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19年前
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Company Profile. Click for Overview, Financials, Ownership, News and more. BIG CAT MINING CORP
Form:10QSB Filing Date:12/21/2004 Jump to : Format : File Back
BIG CAT MINING CORPORATION
(An Exploration Stage Company)
Condensed Balance Sheet
October 31, 2004
(Unaudited)
Assets
Cash ............................................................ $ 5,238
=========
Liabilities and Shareholders' Equity
Liabilities:
Accounts payable and accrued liabilities .................... $ 588
---------
Total liabilities ............................. 588
---------
Shareholders' equity:
Common stock ................................................ 111
Additional paid-in capital .................................. 121,714
Accumulated deficit ......................................... (116,946)
Cumulative translation adjustment ........................... (229)
---------
Total shareholders' equity .................... 4,650
---------
$ 5,238
=========
See accompanying notes to condensed financial statements
BIG CAT MINING CORPORATION
(An Exploration Stage Company)
Condensed Statements of Operations
(Unaudited)
June 19, 1997
Three Months Ended Six Months Ended (Inception)
October 31, October 31, Through
-------------------------- --------------------------- October 31,
2004 2003 2004 2003 2004
----------- ----------- ------------ ----------- -----------
Costs and expenses:
Contributed services (Note 2) ............... $ -- $ -- $ -- $ -- $ 5,700
Contributed rent (Note 2) ................... -- -- -- -- 4,000
Compensation and benefits ................... 863 1,983 863 4,326 14,182
Office and miscellaneous .................... 512 5,374 691 6,842 12,240
Professional fees ........................... 958 2,973 2,382 18,410 70,787
Filing and transfer agent fees .............. 540 1,094 2,140 2,458 5,567
Exploration costs (Note 3) .................. -- -- 1,466 -- 4,420
Stock-based compensation - organization costs -- -- -- -- 50
----------- ----------- ----------- ----------- -----------
Loss before income taxes .... (2,873) (11,424) (7,542) (32,036) (116,946)
Income tax provision (Note 4) ................... -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Net loss .................... $ (2,873) $ (11,424) $ (7,542) $ (32,036) $ (116,946)
=========== =========== =========== =========== ===========
Basic and diluted loss per share ................ $ (0.00) $ (0.01) $ (0.01) $ (0.03)
=========== =========== =========== ===========
Weighted average common shares outstanding ...... 1,114,000 1,114,000 1,114,000 1,114,000
=========== =========== =========== ===========
See accompanying notes to condensed financial statements
BIG CAT MINING CORPORATION
(An Exploration Stage Company)
Condensed Statements of Cash Flows
(Unaudited)
June 19, 1997
Six Months Ended (inception)
October 31, Through
---------------------- October 31,
2004 2003 2004
---------- --------- ---------
Net cash used in
operating activities .............. $ (9,455) $ (33,918) $(106,658)
--------- --------- ---------
Cash flows from financing activities:
Expenses paid on behalf of the Company by related party -- -- 725
Proceeds from the sale of common stock ................ -- -- 111,400
--------- --------- ---------
Net cash provided by
financing activities .............. -- -- 112,125
--------- --------- ---------
Effect of exchange rate changes on cash ................... (24) -- (229)
--------- --------- ---------
Net change in cash and
cash equivalents .................. (9,479) (33,918) 5,238
Cash and cash equivalents:
Beginning of period ................................... 14,717 60,062 --
--------- --------- ---------
End of period ......................................... $ 5,238 $ 26,144 $ 5,238
========= ========= =========
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Income taxes ....................................... $ -- $ -- $ --
========= ========= =========
Interest ........................................... $ -- $ -- $ --
========= ========= =========
See accompanying notes to condensed financial statements
BIG CAT MINING CORPORATION
(An Exploration Stage Company)
Notes to Condensed Financial Statements
(Unaudited)
Note 1: Basis of presentation
The interim financial statements presented herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the Company's annual financial statements for the year ended April 30, 2004, notes and accounting policies thereto included in the Company's annual report on Form 10-KSB as filed with the SEC.
In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary to provide a fair presentation of operating results for the interim period presented have been made. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the year.
Interim financial data presented herein are unaudited.
Note 2: Related Party
An affiliate contributed office space to the Company at no charge for the period from January 1, 2000 through April 30, 2003. The use of such office space was valued in the accompanying financial statements based on rates for similar space in the local area.
Certain officers contributed their time and effort to the Company at no charge for the period from January 1, 2000 through April 30, 2003. The time and effort was valued in the accompanying financial statements based on prevailing rates for such labor in the local market.
Note 3: Commitments
On September 28, 2001, the Company and Spirit Energy Corp. (formerly Whitegold Natural Resource Corp.), a British Columbia corporation, ("Spirit"), entered into an Option Agreement (the "Agreement"). Under the terms of the Agreement, Spirit granted to the Company the sole and exclusive right and option to acquire an undivided 50 percent of the right, title and interest in certain mining claims located in the Liard Mining Division of British Columbia, in exchange for agreeing to fund an exploration program and to pay to Spirit a royalty upon commencement of production. On June 18, 2004, the Company paid Spirit $1,466 ($2,000 Canadian) to extend the Agreement.
Exploration Funding Commitment
If the Company acts on the option, it is committed to incur exploration expenditures on the mining claims in accordance with the following schedule:
BIG CAT MINING CORPORATION
(An Exploration Stage Company)
Notes to Condensed Financial Statements
(Unaudited)
* Amount of Commitment Stated in
Due Date $CAN or $US
September 1, 2004 .................... $ 50,000 $ 36,496 December 31, 2004 .................... 100,000 72,993 December 31, 2005 .................... 350,000 255,474 December 31, 2006 .................... 1,000,000 729,927 December 31, 2007 .................... 2,000,000 1,459,854 $3,500,000 $2,554,744
o The amount of the commitment will change in the foreseeable future, as the Agreement is stated in Canadian dollars. The exchange rate used in the above table was approximately $1.37 (Canadian) to $1.00 (US.)
Commitment to Make Royalty Payments
Upon commencement of production, the Company is required to pay to Spirit a three percent (3%) net smelter returns royalty per annum.
Note 4: Income Tax
The Company records its income taxes in accordance with Statement of Financial Accounting Standard No. 109, "Accounting for Income Taxes". The Company incurred net operating losses for all periods presented resulting in a deferred tax asset, which was fully allowed for; therefore, the net benefit and expense resulted in $-0- income taxes.
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frebet
19年前
Irwin Energy Signs Share Exchange Agreement with Big Cat Exploration Inc. and Consolidation of Shares
Mar 17, 2006 8:13:00 PM
Copyright Business Wire 2006
VANCOUVER, Canada--(BUSINESS WIRE)--March 17, 2006--
Irwin Energy, Inc. (OTC.PK: IWNN) today announced that it has signed a Share Exchange Agreement with Big Cat Exploration & Production, Inc. Under the terms of the agreement, Irwin Energy will acquire 100% or 100,000 shares of Big Cat Exploration's outstanding Common Stock, in exchange for 20,000,000 Shares of Irwin Energy's common stock.
In addition, Irwin Energy is announcing that on March 3, 2006, a majority of its shareholders consented to a consolidation of its shares on the basis of one share for every 100 shares of the Company. The consolidation will be effective Friday, February 17, 2006. Post-consolidation, the Company will have approximately 20,500,000 shares issued and outstanding.
John Gaetz, President of Irwin Energy, Inc. stated, "We are pleased to announce the implementation of this Share Exchange Agreement because it represents an exciting stage of development for Irwin Energy."
About Big Cat Exploration & Production, Inc.
Big Cat Exploration & Production Inc. is a private company incorporated in Arizona that specializes in the exploration of oil and gas properties.
About Irwin Energy, Inc.
Irwin Energy, Inc., based in Vancouver, B.C. was founded for the purpose of engaging in the exploration for and acquisition, development and production of crude oil and natural gas, and for other related activities. In the oil and gas arena, Irwin Energy seeks out low-risk opportunities to develop positive cash flow from proven and probable oil and gas plays. Irwin Energy plans to grow exclusively through efficient reinvestment of its internally generated cash flow in exploration and production operations, and through limited external financing to build ancillary businesses.
Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.
Source: Irwin Energy, Inc.
----------------------------------------------
Irwin Energy
Inc.
Jason Ashdown
604-685-7552