|
Quotes & Info
|
| MKED.OB > SEC Filings for MKED.OB > Form 10-Q on 15-Jul-2008 | All Recent SEC Filings |
15-Jul-2008
Quarterly Report
This statement contains forward-looking statements within the meaning of the Securities Act. Discussions containing such forward-looking statements may be found throughout this statement. Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors, including the matters set forth in this statement.
Our plan of operation for the next twelve months is to obtain the funding necessary to identify, purchase and explore mineral claims.
During the twelve month period following the date hereof, we anticipate that we will not generate any revenue. Accordingly, we will be required to obtain additional financing in order to continue our plan of operations. We believe that debt financing will not be an alternative for funding additional phases of exploration as we do not have tangible assets to secure any debt financing. We anticipate that additional funding will be in the form of equity financing from the sale of our common stock. However, we do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our acquisition and exploration program.
We may consider entering into a joint venture arrangement to provide the required funding to acquire and develop yet to be identified mineral claims. We have not undertaken any efforts to locate a joint venture participant. Even if we determined to pursue a joint venture participant, there is no assurance that any third party would enter into a joint venture agreement with us in order to fund exploration of any mineral claims. If we entered into a joint venture arrangement, we would likely have to assign a percentage of our interest in any mineral claims.
COMPARISON OF THREE MONTHS ENDED MAY 31, 2008 AND 2007
During the three-month periods ended May 31, 2008 and 2007, we had no revenues.
We do not anticipate having any revenues for so long as we are an exploration
stage company.
During the three-month periods ended May 31, 2008 and 2007, general and
administrative expenses, amounted to $4,160 and $26,747, respectively, and are
summarized below:
2008 2007
Advertising and promotion $ - $ 884
Bank charges and interest - (9 )
Foreign exchange - 170
Legal and professional services 2,924 23,680
Office supplies - 116
Rent 354 -
Transfer agent and filing 446 1,906
Web site 436 -
$ 4,160 $ 26,747
|
COMPARISON OF SIX MONTHS ENDED MAY 31, 2008 AND 2007
During the six-month periods ended May 31, 2008 and 2007, we had no revenues. We
do not anticipate having any revenues for so long as we are an exploration stage
company.
During the six-month periods ended May 31, 2008 and 2007, general and
administrative expenses, amounted to $5,365 and $32,889, respectively, and are
summarized below:
2008 2007
Advertising and promotion $ - $ 884
Bank charges and interest 48 93
Foreign exchange 10 81
Legal and professional 2,924 29,798
Office supplies 1,147 127
Rent 354 -
Transfer agent and filing 446 1,906
Web site 436 -
$ 5,365 $ 32,889
|
LIQUIDITY AND CAPITAL RESOURCES
At May 31, 2008, we had no cash and a working capital deficit of $13,091. Comparatively, we had cash of $1,390 and a working capital deficit of $7,726 at November 30, 2007.
PLAN OF OPERATIONS
We estimate that our total planned expenditures over the next twelve months will be approximately $85,000. Our cash and working capital will not be sufficient to enable us to locate alternative mineral claims and we will have to pursue additional debt or equity financing.
CASH USED IN OPERATING ACTIVITIES
Cash used for operating activities was $1,390 for the six-month period ended May 31, 2008 and $23,267 for the six-month period ended May 31, 2007. We anticipate that cash used in operating activities will increase in 2008 however; this is dependent upon raising additional capital.
CASH FROM FINANCING ACTIVITIES
We have funded our business to date primarily from sales of our common stock. From our incorporation on August 22, 2006, to May 31, 2008, we have raised a total of $85,000 from private offerings of our common stock.
There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our exploration of the property underlying our mineral claims option and our venture will fail.
GOING CONCERN
We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive exploration activities. For these reasons, there is substantial doubt we will be able to continue as a going concern.
FUTURE FINANCINGS
We anticipate continuing to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing shareholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned exploration activities.
OFF-BALANCE SHEET ARRANGEMENTS
None.
|
|