Nevada
|
|
000-51197
|
|
98-0400208
|
(State
or other jurisdiction of
incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer Identification No)
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
|
STARGOLD
MINES, INC.
|
|
(Registrant)
|
||
|
|
|
By:
|
/s/
F. Bryson Farrill
|
|
|
Name:
F. Bryson Farrill
|
|
Title:
Chief Executive Officer and
Director
|
Pro-forma
Consolidated Balance Sheet
|
F-2
|
Pro-forma
Consolidated Statement of Deficit
|
|
Pro-forma
Consolidated Statement of Operations and Comprehensive
Loss
|
F-3
|
Notes
to Pro-forma Consolidated Financial Statements
|
F-5
- F-7
|
Stargold
Mines, Inc.
(US)
Dec.
31,
2007
|
|
UniverCompany
LLC
(Russia)
Dec.
31,
2007
|
|
Note
4
|
|
Pro-forma
Adjustments
|
|
Stargold
Mines,
Inc.
(US)
Pro-forma
Dec.
31, 2007
|
|
Stargold
Mines,
Inc
(US)
Dec.
31,
2006
|
|||||||||
ASSETS
|
|||||||||||||||||||
Current
|
|||||||||||||||||||
Cash
and cash equivalents
|
$
|
2,930
|
$
|
69,000
|
$
|
-
|
$
|
71,930
|
$
|
7,879
|
|||||||||
Accounts
and other receivable
|
-
|
4,310,000
|
-
|
4,310,000
|
-
|
||||||||||||||
Inventory
|
-
|
13,912,000
|
(b)
|
|
3,562,000
|
17,474,000
|
-
|
||||||||||||
Prepaid
expense
|
31,229
|
44,000
|
-
|
75,229
|
-
|
||||||||||||||
Loan
receivable
|
-
|
74,000
|
-
|
74,000
|
-
|
||||||||||||||
Total
Current Assets
|
34,159
|
18,409,000
|
3,562,000
|
22,005,159
|
7,879
|
||||||||||||||
Property,
Plant and Equipment
|
-
|
286,000
|
-
|
286,000
|
-
|
||||||||||||||
Loan
Receivable
|
1,009,925
|
711,000
|
(c)
|
|
(1,009,925
|
)
|
711,000
|
1,000,000
|
|||||||||||
Investment
in Subsidiary
|
-
|
-
|
(a)
|
|
1,650,000
|
-
|
-
|
||||||||||||
|
- |
-
|
(b)
|
|
(1,650,000
|
)
|
-
|
-
|
|||||||||||
Deferred
Taxes
|
-
|
512,000
|
-
|
512,000
|
-
|
||||||||||||||
Total
Assets
|
$
|
1,044,084
|
$
|
19,918,000
|
$
|
2,552,075
|
$
|
23,514,159
|
$
|
1,007,879
|
|||||||||
LIABILITIES
|
|||||||||||||||||||
Current
|
|||||||||||||||||||
Accounts
payable
|
$
|
80,626
|
$
|
407,000
|
$
|
-
|
$
|
487,626
|
$
|
25,282
|
|||||||||
Accrued
liabilities
|
47,069
|
-
|
-
|
47,069
|
-
|
||||||||||||||
Loans
payable
|
155,042
|
24,000
|
-
|
179,042
|
-
|
||||||||||||||
Income
taxes payable
|
-
|
33,000
|
-
|
33,000
|
-
|
||||||||||||||
Advances
from related party
|
-
|
-
|
-
|
-
|
240
|
||||||||||||||
Total
Current Liabilities
|
282,737
|
464,000
|
-
|
746,737
|
25,522
|
||||||||||||||
Loans
Payable
|
-
|
1,420,000
|
(c)
|
|
(1,219,000
|
)
|
201,000
|
-
|
|||||||||||
Trade
Payable and Other Payables
|
-
|
19,946,000
|
-
|
19,946,000
|
-
|
||||||||||||||
Total
Liabilities
|
282,737
|
21,830,000
|
(1,219,000
|
)
|
20,893,737
|
25,522
|
|||||||||||||
STOCKHOLDERS'
EQUITY
|
|||||||||||||||||||
Capital
Stock
|
4,122
|
347
|
(a)
|
|
1,500
|
5,622
|
9,000
|
||||||||||||
|
- |
-
|
(b)
|
|
(347
|
)
|
-
|
-
|
|||||||||||
Additional
Paid-in Capital
|
1,551,698
|
-
|
(a)
|
|
1,648,500
|
3,200,198
|
1,036,000
|
||||||||||||
Accumulated
Other Comprehensive Loss
|
(209,075
|
)
|
(334,000
|
)
|
(b)
|
|
334,000
|
-
|
|||||||||||
|
- |
-
|
(c)
|
|
209,075
|
-
|
-
|
||||||||||||
Deficit
|
(585,398
|
)
|
(1,578,347
|
)
|
(b)
|
|
1,578,347
|
(585,398
|
)
|
(62,643
|
)
|
||||||||
Total
Stockholders' Equity (Deficit)
|
761,347
|
(1,912,000
|
)
|
3,771,075
|
2,620,422
|
982,357
|
|||||||||||||
Total
Liabilities and Stockholders' Equity
|
$
|
1,044,084
|
$
|
19,918,000
|
$
|
2,552,075
|
$
|
23,514,159
|
$
|
1,007,879
|
|||||||||
Deficit
–
Beginning of Year
|
$
|
(62,643
|
)
|
$
|
(20,000
|
)
|
$
|
20,000
|
$
|
(62,643
|
)
|
$
|
(11,917
|
)
|
|||||
Net
loss
|
(522,755
|
)
|
(1,558,347
|
)
|
1,558,347
|
(522,755
|
)
|
(50,726
|
)
|
||||||||||
Deficit –
End of Year
|
$
|
(585,398
|
)
|
$
|
(1,578,347
|
)
|
|
|
$
|
1,578,347
|
|
$
|
(585,398
|
)
|
$ |
(62,643
|
) |
Stargold
|
UniverCompany
|
Stargold
|
Stargold
|
|||||||||||||
Mines,
Inc.
|
LLC
|
Mines,
Inc.
|
Mines,
Inc.
|
|||||||||||||
(US)
|
(Russia)
|
Pro-forma
|
(US)
|
(US)
|
||||||||||||
Dec.
31,
|
Dec.
31,
|
Adjustments
|
|
Pro-forma
|
Dec.
31,
|
|||||||||||
2007
|
2007
|
Note
4 (b)
|
Dec. 31, 2007
|
2006
|
||||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
4,127
|
||||||
Cost
of Sales
|
-
|
-
|
-
|
-
|
3,259
|
|||||||||||
Gross
Profit
|
-
|
-
|
-
|
-
|
868
|
|||||||||||
Expenses
|
||||||||||||||||
Bad
debts
|
-
|
-
|
-
|
-
|
26,915
|
|||||||||||
Office
and general
|
82,603
|
334,347
|
(334,347
|
)
|
82,603
|
1,097
|
||||||||||
Professional
fees
|
340,152
|
-
|
-
|
340,152
|
29,482
|
|||||||||||
Salary
and benefits
|
80,000
|
-
|
-
|
80,000
|
-
|
|||||||||||
Consulting
fees
|
20,000
|
-
|
-
|
20,000
|
-
|
|||||||||||
Selling
and distribution costs
|
-
|
25,000
|
(25,000
|
)
|
-
|
-
|
||||||||||
Total
Expenses
|
522,755
|
359,347
|
(359,347
|
)
|
522,755
|
57,494
|
||||||||||
Operating
Loss
|
(522,755
|
)
|
(359,347
|
)
|
359,347
|
(522,755
|
)
|
(56,626
|
)
|
|||||||
Other
Income (Expense)
|
||||||||||||||||
Other
operating income
|
-
|
340,000
|
(340,000
|
)
|
-
|
-
|
||||||||||
Debt
forgiven
|
-
|
-
|
-
|
-
|
5,900
|
|||||||||||
Interest
|
-
|
(2,051,000
|
)
|
2,051,000
|
-
|
-
|
||||||||||
|
||||||||||||||||
Total
Other Income (Expense)
|
-
|
(1,711,000
|
)
|
1,711,000
|
-
|
5,900
|
||||||||||
Loss
Before Income Taxes
|
(522,755
|
)
|
(2,070,347
|
)
|
2,070,347
|
(522,755
|
)
|
(50,726
|
)
|
|||||||
Income
taxes - recovery
|
-
|
512,000
|
(512,000
|
)
|
-
|
-
|
||||||||||
Net
Loss
|
(522,755
|
)
|
(1,558,347
|
)
|
1,558,347
|
(522,755
|
)
|
(50,726
|
)
|
|||||||
Unrealized
loss on investment
|
(209,075
|
)
|
(334,000
|
)
|
543,075
|
-
|
-
|
|||||||||
Comprehensive
Loss
|
$
|
(731,830
|
)
|
$
|
(1,892,347
|
)
|
$
|
1,167,925
|
$
|
(522,755
|
)
|
$
|
(50,726
|
)
|
||
Net
Loss per Share Basic and Diluted
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
|||||||
|
||||||||||||||||
Basic
and Diluted Weighted Average Number of Common Shares Outstanding
During
the Year (note
5)
|
59,891,775
|
74,891,775
|
80,084,932
|
1.
|
Basis
of Presentation
|
a)
|
Stargold
as of December 31, 2007 (audited) and December 31, 2006
(audited).
|
b)
|
UniverCompany
as of December 31, 2007 (audited).
|
a)
|
Stargold
for the year ended December 31, 2007 (audited) and for the year ended
December 31, 2006 (audited).
|
b)
|
UniverCompany
for the year ended December 31, 2007
(audited).
|
2.
|
Significant
Accounting Policies
|
3.
|
Acquisition
of UniverCompany
|
Description
|
Amount
|
|||
Cash
and cash equivalents
|
$
|
69,000
|
||
Accounts
and other receivable
|
4,310,000
|
|||
Inventory
|
17,474,000
|
|||
Prepaid
expense
|
44,000
|
|||
Loan
receivable
|
785,000
|
|||
Property,
plant and equipment
|
286,000
|
|||
Deferred
taxes
|
512,000
|
|||
Accounts
payable
|
(407,000
|
)
|
||
Income
taxes payable
|
(33,000
|
)
|
||
Loans
payable
|
(1,444,000
|
)
|
||
Trade
payable and other payables
|
(19,946,000
|
)
|
||
$
|
1,650,000
|
|||
Fair
value of Stargold shares issued
|
$
|
1,650,000
|
4.
|
Pro-forma
Assumptions and
Adjustments
|
a)
|
To
record the issuance of common shares by Stargold for the acquisition
of
UniverCompany.
|
b)
|
To
eliminate the pre-acquisition stockholders' deficit of UniverCompany
at
December 31, 2007 as Stargold is the acquirer. The acquisition of
UniverCompany by Stargold was accounted for by the purchase method,
with
the net assets of UniverCompany brought forward at their fair value
basis,
based on the assumption that the increase in fair value was attributable
to inventory.
|
c)
|
To
eliminate the loan balances between Stargold and UniverCompany at
December
31, 2007.
|
5.
|
Shares
Outstanding
|
Year
Ended
|
||||
December
31,
|
||||
2007
|
||||
Basic
and diluted:
|
||||
Weighted
average Stargold shares outstanding during the year
|
$
|
59,891,775
|
||
Number
of Stargold shares issued to acquire UniverCompany
|
15,000,000
|
|||
Pro-forma
basic and diluted weighted average shares outstanding
|
$
|
74,891,775
|