PINX:SRGL Source Gold Corp. Quarterly Report 10-Q Filing - 1/31/2012

Effective Date 1/31/2012

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10Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549


FORM 10-Q


[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 pursuant to 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

For the transition period                  to __________

 

 

 

Commission File Number: 333-153881


Source Gold Corp.

(Exact name of registrant issuer as specified in its charter)


Nevada

N/A

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)


2 Toronto Street, Suite 234

Toronto, Ontario, Canada M5C 2B5

(Address of principal executive offices)

 

(289) 208-6664

(Issuer’s telephone number)

 

________________________

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


Indicate by check mark whether the registrant (1) 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 [X] Yes   [ ] 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   [X ] No


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.


[ ] Large accelerated filer Accelerated filer

[  ]  Non-accelerated filer

[X] Smaller reporting company

 


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [  ] Yes   [X] No


State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 50,381,765 as of March 13, 2012.




TABLE OF CONTENTS


 

Page

 

 

PART I - FINANCIAL INFORMATION

 

 

 

Item 1: Financial Statements

3

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

5

Item 3: Quantitative and Qualitative Disclosures About Market Risk

15

Item 4: Controls and Procedures

16

 

 

PART II - OTHER INFORMATION

 

 

 

Item 1: Legal Proceedings

17

Item 1A: Risk Factors

17

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

18

Item 3: Defaults Upon Senior Securities

18

Item 4: Mine Safety Disclosures

18

Item 5: Other Information

18

Item 6: Exhibits

19
















2




PART I - FINANCIAL INFORMATION


Item 1. Financial Statements


Our unaudited interim consolidated financial statements included in this Form 10-Q are as follows:


F-1

Consolidated Balance Sheets as of January 31, 2012 and July 31, 2011

F-2

Consolidated Statements of Operations for the three and six months ended January 31, 2012 and 2011 and period from Inception (June 4, 2008) to January 31, 2012

F-3

Consolidated Statement of Stockholders’ Equity (Deficit) for period from Inception (June 4, 2008) to January 31, 2012

F-5

Consolidated Statements of Cash Flows for the six months ended January 31, 2012 and 2011 and period from Inception (June 4, 2008) to January 31, 2012

F-6

Notes to Unaudited Consolidated Financial Statements


These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q.  In the opinion of management, all adjustments considered necessary for a fair presentation have been included.  Operating results for the interim period ended January 31, 2012 are not necessarily indicative of the results that can be expected for the full year.






















3






















SOURCE GOLD CORP.

(An Exploration Stage Company)

Consolidated Financial Statements

(Unaudited)






4




SOURCE GOLD CORP.

(An Exploration Stage Company)

Consolidated Balance Sheets

(Stated in US Dollars)



 

 

January 31

 

July 31

ASSETS

 

2012

 

2011

 

 

(Unaudited)

 

(Audited)

Current

 

 

 

 

 

 

     Cash

 

$

12,995

 

$

47,106

     Prepaid expenses

 

 

480

 

 

480

 

 

 

 

 

 

 

Total current assets

 

 

13,475

 

 

47,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

13,475

 

 

47,586

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

     Due to related party

 

 

1,495

 

 

-

     Accounts payable and accrued liabilities

 

 

117,248

 

 

129,748

 

 

 

 

 

 

 

Total current liabilities

 

 

118,743

 

 

129,748

 

 

 

 

 

 

 

Total liabilities

 

$

118,743

 

$

129,748

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value

 

 

 

 

 

 

20,000,000 shares authorized, none outstanding

 

$

-

 

$

-

Common stock, $0.001 par value - Note 5

 

 

 

 

 

 

180,000,000 shares authorized

 

 

 

 

 

 

50,381,765 (July 31, 2011 -  49,846,765) shares issued and outstanding

 

 

50,381

 

 

49,846

Additional paid in capital

 

 

13,861,994

 

 

13,787,529

Accumulated other comprehensive loss

 

 

(517)

 

 

(7,455)

Deficit accumulated during the exploration stage

 

 

(14,017,126)

 

 

(13,912,082)

 

 

 

 

 

 

 

Total stockholders’ deficit

 

 

(105,268)

 

 

(82,162)

 

 

 

 

 

 

 

Total liabilities and stockholders’ deficit

 

$

13,475

 

$

47,586



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




F-1




SOURCE GOLD CORP.

 (An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Stated in US Dollars)

(Unaudited)



 

 

 

 

 

 

Cumulative

Inception

 

 

 

 

 

 

(June 4, 2008)

 

 

Three Months Ended

 

Six Months Ended

 

to

 

 

January 31,

 

January 31,

 

January 31,

 

 

2012

 

2011

 

2012

 

2011

 

2012

 

 

 

 

(Restated)

 

 

 

(Restated)

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Accounting and audit fees

 

$

15,824

 

$

30,062

 

$

30,951

 

$

51,439

 

$

165,584

   Foreign exchange (gain) loss

 

 

(27)

 

 

514

 

 

5,595

 

 

514

 

 

8,875

   Legal fees

 

 

11,013

 

 

30,050

 

 

19,992

 

 

51,904

 

 

223,693

   Management fees - Note 4

 

 

18,000

 

 

1,267,571

 

 

36,000

 

 

4,022,571

 

 

11,125,569

   Mineral property option impairment

 

 

-

 

 

-

 

 

-

 

 

-

 

 

2,203,611

   Mineral property exploration costs

 

 

-

 

 

788

 

 

-

 

 

74,401

 

 

152,629

   Office expenses

 

 

3,713

 

 

3,624

 

 

12,506

 

 

11,283

 

 

89,318

   Tax penalties and interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

47,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(48,523)

 

 

(1,332,609)

 

 

(105,044)

 

 

(4,212,112)

 

 

(14,017,126)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive gain (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized foreign exchange

 

 

111

 

 

(804)

 

 

6,938

 

 

(1,299)

 

 

(517)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

$

(48,412)

 

$

(1,333,413)

 

$

(98,106)

 

$

(4,213,411)

PINX:SRGL Source Gold Corp. Quarterly Report 10-Q Filling

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

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