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12. Golden Chest Joint Venture
 3 Months Ended
Mar. 31, 2016
Notes  
12. Golden Chest Joint Venture

12.   Golden Chest Joint Venture

 

In December of 2015, the Company became the 100% owner of the Golden Chest Joint Venture (GCJV). The Company received the 52.22% share of GCJV held by a third party in exchange for $180,000 and a 2% NSR royalty on all future gold production from the property. In addition to the assets of GCJV, a note payable of $1,250,000 for the patented mining claims was assumed by the Company. The Company purchased the outstanding share in GCJV to consolidate ownership and facilitate exploration and mining plans going forward.

 

The unaudited pro forma financial information below represents the combined results of the Company’s operations as if the GCJV 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 January 1, 2015, nor is it indicative of future operating results.

 

 

 

 

March 31, 2015

Revenue

$

279,527

Operating expenses

 

(799,318)

Net loss from continuing operations

 

(193,195)

Net loss per common share, basic and diluted

$

0.01