form10q063012.htm

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.

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 (§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” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	Page

PART I - Financial Information	3

Item 1. Financial Statements
Balance Sheets June 30, 2012 (unaudited), and March 31, 2012	3
Statements of Operations (unaudited) for the three-month periods ended
June 30, 2012 and 2011, and for the period from inception
on May 11, 2007 to June 30, 2012.	4
Statements of Cash Flows (unaudited) for the three-month periods ended
June 30, 2012 and 2011, and for the period from inception
on May 11, 2007 to June 30, 2012.	5
Notes to the Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3 Quantitative and Qualitative Disclosures About Market Risk	15
Item 4. Controls and Procedures	15

PART II – Other Information
Item 1. Legal Proceedings	16
Item 1A. Risk Factors	16
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3. Defaults Upon Senior Securities	16
Item 4. Mine Safety Disclosures	16
Item 5. Other Information	16
Item 6. Exhibits	16

	(Unaudited)
	June 30,			March 31,
	2012			2012
ASSETS
Current Assets
Cash	$	222,466		$	237,313
Prepaid Expenses		4,431			1,100
Total Current Assets		226,897			238,413

Non-Current Assets
Reclamation Deposit (note 3)		16,000			16,000
Total Non-Current Assets		16,000			16,000

Total Assets	$	242,897		$	254,413

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable and Accrued Liabilities	$	17,965		$	1,070
Total Current Liabilities		17,965			1,070

Stockholders’ Equity
Preferred Stock, Par Value $.0001
Authorized 5,000,000 shares,
No shares issued at June 30, 2012 and March 31, 2012		—			—
Common Stock, Par Value $.0001
Authorized 500,000,000 shares,
Issued 48,020,000 shares at
June 30, 2012 (March 31, 2012 – 48,020,000)		4,802			4,802
Paid-In Capital		1,130,114			1,133,061
Deficit Accumulated Since Inception of Exploration Stage		(909,984	)		(884,520	)
Total Stockholders’ Equity		224,932			253,343

Total Liabilities and Stockholders’ Equity	$	242,897		$	254,413

							Cumulative
							Since
							May 11, 2007
	For the Three Months Ended						Inception of
	June 30,						Exploration
	2012			2011			Stage
Revenues	$	–		$	–		$	–
Cost of Revenues		–			–			–
Gross Margin		–			–			–

Expenses
Mineral Property Exploration Expenditures		(1,147	)		13,490			418,621
General and Administrative		26,611			8,153			410,818
Net Loss from Operations		(25,464	)		(21,643	)		(829,439	)

Other Income (Expense)
Interest		–			–			(545	)
Net Other Income (Expense)		–			–			(545	)

Write-down of Mineral Property Acquisition Payments		–			–			(80,000	)

Net Loss	$	(25,464	)	$	(21,643	)	$	(909,984	)

Basic and Diluted loss per Share	$	(0.00	)	$	(0.00)
Weighted Average Shares Outstanding		48,020,000			46,020,000

							Cumulative
							Since
							May 11, 2007
	For the Three Months Ended June 30						Inception of
							Exploration
	2012			2011			Stage
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(25,464	)	$	(21,643	)	$	(909,984	)
Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities
Compensation Expense of Stock Options		(2,947	)		9,459			165,381
Write-down of Mineral Property Acquisition Cost		–			–			80,000

Change in Operating Assets and Liabilities
(Increase) Decrease in Prepaid Expenses		(3,331	)		555			(4,431	)
Increase (Decrease) in Accounts Payable and Accrued Liabilities		16,895			(5,065)			36,670
Net Cash Used in Operating Activities		(14,847	)		(16,694)			(632,364	)

CASH FLOWS FROM INVESTING ACTIVITIES
Mineral Property Acquisition Costs		–			–			(80,000	)
Reclamation Deposit		–			(16,000)			(16,000	)
Net Cash Used in Investing Activities		–			(16,000)			(96,000	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Sale of Common Stock		–			–			933,500
Net Proceeds from Loan Payable		–			–			17,330
Net Cash Provided by Financing Activities		–			–			950,830

Net (Decrease) Increase in Cash and Cash Equivalents		(14,847)			(32,694)			222,466
Cash and Cash Equivalents at Beginning of Period		237,313			270,803			—
Cash and Cash Equivalents at End of Period	$	222,466		$	238,109		$	222,466

					Cumulative
					Since
					May 11, 2007
	For the Three Months Ended				Inception of
	June 30,		June 30,		Exploration
	2012		2011		Stage

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest	$	—	$	—	$	—
Income taxes	$	—	$	—	$	—

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Settlement of Note Payable by a Contribution from a Shareholder	$	—	$	—	$	17,330
Settlement of Accounts Payable by a Contribution from a Shareholder	$	—	$	—	$	18,705

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options. The vesting period for some of these options is up to three years. As a result, the unvested portions of the options have been revalued for the current period resulting in the reversal of stock-based compensation expense of ($2,947) for the three-months ended June 30, 2012 (June 30, 2011 - recognition of $9,459 in additional consulting expense).

This summary of accounting policies for Ranger Gold Corp. (an exploration stage company) is presented to assist in understanding the Company's financial statements. The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.

Ranger Gold Corp. (the “Company”) was incorporated on May 11, 2007 under the laws of the State of Nevada under the name Fenario, Inc. On October 28, 2009 the Company’s principal shareholder entered into a Stock Purchase Agreement which provided for the sale of 25,000,000 shares of common stock of the Company to Gary Basrai.

On November 9, 2009, Mr. Basrai, as the holder of 25,000,000 (at the time representing 55.5%) of the issued and outstanding shares of the Company’s common stock, provided the Company with written consent in lieu of a meeting of stockholders authorizing the Company to amend the Company’s Articles of Incorporation for the purpose of changing the name of the Company from “Fenario, Inc.” to “Ranger Gold Corp.” In connection with the change of the Company’s name to Ranger Gold Corp. the Company’s business was changed to mineral resource exploration. The change in name and business received its final approval by the regulatory authorities on January 7, 2010.

The Company has no products or services as of June 30, 2012. The Company is currently engaging in the acquisition, exploration, and if warranted and feasible, development of natural resource properties with a focus on gold. The Company currently has one mineral property under option located in Nevada.

The unaudited financial information furnished herein reflects all adjustments, which in the opinion of management are necessary to fairly state the financial position of Ranger Gold Corp. and the results of its operations for the periods presented. This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended March 31, 2012. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Form 10-K for the fiscal year ended March 31, 2012 has been omitted. The results of operations for the three-month period ended June 30, 2012 are not necessarily indicative of results for the entire year ending March 31, 2013.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred a net loss of $909,984 for the period from May 11, 2007 (inception) to June 30, 2012, and has no sales.

The Company's ability to continue as a going concern is dependent on its ability to develop its natural resource property and ultimately achieve profitable operations and to generate sufficient cash flow from financing and operations to meet its obligations as they become payable. The Company expects that it will need approximately $200,000 to fund its operations during the next twelve months which will include a property option payment, exploration of its property as well as the costs associated with maintaining an office. The Company completed a financing in November 2011 for total proceeds of $300,000. The cash from this financing is sufficient to fund its planned operations for the next twelve months. However, in order to continue to explore and develop its property in the future, the Company will need to obtain additional financing. Management may seek additional capital through private placements and public offerings of its common stock. Although there are no assurances that management’s plans will be realized, management believes that the Company will be able to continue operations in the future. Accordingly, no adjustment relating to the recoverability and classification of recorded asset amounts and the classification of liabilities has been made to the accompanying financial statements in anticipation of the Company not being able to continue as a going concern.

The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the amounts reported in these financial statements and notes. Significant areas requiring the use of estimates relate to accrued liabilities, stock-based compensation, and the impairment of long-lived assets. Management believes the estimates utilized in preparing these financial statements are reasonable and prudent and are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could differ significantly from those estimates.

Net income (loss) per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. As of June 30, 2012, the Company has outstanding common stock options and warrants of 1,400,000 and 1,100,000, respectively. The effects of the Company’s common stock equivalents are anti-dilutive for June 30, 2012 and are thus not presented.

The Company has adopted SFAS No. 130, "Reporting Comprehensive Income", which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Operations. Comprehensive income is comprised of net income (loss) and all changes to capital deficit except those resulting from investments by owners and distribution to owners.

The Company adopted FASB ASC 740, Income Taxes, at its inception deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. No deferred tax assets or liabilities were recognized as of March 31, 2012.

The Company’s policy regarding income tax interest and penalties is to expense those items as general and administrative expense but to identify them for tax purposes. During the year ended April 30, 2012 and 2011, there were no income tax, or related interest and penalty items in the income statement, or liability on the balance sheet. The Company files income tax returns in the U.S. federal jurisdiction. Tax years 2008 to present remain open to U.S. Federal income tax examination. The Company is not currently involved in any income tax examinations.

The Company implemented Accounting Standards Codification ("ASC") Section 718-10-25 (formerly Statement of Financial Accounting Standards ("SFAS") 123R, Accounting for Stock-Based Compensation) requiring the Company to provide compensation costs for the Company's stock options determined in accordance with the fair value based method prescribed in ASC Section 718-20-25. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option-pricing model and provides for expense recognition over the service period, if any, of the stock option.

Mineral property interests include optioned and acquired mineral development and exploration stage properties. The amount capitalized related to a mineral property interest represents its fair value at the time it was optioned or acquired, either as an individual asset or as a part of a business combination. The value of such assets is primarily driven by the nature and amount of mineralized material believed to be contained in such properties. Exploration costs are expensed as incurred and development costs are capitalized if proven and probable reserves exist and the property is a commercially minable property. Mine development costs incurred either to develop new ore deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mineral interests costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

On March 29, 2010, the Company executed a property option agreement with MinQuest granting the Company the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by MinQuest. The property known as the Truman Property is located in Mineral County, Nevada and currently consists of 98 unpatented claims (the “Truman”). Upon execution of the Agreement the Company paid MinQuest $10,000 and well as reimbursed MinQuest for Truman’s holdings and related property costs in the amount of $7,859. On March 29, 2011 the Company made the second property option payment of $10,000 and on March 31, 2012 the Company made the third payment of $20,000 required under the Truman agreement. As a result of the property containing any known reserves or resources, the aggregate property option payments paid to date for the property have been written down in the Statement of Operations.

The Company has paid a $16,000 reclamation deposit on its CX property. The reclamation deposit is refundable upon completion of the required remediation of the property at the completion of the Company’s planned drill program. The Company has begun the process of applying for a refund of the reclamation bond.

The Company currently pays two of its directors $500 per month to serve on its Board of Directors. The payments are made quarterly in advance. The total amount paid to the Directors for the three-months ended June 30, 2012 was $3,000 (2011 - $3,000). In addition, the Company has a consulting agreement with one of its directors to provide a variety of services including assisting with the identification and assessment of properties for potential acquisition. The Company paid $0 for fees and reimbursement of expenses under this agreement for the three-months ended June 30, 2012 and 2011.

On February 3, 2010 the Company adopted its 2010 Stock Option Plan (“the 2010 Plan”). The 2010 Plan provides for the granting of up to 5,000,000 stock options to key employees, directors and consultants, of common shares of the Company. Under the 2010 Plan, the granting of stock options, the exercise prices, and the option terms are determined by the Company's Option Committee, a committee designated to administer the 2010 Plan by the Board of Directors. For incentive options, the exercise price shall not be less than the fair market value of the Company's common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company's stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.). Options granted are not to exceed terms beyond five years.

In order to exercise an option granted under the Plan, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.

Subject to the foregoing, the Committee has broad discretion to describe the terms and conditions applicable to options granted under the Plan. The Committee may at any time discontinue granting options under the Plan or otherwise suspend, amend or terminate the Plan and may, with the consent of an optionee, make such modification of the terms and conditions of such optionee’s option as the Committee shall deem advisable.

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options. The vesting period for some of these options is up to three years. As a result, the unvested portions of the options have been revalued resulting in the recognition of a reversal of ($2,947) in consulting expense for the three-months ended June 30, 2011 (2011 - $9,459 in additional expense) with all of the balance being recorded as mineral property exploration expenditures.

Exercise Prices	Options Outstanding	Remaining Contractual Life (in years)	Weighted Average Exercise Price	Number of Options Currently Exercisable	Weighted Average Exercise Price
$ 0.50	900,000	2.71	$ 0.50	700,000	$ 0.50
$ 1.00	500,000	2.71	$ 1.00	500,000	$ 1.00
	1,400,000		$ 0.68	1,200,000	$ 0.71

The aggregate intrinsic value of stock options outstanding at June 30, 2012 was $0 and the aggregate intrinsic value of stock options exercisable at June 30, 2012 was also $0. No stock options were exercised during the quarter ended June 30, 2012. As of June 30, 2012 there was $519 in unrecognized compensation expense that will be recognized over the next nine months.

The following discussion should be read in conjunction with the financial statements of Ranger Gold Corp. (the “Company”), which are included elsewhere in this Form 10-Q. Certain statements contained in this report, including statements regarding the anticipated development and expansion of the Company's business, the intent, belief or current expectations of the Company, its directors or its officers, primarily with respect to the future operating performance of the Company and the products it expects to offer and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements. Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by or with the approval of the Company, which are not statements of historical fact, may contain forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a more detailed listing of some of the risks and uncertainties facing the Company, please see the Form 10-K for the year ended March 31, 2012 filed by the Company with the Securities and Exchange Commission.

Over the next twelve months, the Company intends to explore its property to determine whether it contains commercially exploitable reserves of gold and silver or other metals. The Company does not intend to hire any employees or to make any purchases of equipment over the next twelve months, as it intends to rely upon outside consultants to provide all the tools needed for the exploratory work being conducted.

Upon execution of the Agreement the Company paid MinQuest $10,000 and well as reimbursed MinQuest for Truman’s holdings and related property costs in the amount of $7,859. On March 29, 2011 the Company made the second property option payment of $10,000 and on March 29, 2012 made the third property option payment of $20,000 required under the Truman agreement.

The Truman claims presently do not have any mineral resources or reserves. The property that is the subject of our mineral claims is undeveloped and does not contain any open-pits. No reported historic production is noted for the property. There is no mining plant or equipment located on the property that is the subject of the mineral claim. Currently, there is no power supply to the mineral claims.

In the fall of 2011 our Board of Directors reassessed the previously approved budget of $150,000 and approved a new budget of $303,000. A portion of this budget has already been completed for some items such as property option payments, claim fee and property holding costs, cultural and biological surveys, and geochemical analysis. The budget includes 3,000 feet of reverse circulation drilling. The project covers 8 epithermal gold and silver targets hosted within a sequence of Tertiary volcanics and Paleozoic sediments. These targets have been partially defined by previous exploration groups over a 25 year period. The historic efforts of five exploration groups have helped define high grade gold and silver values occurring in veins and low grade gold values occurring in bulk minable configurations.

A mapping and sampling program was initiated on the Truman in mid-October, 2010. An extensive evaluation of underground workings was carried out throughout the project area. This evaluation resulted in the survey, underground mapping and sampling of approximately 4,200 feet of historic adits and stopes. Surface mapping and sampling was also carried out in the western portion of the property. This mapping was intended to follow up on silver in soil samples from historic sampling carried out by Noranda in the early 1990’s. A total of 118 underground samples and 8 surface samples were collected during this exercise. The underground samples were continuous chip samples collected over widths ranging from 3 to 50 feet and averaging 20 feet. The results of this work identified several mineralized structures. The biological and cultural surveys were completed for the Truman Property in 2011.

We did not earn any revenues during the three-months ended June 30, 2012 or 2011. We do not anticipate earning revenues until such time as we have entered into commercial production of our mineral property. We are presently in the exploration stage of our business and we can provide no assurance that we will discover commercially exploitable levels of mineral resources on our property, or if such resources are discovered, that we will enter into commercial production of our mineral property.

For the three months ended June 30, 2012 we had a net loss of $25,464 compared to $21,643 in the corresponding period in 2011. The change in the net loss was due to an increase in general and administrative expenses partially offset by a decrease on mineral property exploration expenditures. Mineral property expenditures decreased to ($1,147) for the three-months ended June 30, 2012 from $13,490 for the three-months ended June 30, 2011. The reversal of expense in 2012 was the result of the recognition of a reversal of stock-based compensation of $2,947 while stock-based compensation in 2011 was comprised of the recognition of an additional $9,459 in expense. The Company is currently awaiting approval from the United States Forest Service for its Truman drilling application and as a result is not incurring significant mineral property exploration expenditures. General and administrative expenses increased to $26,611 in the three-months ended June 30, 2012 from $8,153 in the same period in 2011. The increase was largely due to the year-end audit fees being recorded in the first quarter of 2012 compared to the second quarter of 2011.

Net cash used in operating activities during the three months ended June 30, 2012 was $14,847 compared to $16,694 during the three months ended June 30, 2011. The increased net loss in 2012 to $25,464 from $21,643 in 2011 was offset by changes in accounts payable and accrued liabilities. For the three-months ended June 30, 2012 there was an inflow of $16,895 from an increase in accounts payable and accrued liabilities while in 2011 the amount was an outflow of $5,065 from a decrease in accounts payable and accrued liabilities. In 2012 the Company recognized ($2,947) from the reversal of stock-based compensation compared to the recognition of additional expense of $9,459 in 2011. There were no financing activities for the three-months ended June 30, 2012 or June 30, 2011. There were no investing activities during the three months ended June 30, 2012 while to comparable period in 2011 consisted of $16,000 paid for the reclamation bond for the CX property.

The future of the Company is dependent upon its ability to obtain future financing and upon future profitable operations from the development of its mineral properties. In November 2011 the Company completed a financing for total proceeds of $300,000. The proceeds from this financing are sufficient for all of the Company’s commitments for the next 12 months. The Company expects that it will need approximately $200,000 to fund its operations through June 30, 2013. We anticipate that in the future we will need additional funding and that such funding will be in the form of equity financing from the sale of our common stock. However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund additional phases of the exploration program, should we decide to proceed. We currently believe that debt financing will not be an alternative for funding any further phases in our exploration program. The risky nature of this enterprise and lack of tangible assets places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated. We do not have any arrangements in place for any future equity financing.

As shown in the accompanying financial statements, the Company has incurred a net loss of $909,984 for the period from May 11, 2007 (inception) to June 30, 2012, and has no sales. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its mineral property. Management may seek to raise additional capital in the future through the sale of equity. There are no present plans to do so and there can be no assurances that any such plans will be realized. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

There is substantial doubt about the Company’s ability to continue as a going concern. Accordingly, its independent auditors included an explanatory paragraph in their report on the March 31, 2012 financial statements regarding concerns about the Company’s ability to continue as a going concern. The Company’s financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by its independent auditors.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the Company conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of June 30, 2012. Based on this evaluation, our principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that the Company’s disclosure and controls are designed to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

101.INS **		XBRL Instance Document
101.SCH **		XBRL Taxonomy Extension Schema Document
101.CAL **		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF **		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB **		XBRL Taxonomy Extension Label Linkbase Document
101.PRE **		XBRL Taxonomy Extension Presentation Linkbase Document

Nevada	74-3206736
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ]	Smaller reporting company [X]
(Do not check if a smaller reporting company)

	Number of Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Unvested at March 31, 2012		200,000	$	0.50	$	0.29
Granted		-		-		-
Vested		-		-		-
Unvested at June 30, 2012		200,000	$	0.50	$	0.29

	Warrants Outstanding
Balance, March 31, 2012		1,100,000
Warrants granted		-
Balance, June 30, 2012		1,100,000

Number Outstanding	Exercise Price	Weighted Average Contractual Remaining Life (years)	Number Currently Exercisable	Exercise Price
550,000	$ 0.25	2.58	550,000	$ 0.25
550,000	$ 0.50	2.58	550,000	$ 0.50
1,100,000			1,100,000

	Available For Grant		Options Outstanding		Weighted Average Exercise Price
Balance, March 31, 2012		3,600,000		1,400,000	$	0.68
Options granted		-		-		-
Balance, June 30, 2012		3,600,000		1,400,000	$	0.68