0001056520-13-000216.txt : 20130923 0001056520-13-000216.hdr.sgml : 20130923 20130920175901 ACCESSION NUMBER: 0001056520-13-000216 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130923 DATE AS OF CHANGE: 20130920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDEN GLOBAL CORP. CENTRAL INDEX KEY: 0001502555 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54528 FILM NUMBER: 131108790 BUSINESS ADDRESS: STREET 1: #94 - 5348 VEGAS DRIVE CITY: LAS VEGAS STATE: NV ZIP: 89108-2347 BUSINESS PHONE: (702) 472-8844 MAIL ADDRESS: STREET 1: #94 - 5348 VEGAS DRIVE CITY: LAS VEGAS STATE: NV ZIP: 89108-2347 10-Q 1 gldg10q33113final.htm 10-Q GDLG 10Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013


Commission File Number:  000-54528


GOLDEN GLOBAL CORP

(Exact name of registrant as specified in its charter)


NEVADA

N/A

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)


#94 – 5348 Vegas Drive

Las Vegas, NV 89108-2347

(Address of principal executive offices)


(702) 472-8844

(Registrant’s Telephone number, including area code)


    

(Former name, former address and former fiscal year, if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15◊ of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x

Yes

o

No



Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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).      x  Yes    o  No


Indicate by check mark whether the registrant is a larger accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “larger accelerated filer,” “Accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Larger 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).

o

Yes

x

No


Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of September 19, 2013, there were 46,113,507 shares of the Company’s common stock issued and outstanding.






PART I – FINANCIAL INFORMATION


Item 1.  Financial Statements





Golden Global Corporation

(An Exploration Stage Company)

Condensed Interim Consolidated Balance Sheets

Stated in Canadian dollars

 

 

 

 

March 31,
2013
(Unaudited)

 

June 30,
2012

ASSETS

 

 

 

 

 

 

 

Current

 

 

 

Cash and cash equivalents

 $           25,771

 

 $           30,620

Sales tax and other receivable

                    29

 

                  772

 

 

 

 

Total current assets

              25,800

 

              31,392

 

 

 

 

Property and equipment

 

 

 

Property and Equipment

              58,000

 

            101,964

Mineral properties, unproven (Note 3)

              20,012

 

              43,196

 

 

 

 

Total property and equipment

              78,012

 

            145,160

 

 

 

 

Total Assets

 $         103,812

 

 $         176,552

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current

 

 

 

Accounts payable and accrued liabilities

 $           36,184

 

 $           13,781

Due to related parties (Note 4)

            170,458

 

            184,068

Fair value of embedded derivative (Note 5)

              91,833

 

            115,574

Dividend payable

              15,242

 

              10,057

 

 

 

 

Total Liabilities

            313,717

 

            323,480

Going concern (Note 1)

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Capital Stock (Note 6)

 

 

 

Authorized:

 

 

 

         75,000,000 with a par value of $0.0001

 

 

 

Outstanding but not issued

 

 

 

46,113,507 common stock (2012 - 37,647,417)

               4,612

 

               3,765

Additional paid in capital

            625,798

 

            576,250

Deficit accumulated during the exploration stage

          (916,279)

 

          (802,907)

 

 

 

 

 

          (285,869)

 

          (222,892)

Equity attributable to non-controlling interest

              75,964

 

              75,964

Total Stockholders' Equity

          (209,905)

 

          (146,928)

 

 

 

 

Total Liabilities and Stockholders' Equity

 $         103,812

 

 $         176,552


The accompanying notes are an integral part of these interim financial statements





Golden Global Corporation

(An Exploration Stage Company)

Condensed Interim Consolidated Statements of Operations

(Unaudited)

Stated in Canadian dollars

 

 

 

 

 

 

 

 

 

 

3 months ended
March 31, 2013

 

3 months ended
March 31, 2012

 

9 months ended
March 31, 2013

 

9 months ended
March 31, 2012

 

From inception (December 9, 2009) to March 31, 2013

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Administration fees

 $             -   

 

 $     3,150

 

 $     6,300

 

 $     7,875

 

 $   60,000

Consulting fees

              -

 

              -

 

      48,000

 

      13,608

 

    257,919

Depreciation

        8,016

 

      10,681

 

      27,473

 

      32,156

 

    129,959

Professional fees

        8,394

 

        8,496

 

      19,215

 

      18,759

 

      95,039

Office and general

      10,177

 

      41,903

 

      32,239

 

      78,318

 

    318,213

Travel expenses

              -

 

              -

 

        1,000

 

            90

 

      31,480

 

    (26,587)

 

    (64,230)

 

   (134,227)

 

   (150,806)

 

   (892,610)

 

 

 

 

 

 

 

 

 

 

Other items

 

 

 

 

 

 

 

 

 

Foreign exchange loss

          (16)

 

         (445)

 

          (16)

 

         (445)

 

         (329)

Gain on sale of property and equipment

      28,509

 

            65

 

      28,509

 

            65

 

      30,603

Gain / (Loss) on change in fair value of embedded derivative

      35,786

 

 

 

      20,658

 

              -

 

    (15,698)

Impairment of assets

              -

 

              -

 

    (23,184)

 

              -

 

    (23,184)

Interest income

            58

 

              -

 

            73

 

              -

 

          181

 

 

 

 

 

 

 

 

 

 

Net income (loss) and comprehensive income (loss) for the period

      37,750

 

    (64,610)

 

   (108,187)

 

   (151,186)

 

   (901,037)

Preferred shares dividend

      (1,703)

 

      (1,722)

 

      (5,185)

 

      (5,204)

 

    (15,242)

 

 

 

 

 

 

 

 

 

 

Attributed to common stockholders

 $   36,047

 

 $  (66,332)

 

 $(113,372)

 

 $(156,390)

 

 $(916,279)

 

 

 

 

 

 

 

 

 

 

Basic and diluted income (loss) per share

 $     0.001

 

 $   (0.002)

 

 $   (0.002)

 

 $   (0.005)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

  41,913,896

 

  34,237,906

 

  46,113,507

 

  34,237,906

 

 



The accompanying notes are an integral part of these interim financial statements





Golden Global Corporation

(An Exploration Stage Company)

Condensed Interim  Consolidated Statements of Stockholders' Equity

(Unaudited)

Stated in Canadian dollars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Paid in Capital

 

Accumulated Deficit

 

Equity attributable to Golden Global Corp Shareholders

 

Equity attributable to noncontrolling interests

 

Total Equity

 

Common Stock

 

 

 

 

 

 

Shares

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 10, 2009 (Inception)

                   -   

 

 $             -   

 

 $             -   

 

 $                  -   

 

 $                    -   

 

 $                   -   

 

 $               -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares, cash

15,020,000

 

           1,502

 

       194,948

 

                     -   

 

              196,450

 

                      -   

 

         196,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares, assets

18,000,000

 

           1,800

 

       172,043

 

                     -   

 

              173,843

 

                      -   

 

         173,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

              -   

 

                -   

 

                -   

 

           (45,139)

 

              (45,139)

 

                      -   

 

         (45,139)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2010

33,020,000

 

 $        3,302

 

 $    366,991

 

 $        (45,139)

 

 $           325,154

 

 $                   -   

 

 $      325,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares, cash

868,750

 

                87

 

         69,875

 

 

 

                69,962

 

 

 

           69,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares, assets

333,667

 

                33

 

           9,977

 

                     -   

 

                10,010

 

                      -   

 

           10,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of preferred shares, cash

                   -   

 

                -   

 

                -   

 

                     -   

 

                       -   

 

              86,340

 

           86,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares issuing cost

                   -   

 

                -   

 

                -   

 

                     -   

 

                       -   

 

            (10,376)

 

         (10,376)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

                   -   

 

                -   

 

                -   

 

             (3,131)

 

                (3,131)

 

                      -   

 

           (3,131)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

                   -   

 

                -   

 

                -   

 

         (292,767)

 

            (292,767)

 

                      -   

 

       (292,767)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2011

    34,222,417

 

$         3,422

 

$     446,843

 

$       (341,037)

 

$            109,228

 

$            75,964

 

$       185,192


The accompanying notes are an integral part of these interim financial statements





Golden Global Corporation

(An Exploration Stage Company)

Condensed Interim  Consolidated Statements of Stockholders' Equity

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stated in Canadian dollars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Paid-in Capital

 

Deficit Accumulated During the Exploration Stage

 

Equity attributable to Golden Global Corp Shareholders

 

Equity attributable to noncontrolling interests

 

Total Equity

 

Common Stock

 

 

 

 

 

 

Shares

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 1, 2011

    34,222,417

 

$         3,422

 

$     446,843

 

$       (341,037)

 

$            109,228

 

$            75,964

 

$       185,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares, cash

25,000

 

                  3

 

           2,247

 

                     -   

 

                  2,250

 

                      -   

 

             2,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares,
consulting services

3,400,000

 

              340

 

       127,160

 

                     -   

 

              127,500

 

                      -   

 

         127,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend

                   -   

 

                -   

 

                -   

 

             (6,926)

 

                (6,926)

 

                      -   

 

           (6,926)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

                   -   

 

                -   

 

                -   

 

         (454,944)

 

            (454,944)

 

 

 

       (454,944)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2012

37,647,417

 

$         3,765

 

$     576,250

 

$       (802,907)

 

$          (222,892)

 

$            75,964

 

$     (146,928)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares,
consulting services

2,500,000

 

              250

 

         37,250

 

                     -   

 

37,500

 

                      -   

 

           37,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares,
note conversion

5,966,090

 

              597

 

         12,298

 

                     -   

 

12,895

 

                      -   

 

           12,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend

                   -   

 

                -   

 

                -   

 

             (5,185)

 

(5,185)

 

                      -   

 

           (5,185)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

                   -   

 

                -   

 

                -   

 

         (108,187)

 

(108,187)

 

                      -   

 

       (108,187)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2013

46,113,507

 

$         4,612

 

$     625,798

 

$       (916,279)

 

$          (285,869)

 

$            75,964

 

$     (209,905)



The accompanying notes are an integral part of these interim financial statements







Golden Global Corporation

(An Exploration Stage Company)

Condensed Interim  Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

 

 

Stated in Canadian dollars

 

 

 

 

 

 

9 months ended
March 31,
2013

 

9 months ended
March 31,
2012

 

From inception (December 9, 2009) to March 31, 2013

Operating activities

 

 

 

 

 

Net loss for period

$      (108,187)

 

$      (151,186)

 

$       (901,037)

Share-based payment for consulting expenses

           37,500

 

                  -   

 

           165,000

Depreciation

           27,473

 

           32,156

 

           129,959

Gain / (Loss) on change in fair value of
embedded derivative

         (20,063)

 

                  -   

 

            15,698

Gain on sale of property and equipment

         (28,509)

 

                (65)

 

           (30,603)

Impairment of assets

           23,184

 

                  -   

 

            23,184

Changes in non-cash working capital balances

 

 

 

 

 

Sales tax and other receivable

               743

 

             2,988

 

                 (29)

Accounts payable and accrued liabilities

           22,403

 

           10,374

 

            36,184

Net cash used in operating activities

         (45,456)

 

        (105,733)

 

         (561,644)

 

 

 

 

 

 

Financing activities

 

 

 

 

 

Issuance of capital stock

               -

 

             2,250

 

           269,257

Issuance of preferred shares, net

                 -   

 

                  -   

 

            75,964

Dividends to non-controlling interest

                 -   

 

            (5,204)

 

-

Advance from (payment to) related parties

         (13,610)

 

          100,827

 

           170,458

Convertible promissory notes

            9,217

 

           37,181

 

            88,435

Net cash proved by (used in) financing activities

           (4,393)

 

          135,054

 

           604,114

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Purchase of mineral properties

                 -   

 

          (17,840)

 

           (33,184)

Purchase of equipment

                 -   

 

                  -   

 

           (42,165)

Sale of equipment

           45,000

 

             2,500

 

            58,650

Net cash used in (provided by) investing activities

           45,000

 

          (15,340)

 

           (16,699)

 

 

 

 

 

 

Increase (decrease) in cash and
cash equivalents during the period

           (4,849)

 

           13,981

 

            25,771

Cash and cash equivalents, beginning of the period

           30,620

 

           29,833

 

                   -   

Cash and cash equivalents, end of the period

$         25,771

 

$          43,814

 

$           25,771

 

 

 

 

 

 

Supplemental cash flow information  

 

 

 

 

 

  - 18,333,6667 shares issued for property and equipment

 $              -   

 

 $               -   

 

 $    183,855

 - 3,400,000 shares issued for consulting services

 $              -   

 

 $               -   

 

 $    127,500

 - 2,500,000 shares issued for consulting services

 $    37,500

 

 $               -   

 

 $      37,500

 -  Income taxes paid

 $              -   

 

 $               -   

 

 $                -   

 -  Interest paid

 $              -   

 

 $               -   

 

 $                -   


The accompanying notes are an integral part of these financial statements




GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

For the nine month period ended March 31, 2013

Stated in Canadian dollars



Note 1 – Nature and Continuance of Operations

Golden Global Corp. ("the Company"), incorporated in the State of Nevada, USA on December 10, 2009, and its wholly-owned subsidiary are engaged in the acquisition, exploration and development of precious metal properties. The Company’s wholly owned subsidiary is Golden Global Mining Corporation which was incorporated in the Province of Alberta, Canada on January 10, 2010. The Company is an exploration stage company in the process of exploring its mineral properties in British Columbia, Canada, and has not yet determined whether these properties contain reserves that are economically recoverable.

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At March 31, 2013, the Company had not yet achieved profitable operations and has accumulated losses of $916,279 since its inception. The Company expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management anticipates that additional funding will be in the form of equity financing from the sale of common stock. Management may also seek to obtain short-term loans from the directors of the Company. There are no current arrangements in place for equity funding or short-term loans.


The unaudited condensed financial statements included herein have been prepared by Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012 filed with the SEC. The results of operations for the nine months ended March 31, 2013 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending June 30, 2013.




GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

For the nine month period ended March 31, 2013

Stated in Canadian dollars



Note 2 – Adoption of Accounting Policies

i)

ASU 2011-04

On July 1, 2012 the Company adopted the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” The new guidance does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within GAAP or International Financial Reporting Standards (“IFRSs”). The new guidance also changes the wording used to describe many requirements in GAAP for measuring fair value and for disclosing information about fair value measurements and it clarifies the FASB’s intent about the application of existing fair value measurements. The adoption of the new standard did not have a material impact on the Company’s fair value measurements, financial condition, results of operations or cash flows as the Company’s financial instrument’s carrying values approximate fair value due to the short term maturities.

ii)

ASU 2011-05

On July 1, 2012 the Company adopted, the FASB issued Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income (ASU 2011-05). The objective of this amendment is to increase the prominence of other comprehensive income in the financial statements. The amendments require entities to report components of net income and the components of other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements.

Additionally, the amendments in ASU 2011-05 require an entity to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented.  In December 2011, the FASB issued Accounting Standards Update No. 2011-12, which deferred the specific requirements related to the presentation of reclassification adjustments.  The adoption of this Standard did not have a material impact on the Company’s financial statements.

Recent Accounting Pronouncements not yet Adopted

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11).  ASU 2011-11 requires that an entity disclosure information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.  ASU 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013.  The Company is currently evaluating the provisions of ASU 2011-11 and assessing the impact, if any, it may have on the disclosures in the financial statements.




GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

For the nine month period ended March 31, 2013

Stated in Canadian dollars




Note 3 – Mineral Properties

During the nine months period ended March 31, 2013, the Company did not make any payment in relations to mineral claims (2012 - $17,840).

During the period ended March 31, 2012, the Company had decided to abandon the Thibert Creek property which has resulted in an impairment loss of $23,184.

Note 4 – Due to Related Parties

Amounts due to related parties are non-interest bearing, unsecured and due on demand.

During the nine month period ended March 31, 2013, the Company incurred an expense of $10,500 (2011 - $14,000) for management and consulting expense to a company with common officers.

Note 5 – Convertible Promissory Notes

On March 14, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$37,500 (C$37,256). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of December 19, 2012. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion.  During the quarter ended December 31, 2012, a partial conversion of US$12,300 has been recorded and 5,966,090 shares of the Company’s common stock has been issued as a result of the conversion.  As the maturity date has passed, the Company and the lender are currently negotiating a revised maturity date and repayment terms.

On May 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$42,500 (C$42,037). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of February 4, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion. As the maturity date has passed, the Company and the lender are currently negotiating a revised maturity date and repayment terms.

On November 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$9,250 (C$9,217). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of August 6, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to forty percent at the market price during the 10 trading days prior to the conversion.

The above notes include certain embedded features related to the embedded conversion option being exercisable into a variable number of shares and the strike price being dominated in a currency other than the Company’s






GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

For the nine month period ended March 31, 2013

Stated in Canadian dollars



Note 5 – Convertible Promissory Notes (continued)

functional currency. These features qualify as derivatives and are bundled as a compound embedded derivative that is measured at fair value. The fair value of the derivatives as at March 31, 2013 was $91,833 (June 30, 2012 - $115,574). As the fair value of the embedded conversion features exceeded the principle value of the promissory notes, the entire amount of the debt has been classified as an embedded derivative on the consolidated balance sheet.

As at March 31, 2013, accrued interest recorded in accounts payable and accrued liabilities relating to the convertible promissory notes totaled $4,657 (June 30, 2012 - $1,454).

Note 6 - Capital Stock

On July 23, 2012, the Company issued 2,500,000 common stocks in lieu of cash payment for consulting services valued at $37,500.

During the quarter ended December 31, 2012, the Company issued 5,966,090 shares of common stock as a result of the partial conversion of US$12,300 of the unsecured promissory note dated March 14, 2012.  

As of March 31, 2013, there are no share options or warrants outstanding.

Note 7 – Subsequent Events

On May 2, 2012, we entered into a securities purchase agreement with Asher. The securities purchase agreement allows an issuance and sale to Asher of an unsecured convertible promissory note in a private transaction with a principal amount of $42,500. The proceeds received from the transaction will be used for general working capital. The convertible promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of February 4, 2013. The principal amount of the convertible promissory note together with interest may be converted into shares of our common stock, par value of $0.0001, at the option of Asher at a conversion price equal to 55% at the market price for the convertible shares during the ten trading days prior to the conversion.








ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

  

FORWARD-LOOKING STATEMENTS

  

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

  

Our consolidated unaudited financial statements are stated in Canadian Dollars (CDN$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

  

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in Canadian dollars. All references to "CDN$" refer to Canadian dollars and all references to "common shares" refer to the common shares in our capital stock.

  

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” refer to Golden Global Corp. and our wholly owned subsidiary Golden Global Mining Corporation (an Alberta, Canada corporation), unless otherwise indicated.

  

Corporate History

  

We were incorporated on December 9, 2009, under the laws of the State of Nevada. We have a wholly-owned subsidiary, Golden Global Mining Corporation, incorporated under the laws of Alberta. Our principal office is located at # 94, 5348 Vegas Drive, Las Vegas , NV 89108. Our telephone number is (780) 443-4652 for our Canadian office and (713) 502-4230 for our US office. Our fiscal year end is June 30.

  

Other than as set out herein, we have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of our business.

  

Our Current Business

  

We are a start-up, exploration stage company. We have only recently begun operations and we rely upon the sale of our securities and debt financing to fund those operations, as we have not generated any revenue.  Our initial plan is to begin mining our placer gold claims on our “McDame” property located in north central British Columbia, Canada. The McDame property consists of placer claims #362586 and #363240, located near Cassiar, in the Liard Mining Division of British Columbia, Canada. Our long term plan is to explore and, if warranted, develop further mining by acquiring other leases. We have a  copper lease in the Democratic Republic of Congo (DRC) which we will explore if we have sufficient capital resources. Our company is also currently in the initial stage of considering whether to obtain property rights for pursuing mining of the rare earth element tantalum in the DRC in Africa.


Due to our limited capital, we have focused on our McDame property and will first be undertaking  preparation activities. If we are successful in raising sufficient capital, we will be ready to start mining as soon as funds are received. Unless we are able to raise additional capital, we will not be able to undertake work on copper and tantalum mining. 


As of March 31, 2013, the Company has generated no revenues and has sustained net losses since inception (December 9, 2009) of $901,037.  Our expenses for the three month period ended March 31, 2013, were $26,587, compared to $64,230 for






the three month period ended March 31, 2012.  For the nine month period ended March 31, 2013, our expenses totaled $134,227, compared to $150,806 for the same period in 2012.  The decrease in expenses largely occurring during the 3rd quarter ended March 31, 2013 due to a reduction in administrative fees and expenses.


ITEM 3.  QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS

  

As a “smaller reporting company”, we are not required to provide the information required by this Item.

  

ITEM 4.  CONTROLS AND PROCEDURES

  

Management’s Report on Disclosure Controls and Procedures

  

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 , as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer (our principal executive officer principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

  

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer (our principal executive officer principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief executive officer and chief financial officer (our principal executive officer principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

  

Changes in Internal Control over Financial Reporting

  

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



PART II - OTHER INFORMATION

  

ITEM 1.  LEGAL PROCEEDINGS

  

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

  

ITEM 1A.   RISK FACTORS

  

As a smaller reporting company, we are not required to provide the information required by this item.


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

  

On March 14, 2012, we entered into a securities purchase agreement with Asher Enterprises, Inc., a Delaware corporation. The securities purchase agreement allows an issuance and sale to Asher of an unsecured convertible promissory note in a private transaction with a principal amount of $37,500. The convertible promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of December 19, 2012. The principal amount of the convertible promissory note together with interest may be converted into shares of our common stock, par value of $0.0001, at the option of Asher at a conversion price equal to 55% at the market price for the convertible shares during the ten trading days prior to the conversion.

  

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

  

None.

  

ITEM 4.  MINE SAFETY DISCLOSURES






  

The Company is not subject to the mine safety disclosure requirements and other regulatory matters required by Section 1503(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K.

  

ITEM 5.  OTHER INFORMATION

  

Our board of directors consists solely of Robert Leyne Lee.

  

On August 2, 2012, we received a Cease Trade Order (the “CTO”) from the Alberta Columbia Securities Commission (“ASC”). Pursuant to the CTO, the Director, Corporate Finance of the ASC ordered that trading in the securities of the Registrant cease in the province of Alberta until (i) the Registrant satisfies certain filing requirements in Alberta that are specifically set forth in the CTO, and (ii) the Director, Corporate Finance of the ASC issues an order revoking the CTO.

  

The CTO affects only the issuance and trading of the Registrant’s securities in the province of Alberta. The Registrant’s securities may still be traded outside of Alberta.

  

The Registrant has been working in cooperation with the ASC since the issuance of the CTO to file the required documents and to secure the revocation of the CTO.

  

Item 6.  Exhibits



Exhibit

Number

Description

 

3.1

Articles of Incorporation

Previously filed

3.2

Bylaws

Previously filed

31

Section 302 Certification

Included

32

Section 906 Certification

Included

101.INS*

XBRL Instance

Included

101.SCH*

XBRL Taxonomy Extension Schema

Included

101.CAL*

XBRL Taxonomy Extension Calculation

Included

101.DEF*

XBRL Taxonomy Extension Definition

Included

101.LAB*

XBRL Taxonomy Extension Labels

Included

101.PRE*

XBRL Taxonomy Extension Presentation

Included



*  XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.







SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



GOLDEN GLOBAL CORP.


By:

 

 

Robert Leyne Lee

 

President, Chief Executive Officer, Director

(Principal Executive Officer, Principal Financial Officer

and Principal Accounting Officer)

 

 

 

Date:  September 20, 2013





EX-31 2 exhibit31.htm CERTIFICATION Converted by EDGARwiz




Exhibit 31.1


CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, Robert Leyne Lee, certify that:


1.

I have reviewed this quarterly report on Form 10-Q of Golden Global 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.

I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

 

5.

I have disclosed, based on my 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.

 


Dated: September 20, 2013


______________________

Robert Leyne Lee

President, Chief Executive Officer and Director

 

 

(Principal Executive Officer,

 Principal Financial Officer and Principal Accounting Officer)

 

 

 

 




EX-32 3 exhibit32.htm CERTIFICATION Converted by EDGARwiz

Exhibit 32.1



CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



The undersigned, Robert Leyne Lee, hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:


(1)

the quarterly report on Form 10-Q of Golden Global Corp. for the period ended March 31, 2013, (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 Golden Global Corp.


Dated:  September 20, 2013

 

 

 



 

Robert Leyne Lee

President, Chief Executive Officer, and Director

 

(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

 

 

 

 

 










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0 0 0 0 0 0 0 37500 340 250 127160 37250 0 0 127500 37500 0 0 127500 0 5966090 0 0 0 0 12895 597 12298 0 12895 0 <p style="margin: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 1 &#150; Nature and Continuance of Operations</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Golden Global Corp. (&#34;the Company&#34;), incorporated in the State of Nevada, USA on December 10, 2009, and its wholly-owned subsidiary are engaged in the acquisition, exploration and development of precious metal properties. The Company&#146;s wholly owned subsidiary is Golden Global Mining Corporation which was incorporated in the Province of Alberta, Canada on January 10, 2010. The Company is an exploration stage company in the process of exploring its mineral properties in British Columbia, Canada, and has not yet determined whether these properties contain reserves that are economically recoverable.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At March 31, 2013, the Company had not yet achieved profitable operations and has accumulated losses of $916,279 since its inception. The Company expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company&#146;s ability to continue as a going concern. The Company&#146;s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management anticipates that additional funding will be in the form of equity financing from the sale of common stock. Management may also seek to obtain short-term loans from the directors of the Company. There are no current arrangements in place for equity funding or short-term loans.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited condensed financial statements included herein have been prepared by Company pursuant to the rules and regulations of the Securities and Exchange Commission (the &#147;SEC&#148;). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;), have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company&#146;s Annual Report on Form 10-K for the year ended June 30, 2012 filed with the SEC. 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Condensed Interim Consolidated Statements of Operations (Unaudited) (CAD)
3 Months Ended 9 Months Ended 28 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2012
Expenses          
Administration fees 0 3,150 6,300 7,875 60,000
Consulting fees       48,000 13,608 257,919
Depreciation 8,016 10,681 27,473 32,156 129,959
Professional fees 8,394 8,496 19,215 18,759 95,039
Office and general 10,177 41,903 32,239 78,318 318,213
Travel expenses       1,000 90 31,480
Operating Income Loss (26,587) (64,230) (134,227) (150,806) (892,610)
Other items          
Foreign exchange loss (16) (445) (16) (445) (329)
Gain on sale of property and equipment 28,509 65 28,509 65 30,603
Gain / (Loss) on change in fair value of embedded derivative 35,786   20,658    (15,698)
Impairment of assets       (23,184)    (23,184)
Interest income 58    73    181
Net income (loss) and comprehensive income (loss) for the period 37,750 (64,610) (108,187) (151,186) (901,037)
Preferred shares dividend (1,703) (1,722) (5,185) (5,204) (15,242)
Attributed to common stockholders 36,047 (66,332) (113,372) (156,390) (916,279)
Basic and diluted income (loss) per share 0.001 (0.002) (0.002) (0.005)  
Weighted average number of shares outstanding 41,913,896 34,237,906 46,113,507 34,237,906  
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Due to Related Parties
9 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
Due to Related Parties

Note 4 – Due to Related Parties

Amounts due to related parties are non-interest bearing, unsecured and due on demand.

During the nine month period ended March 31, 2013, the Company incurred an expense of $10,500 (2011 - $14,000) for management and consulting expense to a company with common officers.

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}else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 15 R9.xml IDEA: Mineral Properties 2.4.0.800000009 - Disclosure - Mineral Propertiestruefalsefalse1false falsefalseFrom2013-07-01to2014-03-31http://www.sec.gov/CIK0001502555duration2013-07-01T00:00:002014-03-31T00:00:001true 1us-gaap_ExtractiveIndustriesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_MineralIndustriesDisclosuresTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 3 &#150; Mineral Properties</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During the nine months period ended March 31, 2013, the Company did not make any payment in relations to mineral claims (2012 - $17,840).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During the period ended March 31, 2012, the Company had decided to abandon the Thibert Creek property which has resulted in an impairment loss of $23,184.</p> <p style="margin: 0pt"></p>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0falseMineral PropertiesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://goldenglobal.ca/role/MineralProperties12 XML 16 R12.xml IDEA: Capital Stock 2.4.0.800000012 - Disclosure - Capital Stocktruefalsefalse1false falsefalseFrom2013-07-01to2014-03-31http://www.sec.gov/CIK0001502555duration2013-07-01T00:00:002014-03-31T00:00:001true 1us-gaap_EquityAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify"><b>Note 6 - Capital Stock</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 23, 2012, the Company issued 2,500,000 common stocks in lieu of cash payment for consulting services valued at $37,500.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During the quarter ended December 31, 2012, the Company issued 5,966,090 shares of common stock as a result of the partial conversion of US$12,300 of the unsecured promissory note dated March 14, 2012.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of March 31, 2013, there are no share options or warrants outstanding.</p> <p style="margin: 0pt"></p>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 false0falseCapital StockUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://goldenglobal.ca/role/CapitalStock12 XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Interim Consolidated Statements of Stockholders' Equity (Unaudited) (CAD)
3 Months Ended 7 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2013
Jun. 30, 2010
Mar. 31, 2013
Jun. 30, 2012
Jun. 30, 2011
Issuance of common shares, cash (in shares)   0   0 0
Issuance of common shares, cash   196,450   2,250 69,962
Issuance of common shares, consulting services (in shares)     0 0  
Issuance of common shares, consulting services     37,500 127,500  
Issuance of commonm shares, assets (in shares)   0     0
Issuance of common shares, assets   173,843     10,010
Issuance of preferred shares, cash         86,340
issuance of common shares, note conversion (in shares)     0    
Issuance of common shares, note conversion     12,895    
Preferred shares issuing cost         (10,376)
Dividends     (5,185) (6,926) (3,131)
Net loss and comprehensive loss 37,750 (45,139) (108,187) (454,944) (292,767)
Balance (in shares) 0 0 0 0 0
Balance (209,905) 325,154 (209,905) (146,928) 185,192
Common Stock
         
Issuance of common shares, cash (in shares)   15,020,000   25,000 868,750
Issuance of common shares, cash   1,502   3 87
Issuance of common shares, consulting services (in shares)     2,500,000 3,400,000  
Issuance of common shares, consulting services     250 340  
Issuance of commonm shares, assets (in shares)   18,000,000     333,667
Issuance of common shares, assets   1,800     33
Issuance of preferred shares, cash         0
issuance of common shares, note conversion (in shares)     5,966,090    
Issuance of common shares, note conversion     597    
Preferred shares issuing cost         0
Dividends     0 0 0
Net loss and comprehensive loss   0 0 0 0
Balance (in shares) 46,113,507 33,020,000 46,113,507 37,647,417 34,222,417
Balance 4,612 3,302 4,612 3,765 3,422
Additional Paid-In Capital
         
Issuance of common shares, cash (in shares)   0   0 0
Issuance of common shares, cash   194,948   2,247 69,875
Issuance of common shares, consulting services (in shares)     0 0  
Issuance of common shares, consulting services     37,250 127,160  
Issuance of commonm shares, assets (in shares)   0     0
Issuance of common shares, assets   172,043     9,977
Issuance of preferred shares, cash         0
issuance of common shares, note conversion (in shares)     0    
Issuance of common shares, note conversion     12,298    
Preferred shares issuing cost         0
Dividends     0 0 0
Net loss and comprehensive loss   0 0 0 0
Balance (in shares) 0 0 0 0 0
Balance 625,798 366,991 625,798 576,250 446,843
Retained Earnings / Accumulated Deficit
         
Issuance of common shares, cash (in shares)   0   0 0
Issuance of common shares, cash   0   0 0
Issuance of common shares, consulting services (in shares)     0 0  
Issuance of common shares, consulting services     0 0  
Issuance of commonm shares, assets (in shares)   0     0
Issuance of common shares, assets   0     0
Issuance of preferred shares, cash         0
issuance of common shares, note conversion (in shares)     0    
Issuance of common shares, note conversion     0    
Preferred shares issuing cost         0
Dividends     (5,185) (6,926) (3,131)
Net loss and comprehensive loss   (45,139) (108,187) (454,944) (292,767)
Balance (in shares) 0 0 0 0 0
Balance (916,279) (45,139) (916,279) (802,907) (341,037)
Golden Global Corp. Shareholders
         
Issuance of common shares, cash (in shares)   0   0 0
Issuance of common shares, cash   196,450   2,250 69,962
Issuance of common shares, consulting services (in shares)     0 0  
Issuance of common shares, consulting services     37,500 127,500  
Issuance of commonm shares, assets (in shares)   0     0
Issuance of common shares, assets   173,843     10,010
Issuance of preferred shares, cash         0
issuance of common shares, note conversion (in shares)     0    
Issuance of common shares, note conversion     12,895    
Preferred shares issuing cost         0
Dividends     (5,185) (6,926) (3,131)
Net loss and comprehensive loss   (45,139) (108,187) (454,944) (292,767)
Balance (in shares) 0 0 0 0 0
Balance (285,869) 325,154 (285,869) (222,892) 109,228
Noncontrolling Interest
         
Issuance of common shares, cash (in shares)   0   0 0
Issuance of common shares, cash   0   0 0
Issuance of common shares, consulting services (in shares)     0 0  
Issuance of common shares, consulting services     0 0  
Issuance of commonm shares, assets (in shares)   0     0
Issuance of common shares, assets   0     0
Issuance of preferred shares, cash         86,340
issuance of common shares, note conversion (in shares)     0    
Issuance of common shares, note conversion     0    
Preferred shares issuing cost         (10,376)
Dividends     0 0 0
Net loss and comprehensive loss   0 0 0 0
Balance (in shares) 0 0 0 0 0
Balance 75,964 0 75,964 75,964 75,967
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Adoption of Accounting Policies
9 Months Ended
Mar. 31, 2014
Accounting Changes and Error Corrections [Abstract]  
Adoption of Accounting Policies

Note 2 – Adoption of Accounting Policies

i)ASU 2011-04

On July 1, 2012 the Company adopted the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” The new guidance does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within GAAP or International Financial Reporting Standards (“IFRSs”). The new guidance also changes the wording used to describe many requirements in GAAP for measuring fair value and for disclosing information about fair value measurements and it clarifies the FASB’s intent about the application of existing fair value measurements. The adoption of the new standard did not have a material impact on the Company’s fair value measurements, financial condition, results of operations or cash flows as the Company’s financial instrument’s carrying values approximate fair value due to the short term maturities.

ii)ASU 2011-05

On July 1, 2012 the Company adopted, the FASB issued Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income (ASU 2011-05). The objective of this amendment is to increase the prominence of other comprehensive income in the financial statements. The amendments require entities to report components of net income and the components of other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements.

Additionally, the amendments in ASU 2011-05 require an entity to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued Accounting Standards Update No. 2011-12, which deferred the specific requirements related to the presentation of reclassification adjustments. The adoption of this Standard did not have a material impact on the Company’s financial statements.

 

Recent Accounting Pronouncements not yet Adopted

 

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). ASU 2011-11 requires that an entity disclosure information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013. The Company is currently evaluating the provisions of ASU 2011-11 and assessing the impact, if any, it may have on the disclosures in the financial statements.

XML 19 R11.xml IDEA: Convertible Promissory Notes 2.4.0.800000011 - Disclosure - Convertible Promissory Notestruefalsefalse1false falsefalseFrom2013-07-01to2014-03-31http://www.sec.gov/CIK0001502555duration2013-07-01T00:00:002014-03-31T00:00:001true 1us-gaap_AccountingPoliciesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_DebtPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 5 &#150; Convertible Promissory Notes</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 14, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$37,500 (C$37,256). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of December 19, 2012. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion. During the quarter ended December 31, 2012, a partial conversion of US$12,300 has been recorded and 5,966,090 shares of the Company&#146;s common stock has been issued as a result of the conversion. As the maturity date has passed, the Company and the lender are currently negotiating a revised maturity date and repayment terms.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On May 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$42,500 (C$42,037). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of February 4, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five <font style="color: black">percent at the market price during the 10 trading days prior to the conversion. As the maturity date has passed, t</font>he Company and the lender are currently negotiating a revised maturity date and repayment terms.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On November 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$9,250 (C$9,217). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of August 6, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to forty <font style="color: black">percent at the market price during the 10 trading days prior to the conversion.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The above notes include certain embedded features related to the embedded conversion option being exercisable into a variable number of shares and the strike price being dominated in a currency other than the Company&#146;s functional currency. These features qualify as derivatives and are bundled as a compound embedded derivative that is measured at fair value. The fair value of the derivatives as at March 31, 2013 was $91,833 (June 30, 2012 - $115,574). As the fair value of the embedded conversion features exceeded the principle value of the promissory notes, the entire amount of the debt has been classified as an embedded derivative on the consolidated balance sheet.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As at March 31, 2013, accrued interest recorded in accounts payable and accrued liabilities relating to the convertible promissory notes totaled $4,657 (June 30, 2012 - $1,454).</p> <p style="margin: 0pt"></p>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2208565 false0falseConvertible Promissory NotesUnKnownUnKnownUnKnownUnKnowntruefalsefalseNoteshttp://goldenglobal.ca/role/ConvertiblePromissoryNotes12 XML 20 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Convertible Promissory Notes
9 Months Ended
Mar. 31, 2014
Accounting Policies [Abstract]  
Convertible Promissory Notes

Note 5 – Convertible Promissory Notes

On March 14, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$37,500 (C$37,256). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of December 19, 2012. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion. During the quarter ended December 31, 2012, a partial conversion of US$12,300 has been recorded and 5,966,090 shares of the Company’s common stock has been issued as a result of the conversion. As the maturity date has passed, the Company and the lender are currently negotiating a revised maturity date and repayment terms.

On May 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$42,500 (C$42,037). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of February 4, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion. As the maturity date has passed, the Company and the lender are currently negotiating a revised maturity date and repayment terms.

On November 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$9,250 (C$9,217). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of August 6, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to forty percent at the market price during the 10 trading days prior to the conversion.

The above notes include certain embedded features related to the embedded conversion option being exercisable into a variable number of shares and the strike price being dominated in a currency other than the Company’s functional currency. These features qualify as derivatives and are bundled as a compound embedded derivative that is measured at fair value. The fair value of the derivatives as at March 31, 2013 was $91,833 (June 30, 2012 - $115,574). As the fair value of the embedded conversion features exceeded the principle value of the promissory notes, the entire amount of the debt has been classified as an embedded derivative on the consolidated balance sheet.

As at March 31, 2013, accrued interest recorded in accounts payable and accrued liabilities relating to the convertible promissory notes totaled $4,657 (June 30, 2012 - $1,454).

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Mineral Properties
9 Months Ended
Mar. 31, 2014
Extractive Industries [Abstract]  
Mineral Properties

Note 3 – Mineral Properties

During the nine months period ended March 31, 2013, the Company did not make any payment in relations to mineral claims (2012 - $17,840).

During the period ended March 31, 2012, the Company had decided to abandon the Thibert Creek property which has resulted in an impairment loss of $23,184.

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9 Months Ended 28 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2012
Operating activities      
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Purchase of equipment       (42,165)
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Net cash used in (provided by) investing activities 45,000 (15,340) (16,699)
Increase (decrease) in cash and cash equivalents during the period (4,849) 13,981 25,771
Cash and cash equivalents, beginning of the period 30,620 29,833   
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Supplemental cash flow information      
shares issued for property and equipment       183,855
shares issued for consulting services       127,500
shares issued for consulting services 37,500    37,500
Income taxes paid         
Interest paid         
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Property and Equipment 58,000 101,964
Mineral properties, unproven (Note 3) 20,012 43,196
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Accounts payable and accrued liabilities 36,184 13,781
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Fair value of embedded derivative (Note 5) 91,833 115,574
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Equity attributal to shareholders (285,869) (222,892)
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Total Stockholders' Equity (209,905) (146,928)
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Note 7 – Subsequent Events

 

On May 2, 2012, we entered into a securities purchase agreement with Asher. The securities purchase agreement allows an issuance and sale to Asher of an unsecured convertible promissory note in a private transaction with a principal amount of $42,500. The proceeds received from the transaction will be used for general working capital. The convertible promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of February 4, 2013. The principal amount of the convertible promissory note together with interest may be converted into shares of our common stock, par value of $0.0001, at the option of Asher at a conversion price equal to 55% at the market price for the convertible shares during the ten trading days prior to the conversion.

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Capital Stock
9 Months Ended
Mar. 31, 2014
Equity [Abstract]  
Capital Stock

Note 6 - Capital Stock

On July 23, 2012, the Company issued 2,500,000 common stocks in lieu of cash payment for consulting services valued at $37,500.

During the quarter ended December 31, 2012, the Company issued 5,966,090 shares of common stock as a result of the partial conversion of US$12,300 of the unsecured promissory note dated March 14, 2012.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature and Continuance of Operations

Note 1 – Nature and Continuance of Operations

Golden Global Corp. ("the Company"), incorporated in the State of Nevada, USA on December 10, 2009, and its wholly-owned subsidiary are engaged in the acquisition, exploration and development of precious metal properties. The Company’s wholly owned subsidiary is Golden Global Mining Corporation which was incorporated in the Province of Alberta, Canada on January 10, 2010. The Company is an exploration stage company in the process of exploring its mineral properties in British Columbia, Canada, and has not yet determined whether these properties contain reserves that are economically recoverable.

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The unaudited condensed financial statements included herein have been prepared by Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012 filed with the SEC. The results of operations for the nine months ended March 31, 2013 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending June 30, 2013.

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Document and Entity Information
9 Months Ended
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Document And Entity Information    
Entity Registrant Name Golden Global Corp.  
Entity Central Index Key 0001502555  
Document Type 10-Q  
Document Period End Date Mar. 31, 2014  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? No  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   46,113,507
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2013  
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