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14. Acquisition Gf&h Company
 12 Months Ended
Dec. 31, 2014
Notes  
14. Acquisition Gf&h Company

14.  Acquisition GF&H Company

 

During the year ended December 31, 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 year ended December 31, 2014 includes expenses incurred by GF&H of $2,577 and no revenue since the acquisition date. GF&H has had minimal operating activity over the past several years

 

The unaudited pro forma financial information below represents the combined results of the Company’s operations as if the GF&H acquisition had occurred at the beginning of the period presented. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented, nor is it indicative of future operating results. The amounts presented for the year ended December 31, 2014 represent the actual results for the period.

 

 

 

 

2014

 

2013

Revenue:

$

92,538

$

113,701

Operating expenses

 

(1,528,667)

 

(912,678)

Net loss from continuing operations

 

(1,436,129)

 

(798,977)

Net loss per common share, basic and diluted

 

.02

 

.02