Item 310(b) of Regulation S-B, and,
therefore, do not include all information and footnotes necessary for a complete
presentation of financial position, results of operations, cash flows, and
stockholders' equity in conformity with generally accepted accounting
principles. In the opinion of management, all adjustments considered necessary
for a fair presentation of the results of operations and financial position have
been included and all such adjustments are of a normal recurring
nature.
As used
in this Quarterly Report, the terms "we", "us", "our", and “GoldMountain” mean
GoldMountain Exploration Corporation and its subsidiary, unless otherwise
indicated. All dollar amounts in this Quarterly report are in U.S. dollars
unless otherwise stated.
-2-
GOLDMOUNTAIN
EXPLORATION CORPORATION
(An
Exploration Stage Company)
THIRD
QUARTER CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER
31, 2007
(Unaudited)
(Stated
in U.S. Dollars)
-3-
GOLDMOUNTAIN
EXPLORATION CORPORATION
(An
Exploration Stage Company)
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(Stated
in U.S. Dollars)
|
DECEMBER
31, 2007
|
MARCH
31, 2007
|
|||||||
|
(audited)
|
||||||||
|
ASSETS
|
||||||||
|
Current
|
||||||||
|
Cash
|
$ | 1,849 | $ | 17,096 | ||||
|
Prepaid
expenses
|
- | 3,030 | ||||||
|
Total
Current Assets
|
1,849 | 20,126 | ||||||
|
Non-Current
|
||||||||
|
Mineral
properties
|
1,060,000 | 1,060,000 | ||||||
|
TOTAL
ASSETS
|
$ | 1,061,849 | $ | 1,080,126 | ||||
|
LIABILITIES
|
||||||||
|
Current
|
||||||||
|
Accounts
payable and accrued liabilities
|
$ | 68,367 | $ | 29,798 | ||||
|
STOCKHOLDERS'
EQUITY
|
||||||||
|
Share
Capital
|
||||||||
|
Authorized:
|
||||||||
|
400,000,000
common voting shares with a par value of
|
||||||||
|
$0.001
per share
|
||||||||
|
100,000,000
preferred shares with a par value of
|
||||||||
|
$0.001
per share
|
||||||||
|
Issued
and outstanding:
|
||||||||
|
87,377,168
common shares at December 31, 2007
|
||||||||
|
and
80,657,168 common shares at March 31, 2007
|
87,377 | 80,657 | ||||||
|
Additional
Paid-In Capital
|
4,150,923 | 1,713,143 | ||||||
|
Stock
Subscriptions Received
|
- | 25,000 | ||||||
|
Deficit
Accumulated During Exploration Stage
|
(3,244,818 | ) | (768,472 | ) | ||||
|
Total
Stockholders' Equity
|
993,482 | 1,050,328 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 1,061,849 | $ | 1,080,126 | ||||
The
accompanying notes are an integral part of these consolidated financial
statements.
-4-
GOLDMOUNTAIN
EXPLORATION CORPORATION
(An
Exploration Stage Company)
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(Stated
in U.S. Dollars)
|
THREE
MONTHS ENDED DECEMBER 31, 2007
|
NINE
MONTHS ENDED DECEMBER 31, 2007
|
THREE
MONTHS ENDED DECEMBER 31, 2006 (Reclassified)
|
NINE
MONTHS ENDED DECEMBER 31, 2006 (Reclassified)
|
PERIOD
FROM INCEPTION NOVEMBER 3, 2004 TO DECEMBER 31, 2007
|
||||||||||||||||
|
Revenue
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
|
Operating
Expenses
|
||||||||||||||||||||
|
Consulting
fees
|
16,995 | 44,740 | 15,443 | 34,706 | 88,402 | |||||||||||||||
|
Mineral
acquisition costs
|
- | - | - | - | 28,627 | |||||||||||||||
|
Mineral
exploration costs
|
- | 476,327 | 73,627 | 259,522 | 867,011 | |||||||||||||||
|
Loss
(gain) on foreign exchange
|
1,762 | 7,226 | (377 | ) | (999 | ) | 6,977 | |||||||||||||
|
Office
and sundry
|
14,146 | 35,877 | 19,097 | 45,113 | 105,677 | |||||||||||||||
|
Professional
fees
|
9,575 | 98,176 | 45,151 | 104,156 | 285,124 | |||||||||||||||
|
Write
down of mineral
|
||||||||||||||||||||
|
property
interest
|
- | - | - | - | 3,500 | |||||||||||||||
| 42,478 | 662,346 | 152,941 | 442,498 | 1,385,318 | ||||||||||||||||
|
Net
Operating Loss For The Period
|
(42,478 | ) | (662,346 | ) | (152,941 | ) | ||||||||||||||