ALASKA GOLD CORP.

CIK:0001318196|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		95 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012
REVENUE	$ 0	$ 0	$ 0	$ 0	$ 46,974
DIRECT COSTS	0	0	0	0	56,481
GROSS MARGIN (LOSS)	0	0	0	0	(9,507)
GENERAL AND ADMINISTRATIVE EXPENSES
Office and general	36,072	17,899	157,114	28,097	391,493
Consulting fees	29,599	21,000	115,813	63,000	932,297
Marketing expenses	14,675	0	67,016	0	961,754
Management fees	67,200	0	1,605,670	35,000	2,895,516
Mineral property expenditure	216,755	0	734,779	0	8,993,091
Professional fees	29,021	19,393	297,071	37,523	1,547,016
TOTAL GENERAL & ADMINISTRATIVE EXPENSES	393,322	58,292	2,977,463	163,620	15,721,167
NET OPERATING LOSS	(393,322)	(58,292)	(2,977,463)	(163,620)	(15,730,674)
OTHER INCOME (EXPENSES)
Gain on extinguishment of accrued liability	0	0	0	0	30,000
Loss on option deposit	0	0	0	0	(170,474)
Net gain on settlements	0	0	0	0	5,590,784
Loss on disposal of available for sale securities	0	0	0	0	(215,190)
Legal settlements	0	0	0	(38,000)	(38,000)
Beneficial conversion feature	0	0	0	0	(592,062)
Interest expense	(4,017)	(863)	(18,667)	(1,234)	(359,694)
TOTAL OTHER INCOME (EXPENSE)	(4,017)	(863)	(18,667)	(39,234)	4,245,364
NET LOSS	(397,339)	(59,155)	(2,996,130)	(202,854)	(11,485,310)
COMPREHENSIVE LOSS
Foreign currency translation loss	(41,162)	0	(12,022)	0	(12,022)
Change in market value of securities	0	0	0	0	(215,190)
Loss realized on disposal of securities	0	0	0	0	215,190
COMPREHENSIVE LOSS	(438,501)	(59,155)	(3,008,152)	(202,854)	(11,497,332)
LOSS PER COMMON SHARE - BASIC	$ (0.01)	$ 0.00	$ (0.08)	$ (0.01)
COMPREHENSIVE LOSS PER COMMON SHARE - BASIC	$ (0.01)	$ 0	$ (0.08)	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	36,153,278	26,173,278	32,812,148	26,175,201

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		95 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (2,996,130)	$ (202,854)	$ (11,485,310)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash mineral property expenditures	429,675	0	8,009,685
Non-cash legal settlements	0	(2,000)	(2,000)
Non-cash net gain on settlement	0	0	(5,490,784)
Non-cash disposal of available for sale securities	0	0	215,190
Non-cash gain on extinguishment of accrued liability	0	0	(30,000)
Stock-based compensation	1,419,750	0	2,773,921
Non-cash interest related to beneficial conversion feature	0	0	592,062
Depreciation expense	9,802	0	9,802
Changes in operating assets and liabilities:
Increase in deposits	0	(22,500)	(100,010)
Accrued interest on shareholder's loan	9,734	1,234	350,761
Accounts payable and accrued liabilities	387,002	131,168	1,771,840
Increase in prepaid	0	0	(229)
NET CASH USED IN OPERATING ACTIVITIES	(740,167)	(94,952)	(3,385,072)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of available for sale securities	0	0	54,810
Mineral property deposits	(50,000)	0	(250,000)
Mineral property expenditures-capitalized	(200,000)	0	(200,000)
Acquisition of fixed assets	(121,374)	0	(121,374)
NET CASH USED IN INVESTING ACTIVITIES	(371,374)	0	(516,564)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on sale and subscriptions of common stock, net of offering costs	1,064,925	0	1,989,092
Advances from related parties	0	0	110,500
Advances from shareholders	590,000	102,500	2,681,904
Repayment of shareholder advances	(537,500)	0	(867,500)
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,117,425	102,500	3,913,996
Effect of exchange rate changes on cash	(12,022)	0	(12,022)
NET INCREASE (DECREASE) IN CASH	(6,138)	7,548	338
CASH, BEGINNING	6,476	2,141	0
CASH, ENDING	338	9,689	338
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES
Interest	8,933	0	8,933
Income taxes	0	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Mineral properties acquired in connection with acquisition of Bonnyridge	4,600,630	0	4,600,630
Liability assumed in connection with acquisition of Bonnyridge	289,370	0	289,370
Mineral property deposits used in acquisition of Bonnyridge	(200,000)	0	(200,000)
Shares issued in connection with acquisition of Bonnyridge	(4,490,000)	0	(4,490,000)
Cash paid during period in connection with acquisition of Bonnyridge	$ 200,000	$ 0	$ 200,000

CONSOLIDATED BALANCE SHEETS (USD $)	Feb. 29, 2012	May 31, 2011
CURRENT ASSETS
Cash	$ 338	$ 6,476
Due from related company	6,000	6,000
Prepaid expenses	229	229
Deposit on mineral property	50,000	200,000
TOTAL CURRENT ASSETS	56,567	212,705
EQUIPMENT	111,572	0
MINERAL PROPERTY COSTS	4,600,630	0
TOTAL ASSETS	4,768,769	212,705
CURRENT LIABILITIES
Accounts payable and accrued liabilities	981,478	594,476
Due to related parties	140,305	0
TOTAL CURRENT LIABILITIES	1,121,783	594,476
SHAREHOLDERS' LOANS AND ACCRUED INTEREST	388,979	326,745
TOTAL LIABILITIES	1,510,762	921,221
STOCKHOLDERS' EQUITY (DEFICIT)
Capital stock Authorized 1,000,000,000 shares of common stock, $0.001 par value, Issued and outstanding 36,153,278 shares of common stock (May 31, 2011 -26,173,278)	36,153	26,173
Additional paid-in capital	14,719,186	7,754,491
Accumulated other comprehensive income	(12,022)	0
Deficit accumulated during the exploration stage	(11,485,310)	(8,489,180)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	3,258,007	(708,516)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 4,768,769	$ 212,705