Ironwood Gold Corp.

CIK:0001393909|SEC Filings

Condensed Consolidated Statement Of Operations And Comprehensive Loss (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	May 31, 2014	May 31, 2013	May 31, 2014	May 31, 2013
Condensed Consolidated Statement Of Operations And Comprehensive Loss
Revenue:
Operating expenses:
Selling, general and administrative	308,205		530,824
Total Operating Expenses	308,205us-gaap_OperatingExpenses		530,824us-gaap_OperatingExpenses
Net loss from operations	(308,205)us-gaap_OperatingIncomeLoss		(530,824)us-gaap_OperatingIncomeLoss
Other income (expense):
Interest expense, net	(4,949,691)us-gaap_InterestExpense		(4,994,557)us-gaap_InterestExpense
Gain on change in derivative liabilities	1,344,164		1,344,164
NET LOSS	(3,913,732)us-gaap_NetIncomeLoss		(4,181,217)us-gaap_NetIncomeLoss
Loss per common share, basic and diluted	$ (0.40)us-gaap_EarningsPerShareBasicAndDiluted		$ (0.45)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average number of common shares outstanding, Basic and diluted	9,782,152		9,260,717
Comprehensive loss:
Net loss	(3,913,732)us-gaap_NetIncomeLoss		(4,181,217)us-gaap_NetIncomeLoss
Unrealized loss on change in foreign currency translations	(44,372)		(44,372)
Comprehensive loss	$ (3,958,104)us-gaap_ComprehensiveIncomeNetOfTax		$ (4,225,589)us-gaap_ComprehensiveIncomeNetOfTax

Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $)	9 Months Ended
	May 31, 2014	May 31, 2013
Cash flows used in operating activities
Net loss for the period	$ (4,181,217)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discounts	111,849
Non-cash interest	4,804,995us-gaap_NoncashContributionExpense
Gain on change in fair value of derivative and warrant liabilities	(1,344,164)
Stock based compensation	3,600us-gaap_ShareBasedCompensation
Changes in operating assets and liabilities:
Other current assets	(34,512)
Accounts payable and accrued expenses	30,402
Net cash flows (used in) operating activities	(609,047)
Cash flows used in investing activities
Acquisition of mineral property interest	(855,098)
Net cash used in investing activities:	(855,098)
Cash flows from financing activities
Cash overdraft	(16,803)
Net proceeds from issuance of convertible debt	1,150,000us-gaap_ProceedsFromConvertibleDebt
Net proceeds from issuance of notes payable	380,672
Net proceeds from related party advances	39,552us-gaap_ProceedsFromRelatedPartyDebt
Net cash flows provided by financing activities	1,553,421
Effect of currency rate change on cash	(44,372)
Net increase in cash and cash equivalents	44,904
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period	44,904
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	89,362us-gaap_InterestPaid
Cash paid during the period for taxes
NONCASH INVESTING AND FINANCING ACTIVITIES:

Condensed Consolidated Balance Sheets (USD $)	May 31, 2014	Aug. 31, 2013
Current assets:
Cash	$ 44,904us-gaap_Cash
Other current assets	54,059us-gaap_OtherAssetsCurrent	19,547us-gaap_OtherAssetsCurrent
Total Current Assets	98,963us-gaap_AssetsCurrent	19,547us-gaap_AssetsCurrent
Property and equipment, net	1,717,505us-gaap_PropertyPlantAndEquipmentNet	862,407us-gaap_PropertyPlantAndEquipmentNet
Total Assets	1,816,468us-gaap_Assets	881,954us-gaap_Assets
Current Liabilities
Cash overdraft		16,803us-gaap_BankOverdrafts
Accounts payable	899,303us-gaap_AccountsPayableCurrent	30,208us-gaap_AccountsPayableCurrent
Accrued expenses	28,734	97,307
Due to related parties	36,870us-gaap_DueToRelatedPartiesCurrent	771,842us-gaap_DueToRelatedPartiesCurrent
Notes payable	784,125us-gaap_ConvertibleNotesPayableCurrent	403,453us-gaap_ConvertibleNotesPayableCurrent
Warrant liability	4,602,640
Derivative liability	8,191us-gaap_DerivativeLiabilitiesCurrent
Total Current Liabilities	6,359,862us-gaap_LiabilitiesCurrent	1,319,613us-gaap_LiabilitiesCurrent
Long term debt
Convertible note payable, net of unamortized debt discounts of $1,038,151	111,849us-gaap_LongTermNotesPayable
Total Liabilities	6,471,711us-gaap_Liabilities	1,319,613us-gaap_Liabilities
Stockholders' deficit:
Common stock, $0.001 par value, 625,000 shares authorized (see subsequent event - Note 11), 470,973 and 375,000 shares issued and outstanding as of May 31, 2014 and August 31, 2013, respectively	471us-gaap_CommonStockValue	375us-gaap_CommonStockValue
Additional paid in capital		9,741us-gaap_AdditionalPaidInCapital
Common stock to be issued of 9,531,503 and 8,625,000 (see subsequent event - Note 11) as of May 31, 2014 and August 31, 2013, respectively	33,600iron_CommonStockIssued
Accumulated deficit	(4,664,004)	(466,837)
Accumulated other comprehensive income	(25,310)	19,062
Total Stockholders' Deficiency	(4,655,243)us-gaap_StockholdersEquity	(437,659)us-gaap_StockholdersEquity
Total Liabilities and Stockholders' Deficiency	$ 1,816,468	$ 881,954