10-Q 1 riverdale10qfor06302009.htm QUARTERLY REPORT FOR RIVERDALE MINING INC. FOR THE PERIOD ENDED JUNE 30, 2009 Quarterly Report for Riverdale Mining Inc. for the period ended June 30, 2009
 
 

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 JUNE 30, 2009

 

 

 

OR

 

 

[   ]

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from _____________ to _____________

Commission file number 000-53309

RIVERDALE MINING INC.
(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation or organization)

20 Carl Crescent
Toronto, Ontario
Canada M1W 3R2
(Address of principal executive offices, including zip code.)

1-877-536-0333
(Registrant's telephone number, including area code)

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. Yes [X] 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 (Section 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. See the definitions of "large accelerated filer, "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large Accelerated filer 

 

[   ] 

 

Accelerated filer 

[   ]

Non-accelerated filer 

 

[   ] 

 

Smaller reporting company 

[X] 

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

As of August 3, 2009, the Company had 7,000,000 shares of common stock outstanding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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RIVERDALE MINING INC.

FORM 10-Q
June 30, 2009
INDEX

PART I-- FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Item 2.

Management's Discussion and Analysis of Financial Condition

Item 3

Quantitative and Qualitative Disclosures About Market Risk

Item 4T.

Control and Procedures

PART II-- OTHER INFORMATION

Item 1

Legal Proceedings

Item 1A

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Submission of Matters to a Vote of Security Holders

Item 5.

Other Information

Item 6.

Exhibits

SIGNATURE

EXHIBIT INDEX

 

 

 

 

 

 

 

 

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PART I - Financial Information

ITEM 1.     FINANCIAL STATEMENTS

Riverdale Mining Inc.
(An Exploration Stage Company)

June 30, 2009

 

Balance Sheets (unaudited)

F-1

 

Statements of Expenses (unaudited)

F-2

 

Statements of Cash Flows (unaudited)

F-3

 

Notes to Financial Statements (unaudited)

F-4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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RIVERDALE MINING INC.

(AN EXPLORATION STAGE COMPANY)

BALANCE SHEETS
(Unaudited)

         
         

ASSETS

 

June 30,

 

March 31,

   

2009


 

2009


CURRENT ASSETS

        Cash

$

38,144


$

52,941


         

        Total Current Assets

 

38,144


 

52,941


         

TOTAL ASSETS

$

38,144


$

52,941


         

LIABILITIES AND STOCKHOLDERS' EQUITY

       
         
 

CURRENT LIABILITIES

     

 

Accounts payable

$

10,000

$

10,000

 

Advances - related party

 

1,738


 

1,066


 

TOTAL LIABILITIES

 

11,738


 

11,066


         
 

COMMITMENTS AND CONTINGENCIES

 

-


 

-


         
 

STOCKHOLDERS' EQUITY

       

Preferred Stock, 100,000,000 shares authorized, $0.00001 par value. No shares are issued and outstanding

-

-

Common stock, 100,000,000 shares authorized, $0.00001 par value; 7,000,000 shares issued and outstanding


70


70

   

Additional paid-in capital

 

199,980

 

199,980

Deficit accumulated during exploration stage

(173,644)


(158,175)


   

TOTAL STOCKHOLDERS' EQUITY

 

26,406


 

41,875


         
 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

38,144


$

52,941


 

 

 

 

See accompanying condensed notes to interim unaudited financial statements.
F-1

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RIVERDALE MINING INC.

(AN EXPLORATION STAGE ENTERPRISE)

STATEMENTS OF EXPENSES

(Unaudited)

Three Month

Three Month

For the period from March 30,
2007 (Inception)

Ended

Ended

Through

June 30, 2009

June 30, 2008

June 30, 2009

 

 

 

EXPENSES

Consulting fees

$

6,525

$

15,102

$

68,977

Legal and accounting

5,000

4,300

54,582

Exploration

-

-

14,000

Other General and administrative

3,944


8,115


36,085


NET LOSS

$

(15,469)


$

(27,517)


$

(173,644)


NET LOSS PER SHARE- BASIC AND DILUTED

$

(0.00)


$

(0.00)


n/a


WEIGHTED AVERAGE SHARES OUTSTANDING-BASIC AND DILUTED


7,000,000



7,000,000



n/a


 

 

 

 

 

 

 

 

See accompanying condensed notes to interim unaudited financial statements.
F-2

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RIVERDALE MINING INC.

(AN EXPLORATION STAGE COMPANY)

STATEMENTS OF CASH FLOWS
(Unaudited)


For the Three


For the Three

For the period from March 30, 2007

Months Ended

Months Ended

(Inception) through

June 30, 2009


June 30, 2008


June 30, 2009


CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(15,469)

$

(27,517)

$

(173,644)

Adjustments to reconcile net loss to net cash used in operating activities:

Increase in accounts payable

-


-


10,000


Net cash used in operating activities

(15,469)


(27,517)


(163,644)


CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from sale of common stock

-

-

200,050

Net advances from related party

672


-


1,738


Net cash provided by financing activities

672


-


201,788


Change in cash

(14,797)

(27,517)

38,144

Cash, beginning of period

$

52,941


$

143,225


$

-


Cash, end of period

$

38,144


$

115,708


$

38,144


SUPPLEMENTAL CASHFLOW DISCLOSURES

Interest paid

$

-


$

-


$

-


Income taxes paid

$

-


$

-


$

-


 

 

 

 

 

 

See accompanying condensed notes to interim unaudited financial statements.
F-3

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RIVERDALE MINING INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

NOTE 1.     BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of Riverdale Mining Inc., have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Riverdale's Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for fiscal 2009 as reported in the Form 10-K have been omitted.


NOTE 2.     GOING CONCERN

From March 30, 2007 (date of inception) to June 30, 2009, Riverdale Mining has not generated revenues and has accumulated losses of $173,644 since inception. The continuation of Riverdale Mining as a going concern is dependent upon the continued financial support from its shareholders, the ability of Riverdale Mining to obtain necessary equity financing to continue operations, and the attainment of profitable operations. There is no guarantee that Riverdale Mining will be able to complete any of the above objectives. These factors raise substantial doubt regarding the Riverdale Mining's ability to continue as a going concern.


NOTE 3.     RELATED PARTY TRANSACTIONS

During the quarter ended June 30, 2009 Riverdale Mining Inc.'s President advanced the company an additional $672. The total outstanding balance on the advance from the Shareholder as of June 30, 2009 is $1,738 and remains unpaid, is due on demand, bears no interest and is unsecured.

 

 

 

 

 

 

 

F-4

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ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

    This section of the report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

Plan of Operation

    We are a start-up, exploration stage corporation and have not yet generated or realized any revenues from our business operations.

    Our auditors have issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. There is no assurance we will ever reach this point.

Work Completed:

    Exploration crew spent September 13 and 14th, 2008 on-site prospecting and sampling the Project. Access to the site was good and both the Black Diamond and the Independent showings were located and sampled on the first day.

    As the Black Diamond showing is not mentioned in historic government reports it was decided that the entire second field day be spent prospecting the rest of the property with the hope of locating additional undocumented mineralized showings.

Observations and Results:

    Black Diamond showing: The crew observed a caved adit, 4 trenches and a shallow shaft in this area. These old workings were developed on a series of narrow (+/- 4.0 inch) parallel quartz veins/veinlettes that were traced (by the workings) for approximately 150 feet. A total of six rock samples were collected from the better mineralized vein material. The highest gold value received was 2.3g/t from a sample of the dump material at the mouth of the caved adit. All of the other five rock samples returned values of less than 0.52g/t Au. While pyrite, galena, chalcopyrite and sphalerite were observed in most of the rock samples, none of the base metal elements (Pb, Zn, and Cu) returned values close to levels of economic interest.

    Independent showing: Three shallow pits/trenches were located in this area. These workings were also developed on a series of narrow quartz carbonate veinlettes/stockwork that carried trace amounts of arsenopyrite and pyrite. The highest gold value obtained from the four rock samples collected in this area was 885ppb (0.88g/t). The other three rock samples returned gold values of less than 150ppb.

 

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    General: - Geological observation at the known showings and property wide prospecting confirmed the geological setting as previously reported. No additional "old workings" or mineralized zones were located during the course of the prospecting.

    Conclusions and Recommendations: Based on the low gold values, narrow mineralized structures and short strike lengths of mineralization it is apparent that an insufficient volume of economically exploitable material ("ore") occurs within the Project. As this is the case, it is recommend that no further work be carried out on the South Rossland Project and that the claims either be abandoned or held under minimum care and maintenance.

Plan of Operation for the Next Twelve Months

    Management is evaluating the results of the geology report to determine what additional work should be done on the property, if any. Currently, that is the Company's only plan and it does not have plans to do any else.

Limited Operating History; Need for Additional Capital

    There is no historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

    We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Future equity financing could result in additional dilution to existing shareholders.

Liquidity and Capital Resources

    At the present time, we have not made any arrangements to raise additional cash. If we need additional cash and cannot raise it we will either have to suspend operations until we do raise the cash, or cease operations entirely.

    We have the right to explore one property which consists of three claims comprising a total of 177.9 acres. The property is registered in our president's name.

    Since inception, we have issued 7,000,000 shares of our common stock and received $200,050.

    In March 2007, we issued 5,000,000 shares of common stock to our officers and directors pursuant to the exemption from registration contained in Regulation S of the Securities Act of 1933. The purchase price of the shares was $50. This was accounted for as an acquisition of shares.

    In December 2007, we completed our public offering by raising $200,000 and issued 2,000,000 shares of common stock.

    As of June 30, 2009, our total assets were $38,144 consisting entirely of cash and our total liabilities were $11,738.

 

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ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

    We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.


ITEM 4T.     CONTROLS AND PROCEDURES.

    a) Evaluation of Disclosure Controls. Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 ("Exchange Act"), the Company carried out an evaluation, with the participation of the Company's management, including the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") (the Company's principal financial and accounting officer), of the effectiveness of the Company's disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company's CEO and CFO concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

    (b)   Changes in internal control over financial reporting. There have been no changes in our internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


PART II. OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS.

    We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries' officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.


ITEM 1A.     RISK FACTORS

    We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

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ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

    On August 13, 2007, the SEC declared our Form SB-2 registration statement effective (SEC File no. 333-145049) allowing us to sell 1,000,000 shares of common stock minimum, 2,000,000 shares of common stock maximum at an offering price of $0.10 per share. There was not underwriter involved in our public offering. On December 3, 2007 we completed our public offering by issuing 2,000,000 shares of our common stock and raising $200,000. The funds were used to date are as follows:

Consulting Fees

$

68,977

General and Administrative Fees

 

28,617

Legal and Accounting

 

54,582

Mining Exploration

 

14,000

Professional Fees

 

5,628


Total remaining

$

38,144



ITEM 3.     DEFAULTS UPON SENIOR SECUITIES.

    None.


ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

    None.


ITEM 5.     OTHER INFORMATION.

    None.


ITEM 6.     EXHIBITS.

    The following documents are included herein:

Exhibit No. 

Document Description

   

31.1

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.

 

32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer).

 

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SIGNATURES

    In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 3rd day of August, 2009.

 

 

RIVERDALE MINING INC.

 

 

 

 

 

 

BY:

VLADIMIR VASKEVICH

 

 

 

Vladimir Vaskevich, President, Principal

 

 

 

Executive Officer, Treasurer, Principal

 

 

 

Financial Officer and Principal Accounting

 

 

 

Officer

 

 

 

 

 

 

 

 

 

 

 

 

- 13 -



EXHIBIT INDEX

Exhibit No. 

Document Description

   

31.1

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.

 

32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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