$GLNS
Golden Star Resource Corp.

2022 Q3 Form 10-K Financial Statement

#000149315222027068 Filed on September 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.45K $7.270K $41.19K
YoY Change 6.53% 5.98% 34.52%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $19.47K $17.56K $57.56K
YoY Change 5.92% 78.09% 45.27%
Operating Profit
YoY Change
Interest Expense -$10.00 -$10.00 -$80.00
YoY Change -66.67% 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$19.47K -$17.57K -$57.56K
YoY Change 5.7% 77.83% 44.99%
Income Tax
% Of Pretax Income
Net Earnings -$19.47K -$17.57K -$57.56K
YoY Change 5.69% 77.83% 44.98%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share -$2.754K -$2.485K -$8.141K
COMMON SHARES
Basic Shares Outstanding 7.070M shares 7.070M shares
Diluted Shares Outstanding 7.070M shares 7.070M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $3.810K $0.00 $0.00
YoY Change 1.6% -100.0% -100.0%
Inventory
Prepaid Expenses $3.810K
Receivables
Other Receivables
Total Short-Term Assets $3.810K $0.00 $0.00
YoY Change 1.6% -100.0% -100.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $3.810K $0.00 $0.00
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $3.810K $0.00
YoY Change 1.6% -100.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $205.4K $212.7K $212.7K
YoY Change 4.69% 6.01% 6.01%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $201.6K $201.6K $201.6K
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $748.5K $725.2K $725.2K
YoY Change 8.51% 8.2% 8.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $748.5K $725.2K $725.2K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $748.5K $725.2K $725.2K
YoY Change 8.51% 8.2% 8.2%
SHAREHOLDERS EQUITY
Retained Earnings -$851.7K -$832.3K
YoY Change 7.43%
Common Stock $70.00 $70.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$744.7K -$725.2K -$725.2K
YoY Change
Total Liabilities & Shareholders Equity $3.810K $0.00
YoY Change 1.6% -100.0%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$19.47K -$17.57K -$57.56K
YoY Change 5.69% 77.83% 44.98%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$30.53K -$9.360K -$43.00K
YoY Change 26.88% 200.0% 44.96%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $30.53K 9.360K $42.90K
YoY Change 27.36% 200.96% 44.31%
NET CHANGE
Cash From Operating Activities -$30.53K -9.360K -$43.00K
Cash From Investing Activities
Cash From Financing Activities $30.53K 9.360K $42.90K
Net Change In Cash 0.000000000007276 -$92.00
YoY Change -100.0% -231.43%
FREE CASH FLOW
Cash From Operating Activities -$30.53K -$9.360K -$43.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_807_eus-gaap--NatureOfOperations_zGBg3Ec7F7Yb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_824_zcAWEUxRKU4k">NATURE OF OPERATIONS AND GOING CONCERN</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organization</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was incorporated in the State of Nevada, U.S.A. on April 21, 2006.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exploration Stage Activities</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has been in the exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining claims. Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The general business strategy of the Company is to acquire and explore mineral properties. The continued operations of the Company and the recoverability of mineral property costs is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain necessary financing to complete the development of its properties, and upon future profitable production. The Company has not generated any revenues or completed development of any properties to date. Further, the Company has a working capital deficit of $<span id="xdx_908_ecustom--WorkingCapitalDeficit_c20220630_pp0p0" title="Working capital deficit">725,191</span> (June 30, 2021 - $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_c20210630_pp0p0" title="Working capital deficit">667,634</span>), has incurred losses of $<span id="xdx_909_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20220630_zwcl1aDnABz" title="Accumulated deficit">832,251</span> since inception, and further significant losses are expected to be incurred in the exploration and development of its mineral properties. The Company will require additional funds to meet its obligations and maintain its operations. There can be no guarantee that the Company will be successful in raising the necessary financing. Management’s plans in this regard are to raise equity financing as required.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These condensed interim financial statements do not include any adjustments that might result from this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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If unutilized, $631,178 will expire through to 2037 and $201,073 will be carried forward indefinitely.
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
631178 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
201073 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
832251 usd

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