AMERICAN SIERRA GOLD CORP. American Sierra Gold Consolidated Balance Sheet
As of April 30, 2022 (unaudited)
ASSETS | ||
Current Assets: | ||
Cash and equivalents | $ | 76 |
Investments | - | |
Prepaids and other current assets | - | |
Total Current Assets: | 76 | |
Other Assets: | ||
Advances to associated companies | - | |
Mineral properties, at cost | 5,297,000 | |
Total Other Assets | 5,297,000 | |
TOTAL ASSETS | $ | 5,297,076 |
LIABILITIES | ||
Current Liabilities | ||
Accounts payable and accrued expenses | $ | 60,314 |
Total Current Liabilities | 60,314 | |
Long-Term Liabilities | ||
Related party loans | 3,771 | |
Due to shareholder | 59,427 | |
Due to related parties | - | |
Total Long-Term Liabilities | 63,198 | |
Total Liabilities | 123,513 | |
STOCKHOLDERS' EQUITY | ||
Common stock | 478,612 | |
Additional paid-in-capital | 13,002,564 | |
Stock subscriptions | 35,000 | |
Accumulated deficit | (8,335,914) | |
Current year net loss | (6,699) | |
Total Shareholders' Equity | 5,173,563 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 5,297,076 |
American Sierra Gold Consolidated Income Statement
For the Quarter Ending April 30, 2022 (unaudited)
QTD | ||
April 30, 2022 | ||
Revenues | $ | - |
Operating Expenses: | ||
Exploration | - | |
Wages | - | |
Travel | - | |
Professional fees | 321 | |
Taxes & licenses | - | |
Stock issued for services | - | |
Transfer fees | - | |
Bank fees | - | |
Office expenses | - | |
TOTAL OPERATING EXPENSES | 321 | |
NET LOSS | $ | (321) |
American Sierra Gold Consolidated | ||
Statement of Cash Flows | ||
For the Quarter Ending April 30, 2022 | ||
(unaudited) | ||
QTD | ||
April 30, 2022 | ||
Cash flows from operating activities: | ||
Net loss | $ | (321) |
Adjustments to reconcile net loss to cash | ||
used by developmental stage activities: | ||
Stock issued for services | - | |
Loss on write off of mineral property | - | |
Loss on write off of website | - | |
Loss on joint venture | - | |
Forgiveness of debt | - | |
Change in current assets and liabilities: | - | |
Prepaids and other current assets | - | |
Accounts payable and accrued expenses | - | |
Net cash flows from operating activities | (321) | |
Cash flows from investing activities: | ||
Website development | - | |
Purchase of Mining Rights | - | |
Net cash flows from investing activities | - | |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | - | |
Stock subscription | - | |
Proceeds from associated companies | - | |
Proceeds of notes payable - related parties | 321 | |
Proceeds of notes payable | - | |
Convertible note debentures | - | |
Net cash flows from financing activities | 321 | |
Net cash flows | (0) | |
Cash and equivalents, beginning of period | 76 | |
Cash and equivalents, end of period | $ | 76 |
American Sierra Gold Consolidated | ||||||||||
Statement of Shareholders' Equity | ||||||||||
For the Quarter Ended April 30, 2022 | ||||||||||
(unaudited) | ||||||||||
Additional Paid-In- | Stock | |||||||||
Common Stock | Capital | Subscriptions | Accumulated Deficit | Total | ||||||
Balance January 31, 2022 | $ | 478,612 | $ | 13,002,564 | $ | 35,000 | $ | (8,342,291) | $ | 5,173,884 |
Net Loss | (321) | (321) | ||||||||
Common Stock Issued | - | |||||||||
Additional Paid-In-Capital | - | |||||||||
Balance April 30, 2022 | $ | 478,612 | $ | 13,002,564 | $ | 35,000 | $ | (8,342,613) | $ | 5,173,563 |
AMERICAN SIERRA GOLD CORP.
(AN EXPLORATION STAGE COMPANY) NOTES TO FINANCIAL STATEMENTS April 30, 2022
(UNAUDITED)
Note 1 - Summary of Significant Accounting Policies
General Organization and Business- American Sierra Gold Corp. ("American Sierra" or the "Company") was incorporated under the laws of the State of Nevada on January 30, 2007. We are a publicly-owned, precious metal mineral acquisition, exploration and development company. Medinah Gold Inc. ("MGI") was a privately-owned property holding and mining company with mineral property mining claims in the country of Chile, formed in Nevada in 1999. In 2014, we exchanged 63,914,540 shares of our common stock to holders of the common stock of MGI (the "Exchange"). Following the Exchange, MGI's operations became the core business of the combined entity. Giving effect to the Exchange, shareholders previously owning shares of MGI owned approximately 80% of total shares outstanding, and MGI became a wholly-owned subsidiary of the Company. These relative security holdings and the composition of our Board of Directors and Executive Officers, the proposed structure, the size of the combining entities and the terms of the exchange of equity interests were considered in determining the accounting acquirer. Based on the weight of these factors, it was concluded that MGI is the accounting acquirer and its historical financial statements became those of the registrant after the exchange.
Basis of presentation and interim financial statements- Our accounting and reporting policies conform to U.S. generally accepted accounting principles applicable to exploration stage enterprises pursuant to the provisions of Topic 26, "Accounting for Development Stage Enterprises," as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company's existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the development stage. Mining companies subject to Topic 26 are required to label their financial statements as an "Exploratory Stage Company," pursuant to guidance provided by SEC Guide 7 for Mining Companies.
Use of estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents - For purposes of the statement of cash flows, we consider all cash in banks, money market funds, and certificates of deposit with a maturity of less than three months to be cash equivalents.
Fair value of financial instruments and derivative financial instruments - We have adopted Accounting Standards Codification regarding Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in the management of foreign exchange, commodity price or interest rate market risks.
Federal income taxes - Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not. We record a valuation allowance in the full amount of deferred tax assets since realization of such tax benefits has not been determined by our management to be more likely than not.
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American Sierra Gold Corp. published this content on 14 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2022 21:22:08 UTC.
