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10. Acquisition Gf&h Company
 9 Months Ended
Sep. 30, 2014
Notes  
10. Acquisition Gf&h Company

10.          Acquisition GF&H Company

 

During the quarter ended September 30, 2014, the Company completed its acquisition of two thirds of the issued and outstanding common shares of GF&H Company. NJMC acquired GF&H to further its land holdings in the area of its Golden Chest Property.

 

This transaction was accounted for as a business combination. The Company acquired two thirds of the issued and outstanding common shares of GF&H for $100,000 in cash. GF&H sole asset was 347 acres of land near Murray Idaho, it had no liabilities. 

 

A summary of the acquisition is as follows:

 

 

 

New Jersey Mining

Company

Non-controlling

Interest

 

Consideration

(66 2/3%)

(33 1/3%)

Total

Cash

$100,000

 

$100,000

Fair value of non-controlling interest

 

50,000

50,000

 

$100,000

$50,000

$150,000

Assets acquired

 

 

 

Land and mineral interest

 

 

$150,000

 

 

The consolidated statement of operations of the Company for the quarter ended September 30, 2014 includes expenses incurred by GF&H of $1,731 and no revenue since the acquisition date. GF&H has had minimal operating activity over the past several years.