United States

Securities and Exchange Commission

Washington, D.C. 20549

 

FORM 10-Q

 

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

x

For the quarterly period ended January 31, 2013

 

or

 

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ________________

 

Commission File Number: 001-34911

 

Rockford Minerals Inc.

(Exact name of registrant as specified in its charter)

 

Nevada		None
(State or other jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

 

369 Shuter Street

Toronto, Ontario M5A 1X2, Canada

(Address of principal executive offices)

 

Registrant’s telephone number, including area code:  (416) 937-3266

 

.

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has 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 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 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  ¨  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 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  ¨ No x

 

 

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  ¨    No ¨

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 11,832,546 shares of common stock at March 18, 2013.

 

 

 

 

 

ROCKFORD MINERALS INC.

 

INDEX

 

PART	I -	FINANCIAL INFORMATION
Item	1.	Financial Statements:
	Condensed Balance Sheets as of January 31, 2013
	(Unaudited) and October 31, 2012		2
	Condensed Statements of Operations for the three months
	ended January 31, 2013 and 2012 (Unaudited), and for the period from October 29, 2007 (inception) to January 31, 2013
	(Unaudited)		3
	Condensed Statements of Changes in Stockholders’
	Equity/(Deficiency) for the period from October 29, 2007 (inception) to January 31, 2013
	(Unaudited)		4
	Condensed Statements of Cash Flows for the three months ended January 31, 2013 and 2012 (Unaudited), and for the period from October 29, 2007 (inception) to January 31, 2013 (Unaudited)		5
	Notes to Condensed Financial Statements (Unaudited)		6
Item	2.	Management's Discussion and Analysis of Financial Condition and
		Results of Operations	14
Item	3.	Quantitative and Qualitative Disclosure About Market Risk	16
Item	4.	Controls and Procedures	17
PART	II-	OTHER INFORMATION
Item	1.	Legal Proceedings	17
Item	1A.	Risk Factors (not applicable)	17
Item	2.	Unregistered Sales of Equity Securities and Use of Proceeds	17
Item	3.	Defaults Upon Senior Securities	17
Item	4.	Mine Safety Disclosures	17
Item	5.	Other Information	18
Item	6.	Exhibits	18
Signatures			19

 

 

 

 

Item 1. Financial Statements

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

 

CONTENTS

 

PAGE	2	CONDENSED BALANCE SHEETS AS OF JANUARY 31, 2013 (UNAUDITED) AND AS OF OCTOBER 31, 2012
PAGE	3	CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JANUARY 31, 2013 AND 2012 (UNAUDITED), AND FOR THE PERIOD FROM OCTOBER 29, 2007 (INCEPTION) TO JANUARY 31, 2013 (UNAUDITED)
PAGE	4	CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY/(DEFICIENCY) FOR THE PERIOD FROM OCTOBER 29, 2007 (INCEPTION) TO JANUARY 31, 2013 (UNAUDITED)
PAGE	5	CONDENSED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JANUARY 31, 2013 AND 2012 (UNAUDITED), AND FOR THE PERIOD FROM OCTOBER 29, 2007 (INCEPTION) TO JANUARY 31, 2013 (UNAUDITED)
PAGES	6 - 13	NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

 

 

 

Rockford Minerals, Inc.

(An Exploration Stage Company)

Condensed Balance Sheets

 

ASSETS
		January 31, 2013				October 31, 2012
		(Unaudited)
Current Assets
Cash		$	140			$	1,447
Total Assets		$	140			$	1,447
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities
Accounts payable		$	34,628			$	30,553
Notes payable - shareholder			12,876				7,375
Shareholder loans			291				291
Total Liabilities			47,795				38,219
Commitments and Contingencies
Stockholders' Deficiency
Common stock,  $0.001 par value; 100,000,000 shares authorized,
11,832,546 and 11,632,946 shares issued and outstanding, respectively			11,833				11,633
Additional paid-in capital			184,132				172,900
Less: Subscription Receivable			(10	)			(10	)
Accumulated Deficit During the Exploration Stage			(243,610	)			(221,295	)
Total Stockholders' Deficiency			(47,655	)			(36,772	)
Total Liabilities and Stockholders' Deficiency		$	140			$	1,447

 

 

See accompanying notes to condensed unaudited financial statements

 

 

 

Rockford Minerals, Inc.
(An Exploration Stage Company)
Condensed Statements of Operations
(Unaudited)
										For the Period From
		For the Three Months Ended January 31,								October 29, 2007 (Inception) to
		2013				2012				January 31, 2013
Operating Expenses
Mining development rights		$	-			$	-			$	15,297
Professional fees			14,166				14,646				153,510
General and administrative			7,997				6,123				69,035
Total Operating Expenses			22,163				20,769				237,842
Loss from Operations			(22,163	)			(20,769	)			(237,842	)
Other Expense
Interest Expense			(152	)			(601	)			(5,514	)
Loss on Exchange			-				-				(254	)
Total Other Expenses			(152	)			(601	)			(5,768	)
Loss from Operations Before Provision for Income Taxes			(22,315	)			(21,370	)			(243,610	)
Provision for Income  Taxes			-				-				-
Net Loss		$	(22,315	)		$	(21,370	)		$	(243,610	)
Net Loss Per Share  - Basic and Diluted		$	-			$	-
Weighted average number of shares outstanding
during the period - Basic and Diluted			11,771,131				10,082,319

 

See accompanying notes to condensed unaudited financial statements

 

 

 

Rockford Minerals, Inc.
(An Exploration Stage Company)
Condensed Statement of Changes in Stockholders' Equity/(Deficiency)
For the Period From October 29, 2007 (Inception) to January 31, 2013
(Unaudited)

 

		Common stock																Accumulated
		$.001 Par Value								Additional								Deficit during				Total
										Paid-in				Subscription				exploration				Stockholders' Equity
		Shares				Amount				Capital				Receivable				stage				(Deficiency)
Balance October 29, 2007 (Inception)			-			$	-			$	-			$	-			$	-			$	-
In kind contribution of services			-				-				1,340				-				-				1,340
Net loss for the period October 29, 2007 (Inception ) to October 31, 2007			-				-				-				-				(1,340	)			(1,340	)
Balance October 31, 2007			-				-				1,340				-				(1,340	)			-
Common stock issued to founder ($0.001/Sh)			6,000,000				6,000				-				-				-				6,000
In kind contribution of services			-				-				6,240				-				-				6,240
Net loss October 31, 2008			-				-				-				-				(22,879	)			(22,879	)
Balance October 31, 2008			6,000,000				6,000				7,580				-				(24,219	)			(10,639	)
Common stock issued for cash  ($0.015/Sh)			3,000,000				3,000				42,000				-				-				45,000
In kind contribution of services			-				-				6,240				-				-				6,240
In kind contribution of interest			-				-				977				-				-				977
Net loss October 31, 2009			-				-				-				-				(24,694	)			(24,694	)
Balance October 31, 2009			9,000,000				9,000				56,797				-				(48,913	)			16,884
Common stock issued for cash  ($0.015/Sh)			1,000,000				1,000				14,000				(3,000	)			-				12,000
Collection of subscription receivable			-				-				-				3,000				-				3,000
In kind contribution of services			-				-				6,240				-				-				6,240
Net loss October 31, 2010			-				-				-				-				(41,541	)			(41,541	)
Balance October 31, 2010			10,000,000				10,000				77,037				-				(90,454	)			(3,417	)
In kind contribution of services			-				-				6,240				-				-				6,240
In kind contribution of interest			-				-				677				-				-				677
Net loss October 31, 2011			-				-				-				-				(62,275	)			(62,275	)
Balance October 31, 2011			10,000,000				10,000				83,954				-				(152,729	)			(58,775	)
Common stock issued for cash  ($0.05/Sh)			633,366				633				31,035				(10	)			-				31,658
Shares issued to principal shareholder in exchange for note payable			999,580				1,000				48,979				-				-				49,979
In kind contribution of services			-				-				5,720				-				-				5,720
In kind contribution of interest			-				-				3,212				-				-				3,212
Net loss for theyear ended October 31 , 2012			-				-				-				-				(68,566	)			(68,566	)
Balance October 31, 2012			11,632,946			$	11,633			$	172,900			$	(10	)		$	(221,295	)		$	(36,772	)
Common stock issued for cash  ($0.05/Sh)			199,600				200				9,780				-				-				9,980
In kind contribution of services			-				-				1,300				-				-				1,300
In kind contribution of interest			-				-				152				-				-				152
Net loss for the three months ended January 31, 2013			-				-				-				-				(22,315	)			(22,315	)
Balance January 31, 2013			11,832,546			$	11,833			$	184,132			$	(10	)		$	(243,610	)		$	(47,655	)

 

See accompanying notes to condensed unaudited financial statements

 

 

 

Rockford Minerals, Inc.

(An Exploration Stage Company)

Condensed Statements of Cash Flows

(Unaudited)

 

		For the Three Months Ended January 31,								For the Period From October 29, 2007 (Inception) to
		2013				2012				January 31, 2013
Cash Flows From Operating Activities:
Net Loss		$	(22,315	)		$	(21,370	)		$	(243,610	)
Adjustment to reconcile net loss  to net cash used in operations
In kind contribution of services			1,300				1,560				33,320
In-kind contribution of interest			152				601				5,018
Changes in operating assets and liabilities:
Increase in accounts payable			4,075				4,030				34,628
Net Cash  Used In Operating Activities			(16,788	)			(15,179	)			(170,644	)
Cash Flows From Financing Activities:
Proceeds from notes payable - shareholder			5,704				1,000				88,062
Repayment of notes payable - shareholder			(203	)			-				(25,206	)
Proceeds from shareholder loans			-				3,000				11,044
Repayment of shareholder loans			-				(5,873	)			(10,754	)
Proceeds from issuance of common stock			9,980				14,688				107,638
Net Cash Provided by Financing Activities			15,481				12,815				170,784
Net Increase (Decrease) in Cash			(1,307	)			(2,364	)			140
Cash at Beginning of Period/Year			1,447				2,860				-
Cash at End of Period/Year		$	140			$	496			$	140
Supplemental disclosure of cash flow information:
Cash paid for interest		$	-			$	-			$	497
Cash paid for taxes		$	-			$	-			$	-
Supplemental disclosure of non-cash investing and financing activities:
Shares issued in conversion of related party loan		$	-			$	-			$	49,979
Stock sold for subscription		$	-			$	-			$	10

 

See accompanying notes to condensed unaudited financial statements

 

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

NOTE1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

(A) Organization

 

Rockford Minerals, Inc. (an exploration stage company) (the “Company”) was incorporated under the laws of the State of Nevada on October 29, 2007. The Company is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the exploration stage include developing the business plan and raising capital.

 

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

(C) Cash and Cash Equivalents

 

For purposes of the cash flow statements, the Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

 

Cash includes deposits at foreign financial institutions which are not covered by FDIC. As of January 31, 2013 and October 31, 2012, the Company held $140 and $1,447, respectively, of US funds in a Canadian bank.

 

(D) Property and Equipment, Mining Properties (Exploration Costs)

 

In accordance with FASB Accounting Standards Codification No. 930, Extractive Activities – Mining, costs of acquiring mining properties are capitalized when proven and probable reserves exist and the property is a commercially mineable property. If the criteria are not met for capitalization, the costs of acquiring mining properties are expensed as incurred. Mining exploration costs are also expensed as incurred. When it has been determined that a mineral property can be commercially developed, mining development costs incurred either to develop new gold, silver, lead or copper deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of the carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.

 

Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain. The Company currently does not have any capitalized mining costs and all mining costs have been expensed.

 

(E) Loss Per Share

 

Basic loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification No. 260, Earnings Per Share. As of January 31, 2013 and 2012, there were no common share equivalents outstanding.

 

(F) Income Taxes

 

The Company accounts for income taxes under the FASB Accounting Standards Codification No. 740, Income Taxes.  Under FASB Accounting Standards Codification No. 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  Under FASB Accounting Standards Codification No. 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

(G) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

 

(H) Fair Value of Financial Instruments

 

The carrying amounts of the Company’s financial instruments including accounts payable, notes payable- shareholder, and shareholder loans approximate fair value due to the relatively short period to maturity for these instruments.

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

(I) Reclassifications

 

Certain amounts from prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on the Company’s net loss or cash flows.

 

(J) Recent Accounting Pronouncements

 

In December 2011, FASB issued Accounting Standards Update 2011-11, Balance Sheet - Disclosures about Offsetting Assets and Liabilities” to enhance disclosure requirements relating to the offsetting of assets and liabilities on an entity's balance sheet. The update requires enhanced disclosures regarding assets and liabilities that are presented net or gross in the statement of financial position when the right of offset exists, or that are subject to an enforceable master netting arrangement. The new disclosure requirements relating to this update are retrospective and effective for annual and interim periods beginning on or after January 1, 2013. Management has evaluated the adoption of this standard and determined it does not have a material impact on our results of operations, cash flows, or financial condition.

 

NOTE 2

GOING CONCERN

 

As reflected in the accompanying unaudited financial statements, the Company is in the exploration stage with minimal operations, has a net loss of $243,610 since inception and has used cash from operations of $170,644 from inception. In addition, there is a working capital deficiency and stockholders’ deficiency of $47,655 as of January 31, 2013. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

 

 

 

NOTE 3

NOTES PAYABLE - SHAREHOLDER

  

During the three months ended January 31, 2013, the CFO loaned an additional $5,704 to the Company to pay Company expenses. The note is non-interest bearing, unsecured and due on demand. As of January 31, 2013 the principal stockholder was owed $12,876 from the Company. (See Note 6)

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

During the year ended October 31, 2012, the CFO loaned an additional $22,481 to the Company to pay Company expenses. The note is non-interest bearing, unsecured and due on demand. (See Note 6)

 

On September 26, 2012 the principal stockholder converted $49,979, of the note payable owed into 995,580 shares of common stock at $0.05 per share. As of October 31, 2012 the principal stockholder was owed $7,375 from the Company (See Note 6).

 

For the year ended October 31, 2011, the CFO paid $34,874 of expenses on behalf of the Company. Pursuant to the terms of the note agreements, the amount is non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2009,the CEO loaned $6,500 to the Company. This note is non interest bearing, unsecured, and due on demand (See Note 6).

 

For the year ended October 31, 2008, the CEO loaned $18,503 to the Company. This note is non interest bearing, unsecured, and due on demand (See Note 6).

 

For the year ended October 31, 2009, the CEO was repaid $25,500 by the Company which included $497 of interest (See Note 6).

 

For the three months ended January 31, 2013, the company recorded $152 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 5 and 6).

 

For the year ended October 31, 2012, the Company recorded $3,212 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 5 and 6).

 

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 5 and 6).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 5 and 6).

 

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

NOTE 4

SHAREHOLDER LOANS

 

During the year ended October 31, 2012, the CFO paid an additional $6,111 of expenses on behalf of the company and was reimbursed $9,062. The loans are non-interest bearing, unsecured and due on demand (See Note 6).

 

For the year ended October 31, 2011, the CFO paid $4,934 of expenses on behalf of the Company and was repaid $1,692 (See Note 6). Pursuant to the terms of the loans, the remaining balance of $3,242 is non interest bearing, unsecured and due on demand.

 

NOTE 5

STOCKHOLDERS’ EQUITY/(DEFICIENCY)

 

Increase in Authorized Shares

 

On August 24, 2010, the Company increased the authorized shares of common stock from 10,000,000 to 100,000,000 shares.

 

Common Stock Issued for Cash

 

On December 20, 2012, the Company issued 99,800 shares of common stock for cash of $4,990 ($0.05 per share).

 

On November 8, 2012, the Company issued 99,800 shares of common stock for cash of $4,990 ($0.05 per share).

 

On August 28, 2012, the Company issued 39,800 shares of common stock for $1,990 ($0.05 per share). 

 

On May 14, 2012 the Company issued 199,800 shares of common stock for cash of $9,990 ($0.05 per share).

 

On June 19, 2012 the Company issued 99,800 shares of common stock for cash of $4,990 ($0.05 per share).

 

On December 11, 2011, the Company issued 293,766 shares of common stock for cash of $14,688 ($0.05 per share).

 

For the year ended October 31, 2010, the Company issued 1,000,000 shares of common stock for cash of $15,000 ($0.015 per share).

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

For the year ended October 31, 2009, the Company issued 3,000,000 shares of common stock for cash of $45,000 ($0.015 per share).

 

For the year ended October 31, 2008, the Company issued 6,000,000 shares of common stock for cash of $6,000 ($0.001 per share) to its founders.

 

Subscription Receivable

 

During the year ended October 31, 2012, the Company sold an aggregate of 200 shares of common stock in exchange for subscriptions receivable totaling $10 ($0.05/share).

 

In kind contribution of services and interest

 

For the three months ended January 31, 2013, an officer of the Company contributed services having a fair value of $1,300 (See Note 6).

 

For the year ended October 31, 2012, the officers of the Company contributed services having a fair value of $5,520 (See Note 6).

 

For the year ended October 31, 2011, the officers of the Company contributed services having a fair value of $6,240(See Note 6).

 

For the three months ended January 31, 2013, the Company recorded $152 of imputed interest related to shareholder loans payable and notes payable as an in-kind contribution (See Notes 3 and 6).

 

For the year ended October 31, 2012, the Company recorded $3,212 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 6).

 

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and 6).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes and 6).

 

For the year ended October 31, 2010, the officers of the Company contributed services having a fair value of $6,240 (See Note 6).

 

For the year ended October 31, 2009, the officers of the Company contributed services having a fair value of $6,240 (See Note 6).

 

For the year ended October 31, 2008, the officers of the Company contributed services having a fair value of $6,240 (See Note 6).

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

For the period from October 29, 2007 (inception) through October 31, 2007, the CEO and CFO of the Company contributed service having a fair value of $1,340 (See Note 6).

 

NOTE 6

RELATED PARTY TRANSACTIONS

 

For the three months ended January 31, 2013, the Company recorded $152 of imputed interest related to shareholder notes payable as an in-kind contribution (See Notes 3 and 5).

 

For the year ended October 31, 2012, the Company recorded $3,212 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 3 and 5).

 

For the three months ended January 31, 2013 the officer of the Company contributed services having a fair value of $1,300 (See Note 5).

 

For the year ended October 31, 2012, the CFO of the Company contributed services having a fair value of $5,720 (See Note 5).

 

During the three months ended January 31, 2013, a shareholder loaned $5,704 to the Company to cover operating expenses and was repaid $203 (See Note 3).

 

During the year ended October 31, 2012, the CFO loaned an additional $22,481 to the Company to pay Company expenses. The loan is non-interest bearing, unsecured and due on demand (See Note 3).

 

On September 26, 2012 the principal stockholder converted $49,979, of the note payable owed into 995,580 shares of common stock at $0.05 per share. As of October 31, 2012 the principal stockholder was owed $7,375 from the Company (See Note 3).

 

During the year ended October 31, 2012, the CFO paid an additional $6,111 of expenses on behalf of the company and was reimbursed $9,062. The loans are non-interest bearing, unsecured and due on demand (See Note 4).

 

For the year ended October 31, 2011, the CFO paid $34,874 of expenses on behalf of the Company. Pursuant to the terms of the note agreements, the amount is non-interest bearing, unsecured and due on demand (See Note 3).

 

For the year ended October 31, 2011, the CFO paid $4,934 of expenses on behalf of the Company and was repaid $1,692 (See Note 4). Pursuant to the terms of the loans the remaining balance of $3,242 is non interest bearing, unsecured and due on demand.

 

For the year ended October 31, 2011, the Company recorded $677 of imputed interest related to shareholder loans and notes payable as an in-kind contribution (See Notes 3 and 5).

 

 

ROCKFORD MINERALS, INC.

(AN EXPLORATION STAGE COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF JANUARY 31, 2013

(UNAUDITED)

 

For the year ended October 31, 2011, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2010, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2009, the CEO loaned $6,500 to the Company. This loan is non interest bearing, unsecured, and due on demand (See Note 3).

 

For the year ended October 31, 2009, the CEO was repaid $25,500 by the Company, which included $497 on interest (See Note 3).

 

For the year ended October 31, 2009, the Company recorded $977 of imputed interest related to shareholder loans payable as an in-kind contribution (See Notes 3 and5).

 

For the year ended October 31, 2009, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2008, the CEO and CFO of the Company contributed services having a fair value of $6,240 (See Note 5).

 

For the year ended October 31, 2008, the CEO loaned $18,503 to the Company. This loan is non interest bearing, unsecured, and due on demand (See Note 3).

 

For the period from October 29, 2007 (inception) through October 31, 2007, the CEO and CFO of the Company contributed service having a fair value of $1,340 (See Note 5).

 

NOTE 7

SUBSEQUENT EVENTS

 

Subsequent to January 31, 2013, a shareholder loaned an additional $5,500 to the Company to cover operating expenses.  These loans are non-interest bearing, unsecured and due on demand.

 

On March 8, 2013, the Company issued 40,000 shares of common stock for cash of $2,000 ($0.05 per share).

 

On February 15, 2013, the Company issued 60,000 shares of common stock for cash of $3,000 ($0.05 per share).

  

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation

 

Caution Regarding Forward-Looking Statements

 

The following information may contain certain forward-looking statements that are not historical facts. These statements represent our expectations or beliefs, including but not limited to, statements concerning future acquisitions, future operating results, statements concerning industry performance, capital expenditures, financings, as well as assumptions related to the foregoing. Forward-looking statements may be identified by the use of forward-looking terminology such as “may,” “shall,” “will,” “could,” “expect,” “estimate,” “anticipate,” “predict,” “should,” “continue” or similar terms, variations of those terms or the negative of those terms. Forward-looking statements are based on current expectations and involve various risks and uncertainties that could cause actual results and outcomes for future periods to differ materially from any forward-looking statement or view expressed herein. Our financial performance and the forward-looking statements contained in this report are further qualified by other risks including those set forth from time to time in documents filed by us with the U.S. Securities and Exchange Commission (“SEC”).

 

The following information has not been audited.  You should read this information in conjunction with the unaudited financial statements and related notes to the financial statements of Rockford Minerals Inc. (the “Company”) included in this report.

 

Plan of Operations

 

Overview

 

We are a natural resource exploration company with an objective of acquiring, exploring, and if warranted and feasible, exploiting natural resource properties. Our primary focus in the natural resource sector is gold.

 

We do not anticipate going into production ourselves but instead anticipate optioning or selling any ore bodies that we may discover to a major mining company. Most major mining companies obtain their ore reserves through the purchase of ore bodies found by junior exploration companies such as the Company. Although these major mining companies do some exploration work themselves, many of them rely on the junior resource exploration companies to provide them with future deposits for them to mine. By optioning or selling a deposit found by us to these major mining companies, it would provide an immediate return to our shareholders without the long time frame and cost of putting a mine into operation ourselves, and it would also provide future capital for the Company to continue operations.

 

The search for valuable natural resources as a business is extremely risky. We can provide no assurance that the properties we have contain commercially exploitable reserves.  Exploration for natural resource reserves is a speculative venture involving substantial risks. Few properties that are explored are ultimately developed into producing commercially feasible reserves. Problems such as unusual or unexpected geological formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. In such a case, we would be unable to complete our business plan and any money spent on exploration would be lost.

 

 Natural resource exploration and development requires significant capital and our assets and resources are very limited. Therefore, we anticipate participating in the natural resource industry through the purchase or option of early stage properties.   To date, we own one mining property which is located in southwest Nevada.

 

 

 

Rockford Lode Claim

 

The Company owns the Rockford Lode Claim which was filed in Clark County, Nevada recorder’s office in Las Vegas on June 19, 2008, as Instrument 20080619- 0000221, File 081, Page 0074, in the official records book, T20080120393.

 

The Rockford Lode Claim is located within Township 27S, Range 60E, Section 31, and adjoining Township 28S, Range 60E, Section 6, in the Sunset Mining District of Clark County, Nevada, and is a Lode claim, unpatented mining claim.

 

Access from Las Vegas, Nevada to the Rockford Lode Claim is southeastward to Boulder City, then southward via Highway 95 to Searchlight, then westward via Highway 164 to Crescent from where a sub-standard road is taken northward to the Rockford Lode Claim. The entire distance from Las Vegas to the Rockford Lode Claim is approximately 84 miles.

 

The Sunset Mining District was established in 1867 within an area comprised of a group of hills (the Lucy Grey Range) of relatively low relief about 16 miles south of Jean, Nevada in the extreme southern part of Township 27S, Range 60E. The Sunset Mining District is south of the Goodsprings Mining District, which ranks second only to Tonopah in total lead and zinc production in the State of Nevada. The Lucy Grey mine began operations in 1905. Total production from the Lucy Grey mine is estimated (Vanderburg, 1937, p.80) at $50,000, principally in gold with lesser amounts of silver, lead, and copper.

 

There is no recorded production from the ground covered by the Rockford Lode Claim; however, inclusive prospect pits indicate the existence of mineralized zones.

 

 

Results of Operations for the three months ended January 31, 2013, compared to the three months ended January 31, 2012

 

Mining Development Rights. During the three month periods ended January 31, 2013 and 2012, the Company did not incur any costs to develop its mineral rights.

 

Professional Fees. During the three month period ended January 31, 2013, the Company incurred $14,166 in professional fees compared to $14,646 for the three month period ended January 31, 2012, a decrease of 3%. Professional fees were paid primarily to the attorneys and accountants of the Company for legal compliance and SEC public company reporting requirements.

 

General and Administrative Expenses. During the three month period ended January 31, 2013, the Company incurred $7,997 of general and administrative expenses compared to $6,123 during the three month period ended January 31, 2012, an increase of 31% in general administrative expenses. The general and administrative costs were comprised of administrative expenses in-kind filing fees and in-kind contributions of services.

 

Net Loss. During the three month period ended January 31, 2013, the Company incurred a net loss of $22,315 compared to a net loss of $21,370 during the three month period ended January 31, 2012, a decrease in net loss of 4%.

 

Revenues. We have not earned any revenues since our incorporation on October 29, 2007 through January 31, 2013.  We do not anticipate producing revenues unless we enter into commercial production on our Rockford Lode mining claim, which is doubtful.  We can provide no assurance that we will discover economic mineralization on the Rockford Lode claim, or if such minerals are discovered, that we will enter into commercial production.

 

 

  

Liquidity and Capital Resources

 

Our cash and cash equivalents were $140 at January 31, 2013. We will need additional capital to continue operations for the next twelve months. We intend to rely upon the issuance of common stock, loans from shareholders and, shareholder notes payable to fund administrative expenses and continued operations. However,  no shareholder is under obligation to provide such funding.

 

Net Cash Used in Operating Activities. For the three months ended January 31, 2013 compared to the prior years, cash flows from operating activities increased from $15,179 to $16,788.   From October 29, 2007 (inception) to January 31, 2013, net cash of $170,644 was used for operating activities.

 

Net Cash Provided By Financing Activities. For the three months ended January 31, 2013 compared to the prior years, cash flows from financing activities increased from $12,815 to $15,481.   October 29, 2007 (inception) to January 31, 2013, net cash of $170,784 was generated from financing activities. These funds consisted of general and administrative expenses paid by shareholder loans on behalf of the Company as well as shareholder notes payable. This amount is recorded as shareholder loans payable and notes payable.

  

Going Concern

 

The Company is in the development stage with limited operations, and has a net loss since inception of $243,610. The Company has a negative working capital and stockholders’ deficiency of $47,655 at January 31, 2013. This raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital through stockholder loans and implement its business plan.

 

Management believes that actions presently being taken to obtain additional stockholder loans and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

 

Critical Accounting Policies

 

Development Stage

 

The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include equity based financing and further implementation of the business plan.

 

Risks and Uncertainties

 

The Company intends to operate in an industry that is subject to rapid change. The Company's operations will be subject to significant risk and uncertainties including financial, operational, technological, regulatory and other risks associated with a development stage company, including the potential risk of business failure.

 

Use of Estimates

 

Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States (“GAAP”). GAAP requires the use of estimates, assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements. Our significant accounting policies are summarized in Note 1 of our financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment as estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect in our condensed results of operations, financial position or liquidity for the periods presented in this report.

  

Cash

 

The Company had $140 of cash or cash equivalents at January 31, 2013.

 

Off-Balance Sheet Arrangements

 

We do not maintain any off-balance sheet transactions, arrangements, or obligations that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity, or capital resources.

  

Recent Accounting Pronouncements

 

In December 2011, FASB issued Accounting Standards Update 2011-11, “Balance Sheet – Disclosures about Offsetting Assets and Liabilities” to enhance disclosure requirements relating to the offsetting of assets and liabilities on an entity’s balance sheet. The update requires enhanced disclosures regarding assets and liabilities that are presented net or gross in the statement of financial position when the right of offset exists, or that are subject to an enforceable master netting arrangement. The new disclosure requirements relating to this update are retrospective and effective for annual and interim periods beginning on or after January 1, 2013. Management has evaluated the adoption of this standard and determined it does not have a material impact on our results of operations, cash flows, or financial condition.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

We are a smaller reporting Company as defined by Rule 12b-2 under the Securities Exchange Act of 1934, and are not required to provide the information required under this item.

 

  

Item 4. Control and Procedures

 

Evaluation of Disclosure Controls

 

Our President, who is also our Chief Financial Officer and serves as our principal financial officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-14(c) promulgated under the Securities and Exchange Act of 1934, as amended) as of a date (the “Evaluation Date”) as of the end of the period covered by this report. Our management does not expect that our disclosure controls and procedures will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. 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 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, 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. The design of any system of controls 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 goal under all potential future conditions. Based on the evaluation as of the end of the period covered by this report, our President and Chief Financial Officer who also serves as our principal financial officer concluded that our disclosure in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, including our President and Chief Financial Officer who serves as our Principal Financial Officer, to allow timely decisions regarding required disclosure.

  

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting in our last quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART II

 

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None

 

ITEM 1A. RISK FACTORS

 

N/A

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Not applicable

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4. MINE SAFETY DISCLOSURES

 

The Company has not and currently is not conducting any active mining operations on its Rockford Lode Claim in Clark County, Nevada, or at any other locations, and therefore has no mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act or Item 104 of Regulation S-K (17 CFR 229.104). Therefore, no Exhibit 95 is contained in this Form 10-Q quarterly report.

 

 

 

ITEM 5. OTHER INFORMATION

 

Not applicable

 

 

ITEM 6. EXHIBITS

  

 

31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  

32.1

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

 

 

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.

 

March 18, 2013

 

	ROCKFORD MINERALS INC.
	By:	/s/ Gregory J. Neely
		Gregory J. Neely, Director, President, Secretary, Treasurer, chief financial officer and principal accounting
		officer

 

 

 

 

INDEX TO EXHIBITS

 

Exhibit No.		Description
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.