Guinness Exploration, Inc
CIK:0001373024|SEC Filings
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Consolidated Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 9 Months Ended | 80 Months Ended | ||
|---|---|---|---|---|---|
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Feb. 29, 2012
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Feb. 28, 2011
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Feb. 29, 2012
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Feb. 28, 2011
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Feb. 29, 2012
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| EXPENSES: | |||||
| Exploration costs | $ 1,500 | $ 1,006 | $ 6,000 | $ 801,090 | $ 1,033,762 |
| Professional fees | 14,479 | 34,232 | 34,273 | 116,979 | 551,395 |
| Administrative expenses | 4,636 | 21,443 | 13,369 | 79,244 | 84,393 |
| Investor relations | 60 | 13,785 | 1,865 | 62,997 | 112,528 |
| Mineral property impairments | 1,021,653 | ||||
| Total expenses | 20,675 | 70,466 | 55,507 | 1,060,310 | 2,803,731 |
| Net (loss) from Operations | (20,675) | (70,466) | (55,507) | (1,060,310) | (2,803,731) |
| Interest expense | (8,037) | ||||
| Net (loss) prior to other income | (20,675) | (70,466) | (55,507) | (1,060,310) | (2,811,768) |
| Gain on cancelation of debt | 471,934 | 471,934 | |||
| Net (loss) | (20,675) | (70,466) | (55,507) | (588,376) | (2,339,834) |
| Loss per common share, basic and diluted | |||||
| Weighted average shares outstanding, basic and diluted | 129,325,000 | 129,325,000 | 129,325,000 | 132,676,648 | |
| OTHER COMPREHENSIVE (LOSS): | |||||
| Net (loss) | (20,675) | (70,466) | (55,507) | (588,376) | (2,339,834) |
| Foreign currency translation adjustment | 64 | 2,327 | (868) | 2,327 | 4,987 |
| Total other comprehensive (loss) | $ (20,611) | $ (68,139) | $ (56,375) | $ (586,049) | $ (2,334,847) |
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Consolidated Balance Sheets (Unaudited for 02/29/2012) (USD $)
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Feb. 29, 2012
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May 31, 2011
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| CURRENT ASSETS | ||||||||||||
| Cash | $ 237 | $ 54,382 | ||||||||||
| Prepaid expenses | 174 | 3,119 | ||||||||||
| Total current assets | 411 | 57,501 | ||||||||||
| Total assets | 411 | 57,501 | ||||||||||
| CURRENT LIABILITIES | ||||||||||||
| Accounts payable and accrued expenses | 220 | 935 | ||||||||||
| Total current liabilities | 220 | 935 | ||||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Preferred shares | 0 | [1] | 0 | [1] | ||||||||
| Common shares | 129,325 | [2] | 129,325 | [2] | ||||||||
| Paid-in Capital | 2,205,713 | [3] | 2,205,713 | [3] | ||||||||
| Accumulated deficit in the exploration stage | (2,339,834) | (2,284,328) | ||||||||||
| Accumulated other comprehensive income | 4,987 | [4] | 5,856 | [4] | ||||||||
| Total stockholders' equity | 191 | 56,566 | ||||||||||
| Total liabilities and stockholders' equity | $ 411 | $ 57,501 | ||||||||||
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