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13. Gf&h Company
 9 Months Ended
Sep. 30, 2015
Notes  
13. Gf&h Company

13.  GF&H Company

 

On July 14, 2014, the Company purchased of two thirds of the issued and outstanding common shares of GF&H Company (“GF&H”). NJMC acquired an interest in 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’s sole asset was 347 acres of land near Murray, Idaho, it had no liabilities. 

 

A summary of the purchase 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, 2015 includes expenses incurred by GF&H of $9,206 and revenue of $22,847 from timber sales. 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 transaction had taken place at the beginning of the period presented, nor is it indicative of future operating results.

 

 

 

September 30, 2014

 

 

3 months

 

9 months

Revenue

$

6,229

$

6,368

Operating expenses

 

(377,861)

 

(941,000)

Net loss from continuing operations

 

(371,632)

 

(934,632

Net loss per common share, basic and diluted

 

0

 

0.01