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Us Tungsten Corp. (USTU) SEC Filing 10-Q Quarterly report for the period ending Saturday, November 30, 2013

Us Tungsten Corp.

CIK: 1436309 Ticker: USTU
Document and Entity Information
6 Months Ended
Nov. 30, 2013
Jan. 21, 2014
Document and Entity Information [Abstract]    
Entity Registrant Name US TUNGSTEN CORP.  
Document Type 10-Q  
Document Period End Date Nov. 30, 2013  
Amendment Flag false  
Entity Central Index Key 0001436309  
Current Fiscal Year End Date --05-31  
Entity Common Stock, Shares Outstanding   75,750,000
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q2  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________


FORM 10-Q

____________________________


x

QUARTERLY REPORT PURSUANT SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended November 30, 2013


¨

TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from _______________ to _______________


Commission File # 333-151702


US TUNGSTEN CORP.

(Exact name of small business issuer as specified in its charter)


Nevada

(State or other jurisdiction of incorporation or organization)


77-0721432

(IRS Employer Identification Number)


871 Coronado Centre Drive, Suite 200, Henderson, NV  89052

(Address of principal executive offices)


(702) 940-2323

(Issuer’s telephone number)


Indicate by check mark whether the registrant(1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 day.

x  Yes    ¨ No


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   x  Yes    ¨ No


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

x


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

x Yes    ¨ No




Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. The issuer had 75,750,000 shares of common stock issued and outstanding as of January 21, 2014.




TABLE OF CONTENTS


PART I.     FINANCIAL INFORMATION

PAGE

Item 1.  Financial Statements (unaudited)

1


Balance Sheets

3


Statements of Operations

4


Statements of Cash Flows

5


Notes to Financial Statements (unaudited)

6

Item 2.  Management’s Discussion and Analysis

28


Item 3.  Quantitative and Qualitative Disclosures About Market Risk

31


Item 4T.  Controls and Procedures

31


PART II.     OTHER INFORMATION


Item 1.  Legal Proceedings

32


Item 1A. Risk Factors

32


Item 2.  Unregistered Sale of Equity Securities and Use of Proceeds

32

Item 3.   Defaults upon Senior Securities

32

Item 4.   Mine Safety Disclosures

32

Item 5.   Other Information

32

Item 6.   Exhibits

33

Signatures

34




PART I – FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS















1












US Tungsten Corp.

(formerly Stealth Resources Inc.)

(An Exploration Stage Company)

Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013




2





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Balance Sheets

(Expressed in U.S. Dollars)

(Unaudited)


 


November 30,

2013

 

May 31,

2013

(As restated – Note 12)

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$            31,307

 

$            121,849

Prepaid expenses

5,451

 

12,753

Advance on mineral claims

67,000

 

67,000

Total current assets

103,758

 

201,602

 

 

 

 

Other assets

 

 

 

 

 

 

 

Mineral claims (Note 5)

83,480

 

50,000

Website – net of amortization (Note 4)

2,889

 

3,556

 Total other assets

86,369

 

53,556

 

 

 

 

 

 

 

 

Total assets

$            190,127

 

$            255,158

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued liabilities (Note 6)

$               37,822

 

$               34,846

Other loans (Note 11 )

2,891

 

11,641

Due to related party (Note 9)

161,515

 

109,178

Letter of credit, net of beneficial conversion feature discount of

 

 

 

   $26,760 and $172,967, respectively (Note 10)

504,215

 

153,033

Total current liabilities

706,443

 

308,698

 

 

 

 

Total liabilities

706,443

 

308,698

 

 

 

 

Stockholders’ deficit

 

 

 

Common stock $0.001 par value; authorized 2,250,000,000

 

 

 

  shares; issued and outstanding: 75,750,000 and 75,750,000, respectively.

75,750

 

75,750

Additional paid-in capital

1,434,336

 

1,089,679

Stock payable

88,500

 

88,500

Deficit accumulated during the exploration stage

(2,114,902)

 

(1,307,469)

 

 

 

 

Total stockholders’ deficit

(516,316)

 

(53,540)

 

 

 

 

Total liabilities and stockholders’ deficit

    $         190,127

 

    $             255,158

 

 

 

 


The accompanying notes are an integral part of the financial statements.


 



3





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Statements of Operations

(Expressed in U.S. Dollars)

(Unaudited)



 

 

 

 

 

 

 

 

 

 

From Inception

 

 

 

 

 

(January 10, 2007)

 

 

Three months ended

 

Six months ended

 

Through

 

 

November 30,

 

November 30,

 

November 30,

 

 

2013

 

2012

 

2013

 

2012

 

 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$                -

 

$                  -

 

$                -

 

$                -

 

$                  -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss on mineral claim

-

 

-

 

-

 

-

 

13,512

Legal and accounting

 

10,900

 

3,400

 

17,800

 

14,937

 

115,998

General and administrative

24,005

 

2,274

 

43,373

 

9,286

 

185,434

Management fees

69,837

 

-

 

231,337

 

-

 

253,837

Stock based compensation

124,142

 

-

 

339,325

 

-

 

1,215,504

Exploration costs

-

 

-

 

12,655

 

-

 

27,712

Amortization

334

 

-

 

667

 

-

 

1,111

Total expenses

 

229,218

 

5,674

 

645,157

 

24,223

 

1,813,108

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(229,218)

 

(5,674)

 

(645,157)

 

(24,223)

 

(1,813,108)

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

 

 

 

 

 

 

 

 

Interest expense on letter of credit

 

(83,533)

 

-

 

(162,276)

 

-

 

(254,044)

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$   (312,751)

 

$       (5,674)

 

$   (807,433)

 

$     (24,223)

 

$     (2,067,152)

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

 

$         (0.00)

 

$         (0.00)

 

$         (0.01)

 

$         (0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

75,750,000

75,750,000

75,750,000

75,750,000

 





The accompanying notes are an integral part of the financial statements


.



4





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Statement of Cash Flows

(Expressed in U.S. Dollars)

(Unaudited)

 

 

 

From Inception (January 10, 2007)

 

Six months ended November 30,

through

 

2013

2012

November 30, 2013

 

 

 

 

Cash flows from operating activities:

 

 

 

Net loss

$       (807,433)

$        (24,223)

$              (2,067,152)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

     Amortization

667

-

1,111

     Amortization of beneficial conversion feature

162,275

-

254,044

Stock based compensation

339,325

-

1,215,504

Changes in operating assets and liabilities:

 

 

 

(Increase) decrease in prepaid expenses

7,302

-

(5,451)

Increase (decrease) in accounts payable and accrued   liabilities

(7,760)

1,425

22,351

Mineral property expenditures impaired

-

-

13,512

 

 

 

 

   Net cash used in operating activities

(305,624)

(22,798)

(566,081)

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of mineral claims

(33,480)

(50,000)

(96,992)

Advance for claim acquisition

-

(7,350)

(25,000)

Website development cost

-

-

(4,000)

 

 

 

 

    Net cash used in investing activities

(33,480)

(57,350)

(125,992)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from sale of common stock

-

-

27,000

Contributed capital by related party

-

-

1,000

Payment to other loans

(8,750)

-

2,891

Repayment of loan from related party

 (65,163)

-

(187,163)

Proceeds from loan from related party

117,500

80,836

348,677

Proceeds from letter of credit

204,975

-

530,975

 

 

 

 

   Net cash  provided by financing activities

248,562

80,836

723,380

 

 

 

 

(Decrease) increase in cash and cash equivalents

(90,542)

688

31,307

 

 

 

 

Cash and cash equivalents, beginning of year

121,849

459

-

 

 

 

 

Cash and cash equivalents, end of year

$            31,307

$             1,147

$                   31,307

 

 

 

 

Non – cash investing and financing activities:

 

 

 


Beneficial conversion feature


$              5,332

$                    -

 

 $                  265,332

 

 

 

 

Stock payable for advance on acquisition of mineral claim

$                      -

$                   -

$                     42,000


The accompanying notes are an integral part of the financial statements.



5





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 1:

Business and History


The Company was incorporated in the State of Nevada on January 10, 2007.  The Company is an Exploration Stage Company as defined by Guide 7 of the Securities Exchange Commission’s Industry Guide and FASB ASC 915 “Development Stage Entities”.  The Company has begun investigating prospective tungsten opportunities.   On July 19, 2012, the Company approved a name change to US Tungsten Corp. to better reflect its business direction.


The Company is devoting all of its present efforts to securing and establishing new business and its planned principal operations have not commenced.  Accordingly, no revenue has been derived during the organization period. The Company has experienced recurring losses and has an accumulated deficit of ($2,114,902) as of November 30, 2013 and has working capital deficit of ($602,685) and ($107,096) as at November 30, 2013 and May 31, 2013, respectively.


Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management intends to raise additional funding in the form of equity financing from the sale of common stock and/or obtain short-term loans from the directors of the Company. However, if the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favorable terms and/or pursue other remedial measures.


At November 30, 2013, the Company was not engaged in a business and had suffered losses from exploration stage activities to date. Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. Accordingly, the Company must rely on its president to perform essential functions with minimal compensation until a business operation can be commenced. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence.


Note 2:

Significant Accounting Policies


The following is a summary of significant accounting policies used in the preparation of these financial statements.


Basis of presentation


The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to exploration stage enterprises, and are expressed in U.S. dollars.  The Company’s fiscal year end is May 31.


Cash and cash equivalents


Cash and cash equivalents include highly liquid investments with original maturities of three months or less.



6





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 2:

Significant Accounting Policies (continued)


Mineral property costs


The Company has been in the exploration stage since its formation on January 10, 2007 and has not yet realized any revenues from its planned operations.  It is primarily engaged in the acquisition and exploration of mining properties.  In accordance with FASB ASC 932 “Extractive Activities–Oil and Gas”, costs incurred to purchase or acquire a property (whether proved or unproved reserves) shall be capitalized when incurred. This includes acquisition costs associated with mineral claims. When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves, currently no property has reached the production stage. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value.


Although the Company has taken steps to verify title to mineral properties in which it has an interest, according to the usual industry standards for the stage of exploration of such properties, these procedures do not guarantee the Company’s title.  Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.


Environmental expenditures


The operations of the Company have been, and may in the future, be affected from time to time, in varying degrees, by changes in environmental regulations, including those for future reclamation and site restoration costs.  Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable.  The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation, by application of technically proven and economically feasible measures.


Impairment of Long-Lived Assets


The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under FASB ASC 360-10-35-17, if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of FASB ASC 930-360-35, Asset Impairment, and 360-10 through 15-5, Impairment or Disposal of Long-Lived Assets.




7





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 2:

Significant Accounting Policies (continued)


Income taxes


Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with FASB ASC 740 “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes.  Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carry-forwards.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.


Stock-based compensation


The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. 


The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.


Fair value of financial instruments


Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of November 30, 2013 and May 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.


Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market.  Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets.




8





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013



Note 2:

Significant Accounting Policies (continued)


Fair value of financial instruments - (continued)


Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations.


Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants.


Basic and diluted net loss per share


The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.


Use of estimates


The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from these estimates.


Concentrations of credit risk


The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and accounts payable.  The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits.




9





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 2:

Significant Accounting Policies (continued)


Risks and uncertainties


The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.


Website Development Costs


Costs incurred in developing and maintaining a website are charged to expense when incurred for the planning, content population, and administration or maintenance of the website. All development costs for the application, infrastructure, and graphics development are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. Capitalized costs are amortized using the straight-line basis over a three year estimated economic life of the product.


Asset Retirement Obligation

 

The Company follows ASC 410, Asset Retirement and Environmental Obligations, which requires that an asset retirement obligation (“ARO”) associated with the retirement of a tangible long-lived asset be recognized as a liability in the period in which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset. The cost of the tangible asset, including the initially recognized ARO, is depleted, such that the cost of the ARO is recognized over the useful life of the asset. The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. The fair value of the ARO is measured using expected future cash flow, discounted at the Company’s credit-adjusted risk-free interest rate.


Note 3:

Recent accounting pronouncements


The Company has evaluated the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements.


Note 4:

Website


The Company’s website development costs consist of the following:


 

November 30,

May 31,

 

2013

2013

Website

$     4,000

$     4,000

Less - accumulated amortization

 (1,111)

 (444)

Net fixed assets

$     2,889

$     3,556


Amortization of $667 and $nil is included in general and administrative expenses in the statement of operations for the periods ended November 30, 2013 and November 30, 2012, respectively.  




10





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 5:

Mineral Claim


Pursuant to a mineral property purchase agreement dated February 26, 2007, the Company acquired a 100% undivided right, title and interest in a mineral claim, located in the Alberni Mining Division of British Columbia, Canada for a cash payment of $5,129 and delivery of a geological report.  The Company has paid an additional $6,098 for a geological report and $2,285 in Mineral right renewal fees.  Mineral property acquisition costs are capitalized when incurred. When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves, currently no property has reached the production stage. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value.  During the year ended May 31, 2011, the Company evaluated the mineral claim and determined that the asset has been impaired because the Company could not project any future cash flows or salvage value and the asset was not recoverable.  Consequently, the Company has recorded an impairment loss for the full amount of $13,512 for the year ended May 31, 2011.


Pursuant to a mineral property assignment agreement dated August 21, 2012, the Company acquired an option to acquire a 100% interest in 3 mineral claims in Calvert, Montana, subject to a 2% Net Value Royalty.  Consideration for the property was as follows:


Cash payments totalling $1,000,000 payable as follows:


-

$5,000 upon the execution of an assignment agreement, (paid);

-

$5,000 on or before October 1, 2012, (paid);

-

$15,000 on or before June 18, 2013, (paid);

-

$20,000 on or before June 18, 2014;

-

$25,000 on or before June 18, 2015;

-

$30,000 on or before June 18, 2016;

-

$35,000 on or before June 18, 2017;

-

$40,000 on or before June 18, 2018;

-

$45,000 on or before June 18, 2019;

-

$50,000 on or before June 18, 2020;

-

$50,000 every year until $1,000,000 is paid.


The Company has the right to purchase up to 1.8% of the Net Value Royalty for $1,500,000.


On October 9, 2012 the Company completed the registration and acquisition of 195 newly staked mineral claims located in Calvert, Montana.  The claims were registered on behalf of the Company with the U.S. Department of the Interior, Bureau of Land Management, at a cost of $12,285.  The claims span approximately 3,900 acres and are contiguous with the three claims that constitute the Company’s recently optioned Calvert Property.  The newly acquired claims will form part of the Calvert Property for the purposes of that Option Agreement and will be subject to a 2% net smelter royalty.




11





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 5:

Mineral Claim (continued)


On January 31, 2013, the Company entered into an agreement to stake additional claims in Montana.  The Company has advanced $25,000 to stake additional mineral claims located in Calvert, Montana.  Once completed, and should the Company wish to proceed with the staking of the Greenstone area we will be required to pay to Dykes Geologic $15,000. The Company also has an obligation to issue 100,000 shares as part of the acquisition which has been valued at $42,000 and accrued as stock payable.


On June 6, 2013, the Company filed its geological report on the Property in an 8K.  


As at November 30, 2014, a total of $83,480 has been paid for the Property .  


Note 6:

Accounts Payable and Accrued Liabilities


Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year.


Note 7:

Common Stock


On July 19, 2012, the directors and majority shareholder passed a resolution to forward split the Company’s shares on a 1:30 basis, to be effective August 9, 2012.  The number of shares has been retroactively restated to reflect the forward split.


a.

Authorized - The total authorized capital is 2,250,000,000 common shares with a par value of $0.001.


b.

Issued and outstanding - The total issued and outstanding capital stock is 75,750,000.  


On February 8, 2007, 135,000,000 common shares of the Company were subscribed for cash proceeds of $4,500. Out of these 123,000,000 shares were subsequently cancelled during the year ended May 31, 2013. (Note 8)


On February 21, 2007, 37,500,000 common shares of the Company were subscribed for cash proceeds of $5,000.


On March 19, 2007, 26,250,000 common shares of the Company were subscribed for cash proceeds of $17,500.


As of March 19, 2007, the Company received a total of $27,000 for 75,750,000 shares of common stock.


On February 19, 2013, Company entered into a share cancellation/return to treasury agreement with Matthew Markin, President, wherein Matthew Markin has agreed to the cancellation and return to treasury of 123,000,000 shares of common stock of Company held by Matthew Markin.




12





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 7:

Common Stock (continued)


On April 4, 2013, the Board of Directors of the Company ratified, approved and adopted a Stock Option Plan for the Company in the amount of 8,000,000 shares with an exercisable period up to 5 years.  In the event an optionee ceases to be employed by or to provide services to the Company for reasons other than cause, any Stock Option that is vested and held by such optionee may be exercisable within up to three months after the effective date that his position ceases. No Stock Option granted under the Stock Option Plan is transferable. Any Stock Option held by an optionee at the time of his death may be exercised by his estate within one year of his death or such longer period as the Board of Directors may determine.


On March 1, 2013, the Company granted 240,000 fully vested stock options to directors of the Company at $0.30 per share expiring March 1, 2018.


On May 10, 2013, the Company granted 200,000 fully vested stock options to a director of the Company at $0.30 per share expiring May 10, 2018.


On May 14, 2013, the Company granted 150,000 fully vested stock options to directors of the Company at $0.30 per share expiring May 14, 2018.


On May 23, 2013, the Company granted 2,000,000 fully vested stock options to a director of the Company at $0.30 per share expiring May 23, 2018. (See Note 12)


On May 24, 2013, the Company granted 50,000 fully vested stock options to a director of the Company at $0.30 per share expiring May 24, 2018.


On May 31, 2013, the Company granted 118,022 fully vested stock options to directors of the Company at $0.31 per share expiring May 31, 2018.


On June 1, 2013, the Company granted 500,000 fully vested stock options to a director of the Company at $0.30 per share expiring August 31, 2018.


On August 31, 2013, the Company granted 355,000 fully vested stock options to directors and senior officers of the Company at $0.24 per share expiring August 31, 2018.


On September 24, 2013, the Company granted 80,000 fully vested stock options to an advisor of the Company at $0.30 per share expiring September 24, 2018.


On October 7, 2013, the Company cancelled 500,000 stock options exercisable at $0.30 and 125,000 stock options exercisable at $0.28 pursuant to a settlement agreement with a former director and officer.  The Company also cancelled a total of 113,407 stock options granted under its stock option plan.  The Company granted a total of 260,000 fully vested stock options to directors and officers of the Company at $0.30 expiring October 7, 2018.


On November 30, 2013, the Company granted 224,945 fully vested stock options to directors and senior officers of the Company at $0.18 per share expiring November 30, 2018.




13





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 7:

Common Stock (continued)


On November 22, 2013, the Company resolved to suspend the granting of incentive options to directors and senior officers under the stock option plan and various employment and advisory agreements effective November 30, 2013.    All options due on November 30, 2013 were issued except those issuable to Barry Wattenberg which were cancelled.


During the period ended November 30, 2013, a total of 1,485,000 options were granted.  The Company recognized stock based consulting expenses totalling $339,325 which was charged to operations.  The fair value of each option granted is estimated at the respective grant date using the Black-Scholes Option Model.  The following assumptions were made in estimating the fair value:


 

Expected volatility

 

160.36% - 382%

 

Expected life

 

5 years

 

Risk-free interest rate

 

1.05 – 1.62

 

Dividend yield

 

-


At November 30, 2013, the following stock options were outstanding:


 

Number of

Exercise

 

 

Options

Price

Expiry Date

 

200,000

$0.30

March 01, 2018

 

200,000

$0.30

May 10, 2018

 

150,000

$0.30

May 14, 2018

 

2,000,000

$0.30

May 23, 2018

 

50,000

$0.30

May 24, 2018

 

109,011

$0.31

May 31, 2018

 

280,000

$0.24

August 31, 2018

 

80,000

$0.30

September 24, 2018

 

300,000

$0.30

October 7, 2018

 

224,945

$0.18

November 30, 2018

 

3,533,956

 

 


c.

Stock payable – The Company has accrued for various obligations to issue shares.


On January 31, 2013, the Company has an obligation to issue 100,000 shares in accordance with an agreement to stake additional claims in Montana.  This obligation to issue shares has been accrued at $42,000 and has been recorded as an exploration advance.


On February 11, 2013, the Company entered into an agreement for consulting services with an unrelated party in an arm’s length transaction.  The terms of the agreement is 12 months and requires the issuance of 150,000 restricted common shares after the first three months.  The Company has recognized the shares payable under the contract to August 31, 2013 and has accrued $46,500 as stock payable.


On February 8, 2013, the Company recorded the fair value of the beneficial conversion feature of funds received from the line of credit (see note 10), total beneficial conversion feature was recorded to additional paid - in capital in the amount of $160,000.



14





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 7:

Common Stock (continued)

On February 19, 2013, the Company recorded the fair value of the beneficial conversion feature of funds received from the line of credit (see note 10), total beneficial conversion feature was recorded to additional paid - in capital in the amount of $100,000.

On September 25, 2013, the Company recorded the fair value of the beneficial conversion feature of funds received from the line of credit (see note 10), total beneficial conversion feature was recorded to additional paid - in capital in the amount of $5,332.

Note 8:

Reclassification: Stock Split Adjustment

Effective February 19, 2013, the President voluntarily cancelled 123,000,000 shares of his outstanding common stock of the Company which were cancelled and returned to the pool of the Company’s authorized and unissued shares of common stock.  These cancelled shares were previously recorded in the financials at a total of pre-split 135,000,000.  Since the shares under this agreement have been cancelled without the exchange of consideration to reduce number of shares outstanding, the Company considered the change in capital structure from the cancellation agreement in substance a reverse stock split.  In accordance with SAB Topic 4-C, the Company recorded the cancellation retroactively as a reduction to the par value of common stock with a corresponding increase to accumulated deficit.

Note 9:

Related Party Transactions

As of November 30, 2013 and May 31, 2013, total advances from a former director and senior officer of the Company were $75,000 and $22,663, respectively and advances from a former director of the Company were $86,515 and $86,515, respectively.  The amounts are unsecured, non interest bearing and are due on demand.  

On January 15, 2013 and subsequently amended on May 23, 2013, the Company entered into an employment agreement with a director and senior officer.  Terms of employment include monthly payments of $5,000, payment of a signing bonus in the amount of $5,000 cash (paid) and the issuance of 1,000,000 stock options at a price of $0.30 exercisable for a period of five years.  In addition, the Company will grant 50,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.  The Company has recognized a value of $290,000 for the options granted upon agreement date and has accrued a proportionate amount of quarterly options to be valued at $1,143 at May 31, 2013.  During the period the Company discovered that an independent association agreement dated May 23, 2013 with the director and senior officer was not considered and the compensation was not recorded in the year ended May 31, 2013.  The agreement called for the issuance of 1,000,000 stock options at a price of $0.30 exercisable for a period of five years.  The Company has recognized a value of $289,995 for the options granted upon agreement dated and will be filing amended financial statements for the periods affected (see Note 12).  As at August 31, 2013, 50,000 options with a value of $10,570 were granted.  At November 30, 2013, it was agreed that the obligation to issue quarterly options would be cancelled and no options were granted.

On February 21, 2013 and subsequently amended on May 10, 2013, the Company entered into a director’s association agreement with a new director.  Terms of the agreement include the issuance of 200,000 options at a price of $0.30 exercisable for a period of five years and payment of $500 per directors’ meeting attended.  In addition, the Company will grant 20,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.  The Company has recognized a value of $62,000 for the options granted upon agreement date and has accrued a proportionate amount of quarterly options to be valued at $1,200 at May 31, 2013.  On October 7, 2013, the Company amended the director’s association agreement and granted and additional 200,000 options at a price of $0.30 exercisable for a period of five years.



15





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 9:

Related Party Transactions (continued)


On March 1, 2013 and subsequently amended on May 14, 2013 the Company entered into a director’s advisory agreement with a new director.  Terms of the agreement include the issuance of 50,000 stock options at a price of $0.30 exercisable for a period of five years and payment of $500 per directors’ meeting attended.  In addition, the Company will grant 50,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.   The Company has recognized a value of $15,500 for the options granted upon agreement date and has accrued a proportionate amount of quarterly options to be valued at $971 at May 31, 2013.


On May 14, 2013 the Company entered into a director’s advisory agreement with a new director.  Terms of the agreement include the issuance of 100,000 stock options at a price of $0.30 exercisable for a period of five years and payment of $500 per directors’ meeting attended.   In addition, the Company will grant 20,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.  The Company has recognized a value of $31,000 for the options granted upon agreement date and has accrued a proportionate amount of quarterly options to be valued at $971 at May 31, 2013.


On May 24, 2013 the Company entered into a director’s advisory agreement with a new director.  Terms of the agreement include the issuance of 50,000 stock options at a price of $0.30 exercisable for a period of five years and payment of $500 per directors’ meeting attended.   In addition, the Company will grant 20,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.  The Company has recognized a value of $14,500 for the options granted upon agreement date and has accrued a proportionate amount of quarterly options to be valued at $400 at May 31, 2013.


On March 1, 2013, the Company entered into an employment agreement with a senior officer.  Terms of the agreement include the issuance of 200,000 stock options at a price of $0.30 exercisable for a period of five years and payment of $500 per directors’ meeting attended.   In addition, the Company will grant 100,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.  The Company has recognized a value of $80,000 for the options granted upon agreement date and has accrued a proportionate amount of quarterly options to be valued at $26,000 at May 31, 2013.


On June 1, 2013, the Company entered into an employment agreement with a director and senior officer.  Terms of the agreement include monthly payments of $15,000, payment of a signing bonus of $100,000, and the issuance of 500,000 stock options at a price of $0.30 exercisable for a period of five years.   In addition, the Company will grant 125,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.  The Company has recognized a value of $129,997 for the options granted upon agreement date.


On August 31, 2013, the Company granted a total of 405,000 options exercisable at a price of $0.24 for a period of five years to directors and senior officers pursuant to the terms of their respective employment and association agreements.  The Company has recognized a value of $85,187 for the options granted.  On November 22, 2013, the Company resolved to suspended the quarterly grants of option and a total of 79,011 options previously granted were waived and cancelled.


On September 24, 2013, the Company entered into an employment agreement with a senior officer.  Terms of the agreement include the issuance of 80,000 stock options at a price of $0.30 exercisable for a period of five years and payment of $500 per directors’ meeting attended. In addition, the Company will grant 20,000 options at the end of each fiscal quarter at an exercise price fixed at the previous 10 day trading average plus 10%.  




16





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 9:

Related Party Transactions (continued)


The Company has recognized a value of $23,147 for the options granted upon agreement date and has accrued a proportionate amount of quarterly options to be valued at $2,213 at November 30, 2013.


On October 7, 2013, the Company entered into a settlement agreement to terminate an employment agreement with a director and senior officer.  Terms of the agreement include cash payments totaling $130,000, settlement of amounts advanced by the director and senior officer, and the cancellation of a total of 625,000 fully vested stock options.  A total of $55,000 has been paid under this agreement.


On October 7, 2013, the Company granted 300,000 options to a director and  officer exercisable at a price of $0.30 for a period of five years as compensation for a settlement agreement.  


On November 30, 2013, the Company granted a total of 224,945 options exercisable at a price of $0.18 for a period of five years to directors and senior officers pursuant to the terms of their respective employment and association agreements.  The Company has recognized a value of $33,303 for the options granted in the period.


Note 10:

Line of Credit


On February 2, 2013, the Company entered into an agreement for a $1,000,000 line of credit which is convertible into shares of the Company with an unrelated third party in an arm’s length transaction.  The loan is convertible into shares at a price of $0.30 until February 2, 2014 and bears interest of 5% per year.  As at November 30, 2013 a total of $15,471 was charged to interest. Upon conversion the Company will issue up to 2,000,000 share purchase warrants to purchase 2,000,000 restricted common shares at $0.80 per shares for a period of three years.  The Company and lender have agreed to convert the outstanding balance and interest into shares at the end of the calendar year. No loan has been converted as on December 31, 2013.  


As at November 30, 2013, the Company has received $530,975.  The Company has determined the value associated with the conversion feature in connection with the convertible note payable.  The Company has determined the note, with a face value of $530,975, to have a beneficial conversion feature of $26,760.  The beneficial conversion feature has been accreted and is being amortized over the life of the note (which is calendar year end December 31 for each year when the advance is received; being the proposed date of conversion).  As at November 30, 2013, $238,572 had been amortized and expensed as interest.  The beneficial conversion feature is valued under the intrinsic value method.


Note 11:

Other


On February 21, 2013, Company entered in to insurance agreement with a third party. As per agreement the Company needs to pay an annual premium of $17,500.


As a parallel arrangement, Company entered in to a financing arrangement with IPFS Corporation. As per terms of financing agreement the Company paid a cash down payment of $1,493 on signing of the agreement and the balance amount in 11 monthly installments. As of November 30, 2013, $2,891 is payable to IPFS Corporation, which is reflected in other loans.





17





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 11:

Other (continued)


As of November 30, 2013 and May 31, 2013, the Company had prepaid insurance totaling $5,451 and $12,753, respectively.  The prepaid insurance will be expensed on a straight line basis over the remaining life of the

insurance policy.  During the periods ended November 30, 2013 and 2012, the Company recorded $8,502 and $NIL of insurance expenses.


Note 12:

Restatement


During the six months ended November 30, 2013, the management of the Company discovered and realized that the Independent Association agreement entered into on May 23, 2013 with Barry Wattenberg, appointing him as the Executive of the Company, was not considered and the effect of the compensation agreed upon in the agreement was not recorded during the audit period May 31, 2013 and three month period ended August 31, 2013. The Company intends to file an amended 10KA for the year ended May 31, 2013 correcting the errors and file the financials with corrected numbers. The Company also intends to file an amended 10QA for the three month period ended August 31, 2013 to correct the errors and file financials with the corrected numbers.




18





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Balance Sheet

As Originally

Adjustments

As

As of May 31, 2013

Filed

Increase/(Decrease)

Restated

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 $      121,849

 $                      -

 $     121,849

Prepaid expenses

12,753

-

12,753

Advance on mineral claims

67,000

-

67,000

Total current assets

201,602

-

201,602

 

 

 

 

Other assets

 

 

 

 

 

 

 

Mineral claims (Note 5)

50,000

-

50,000

Website – net of amortization (Note 4)

3,556

-

3,556

          Total other assets

53,556

-

53,556

 

 

 

 

Total assets

 $     255,158

 $                      -

$       55,158

 

 

 

 

LIABILITIES & STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued liabilities (Note 6)

 $        34,846

 $                      -

 $      34,846

Other loans (Note  )

11,641

-

11,641

Due to related party (Note 9)

109,178

-

109,178

 

 

 

 

 Letter of credit, net of beneficial conversion feature discount of $172,967 respectively (Note 10)

153,033

-

153,033

Total current liabilities

308,698

-

308,698

 

 

 

 

Total liabilities

308,698

-

308,698

 

 

 

 

Stockholders’ deficit

 

 

 

 

 

 

 

Common stock $0.001 par value; authorized 2,250,000,000 shares; issued and outstanding: 75,750,000.

75,750

-

75,750

Additional paid-in capital

799,684

289,995

1,089,679

Stock payable

88,500

-

88,500

Deficit accumulated during the exploration stage

 (1,017,474)

 (289,995)

 (1,307,469)

 

 

 

 

Total stockholders’ deficit

 (53,540)

-

 (53,540)

 

 

 

 

Total liabilities and stockholders’ deficit

 $      255,158

 $                      -

 $     255,158




19





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Statements of Operations

 

 

 

(Expressed in U.S. Dollars)

 

 

 

For the year ended May 31, 2013

 

 

 

 

 

 

 

 

As Originally

Adjustments

As

 

Filed

Increase/(Decrease)

Restated

 

 

 

 

Revenue

 $                   -

 $                      -

 $                 -

 

 

 

 

Expenses

 

 

 

 

 

 

 

Impairment loss on mineral claim

 $                    -

 $                       -

 $                  -

Legal and accounting

31,589

-

31,589

General and administrative

64,166

-

64,166

Management fees

22,500

-

22,500

Stock based compensation

586,184

289,995

876,179

Exploration costs

15,057

-

15,057

Amortization

444

-

444

Total expenses

719,940

289,995

1,009,935

 

 

 

 

Operating loss

 (719,940)

-

 (1,009,935)

 

 

 

 

Other expenses

 

 

 

Interest expense

 (91,768)

-

 (91,768)

 

 

 

 

Net loss

 $      (811,708)

 $          (289,995)

 $  (1,101,703)




20





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Statements of Operations

 

 

 

(Expressed in U.S. Dollars)

 

 

 

From Inception (January 10, 2007) through May 31, 2013

 

 

 

 

 

 

 

As Originally

Adjustments

As

 

Filed

Increase/(Decrease)

Restated

 

 

 

 

Revenue

 $                     -   

 $                         -   

 $                     -   

 

 

 

 

Expenses

 

 

 

 

 

 

 

Impairment loss on mineral claim

 $       13,512

 $                     -

 $       13,512

Legal and accounting

98,198

-

98,198

General and administrative

142,061

-

142,061

Management fees

22,500

-

22,500

Stock based compensation

586,184

289,995

876,179

Exploration costs

15,057

-

15,057

Amortization

444

-

444

Total expenses

877,956

289,995

1,167,951

 

 

 

 

Operating loss

 (877,956)

 (289,995)

 (1,167,951)

 

 

 

 

Other expenses

 

 

 

Interest expense

 (91,768)

-   

 (91,768)

 

 

 

 

Net loss

 $    (969,724)

 $        (289,995)

 $ (1,259,719)






21





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Statement of Cash Flows

 

 

 

For the year ended May 31, 2013

 

 

 

(Audited)

 

 

 

 

As Originally

Adjustments

As

Filed

Increase/(Decrease)

Restated

Cash flows from operating activities:

 

 

 

Net loss

 $     (811,708)

 $          (289,995)

 $   (1,101,703)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

     Amortization

444

-

444

     Amortization of beneficial conversion feature

87,033

-

87,033

     Stock based compensation

586,184

289,995

876,179

Changes in operating assets and liabilities:

 

 

 

  Increase in prepaid expenses

 (12,753)

-

 (12,753)

  Increase in accounts payable and accrued liabilities

28,969

-

28,969

   Net cash used in operating activities

 (121,831)

-

 (121,831)

Cash flows from investing activities:

 

 

 

Purchase of mineral claims

 (50,000)

-

 (50,000)

Advance for claim acquisition

 (25,000)

-

 (25,000)

Website development cost

 (4,000)

-

 (4,000)

    Net cash used in investing activities

 (79,000)

-

 (79,000)

Cash flows from financing activities:

 

 

 

Bank overdraft

-

-

-

Proceeds from sale of common stock

-

-

-

Contributed capital by related party

-

-

-

Proceeds from other loans

11,641

-

11,641

Repayment of loan from related party

          (122,250)

-

 (122,250)

Proceeds from loan from related party

106,830

-

106,830

Proceeds from letter of credit

             326,000

 

326,000

   Net cash used in financing activities

322,221

-

322,221

(Decrease) increase in cash and cash equivalents

121,390

-

121,390

Cash and cash equivalents, beginning of year

459

-

459

Cash and cash equivalents, end of year

 $      121,849

 $                       -

 $    121,849

Non – cash investing and financing activities:

 

 

 

Beneficial conversion feature

 $      260,000

 $                       -

 $     260,000

 

 

 

 

Stock payable for advance on acquisition of mineral claim

 $        42,000

 $                           -

 $       42,000



22





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Statement of Cash Flows

 

 

 

From Inception (January 10, 2007) through May 31, 2013

 

 

 

(Audited)

 

 

 

 

As Originally

Adjustments

As

Filed

Increase/(Decrease)

Restated

Cash flows from operating activities:

 

 

 

Net loss

 $    (969,723)

 $        (289,995)

 $  (1,259,718)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

     Amortization

444

-

444

     Amortization of beneficial conversion feature

91,768

-

91,768

     Stock based compensation

586,184

289,995

876,179

Changes in operating assets and liabilities:

 

 

 

  Increase in prepaid expenses

 (12,753)

-

 (12,753)

  Increase in accounts payable and accrued liabilities

30,111

-

30,111

  Mineral property expenditures written down

13,512

-

13,512

   Net cash used in operating activities

 (260,458)

-

 (260,458)

Cash flows from investing activities:

 

 

 

Purchase of mineral claims

 (63,512)

-

 (63,512)

Advance for claim acquisition

 (25,000)

-

 (25,000)

Website development cost

 (4,000)

-

 (4,000)

    Net cash used in investing activities

 (92,512)

-

 (92,512)

Cash flows from financing activities:

 

 

 

Bank overdraft

-

-

-   

Proceeds from sale of common stock

27,000

-

27,000

Contributed capital by related party

1,000

-

1,000

Proceeds from other loans

11,641

-

11,641

Repayment of loan from related party

 (122,000)

-

 (122,000)

Proceeds from loan from related party

231,178

-

231,178

Proceeds from letter of credit

326,000

 

326,000

   Net cash used in financing activities

474,819

-

474,819

(Decrease) increase in cash and cash equivalents

121,849

-

121,849

Cash and cash equivalents, beginning of year

-

-

-

Cash and cash equivalents, end of year

 $     121,849

 $                    -

 $       121,849

Non – cash investing and financing activities:

 

 

 

Beneficial conversion feature

 $    260,000

 $                    -

 $      260,000

Stock payable for advance on acquisition of mineral claim

 $       42,000

 $                     -

 $        42,000




23





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Balance Sheet

As Originally

Adjustments

As

As of August 31, 2013

Filed

Increase/(Decrease)

Restated

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 $           89,403

 $                     -

 $     89,403

Prepaid expenses

9,702

-

9,702

Advance on mineral claims

67,000

-

67,000

Total current assets

166,105

-

166,105

 

 

 

 

Other assets

 

 

 

 

 

 

 

Mineral claims (Note 5)

83,480

-

83,480

Website – net of amortization (Note 4)

3,222

-

3,222

          Total other assets

86,702

-

86,702

Total assets

 $         252,807

 $                     -   

$   252,807

 

 

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued liabilities (Note 6)

 $            29,510

 $                      -

 $     29,510

Accrued Management fee due to related party

87,500

-

87,500

Other loans (Note 11)

7,266

-

7,266

Due to related party (Note 9)

109,178

-

109,178

Letter of credit, net of beneficial conversion feature discount of $98,607, respectively (Note 10)

352,393

-

352,393

Total current liabilities

585,847

-

585,847

 

 

 

 

Total liabilities

585,847

-

585,847

 

 

 

 

Stockholders’ deficit

 

 

 

Common stock $0.001 par value; authorized 2,250,000,000

 

 

 

  shares; issued and outstanding: 75,750,000, respectively.

75,750

-

75,750

Additional paid-in capital

1,004,350

300,512

1,304,862

Stock payable

88,500

-

88,500

Deficit accumulated during the exploration stage

 (1,501,640)

 (300,512)

 (1,802,152)

 

 

 

 

Total stockholders’ deficit

 (333,040)

-

 (333,040)

 

 

 

 

Total liabilities and stockholders’ deficit

 $        252,807

 $                      -

 $    252,807




24





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Statements of Operations

 

 

 

(Expressed in U.S. Dollars)

 

 

 

For the three months ended August 31, 2013

 

 

 

 

As Originally

Adjustments

As

 

Filed

Increase/(Decrease)

Restated

Revenue

 $                  -

 $                     -

 $              -

Expenses

 

 

 

Impairment loss on mineral claim

 $                  -

 $                      -

 $              -

Legal and accounting

6,900

-

6,900

General and administrative

19,369

-

19,369

Management fees

161,500

-

161,500

Stock based compensation

204,666

10,517

215,183

Exploration costs

12,655

-

12,655

Amortization

333

-

333

Total expenses

405,423

10,517

415,940

Operating loss

 (405,423)

-

 (415,940)

Other expenses

 

 

 

Interest expense

 (78,742)

-

 (78,742)

 

 

 

 

Net loss

 $       (484,165)

 $           (10,517)

 $  (494,682)


Statements of Operations

 

 

 

(Expressed in U.S. Dollars)

 

 

 

From Inception (January 10, 2007) through August 31, 2013

 

 

 

 

 

 

 

As Originally

Adjustments

As

 

Filed

Increase/(Decrease)

Restated

Revenue

 $                   -   

 $                       -

 $               -

Expenses

 

 

 

Impairment loss on mineral claim

 $          13,512

 $                       -

 $     13,512

Legal and accounting

105,098

-

105,098

General and administrative

161,430

-

161,430

Management fees

184,000

-

184,000

Stock based compensation

790,850

300,512

1,091,362

Exploration costs

27,712

-

27,712

Amortization

777

-

777

Total expenses

1,283,379

300,512

1,583,891

Operating loss

 (1,283,379)

 (300,512)

 (1,583,891)

Other expenses

 

 

 

Interest expense

 (170,510)

-   

 (170,510)

Net loss

 $    (1,453,889)

 $          (300,512)

$(1,754,401)




25





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Statement of Cash Flows

 

 

 

For the period ended August 31, 2013

 

 

 

 

As Originally

Adjustments

As

Filed

Increase/(Decrease)

Restated

Cash flows from operating activities:

 

 

 

Net loss

 $     (484,166)

 $            (10,517)

 $(494,683)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

     Amortization

334

-

334

     Amortization of beneficial conversion feature

74,360

-

74,360

     Stock based compensation

204,666

10,517

215,183

Changes in operating assets and liabilities:

 

 

 

    Increase in prepaid expenses

3,051

-

3,051

    Increase in accrued managemnet fee due to related party

87,500

-

87,500

    Increase in accounts payable and accrued liabilities

 (5,336)

-

 (5,336)

   Net cash used in operating activities

 (119,591)

-

 (119,591)

Cash flows from investing activities:

 

 

 

Purchase of mineral claims

 (33,480)

-

 (33,480)

Advance for claim acquisition

-

-

-

Website development cost

-

-

-

    Net cash used in investing activities

 (33,480)

-

 (33,480)

Cash flows from financing activities:

 

 

 

Bank overdraft

-

-

-

Proceeds from sale of common stock

-

-

-

Contributed capital by related party

-

-

-

Payments to other loans

 (4,375)

-

 (4,375)

Repayment of loan from related party

-

-

-

Proceeds from loan from related party

-

-

-

Proceeds from letter of credit

125,000

 -

125,000

   Net cash used in financing activities

120,625

-

120,625

(Decrease) increase in cash and cash equivalents

 (32,446)

-

 (32,446)

Cash and cash equivalents, beginning of year

121,849

-

121,849

Cash and cash equivalents, end of year

 $     89,403.00

 $                       -

 $89,403.00

Non – cash investing and financing activities:

 

 

 

Beneficial conversion feature

 $        260,000

 $                      -

 $   260,000

Stock payable for advance on acquisition of mineral claim

 $                   -

 $                       -

 $              -




26





US Tungsten Corp.

(fka Stealth Resources Inc.)

(An Exploration Stage Company)

Notes to Unaudited Financial Statements

(Expressed in U.S. Dollars)

November 30, 2013


Note 12:

Restatement (cont’d)


Statement of Cash Flows

 

 

 

From Inception (January 10, 2007) through August 31, 2013

 

 

 

 

 

 

 

As Originally

Adjustments

As

Filed

Increase/(Decrease)

Restated

Cash flows from operating activities:

 

 

 

Net loss

 $   (1,453,889)

 $          (300,512)

$(1,754,401)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

     Impairment loss on mineral claim

13,512

-

13,512

     Amortization

778

-

778

     Amortization of beneficial conversion feature

161,397

-

161,397

     Stock based compensation

790,850

300,512

1,091,362

Changes in operating assets and liabilities:

 

 

 

  Increase in prepaid expenses

 (9,702)

-

 (9,702)

  Increase in accrued managemnet fee due to related party

87,500

-

87,500

  Increase in accounts payable and accrued liabilities

29,510

-

29,510

   Net cash used in operating activities

 (380,044)

-

 (380,044)

Cash flows from investing activities:

 

 

 

Purchase of mineral claims

 (96,992)

-

 (96,992)

Advance for claim acquisition

 (25,000)

-

 (25,000)

Website development cost

 (4,000)

-

 (4,000)

    Net cash used in investing activities

 (125,992)

-

 (125,992)

Cash flows from financing activities:

 

 

 

Proceeds from sale of common stock

27,000

-

27,000

Contributed capital by related party

1,000

-

1,000

Proceeds to other loans

7,266

-

7,266

Repayment of loan from related party

 (122,000)

-

 (122,000)

Proceeds from loan from related party

231,178

-

231,178

Proceeds from letter of credit

451,000

 -

451,000

   Net cash used in financing activities

595,444

-

595,444

(Decrease) increase in cash and cash equivalents

89,408

-

89,408

Cash and cash equivalents, beginning of period

-

-

-

Cash and cash equivalents, end of period

 $      89,408

 $                      -

 $89,408

Non – cash investing and financing activities:

 

 

 

Beneficial conversion feature

 $         260,000

 $                         -

 $   260,000

Stock payable for advance on acquisition of mineral claim

 $          42,000

 $                        -

 $     42,000




27





ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS  

 

Forward-looking statements


This quarterly report on Form 10-Q contains "forward-looking statements" relating to our company which represent our current expectations or beliefs, including statements concerning our operations, performance, financial condition and growth.  For this purpose, any statement contained in this quarterly report on Form 10-Q that are not statements of historical fact are forward-looking statements.  Without limiting the generality of the foregoing, words such as "may", "anticipation", "intend", "could", "estimate", or "continue" or the negative or other comparable terminology are intended to identify forward-looking statements.  These statements by their nature involve substantial risks and uncertainties, such as credit losses, dependence on management and key personnel and variability of quarterly results, our ability to continue our growth strategy and competition, certain of which are beyond our control. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual outcomes and results could differ materially from those indicated in the forward-looking statements.


The following discussion and analysis should be read in conjunction with the information set forth in our interim unaudited financial statements for the six months ended November 30, 2012.


Overview


We are an exploration stage company engaged in the acquisition and exploration of mineral properties with a view to exploiting any mineral deposits we discover.  We have an option to acquire three unpatented mineral claims and own a 100% interest in 195 mineral claims located in Calvert, Montana (collectively the “Calvert Property”).


There is no assurance that a commercially viable mineral deposit exists on the Calvert Property. We do not have any current plans to acquire interests in additional mineral properties, although we may consider such acquisitions in the future.


Mineral property exploration is typically conducted in phases. Each phase of exploration work is recommended by a geologist based on the results from the most recent phase of exploration. We have not yet commenced the initial phase of exploration on the Calvert Property. Once we have completed each phase of exploration, we will make a decision as to whether or not we proceed with each successive phase based upon the analysis of the results of that program. Our Board of Directors will make this decision based upon the recommendations of the independent geologist who oversees the program and records the results.


Our plan of operation is to conduct exploration work on the Calvert Property in order to ascertain whether it possesses economic quantities of tungsten. There can be no assurance that an economic mineral deposit exists on the Calvert Property until appropriate exploration work is completed.


Even if we complete our proposed exploration programs on the Calvert Property and we are successful in identifying a mineral deposit, we will have to spend substantial funds on further drilling and engineering studies before we will know if we have a commercially viable mineral deposit.


Plan of Operation


As at November 30, 2013, we had a cash balance of $31,307, compared to $121,849 as of the year ended May 31, 2013.  Our plan of operation for the twelve months is to complete the geologist



28





recommended work on the Calvert Property, consisting of verifying the historical insitu reserves and a regional exploration program to evaluate the potential for discovering additional reserves along strike.   We estimate that the cost of this program will be approximately $100,000.


In addition, we anticipate spending approximately $150,000 on administrative expenses, including fees payable in connection with the filing of our annual and quarterly reports and complying with reporting obligations.


Utilizing the letter of credit, we believe that we have sufficient funds to cover the anticipated administrative expenses and work program over the next 12 months.  


However, we anticipate that we will require additional funding to continue to develop and explore the Calvert Property and to cover our administrative expenses.  We anticipate that additional funding will be in the form of equity financing from the sale of our common stock or from director loans. We do not have any arrangements in place for any future equity financing or loans.


Our current cash on hand will not be sufficient to acquire any new assets, should we desire to do so, and additional funds will be required to close any possible acquisition.  As a reporting company we will need to maintain our periodic filings with the appropriate regulatory authorities and will incur legal and accounting costs.  If no other such opportunities are available and we cannot raise additional capital to sustain minimum operations, we may be forced to discontinue business.  We do not have any specific alternative business opportunities in mind and have not planned for any such contingency.


Based on the nature of our business, we anticipate incurring operating losses in the foreseeable future. We base this expectation, in part, on the fact that very few mineral claims in the exploration stage ultimately develop into producing, profitable mines.  Our future financial results are also uncertain due to a number of factors, some of which are outside our control.  These factors include the following:


·

our ability to raise additional funding;


·

the market price for minerals that may be found on the Calvert Property;


·

the results of our proposed exploration programs on the Calvert property; and


·

our ability to find joint venture partners for the development of our property interests


We have not attained profitable operations and are dependent upon obtaining financing to pursue exploration activities.  For these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern.


Results of Operations


Three Months Ended November 30, 2013 Compared to the Three Months Ended November 30, 2012


We have had no operating revenues since our inception on January 10, 2007 through November 30, 2013, and incurred operating expenses in the amount of $229,218 for the three months ended November 30, 2013, compared to operating expenses in the amount of $5,674 for the three months ended November 30, 2012.  Our activities have been financed from the proceeds of share subscriptions and director loans.



29






During the three months ended November 30, 2013, we incurred a net loss of $(312,751), which resulted in an accumulated deficit of $(2,114,902).


Six Months Ended November 30, 2013 Compared to the Six Months Ended November 30, 2012


We have had no operating revenues since our inception on January 10, 2007 through November 30, 2013, and incurred operating expenses in the amount of $645,157 for the six months ended November 30, 2013, compared to operating expenses in the amount of $24,223 for the six months ended November 30, 2012.  Our activities have been financed from the proceeds of share subscriptions and director loans.


During the six months ended November 30, 2013, we incurred a net loss of $(807,433), which resulted in an accumulated deficit of $(2,114,902).


Revenues


We did not generate any revenues during the six months ended November 30, 2013 or the six months ended November 30, 2012.  We did not generate any revenues during the three months ended November 30, 2013 or the three months ended November 30, 2012.


Expenses


During the six months ended November 30, 2013 and November 30, 2012, legal and accounting fees were $17,800 and $14,937, respectively and general and administrative expenses were $43,373 and $9,286, respectively.  During the six months ended November 30, 2013 we also incurred expenses for management fees of $231,337 (November 30, 2012 - $Nil), stock based compensation of $339,325 (November 30, 2012 - $Nil), amortization expense of $667 (November 30, 2012 -$Nil) and exploration costs of $12,655 (November 30, 2012 - $Nil).  During the three months ended November 30, 2013 and November 30, 2012, legal and accounting fees were $10,900 and $3,400, respectively and general and administrative expenses were $24,005 and $2,274, respectively.  During the three months ended November 30, 2013 we also incurred expenses for management fees of $69,837 (November 30, 2012 - $Nil), stock based compensation of $124,142 (November 30, 2012 - $Nil), amortization expense of $3347 (November 30, 2012 -$Nil) and exploration costs of $12,655 (November 30, 2012 - $Nil).


Net Loss


We incurred net losses from operations of $645,157 and $24,223 for the six months ended November 30, 2013 and November 30, 2012, respectively.  We incurred net losses from operations of $229,218 and $5,674 for the three months ended November 30, 2013 and November 30, 2012, respectively.


Liquidity and Capital Resources


We had cash and cash equivalent of $31,307 as of November 30, 2013, compared to a cash and cash equivalent position of $121,849 at May 31, 2013.  Since inception through to and including November 30, 2013, we have raised $27,000 through private placements of our common shares and we have received contributed capital by related parties of $1,000 and advances from a related party of $348,677.




30





Effective February 2, 2013, we entered into a letter of credit with a non-US person wherein they will loan our company up to $1,000,000 by way of periodic advances at our request for a period of one year.  The loan amounts will be convertible into shares of common stock of our company at a rate of $0.30 per common share and shall bear annual interest of 5% per annum.  As at May 31, 2013 a total of $4,735 was charged to interest. As of the six months ended November 30, 2013, we had received $530,975 and no stock has been issued.  A total of $10,736 was charged to interest for the six months ended November 30, 2013.


We expect to run at a loss for at least the next twelve months. We have no agreements for additional financing and cannot provide any assurance that additional funding will be available to finance our operations on acceptable terms in order to enable us to complete our plan of operations.  There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing.  If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our exploration of our mineral claims and our venture will fail.


Material Events and Uncertainties


Our operating results are difficult to forecast. Our prospects should be evaluated in light of the risks, expenses and difficulties commonly encountered by comparable exploration stage companies.


There can be no assurance that we will successfully address such risks, expenses and difficulties.


ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.


We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.


ITEM 4T.

CONTROLS AND PROCEDURES


(a)  

Evaluation of disclosure controls and procedures


Based upon an evaluation of the effectiveness of our disclosure controls and procedures performed by our management, with participation of our Chief Executive Officer and our Chief Financial Officer as of the end of the period covered by this report, our Chief Executive Officer, and our Chief Financial Officer concluded that our disclosure controls and procedures are not effective in ensuring that material information relating to us, is made known to the certifying officers by others within our company during the period covered by this report.


As used herein, “disclosure controls and procedures” mean controls and other procedures of our company that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


(b)  

Management’s Report on Internal Control Over Financial Reporting




31





Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) under the Securities Exchange Act of 1934.  Under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, we conducted an evaluation of the effectiveness of our control over financial reporting based on the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).  Based on our evaluation under the framework, management has concluded that our internal control over financial reporting was not effective as of November 30, 2013.


(c)  

Changes in Internal Control over Financial Reporting


There have not been any changes in our internal controls or in other factors that occurred during our first fiscal quarter ended November 30, 2013 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.


PART II – OTHER INFORMATION


ITEM 1.

LEGAL PROCEEDINGS


We are not currently a party to any legal proceedings. Our address for service of process in Nevada is 871 Coronado Centre Drive, Suite 200, Henderson, Nevada, 89052.


ITEM 1A.

RISK FACTORS


We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.


ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


We did not make any sales of equity securities during the quarter.


ITEM 3.

DEFAULTS UPON SENIOR SECURITIES


We have no senior securities outstanding.


ITEM 4.

MINE SAFETY DISCLOSURES


Not applicable.


ITEM 5.

OTHER INFORMATION


During the quarter ended November 30, 2013, there were no material changes to the procedures by which security holders may recommend nominees to our board of directors.



32





ITEM 6.

EXHIBITS 

EXHIBIT INDEX


Number

Exhibit Description

 

 

3.1

Articles of Incorporation (1)

 

 

3.2

Bylaws (1)

 

 

10.1

Mineral property agreement dated February 26, 2007 (1)

 

 

14.1

Code of Ethics (2)

 

 

31.1

Certificate of chief executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

31.2

Certificate of chief financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

32.1

Certificate of chief executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

32.2

Certificate of chief financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

101

Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.

 

101.INS

XBRL Instance Document

 

101.SCH

XBRL Taxonomy Extension Schema Document

 

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

 

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

 

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

 

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document


(1)

Filed as an exhibit to our registration statement on Form S-1 filed June 17, 2008 and incorporated herein by this reference


(2)

Filed as an exhibit to our annual report on Form 10-K filed August 25, 2011 and incorporated herein by this reference.




33





SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


US TUNGSTEN CORP.

/s/Barry Wattenberg

Barry Wattenberg

Chairman, President, Chief Financial Officer and Director

Date:

January 21, 2014




34



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