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Investor Relations
Investor Relations expenses totaled $1,842 and $1,842 versus $3,828 and $61,536 respectively for the three month and nine periods ended May 31, 2009 versus May 31, 2008. For the Exploration Stage, Investor Relations expenses totaled $136,781. During the three months ended May 31, 2009, investor relations expenses related to press releases issued to disseminate investor information regarding current and past activities.
Administrative Expenses
Administrative Expenses totaled $2,840 and $10,927 versus $21,443 and $54,921 respectively for the three and nine month periods ended May 31, 2009 versus May 31, 2008. For the Exploration Stage, Administrative Expenses totaled $184,961. During the three months ended May 31, 2009, administrative expenses related to regulatory filing fees, courier charges and office supplies.
Net Income (Loss)
We experienced net income and net (losses) for the three and nine month periods ended May 31, 2009 and May 31, 2008 of $(40,611) and $(95,461) versus $(45,247) and $(1,509,763) respectively. The Net Loss for the Exploration Stage was $(23,342,901).
Net income and net (losses) per share were $nil and $nil versus $nil and $(0.04)for the three and nine month periods ended May 31, 2009 and May 31, 2008 respectively.
Liquidity and Capital Resources
Since its inception, the Company has financed its cash requirements from sale of common stock and shareholder loans. Uses of funds have included activities to establish and develop our business. The Company's principal sources of liquidity as of May 31, 2009, consisted of cash resources of $14,253, prepaid expenses of $4,125 and shareholder loans from a related party. Under the shareholder loans, loan advances to or on behalf of ADG or ADSI, bear interest at 5% per annum, calculated and compounded annually, not in advance. ADG or ADSI are required to repay the outstanding principal and interest at any time on demand. Prepayment of all or a portion of the outstanding principal and interest may be made by ADG or ADSI at any time without notice, bonus or penalty. The amount outstanding under the shareholder loan was $280,910 including accrued interest as of May 31, 2009. Since Exploration Stage inception through to and including May 31, 2009, we have executed cash sales of our common shares totaling $7,193,860 through private placements.
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 early stage companies in rapidly evolving markets. There can be no assurance that we will successfully address such risks, expenses and difficulties.
Employees
As of May 31, 2009, we had no employees and used contracted services to perform geological work, legal services and our bookkeeping. Additionally our CEO was engaged on a consulting basis. Going forward, the Company will use consultants with specific skills to assist with various aspects of its project evaluation, due diligence, acquisition initiatives, corporate governance and property manageme...
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