UNITED STATES

0001225279-11-000155.txt : 20111114 0001225279-11-000155.hdr.sgml : 20111111 20111114145746 ACCESSION NUMBER: 0001225279-11-000155 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111114 DATE AS OF CHANGE: 20111114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VERILINK CORP CENTRAL INDEX KEY: 0000774937 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 942857548 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-28562 FILM NUMBER: 111201405 BUSINESS ADDRESS: STREET 1: 501 SOUTH JOHNSTONE AVE. STREET 2: SUITE 501 CITY: BARTLESVILLE STATE: OK ZIP: 74003 BUSINESS PHONE: 918-336-1773 MAIL ADDRESS: STREET 1: 501 SOUTH JOHNSTONE AVE. STREET 2: SUITE 501 CITY: BARTLESVILLE STATE: OK ZIP: 74003 10-Q 1 f111114verilink10q09302011.htm VERILINK CORPORATION 10Q 09.30.2011 UNITED STATES

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________

FORM 10-Q

_______________

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

VERILINK CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	000-28562	94-2857548
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

501 South Johnstone, Suite 501, Bartlesville, Oklahoma 74003

(Address of Principal Executive Offices)

_______________

(918) 336-1773

(Issuer Telephone number)

_______________

(Former Name or Former Address 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(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ 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). Yes þ 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.


Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

The number of shares outstanding of the Issuer’s common stock as of November 14, 2010 was 26,104,100 shares of common stock.

PART I

Item 1. Financial Statements

VERILINK CORPORATION

(An Exploration Stage Company)

BALANCE SHEETS

(unaudited)


		September 30, 2011	June 30, 2011

	LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES:
	Accounts payable	400	-
	Advances from shareholder	47,015	47,015
	Accrued liabilities	7,623	6,683

	TOTAL CURRENT LIABILITIES	55,038	53,698

STOCKHOLDERS' DEFICIT
	Preferred stock, par value $0.01, authorized: 1,000,000 shares, no shares issued or outstanding	$ -	$ -
	Common stock: $0.01 par value; 60,000,000 shares authorized; 26,104,100 shares issued and outstanding at September 30, 2011 and June 30, 2011	261,041	261,041
	Additional paid-in capital	90,802,425	90,797,923
	Accumulated other comprehensive loss	(63,201)	(63,201)
	Accumulated deficit from prior operations	(91,024,442)	(91,024,442)
	Deficit accumulated during the exploration stage	(30,861)	(25,019)

	TOTAL STOCKHOLDERS' DEFICIT	(55,038)	(53,698)

	TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ -	$ -

The accompanying notes are an integral part of these unaudited financial statements.

VERILINK CORPORATION

(An Exploration Stage Company)

STATEMENTS OF EXPENSES

(unaudited)


						From Inception (February 13, 2009) to September 30, 2011

		Three Months Ended
		September 30, 2011		September 24, 2010


EXPENSES
General and administrative expenses	$	4,902	$	4,275	$	23,238
Interest expense		940		807		7,623

Net loss		(5,842)		(5,082)		(30,861)

NET LOSS	$	(5,842)	$	(5,082)	$	(30,861)

Net loss per share, basic and fully diluted	$	-	$	-
Weighted average number of shares outstanding		26,104,100		26,104,100

The accompanying notes are an integral part of these unaudited financial statements.

VERILINK CORPORATION

(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS

(unaudited)


			Three Months Ended				From Inception (February 13, 2009) to September 30, 2011
			September 30, 2011		September 24, 2010

CASH FLOWS FROM OPERATING ACTIVITIES
	Net loss	$	(5,842)	$	(5,082)	$	(30,861)

	Adjustments to reconcile net loss with cash used in operations:

	Change in accounts payable and accrued liabilities		1,340		807		7,057

	Net cash used in operating activities		(4,502)		(4,275)		(23,804)

CASH FLOWS FROM INVESTING ACTIVITIES
			-		-		-
	Net cash provided by / used in investing activities		-		-		-

CASH FLOWS FROM FINANCING ACTIVITIES
	Advances from shareholder		-		4,275		19,302
	Contributed Capital		4,502		-		4,502

	Net cash provided by financing activities		4,502		4,275		23,804

	NET INCREASE / (DECREASE) IN CASH		-		-		-

	Cash at beginning of period		-		-		-
	Cash at end of period	$	-	$	-	$	-

SUPPLEMENTAL DISCLOSURES
	Cash paid for interest		-		-		-
	Cash paid for income taxes		-		-		-

The accompanying notes are an integral part of these unaudited financial statements.

VERILINK CORPORATION

(An Exploration Stage Company)

NOTES TO FINANCIAL STATEMENTS

(unaudited)

Note 1 - Basis of Presentation

The accompanying unaudited interim financial statements of Verilink Corporation, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Verilink's Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for the year ended June 30, 2011 as reported in the Form 10-K have been omitted.

Note 2 -

Going Concern

The accompanying financial statements have been prepared on a going concern basis which contemplates continuity of operations, realization of assets and liquidation of liabilities in the ordinary course of business and do not reflect adjustments that might result if we were not to continue as a going concern. Moreover, the company does not have any operations. These factors raise substantial doubt about Verlink’s ability to continue as a going concern.

Note 3 – Related Party Transactions

As of September 30, 2011, the Company currently has related party advances of $47,015 due to IACE Investments Two Inc., an 80% shareholder, for operating expenses paid on the Company’s behalf. The related party advances bear an interest rate of 8%, is unsecured and is payable upon demand. We have accrued $7,623 in interest to IACE since emerging from bankruptcy.

Item 2. Management’s Discussion and Analysis

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE LITIGATION REFORM ACT OF 1995. Statements contained in this filing that are not based on historical fact, including without limitation statements containing the words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar words, constitute "forward-looking statements". These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors include, among others, the following: general economic and business conditions in which Verilink Corporation ("we", "Verilink" or “Company”) operates; technology changes; the competition we face; changes in our business strategy or development plans; existing governmental regulations and changes in, or our failure to comply with, governmental regulations; liability and other claims asserted against us; and other factors referenced in our filings with the Securities and Exchange Commission.

Description of Business.

Verilink Corporation is an exploration stage company that is engaged in the acquisition, exploration and development of mineral properties. As of the date of this filing, we have not generated any revenues after emerging from Bankruptcy. Due to depressed market conditions associated with the cost of acquiring oil and gas properties, the Company’s management elected to become an exploration stage company to acquire certain options on oil and gas leases at far more favorable terms than in the State of Colorado. As reported by the Company on Form 8K filed on February 10 2009, the Company entered into an Agreement with Osage Land to acquire certain oil and gas leases in Phillips County, State of Colorado. Management is currently negotiating with several entities to determine if a joint venture or similar agreement is feasible to develop the leases. Verilink intends to conduct geophysical operations on approximately three (3) square miles of the leases covered under the Agreement. This is commonly referred to as seismic testing and will be used to determine the location of any Niobrara gas structures. If gas structures are determined to be present, Management for Verilink intends to evaluate their suitability with various professionals to determine if drilling is warranted.

Verilink Corporation was incorporated on October 26, 1986 in the state of Delaware. We and our former subsidiary, Larscom Incorporated, a Delaware corporation, filed Voluntary Petitions for Relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Alabama (the “Court”), Case numbers 06-50866 and 06-80567 (the “Case” or “Cases”)..The Bankruptcy Court issued an Order Confirming the Second Amended Joint Plan of Reorganization on December 6, 2006.

Pursuant to the Plan, on June 27, 2008, the Company implemented a 1/2581 reverse stock split; issued 25,000,000 restricted shares of common stock to IACE Investments Two, Inc.; issued 1,000,000 shares of common stock and 5,000,000 warrants to Venture Funds I, Inc.; issued 75,000 shares of common stock to the Bankruptcy Trustee; issued 100 shares of common stock to each class 7 unsecured creditor; and replaced all former directors and officer with James Ditanna.

On June 27, 2008, the Company’s symbol changed from “VERLQ” to “VERL” to reflect the emergence from Bankruptcy.

Verilink, as of the date of this report, is an exploration stage company that has not generated any revenue since emerging from Bankruptcy. Management recognizes the possibility that, if additional funds are not raised, Verilink’s assets could have to be liquidated or otherwise reduced.

In January 2009, the Company began to negotiate with several oil and natural gas companies to acquire mineral interest to further explore and develop. On February 10, 2009, as reported on form 8K on February 10, 2009, Verilink entered into an Option Agreement (the “Agreement”) with Osage Land Company (“Osage Land”) to acquire 90% of the oil and gas leases covering approximately 3,912 acres of oil and gas leases located primarily in Phillips County, State of Colorado. The leases being acquired reserves a 1/8^th royalty to the mineral interest holders and 6.25% overriding royalty interest to Osage Land. Verilink intends to conduct geophysical operations on at least two (2) square miles of the leases covered under the Agreement with Osage Land. As of the date of this filing, the Company has been unable to secure funding necessary to conduct any operations related to seismic testing. The Company is currently negotiating with energy exploration companies to determine if a joint venture or agreement is feasible to further develop the leases located in Colorado.

The primary term of the leases is for a five (5) year period from 2007 to 2012. Osage Land is to receive $80 per net mineral acre which was originally due on or before the 10^th day of July 2009 but has now been extended to March 31, 2011, and will also receive a 10% carried working interest on the first well in each prospect or particular tract of land. Osage Land will also receive the option to participate with a 10% working interest on each additional well within a prospect. The option to exchange common shares for the payment obligation called for under the Agreement remains open and subject to further negotiation with Osage

Land. The Agreement contains customary representations, warnings, covenants and default conditions. Subject to certain conditions and exceptions, the Agreement may be terminated prior to completion in the event that (a) the parties to the Agreement mutually consent to the termination, (b) a closing under the Agreement has not occurred prior to the close of business on July 10, 2009 as extended to March 31, 2011, (c) there is a failure to perform certain covenants, (d) there is a material breach, or (e) there exists certain title and/or environmental defects, as applicable.

PLAN OF OPERATIONS

During the three months ended September 30, 2011, the Company is continuing negotiations with a private natural resources exploration company regarding a potential joint venture or acquisition.

IACE Investments Two Inc, an 80% shareholder, advanced the Company $4,502 during the three months ended September 30, 2011, for professional and administration expenses.

LIQUIDITY AND CAPITAL RESOURCES

Verilink had no cash at September 30, 2011.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, we have carried out an evaluation of the effectiveness of the design and operation of our company’s disclosure controls and procedures as of the end of the period covered by this quarterly report, being September 30, 2011. This evaluation was carried out under the supervision and with the participation of our company’s sole officer and director.

As part of such evaluation, management considered the matters discussed below relating to internal control over financial reporting. Based on this evaluation, our Company's Sole Director/President and Principal Accounting Officer have concluded that our Company's disclosure controls and procedures were not effective as of September 30, 2011, due to lack of employees to segregate duties related to preparing the financial reports. Management is attempting to correct this weakness by merging with a suitable candidate. Management with the assistance of its Securities Counsel will closely monitor all future filings to ensure that the company filings are made on a timely manner.

Based upon that evaluation, our president and sole officer concluded that our company’s disclosure controls and procedures are not effective.

Change In Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the period ended September 30, 2011 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Verilink is not currently a party to any legal proceeding.

Item 1A. Risk Factors

There have been no material changes in our risk factors since June 30, 2011. See risk factors at June 30, 2011, within our Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Submission of Matters to a Vote of Securities Holders

None

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number

Description of Exhibit

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

* * * * *

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.

VERILINK CORPORATION

Date: November 14, 2011

By:

/s/ James Ditanna

James Ditanna

Sole Director/President

(Principal Financial and Accounting Officer)

EX-31 2 f111114exhibit31verilinkcorp.htm EXHIBIT 31 CERTIFICATION Converted by EDGARwiz

EXHIBIT 31

CERTIFICATION OFCHIEF EXECUTIVE OFFICER

AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James Ditanna, certify that:


1.	I have reviewed this Form 10-Q of Verilink 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 present 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 13-a-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 principals;

	(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 financing 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 involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2011

/s/ James Ditanna

Chief Executive Officer and

Chief Financial Officer

EX-32 3 f111114exhibit32verilinkcorp.htm EXHIBIT 32 CERTIFICATION Converted by EDGARwiz

EXHIBIT 32

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the accompanying Quarterly Report on Form 10-Q of Verilink Corp., for the quarter ending September 30, 2011, I, James Ditanna, Chief Executive Officer and Chief Financial Officer, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

Such quarterly Report on Form 10-Q for the quarter ending September 30, 2011, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in such quarterly report on Form 10-Q for the quarter ended September 30, 2011, fairly represents in all material respects, the financial condition and results of operations of Verilink Corp.

Dated: November 14, 2011

VERILINK CORP.

By:

/s/ James Ditanna

Chief Executive Officer and

Chief Financial Officer

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Note 1 - Basis of Presentation   The accompanying unaudited interim financial statements of Verilink Corporation, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Verilink's Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for the year ended June 30, 2011 as reported in the Form 10-K have been omitted.

<h2 style="TEXT-ALIGN:justify; PAGE-BREAK-AFTER:auto; MARGIN:0in 0in 0pt">Note 2 - Going Concern</h2>   The accompanying financial statements have been prepared on a going concern basis which contemplates continuity of operations, realization of assets and liquidation of liabilities in the ordinary course of business and do not reflect adjustments that might result if we were not to continue as a going concern. Moreover, the company does not have any operations.  These factors raise substantial doubt about Verlinks ability to continue as a going concern.

<pre style="TEXT-ALIGN:justify">Note 3 Related Party Transactions</pre><pre style="TEXT-ALIGN:justify"> </pre> <h2 style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">As of September 30, 2011, the Company currently has related party advances of $47,015 due to IACE Investments Two Inc., an 80% shareholder, for operating expenses paid on the Companys behalf. The related party advances bear an interest rate of 8%, is unsecured and is payable upon demand.  We have accrued $7,623 in interest to IACE since emerging from bankruptcy.</h2>

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Organization, Consolidation and Presentation of Financial Statements	3 Months Ended
	Sep. 30, 2011
Organization, Consolidation and Presentation of Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1 - Basis of Presentation The accompanying unaudited interim financial statements of Verilink Corporation, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Verilink's Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for the year ended June 30, 2011 as reported in the Form 10-K have been omitted.
Liquidity Disclosure [Policy Text Block]	Note 2 - Going Concern The accompanying financial statements have been prepared on a going concern basis which contemplates continuity of operations, realization of assets and liquidation of liabilities in the ordinary course of business and do not reflect adjustments that might result if we were not to continue as a going concern. Moreover, the company does not have any operations. These factors raise substantial doubt about Verlink’s ability to continue as a going concern.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

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Related Party Disclosures	3 Months Ended
Sep. 30, 2011
Related Party Disclosures
Related Party Transactions Disclosure [Text Block]	Note 3 – Related Party Transactions As of September 30, 2011, the Company currently has related party advances of $47,015 due to IACE Investments Two Inc., an 80% shareholder, for operating expenses paid on the Company’s behalf. The related party advances bear an interest rate of 8%, is unsecured and is payable upon demand. We have accrued $7,623 in interest to IACE since emerging from bankruptcy.

Related Party Disclosures

3 Months Ended

Sep. 30, 2011

Related Party Disclosures

Note 3 – Related Party Transactions

As of September 30, 2011, the Company currently has related party advances of $47,015 due to IACE Investments Two Inc., an 80% shareholder, for operating expenses paid on the Company’s behalf. The related party advances bear an interest rate of 8%, is unsecured and is payable upon demand. We have accrued $7,623 in interest to IACE since emerging from bankruptcy.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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STATEMENTS OF EXPENSES - Unaudited (USD $)	3 Months Ended
STATEMENTS OF EXPENSES - Unaudited (USD $)	Sep. 30, 2011	Sep. 24, 2010
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BALANCE SHEETS - Unaudited (USD $)	Sep. 30, 2011	Jun. 30, 2011
Accounts payable	$ 400
Advances from shareholder	47,015	47,015
Accrued liabilities	7,623	6,683
TOTAL CURRENT LIABILITIES	55,038	53,698
Common stock: $0.01 par value 60,000,000 shares authorized; 26,104,100 shares issued and outstanding at September 30, 2011 and June 30, 2011	261,041	261,041
Additional paid in capital	90,802,425	90,797,923
Accumulated other comprehensive loss	(63,201)	(63,201)
Accumulated deficit from prior operations	(91,024,442)	(91,024,442)
Deficit accumulated during the exploration stage	(30,861)	(25,019)
TOTAL STOCKHOLDERS' DEFICIT	$ (55,038)	$ (53,698)

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STATEMENTS OF CASH FLOWS - Unaudited (USD $)	3 Months Ended
STATEMENTS OF CASH FLOWS - Unaudited (USD $)	Sep. 30, 2011	Sep. 24, 2010
NET LOSS	$ (30,861)	$ (5,082)
Change in accounts payable and accrued liabilities	7,057	807
Net cash used in operating activities	(23,804)	(4,275)
Advances to shareholder	19,302	4,275
Contributed Capital	4,502
Net cash provided by financing activities	$ 23,804	$ 4,275

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). For unclassified balance sheets, represents the total of such liabilities.

+ References+ Details

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

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