|
Quotes & Info
|
| SUNV.OB > SEC Filings for SUNV.OB > Form 10QSB on 27-Feb-2007 | All Recent SEC Filings |
27-Feb-2007
Quarterly Report
On June 27, 2006, we entered into an agreement with Klondike Bay Resources of Garson, Ontario wherein they agreed to sell to us four mineral claims located approximately 70 kilometers northwest of Gold Bridge, British Columbia (the "Taseko Property")in an area having the potential to contain zinc, copper, arsenic, gold and silver mineralization or deposits. During the current fiscal year we obtained a geological summary report prepared by an independent geologist on the Taseko Property, and this report provided us with recommendations for additional exploration on the property. We anticipate that the first phase of this program will cost approximately $6,200. We have not yet been able to access the property to commence the work recommended by the report due to seasonal conditions.
Our plan of operation is to conduct exploration work on the Taseko Property in order to ascertain whether it possesses economic quantities of copper, zinc, arsenic or silver. There can be no assurance that economic mineral deposits or reserves exist on the Taseko Property until the appropriate exploration work is done and an economic evaluation based on such work concludes that production of minerals from the property is economically feasible.
Even if we complete our proposed exploration programs on the Taseko property and we are successful in identifying a mineral deposit, we will have to spend substantial funds on further drilling and engineering studies before we will know if we have a commercially viable mineral deposit.
We anticipate spending the following over the next 12 months on administrative fees:
* $2,000 on legal fees
* $5,000 on accounting and audit fees
* $1,500 on EDGAR filing fees
* $6,000 on general administration costs
Total expenditures over the next 12 months are therefore expected to be approximately $20,700.
Our cash reserves are not sufficient to meet our obligations for the next twelve-month period. As a result, we will need to seek additional funding in the near future. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We may also seek to obtain short-term loans from our directors, although no such arrangement has been made. At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through a loan from our directors to meet our obligations over the next twelve months. We do not have any arrangements in place for any future equity financing.
We do not expect to earn any revenue from operations until we have either commenced mining operations on the Taseko property or have sold an interest in the property to a third party. Before this occurs, we expect that we will have to complete current recommended exploration on the property, as well as additional exploration recommended by a geologist.
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the small business issuer's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
RESULTS OF OPERATIONS FOR THE PERIOD ENDED NOVEMBER 30, 2006
We did not earn any revenues during the three-month period ended November 30, 2006. We do not anticipate earning revenues unless we enter into commercial production on the Taseko Property, which is doubtful.
We incurred operating expenses in the amount of $2,546 for the three-month period ended November 30, 2006. These operating expenses were comprised of bank charges and interest of $46, and professional fees of $2,500.
At November 30, 2006, we had total assets of $14,263, consisting entirely of cash, and no liabilities.
We have not attained profitable operations and are dependent upon obtaining financing to pursue exploration activities. For these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern.
|
|