DIAMOND DISCOVERIES INTERNATIONAL CORP

CIK:0001123836|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		139 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Exploration costs	0	1,780	0	23,068	4,004,530
Reimbursements of exploration costs	0	0	0	0	(1,549,438)
Exploration costs, net of reimbursements	0	1,780	0	23,068	2,455,092
General and administrative expenses	71,693	9,009	167,338	12,768	16,596,134
Total Operating Expenses	71,693	10,789	167,338	35,836	19,051,226
Operating loss	(71,693)	(10,789)	(167,338)	(35,836)	(19,051,226)
Other income (expenses)
Gain on modification of debt	0	0	0	0	1,193,910
Interest expense	0	0	0	0	(895,023)
Net loss	$ (71,693)	$ (10,789)	$ (167,338)	$ (35,836)	$ (18,752,339)
Basic and diluted net loss per common share	$ 0	$ 0	$ 0	$ 0
Basic and diluted weighted average common shares Outstanding	431,521,186	401,491,830	412,886,620	401,491,830

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended		139 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Operating activities
Net loss	$ (167,338)	$ (35,836)	$ (18,752,339)
Adjustments to reconcile net loss to net cash used in operating activities:
Costs of services paid through issuance of common stock	63,000	0	5,267,875
Amortization of unearned compensation	0	0	3,954,500
Amortization of discount on note payable	0	0	45,107
Forgiveness of stock subscription	0	0	361,295
Gain on modification of debt	0	0	(1,193,910)
Cost of mineral permits paid through issuance of common stock	0	0	50,000
Loss on disposal of property and equipment	0	0	74,680
Depreciation	0	0	171,953
Changes in operating assets and liabilities -
Other assets	0	0	(34,133)
Accounts payable	(5,300)	0	2,926,363
Accrued expenses	10,000	(5,000)	10,000
Net cash used in operating activities	(99,638)	(40,836)	(7,118,609)
Investing activities
Purchases of property and equipment	0	0	(252,733)
Acquisition of Caribou property	0	0	(75,000)
Proceeds from sale of property and equipment	0	0	10,000
Net cash used in investing activities	0	0	(317,733)
Financing activities
Advances from stockholders, net	48,962	37,166	1,828,295
Proceeds from issuance of notes payable, net of payments	(15,000)	0	212,729
Proceeds from issuance of common stock	69,978	0	5,436,421
Net cash provided by financing activities	103,940	37,166	7,447,445
Net increase (decrease) in cash	4,302	(3,670)	11,103
Cash, beginning of period	6,801	5,533	0
Cash, end of period	11,103	1,863	11,103
Supplemental information
Interest paid	0	0	895,023
Income taxes paid	$ 0	$ 0	$ 0

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Cash	$ 11,103	$ 6,801
Total Current assets	11,103	6,801
Mineral Rights	237,804	243,614
Total Assets	248,907	250,415
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Notes payable	1,467,753	1,561,313
Accounts payable	243,603	257,177
Accrued expenses	10,000	0
Advances from stockholders	366,606	315,001
Total Current Liabilities	2,087,962	2,133,491
Total liabilities	2,087,962	2,133,491
Stockholders' deficiency:
Preferred stock, par value $.001 per share; 20,000,000 shares authorized; none issued	0	0
Common stock, par value $.001 per share; 480,000,000 shares authorized; 448,303,795 and 391,884,907 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively	448,304	391,885
Additional paid-in capital	17,309,785	17,233,226
Deficit accumulated during the exploration stage	(18,752,339)	(18,585,001)
Accumulated other comprehensive income (loss)	(844,805)	(923,186)
Unearned compensation	0	0
Total stockholders' deficiency	(1,839,055)	(1,883,076)
Total Liabilities and Stockholder Equity	$ 248,907	$ 250,415