-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HG3Px/QyY3+ovQICEzWW3uPkOmdcLXf9FCZwpMfMnFGOmjlbz9qgwaQ3Qftz6nOo J3CnkDdHCZEOXtH4W0Rvyw== 0001062993-04-000639.txt : 20040507 0001062993-04-000639.hdr.sgml : 20040507 20040507134624 ACCESSION NUMBER: 0001062993-04-000639 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040326 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINCOLN GOLD CORP CENTRAL INDEX KEY: 0001080535 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 880419475 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-25827 FILM NUMBER: 04788222 BUSINESS ADDRESS: STREET 1: SUITE 306 STREET 2: 1140 HOMER STREET CITY: VANCOUVER STATE: A1 ZIP: V6B 2X6 BUSINESS PHONE: 604-689-1659 MAIL ADDRESS: STREET 1: SUITE 306 STREET 2: 1140 HOMER STREET CITY: VANCOUVER STATE: A1 ZIP: V6B 2X6 FORMER COMPANY: FORMER CONFORMED NAME: BRADEN TECHNOLOGIES INC DATE OF NAME CHANGE: 19990224 8-K/A 1 form8ka.htm AMENDMENT NO. 1 TO CURRENT REPORT Filed by Automated Filing Services Inc. (604) 609-0244 - Lincoln Gold Corp. - Form 8-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A
AMENDMENT NO. 1

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

March 26, 2004
Date of Report (Date of earliest event reported)

LINCOLN GOLD CORPORATION
(Exact name of registrant as specified in its charter)

NEVADA 0-25827 88-0419475
(State or other jurisdiction of (Commission File (IRS Employer Identification
   incorporation) Number) No.)

#306 – 1140 Homer Street  
Vancouver, British Columbia, Canada V6B 2X6
   (Address of principal executive offices) (Zip Code)

604-689-1659
Registrant's telephone number, including area code

BRADEN TECHNOLOGIES, INC.
(Former name or former address, if changed since last report)


This Amendment No. 1 to Current Report on Form 8-K amends the Current Report on Form 8-K filed by Lincoln Gold Corporation (formerly Braden Technologies, Inc.), a Nevada corporation (the "Company”), on April 12, 2004 to add the financial statements of Lincoln Gold Corp., a Nevada corporation (“Lincoln Gold”) as required by Item 7(a) and (b) of Form 8-K.

ITEM 7.          FINANCIAL STATEMENTS AND EXHIBITS

(a) Financial Statements of Business Acquired.

Included herein as Exhibit 99.1 to this Amendment No. 1 to Current Report on Form 8-K are the following audited financial statements of Lincoln Gold prepared in accordance with US generally accepted accounting principals and stated in US dollars:

1. 
Independent Auditors’ Report of Berkovits, Lago & Company, LLP dated April 3, 2004;
   
2.
Balance Sheet as at December 31, 2003.
   
3. 
Statement of Operations for the period from September 25, 2003 (Inception) to December 31, 2003.
   
4. 
Statement of Stockholders’ Equity for the period from September 25, 2003 (Inception) to December 31, 2003.
   
5. 
Statement of Cash Flows for the period from September 25, 2003 (Inception) to December 31, 2003.
   
6. 

Notes to the Consolidated Financial Statements


(b) Pro forma Financial Information.

Included herein as Exhibit 99.2 to this Amendment No. 1 to Current Report on Form 8-K are the following unaudited pro-forma financial statements showing the effect of the acquisition of Lincoln Gold by the Company effective December 31, 2003:

1. 
Unaudited Pro Forma Consolidated Balance Sheet as at December 31, 2003;
   
2. 
Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2003;
   
3. 
Notes to Unaudited Consolidated Pro Forma Financial Statements.

(c) Exhibits.

Exhibit Description of Exhibit
   
10.1
Form of Share Purchase Agreement dated March 15, 2004 between the Company and the U.S. Shareholders of Lincoln Gold Corp. (1)
   
10.2
Form of Share Purchase Agreement dated March 15, 2004 between the Company and the Non-U.S. Shareholders of Lincoln Gold Corp. (1)
   
99.1 Audited financial statements
   
99.2 Unaudited pro-forma financial statements

(1) Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on March 16, 2004.

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  LINCOLN GOLD CORPORATION
     
Date: May 4, 2004    
  By: /s/ Paul Saxton
    PAUL SAXTON, PRESIDENT

3


EX-99.1 2 exhibit99-1.htm AUDITED FINANCIAL STATEMENTS Filed by Automated Filing Services Inc. (604) 609-0244 - Lincoln Gold Corp. - Exhibit 99.1

LINCOLN GOLD CORP.
(An Exploration Stage Company)

FINANCIAL STATEMENTS

DECEMBER 31, 2003


LINCOLN GOLD CORP.
(An Exploration Stage Company)

CONTENTS

  PAGE
   
INDEPENDENT AUDITORS REPORT  
   
FINANCIAL STATEMENTS  
   
         Balance Sheet 1
   
         Statements of Operations 2
   
         Statement of Stockholders’ Equity 3
   
         Statements of Cash Flows 4
   
         Notes to Financial Statements 5–7


INDEPENDENT AUDITORS REPORT

To the Board of Directors and Stockholders
Lincoln Gold Corp.

We have audited the accompanying balance sheet of Lincoln Gold Corp., an exploration stage company (The “Company”), as of December 31, 2003 and the related statements of operations, changes in stockholders’ equity and cash flows for the period from September 25, 2003 (inception) to December 31, 2003. The financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2003 and the results of its operations and its cash flows for the period from September 25, 2003 (inception) to December 31, 2003 in conformity with accounting principles generally accepted in the United States of America.

/s/ Berkovits, Lago & Company, LLP

April 3, 2004
Fort Lauderdale, Florida


LINCOLN GOLD CORP.
(An Exploration Stage Company)

BALANCE SHEET

DECEMBER 31, 2003

ASSETS  
       
Current Assets      
        Cash $ 15,405  
Total Current Assets   15,405  
       
Total Assets $ 15,405  
   
LIABILITIES AND STOCKHOLDERS’ EQUITY  
       
Current Liabilities      
        Accounts payable $ 15,374  
Total Current Liabilities   15,374  
       
Stockholder’ Equity      
        Common Stock, $0.001 par value, 100,000,000 shares authorized,      
        2,400,000 shares issued and outstanding   2,400  
        Additional paid-in capital   13,950  
        Deficit Accumulated During the Exploration Stage   (16,319 )
Total Stockholders’ Equity   31  
       
Total Liabilities and Stockholders’ Equity $ 15,405  

The accompanying notes are an integral part of these financial statements

1


LINCOLN GOLD CORP.
(An Exploration Stage Company)

STATEMENT OF OPERATIONS

FOR THE PERIOD FROM SEPTEMBER 25, 2003 (INCEPTION)
TO DECEMBER 31, 2003

       
Expenses      
        Professional fees $ 4,715  
        Office and sundry   95  
        Mineral property acquisition and exploration expenditures   11,509  
       
Net Loss $ (16,319 )
       
Basic and Diluted Loss Per Share $ (0.01 )
       
Weighted Average Number Of Shares Outstanding   1,187,629  

The accompanying notes are an integral part of these financial statements

2


LINCOLN GOLD CORP.
(An Exploration Stage Company)

STATEMENT OF STOCKHOLDERS’ EQUITY FOR THE PERIOD FROM SEPTEMBER 25,
2003 (INCEPTION) TO December 31, 2003

                    DEFICIT        
  COMMON STOCK           ACCUMULATED        
              ADDITIONAL     DURING THE        
              PAID-IN     EXPLORATION        
  SHARES     AMOUNT     CAPITAL     STAGE     TOTAL  
                             
Shares issued for cash 2,400,000   $ 2,400   $ 13,950   $ -   $ 16,350  
Net loss for the period -     -     -     (16,319 )   (16,319 )
                             
Balance, December 31, 2003 2,400,000   $ 2,400   $ 13,950   $ (16,319 ) $ 31  

The accompanying notes are an integral part of these financial statements

3


LINCOLN GOLD CORP.
(An Exploration Stage Company)

STATEMENT OF CASH FLOWS

PERIOD FROM SEPTEMBER 25, 2003 (INCEPTION) TO DECEMBER 31, 2003

       
Cash Flows From Operating Activities      
        Net loss $ (16,319 )
        Adjustments to reconcile net loss to net cash used by operating      
                activities:      
                Changes in accounts payable   15,374  
                        Net Cash Used by Operating Activities   (945 )
       
Cash Flows From Financing Activities      
        Common shares issued for cash   16,350  
                        Net Cash Provided by Financing Activities   16,350  
       
Net Increase In Cash   15,405  
       
Cash, Beginning Of Period   -  
       
Cash, End Of Period $ 15,405  

The accompanying notes are an integral part of these financial statements

4


LINCOLN GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003

1.
NATURE OF OPERATIONS
       
 
a)

Organization

The Company was incorporated in the State of Nevada, U.S.A., on September 25, 2003.

       
 
b)

Exploration Stage Activities

The Company has been in the exploration stage since its formation and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage.

       
2.
SIGNIFICANT ACCOUNTING POLICIES
       
   
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 reported amounts of assets and liabilities, and disclosures 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 and would impact future results of operations and cash flows.
       
 
a)

Mineral Property Acquisition Payments and Exploration Costs

The Company is in the exploration stage and expenses all costs related to the acquisition and exploration of mineral claims in which it has secured exploration rights prior to establishment of proven and probable reserves. To date, the Company has not established the commercial feasibility of its exploration prospects, therefore, all costs are being expensed.

       
 
b)

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 the financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates and would impact future results of operations and cash flows.

       
 
c)

Foreign Currency Translation

The Company’s functional currency is the U.S. dollar. Transactions in foreign currency are translated into U.S. dollars as follows:

       
   
i)
monetary items at the rate prevailing at the balance sheet date;
   
ii)
non-monetary items at the historical exchange rate;
   
iii)
revenue and expense at the average rate in effect during the applicable accounting period.

5


LINCOLN GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003

2.
SIGNIFICANT ACCOUNTING POLICIES (Continued)
       
 
d)

Income Taxes

The Company has adopted Statement of Financial Accounting Standards No. 109 – “Accounting for Income taxes” (SFAS 109). This standard requires the use of an asset and liability approach for financial accounting, and reporting on income taxes. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized.

       
 
e)

Basic and Diluted Loss Per Share

In accordance with SFAS No. 128 – “Earnings Per Share”, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. At December 31, 2003, the Company has no stock equivalents that were anti-dilutive and excluded in the earnings per share computation.

       
3.
MINERAL PROPERTY INTERESTS
       
 
a)

Hannah Project

The Company has entered into an option agreement for the acquisition of a 100% interest in eight mineral claims in Churchill County, Nevada. The option agreement calls for royalty payments upon production and has a provision for termination for non compliance. Consideration payable under the option agreement is as follows:

       
   
i)
$5,000 upon signing the agreement;
   
ii)
$5,000 on January 10, 2005;
   
iii)
$10,000 on January 10, 2006;
   
iv)
$15,000 on January 10, 2007;
   
v)
$25,000 on January 10 of each year from 2008 to 2012; and
   
vi)
$50,000 on January 10, 2013.

6


LINCOLN GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2003

3.
MINERAL PROPERTY INTERESTS (CONTINUED)
       
 
b)

Lincoln Flat Project

The Company has entered into an option agreement for the acquisition of a 100% interest in twelve mineral claims in Lyon County, Nevada. The option agreement calls for royalty payments upon production and has a provision for termination for non compliance. Consideration payable under the option agreement is as follows:

       
   
i)
$5,000 upon signing the agreement;
   
ii)
$5,000 on January 10, 2005;
   
iii)
$10,000 on January 10, 2006;
   
iv)
$15,000 on January 10, 2007;
   
v)
$25,000 on January 10 of each year from 2008 to 2012; and
   
vi)
$50,000 on January 10, 2013.
       
 
Since the Company has not established the commercial feasibility of the mineral claims, the acquisition costs have been expensed.
       
4.

INCOME TAXES

The components of the deferred tax assets are as follows:


    Deferred tax assets        
           Net operating loss carryforward $ (16,000 )  
           Tax rate   35%    
  Deferred tax asset   5,600    
  Valuation allowance   (5,600 )  
  Deferred tax asset, net $ -    

   
The valuation allowance reflects the Company’s estimates that the tax assets more likely than not will not be realized. The Company has net operating losses of approximately $16,000 which expire between 2004 and 2019.
     
5.

SUBSEQUENT EVENT

On January 28, 2004, the Company issued a $200,000 convertible note with 500,000 warrants to purchase common stock of the Company at $.40 per share which expire on January 28, 2006. The note carries an interest rate of 10% compounded monthly and is due on January 28, 2006. The interest is payable annually with the second year interest payment due with the principal amount. The holder can convert any portion of the debt to common stock at a value of $.40 per share until the maturity date. Warrants can be exercised at a minimum of 1,000 shares per exercise at a price of $.40 until the expiration date.

7


EX-99.2 3 exhibit99-2.htm UNAUDITED PRO-FORMA FINANCIAL STATEMENTS Filed by Automated Filing Services Inc. (604) 609-0244 - Lincoln Gold Corp. - Exhibit 99.2

BRADEN TECHNOLOGIES INC.
(An Exploration Stage Company)

PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2003
(Stated in U.S. Dollars)


BRADEN TECHNOLOGIES INC.
(An Exploration Stage Company)

INTRODUCTION TO PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS

AS AT DECEMBER 31, 2003, AND FOR THE YEAR ENDED DECEMBER 31, 2003
(Stated in U.S. Dollars)

The following unaudited pro-forma consolidated balance sheet, pro-forma consolidated statement of operations and explanatory notes give effect to the acquisition of Lincoln Gold Corp. As a result of the transaction, the former shareholders of Lincoln Gold Corp. own the majority of the issued shares of Braden Technologies Inc. Since Braden Technologies Inc. was a non-operating public company, the share exchange has been accounted for as a recapitalization of Lincoln Gold Corp. and an issue of shares of Lincoln Gold Corp. to the shareholders of Braden Technologies Inc.

The pro-forma consolidated balance sheet, pro-forma consolidated statement of operations and explanatory notes are based on the estimates and assumptions set forth in the explanatory notes. This pro-forma consolidated balance sheet and the pro-forma consolidated statement of operations have been prepared utilizing the historical financial statements of Braden Technologies Inc. and Lincoln Gold Corp. and should be read in conjunction with the historical financial statements and notes thereto included elsewhere in this filing.

The pro-forma consolidated statement of operations has been prepared as if the acquisition had been consummated on January 1, 2003 under the purchase method of accounting and carried through to December 31, 2003. The pro-forma consolidated balance sheet has been prepared as if the acquisition was consummated on December 31, 2003.

This pro-forma consolidated financial data is provided for comparative purposes only, and does not purport to be indicative of the actual financial position or results of operations had the acquisition occurred at the beginning of the fiscal period presented, nor are they necessarily indicative of the results of future operations.


BRADEN TECHNOLOGIES INC.
(An Exploration Stage Company)

PRO-FORMA CONSOLIDATED BALANCE SHEET

DECEMBER 31, 2003
(Stated in U.S. Dollars)

    BRADEN     LINCOLN              
    TECHNOLOGIES     GOLD     PRO-FORMA        
    INC.     CORP.     ADJUSTMENTS     PRO-FORMA  
                         
ASSETS                        
                         
Current                        
          Cash $ 2   $ 15,405         $ 15,407  
                         
LIABILITIES                        
                         
Current                        
          Accounts payable $ 89,912   $ 15,374         $ 105,286  
                         
SHAREHOLDERS’ EQUITY                        
          (DEFICIENCY)                        
                         
Share Capital   11,400     2,400   $ (11,400 )   2,400  
                         
Additional Paid-In Capital   36,100     13,950     (36,100 )   13,950  
                         
Deficit   (137,410 )   (16,319 )   137,410     (106,229 )
                (89,910 )      
    (89,910 )   31           (89,879 )
                         
  $ 2   $ 15,405         $ 15,407  


BRADEN TECHNOLOGIES INC.
(An Exploration Stage Company)

PRO-FORMA CONSOLIDATED STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2003
(Stated in U.S. Dollars)

    BRADEN     LINCOLN              
    TECHNOLOGIES     GOLD     PRO-FORMA        
    INC.     CORP.     ADJUSTMENTS     PRO-FORMA  
                         
Expenses $ 26,157   $ 16,319         $ 42,476  
                         
Net Loss $ (26,157 ) $ (16,319 )       $ (42,476 )
                         
Net Loss Per Share                   $ (0.01 )
                         
Weighted Average Number Of                        
          Common Shares Outstanding                     35,400,000  


BRADEN TECHNOLOGIES INC.
(An Exploration Stage Company)

NOTES AND ASSUMPTIONS TO THE UNAUDITED CONSOLIDATED PRO-FORMA
BALANCE SHEET AND PRO-FORMA STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2003
(Stated in U.S. Dollars)

ORGANIZATION AND BASIS OF PRESENTATION

The unaudited pro-forma consolidated balance sheet and consolidated statement of operations have been prepared based on historical financial information, using U.S. generally accepted accounting principles of Braden Technologies Inc. and Lincoln Gold Corp. for the year ended December 31, 2003 considering the effects of the recapitalization transaction as if the transaction was completed effective January 1, 2003 in the case of the pro-forma consolidated statement of operations, and effective December 31, 2003 in the case of the pro-forma consolidated balance sheet.

ASSUMPTION

The number of common shares used in the calculation of the pro-forma net loss per share data is based on the weighted average number of common shares outstanding during the period adjusted to give effect to shares assumed to be issued, had the transaction referred to above been consummated January 1, 2003.

PRO-FORMA ADJUSTMENT

To record the acquisition of Lincoln Gold Corp. by the issuance to the shareholders of Lincoln Gold Corp. of 24,000,000 common shares.


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