Mining Global Inc.
(Formerly Yaterra Ventures Corp.)
Consolidated Balance Sheet
As at August 31, 2018 (Unaudited)
ASSETS
Current Assets
Cash and cash equivalents
Total Current Assets
Fixed assets
Total Assets
EQUITY & LIABILITIES
Current Liablities
Accounts payable and accrued expenses
Short term debt
Total Current Liabilities
Long term debt
Total Liabilities
SHAREHOLDER'S EQUITY
Preferred Stock ($0.001 Par Value, 100,000,000 shares authorized, 2,000,000 shares issued
Common stock, $0.001 Par Value, 6,710,000,000 shares authorized 6,485,161,617, share issued and outstanding
Additional paid in capital
Accumulated deficit
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
Notes
4
5
6
7
8
As at August 31, 2018
(Unaudited)
($)
454,860
454,860
727,384
1,182,244
321,720
767,180
1,088,900
256,000
1,344,900
1,000
6,485,162
872,269
(7,521,087)
(162,656)
1,182,244
Mining Global Inc.
(Formerly Yaterra Ventures Corp.) Consolidated Statement of Profit and loss For the year ended August 31, 2018
Notes
For the year ended August
31, 2018
(Amount in $) | ||
Gold Sales | 190,222 | |
Cost of sales | 10 | - |
Gross profit | 190,222 | |
Selling, general and admisitrative expense | 10 | (142,913) |
Income / (Loss) from opeartions | ||
47,309 | ||
Other Income / (expense) | ||
Interest expense | - | |
Net Profit / (loss) before provision for Income taxes | ||
47,309 | ||
Provision for income tax | - | |
Net Profit / (loss) | ||
47,309 | ||
Mining Global Inc.
(Formerly Yaterra Ventures Corp.)
Statement of Shareholders' Equity
As at August 31, 2018 (Unaudited)
Common Stock | Preferred Stock | Additonal Paid in | Accumulated Profit / | Total | |||||
Shares | Amount | Shares | Amount | capital | (Deficit) | ||||
Amount is $ | |||||||||
As at August 31, 2017 (Unaudited) | 6,485,161,617 | 6,485,162 | 10,000,000 | 1,000 | 872,269 | (7,568,396) | (209,965) | ||
Profit / (loss) for the period | 47,309 | 47,309 | |||||||
As at August 31, 2018 (Unaudited) | |||||||||
6,485,161,617 | 6,485,162 | 10,000,000 | 1,000 | 872,269 | (7,521,087) | (162,656) | |||
Mining Global Inc.
(Formerly Yaterra Ventures Corp.) Statement of cashflows
As at August 31, 2018 (Unaudited)
Cash flow from operating activities | 2018 |
(Loss) / profit before income tax | 47,309 |
Adjustment for non cash charges and other items: | |
Depreciation / amortization | - |
Unrealized exchange loss / (gain) | - |
Changes in working capital | 47,309 |
(Decrease) / increase in convertible debt | |
- | |
(Decrease) / increase in accrued wages | 25,226 |
(Decrease) / increase in trade and other payables | (6,231) |
18,995 | |
Cash flow from operating activities | 66,304 |
Cash flow from investing activities | |
Additions in intangibles assets | |
- | |
Cash flow from / (used) in investing activities | - |
Cash flow from financing activities | |
Borrowings during the year | - |
Dividends paid | - |
Cash flow from financing activities | |
- | |
Increase/(decrease) in cash and cash equivalents | 66,304 |
Cash and cash equivalents at beginning of the year | 388,556 |
Cash and cash equivalents at end of the year | |
454,860 | |
Mining Global Inc.
(Formerly Yaterra Ventures Corp.) Notes to the Financial Stateements For the year ended August 31, 2018
-
LEGAL STATUS AND OPERATIONS
Mining Global Inc. was incorporated as Yaterra Ventures Corp. ("the Company") under the laws of state of Nevada on November 20, 2006.
The Company is "exploration stage company" and is primarily engaged in the acquisition, exploration and development of mineral properties The company holds several mineral properties and is currently focusing its resources in assessing the mineral deposits of lead, zinc, copper, silver, gold or uranium capable of commercial extraction. - BASIS OF PREPARATION
-
Statement of compliance
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") on a going concern. - Accounting Convention
These financial statements have been prepared on the basis of 'historical cost convention using accrual basis of accounting except as otherwise stated in the respective accounting policies notes.
Going concern
The Company had accumulated losses and had a negative cash flow from operations for the reporting period. Further, the accumulated (deficit) has raised at that date, which raises substantial doubt about its ability to continue as a going concern. The furture of the Company is dependent upon its ability to obtain financing and upon future profitable operations from development of its natural properties. Management has plans to seek additional capital through private placement and public offering of its common stock. The financial statements dont contain any adjustments relating to recoverability and classification of its recorded assets, or the amounts of and classfication of its liabilities that might be necessary in the event the Company cannot continue to exist. - Critical accounting estimates and judgements
The preparation of financial statements in conformity with the approved accounting standards require management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods.
The areas involving higher degree of judgment and complexity, or areas where assumptions and estimates made by the management are significant to the financial statements are as follows:
- Equipment - estimated useful life of equipment (note - 3.8)
- Exploration and evaluation cost (note - 3.5)
- Provision for doubtful debts (note - 3.4)
- Provision for income tax (note - 3.1)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 Income tax
The tax expense for the year comprises of income tax, and is recognized in the statement of earnings. The income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
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Mining Global Inc. published this content on 01 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2022 19:00:02 UTC.