Sonora Resources Corp.

CIK:0001473591|SEC Filings

Consolidated Statements of Operations and Comprehensive Income/Loss (USD $)	3 Months Ended		63 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Statement of Cash Flows [Abstract]
REVENUE	$ 0	$ 0	$ 11,254
COST OF SALES	0	0	8,186
GROSS PROFIT	0	0	3,068
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	94,654	96,577	1,405,240
EXPLORATION EXPENSE	0	4,796	722,411
ACCRUED CONTRACT TERMINATION COSTS	618,182	0	618,182
IMPAIRMENT OF MINING INTEREST- AYONES AND CORAZON	0	0	444,634
(LOSS) BEFORE OTHER EXPENSE	(712,836)	(101,373)	(3,187,399)
OTHER INCOME (EXPENSE):
Interest expense	0	(55)	(554,130)
Foreign exchange gain (loss)	0	0	1,269
Total other expense	0	(55)	(552,861)
NET LOSS BEFORE INCOME TAX	(712,836)	(101,428)	(3,740,260)
INCOME TAX	0	0	0
NET LOSS	(712,836)	(101,428)	(3,740,260)
GAIN ON CURRENCY TRANSLATION	0	0	33,499
COMPREHENSIVE LOSS	$ (712,836)	$ (101,428)	$ (3,706,761)
Basic and diluted loss per common share attributable to Sonora Resources Corp. common shareholders-
Basic and diluted loss per share	$ (0.01)	$ 0.00
Weighted average shares of common stock outstanding- basic and diluted	92,855,861	91,793,169

Consolidated Statements of Cash Flows (USD $)	3 Months Ended		63 Months Ended
Consolidated Statements of Cash Flows (USD $)	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$ (712,836)	$ (101,428)	$ (3,740,260)
Adjustments to reconcile net loss to net cash (used in) operating activities
Stock based compensation expense	10,334	13,667	167,501
Accrued interest on convertible note	0	0	566,586
Issuance of common stock for services and exploration expenses	0	3,000	446,533
Accrued contract termination costs	618,182	0	618,182
Impairment of mining interest- Ayones and Corazon	0	0	445,373
Consulting and management fees forgiven	0	0	4,500
Changes in operating assets and liabilities:
Accounts receivable	0	0	1,510
Consumption and deferred tax receivable	1,437	(1,215)	(86,567)
Prepaid expenses	9,654	970	(1,288)
Accounts payable - trade and accrued expenses	33,291	20,789	81,132
CASH (USED IN) OPERATING ACTIVITIES	(39,938)	(64,217)	(1,496,798)
CASH FLOWS FROM INVESTING ACTIVITIES:
Mineral interest	0	(34,385)	(653,701)
NET CASH (USED IN) INVESTING ACTIVITIES:	0	(34,385)	(653,701)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	0	0	1,026,500
Convertible demand promissory notes	0	0	605,000
Demand promissory notes	100,000	30,000	600,000
Loan from shareholders	0	0	9,800
NET CASH PROVIDED BY FINANCING ACTIVITIES	100,000	30,000	2,241,300
EFFECT OF FOREIGN CHANGE RATE ON CASH	(5,867)	5,748	(17,343)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	54,195	(62,854)	73,458
CASH AND CASH EQUIVALENTS, beginning of period	19,263	293,395	0
CASH AND CASH EQUIVALENTS, end of period	73,458	230,541	73,458
Supplemental disclosures of cash flow information:
Interest paid	0	0	1,665
Taxes paid	0	0	0
Non-cash investing and financing activities:
Common stock issued to First Majestic Silver Corp related to Mining Option Agreement	0	0	3,400,000
Common stock issued to Yale Resources Ltd related to acquisition of Los Amoles property	0	0	372,000
Common stock issued for the conversion of demand promissory notes	$ 0	$ 0	$ 905,000

Consolidated Balance Sheets (USD $)	Feb. 28, 2014	Nov. 30, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 73,458	$ 19,263
Consumption and deferred tax receivable	83,265	84,702
Prepaid expense	4,112	13,766
Total current assets	160,835	117,731
EQUIPMENT, NET	0	0
OTHER ASSETS
Mining interest- Los Amoles	638,000	638,000
Mining interest- Jalisco (First Majestic Silver Corp.)	3,400,000	3,400,000
TOTAL ASSETS	4,198,835	4,155,731
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	117,601	84,310
Accrued contract termination costs	618,182	0
Demand promissory note	300,000	200,000
Total current liabilities	1,035,783	284,310
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock - $0.001 par value, 500,000,000 shares authorized, 92,855,861 and 92,855,861 shares issued and outstanding at 2/28/14 and 11/30/13, respectively	47,306	47,306
Additional paid in capital	6,869,058	6,858,724
(Deficit) accumulated during the exploration stage	(3,740,260)	(3,027,424)
Unrealized gain (loss)	(13,052)	(7,185)
Total stockholders' equity	3,163,052	3,871,421
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,198,835	$ 4,155,731