RIMROCK GOLD CORP. |
(Exact name of registrant as specified in its charter)
|
Nevada
|
333-149552
|
75-3266961
|
||
(State or other jurisdiction of
incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
N/A |
(Former name or former address, if changed since last report.)
|
(a)
|
On December 12, 2013, the Company dismissed the registered independent public accountant, DNTW.
|
(b)
|
DNTW’s reports on the financial statements for the years ended August 31, 2013 and August 31, 2012 contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to audit scope or accounting, except that the reports contained an explanatory paragraph stating that there was substantial doubt about the Company’s ability to continue as a going concern.
|
(c)
|
Our Board of Directors participated in and approved the decision to change independent accountants. Through the period covered by the financial audit for the years ended August 31, 2013, August 31, 2012 and through December 12, 2013 (date of dismissal), there have been no disagreements with DNTW on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of the DNTW would have caused them to make reference thereto in their report on the financial statements.
|
(d)
|
We have authorized DNTW to respond fully to the inquiries of the successor accountant.
|
(e)
|
During the years ended August 31, 2013, August 31, 2012 and through December 12, 2013, there have been no reportable events with us as set forth in Item 304(a)(1)(v) of Regulation S-K.
|
(f)
|
Effective February 28, 2013, the DNTW partnership has been dissolved. Therefore, the Company is unable to obtain a letter, pursuant to Item 304(a)(3) of Regulation S-K, to include as Exhibit 16 to this Form 8-K/A.
|
a.
|
Reconciliation of Consolidated Balance Sheet as at August 31, 2013
|
August 31,
2013
Previously
stated
|
August 31,
2013
Adjustments
|
August 31,
2013
Restated
|
||||||||||
ASSETS
|
||||||||||||
Current Assets
|
||||||||||||
Cash
|
$
|
36,449
|
$
|
36,449
|
||||||||
Prepaid and sundry
|
80,596
|
80,596
|
||||||||||
Total Current Assets
|
117,045
|
117,045
|
||||||||||
Long Term Assets
|
||||||||||||
Mineral property claims (1)
|
3,327,117
|
(2,947,147
|
)
|
379,970
|
||||||||
Equipment
|
758
|
758
|
||||||||||
Total Long Term Assets
|
3,327,875
|
(2,947,147
|
)
|
380,728
|
||||||||
Total Assets
|
$
|
3,444,920
|
(2,947,147
|
)
|
$
|
497,773
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||
Current Liabilities
|
||||||||||||
Accounts payable and accrued liabilities
|
$
|
8,603
|
$
|
8,603
|
||||||||
Convertible notes payable
|
-
|
16,109
|
||||||||||
Advances from a related party
|
16,109
|
-
|
||||||||||
Total Liabilities
|
24,712
|
24,712
|
||||||||||
Stockholders' Equity
|
||||||||||||
Capital stock, $0.001 par value; Authorized 200,000,000; Issued and outstanding 34,614,489 (August 31, 2012 – 7,420,109)
|
34,615
|
34,615
|
||||||||||
Additional paid-in capital (2)
|
5,962,315
|
(2,476,830
|
)
|
3,485,485
|
||||||||
Accumulated other comprehensive loss (3)
|
(9,802
|
)
|
9,802
|
-
|
||||||||
Deficit accumulated during the exploration stage (4)
|
(2,566,920
|
)
|
(480,119
|
)
|
(3,047,039
|
)
|
||||||
Total Stockholders' Equity
|
3,420,208
|
(2,947,147
|
)
|
473,061
|
||||||||
Total Liabilities and Stockholders' Equity
|
$
|
3,444,920
|
(2,947,147
|
)
|
$
|
497,773
|
August 31,
2012
Previously
stated
(Unaudited)
|
August 31,
2012
Adjustments
(Unaudited)
|
August 31,
2012
Restated
(Unaudited)
|
||||||||||
ASSETS
|
||||||||||||
Current Assets
|
||||||||||||
Cash
|
$
|
11,191
|
-
|
$
|
11,191
|
|||||||
Prepaid and sundry
|
11,129
|
-
|
11,129
|
|||||||||
Total Current Assets
|
22,320
|
-
|
22,320
|
|||||||||
Long Term Assets
|
||||||||||||
Mineral property claims
|
133,108
|
-
|
133,108
|
|||||||||
Equipment
|
958
|
-
|
958
|
|||||||||
Total Long Term Assets
|
134,066
|
-
|
134,066
|
|||||||||
Total Assets
|
$
|
156,386
|
-
|
$
|
156,386
|
|||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||||||
Current Liabilities
|
||||||||||||
Accounts payable and accrued liabilities
|
$
|
32,539
|
-
|
$
|
32,539
|
|||||||
Convertible notes payable (5)
|
111,330
|
(74,872
|
)
|
36,458
|
||||||||
Advances from a related party
|
-
|
-
|
||||||||||
Total Liabilities
|
143,869
|
(74,872
|
)
|
68,997
|
||||||||
Stockholders' Equity
|
||||||||||||
Capital stock, $0.001 par value; Authorized 200,000,000; Issued and outstanding 34,614,489 (August 31, 2012 – 7,420,109)
|
7,420
|
7,420
|
||||||||||
Additional paid-in capital (5)
|
1,782,951
|
118,200
|
1,901,151
|
|||||||||
Accumulated other comprehensive loss (3)
|
(9,540
|
)
|
9,540
|
0
|
||||||||
Deficit accumulated during the development stage (6)
|
(1,768,314
|
)
|
(52,868
|
)
|
(1,821,182
|
)
|
||||||
Total Stockholders' Equity
|
12,517
|
74,872
|
87,389
|
|||||||||
Total Liabilities and Stockholders' Equity
|
$
|
156,386
|
-
|
$
|
156,386
|
b.
|
Reconciliation of Consolidated statements of operations and comprehensive loss for the year ended August 31, 2013
|
For the Year
Ended
August 31,
2013
(Previously
stated)
|
For the Year
Ended
August 31,
2013
(Adjustment)
|
For the Year
Ended
August 31,
2013
(Restated)
|
||||||||||
EXPENSES
|
||||||||||||
Professional fees (7)
|
$
|
513,954
|
$
|
352,117
|
$
|
866,071
|
||||||
Mineral property claims maintenance fee
|
91,140
|
-
|
91,140
|
|||||||||
Exploration
|
4,017
|
-
|
4,017
|
|||||||||
Advertising and promotion
|
7,526
|
-
|
7,526
|
|||||||||
Telecommunications
|
6,422
|
-
|
6,422
|
|||||||||
Rent and occupancy costs
|
16,450
|
-
|
16,450
|
|||||||||
Office and general
|
16,886
|
-
|
16,886
|
|||||||||
Interest and bank charges (5)
|
8,903
|
74,872
|
83,775
|
|||||||||
Foreign currency exchange loss (8)
|
-
|
262
|
262
|
|||||||||
Depreciation
|
200
|
-
|
200
|
|||||||||
TOTAL OPERATING EXPENSES
|
665,498
|
427,251
|
1,092,749
|
|||||||||
LOSS FROM OPERATIONS
|
(665,498
|
)
|
427,251
|
(1,092,749
|
)
|
|||||||
Interest income
|
-
|
-
|
-
|
|||||||||
Impairment of mineral property claims
|
(133,108
|
)
|
-
|
(133,108
|
)
|
|||||||
Impairment of convertible note receivable
|
-
|
-
|
-
|
|||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE TAX
|
(798,606
|
)
|
(427,251
|
)
|
(1,225,857
|
)
|
||||||
Income tax
|
-
|
-
|
-
|
|||||||||
LOSS FROM CONTINUING OPERATIONS
|
(798,606
|
)
|
(427,251
|
)
|
(1,225,857
|
)
|
||||||
LOSS FROM DISCONTINUED OPERATION, NET OF TAX
|
-
|
-
|
-
|
|||||||||
NET LOSS
|
$
|
(798,606
|
)
|
$
|
(427,251
|
)
|
$
|
(1,225,857
|
)
|
|||
OTHER COMPREHENSIVE LOSS FROM CONTINUING OPERATIONS
|
||||||||||||
Foreign currency translation adjustment (8)
|
(262
|
)
|
262
|
0
|
||||||||
Unrealized loss on convertible note receivable and available-for-sale securities, net of tax
|
-
|
-
|
-
|
|||||||||
COMPREHENSIVE LOSS OF CONTINUING OPERATIONS
|
$
|
(798,868
|
)
|
$
|
(426,989
|
)
|
(1,225,857
|
)
|
||||
OTHER COMPREHENSIVE LOSS FROM DISCONTINUED OPERATIONS
|
||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
|||||||||
COMPREHENSIVE LOSS OF DISCONTINUED OPERATIONS
|
-
|
-
|
-
|
|||||||||
TOTAL COMPREHENSIVE LOSS
|
(798,868
|
)
|
(426,989
|
)
|
(1,225,857
|
)
|
For the Year
Ended
August 31,
2012
(Previously
stated)
(Unaudited)
|
For the Year
Ended
August 31,
2012
(Adjustment)
(Unaudited)
|
For the Year
Ended
August 31,
2012
(Restated)
(Unaudited)
|
||||||||||
EXPENSES
|
||||||||||||
Professional fees (9)
|
211,817
|
8,854
|
220,671
|
|||||||||
Exploration
|
22,656
|
-
|
22,656
|
|||||||||
Advertising and promotion
|
1,788
|
-
|
1,788
|
|||||||||
Telecommunications
|
2,184
|
-
|
2,184
|
|||||||||
Rent and occupancy costs
|
7,728
|
-
|
7,728
|
|||||||||
Office and general
|
4,470
|
-
|
4,470
|
|||||||||
Interest and bank charges (5)
|
5,708
|
34,475
|
40,183
|
|||||||||
Depreciation
|
120
|
-
|
120
|
|||||||||
TOTAL OPERATING EXPENSES
|
256,471
|
43,329
|
299,800
|
|||||||||
LOSS FROM OPERATIONS
|
(256,471
|
)
|
(43,329
|
)
|
(299,800
|
)
|
||||||
Interest income
|
-
|
-
|
-
|
|||||||||
Impairment of mineral property claims
|
(451,870
|
)
|
-
|
(451,870
|
)
|
|||||||
Impairment of convertible note receivable
|
(23,621
|
)
|
-
|
(23,621
|
)
|
|||||||
LOSS FROM CONTINUING OPERATIONS BEFORE TAX
|
(731,962
|
)
|
(43,329
|
)
|
(775,291
|
)
|
||||||
Income tax
|
-
|
-
|
-
|
|||||||||
LOSS FROM CONTINUING OPERATIONS
|
(731,962
|
)
|
-
|
(775,291
|
) | |||||||
LOSS FROM DISCONTINED OPERATION, NET OF TAX
|
(3,742
|
)
|
-
|
(3,742
|
)
|
|||||||
NET LOSS
|
$
|
(735,704
|
)
|
$
|
(43,329
|
)
|
$
|
(779,033
|
) | |||
OTHER COMPREHENSIVE LOSS FROM CONTINUING OPERATIONS
|
||||||||||||
Foreign currency translation adjustment
|
896
|
-
|
896
|
|||||||||
Unrealized loss on convertible note receivable and available-for-sale securities, net of tax
|
23,621
|
-
|
23,621
|
|||||||||
COMPREHENSIVE LOSS OF CONTINUING OPERATIONS
|
$
|
(707,445
|
)
|
$
|
43,329
|
(750,774
|
)
|
|||||
OTHER COMPREHENSIVE LOSS FROM DISCONTINUED OPERATIONS
|
||||||||||||
Foreign currency translation adjustment
|
109
|
-
|
109
|
|||||||||
COMPREHENSIVE LOSS OF DISCONTINUED OPERATIONS
|
(3,633
|
)
|
-
|
(3,633
|
)
|
|||||||
TOTAL COMPREHENSIVE LOSS
|
(711,078
|
)
|
(43,329
|
)
|
(754,407
|
)
|
||||||
LOSS FROM CONTINUING OPERATIONS PER SHARE - BASIC AND DILUTED
|
(0.01
|
)
|
-
|
(0.01
|
)
|
|||||||
LOSS FROM DISCONTINUED OPERATIONS PER SHARE - BASIC AND DILUTED
|
-
|
-
|
-
|
|||||||||
NET LOSS PER SHARES - BASIC AND DILUTED
|
$
|
(0.01
|
)
|
$
|
-
|
(0.01
|
)
|
|||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED
|
56,983,073
|
-
|
56,983,073
|
For the Period
from
Inception
(June 5, 2003) to
August 31,
2013
(Previously
stated)
(Unaudited)
|
For the Period
from
Inception
(June 5, 2003) to
August 31,
Adjustment
(Unaudited)
|
For the Period
from
Inception
(June 5, 2003) to
August 31,
2013 (Restated)
(Unaudited)
|
||||||||||
EXPENSES
|
||||||||||||
Professional fees
|
$
|
1,512,283
|
$
|
360,971
|
$
|
1,873,254
|
||||||
Mineral property claims maintenance fee
|
91,140
|
-
|
91,140
|
|||||||||
Exploration
|
119,740
|
-
|
119,740
|
|||||||||
Advertising and promotion
|
16,707
|
-
|
16,707
|
|||||||||
Telecommunications
|
17,055
|
-
|
17,055
|
|||||||||
Rent and occupancy costs
|
27,310
|
-
|
27,310
|
|||||||||
Office and general
|
30,104
|
-
|
30,104
|
|||||||||
Interest and bank charges
|
19,172
|
109,347
|
128,519
|
|||||||||
Foreign currency exchange loss
|
-
|
262
|
262
|
|||||||||
Depreciation
|
320
|
-
|
320
|
|||||||||
TOTAL OPERATING EXPENSES
|
1,833,831
|
470,580
|
2,304,411
|
|||||||||
LOSS FROM OPERATIONS
|
(1,833,831
|
)
|
(470,580
|
)
|
(2,304,411
|
)
|
||||||
Interest income
|
11,821
|
-
|
11,821
|
|||||||||
Impairment of mineral property claims
|
(584,978
|
)
|
-
|
(584,978
|
)
|
|||||||
Impairment of convertible note receivable
|
(23,621
|
)
|
-
|
(23,621
|
)
|
|||||||
LOSS FROM CONTINUING OPERATIONS BEFORE TAX
|
(2,430,609
|
)
|
-
|
(2,901,189
|
)
|
|||||||
Income tax
|
-
|
-
|
-
|
|||||||||
LOSS FROM CONTINUING OPERATIONS
|
(2,430,609
|
)
|
-
|
(2,901,189
|
)
|
|||||||
LOSS FROM DISCONTINED OPERATION, NET OF TAX
|
(136,311
|
)
|
(9,539
|
)
|
(145,850
|
)
|
||||||
NET LOSS
|
$
|
(2,566,920
|
)
|
$
|
(480,119
|
)
|
$
|
(3,047,039
|
)
|
c.
|
Consolidated statements of Stockholders’ Equity
|
Common stock
|
Additional
|
Accumulated Other
Comprehensive
|
Deficit
Accumulated
During the
exploration
|
Total
Stockholders’
|
|||||||||||||||||||||
Shares
|
Amount
|
Paid in Capital
|
income
|
stage
|
equity
|
||||||||||||||||||||
Balance, August 31, 2011 (Previously stated) (Unaudited)
|
6,808,025
|
$
|
6,808
|
$
|
1,680,885
|
$
|
(34,166
|
)
|
$
|
(1,032,610
|
)
|
$
|
620,917
|
||||||||||||
Realized loss on available for sale securities – year 2007 & 2008
|
-
|
-
|
-
|
4,809
|
(4,809
|
)(3)
|
-
|
||||||||||||||||||
Reclassification of foreign currency translation for prior years to retained earnings
|
-
|
-
|
-
|
4,730
|
(4,730
|
)(3)
|
-
|
||||||||||||||||||
Issuance of common stock for rent
|
15,625
|
16
|
3,484
|
-
|
-
|
3,500
|
|||||||||||||||||||
Issuance of common stock for cash, net of commissions
|
301,459
|
301
|
54,077
|
-
|
-
|
54,378
|
|||||||||||||||||||
Issuance of common stock for consulting services
|
45,000
|
45
|
17,955
|
-
|
-
|
18,000
|
|||||||||||||||||||
Issuance of common stock for purchase of properties
|
250,000
|
250
|
19,750
|
-
|
-
|
20,000
|
|||||||||||||||||||
Convertible debentures equity portion
|
-
|
-
|
125,000
|
-
|
-
|
125,000
|
|||||||||||||||||||
Realized gain on convertible notes receivable
|
-
|
-
|
-
|
23,621
|
-
|
23,621
|
|||||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
1,006
|
-
|
1,006
|
|||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(779,033
|
)
|
(779,033
|
)
|
|||||||||||||||||
Balance, August 31, 2012 (Restated)(Unaudited)
|
7,420,109
|
$
|
7,420
|
$
|
1,901,151
|
$
|
-
|
$
|
(1,821,182
|
)
|
$
|
87,389
|
Conversion of convertible debentures
|
641,370
|
642
|
127,633
|
-
|
-
|
128,275
|
|||||||||||||||||||
Issuance of common stock for cash, net of issuance costs
|
2,753,148
|
2,753
|
505,531
|
-
|
-
|
508,284
|
|||||||||||||||||||
Issuance of common stock for consulting services
|
4,500,000
|
4,500
|
670,500
|
-
|
-
|
675,000
|
|||||||||||||||||||
Issuance of common stock to acquire mineral property claims
|
19,300,000
|
19,300
|
280,670
|
-
|
-
|
299,970
|
|||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(1,225,857
|
)
|
(1,225,857
|
)
|
|||||||||||||||||
Balance, August 31, 2013 (Restated)
|
34,614,627
|
$
|
34,615
|
$
|
3,485,485
|
$
|
-
|
$
|
(3,047,039
|
)
|
$
|
473,061
|
d.
|
Consolidated statement of cash flows
|
For the Year
Ended
August 31,
2013
(Previously
stated)
|
For the Year
Ended
August 31,
2013
(Adjustments)
|
For the Year
Ended
August 31,
2013
(Restated)
|
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|||||||||||||
Net loss
|
$
|
(798,606
|
)
|
$
|
(427,251
|
)
|
$
|
(1,225,857
|
)
|
||||
Less: Loss from discontinued operations, net of tax expense
|
-
|
-
|
-
|
||||||||||
Loss from continuing operations
|
(798,606
|
)
|
(427,251
|
)
|
(1,225,857
|
)
|
|||||||
Items not affecting cash
|
|||||||||||||
Depreciation
|
200
|
-
|
200
|
||||||||||
Accretion expense on convertible notes payable
|
13,670
|
74,872
|
(5)
|
88,542
|
|||||||||
Accrued interest on convertible notes payable
|
3,274
|
-
|
3,274
|
||||||||||
Foreign currency exchange loss
|
-
|
-
|
|||||||||||
Impairment of mineral property claims
|
133,108
|
-
|
133,108
|
||||||||||
Impairment of convertible note receivable
|
-
|
-
|
-
|
||||||||||
Issuance of common stock for services
|
300,000
|
300,000
|
(7)
|
600,000
|
|||||||||
Issuance of common stock for rental
|
-
|
-
|
-
|
||||||||||
Write off of deferred offering costs
|
-
|
-
|
-
|
||||||||||
Change in prepaid and sundry
|
5,533
|
-
|
5,533
|
||||||||||
Change in accounts payable and accrued liabilities
|
(23,936
|
)
|
-
|
(23,936
|
)
|
||||||||
Net cash used in operating activities from continuing operations
|
(366,757
|
)
|
(52,379
|
)
|
(419,136
|
)
|
|||||||
Net cash used in operating activities from discontinued operations
|
-
|
-
|
-
|
||||||||||
CASH FLOWS USED IN OPERATING ACTIVITIES
|
(366,757
|
)
|
(52,379
|
)
|
(419,136
|
)
|
|||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|||||||||||||
Acquisition of mineral property claims
|
(132,117
|
)
|
52,117
|
(7)
|
(80,000)
|
||||||||
Disposition of equipment
|
-
|
-
|
-
|
||||||||||
Acquisition of equipment
|
-
|
-
|
-
|
||||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES
|
(132,117
|
)
|
52,117
|
(80,000
|
)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|||||||||||||
Convertible notes receivable
|
-
|
-
|
-
|
||||||||||
Proceeds from convertible note payable
|
-
|
-
|
-
|
||||||||||
Repayment of convertible notes payable
|
-
|
-
|
-
|
||||||||||
Advances (to) from a related party
|
16,109
|
-
|
16,109
|
||||||||||
Repayment of advance from a related party
|
-
|
-
|
-
|
||||||||||
Issuance of common stock, net of issuance costs
|
508,285
|
508,285
|
|||||||||||
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
|
524,394
|
524,394
|
|||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(262
|
)
|
262
|
(8)
|
-
|
||||||||
NET INCREASE (DECREASE) IN CASH
|
25,258
|
-
|
25,258
|
||||||||||
CASH, BEGINNING OF PERIOD
|
11,191
|
-
|
11,191
|
||||||||||
CASH, END OF PERIOD
|
$
|
36,449
|
$
|
36,449
|
|||||||||
NON CASH INVESTING AND FINANCING ACTIVITES
|
|||||||||||||
Issuance of common stock for acquisition of mineral property claims
|
$
|
3,195,000
|
(2,895,030
|
)(1)
|
299,970
|
||||||||
Convertible debt payable and accrued interest converted to common stock
|
$
|
128,274
|
-
|
128,274
|
For the Year
Ended
August 31,
2012
(Previously
stated)
(Unaudited)
|
For the Year
Ended
August 31,
2012
(Adjustments)
(Unaudited)
|
For the Year
Ended
August 31,
2012
(Restated)
(Unaudited)
|
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|||||||||||||
Net loss
|
$
|
(735,704
|
)
|
$
|
(43,329
|
)
|
$
|
(779,033
|
)
|
||||
Less: Loss from discontinued operations, net of tax expense
|
3,742
|
3,742
|
|||||||||||
Loss from continuing operations
|
(731,962
|
)
|
(43,329
|
)
|
(775,291
|
)
|
|||||||
Items not affecting cash
|
-
|
-
|
-
|
||||||||||
Depreciation
|
120
|
-
|
120
|
||||||||||
Accretion expense on convertible notes payable
|
-
|
-
|
-
|
||||||||||
Accrued interest on convertible notes payable
|
5,630
|
30,829
|
(5)
|
36,459
|
|||||||||
Foreign currency exchange loss
|
-
|
-
|
-
|
||||||||||
Impairment of mineral property claims
|
451,870
|
-
|
451,870
|
||||||||||
Impairment of convertible note receivable
|
23,621
|
-
|
23,621
|
||||||||||
Loss on disposal of assets
|
-
|
-
|
-
|
||||||||||
Issuance of common stock for services
|
18,000
|
-
|
18,000
|
||||||||||
Issuance of common stock for rental
|
3,500
|
-
|
3,500
|
||||||||||
Write off of deferred offering costs
|
-
|
-
|
-
|
||||||||||
Change in prepaid and sundry
|
(5,289
|
)
|
-
|
(5,289
|
)
|
||||||||
Change in accounts payable and accrued liabilities
|
13,721
|
-
|
13,721
|
||||||||||
Net cash used in operating activities from continuing operations
|
(220,789
|
)
|
(12,500
|
)
|
(233,289
|
)
|
|||||||
Net cash used in operating activities from discontinued operations
|
(2,564
|
)
|
-
|
(2,564
|
)
|
||||||||
CASH FLOWS USED IN OPERATING ACTIVITIES
|
(223,353
|
)
|
(12,500
|
)(9)
|
(235,854
|
)
|
|||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|||||||||||||
Acquisition of mineral property claims
|
(14,978
|
)
|
-
|
(14,978
|
)
|
||||||||
Disposition of equipment
|
-
|
-
|
-
|
||||||||||
Acquisition of equipment
|
(1,130
|
)
|
-
|
(1,130
|
)
|
||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES
|
(16,108
|
)
|
-
|
(16,108
|
)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|||||||||||||
Convertible notes receivable
|
-
|
-
|
-
|
||||||||||
Proceeds from convertible note payable
|
112,500
|
12,500
|
125000
|
||||||||||
Repayment of convertible notes payable
|
(3,550
|
)
|
-
|
(3,550
|
)
|
||||||||
Advances (to) from a related party
|
-
|
-
|
-
|
||||||||||
Repayment of advance from a related party
|
(203
|
)
|
-
|
(203
|
)
|
||||||||
Issuance of common stock, net of issuance costs
|
54,378
|
-
|
54,378
|
||||||||||
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
|
163,125
|
12,500
|
175,625
|
||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
651
|
651
|
|||||||||||
NET INCREASE (DECREASE) IN CASH
|
(75,685
|
)
|
-
|
(75,685
|
)
|
||||||||
CASH, BEGINNING OF PERIOD
|
86,876
|
-
|
86,876
|
||||||||||
CASH, END OF PERIOD
|
$
|
11,191
|
11,191
|
||||||||||
NON CASH INVESTING AND FINANCING ACTIVITES
|
|||||||||||||
Issuance of common stock for mineral property claims
|
$
|
-
|
-
|
-
|
|||||||||
Convertible debt converted to common stock
|
$
|
-
|
-
|
-
|
For The Period
From Inception
(June 5, 2003) To
August 31,
2013
(Previously
stated)
(Unaudited)
|
For The Period
From Inception
(June 5, 2003) To
August 31,
2013
(Adjustments)
(Unaudited)
|
For The Period
From Inception
(June 5, 2003) To
August 31,
2013
(Restated)
(Unaudited)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net loss
|
$
|
(2,566,920
|
)
|
$
|
(480,119
|
)
|
(3,047,039
|
)
|
||||
Less: Loss from discontinued operations, net of tax expense
|
136,311
|
9,539
|
145,850
|
|||||||||
Loss from continuing operations
|
(2,430,609
|
)
|
(470,580
|
)
|
(2,901,189
|
)
|
||||||
Items not affecting cash
|
-
|
-
|
-
|
|||||||||
Depreciation
|
320
|
-
|
320
|
|||||||||
Accretion expense on convertible notes payable
|
19,300
|
105,700
|
125,000
|
|||||||||
Accrued interest on convertible notes payable
|
3,274
|
-
|
3,274
|
|||||||||
Foreign currency exchange loss
|
-
|
-
|
-
|
|||||||||
Impairment of mineral property claims
|
584,978
|
-
|
584,978
|
|||||||||
Impairment of convertible note receivable
|
23,621
|
-
|
23,621
|
|||||||||
Loss on disposal of assets
|
2,762
|
-
|
2,762
|
|||||||||
Issuance of common stock for services
|
419,000
|
300,000
|
719,000
|
|||||||||
Issuance of common stock for rental
|
3,500
|
-
|
3,500
|
|||||||||
Write off of deferred offering costs
|
120,000
|
-
|
120,000
|
|||||||||
Change in prepaid and sundry
|
(5,596
|
)
|
-
|
(5,596
|
)
|
|||||||
Change in accounts payable and accrued liabilities
|
8,603
|
-
|
8,603
|
|||||||||
Net cash used in operating activities from continuing operations
|
(1,250,847
|
)
|
(64,880
|
)
|
(1,315,727
|
)
|
||||||
Net cash used in operating activities from discontinued operations
|
(114,257
|
)
|
-
|
(114,257
|
)
|
|||||||
CASH FLOWS USED IN OPERATING ACTIVITIES
|
(1,365,104
|
)
|
(64,880
|
)
|
(1,429,984
|
)
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Acquisition of mineral property claims
|
(147,095
|
)
|
52,117
|
(94,978
|
)
|
|||||||
Disposition of equipment
|
4,462
|
-
|
4,462
|
|||||||||
Acquisition of equipment
|
(30,124
|
)
|
-
|
(30,124
|
)
|
|||||||
CASH FLOWS USED IN INVESTING ACTIVITIES
|
(172,757
|
)
|
52,117
|
(120,640
|
)
|
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Convertible notes receivable
|
(21,978
|
)
|
-
|
(21,978
|
)
|
|||||||
Proceeds from convertible note payable
|
141,040
|
12,500
|
153,540
|
|||||||||
Repayment of convertible notes payable
|
(163,550
|
)
|
-
|
(163,550
|
)
|
|||||||
Advances (to) from a related party
|
141,109
|
-
|
141,109
|
|||||||||
Repayment of advance from a related party
|
-
|
-
|
-
|
|||||||||
Issuance of common stock, net of issuance costs
|
1,484,166
|
-
|
1,484,166
|
|||||||||
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
|
1,580,787
|
12,500
|
1,593,287
|
|||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(6,477
|
)
|
262
|
(6,214
|
)
|
|||||||
NET INCREASE (DECREASE) IN CASH
|
36,449
|
36,449
|
||||||||||
CASH, BEGINNING OF PERIOD
|
-
|
-
|
-
|
|||||||||
CASH, END OF PERIOD
|
$
|
36,449
|
-
|
$
|
36,449
|
|||||||
NON CASH INVESTING AND FINANCING ACTIVITES
|
||||||||||||
Issuance of common stock for mineral property claims
|
-
|
-
|
-
|
|||||||||
Convertible debt converted to common stock
|
-
|
-
|
-
|
(1)
|
Assets originally recorded at fair value were adjusted to record at carrying value due to acquiree under common control and to expense acquisition costs incurred.
|
(2)
|
Adjustment due to original recording of assets at fair value.
|
(3)
|
Adjustments due to realized loss on available for sale securities and derecognization of translation adjustments for prior year.
|
(4)
|
Accumulated all adjustments related to the years ended December 31, 2012 and 2013.
|
(5)
|
$125,000 convertible notes payable originally accounted for within the scope of the cash conversion subsections, and were adjusted to accounted for within the scope of beneficial conversion feature.
|
(6)
|
Accumulated all adjustments related to the years ended December 31, 2012.
|
(7)
|
Adjustment arises from the incorrect capitalization of mining properties acquisition costs.
|
(8)
|
To adjust translation difference from accumulated other comprehensive income to loss from operations.
|
(9)
|
$12,500 commission fee has been deducted from convertible debt, and amortized $3,646 in previously stated financial statement for the year ended December 31, 2012. The issuance cost should not be offset against the proceeds received in calculating the intrinsic value of a conversion option.
|
Rimrock Gold Corp.
|
||
Date: June 10, 2014
|
By:
|
/s/ Jordan Starkman
|
Jordan Starkman
|
||
President, Chief Executive Officer, and Chief Financial Officer
|
||
(Duly Authorized Officer and Principal Executive Officer)
|