Attached files
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2011
Commission file number 333-150419
TAMANDARE EXPLORATIONS INC.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation or organization)
23046 Avenida de la Carlota, Suite 600, Laguna Hills, CA 92653
(Address of principal executive offices, including zip code)
(800)859-7894
(telephone number, including area code)
Resident Agents of Nevada
711 S. Carson Street, Suite 4
Carson City, NV 89701
Telephone (775) 882-4641 Facsimile (775) 882-6818
(Name, address and telephone number of agent for service)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the last 90 days. YES [X] 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 (ss.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 [ ] 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. See
the definitions of "large accelerated filer, "accelerated filer,"
"non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). YES [X] NO [ ]
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 5,500,000 shares as of May 3, 2011.
ITEM 1. FINANCIAL STATEMENTS
TAMANDARE EXPLORATIONS INC.
(AN EXPLORATION STAGE COMPANY)
BALANCE SHEETS
(Unaudited)
March 31, December 31,
2011 2010
-------- --------
ASSETS
CURRENT ASSETS
Cash $ 1,369 $ 4,624
-------- --------
TOTAL ASSETS $ 1,369 $ 4,624
======== ========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 2,566 $ 306
Loan Payable - Related Party 10,000 10,000
-------- --------
TOTAL LIABILITIES 12,566 10,306
-------- --------
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 75,000,000 shares
authorized; 5,500,000 shares issued and outstanding 5,500 5,500
Additional paid-in capital 59,500 59,500
Deficit accumulated during exploration stage (76,196) (70,681)
-------- --------
TOTAL STOCKHOLDERS' EQUITY (11,196) (5,681)
-------- --------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,369 $ 4,624
======== ========
The accompanying notes are an integral part of these
unaudited financial statements.
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TAMANDARE EXPLORATIONS INC.
(An Exploration Stage Company)
Statements of Expenses
(Unaudited)
November 16, 2007
Three Months Three Months (Inception)
Ended Ended Through
March 31, March 31, March 31,
2011 2010 2011
---------- ---------- ----------
GENERAL & ADMINISTRATIVE EXPENSES $ 2,015 $ 1,622 $ 21,515
MINERAL PROPERTY EXPENSES -- -- 24,111
PROFESSIONAL FEES 3,500 4,200 26,570
CONSULTING - RELATED PARTY -- -- 4,000
---------- ---------- ----------
NET LOSS $ (5,515) $ (5,822) $ (76,196)
========== ========== ==========
BASIC AND DILUTED NET LOSS PER COMMON SHARE $ (0.00) $ (0.00)
========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 5,500,000 5,500,000
========== ==========
The accompanying notes are an integral part of these
unaudited financial statements.
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TAMANDARE EXPLORATIONS INC.
(An Exploration Stage Company)
Statements of Cash Flows
(Unaudited)
November 16, 2007
Three Months Three Months (Inception)
Ended Ended Through
March 31, March 31, March 31,
2011 2010 2011
-------- -------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (5,515) $ (5,822) $(76,196)
Adjustments to reconcile net loss to net cash
used in operating activities:
Changes in operating assets and liabilities:
Increase (decrease) in Accounts Payable 2,260 (675) 2,566
-------- -------- --------
NET CASH USED IN OPERATING ACTIVITIES (3,255) (6,497) (73,631)
-------- -------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Common Stock for Cash -- -- 65,000
Loan - Related Party -- -- 10,000
-------- -------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES -- -- 75,000
-------- -------- --------
NET INCREASE (DECREASE) IN CASH (3,255) (6,497) 1,369
-------- -------- --------
CASH AT BEGINNING OF PERIOD 4,624 12,606 --
-------- -------- --------
CASH AT END OF YEAR $ 1,369 $ 6,109 $ 1,369
======== ======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during year for:
Interest $ -- $ -- $ --
Income Taxes $ -- $ -- $ --
The accompanying notes are an integral part of these
unaudited financial statements.
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TAMANDARE EXPLORATIONS INC.
(AN EXPLORATION STAGE COMPANY)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited interim financial statements of Tamandare
Explorations Inc., have been prepared in accordance with accounting principles
generally accepted in the United States of America and the rules of the
Securities and Exchange Commission, and should be read in conjunction with the
audited financial statements and notes thereto contained in Tamandare's Form
10-K filed with SEC. In the opinion of management, all adjustments, consisting
of normal recurring adjustments, necessary for a fair presentation of financial
position and the results of operations for the interim periods presented have
been reflected herein. The results of operations for interim periods are not
necessarily indicative of the results to be expected for the full year. Notes to
the financial statements which would substantially duplicate the disclosure
contained in the audited financial statements for fiscal 2010 as reported in the
Form 10-K have been omitted.
NOTE 2. GOING CONCERN
These financial statements have been prepared on a going concern basis, which
implies Tamandare will continue to realize its assets and discharge its
liabilities in the normal course of business. Tamandare has never generated
revenues since inception and is unlikely to generate earnings in the immediate
or foreseeable future. The continuation of Tamandare as a going concern is
dependent upon the continued financial support from its shareholders, the
ability of Tamandare to obtain necessary equity financing to continue
operations, and the attainment of profitable operations. As of March 31, 2011,
Tamandare has accumulated losses since inception. These factors raise
substantial doubt regarding Tamandare's ability to continue as a going concern.
These financial statements do not include any adjustments to the recoverability
and classification of recorded asset amounts and classification of liabilities
that might be necessary should Tamandare be unable to continue as a going
concern.
NOTE 3. RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real or personal property. Between June
1, 2010 and September 30, 2010 the Company paid a director $500 per month for
use of office space and services. During the quarter from October 1, 2010 to
December 31, 2010 the Company paid Mark Lawson, the sole officer and director at
the time, $4,000 for consulting fees.
As of March 31, 2011, $10,000 is owed to David Moss from funds loaned by him to
the Company and is non-interest bearing with no specific repayment terms.
David Moss, the current sole officer and director of the Company may, in the
future, become involved in other business opportunities as they become
available, he may face a conflict in selecting between the Company and his other
business opportunities. The Company has not formulated a policy for the
resolution of such conflicts.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
This section of this report includes a number of forward-looking statements that
reflect our current views with respect to future events and financial
performance. Forward-looking statements are often identified by words like:
believe, expect, estimate, anticipate, intend, project and similar expressions,
or words which, by their nature, refer to future events. You should not place
undue certainty on these forward-looking statements, which apply only as of the
date of our report. These forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially
from historical results or our predictions. We are an exploration stage company
and have not yet generated or realized any revenues.
BUSINESS
We are an exploration stage company with no revenues and a limited operating
history. Our independent auditor has issued an opinion which includes a
statement expressing substantial doubt as to our ability to continue as a going
concern.
We carried out exploration on the Que 1-4 property located in the west central
area of the State of Nevada, soutwest of the Town of Tonopah. Phase 1 was
completed in December 2008 and in April 2009 further fill-in MMI sampling was
carried out. Based on the findings the company decided to abandon the property
and is now investigating other opportunities to best utilize our remaining
capital. This may include procuring another mineral property for exploration.
PLAN OF OPERATION
Our plan of operation for the next twelve months is to secure a new property for
exploration or other potential business opportunities that might be available to
the Company. There can be no assurances that we will be able to secure a new
property for exploration or find other available business opportunities, nor can
there be any certainties of the business industry of the opportunity that might
be available nor any indication of the financial resources required of any
possible business opportunity. If we are unable to secure another property for
exploration or alternatively, find another business opportunity, our
shareholders will lose some or all of their investment and our business will
likely fail.
RESULTS OF OPERATIONS
We are still in our exploration stage and have generated no revenues to date.
We incurred operating expenses of $5,515 and $5,822 for the three months ended
March 31, 2011 and 2010, respectively. These expenses consisted of general
operating expenses and professional fees incurred in connection with the day to
day operation of our business. Our net loss from inception through March 31,
2011 was $76,196.
Cash provided by financing activities for the period from inception (November
16, 2007) through March 31, 2011 was $65,000, of which $15,000 was from the sale
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of 3,000,000 shares of common stock to a director of the company for $0.005 per
share and $50,000 represents stock subscriptions received from an "all or
nothing" offering which was completed on October 8, 2008.
LIQUIDITY AND CAPITAL RESOURCES
Our cash balance at March 31, 2011 was $1,369 with $12,566 in outstanding
liabilities. Of the outstanding liabilities we have a $10,000 loan from our
director. We are an exploration stage company and have generated no revenue to
date. Management believes that our current cash balance and loans from our
director will allow us to operate for the next 12 months.
ITEM 4. CONTROLS AND PROCEDURES
(a) Evaluation of disclosure controls and procedures.
The Company's Chief Executive Officer and Principal Accounting Officer
participated in an evaluation by management of the effectiveness of the
Company's disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of March 31, 2011. Based on their participation in
that evaluation, the Company's Chief Executive Officer and Principal Accounting
Officer concluded that the Company's disclosure controls and procedures were not
effective as of March 31, 2011 to ensure that required information is disclosed
on a timely basis in its reports filed or furnished under the Exchange Act.
We recognize the importance of internal controls. As we are currently an
exploration stage company with limited ongoing financial operations, management
is making an effort to mitigate this material weakness to the fullest extent
possible. At present this is done by having the Chief Executive Officer review
our financial statements, account reconciliations and accounts payable reports
that have been prepared by financial consultant for reasonableness. All
unexpected results are investigated. At any time, if it appears that any control
can be implemented to continue to mitigate such weakness, it will be immediately
implemented. As we grow in size and as our finances allow, management will hire
sufficient accounting staff and implement appropriate procedures for monitoring
and review of work performed by our financial consultant.
(b) Changes in internal control over financial reporting.
There was no change in the Company's internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during
the fiscal quarter ended September 30, 2010 that has materially affected, or is
reasonably likely to materially affect, the Company's internal control over
financial reporting.
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS
Exhibit
Number Name
------ ----
31.1 Certification Required by Rule 13A - 14(A) or Rule 15D - 14(A) of the
Securities Exchangeact of 1934, as Adopted Pursuant to Section 302 of
the Sarbanes-oxley Act of 2002 of the Chief Executive Officer
31.2 Certification Required by Rule 13A - 14(A) or Rule 15A - 14(A) of the
Securities Exchangeact of 1934, as Adopted Pursuant to Section 302 of
the Sarbanes-oxley Act of 2002 of the Chief Financial Officer and
Principal Accounting Officer
32.1 Certification Pursuant to Section 906 of the Sarbanes-oxley Act of 2002
(18 U.s.c. Section 1350), of the Chief Executive Officer
32.2 Certification Pursuant to Section 906 of the Sarbanes-oxley Act of 2002
(18 U.s.c. Section 1350), of the Chief Financial Officer and Principal
Accounting Officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
May 3, 2011 Tamandare Explorations Inc.
/s/ David J. Moss
-----------------------------------
By: David J. Moss
President, Chief Executive Officer,
Chief Financial Officer, Principal
Accounting Officer & Director
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