Golden Matrix Group, Inc. - Quarter Report: 2009 April (Form 10-Q)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
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[X]
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Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
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For
the quarterly period ended April 30,
2009
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[ ]
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Transition
Report pursuant to 13 or 15(d) of the Securities Exchange Act of
1934
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For
the transition period __________
to __________
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Commission
File Number: 333-153881
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Ibex Resources
Corp.
(Exact
name of small business issuer as specified in its charter)
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Nevada
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N/A
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(State
or other jurisdiction of incorporation or organization)
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(IRS
Employer Identification
No.)
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100-11245
Valley Ridge Dr. N.W,
Calgary, Alberta, Canada T3B
5V4.
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(Address
of principal executive
offices)
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(403) 922-8562
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(Issuer’s
telephone number)
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530
– 1015 4th Street, S.W.
Calgary,
Alberta, Canada
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(Former
name, former address and former fiscal year, if changed since last
report)
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Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the issuer was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days [X]
Yes [ ] No
Indicate by check mark whether the
registrant has submitted electronically and posted on its corporate Web site, if
any, every Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit
and post such files). [ ]
Yes [X] No
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.
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[ ]
Large accelerated filer Accelerated filer
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[ ] Accelerated
filer
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[ ]
Non-accelerated filer
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[X] Smaller
reporting company
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Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). [X] Yes [ ] No
State the
number of shares outstanding of each of the issuer’s classes of common stock, as
of the latest practicable date: 11,100,000 common shares as of June 3,
2009.
PART
I - FINANCIAL INFORMATION
Item 1. Financial
Statements
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Our
unaudited interim consolidated financial statements included in this Form
10-Q are as follows:
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These
unaudited consolidated financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for interim financial information and the SEC instructions to Form
10-Q. In the opinion of management, all adjustments considered
necessary for a fair presentation have been included. Operating
results for the interim period ended April 30, 2009 are not necessarily
indicative of the results that can be expected for the full year.
IBEX RESOURCES CORP.
(An
Exploration Stage Company)
INTERIM
CONSOLIDATED BALANCE SHEETS
April 30,
2009 and July 31, 2008
(Stated
in US Dollars)
(Unaudited)
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ASSET
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April
30,
2009
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July
31,
2008
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|||
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Current
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|||||
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Cash
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$ | 18,318 | $ | 116,300 | |
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Prepaid
expenses
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- | 142 | |||
| $ | 18,318 | $ | 116,442 | ||
| LIABILITIES | |||||
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Current
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|||||
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Accounts payable and accrued
liabilities
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$ | 200 | $ | 10,956 | |
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Due to related party – Note
5
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1,000 | 2,200 | |||
| 1,200 | 13,156 | ||||
| STOCKHOLDERS’ EQUITY | |||||
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Preferred
stock, $0.001 par value 10,000,000
shares
authorized, none outstanding
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|||||
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Common
stock, $0.001 par value 90,000,000 shares
authorized 11,100,000
(July 31, 2008: 11,100,000) shares issued
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11,100 | 11,100 | |||
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Additional
paid in capital
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101,275 | 101,275 | |||
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Deficit
accumulated during the exploration stage
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(95,257) | (9,089) | |||
| 17,118 | 103,286 | ||||
| $ | 18,318 | $ | 116,442 | ||
(An
Exploration Stage Company)
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
for the
three and nine months periods ended April 30, 2009,
and the
period from June 4, 2008 (Date of Inception) to April 30, 2009
(Stated
in US Dollars)
(Unaudited)
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Nine
Months Ended
April 30,
2009
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Three
Months Ended April 30, 2009
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June
4, 2008
(Date of Inception) to April 30,
2009
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||||||
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Expenses
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||||||||
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Accounting and audit
fees
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$ | 27,541 | $ | 4,769 | $ | 28,329 | ||
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Bank charges
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325 | 45 | 358 | |||||
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Foreign exchange
loss
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22 | 9 | 3,288 | |||||
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Legal fees
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21,439 | 2,300 | 25,241 | |||||
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Management fees – Note
5
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9,000 | 3,000 | 10,000 | |||||
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Mineral property option
costs
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1,875 | - | 1,875 | |||||
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Mineral property exploration
costs
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16,685 | 820 | 16,685 | |||||
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Office expenses
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1,800 | 600 | 2,000 | |||||
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Regulatory
expenses
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4,000 | - | 4,000 | |||||
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Transfer agent and filing
fees
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3,481 | - | 3,481 | |||||
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Net
loss for the period
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$ | (86,168) | $ | (11,543) | $ | (95,257) | ||
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Basic
and diluted loss per share
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$ | (0.01) | $ | (0.00) | ||||
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Weighted
average number of shares outstanding
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11,100,000 | 11,100,000 | ||||||
Comparative
figures for the three and nine months periods ended April 30, 2009 are not
presented as the Company was incorporated on June 4, 2008
SEE
ACCOMPANYING NOTES
IBEX RESOURCES CORP.
(An
Exploration Stage Company)
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the
nine months periods ended April 30, 2009,
and the
period from June 4, 2008 (Date of Inception) to April 30, 2009
(Stated
in US Dollars)
(Unaudited)
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Nine
Months Ended
April 30, 2009
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June
4, 2008
(Date of Inception) to
April 30,
2009
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||||
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Cash
Flows used in Operating Activities
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|||||
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Net loss for the
period
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$ | (86,168) | $ | (95,257) | |
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Changes in non-cash working
capital items:
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|||||
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Prepaid
expenses
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142 | - | |||
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Accounts payable and accrued
liabilities
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(10,756) | 200 | |||
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Net
cash used in operating activities
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(96,782) | (95,057) | |||
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Cash
Flows from Financing Activities
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|||||
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Capital stock
issued
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- | 112,375 | |||
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Increase (decrease) in due to
related party
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(1,200) | 1,000 | |||
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Net
cash (used in) provided by financing activities
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(1,200) | 113,375 | |||
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(Decrease)
increase in cash during the period
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(97,982) | 18,318 | |||
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Cash,
beginning of the period
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116,300 | - | |||
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Cash,
end of the period
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$ | 18,318 | $ | 18,318 | |
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Supplemental
information
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|||||
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Interest
and taxes paid in cash
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$ | - | $ | - | |
Comparative
figures for the nine months period ended April 30, 2008 are not presented as the
Company was incorporated on June 4, 2008
SEE
ACCOMPANYING NOTES
IBEX RESOURCES CORP.
(An
Exploration Stage Company)
INTERIM
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
for the
period from June 4, 2008 (Date of Inception) to April 30, 2009
(Stated
in US Dollars)
(Unaudited)
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Common
Shares
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Additional
Paid In
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Deficit
Accummulated
During the
Exploration
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||||||||||||||
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Number
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Cash
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Capital
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Stage
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Total
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||||||||||||
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Capital
stock issued for cash: – at $0.008
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6,000,000 | $ | 6,000 | $ | 42,000 | $ | - | $ | 48,000 | |||||||
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–
at $0.014
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5,100,000 | 5,100 | 66,300 | - | 71,400 | |||||||||||
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Less:
commission
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- | - | (7,025) | - | (7,025) | |||||||||||
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Net
loss for the period
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- | - | - | (9,089) | (9,089) | |||||||||||
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Balance
July 31, 2008
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11,100,000 | 11,100 | 101,275 | (9,089) | 103,286 | |||||||||||
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Net
loss for the period
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- | - | - | (86,168) | (86,168) | |||||||||||
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Balance
April 30, 2009
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11,100,000 | $ | 11,100 | $ | 101,275 | $ | (95,257) | $ | 17,118 | |||||||
IBEX RESOURCES CORP.
(An
Exploration Stage Company)
NOTES TO
THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
April 30,
2009
(Stated
in US Dollars)
(Unaudited)
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Note
1
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Basis of
Presentation
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While
the information presented in the accompanying April 30, 2009 interim
consolidated financial statements is unaudited, it includes all
adjustments which are, in the opinion of management, necessary to present
fairly the financial position, results of operations and cash flows for
the interim period presented in accordance with the accounting principles
generally accepted in the United States of America. In the
opinion of management, all adjustments considered necessary for a fair
presentation of the results of operations and financial position have been
included and all such adjustments are of a normal recurring
nature. These consolidated financial statements should be read
in conjunction with the Company’s July 31, 2008 audited financial
statements.
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Operating
results for the nine months ended April 30, 2009 are not necessarily
indicative of the results that can be expected for the year ending July
31, 2009.
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Note
2
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Nature of
Operations
The
Company was incorporated in the state of Nevada, United States of America
on June 4, 2008. The Company is an exploration stage company
and was formed for the purpose of acquiring exploration and development
stage mineral properties. The Company’s year-end is July
31.
The
Company intends on exploring its mineral property and has not yet
determined the existence of economically recoverable
reserves. The recoverability of amounts incurred on its mineral
property is dependent upon the existence of economically recoverable
reserves in its mineral property, confirmation of the Company’s interest
in the underlying mineral claims, the ability of the Company to obtain the
necessary financing to complete their development, and the attainment and
maintenance of future profitable production or disposition
thereof.
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Ibex
Resources Corp.
(An
Exploration Stage Company)
Notes to
the Interim Consolidated Financial Statements
April 30,
2009
(Stated
in US Dollars)
(Unaudited)
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Note
3
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Ability to Continue as
a Going Concern
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These
consolidated financial statements have been prepared in accordance with
generally accepted accounting principles applicable to a going concern,
which assumes that the Company will be able to meet its obligations and
continue its operations for its next twelve months. Realization
values may be substantially different from carrying values as shown. At
April 30, 2009, the Company had not yet achieved profitable operations,
has accumulated losses of $95,257 since inception, 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. The Company will require additional financing in order
to meet its ongoing levels of corporate overhead and discharge its
liabilities as they come due. While the Company has been
successful in securing financings in the past, there is no assurance that
it will be able to do so in the future, particularly in light of current
global economic conditions. Accordingly, these financial
statements do not give effect to adjustments, if any, that would be
necessary should the Company be unable to continue as a going concern. If
the going concern assumption was not appropriate then the adjustments
required to report the Company’s assets and liabilities on a liquidation
basis could be material to these financial
statements.
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Note
4
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Summary
of Significant Accounting Policies
Principles of
Consolidation
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These
consolidated financial statements include the accounts of the Company and
IRC Exploration Ltd., a wholly owned subsidiary incorporated in Canada on
August 1, 2008. All significant inter-company transactions and
balances have been
eliminated.
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Ibex
Resources Corp.
(An
Exploration Stage Company)
Notes to
the Interim Consolidated Financial Statements
April 30,
2009
(Stated
in US Dollars)
(Unaudited)
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Note
4
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Summary
of Significant Accounting Policies– cont’d
Newly Adopted
Accounting
Pronouncements
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In
December 2007, the FASB issued Statement of Financial Accounting Standards
No. 141 (revised 2007), Business Combinations (“SFAS No. 141R”). This
standard replaces SFAS 141 and establishes principles and
requirements for an acquirer, recognizes and measures in its financial
statement the identifiable assets acquired and liabilities assumed, any
non-controlling interest in the acquiree, and the goodwill acquired. This
standard also establishes disclosure requirements which will enable users
to evaluate the nature and financial effects of the business combination.
This standard is effective for financial statements issued for fiscal
years beginning on or after December 15, 2008. The adoption of this
statement did not have a material effect on the Company’s future reported
financial position or results of operations.
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In
December 2007, the FASB issued Statement of Financial Accounting Standards
No. 160, Non controlling Interests In Consolidated Financial
Statements – an amendment to ARB No.51 (“SFAS No. 160”). This standard
Amends ARB 51 to establish accounting and reporting standards for a non-
controlling interest in a subsidiary and for deconsolidation of a
subsidiary. This standard applies prospectively to business combinations
for which the acquisition date is on or after the beginning of the first
annual reporting period beginning on or after December 15, 2008. This
standard may not be applied before that date. The adoption of this
statement did not have a material effect on the Company’s future reported
financial position or results of
operations.
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In
March 2008, the FASB issued SFAS 161 “Disclosures about Derivative
Instruments and Hedging Activities – an amendment of SFAS 133. This
Statement requires enhanced disclosures about an entity’s derivative and
hedging activities and thereby improves the transparency of financial
reporting. This Statement is effective for financial statements issued for
fiscal years and interim periods beginning after November 15, 2008, with
early application encouraged. This Statement encourages, but does not
require, comparative disclosures for earlier periods at initial adoption.
The adoption of this statement did not have a material effect on the
Company’s reported financial position or results of
operations.
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Ibex
Resources Corp.
(An
Exploration Stage Company)
Notes to
the Interim Consolidated Financial Statements
April 30,
2009
(Stated
in US Dollars)
(Unaudited)
|
Note
4
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Summary
of Significant Accounting Policies – cont’d
New
Accounting Pronouncements – cont’d
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In
June 2008, the FASB ratified EITF Issue No. 07-5, Determining Whether an
Instrument (or an Embedded Feature) is Indexed to an Entity’s Own
Stock (“EITF 07-5”). EITF 07-5 provides that an entity should
use a two step approach to evaluate whether an equity-linked financial
instrument (or embedded feature) is indexed to its own stock, including
evaluating the instrument’s contingent exercise and settlement provisions.
It also clarifies on the impact of foreign currency denominated strike
prices and market-based employee stock option valuation instruments on the
evaluation. EITF 07-5 is effective for fiscal years beginning after
December 15, 2008. The adoption of this statement did not have a material
effect on the Company’s future reported financial position or results of
operations.
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Note
5
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Related Party
Transactions
The
amount due to related party is due to the Company’s president for unpaid
management fees and is unsecured, non-interest bearing and has no specific
terms for repayment.
During
the nine months period ended April 30, 2009, the Company incurred $9,000
of management fees charged by the Company’s
president.
|
Ibex
Resources Corp.
(An
Exploration Stage Company)
Notes to
the Interim Consolidated Financial Statements
April 30,
2009
(Stated
in US Dollars)
(Unaudited)
|
Note
6
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Commitments
|
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a)
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On
July 1, 2008, the Company entered into a Corporate Management Services
Agreement with the Company’s president for Management
Services. Pursuant to the agreement the President will receive
$1,000 per month plus expenses for services rendered. The
agreement may be terminated by either party upon 30 days written
notice.
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b)
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On
August 11, 2008, the Company’s wholly owned subsidiary, IRC Exploration
Ltd. (“IRC”), entered into a property option agreement whereby IRC was
granted an option to earn up to an 85% interest in one mineral claim (the
“Queen” claim) consisting of 457.7 hectares located in the Omineca Mining
Division of British Columbia. The option agreement is
denominated in Canadian dollars. Consideration for the option
is cash payments totalling $44,848 (CDN$54,000) and aggregate exploration
expenditures of $201,130 (CDN$241,000) as
follows:
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i)
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Cash
payments:
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·
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CDN$2,000
($1,875) upon execution of the Option agreement
(paid);
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·
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CDN$2,000
($1,653) on or before July 31,
2009;
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·
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CDN$50,000
($41,320) on or before July 31.
2010.
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ii)
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Exploration
expenditures of $14,157 (CDN$15,000) on or before July 31, 2009 (expenses
incurred), $27,586 (CDN$31,000) in aggregate on or before July 31, 2010;
$201,130 (CDN$241,000) in aggregate on or before July 31,
2011.
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Upon
earning its 85% interest in the option, the Company shall enter into a
joint venture agreement to develop and operate the
property.
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Item 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations
Forward-Looking
Statements
Certain
statements, other than purely historical information, including estimates,
projections, statements relating to our business plans, objectives, and expected
operating results, and the assumptions upon which those statements are based,
are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of
1934. These forward-looking statements generally are identified
by the words “believes,” “project,” “expects,” “anticipates,” “estimates,”
“intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions. We intend
such forward-looking statements to be covered by the safe-harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995, and are including this statement for purposes of complying with
those safe-harbor provisions. Forward-looking statements are based on
current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially from the forward-looking
statements. Our ability to predict results or the actual effect of future plans
or strategies is inherently uncertain. Factors which could have a
material adverse affect on our operations and future prospects on a consolidated
basis include, but are not limited to: changes in economic conditions,
legislative/regulatory changes, availability of capital, interest rates,
competition, and generally accepted accounting principles. These risks and
uncertainties should also be considered in evaluating forward-looking statements
and undue reliance should not be placed on such statements. We
undertake no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise. Further information concerning our business, including
additional factors that could materially affect our financial results, is
included herein and in our other filings with the SEC.
Overview
We were
incorporated on June 4, 2008, under the laws of the state of
Nevada. We hold an option to acquire an 85% interest in the Queen
claim, located in the Omineca district of central British Columbia,
Canada. Mr. Harry Bygdnes is our President, CEO, Secretary,
Treasurer, and sole director.
Our
business plan is to proceed with the exploration of the Queen claim to determine
whether there are commercially exploitable reserves of gold or other metals on
the claim. We intend to proceed with the initial exploration program
as recommended by our consulting geologist.
Phase I
of the recommended geological program cost us a total of approximately $16,685
and has been paid to our mineral property operator during the early part of
2009. Phase I consisted of on-site surface reconnaissance, mapping, sampling,
and geochemical analyses. The field work portion of this program has been
completed and we have received the geochemical analysis and our geological
consultants’ report on Phase I of our exploration program. As of the
date of this report, however, our board of directors has not had the opportunity
to review the report and decide on a course of action.
In the
next 12 months, we anticipate spending an additional $20,000 on administrative
expenses, including fees payable in connection with complying with reporting
obligations, and $12,000 to our President, Mr. Bygdnes, in accordance with a
Corporate Management Services Agreement between us and Mr. Bygdnes.
Our board
of directors, in consultation with our consulting geologist will assess whether
to proceed with additional mineral exploration programs. In making
this determination to proceed with a further exploration, we will make an
assessment as to whether the results of the initial program are sufficiently
positive to enable us to proceed. This assessment will include an
evaluation of our cash reserves, the price of minerals, and the market for the
financing of mineral exploration projects at the time of our
assessment.
Phase II
would entail further on-site surface reconnaissance, mapping, sampling,
geochemical analyses and backhoe trenching based on the outcome of the Phase I
exploration program. The Phase II program will cost approximately
$16,000. We anticipate commencing this phase in the Fall of
2009.
Total
expenditures over the next 12 months are expected to be approximately $50,000.
We had $17,118 in working capital as of April 30, 2009. In the event
our board of directors, in consultation with our consulting geologist, chooses
to conduct the Phase II mineral exploration program beyond the initial program,
we have sufficient funding to commence Phase II, but we will not be able to
complete Phase II and cover additional administrative expenses. Thus, we will
require additional funding in order to complete Phase II, undertake further
exploration programs on the Queen claim, and to cover all of our anticipated
administrative expenses. We anticipate that additional funding will be required
in the form of equity financing from the sale of our common stocks and from
loans from our director. We cannot provide investors with any
assurance, however, that we will be able to raise sufficient funding from the
sale of our common stock and from loans from our director to fund all of our
anticipated expenses. We do not have any arrangements in place for
any future equity financing and there is no assurance that we will be successful
in completing any further private placement financings. We believe that outside
debt financing will not be an alternative for funding exploration programs on
the Queen Claim. The risky nature of this enterprise and lack of tangible assets
other than our mineral claim places debt financing beyond the credit-worthiness
required by most banks or typical investors of corporate debt until such time as
an economically viable mine can be demonstrated.
In the
event the results of our initial exploration program proves not to be
sufficiently positive to proceed with further exploration on the Queen claim, we
intend to seek out and acquire interests in additional mineral exploration
properties which, in the opinion of our consulting geologist, offer attractive
mineral exploration opportunities. Presently, we have not given any
consideration to the acquisition of other exploration properties because we have
not yet commenced our initial exploration program and have not received any
results.
During
this exploration stage Mr. Bygdnes, our President, will only be devoting
approximately five to ten hours per week of his time to our
business. We do not foresee this limited involvement as negatively
impacting our company over the next twelve months as all exploratory work is
being performed by outside consultants. If, however, the demands of
our business require more business time of Mr. Bygdnes for activities such as
raising additional capital or addressing unforeseen issues with regard to our
exploration efforts, he is prepared to devote more time to our business.
However, he may not be able to devote sufficient time to the management of our
business, as and when needed.
We do not
intend to purchase any significant equipment for the next twelve
months.
Results
of Operations for the Three and Nine Months Ended April 30, 2009 and Period from
June 4, 2008 (Date of Inception) until April 30, 2009
We
generated no revenue for the period from June 4, 2008 (Date of Inception) until
April 30, 2009. We do not anticipate earning revenues until such time that we
exercise our option and enter into commercial production of the Queen
Claim. We are presently in the pre-exploration stage of our business
and we can provide no assurance that we will discover commercially exploitable
levels of mineral resources on the Queen Claim, or if such resources are
discovered, that we will enter into commercial production.
We
incurred operating expenses in the amount of $11,543 for the three months ended
April 30, 2009. These operating expenses consisted primarily of accounting and
audit expenses of $4,769, legal fees of $2,300, and management fees of
$3,000. We incurred operating expenses in the amount of $86,168 for
the nine months ended April 30, 2009. These operating expenses consisted
primarily of accounting and audit expenses of $27,541, legal fees of $21,439,
regulatory expenses of $4,000, mineral property exploration payments of $16,685,
management fees of $9,000 and transfer agent and filing fees of
$3,481. We incurred operating expenses in the amount of $95,257 for
the period from June 4, 2008 (Date of Inception) through April 30, 2009. These
operating expenses consisted primarily of accounting and audit expenses of
$28,329, legal fees of $25,241, regulatory expenses of $4,000, mineral property
exploration payments of $16,685, management fees of $10,000, transfer agent and
filing fees of $3,481 and foreign exchange loss of $3,288.
We
anticipate our operating expenses will increase as we undertake our plan of
operations. The increase will be attributable to undertaking our
geological exploration program and the professional fees that we will incur in
connection with becoming a reporting company under the Securities Exchange Act
of 1934.
We
recorded a net loss of $11,543 for the three months ended April 30, 2009,
$86,168 for the nine months ended April 30, 2009, and $95,257 for the period
from June 4, 2008 (Date of Inception) until April 30, 2009.
Comparative
figures for the three and nine months periods ended April 30, 2008 are not
presented as the Company was incorporated on June 4, 2008.
Liquidity
and Capital Resources
As of
April 30, 2009, we had total current assets of $18,318. We had $1,200
in current liabilities as of April 30, 2009. Thus, we had working capital of
$17,118 as of April 30, 2009.
Net cash
used in operating activities were $96,782 and $95,057 for the nine months ended
April 30, 2009 and for the period from June 4, 2008 (Date of Inception) to April
30, 2009, respectively. Our main source of cash was from the sale of our common
stocks which generated $112,375 in cash flow to date since the date of our
inception.
We have
not attained profitable operations and are dependent upon obtaining financing to
pursue significant exploration activities beyond those planned for the current
fiscal year. For these reasons, our auditors stated in their report
to our audited financial statements for the period from June 4, 2008 (Date of
Inception) to July 31, 2008 that they have substantial doubt we will be able to
continue as a going concern.
Off
Balance Sheet Arrangements
As of
April 30, 2009, there were no off balance sheet arrangements.
Going
Concern
Our
consolidated financial statements have been prepared in accordance with
generally accepted accounting principles applicable to a going concern, which
assumes that we will be able to meet our obligations and continue our operations
for the next fiscal year. Realization values may be substantially
different from carrying values as show. At April 30, 2009, the
Company had not yet achieved profitable operations, has accumulated losses of
$95,257 since inception, 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. The Company will require
additional financing in order to meet its ongoing levels of corporate overhead
and discharge its liabilities as they come due. While the Company has
been successful in securing financings in the past, there is no assurance that
it will be able to do so in the future, particularly in light of current global
economic conditions. Accordingly, these financial statements do not
give effect to adjustments, if any, that would be necessary should the Company
be unable to continue as a going concern. If the going concern assumption was
not appropriate then the adjustments required to report the Company’s assets and
liabilities on a liquidation basis could be material to these financial
statements.
Item 3. Quantitative and Qualitative
Disclosures About Market Risk
A smaller
reporting company is not required to provide the information required by this
Item.
Item 4T. Controls and
Procedures
We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of April 30, 2009. This evaluation was
carried out under the supervision and with the participation of our Chief
Executive Officer and our Chief Financial Officer, Mr. Harry Bygdnes. Based upon
that evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that, as of April 30, 2009, our disclosure controls and procedures are
effective. There have been no changes in our internal controls over
financial reporting during the quarter ended April 30, 2009.
Disclosure
controls and procedures are controls and other procedures that are designed to
ensure that information required to be disclosed in our reports filed or
submitted under the Exchange Act are recorded, processed, summarized and
reported, within the time periods specified in the SEC's rules and forms.
Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to
management, including our Chief Executive Officer and Chief Financial Officer,
to allow timely decisions regarding required disclosure.
Limitations on the
Effectiveness of Internal Controls
Our
management does not expect that our disclosure controls and procedures or our
internal control over financial reporting will necessarily prevent all fraud and
material error. Our disclosure controls and procedures are designed to provide
reasonable assurance of achieving our objectives and our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and
procedures are effective at that reasonable assurance level. Further,
the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their
costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances
of fraud, if any, within the Company have been detected. These inherent
limitations include the realities that judgments in decision-making can be
faulty, and that breakdowns can occur because of simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some
persons, by collusion of two or more people, or by management override of the
internal control. The design of any system of controls also is based in part
upon certain assumptions about the likelihood of future events, and there can be
no assurance that any design will succeed in achieving its stated goals under
all potential future conditions. Over time, control may become inadequate
because of changes in conditions, or the degree of compliance with the policies
or procedures may deteriorate.
PART
II – OTHER INFORMATION
Item 1. Legal Proceedings
We are
not a party to any pending legal proceeding. We are not aware of any pending
legal proceeding to which any of our officers, directors, or any beneficial
holders of 5% or more of our voting securities are adverse to us or have a
material interest adverse to us.
Item 1A: Risk Factors
A smaller
reporting company is not required to provide the information required by this
Item.
Item 2. Unregistered Sales of Equity
Securities and Use of Proceeds
None
Item 3. Defaults upon Senior
Securities
None
Item 4. Submission of Matters to a Vote
of Security Holders
No
matters have been submitted to our security holders for a vote, through the
solicitation of proxies or otherwise, during the quarterly period ended April
30, 2009.
Item 5. Other Information
None
Item 6. Exhibits
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Exhibit
Number
|
Description
of Exhibit
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SIGNATURES
In
accordance with the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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Ibex
Resources Corp.
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|
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Date:
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June
3, 2009
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|
By: /s/ Harry
Bygdnes
Harry
Bygdnes
Title: Chief
Executive Officer and
Director
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