v3.7.0.1
Note A - Organization and Business
12 Months Ended
Dec. 31, 2015
Notes  
Note A - Organization and Business

Note A – Organization and Business

 

Organization and Nature of Business

 

Golden Eagle International, Inc. ("we," "us" or "Golden Eagle") was incorporated in Colorado on July 21, 1988. From late 2008 through June 2009, we were engaged in contract gold milling operations in the state of Nevada in the United States.

 

We have not had any business operations since we disposed of our wholly-owned subsidiary, Golden Eagle International, Inc. (Bolivia) in the first quarter of fiscal 2010.  Prior to that time we had been involved in the business of minerals exploration and (prior to 2005) mining and milling operations in Bolivia through that subsidiary.

 

We currently own the Gold Bar Mill (the "Mill") in Eureka, Nevada which is not currently in operation and which will require a significant expenditure to rehabilitate should we choose to do so.  Although we have been attempting to seek value for our investment in the Gold Bar Mill since its acquisition in 2004, and continue to do so, we have not been able to obtain the financing necessary to rehabilitate the Mill or enter into a joint venture or other business arrangement with respect to the Mill. The Mill is reported in our balance sheet at its expected net realizable value at December 31, 2015.  On December 30, 2016, the Mill and its associated liabilities were transferred to a subsidiary we created in October 2016 and subsequently spun off, as explained in Note G.

 

Going Concern

 

The financial statements for the years ended December 31, 2015 and 2014 have been prepared on the going concern basis which assumes that adequate sources of financing will be obtained as required and that our assets will be realized and liabilities settled in the ordinary course of business.  Accordingly, the financial statements do not include any adjustments related to the recoverability of assets and classification of assets and liabilities that might be necessary should we be unable to continue as a going concern. The Company has not yet achieved profitable operations, has accumulated losses of ($65,181,845), since its inception through December 31, 2015 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company's ability to continue as a going concern.  Should we be unable to sell the Gold Bar Mill or enter into a joint venture or merger arrangement with another party it is unlikely that we can continue as a going concern. In this event, we will seek to obtain other forms of debt or equity financing to remain a going concern. However, we can offer no assurances that we will be successful in these efforts.