0001214659-12-001155.txt : 20120315 0001214659-12-001155.hdr.sgml : 20120315 20120315143133 ACCESSION NUMBER: 0001214659-12-001155 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20120131 FILED AS OF DATE: 20120315 DATE AS OF CHANGE: 20120315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUJA MINERALS, CORP CENTRAL INDEX KEY: 0001492850 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-171572 FILM NUMBER: 12693507 BUSINESS ADDRESS: STREET 1: 6623 LAS VEGAS BLVD SOUTH SUITE 255 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 702-360-0652 MAIL ADDRESS: STREET 1: 10300 W CHARLESTON 13-56 CITY: LAS VEGAS STATE: NV ZIP: 89119 10-Q 1 f31412110q.htm FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 2012 f31412110q.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 

x
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 2012
  
  
 
OR                
  
  
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                    

Commission file number 333-171572

SUJA MINERALS, CORP.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation or organization)
10300 W. Charleston Blvd., #13-56
Las Vegas, NV 89135
(Address of principal executive offices, including zip code.)
 
702-425-2873
(telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 last 90 days.  YES x     NO o
 
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 NO o
 
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 o
       Accelerated filer  o     
Non-accelerated filer    o  
       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 o      NO x
 
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 19,450,000 shares of common stock as of March 15, 2012.
 


 
 

 
 
TABLE OF CONTENTS
 
 
 
 PART I. - FINANCIAL INFORMATION
   
 Page
     
ITEM 1
FINANCIAL STATEMENTS 
3
     
 
Balance Sheets as of January 31, 2012 (unaudited) and October 31, 2011 (audited)
3
     
 
Unaudited Statements of Operations for the three month period ended January 31, 2012 and January 31, 2011  and the period from inception (April 28, 2010)  to January 31, 2012
4
     
 
Unaudited Statements of Cash Flows for the three month period ended January 31,  2012 and January 31, 2011 and the period from inception (April 28, 2010) to January 31, 2012
5
     
 
Notes to Interim Financial Statements
6
     
ITEM 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
10
     
ITEM 3
Quantitative and Qualitative Disclosures about Market Risk
12
     
ITEM 4
Controls and Procedures
12
     
 PART II
OTHER INFORMATION
12
     
ITEM 1A
Risk Factors
12
     
ITEM 6 
Exhibits
12
     
INDEX TO EXHIBITS
12
   
SIGNATURES
13
 
 
 

 
 
SUJA MINERALS CORPORATION
 
(AN EXPLORATION STAGE COMPANY)
 
BALANCE SHEETS
 
   
             
             
   
January 31,
   
October 31,
 
   
2012
   
2011
 
ASSETS
 
(unaudited)
   
(audited)
 
             
Current assets:
  $ -     $ -  
                 
Other assets:
               
Property option - related party
    128,478       128,478  
Total other assets
    128,478       128,478  
                 
Total assets
  $ 128,478     $ 128,478  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Current liabilities:
               
Accounts payable
  $ 38,139     $ 31,345  
Accrued payroll
    20,000       20,000  
Accrued interest payable - related party
    1,139       788  
Notes payable - related party
    27,708       27,153  
Total current liabilities
    86,986       79,286  
                 
Total liabilities
    86,986       79,286  
                 
Stockholders' equity:
               
Common stock, $0.001 par value, 75,000,000 shares
               
authorized, 19,450,000 shares issued and outstanding
    19,450       19,450  
Additional paid-in capital
    175,050       175,050  
Deficit accumulated during exploration stage
    (153,008 )     (145,308 )
Total stockholders' equity
    41,492       49,192  
                 
Total liabilities and stockholders' equity
  $ 128,478     $ 128,478  

See Accompanying Notes to Financial Statements.

 
3

 
 
SUJA MINERALS CORPORATION
 
(AN EXPLORATION STAGE COMPANY)
 
STATEMENTS OF OPERATIONS
 
(unaudited)
 
                   
                   
   
For the
   
For the
   
Inception
 
   
three months
   
three months
   
(April 28, 2010)
 
   
ended
   
ended
   
to
 
   
January 31,
   
January 31,
   
January 31,
 
   
2012
   
2011
   
2012
 
                   
                   
Revenue
  $ -     $ -     $ -  
                         
Operating expenses:
                       
General and administrative
    -       165       452  
General and administrative - related party
    -       -       30,112  
Professional fees
    7,286       22,800       121,346  
Total operating expenses
    7,286       22,965       151,910  
                         
Loss from operations
    (7,286 )     (22,965 )     (151,910 )
                         
Other income (expense):
                       
Foreign currency transaction gain
    -       -       104  
Interest expense
    (64 )     -       (64 )
Interest expense - related party
    (350 )     (111 )     (1,138 )
Total other income (expense)
    (414 )     (111 )     (1,098 )
                         
Net loss
  $ (7,700 )   $ (23,076 )   $ (153,008 )
                         
Weighted average number of common
                       
shares outstanding - basic
    19,450,000       19,200,000          
                         
Net loss per share - basic
  $ (0.00 )   $ (0.00 )        

See Accompanying Notes to Financial Statements.

 
4

 
 
SUJA MINERALS CORPORATION
 
(AN EXPLORATION STAGE COMPANY)
 
STATEMENTS OF CASH FLOWS
 
(unaudited)
 
                   
                   
   
For the
   
For the
   
Inception
 
   
three months
   
three months
   
(April 28, 2010)
 
   
ended
   
ended
   
to
 
   
January 31,
   
January 31,
   
January 31,
 
   
2012
   
2011
   
2012
 
                   
CASH FLOWS FROM OPERATING ACTIVITIES
                 
Net loss
  $ (7,700 )   $ (23,076 )   $ (153,008 )
Adjustments to reconcile net loss
                       
to net cash used in operating activities:
                       
Shares issued for services
    -       -       10,000  
Changes in operating assets and liabilities:
                       
Decrease in prepaid expenses
    -       1,075       -  
Increase in accounts payable
    6,794       -       38,139  
Increase in accrued payroll
    -       -       20,000  
Decrease in accrued interest payable - related party
    351       110       1,139  
                         
Net cash used in operating activities
    (555 )     (21,891 )     (83,730 )
                         
CASH FLOWS FROM INVESTING ACTIVITIES
                       
Purchase of property option - related party
    -       -       (1,755 )
                         
Net cash used in investing activities
    -       -       (1,755 )
                         
CASH FLOWS FROM FINANCING ACTIVITIES
                       
Increase in bank overdraft
    -       356       -  
Proceeds from notes payable - related party
    555       -       985  
Proceeds from sale of common stock, net of offering costs
    -       10,000       84,500  
                         
Net cash provided by financing activities
    555       10,356       85,485  
                         
NET CHANGE IN CASH
    -       (11,535 )     -  
                         
CASH AT BEGINNING OF PERIOD
    -       11,535       -  
                         
CASH AT END OF YEAR
  $ -     $ -     $ -  
                         
SUPPLEMENTAL INFORMATION:
                       
Interest paid
  $ -     $ -     $ -  
Income taxes paid
  $ -     $ -     $ -  
                         
Non-cash activities:
                       
Shares issued for property option - related party
  $ -     $ -     $ 100,000  
Note payable - related party issued for purchase of
                       
property option, net of payments of $1,755
  $ -     $ -     $ 26,723  

See Accompanying Notes to Financial Statements.

 
5

 
SUJA MINERALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
 
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the period ended October 31, 2011 and notes thereto included in the Company’s 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.
 
Results of operations for the interim period are not indicative of annual results.

Use of estimates
The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.

Cash and cash equivalents
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value.

Stock-based compensation
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. 
 
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.

Earnings per share
The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

 
6

 
SUJA MINERALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recent pronouncements
The Company has evaluated all the recent accounting pronouncements through February 2012 and believes that none of them will have a material effect on the Company’s financial statement.

NOTE 2 – GOING CONCERN
 
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (April 28, 2010) through the period ended January 31, 2012 of ($153,008). In addition, the Company’s development activities since inception have been financially sustained through equity financing.
 
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

NOTE 3 – PROPERTY OPTION

On August 9, 2010, the Company executed an option to acquire a 100% undivided interest on mineral claims in Canada.  As part of the agreement, the Company agreed to issue 10,000,000 shares of common stock valued at $0.01 per share and issued a promissory note for $8,400 which was due by August 31, 2010.   The second payment of $76,800 was due by August 31, 2011.  The Company agreed to payments of $50,000 due by August 31, 2012 and payments of $50,000 for the next four years.  The Company must pay $250,000 per year for the following five year periods until such time as the project is abandoned or put into production.  The options will be deemed exercised upon satisfaction of all the above stated terms; at which point the Company will have acquired 100% interest in the property.  Once it is put into production, the payments of $250,000 per year will cease and the Company will pay $3 per ton adjusted annual by the Canadian Cost of Living Index.

On June 15, 2011, the Company renegotiated the payment terms of the option agreement.  The promissory note was amended to account for the increase in the payment amount in the amended option agreement.  See Note 4 for details of the promissory note.  The counterparty retained the 10,000,000 shares of common stock and the first payment has increased to CAD $26,000 and is due on April 30, 2012.  The second payment of CAD $76,800 is due on August 31, 2013.  The Company agreed to payments of $50,000 due by August 31, 2014 and payments of $50,000 for the next four years.  The Company must pay $250,000 per year for the following five year periods until such time as the project is abandoned or put into production.  The options will be deemed exercised upon satisfaction of all the above stated terms; at which point the Company will have acquired 100% interest in the property.  Once it is put into production, the payments of $250,000 per year will cease and the Company will pay $3 per ton adjusted annual by the Canadian Cost of Living Index.

As of October 31, 2010, the Company issued 10,000,000 shares of common stock and has paid a total of $1,755 as part of the agreement.  As a result of the transaction, the counterparty is now considered a related party since it is a shareholder of the Company.

As of January 31, 2012, the Company has an outstanding principal amount of $27,708 in notes payable – related party, related to the agreement.

 
7

 
SUJA MINERALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS

NOTE 4 – NOTES PAYABLE – RELATED PARTY

Note Payable with Officer, Director and Shareholder

On February 14, 2011, the Company had a verbal arrangement with Matt Reams, an officer, director and shareholder of the Company, for a total of $430.  During the three months ended January 31, 2012, the Company received an additional loan from Matt Reams for $555.

The unsecured loan is due upon demand and bears interest at 8% per annum. During the three months ended January 31, 2012, the interest expense totaled $16.  During the three months ended January 31, 2011, the interest expense totaled $0.  As of January 31, 2012, the Company had accrued interest of $40.

Note Payable with Shareholder

On August 9, 2010, the Company executed a promissory note for $8,400.  The loan was due on August 9, 2011 and bears interest at 5% per annum.  The Company paid a total of $1,755 in principal payments and the accrued interest on the loan commenced on September 1, 2010.  On June 15, 2011, the promissory note was amended and increased to CAD $26,000 which is approximately $26,723.  The increase in the loan amount was due to the increase in the amended property option.  See Note 3.  The loan is due on August 31, 2012 and bears interest at 5% per annum.

During the three months ended January 31, 2012, the interest expense totaled $334.  During the three months ended January 31, 2011, the interest expense totaled $111.  As of January 31, 2012, the Company had accrued interest of $1,098.

NOTE 5 – STOCKHOLDERS’ EQUITY
 
The Company is authorized to issue 75,000,000 shares of its $0.001 par value common stock.

Common Stock
 
On April 28, 2010, the Company issued an officer and director of the Company 1,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services of $10,000.
 
On October 13, 2010, the Company issued 7,200,000 shares of its common stock for cash of $74,500.  The Company had 250,000 shares unissued valued at $2,500 in common stock payable.  During March 2011, the Company issued the remaining 250,000 shares and reduced the entire balance of common stock payable.

On October 13, 2010, the Company issued 1,000,000 shares of its common stock for subscriptions receivable of $10,000.  The Company received $10,000 from the investor in November 2010.

On October 13, 2010, the Company issued 10,000,000 shares of its common stock for property option valued at $100,000 based on the fair value of the common stock.

On November 30, 2010, the Company received $10,000 from an investor and reduced the entire balance of subscriptions receivable balance for shares issued during October 2010. 

On March 11, 2011, the Company issued 250,000 shares of common stock to an investor for cash received during October 2010.  Upon issuance of the shares, the Company reduced the entire balance of common stock payable.
 
During the three months ended January 31, 2012, there have been no other issuances of common stock.

 
8

 
SUJA MINERALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS

NOTE 6 – WARRANTS AND OPTIONS

As of January 31, 2012, there were no warrants or options outstanding to acquire any additional shares of common stock.

NOTE 7 – RELATED PARTY TRANSACTIONS

On April 28, 2010, the Company issued an officer and director of the Company 1,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services of $10,000.

On June 15, 2011, the Company authorized a bonus of $20,000 for the President of the Company.  As of January 31, 2012, the entire amount was unpaid and is recorded to accrued payroll.
 
 
 
 

 
 
9

 

ITEM 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.

This section of this 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 corporation and have not yet generated or realized any revenues from our business operations.  

12 month Plan
 
Our plan of operation for the next 12 months will be to complete the recommended  two Phases of the exploration work program on the Crawford Creek mineral property consisting of 1, prospecting, trenching and sampling and , 2, diamond drilling. We anticipate that the total cost of these exploration programs will be approximately $86,904.  In addition, under our renegotiated option agreement, we will need to pay $26,312 (at an exchange rate of $1 CAD to $1.012 USD) to the property vendor on or before April 30, 2012.
 
We plan to commence Phase 1 of the recommended exploration program on the Crawford Creek in  mid 2012 as weather allows. This initial exploration program consists of prospecting, trenching and soil sampling. This initial Phase 1 program is anticipated to be completed in approximately two months at a cost of approximately $8,568.
 
We will then review results and information from the completed phase 1 of the exploration work program on the Crawford Creek and, based on positive results and recommendations, we plan to commence Phase two of the recommended exploration program consisting of diamond drilling. The drilling program is anticipated to be completed approximately 10 months following completion of phase 1 at a cost of approximately $78,336.
 
After Phase II is completed, we will review findings from the diamond drilling program on the Crawford Creek property and will proceed with additional exploration work program that may be recommended by our professional Geologist or Engineer.  Management estimates that it would then take another $350,000 of drilling costs to outline sufficient tonnage to commence production from the property, although there is no assurance that $350,000 or any amount of drilling costs will prove up a mineral resource at Crawford Creek.

If an economic resource is established through drilling, there will be substantial additional costs to place the property in production, such as the costs of permitting, bonding, equipment and working capital, which costs cannot be estimated until such time as the Crawford Creek mineral resource, if any, has been explored and is better understood.
 
We do not have any verbal or written agreement regarding the retention of any qualified engineer or geologist for the recommended two phases exploration program.
 
 
10

 
 
We will require additional funding in order to cover phase one of the exploration program, as well as administrative expenses and to proceed with the recommended phase two exploration program and any additional exploration programs that may be recommended as a result of findings of the initial two phases of the exploration work on the Crawford Creek property.
 
 
Business Plan Risks

The Company’s business plan is prone to significant risks and uncertainties which could have an immediate impact on its efforts to generate a positive net cash flow and could deter the anticipated exploration and development of its mining interests. Historically, the Company has not generated sufficient cash flow to sustain operations and has had to rely on debt or equity financing to remain in business. Therefore, we cannot offer future expectations that any interests owned by the Company will be commercially developed or that its operations will be sufficient to generate the revenue required. Should we be unable to generate cash flow, the Company may be forced to seek additional debt or equity financing as alternatives to the cessation of operations. The success of such measures can in no way be assured.  Inherently, in the exploration of mineral properties, there are substantial risks which the Company may not be able to mitigate and could result in a cessation of operations.

 Going Concern

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 operations.  There is no assurance we will ever reach this point.  Accordingly, we must raise cash from sources other than operations.       

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 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 and possible cost overruns due to price and cost increases in goods and services.  We need additional capital to operate during the next twelve months.

To become profitable and competitive, we have to explore our Crawford Creek mining claims and, if economically feasible, develop and open a mine.  

Equity financing could result in additional dilution to existing shareholders.

As of the date of this report, we have yet to begin operations and therefore have not generated any revenues.

Liquidity and Capital Resources

As of January 31, 2012, our total assets were $128,478.  Our total liabilities were $86,986.  If we are unable to raise additional cash we will either have to suspend operations until we do raise the cash, or cease operations entirely.  As of the date of this report, we have not initiated revenue-producing operations. 
 

Results of Operations

Period from April 28, 2010 to January 31, 2012:

Since the Company’s original inception on April 28, 2010, we have not generated any revenues.  Our expenses from inception through January 31, 2012 were $153,008.
 
 
11

 
 
Three Month Period Ending January 31, 2012:

In the three month period ending January 31, 2012, the loss from continuing operations was $7,700,  down from $23,076 in the three month period ended January 31, 2011. The Company’s most significant expense was for professional fees associated with its SEC Registration Statement on S-1, which were largely paid during the three month period ending January 31, 2011, with the result that professional fees were lower during the three months ended January 31, 2012.  We will have ongoing professional fees payable as a result of becoming a public company.

Recent Accounting Pronouncements

The Company has analyzed the Accounting Standards Updates that were issued through February 29, 2012 and have determined that none are anticipated to have a material impact on the Company’s financial position or results of operations.

ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK.

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 4.        CONTROLS AND PROCEDURES.

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective during the quarter ended January 31, 2012.

There were no changes in our internal control over financial reporting during the quarter ended January 31, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 
 
PART II. OTHER INFORMATION

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.

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 Section 302 of the Sarbanes-Oxley Act of 2002
  
  
32.1
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
101
Interactive data files pursuant to Rule 405 of Regulation S-T.
 
 
12

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities on this 15th day of March, 2012.

 
SUJA MINERALS, CORP.
  
  
  
  
  
  
 
BY:
 
/s/
MATT REAMS
 
 MATT REAMS            
  
  
  
 President and
Principal Executive Officer  
and
  
  
  
  
  
  
  
  
  
  
BY:
 
/s/
MATT REAMS
 
MATT REAMS                   
  
  
  
Chief Financial Officer and
Principal Financial Officer
  
 
 
13
EX-31.1 2 ex31_1.htm EXHIBIT 31.1 ex31_1.htm
EXHIBIT 31.1

CERTIFICATION
Pursuant to 18 U.S.C. 1350
(Section 302 of the Sarbanes-Oxley Act of 2002)

I, Matt Reams, certify that:
 
1.   
I have reviewed this Report on Form 10-Q of SUJA MINERALS, CORP.;
 
2.   
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
 Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 
a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 
a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 
b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 15, 2012   
 
 
 By: /s/ Matt Reams
   
 
 -----------------------------------------
   
 
 Matt Reams
 
 Chief Executive Officer and
 Chief Financial Officer
   
 
 

EX-32.1 3 ex32_1.htm EXHIBIT 32.1 ex32_1.htm
EXHIBIT 32.1

CERTIFICATION
Pursuant to 18 U.S.C. 1350
(Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Report on Form 10-Q of SUJA MINERALS, CORP. (the "Company") for the period ended January 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Matt Reams, as Chief Executive Officer and Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:

     (1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 


Date: March 15, 2012
             
 
 
 By: /s/ Matt Reams
   
 
 -------------------------------------
   
 
 Matt Reams
   
 
 Chief Executive Officer
   
 
 Chief Financial Officer
 

 
This certification accompanies each Report pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of ss.18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
 
 
 

EX-101.INS 4 sjml-20120131.xml EXHIBIT 101.INS false --10-31 Q1 2012 2012-01-31 10-Q 0001492850 19450000 Smaller Reporting Company SUJA MINERALS, CORP. 1139 788 26723 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 4 - NOTES PAYABLE - RELATED PARTY</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Note Payable with Officer, Director and Shareholder</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On February 14, 2011, the Company had a verbal arrangement with Matt Reams, an officer, director and shareholder of the Company, for a total of $430.&nbsp;&nbsp;During the three months ended January 31, 2012, the Company received an additional loan from Matt Reams for $555.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The unsecured loan is due upon demand and bears interest at 8% per annum. During the three months ended January 31, 2012, the interest expense totaled $16.&nbsp;&nbsp;During the three months ended January 31, 2011, the interest expense totaled $0.&nbsp;&nbsp;As of January 31, 2012, the Company had accrued interest of $40.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Note Payable with Shareholder</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On August 9, 2010, the Company executed a promissory note for $8,400.&nbsp;&nbsp;The loan was due on August 9, 2011 and bears interest at 5% per annum.&nbsp;&nbsp;The Company paid a total of $1,755 in principal payments and the accrued interest on the loan commenced on September 1, 2010.&nbsp;&nbsp;On June 15, 2011, the promissory note was amended and increased to CAD $26,000 which is approximately $26,723.&nbsp;&nbsp;The increase in the loan amount was due to the increase in the amended property option.&nbsp;&nbsp;See Note 3.&nbsp;&nbsp;The loan is due on August 31, 2012 and bears interest at 5% per annum.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> During the three months ended January 31, 2012, the interest expense totaled $334.&nbsp;&nbsp;During the three months ended January 31, 2011, the interest expense totaled $111.&nbsp;&nbsp;As of January 31, 2012, the Company had accrued interest of $1,098.</div> <!--EndFragment--></div> </div> 1755 100000 38139 31345 175050 175050 128478 128478 11535 -11535 0.001 0.001 75000000 75000000 19450000 19450000 19450000 19450000 19450 19450 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 6 - WARRANTS AND OPTIONS</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> As of January 31, 2012, there were no warrants or options outstanding to acquire any additional shares of common stock.</div> <!--EndFragment--></div> </div> 0.0 0.0 20000 20000 104 165 452 6794 38139 351 110 1139 20000 -1075 64 64 350 111 1138 10000 86986 79286 128478 128478 86986 79286 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 2 - GOING CONCERN</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (April 28, 2010) through the period ended January 31, 2012 of ($153,008). In addition, the Company&#39;s development activities since inception have been financially sustained through equity financing.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.</div> <!--EndFragment--></div> </div> 555 10356 85485 -1755 -555 -21891 -83730 -7700 -23076 -153008 27708 27153 7286 22965 151910 -7286 -22965 -151910 128478 128478 -414 -111 -1098 10000 84500 555 985 356 7286 22800 121346 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 3 - PROPERTY OPTION</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On August 9, 2010, the Company executed an option to acquire a 100% undivided interest on mineral claims in Canada.&nbsp;&nbsp;As part of the agreement, the Company agreed to issue 10,000,000 shares of common stock valued at $0.01 per share and issued a promissory note for $8,400 which was due by August 31, 2010.&nbsp;&nbsp;&nbsp;The second payment of $76,800 was due by August 31, 2011.&nbsp;&nbsp;The Company agreed to payments of $50,000 due by August 31, 2012 and payments of $50,000 for the next four years.&nbsp;&nbsp;The Company must pay $250,000 per year for the following five year periods until such time as the project is abandoned or put into production.&nbsp;&nbsp;The options will be deemed exercised upon satisfaction of all the above stated terms; at which point the Company will have acquired 100% interest in the property.&nbsp;&nbsp;Once it is put into production, the payments of $250,000 per year will cease and the Company will pay $3 per ton adjusted annual by the Canadian Cost of Living Index.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On June 15, 2011, the Company renegotiated the payment terms of the option agreement.&nbsp;&nbsp;The promissory note was amended to account for the increase in the payment amount in the amended option agreement.&nbsp;&nbsp;See Note 4 for details of the promissory note.&nbsp;&nbsp;The counterparty retained the 10,000,000 shares of common stock and the first payment has increased to CAD $26,000 and is due on April 30, 2012.&nbsp;&nbsp;The second payment of CAD $76,800 is due on August 31, 2013.&nbsp;&nbsp;The Company agreed to payments of $50,000 due by August 31, 2014 and payments of $50,000 for the next four years.&nbsp;&nbsp;The Company must pay $250,000 per year for the following five year periods until such time as the project is abandoned or put into production.&nbsp;&nbsp;The options will be deemed exercised upon satisfaction of all the above stated terms; at which point the Company will have acquired 100% interest in the property.&nbsp;&nbsp;Once it is put into production, the payments of $250,000 per year will cease and the Company will pay $3 per ton adjusted annual by the Canadian Cost of Living Index.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> As of October 31, 2010, the Company issued 10,000,000 shares of common stock and has paid a total of $1,755 as part of the agreement.&nbsp;&nbsp;As a result of the transaction, the counterparty is now considered a related party since it is a shareholder of the Company.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> As of January 31, 2012, the Company has an outstanding principal amount of $27,708 in notes payable - related party, related to the agreement.</font><br /> </div> <!--EndFragment--></div> </div> 128478 128478 30112 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 7 - RELATED PARTY TRANSACTIONS</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On April 28, 2010, the Company issued an officer and director of the Company 1,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services of $10,000.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On June 15, 2011, the Company authorized a bonus of $20,000 for the President of the Company.&nbsp;&nbsp;As of January 31, 2012, the entire amount was unpaid and is recorded to accrued payroll.</div> <!--EndFragment--></div> </div> -153008 -145308 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Basis of presentation</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the period ended October 31, 2011 and notes thereto included in the Company&#39;s 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> Results of operations for the interim period are not indicative of annual results.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Use of estimates</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Cash and cash equivalents</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Stock-based compensation</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. &nbsp;This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.&nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Earnings per share</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share ("EPS") calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Recent pronouncements</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Company has evaluated all the recent accounting pronouncements through February 2012 and believes that none of them will have a material effect on the Company&#39;s financial statement.</div> <!--EndFragment--></div> </div> 41492 49192 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> NOTE 5 - STOCKHOLDERS&#39; EQUITY</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> The Company is authorized to issue 75,000,000 shares of its $0.001 par value common stock.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-DECORATION: underline; TEXT-INDENT: 0pt"> Common Stock</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On April 28, 2010, the Company issued an officer and director of the Company 1,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services of $10,000.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On October 13, 2010, the Company issued 7,200,000 shares of its common stock for cash of $74,500.&nbsp;&nbsp;The Company had 250,000 shares unissued valued at $2,500 in common stock payable.&nbsp;&nbsp;During March 2011, the Company issued the remaining 250,000 shares and reduced the entire balance of common stock payable.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On October 13, 2010, the Company issued 1,000,000 shares of its common stock for subscriptions receivable of $10,000.&nbsp;&nbsp;The Company received $10,000 from the investor in November 2010.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On October 13, 2010, the Company issued 10,000,000 shares of its common stock for property option valued at $100,000 based on the fair value of the common stock.</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On November 30, 2010, the Company received $10,000 from an investor and reduced the entire balance of subscriptions receivable balance for shares issued during October 2010.&nbsp;</div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> On March 11, 2011, the Company issued 250,000 shares of common stock to an investor for cash received during October 2010.&nbsp;&nbsp;Upon issuance of the shares, the Company reduced the entire balance of common stock payable.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> During the three months ended January 31, 2012, there have been no other issuances of common stock.</div> <!--EndFragment--></div> </div> 19450000 19200000 xbrli:shares ISO4217:USD ISO4217:USD xbrli:shares 0001492850 2011-11-01 2012-01-31 0001492850 2010-11-01 2011-01-31 0001492850 2010-04-28 2012-01-31 0001492850 2012-03-15 0001492850 2012-01-31 0001492850 2011-10-31 0001492850 2010-10-31 0001492850 2010-04-27 EX-101.SCH 5 sjml-20120131.xsd EXHIBIT 101.SCH 002 - 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NOTES PAYABLE - RELATED PARTY
3 Months Ended
Jan. 31, 2012
NOTES PAYABLE - RELATED PARTY [Abstract]  
NOTES PAYABLE - RELATED PARTY
NOTE 4 - NOTES PAYABLE - RELATED PARTY

Note Payable with Officer, Director and Shareholder

On February 14, 2011, the Company had a verbal arrangement with Matt Reams, an officer, director and shareholder of the Company, for a total of $430.  During the three months ended January 31, 2012, the Company received an additional loan from Matt Reams for $555.

The unsecured loan is due upon demand and bears interest at 8% per annum. During the three months ended January 31, 2012, the interest expense totaled $16.  During the three months ended January 31, 2011, the interest expense totaled $0.  As of January 31, 2012, the Company had accrued interest of $40.

Note Payable with Shareholder

On August 9, 2010, the Company executed a promissory note for $8,400.  The loan was due on August 9, 2011 and bears interest at 5% per annum.  The Company paid a total of $1,755 in principal payments and the accrued interest on the loan commenced on September 1, 2010.  On June 15, 2011, the promissory note was amended and increased to CAD $26,000 which is approximately $26,723.  The increase in the loan amount was due to the increase in the amended property option.  See Note 3.  The loan is due on August 31, 2012 and bears interest at 5% per annum.

During the three months ended January 31, 2012, the interest expense totaled $334.  During the three months ended January 31, 2011, the interest expense totaled $111.  As of January 31, 2012, the Company had accrued interest of $1,098.
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PROPERTY OPTION
3 Months Ended
Jan. 31, 2012
PROPERTY OPTION [Abstract]  
PROPERTY OPTION
NOTE 3 - PROPERTY OPTION

On August 9, 2010, the Company executed an option to acquire a 100% undivided interest on mineral claims in Canada.  As part of the agreement, the Company agreed to issue 10,000,000 shares of common stock valued at $0.01 per share and issued a promissory note for $8,400 which was due by August 31, 2010.   The second payment of $76,800 was due by August 31, 2011.  The Company agreed to payments of $50,000 due by August 31, 2012 and payments of $50,000 for the next four years.  The Company must pay $250,000 per year for the following five year periods until such time as the project is abandoned or put into production.  The options will be deemed exercised upon satisfaction of all the above stated terms; at which point the Company will have acquired 100% interest in the property.  Once it is put into production, the payments of $250,000 per year will cease and the Company will pay $3 per ton adjusted annual by the Canadian Cost of Living Index.

On June 15, 2011, the Company renegotiated the payment terms of the option agreement.  The promissory note was amended to account for the increase in the payment amount in the amended option agreement.  See Note 4 for details of the promissory note.  The counterparty retained the 10,000,000 shares of common stock and the first payment has increased to CAD $26,000 and is due on April 30, 2012.  The second payment of CAD $76,800 is due on August 31, 2013.  The Company agreed to payments of $50,000 due by August 31, 2014 and payments of $50,000 for the next four years.  The Company must pay $250,000 per year for the following five year periods until such time as the project is abandoned or put into production.  The options will be deemed exercised upon satisfaction of all the above stated terms; at which point the Company will have acquired 100% interest in the property.  Once it is put into production, the payments of $250,000 per year will cease and the Company will pay $3 per ton adjusted annual by the Canadian Cost of Living Index.

As of October 31, 2010, the Company issued 10,000,000 shares of common stock and has paid a total of $1,755 as part of the agreement.  As a result of the transaction, the counterparty is now considered a related party since it is a shareholder of the Company.

As of January 31, 2012, the Company has an outstanding principal amount of $27,708 in notes payable - related party, related to the agreement.
XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Jan. 31, 2012
Oct. 31, 2011
ASSETS    
Current assets:      
Other assets:    
Property option - related party 128,478 128,478
Total other assets 128,478 128,478
Total assets 128,478 128,478
Current liabilities:    
Accounts payable 38,139 31,345
Accrued payroll 20,000 20,000
Accrued interest payable - related party 1,139 788
Notes payable - related party 27,708 27,153
Total current liabilities 86,986 79,286
Total liabilities 86,986 79,286
Stockholders' equity:    
Common stock, $0.001 par value, 75,000,000 shares authorized, 19,450,000 shares issued and outstanding 19,450 19,450
Additional paid-in capital 175,050 175,050
Deficit accumulated during exploration stage (153,008) (145,308)
Total stockholders' equity 41,492 49,192
Total liabilities and stockholders' equity $ 128,478 $ 128,478
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Jan. 31, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
 
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the period ended October 31, 2011 and notes thereto included in the Company's 10-K annual report. The Company follows the same accounting policies in the preparation of interim reports.
 
Results of operations for the interim period are not indicative of annual results.

Use of estimates
The preparation of financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.

Cash and cash equivalents
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value.

Stock-based compensation
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. 
 
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.

Earnings per share
The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share ("EPS") calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

Recent pronouncements
The Company has evaluated all the recent accounting pronouncements through February 2012 and believes that none of them will have a material effect on the Company's financial statement.
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GOING CONCERN
3 Months Ended
Jan. 31, 2012
GOING CONCERN [Abstract]  
GOING CONCERN
NOTE 2 - GOING CONCERN
 
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (April 28, 2010) through the period ended January 31, 2012 of ($153,008). In addition, the Company's development activities since inception have been financially sustained through equity financing.
 
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
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BALANCE SHEETS (PARENTHETICAL) (USD $)
Jan. 31, 2012
Oct. 31, 2011
BALANCE SHEETS [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 75,000,000 75,000,000
Common stock, shares issued 19,450,000 19,450,000
Common stock, shares outstanding 19,450,000 19,450,000
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Document and Entity Information
3 Months Ended
Jan. 31, 2012
Mar. 15, 2012
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jan. 31, 2012  
Entity Registrant Name SUJA MINERALS, CORP.  
Entity Central Index Key 0001492850  
Current Fiscal Year End Date --10-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2012  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   19,450,000
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STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 21 Months Ended
Jan. 31, 2012
Jan. 31, 2011
Jan. 31, 2012
STATEMENTS OF OPERATIONS [Abstract]      
Revenue         
Operating expenses:      
General and administrative    165 452
General and administrative - related party       30,112
Professional fees 7,286 22,800 121,346
Total operating expenses 7,286 22,965 151,910
Loss from operations (7,286) (22,965) (151,910)
Other income (expense):      
Foreign currency transaction gain       104
Interest expense (64)    (64)
Interest expense - related party (350) (111) (1,138)
Total other income (expense) (414) (111) (1,098)
Net loss $ (7,700) $ (23,076) $ (153,008)
Weighted average number of common shares outstanding - basic 19,450,000 19,200,000  
Net loss per share - basic $ 0.0 $ 0.0  
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RELATED PARTY TRANSACTIONS
3 Months Ended
Jan. 31, 2012
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS
NOTE 7 - RELATED PARTY TRANSACTIONS

On April 28, 2010, the Company issued an officer and director of the Company 1,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services of $10,000.

On June 15, 2011, the Company authorized a bonus of $20,000 for the President of the Company.  As of January 31, 2012, the entire amount was unpaid and is recorded to accrued payroll.
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WARRANTS AND OPTIONS
3 Months Ended
Jan. 31, 2012
WARRANTS AND OPTIONS [Abstract]  
WARRANTS AND OPTIONS
NOTE 6 - WARRANTS AND OPTIONS

As of January 31, 2012, there were no warrants or options outstanding to acquire any additional shares of common stock.
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STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended 21 Months Ended
Jan. 31, 2012
Jan. 31, 2011
Jan. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (7,700) $ (23,076) $ (153,008)
Adjustments to reconcile net loss to net cash used in operating activities:      
Shares issued for services       10,000
Changes in operating assets and liabilities:      
Decrease in prepaid expenses    1,075   
Increase in accounts payable 6,794    38,139
Increase in accrued payroll       20,000
Decrease in accrued interest payable - related party 351 110 1,139
Net cash used in operating activities (555) (21,891) (83,730)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property option - related party       (1,755)
Net cash used in investing activities       (1,755)
CASH FLOWS FROM FINANCING ACTIVITIES      
Increase in bank overdraft    356   
Proceeds from notes payable - related party 555    985
Proceeds from sale of common stock, net of offering costs    10,000 84,500
Net cash provided by financing activities 555 10,356 85,485
NET CHANGE IN CASH    (11,535)   
CASH AT BEGINNING OF YEAR    11,535   
CASH AT END OF YEAR        
SUPPLEMENTAL INFORMATION:      
Interest paid         
Income taxes paid         
Non-cash activities:      
Shares issued for property option - related party       100,000
Note payable - related party issued for purchase of property option, net of payments of $1,755       $ 26,723
XML 24 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY
3 Months Ended
Jan. 31, 2012
STOCKHOLDERS EQUITY [Abstract]  
STOCKHOLDERS EQUITY
NOTE 5 - STOCKHOLDERS' EQUITY
 
The Company is authorized to issue 75,000,000 shares of its $0.001 par value common stock.

Common Stock
 
On April 28, 2010, the Company issued an officer and director of the Company 1,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services of $10,000.
 
On October 13, 2010, the Company issued 7,200,000 shares of its common stock for cash of $74,500.  The Company had 250,000 shares unissued valued at $2,500 in common stock payable.  During March 2011, the Company issued the remaining 250,000 shares and reduced the entire balance of common stock payable.

On October 13, 2010, the Company issued 1,000,000 shares of its common stock for subscriptions receivable of $10,000.  The Company received $10,000 from the investor in November 2010.

On October 13, 2010, the Company issued 10,000,000 shares of its common stock for property option valued at $100,000 based on the fair value of the common stock.

On November 30, 2010, the Company received $10,000 from an investor and reduced the entire balance of subscriptions receivable balance for shares issued during October 2010. 

On March 11, 2011, the Company issued 250,000 shares of common stock to an investor for cash received during October 2010.  Upon issuance of the shares, the Company reduced the entire balance of common stock payable.
 
During the three months ended January 31, 2012, there have been no other issuances of common stock.
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