to the material weaknesses resulting from the Board of Directors not currently having any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K, and controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Please refer to our Annual Report on Form 10-K as filed with the SEC, for a complete discussion relating to the foregoing evaluation of Disclosures and Procedures.

 

Changes in Internal Control over Financial Reporting

 

Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.

 

The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.                LEGAL PROCEEDINGS.

None.

ITEM 2.                UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3.                DEFAULTS UPON SENIOR SECURITIES.

None.




ITEM 4.                SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 5.                OTHER INFORMATION.

None.

ITEM 6.                EXHIBITS AND REPORTS ON FORM 8-K.

Exhibit

 

 

Number

Description of Exhibits

 

 

 

 

3.1

Articles of Incorporation.(1)

 

 

 

 

3.2

Bylaws, as amended. (1)

 

 

 

 

4.1

Form of Share subscription.(1)

 

 

 

 

10.1

Purchase Agreement dated July 17, 2008 Between David Bending and Claridge Ventures, Inc.(1)

 



 

 

 

 

 

 

31.1

Certification of Chief Executive Officer and Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *

 



 

 

 

32.1

Certification of Chief Executive Officer and Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

 




(1)

Filed with the SEC as an exhibit to our Registration Statement on Form S-1 originally filed on, September 10, 2008, as amended.


 

101.INS*

XBRL Instance Document

Filed herewith.

101.SCH*

XBRL Taxonomy Extension Schema Document

Filed herewith.

101.CAL*

XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith.

101.LAB*

XBRL Taxonomy Extension Labels Linkbase Document

Filed herewith.

101.PRE*

XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith.

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith.


*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.






SIGNATURES

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.

 

 

 

CLARIDGE VENTURES, INC.

 

 

 

 

 

 

 

 


April 26, 2012

By:

/s/ Kenneth Edmundson

 

 

 

Kenneth Edmundson

 

 

 

Chief Executive Officer, Chief Financial Officer  President, and Director

 

 

 

(Principal Executive Officer

 

 

 

and Principal Accounting Officer)




PINX:CLRVD Quarterly Report 10-Q Filling

PINX:CLRVD Stock - Get Quarterly Report SEC Filing of PINX:CLRVD stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

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PINX:CLRVD Quarterly Report 10-Q Filing - 1/31/2012
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