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EX-32.1 - CERTIFICATION - Blox, Inc.exhibit32-1.htm
EX-31.1 - CERTIFICATION - Blox, Inc.exhibit31-1.htm
 
 

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 December 31, 2012

 [  ]   TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 000-53565

NAVA RESOURCES INC.
(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation or organization)
20-8530914
 (I.R.S. Employer Identification No.)
   
Suite 206 – 595 Howe Street
Vancouver, British Columbia, Canada

(Address of principal executive offices)
V6C 2T5
(Zip Code)
   
778-218-9638
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has 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 past 90 days.
   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. 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 [ ] (Do not check if a smaller reporting company) 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  [  ]   No  [X]

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 12,338,604 shares of common stock as of January 28, 2013.


 

NAVA RESOURCES INC.

Quarterly Report On Form 10-Q
For The Quarterly Period Ended
December 31, 2012

INDEX

PART 1 - FINANCIAL INFORMATION F-4
     Item 1.   Financial Statements F-4
     Item 2.   Management's Discussion and Analysis of Financial Condition and Results   of Operations F-10
     Item 3.   Quantitative and Qualitative Disclosures About Market Risk F-13
     Item 4.   Controls and Procedures F-13
PART II - OTHER INFORMATION F-13
     Item 1.   Legal Proceedings F-13
     Item 1A. Risk Factors F-13
     Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds F-13
     Item 3.   Defaults Upon Senior Securities F-14
     Item 4.   Submission of Matters to a Vote of Securities Holders F-14
     Item 5.   Other Information F-14
     Item 6.   Exhibits F-14


 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking information. Forward-looking information includes statements relating to future actions, prospective products, future performance or results of current or anticipated products, sales and marketing efforts, costs and expenses, interest rates, outcome of contingencies, financial condition, results of operations, liquidity, business strategies, cost savings, objectives of management of the Company and other matters.  The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking information in order to encourage companies to provide prospective information about themselves without fear of litigation, so long as that information is identified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. Forward-looking information may be included in this Quarterly Report on Form 10-Q or may be incorporated by reference from other documents filed with the Securities and Exchange Commission by the Company. You can find many of these statements by looking for words including, for example, “believes,” “expects,” “anticipates,” “estimates” or similar expressions in this Quarterly Report on Form 10-Q or in documents incorporated by reference in this Quarterly Report on Form 10-Q.  Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events.

            The Company has based the forward-looking statements relating to the Company’s operations on management’s current expectations, estimates and projections about the Company and the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict. In particular, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, the Company’s actual results may differ materially from those contemplated by these forward-looking statements. Any differences could result from a variety of factors, including, but not limited to the following:

  • strategies, outlook and growth prospects;
  • future plans and potential for future growth;
  • liquidity, capital resources and capital expenditures;
  • growth in demand for our products;
  • economic outlook and industry trends;
  • developments of our markets;
  • the impact of regulatory initiatives; and
  • the strength of our competitors

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

The following unaudited interim financial statements of Nava Resources Inc.(sometimes referred to as "we", "us" or "our Company") are included in this quarterly report on Form 10-Q:

NAVA RESOURCES, INC.
(An Exploration Stage Company)
December 31, 2012

Index

Interim Consolidated Balance Sheets  F-5
Interim Consolidated Statements of Operations  F-6
Interim Consolidated Statements of Cash Flows  F-7
Notes to the Interim Consolidated Financial Statements F-8 - F-9

F-4


 

NAVA RESOURCES, INC.
(An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS

               
    December 31,
2012
      June 30,
2012
 
    (Unaudited)          
               
ASSETS              
               
Current              
     Cash and cash equivalents $ 24,527     $ 23,075  
     Prepaid expense   1,750       2,500  
               
    26,277       25,575  
Equipment   823       76  
               
TOTAL ASSETS $ 27,100     $ 25,651  
               
               
LIABILITIES              
               
Current              
     Accounts payable and accrued liabilities $ 4,564     $ 5,584  
     Due to related party (Note 3)   650       1,089  
     Loan payable (Note 4)   20,000       -  
               
Total current liabilities   25,214       6,673  
               
STOCKHOLDERS’ EQUITY              
     Common stock              
     400,000,000 common shares authorized, $0.00001 par value              
     12,338,604 common shares issued and outstanding (June 30, 2012 –  12,338,604)              
    123       123  
     Additional paid-in capital   236,793       236,793  
     Deficit accumulated during the exploration stage   (235,030 )     (217,938 )
               
Total stockholders’ equity   1,886       18,978  
               
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 27,100     $ 25,651  

The accompanying notes are an integral part of these interim consolidated financial statements.

F-5


 

NAVA RESOURCES, INC.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS

                               
    Three
months
ended
    Three
months
ended
    Six months
ended
    Six months
ended
    Accumulated
from July
21,
2005 (date
of inception)
to
 
    December
31, 2012
    December
31, 2011
    December
31, 2012
    December
31, 2011
    December
31, 2012
 
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
                               
EXPENSES                              
     Amortization $ 105   $ 12   $ 177   $ 26   $ 1,419  
     Consulting   -     -     -     -     16,000  
     Consulting – stock based compensation   -     -     -     -     48,047  
     Exploration costs (Note 2)   -     2,009     -     2,009     19,474  
     Office and miscellaneous   200     639     508     910     11,475  
     Professional fees   5,540     8,679     16,408     12,198     147,768  
                               
Operating loss   (5,845 )   (11,339 )   (17,093 )   (15,143 )   (244,183 )
                               
Other items                              
     Cost recovery   -     -     -     -     1,000  
     Interest income   -     5     1     10     8,153  
                               
NET AND COMPREHENSIVE LOSS $ (5,845 ) $ (11,334 ) $ (17,092 ) $ (15,133 ) $ (235,030 )
                               
                               
BASIC AND DILUTED LOSS                              
PER SHARE $ 0.00   $ 0.00   $ 0.00   $ 0.00        
                               
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:                              
                               
BASIC AND DILUTED   12,338,604     12,338,604     12,338,604     12,338,604        

The accompanying notes are an integral part of these interim consolidated financial statements.

F-6


 

NAVA RESOURCES, INC.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS

                   
                   
                Accumulated  
                from July
21,
 
    Six months
ended
    Six months
ended
    2005 (date
of inception)
to
 
    December
31, 2012
    December
31, 2011
    December
31, 2012
 
    (Unaudited)     (Unaudited)     (Unaudited)  
                   
CASH FLOWS FROM OPERATING ACTIVITIES                  
     Net loss $ (17,092 ) $ (15,133 ) $ (235,030 )
     Non-cash operating items:                  
          Amortization   177     26     1,419  
          Consulting – stock based compensation   -     -     48,047  
     Changes in non-cash working capital items:                  
          Prepaid expense   750     -     (1,750 )
          Accounts payable and accrued liabilities   (1,019 )   (7,851 )   4,564  
     Net cash used in operating activities   (17,184 )   (22,958 )   (182,750 )
                   
CASH FLOWS FROM INVESTING ACTIVITIES                  
     Acquisition of equipment   (925 )   -     (2,243 )
     Net cash used in investing activities   (925 )   -     (2,243 )
                   
CASH FLOWS FROM FINANCING ACTIVITIES                  
     Issuance of capital stock   -     -     188,870  
     Loan payable   20,000     -     20,000  
     Due to related parties   (439 )   (2,445 )   650  
     Net cash provided by financing activities   19,561     (2,445 )   209,520  
Change in cash and cash equivalents   1,452     (25,403 )   24,527  
                   
Cash and cash equivalents, beginning   23,075     62,180     -  
Cash and cash equivalents, ending $ 24,527   $ 36,777   $ 24,527  
                   
Cash and cash equivalents consists of:                  
     Cash on hand $ 24,527   $ 9,921   $ 24,527  
     Term deposit   -     26,856     -  
  $ 24,527   $ 36,777   $ 24,527  
                   
Supplemental disclosures with respect to cash flows:                
     Cash paid during the period for:                  
          Interest $ -   $ -   $ -  
          Income taxes $ -   $ -   $ -  
                   

The accompanying notes are an integral part of these interim consolidated financial statements.

F-7


 

NAVA RESOURCES, INC.
(An Exploration Stage Company)
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2012
(Unaudited)

1.             NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS

Nava Resources Inc. (the "Company") was incorporated on July 21, 2005 under the laws of the state of Nevada. The Company’s wholly owned subsidiary, Nava Resources, Canada Inc. (“Nava Resources, Canada”), was incorporated in Canada on August 9, 2005. The Company is an exploration stage company. The Company’s principal business is the acquisition and exploration of mineral properties. The Company has not yet determined whether its property contains mineral reserves that are economically recoverable.

Basis of Presentation

The accompanying consolidated interim financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not include all of the information and footnotes required in annual financial statements. In the opinion of management, the unaudited financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position and results of operations and cash flows. The results of operations presented are not necessarily indicative of the results to be expected for any other interim period or for the entire year. These unaudited financial statements should be read in conjunction with the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on September 17, 2012.

These consolidated interim financial statements include the accounts of the Company and Nava Resources, Canada. All intercompany balances and transactions have been eliminated upon consolidation.

Going Concern

These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues since inception and has not paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The Company has cumulative losses since inception of $235,030. These factors raise substantial doubt about the ability of the Company to continue as going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations and to determine the existence, discovery and successful exploitation of economically recoverable reserves in its resource property.

These consolidated 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 the Company be unable to continue as a going concern. Management of the Company has undertaken steps as part of a plan with the goal of sustaining Company operations for the next twelve months and beyond. These steps include: (a) continuing efforts to raise additional capital and/or other forms of financing; and (b) controlling overhead and expenses. There can be no assurance that any of these efforts will be successful.

2.             MINERAL PROPERTY INTEREST

On October 20, 2010, the Company staked a claim located in the Victoria mining division of the Province of British Columbia, Canada. During the period ended December 31, 2012, the Company incurred exploration costs amounting to $Nil (December 31, 2011 - $2,009) on the property.

F-8


 

NAVA RESOURCES, INC.
(An Exploration Stage Company)
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2012
(Unaudited)

3.             RELATED PARTY TRANSACTIONS

As at December 31, 2012, $650 (June 30, 2012 - $680) was due to a director of the Company and a company controlled by a director of the Company. As at December 31, 2012 $Nil (June 30, 2012 - $409) was due to a former director of the Company, which has been reallocated to accounts payable and accrued liabilities during the period ended December 31, 2012. These amounts are unsecured, do not bear interest and have no fixed terms of repayment.

4.             LOAN PAYABLE

On December 6, 2012, the Company received a $20,000 loan from an arm’s length party. The loan is unsecured, does not bear interest and has no fixed terms of repayment.

5.             SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the consolidated financial statements were issued and filed with SEC. The Company has determined that there are no other events that warrant disclosure or recognition in the consolidated financial statements.

F-9


 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the financial statements of Nava Resources, Inc. (the “Company”), which are included elsewhere in this Form 10-Q.  Certain statements contained in this report, including statements regarding the anticipated development and expansion of the Company's business, the intent, belief or current expectations of the Company, its directors or its officers, primarily with respect to the future operating performance of the Company and the products it expects to offer and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements.  Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by or with the approval of the Company, which are not statements of historical fact, may contain forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a more detailed listing of some of the risks and uncertainties facing the Company, please see the Form 10-K for the fiscal year ended June 30, 2012 filed by the Company with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made.

Overview of our Business

We are an exploration stage company formed for the purposes of acquiring, exploring and, if warranted and feasible, developing natural resource properties. We have a claim that was staked to acquire a position in the Sicker Group, a sequence of volcanic rocks known to be very prospective for the occurrence of polymetallic volcanogenic massive sulphide deposits (VMS), commonly referred to as Kuroko type deposits. Our objective is to conduct exploration activities on the Molly1 Claim to assess whether they possess evidence of mineralization sufficient to merit further exploration activities.  The Molly1 Claim is without known reserves.  

Plan of Operation

Our plan of operation for the next twelve months is to complete the following objectives within the time periods specified, subject to our obtaining any additional funding necessary for the continued exploration of our mineral claims. We have enough funds to complete our Phase One exploration program but not phase two.  We will have to raise additional funds if we decide to proceed with a phase two program or enter into a joint venture or option agreement with another company.

1.  Since the next anniversary date of the Claims is October 20, 2013 we will need to arrange some exploration work worth approximately $1,700 or pay the Province of British Columbia $1,700 in lieu of filing exploration expenses in order to keep the Claims in good standing.

F-10


 

2.  We conducted a phase one program of prospecting and lithogeochemical sampling of Sicker Group rocks in the Lake Cowichan area, Vancouver Island in 2010.  The Sicker Group is prospective for polymetallic ‘Kuroko-type’ massive sulphide deposits rich in copper, lead, zinc, silver and gold and is exposed in a number of structural uplifts on Vancouver Island. 

3.  We will be further analyzing the data received and if warranted conducting further work on the property in spring of 2013 .  Depending on scope, may include geological mapping, a geochemical survey, trenching, sampling and analysis.

4.  In the case that the Phase Two exploration program takes place, we will review its results in May 2013.  Further work on the property may be undertaken if justified by the results of Phase Two. A joint venture relationship may be explored at some future point as justified to offset the costs of continued exploration and drilling if warranted.

We may consider entering into a joint venture partnership by linking with a major resource company to provide the required funding to complete exploration beyond Phase Two. We have not undertaken any efforts to locate a joint venture partner at this point. If we enter into a joint venture arrangement, we will assign a percentage of our interest in our mineral claims to the joint venture partner.

5. We will also be evaluating other opportunities that might be brought to our attention.

Results of Operations

Revenues

We have had no operating revenues since our inception on July 21, 2005 to December 31, 2012. We anticipate that we will not generate any revenues for so long as we are an exploration stage company. We can provide no assurance that we will discover commercially exploitable levels of mineral resources on our property, or if such resources are discovered, that we will enter into commercial production of our mineral property.

General and Administrative Expenses

Our general and administrative expenses in the six months ended December 31, 2012 increased to $17,093 from $15,143 in the six months ended December 31, 2011, primarily as a result of increase in professional fees.

Mineral Property Costs

In the six months ended December 31, 2012, we incurred $nil mineral property costs compared to mineral property costs of $2,009 in the six months ended December 31, 2011. We expense our mineral property costs as they are incurred.

F-11


 

Rent

Our office space is being provided free of charge. There is no assurance that this office space will continue to be provided free of charge.

Net Loss

As a result of the above, our net loss for the six months ended December 31, 2012 was $17,092 as compared to $15,133 in the six months ended December 31, 2011. The increase in the net loss was due primarily as a result of a increase in professional fees.

Liquidity and Capital Resources

At December 31, 2012, we had cash of $24,527 and a working capital of $1,063. During the 12 month period following the date of this quarterly report, we anticipate that we will not generate any revenue. We believe that we have enough cash on hand to complete our Phase One exploration program but not a Phase Two program. If the results of the Phase One are particularly encouraging, we may wish to raise additional funds for a more in depth Phase Two program starting in April 2013. Additional funds will need to be raised to support work that may be undertaken subsequent to Phase Two.

If additional funds are required, the additional funding will likely come from equity financing from the sale of our common stock or sale of part of our interest in our mineral claims. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our exploration activities. In the absence of such financing, our business will likely fail.

Going Concern

We have not generated any revenues since inception. As of December 31, 2012, the Company had accumulated losses of $235,030. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors. Our financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or other benefits.

F-12


 

Critical Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles and are expressed in U.S. dollars.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

A smaller reporting company, as defined by Item 10 of Regulation S-K, is not required to provide the information required by this item.

Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the Company conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of December 31, 2012. Based on that evaluation, the principal executive officer and principal financial officer have identified that the lack of segregation of accounting duties as a result of limited personnel resources is a material weakness of its financial procedures. Other than for this exception, the principal executive officer and principal financial officer believe the disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that our disclosure and controls are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal controls over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.  The Company’s property is not the subject of any pending legal proceedings.   

Item 1A. Risk Factors

Smaller reporting companies are not required to provide the information required by this Item 1A.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

None

F-13


 

Purchases of equity securities by the issuer and affiliated purchasers

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Securities Holders

None.

Item 5. Other Information

Item 6. Exhibits

Exhibit 31 - Certification of Principal Executive and Financial Officer pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934 as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32 – Certification of Principal Executive and Financial Officer Pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS **   XBRL Instance Document
     
101.SCH **   XBRL Taxonomy Extension Schema Document
     
101.CAL **   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF **   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB **   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE **   XBRL Taxonomy Extension Presentation Linkbase Document

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

F-14


 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  NAVA RESOURCES, INC.
   
 

By: /s/ Jag Sandhu
Name: Jag Sandhu
Title: President and Chief Executive Officer
(Principal Executive, Financial and Accounting Officer)

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

Signature Title Date
     
/s/ Jag Sandhu
Jag Sandhu
President, Chief Executive Officer
and Director, Principal Executive,
Financial and Accounting Officer
January 28, 2013
     
/s/ Don Blackadar
Don Blackadar
Director January 28, 2013