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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
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For the transition period from ________________ to __________________
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Nevada
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000-54509
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45-2578051
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(State of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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20311 Chartwell Center Drive
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Suite 1469
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Cornelius, North Carolina 28031
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(704) 790-9799
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(Address of principal executive offices) (Zip code)
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Issuer's telephone number
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Large accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Accelerated filer
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Smaller reporting company
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Emerging growth company
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March 31,
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December 31,
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2015
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2014
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ASSETS
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Current assets
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Cash
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$ |
$
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-
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Prepaid expenses
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-
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Property and equipment, net
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-
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Mining assets
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-
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Total assets
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-
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable
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109,495
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109,495
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Accrued liabilities
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55,507
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55,507
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Note payable
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45,778
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45,778
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Derivative liability
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289,740
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289,740
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Due to related party
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38,910
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38,910
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Total liabilities
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539,430
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539,430
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Stockholders' equity
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Common stock
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143,262
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143,262
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Additional paid-in capital
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5,398,908
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5,398,908
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Accumulated deficit
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(6,061,913
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)
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(6,061,913
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)
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Non-controlling interest in subsidiary
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(19,687
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)
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(19,687
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)
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Total stockholders' deficit
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(539,430
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)
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(539,430
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)
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Total liabilities and stockholders' deficit
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$
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-
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$
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-
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For the
Three Months Ended
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March 31,
2015
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March 31,
2014
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Revenue
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$ |
$
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-
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Operating Expenses
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250
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Loss from operations
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(250
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)
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Other income (expense)
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-
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Income (loss) from discontinued operation
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Net Income (Loss)
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(250
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)
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Net Income (loss) attributable to non-controlling interest
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-
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Net Income (loss) attributable to Lone Star Gold, Inc.
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$ |
$
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(250
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)
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Loss per share - basic and diluted
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(0.00
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)
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Weighted average shares - basic and diluted
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143,361,963
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147,519,813
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LONE STAR GOLD, INC.
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For the
Three Months Ended
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March 31,
2015
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March 31,
2014
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Operating Activities
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Net income (loss)
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$ |
$
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(250
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)
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Non-cash adjustments to reconcile net loss to net cash:
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Net income from discontinued operations
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-
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Accounts payable and accrued liabilities
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250
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Net Cash Used in Operating Activities
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-
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Investing Activities
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Net Cash used in Investing Activities
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-
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Financing Activities
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Proceeds from sale of common stock
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-
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Proceeds from issuance of notes payable
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-
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Repayments of notes payable
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-
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Net Cash Provided by Financing Activities
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-
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Net change in cash
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-
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Cash - Beginning of Period
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-
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Cash - End of Period
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$ |
$
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-
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Operating Activities
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Net income (loss)
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$ |
$
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(250
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)
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Non-cash adjustments to reconcile net loss to net cash:
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(a) |
Non-controlling Interests
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(b) |
Basis of Presentation
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(c) |
Use of Estimates
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(d) |
Net Loss Per Common Share
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(e) |
Income Taxes
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(f) |
Discontinued operations
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LONE STAR GOLD, INC.
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Dated September 13, 2018
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By:
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/s/ William Alessi
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William Alessi
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Chief Executive, Financial and Accounting Officer
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September 13, 2018
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By:
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/s/ William Alessi
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William Alessi, Principal Executive Officer
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September 13, 2018
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By:
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/s/ William Alessi
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William Alessi, Principal Financial Officer
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(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of the Company.
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September 13, 2018
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By:
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/s/ William Alessi
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William Alessi, Principal Executive and Financial Officer
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Document and Entity Information - USD ($) |
3 Months Ended | |
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Mar. 31, 2015 |
Jun. 30, 2014 |
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Document and Entity Information: | ||
Entity Registrant Name | Lone Star Gold, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2015 | |
Trading Symbol | lstg | |
Amendment Flag | false | |
Entity Central Index Key | 0001464865 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 143,361,963 | |
Entity Public Float | $ 0 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS - USD ($) |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Current assets | ||
Cash | $ 0 | $ 0 |
Prepaid expenses | 0 | 0 |
Property and equipment, net | 0 | 0 |
Mining assets | 0 | 0 |
Total current assets | 0 | 0 |
Total assets | 0 | 0 |
Current liabilities | ||
Accounts payable | 109,495 | 109,495 |
Accrued liabilities | 55,507 | 55,507 |
Note payable | 45,778 | 45,778 |
Derivative liability | 289,740 | 289,740 |
Due to related party | 38,910 | 38,910 |
Total current liabilities | 539,430 | 539,430 |
Total liabilities | 539,430 | 539,430 |
Stockholders' equity | ||
Common stock | 143,262 | 143,262 |
Additional paid-in capital | 5,398,908 | 5,398,908 |
Accumulated deficit | (6,061,913) | (6,061,913) |
Non-controlling interest in subsidiary | (19,687) | (19,687) |
Total stockholders' deficit | (539,430) | (539,430) |
Total liabilities and stockholders' deficit | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | |||
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Mar. 31, 2015 |
Mar. 31, 2014 |
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Statement of Income | ||||
Revenue | $ 0 | $ 0 | ||
Operating Expenses | 0 | 250 | ||
Loss from operations | 0 | (250) | ||
Other income (expense) | 0 | 0 | ||
Income (loss) from discontinued operation | 0 | 0 | ||
Net Income (Loss) | 0 | (250) | ||
Net Income (loss) attributable to non-controlling interest | 0 | 0 | ||
Net Income (loss) attributable to parent | [1] | $ 0 | $ (250) | |
Loss per share - basic and diluted | $ (0.00) | $ (0.00) | ||
Weighted average shares - basic and diluted | 143,361,963 | 147,519,813 | ||
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) |
3 Months Ended | |
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Mar. 31, 2015 |
Mar. 31, 2014 |
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Operating Activities | ||
Net Income (Loss) | $ 0 | $ (250) |
Non-cash adjustments to reconcile net loss to net cash: | ||
Net income from discontinued operations | 0 | 0 |
Accounts payable and accrued liabilities | 0 | 250 |
Net Cash Used in Operating Activities | 0 | 0 |
Financing Activities | ||
Proceeds from sale of common stock | 0 | 0 |
Proceeds from issuance of notes payable | 0 | 0 |
Repayments of notes payable | 0 | 0 |
Net Cash Provided by Financing Activities | 0 | 0 |
Net change in cash | 0 | 0 |
Cash - Beginning of Period | 0 | 0 |
Cash - End of Period | $ 0 | $ 0 |
Note 1 - Nature of Operations and Discontinuance of Busienss |
3 Months Ended |
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Mar. 31, 2015 | |
Notes | |
Note 1 - Nature of Operations and Discontinuance of Busienss | NOTE 1 NATURE OF OPERATIONS AND DISCONTINUANCE OF BUSIENSS
Lone Star Gold, Inc. (the "Company" or "Lone Star"), formerly known as Keyser Resources, Inc., was incorporated in the State of Nevada on November 26, 2007. The Company is an Exploration Stage Company as defined by Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 915 Development Stage Entities.
Shortly after September 30, 2013, the Company ceased operation as it was in default of certain creditor obligations. In 2017, the Company was put into receivership to satisfy those outstanding creditor claims. |
Note 2 - Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2015 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Non-controlling Interests
Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in represented in the consolidated balance sheets as a component of stockholders' equity. Non-controlling interests in the results of operations of the Company are presented in the face of the statement of operations as an allocation of the total profit or loss between non-controlling interests and the shareholders of the Company.
(b) Basis of Presentation
These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company's fiscal year-end is December 31st.
(c) Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of long-lived assets and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
(d) Net Loss Per Common Share
The Company computes net income or loss per share in accordance with ASC 260 Earnings per Share. Under the provisions of the Earnings per Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive.
(e) Income Taxes
The Company accounts for its income taxes in accordance with ASC 740 Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry forwards. Deferred tax assets 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 operations in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that would otherwise be recorded for income tax benefits primarily relating to operating loss carryforwards as realization cannot be determined to be more likely than not.
The statement establishes a more-likely-than-not threshold for recognizing the benefits of tax return positions in the financial statements. Also, the statement implements a process for measuring those tax positions which meet the recognition threshold of being ultimately sustained upon examination by the taxing authorities. There are no uncertain tax positions taken by the Company on its tax returns and the adoption of the statement had no material impact to the Company's consolidated financial statements. The Company files tax returns in the US and states in which it has operations and is subject to taxation. Tax years subsequent to 2013 remain open to examination by U.S. federal and state tax jurisdictions.
(f) Discontinued operations
We discontinued operations during the year ended December 31, 2013. All operations prior to that have been presented in the statement of operations and the cash flow statement as net income or loss from discontinued operations. In fact we had no assets related to an operating business as of March 31, 2015. |
Note 3 - Subsequent Events |
3 Months Ended |
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Mar. 31, 2015 | |
Notes | |
Note 3 - Subsequent Events | NOTE 3 SUBSEQUENT EVENTS
None. |
Note 2 - Summary of Significant Accounting Policies: (a) Non-controlling Interests (Policies) |
3 Months Ended |
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Mar. 31, 2015 | |
Policies | |
(a) Non-controlling Interests | (a) Non-controlling Interests
Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in represented in the consolidated balance sheets as a component of stockholders' equity. Non-controlling interests in the results of operations of the Company are presented in the face of the statement of operations as an allocation of the total profit or loss between non-controlling interests and the shareholders of the Company. |
Note 2 - Summary of Significant Accounting Policies: (b) Basis of Presentation (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2015 | |
Policies | |
(b) Basis of Presentation | (b) Basis of Presentation
These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company's fiscal year-end is December 31st. |
Note 2 - Summary of Significant Accounting Policies: (c) Use of Estimates (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2015 | |
Policies | |
(c) Use of Estimates | (c) Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of long-lived assets and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Note 2 - Summary of Significant Accounting Policies: (d) Net Loss Per Common Share (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2015 | |
Policies | |
(d) Net Loss Per Common Share | (d) Net Loss Per Common Share
The Company computes net income or loss per share in accordance with ASC 260 Earnings per Share. Under the provisions of the Earnings per Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. |
Note 2 - Summary of Significant Accounting Policies: (e) Income Taxes (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2015 | |
Policies | |
(e) Income Taxes | (e) Income Taxes
The Company accounts for its income taxes in accordance with ASC 740 Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry forwards. Deferred tax assets 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 operations in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that would otherwise be recorded for income tax benefits primarily relating to operating loss carryforwards as realization cannot be determined to be more likely than not.
The statement establishes a more-likely-than-not threshold for recognizing the benefits of tax return positions in the financial statements. Also, the statement implements a process for measuring those tax positions which meet the recognition threshold of being ultimately sustained upon examination by the taxing authorities. There are no uncertain tax positions taken by the Company on its tax returns and the adoption of the statement had no material impact to the Company's consolidated financial statements. The Company files tax returns in the US and states in which it has operations and is subject to taxation. Tax years subsequent to 2013 remain open to examination by U.S. federal and state tax jurisdictions. |
Note 2 - Summary of Significant Accounting Policies: (f) Discontinued Operations (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2015 | |
Policies | |
(f) Discontinued Operations | (f) Discontinued operations
We discontinued operations during the year ended December 31, 2013. All operations prior to that have been presented in the statement of operations and the cash flow statement as net income or loss from discontinued operations. In fact we had no assets related to an operating business as of March 31, 2015. |
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