[X]
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2013
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[ ]
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _____ to _____
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TINTIC GOLD MINING COMPANY | |||
(Exact Name of Registrant in its Charter)
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Nevada
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87-0448400
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(State or Other Jurisdiction of incorporation or organization)
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(I.R.S. Employer I.D. No.)
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1288 Jigao Road, Minbei Industrial District, Minhang, Shanghai, P.R. China 201107
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(Address of Principal Executive Offices) | |||
Issuer’s Telephone Number: 86-21-62965657 |
TINTIC GOLD MINING COMPANY
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[A Development Stage Company]
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BALANCE SHEETS
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June 30,
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December 31,
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2013
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2012
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ASSETS
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(Unaudited)
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CURRENT ASSETS:
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Cash
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$ | - | $ | - | ||||
Total Assets
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$ | - | $ | - | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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CURRENT LIABILITIES:
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Accounts payable and accrued expense
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$ | 6,478 | $ | 4,647 | ||||
Loan from related party
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68,532 | 57,643 | ||||||
Total Current Liabilities
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75,010 | 62,290 | ||||||
STOCKHOLDERS' EQUITY (DEFICIT)
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1,858 | 1,858 | |||||||
Common stock, $.001 par value, 50,000,000 shares authorized, 1,858,338 issued and outstanding
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Capital in excess of par value
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255,349 | 255,349 | ||||||
Deficit accumulated during the development stage
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(332,217 | ) | (319,497 | ) | ||||
Total Stockholders' Equity (Deficit)
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(75,010 | ) | (62,290 | ) | ||||
Total Liabilities and Stockholders' Equity (Deficit)
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$ | - | $ | - |
TINTIC GOLD MINING COMPANY
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[A Development Stage Company]
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STATEMENTS OF OPERATIONS (UNAUDITED)
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From inception of
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development stage
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on December 31,
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For the Three Months Ended
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For the Six Months Ended
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1997, through
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June 30,
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June 30,
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June 30,
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June 30,
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June 30,
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2013
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2012
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2013
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2012
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2013
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Revenues
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Total Revenues
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- | - | - | - | - | |||||||||||||||
Expenses
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General & Administrative
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12,001 | 8,923 | 12,720 | 11,529 | 262,285 | |||||||||||||||
Failed acquisition costs
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- | - | - | - | 85,758 | |||||||||||||||
Total Expenses
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12,001 | 8,923 | 12,720 | 11,529 | 348,043 | |||||||||||||||
Loss From Operations
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(12,001 | ) | (8,923 | ) | (12,720 | ) | (11,529 | ) | (348,043 | ) | ||||||||||
Other Income (Expense)
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Interest Income
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- | - | - | - | 8,632 | |||||||||||||||
Interest Expense
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- | - | - | - | (44 | ) | ||||||||||||||
Warrant Grant
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- | (746 | ) | - | (746 | ) | (2,611 | ) | ||||||||||||
Gain on Sale of Securities
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- | - | - | - | 8,084 | |||||||||||||||
Total Other Income & Expense
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- | (746 | ) | - | (746 | ) | 14,061 | |||||||||||||
Loss Before Income Taxes
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(12,001 | ) | (9,669 | ) | (12,720 | ) | (12,275 | ) | (333,982 | ) | ||||||||||
Current Income Taxes (Benefit)
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- | - | - | - | (1,765 | ) | ||||||||||||||
Deferred Tax Expense
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- | - | - | - | - | |||||||||||||||
Net Loss
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$ | (12,001 | ) | $ | (9,669 | ) | $ | (12,720 | ) | $ | (12,275 | ) | $ | (332,217 | ) | |||||
Loss per Share
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) |
TINTIC GOLD MINING COMPANY
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[A Development Stage Company]
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STATEMENTS OF CASH FLOWS (UNAUDITED)
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From inception of
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development stage on
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December 31, 1997
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For the Six Months Ended
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through
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June 30,
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June 30,
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June 30,
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2013
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2012
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2013
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Cash flows used in operating activities:
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Net loss
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$ | (12,720 | ) | $ | (12,275 | ) | $ | (332,217 | ) | |||
Adjustments to reconcile net loss to cash used in operating activities:
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Non-cash stock issued for services rendered
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- | - | 97,846 | |||||||||
Gain on sale of securities
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- | - | (8,084 | ) | ||||||||
Warrant grant
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- | 746 | 2,611 | |||||||||
Change in operating assets and liabilities:
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(Decrease) increase in accounts payable
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1,831 | 12 | 6,331 | |||||||||
Payment of expenses by related party
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- | - | 33,975 | |||||||||
Decrease in income taxes payable
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- | - | (565 | ) | ||||||||
Net cash used in operating activities
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(10,889 | ) | (11,517 | ) | (200,103 | ) | ||||||
Cash flows from investing activities:
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Purchase of securities
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- | - | (7,609 | ) | ||||||||
Proceeds from sale of securities
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- | - | 23,960 | |||||||||
Net cash flows provided by investing activities
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- | - | 16,351 | |||||||||
Cash flows from financing activities:
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Proceeds from note payable - related party
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- | - | 3,501 | |||||||||
Proceeds from loans - related party
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10,889 | 11,517 | 92,878 | |||||||||
Proceeds from sale of common stock
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- | - | 55,000 | |||||||||
Net cash flows provided by financing activities
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10,889 | 11,517 | 151,379 | |||||||||
Net decrease in cash
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- | - | (32,373 | ) | ||||||||
Cash and cash equivalents at beginning of period
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- | - | 32,373 | |||||||||
Cash and cash equivalents at end of period
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$ | - | $ | - | $ | - | ||||||
Supplemental Disclosures of Cash Flow Information:
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Cash paid during the periods for:
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Interest
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$ | - | $ | - | $ | - | ||||||
Income taxes
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$ | - | $ | - | $ | 3,565 |
Expected life
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0.5 years
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Expected volatility
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1 | % | ||
Risk-free interest rate
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1.46 | % | ||
Expected dividend yield
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0.00 | % |
Expected life
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0.5 years
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Expected volatility
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1 | % | ||
Risk-free interest rate
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0.625 | % | ||
Expected dividend yield
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0.00 | % |
Expected life
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0.5 years
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Expected volatility
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1 | % | ||
Risk-free interest rate
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0.77 | % | ||
Expected dividend yield
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0.00 | % |
For the Three Months Ended
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For the Six Months Ended
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June 30,
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June 30,
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2013
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2012
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2013
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2012
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Loss from continuing operations available to common shareholders (numerator)
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$ | ( 12,001 | ) | $ | ( 9,669 | ) | $ | ( 12,720 | ) | $ | ( 12,275 | ) | ||||
Weighted average number of common shares outstanding used in loss per share for the period (denominator)
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1,858,338 | 1,858,338 | 1,858,338 | 1,858,338 |
31
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Rule 13a-14(a) Certification
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32
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Rule 13a-14(b) Certification
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101.INS
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XBRL Instance
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101.SCH
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XBRL Schema
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101.CAL
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XBRL Calculation
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101.DEF
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XBRL Definition
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101.LAB
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XBRL Label
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101.PRE
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XBRL Presentation
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TINTIC GOLD MINING COMPANY
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Date: July 29, 2013
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By: /s/ Ding Lieping
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Ding Lieping, Chief Executive Officer and Chief Financial Officer
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Date: July 29, 2013
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By: /s/ Ding Lieping
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Ding Lieping, Chief Executive Officer and Chief Financial Officer
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Date: July 29, 2013
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By: /s/ Ding Lieping
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Ding Lieping, Chief Executive Officer and Chief Financial Officer
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Note 1 -- Organization and Summary of Significant Accounting Policies: Loss Per Share (Policies)
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6 Months Ended |
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Jun. 30, 2013
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Policies | |
Loss Per Share | Loss Per Share - The computation of loss per share is based on the weighted average number of common shares outstanding during the period presented in accordance with ASC Topic No. 260, Earnings Per Share [See Note 5].
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CONDENSED STATEMENTS OF OPERATIONS (USD $)
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3 Months Ended | 6 Months Ended | 186 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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CONDENSED STATEMENTS OF OPERATIONS | |||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Total Revenues | 0 | 0 | 0 | 0 | 0 |
General & Administrative | 12,001 | 8,923 | 12,720 | 11,529 | 262,285 |
Failed acquisition costs | 85,758 | ||||
Total Expenses | 12,001 | 8,923 | 12,720 | 11,529 | 348,043 |
Loss From Operations | (12,001) | (8,923) | (12,720) | (11,529) | (348,043) |
Interest Income | 8,632 | ||||
Interest Expense | (44) | ||||
Warrant Grant | (746) | (746) | (2,611) | ||
Gain on Sale of Securities | 8,084 | ||||
Total Other Income & Expense | (746) | (746) | 14,061 | ||
Loss Before Income Taxes | (12,001) | (9,669) | (12,720) | (12,275) | (333,982) |
Current Income Taxes (Benefit) | (1,765) | ||||
Deferred Tax Expense | 0 | 0 | 0 | 0 | 0 |
Net Loss | $ (12,001) | $ (9,669) | $ (12,720) | $ (12,275) | $ (332,217) |
Loss per Share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) |
Note 5 Loss Per Share
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 5 Loss Per Share | NOTE 5 LOSS PER SHARE
The following data shows the amounts used in computing loss per share:
Dilutive loss per share was not presented, as the Company had no common stock equivalent shares for all periods presented that would affect the computation of diluted loss per share or the effect would be anti-dilutive.
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Note 1 -- Organization and Summary of Significant Accounting Policies: Accounting Estimates (Policies)
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6 Months Ended |
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Jun. 30, 2013
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Policies | |
Accounting Estimates | Accounting 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 reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimated.
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Note 1 -- Organization and Summary of Significant Accounting Policies
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6 Months Ended |
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Jun. 30, 2013
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Notes | |
Note 1 -- Organization and Summary of Significant Accounting Policies | NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
History and Nature of Business - Tintic Gold Mining Company (the Company) was organized under the laws of the State of Nevada on March 8, 2004 as a wholly-owned subsidiary of Tintic Gold Mining Company (Parent), a Utah corporation, (now known as KIWA Bio-Tech Products Group Corporation). The Company was founded for the purpose of continuing the exploration of the mining claims transferred to it by Parent. In 2006 Parent distributed the outstanding shares of the Company to its shareholders pursuant to a registration statement declared effective by the Securities and Exchange Commission on October 18, 2006.
As a part of a change in control of the Company in December 2009 and in consideration of the waiver of debt owed by the Company to the previous controlling shareholders, the Company agreed to a put and call agreement wherein the shareholders were given an irrevocable option to acquire the Companys right, title and interest in all of the mining claims. The shareholders also granted to the Company an irrevocable option to require the shareholders to accept title to the mining claims at any time during the option period. The Company exercised the option on February 8, 2010, and transferred all of its mining assets to the previous controlling shareholders.
The Company currently has no business assets and no business operations.
Financial Statement Presentation. The accompanying financial statements include the prior operations of Parent from its inception of exploration stage activities on December 31, 1997 through the spin-off of the Company, and include the accounts of the Company from its date of incorporation to the date of the financial statements.
Development Stage. On and prior to December 31, 2009, the Company was considered to be an Exploration Stage Company, although, as of December 31, 2009, the Company did not have any current mining exploration, development or production activities on its existing properties. After transferring its mining assets to its prior majority shareholders in February 2010, the Company became a development stage company.
Condensed Financial Statements. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at June 30, 2013 and 2012 and for the periods then ended have been made.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2012 audited financial statements. The results of operations for the period ended June 30, 2013 are not necessarily indicative of the operating results for the full year.
Cash and Cash Equivalents - The Company considers all highly-liquid debt investments purchased with a maturity of three months or less to be cash equivalents.
Income Taxes - The Company adopted the provisions of ASC Topic No. 740, Accounting for Income Taxes, on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.
The Company has no tax positions at June 30, 2013 and December 31, 2012 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the six month periods ended June 30, 2013 and 2012, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at June 30, 2013 or December 31, 2012. All tax years starting with 2009 are open for examination.
Loss Per Share - The computation of loss per share is based on the weighted average number of common shares outstanding during the period presented in accordance with ASC Topic No. 260, Earnings Per Share [See Note 5].
Accounting 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 reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimated.
Recently Enacted Accounting Standards - There were no recently enacted accounting standards that the Company expects to have a material effect on its financial statements for future periods. |
Note 3 Related Party Transactions
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6 Months Ended |
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Jun. 30, 2013
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Notes | |
Note 3 Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS Related Party Loans During the six month periods ended June 30, 2013 and 2012, a portion of the expenses of the Company were paid by its majority shareholder. The payments were recorded as loans from related party. The loans are payable on demand and do not bear interest.
Management Compensation - During the six month periods ended June 30, 2013 and 2012, the Company did not pay any compensation to any officer or director of the Company.
Office Space - The Company has not had a need to rent office space. An officer of the Company allows the Company to use his address, as needed, at no expense to the Company.
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Note 6 - Subsequent Events
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6 Months Ended |
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Jun. 30, 2013
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Notes | |
Note 6 - Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS
The Company has evaluated subsequent events from the balance sheet date and determined there are no events to disclose through the date the financial statements were issued.
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Note 4 Going Concern
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6 Months Ended |
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Jun. 30, 2013
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Notes | |
Note 4 Going Concern | NOTE 4 GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has not yet been successful in establishing profitable operations and, as of June 30, 2013, the Company had no assets. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans or through additional sales of its common stock or through a possible business combination. There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
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