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Tundra Resources Inc – ‘10QSB’ for 6/30/03

On:  Monday, 8/25/03, at 12:39pm ET   ·   For:  6/30/03   ·   Accession #:  1117768-3-81   ·   File #:  0-31661

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/25/03  Tundra Resources Inc              10QSB       6/30/03    1:107K                                   123EDGARDIRECT Inc/FA

Quarterly Report — Small Business   —   Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report June 30, 2003                      HTML    100K 


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  Tundra Resources June 30, 2003 Quarterly Report  

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-QSB

[X]          Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934:
                For the Quarterly Period ended June 30, 2003

TUNDRA RESOURCES, INC.
(Exact name of registrant as it appears in its charter)

0-31661
(Commission File No.)

89972 M.10.8

U.S. 89972 M.10.80

(Cusip Number)

(ISIN)

NEVADA

88-0421134

(State or jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

6767 West Tropicana Avenue
Suite 203
Las Vegas, Nevada 89103
(Address of Principal Executive Office)

(702) 682-3330
Registrant's telephone number, including area code

Securities registered pursuant to Section 12 (b) of the Act:  None

Securities registered pursuant to Section 12 (b) of the Act:  Class A Common Stock $0.001 Par Value

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or 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

At the end of the quarter ending June 30,  2003 there were 1,665,830 issued and outstanding shares of the registrants common stock.

There is no active market for the registrant's securities.

 


PART I.   FINANCIAL INFORMATION

Item 1.    FINANCIAL STATEMENTS

The audited financial statements for the period ending June 30, 2003 and June 30, 2002.

TUNDRA RESOURCES, INC.

(A PRE-EXPLORATION STAGE COMPANY)

FINANCIAL STATEMENTS

JUNE 30,  2003 and JUNE 30, 2002

 


TABLE OF CONTENTS

 

Page Number
 

INDEPENDENT ACCOUNTANT'S REPORT
 

1

FINANCIAL STATEMENT
 

     Balance Sheets
 

2

     Statements of Operations and Deficit Accumulated During
     the Pre-Exploration Stage
 

3

     Statement of Changes in Stockholders' Equity
 

4

     Statement of Cash Flows
 

5

     Notes to the Financial Statements

6 - 7

 


David E. Coffey                  6767 West Tropicana Avenue, Suite 203, Las Vegas, Nevada  89103
----------------------------------------------------------------------------------------------------------------------------------------------
Certified Public Accountant                    Phone (702) 871-3979                 FAX (702) 871-6769

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Stockholders
of Tundra Resources, Inc.
Las Vegas, Nevada

I have audited the accompanying balance sheets of Tundra Resources, Inc. (a pre-exploration stage company) as of June 30, 2003 and June 30, 2002 and the related statements of operations, cash flows, and changes in stockholders' equity for the periods then ended, as well as the cumulative period from December 31, 1998 (date of inception) through June 30, 2003.  These statements are the responsibility of Tundra Resources, Inc.'s management.  My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards.  Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Tundra Resources, Inc. as of June 30, 2003 and June 30, 2002 and the results of operations, cash flows, and changes in stockholders' equity for the periods then ended, as well as the cumulative period from December 31, 1998 (date of inception) through June 30, 2003 in conformity with generally accepted accounting principles.

David Coffey, CPA
Las Vegas, Nevada
August 22, 2003

-1-


TUNDRA RESOURCES, INC.
(A PRE-EXPLORATION STAGE COMPANY)
BALANCE SHEETS

June 30,
2003
------------------

June 30,
2002
------------------

ASSETS

Cash

$

86

$

3,089

Notes receivable

283,250

283,250

Interest receivable

32,929

14,834

Deposits

0

150

Loan to stockholders

15,659
-----------------

14,000
-------------------

      Total Assets

$

331,924
=========

$

315,323
=========

LIABILITIES & STOCKHOLDERS' EQUITY

Accounts payable

$

9,900
------------------

$

4,285
----------------

      Total Liabilities

9,900

4,285

Stockholders' Equity

   Common stock, authorized 50,000,000
   shares at $.001 par value, issued and
   outstanding 1,665,830 shares

1,666

1,666

   Additional paid-in capital

549,978

549,978

   Deficit accumulated during the
   pre-exploration stage

(229,620)
------------------

(240,606)
------------------

Total Stockholders' Equity

322,024

311,038

   Total Liabilities and Stockholders' Equity

$

331,924
===========

$

315,323
===========

The accompanying notes are an integral part of
these financials statements.

-2-


TUNDRA RESOURCES, INC.
( A PRE-EXPLORATION STAGE COMPANY )
STATEMENTS OF OPERATIONS AND DEFICIT
ACCUMULATED DURING THE PRE-EXPLORATION STAGE
( With Cumulative Figures From Inception )

Six months ending June 30,   

From inception,
Dec. 31, 1998 to
June 30, 2003
---------------------


2003
------------------


2002
------------------

Interest income

$

9,048

$

9,252

$

35,538

Expenses

   Organizational expense

0

0

400

   Consulting

0

93,000

217,000

   Research and development

0

0

2,000

   Professional fees

3,000

3,000

27,195

   Administrative & secretarial

0

0

11,250

   Licenses and fees

0

0

1,229

   Fees for services

0

635

950

   Rent

0

915

3,776

   Office expenses

504
-----------------

30
-------------------

1,358
--------------------

Total expenses

3,504

97,580

265,158

Net income (loss)

5,544

(88,328)

$

(229,620)
===========

Retained earnings, beginning of period

(235,164)
------------------

(152,278)
------------------

Deficit accumulated during
the pre-exploration stage

$

(229,620)
==========

$

(240,606)
==========

Earnings ( loss ) per share
assuming dilution:

Net loss

$

(0.00)
==========

$

(0.05)
===========

$

(0.20)
============

Weighted average shares outstanding

1,665,830
==========

1,657,497
===========

1,158,886
============

The accompanying notes are an integral part of
these financials statements.

-3-


TUNDRA RESOURCES, INC.
( A PRE-EXPLORATION STAGE COMPANY )
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FROM DECEMBER 31, 1998,  ( Date of Inception ) TO JUNE 30, 2003

Common Stock

Additional
Paid-in
Capital

--------------

Deficit accumul-
ated during the
pre-exploration
stage
---------------------

Total



--------------

Shares

--------------

Amount

--------------

Issuance of common stock for cash, Dec. 31, 1998

200,000

$

200

$

0

$

0

$

200

Less net loss

0
---------------

0
---------------

0
---------------

(400)
----------------------

(400)
--------------

Balance, December 31, 1998

200,000

200

0

(400)

(200)

Issuance of common stock for cash, May 18, 1999

300,000

300

29,700

0

30,000

Less offering costs

0

0

(7,750)

0

(7,750)

Less net loss

0
----------------

0
---------------

0
---------------

(4,814)
----------------------

(4,814)
---------------

Balance, December 31, 1999

500,000

500

21,950

(5,214)

17,236

Issuance of common stock for cash, January 27, 2000

250,000

250

24,750

0

25,000

Issuance of common stock for cash, February 14, 2000

4,000

4

396

0

400

Issuance of common stock for cash, June 30, 2000

196,000

196

19,404

0

19,600

Issuance of common stock for cash, July 28, 2000

250,000

250

24,750

0

25,000

Issuance of common stock for cash, August 24, 2000

28,830

29

28,801

0

28,830

Issuance of common stock for cash, Sept. 22, 2000

1,000

1

999

0

1,000

Less offering costs

0

0

(6,636)

0

(6,636)

Less net loss

0
----------------

0
--------------

0
---------------

(46,311)
----------------------

(46,311)
---------------

Balance, December 31, 2000

1,229,830

1,230

114,414

(51,525)

64,119

Issuance of common stock for cash, March 2, 2001

14,000

14

13,986

0

14,000

Issuance of common stock for cash, April 19, 2001

25,000

25

24,975

0

25,000

Issuance of common stock for cash, Sept. 13, 2001

25,000

25

24,975

0

25,000

Issuance of common stock for cash, Sept. 28, 2001

300,000

300

299,700

0

300,000

Issuance of common stock for cash, Oct. 4, 2001

22,000

22

21,978

0

22,000

Less net loss

0
---------------

0
--------------

0
---------------

(100,753)
----------------------

(100,753)
---------------

Balance, December 31, 2001

1,615,830

1,616

500,028

(152,278)

349,366

Issuance of common stock for cash, Jan. 23, 2002

50,000

50

49,950

0

50,000

Less net loss

0
---------------

0
---------------

0
--------------

(82,886)
----------------------

(82,886)
--------------

Balance, December 31, 2002

1,665,830

1,666

549,978

(235,164)

316,480

Current year income (loss)

0
-------------

0
-----------

0
-------------

5,544
---------------------

5,544
---------------

Balance, June 30, 2003

1,665,830
=========

$

1,666
========

$

549,978
========

$

(229,620)
===========

$

322,024
========

The accompanying notes are an integral part of
these financials statements.

-4-


TUNDRA RESOURCES, INC.
(A PRE-EXPLORATION STAGE COMPANY)
STATEMENTS OF CASH FLOWS
(With Cumulative Figures From Inception)

  Six months ending June 30,

From inception,
Dec. 31, 1998 to
June 30, 2003
----------------------

2003

-------------------

2002

--------------------

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES

Net income (Loss)

$

5,544

$

(88,328)

$

(229,620)

Non-cash items included in net loss

0

0

0

Adjustments to reconcile net loss to
   cash used by operating activity

    Accounts payable increase (decrease)

3,000

3,385

9,900

    Prepaid expense decrease

0

450

0

    Loans to stockholders (increase) decrease

(3,294)
--------------------

(14,000)
------------------

(15,659)

       NET CASH PROVIDED BY OPERATING ACTIVITIES

5,250

(98,493)

(235,379)

CASH FLOWS USED BY INVESTING ACTIVITIES

    Notes receivable

0

0

283,250

    Interest receivable

9,048
-------------------

9,047
-------------------

32,929
---------------------

      NET CASH USED BY INVESTING ACTIVITIES

9,048

9,047

316,179

CASH FLOWS FROM FINANCING ACTIVITIES

    Sale of common stock

0

50

1,666

    Paid-in capital

0

49,950

564,364

    Less offering costs

0
------------------

0
------------------

(14,386)
------------------

       NET CASH PROVIDED BY FINANCING ACTIVITIES

0
------------------

50,000
------------------

551,644
-------------------

       NET INCREASE IN CASH

(3,798)

(57,540)

$

86
==========

CASH AT BEGINNING OF PERIOD

3,884
------------------

60,629
------------------

       CASH AT END OF PERIOD

$

86
=========

$

3,089
=========

The accompanying notes are an integral part of
these financials statements.

-5-


TUNDRA RESOURCES, INC.
( A PRE-EXPLORATION STAGE COMPANY )
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2003 AND JUNE 30, 2002

NOTE A                 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company was incorporated on December 31, 1998, under    the laws of the State of Nevada.  The business purpose of the Company is to acquire and develop oil and gas leases and, secondarily, to acquire and develop mineral properties.

The Company will adopt accounting policies and procedures based upon the nature of future transactions.

NOTE B                 OFFERING COSTS

Offering costs are reported as a reduction in the amount of paid-in capital received for sale of the shares.

NOTE C                 EARNINGS (LOSS) PER SHARE

Basic EPS is determined using net income divided by the  weighted average shares outstanding during the period.  Diluted EPS is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued.  Since the Company has no common shares that are potentially issuable, such as stock options, convertible securities or warrants, basic and diluted EPS  are the same.

NOTE D                 ISSUANCE OF COMMON STOCK

The Company sold shares of its common stock for $.10 per share as follows:

                                                December 31, 1998                               200,000                   for $200
                                                May 18, 1999                                         300,000                   for $30,000
                                                January 27, 2000                                   250,000                   for $25,000
                                                February 14, 2000                                    4,000                    for $400
                                                June 30, 2000                                         196,000                   for $19,600
                                                July 28, 2000                                          250,000                   for $25,000

On August 10, 2000, the Company approved an offering of 900,000 shares of its common stock at $1.00 per share pursuant to the exemption from registration requirements of the Securities Act provided by Section 4(2) thereof, and Rule 506 of Regulation D.  From that offering the Company

-6-


TUNDRA RESOURCES, INC.
(A PRE-EXPLORATION STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2003 AND JUNE 30, 2002
(continued)                                                          

                                                           

NOTE D                 ISSUANCE OF COMMON STOCK (continued)

sold shares of its common stock as follows:

                                                August 24, 2000                   28,830     for $28,830
                                                Sept. 22, 2000                        1,000       for $1,000
                                                March 2, 2001                       14,000     for $14,000
                                                April 19, 2001                        25,000     for $25,000
                                                Sept. 13, 2001                        25,000     for $25,000
                                                Sept. 28, 2001                        300,000   for $300,000
                                                Oct. 4, 2001                            22,000     for $22,000
                                                Jan. 23, 2002                          50,000     for $50,000
The net proceeds will be used to acquire and develop oil and gas leases and, secondarily, to acquire and develop mineral properties.

All of the above shares were issued pursuant to an exemption from registration requirements under Section 4 (2) of the Securities Act.

-7-


ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                  AND RESULTS OF OPERATION.

Results of Operations

The Company has had no operations during this quarter.

PART II.  OTHER INFORMATION

Item 1.    Legal Proceedings.

None.

Item 2.    Changes in Securities

None

Item 3.    Default Upon Senior Securities

None.

Item 4.    Submission of matters To a Vote of Security Holders

None.

Item 5.    Other Information.

None.

Item 6.    Exhibits and Reports

None.

SIGNATURES

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

TUNDRA RESOURCES, INC.

Dated:  August 25, 2003

 

By: /s/    Timothy Cammel
                Timothy Cammel, President

 


I, Timothy Cammel, certify that:

1.             I have reviewed this quarterly report on Form 10Q-SB of Tundra Resources, Inc.;

2.             Based on my knowledge, this annual report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3.             Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4.             The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)             designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b)            evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c)             presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5.             The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors ( or person performing the equivalent functions):

a)             all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial date and have identified for the registrant's auditors any material weaknesses in internal controls; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6.             The registrant's other certifying officers and I have indicated in this annual report whether or not there are significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Dated:  August 25, 2003

By: /s/    Timothy Cammel
                Timothy Cammel, President

 


Statement of Chief Executive Officer  Regarding
Facts and Circumstances Relating to Exchange Act Filings

I, Timothy Cammel, state and certify as follows:

The financial statements filed with the report on Form 10-QSB for the period ended June 30, 2003 fully comply with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934 and that the information contained in said periodic report fairly presents, in all material respects, the financial condition and results of operations of Tundra Resources, Inc..

This Statement is submitted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Dated:  August 25, 2003

By: /s/    Timothy Cammel
                Timothy Cammel, President


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10QSB’ Filing    Date    Other Filings
Filed on:8/25/03
8/22/03
For Period End:6/30/03NT 10-Q
12/31/02NTN 10Q
6/30/0210QSB
1/23/02
12/31/0110KSB,  NT 10-K
10/4/01
9/28/01
9/13/01
4/19/01
3/2/01
12/31/0010KSB,  10KSB/A
9/22/00
8/24/00
8/10/00
7/28/00
6/30/00
2/14/00
1/27/00
12/31/99
5/18/99
12/31/98
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