x
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Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934.
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o
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Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934.
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Delaware
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333-143215
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File No.)
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(IRS
Employee Identification
No.)
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Large
accelerated filer
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Accelerated
filer
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Non-accelerated
filer
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Item
1.
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Financial
Statements
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Item
2.
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Management’s
Discussion and Analysis of Financial Condition
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Item
3.
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Control
and Procedures
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Item
1A.
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Risk
Factors
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Item
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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Item
3.
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Defaults
Upon Senior Securities
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Item
4.
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Submission
of Matters to a Vote of Security Holders
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Item
5.
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Other
Information
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Item
6.
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Exhibits
and Reports on Form 8-K
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BALANCE
SHEET
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F-1
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STATEMENT
OF OPERATIONS
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F-2
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STATEMENT
OF STOCKHOLDERS’ EQUITY
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F-3
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STATEMENT
OF CASH FLOWS
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F-4
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FINANCIAL
STATEMENT FOOTNOTES
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F-5
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SUSTUT
EXPLORATION, INC.
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||||||||
(an
exploration stage company)
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||||||||
BALANCE
SHEET
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||||||||
As
of June 30, 2007
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||||||||
ASSETS
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||||||||
CURRENT
ASSETS
|
6/30/2007
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12/31/2006
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||||||
Cash
|
$ |
15,786
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$ |
4,893
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||||
Total
Current Assets
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15,786
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4,893
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||||||
TOTAL
ASSETS
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$ |
15,786
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$ |
4,893
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||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
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||||||||
CURRENT
LIABILITIES
|
||||||||
Accrued
Expenses
|
$ |
3,000
|
$ |
2,500
|
||||
Total
Current Liabilities
|
3,000
|
2,500
|
||||||
LONG-TERM
LIABILITIES
|
||||||||
Payable
agreement for claim rights
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20,000
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20,000
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||||||
TOTAL
LIABILITIES
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$ |
23,000
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$ |
22,500
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||||
STOCKHOLDERS'
EQUITY
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||||||||
Common
Stock, $.001 par value
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||||||||
Authorized:
200,000,000
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||||||||
Issued:
16,058,000 and 16,000,000, respectively
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16,058
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16,000
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||||||
Additional
paid
in capital
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71,342
|
54,000
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||||||
Accumulated
deficit during development stage
|
(94,614 | ) | (87,607 | ) | ||||
Total
Stockholders' Equity
|
(7,214 | ) | (17,607 | ) | ||||
TOTAL
LIABILITIES AND EQUITY
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$ |
15,786
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$ |
4,893
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||||
SUSTUT
EXPLORATION, INC.
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||||||||||||
(an
exploration stage company)
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||||||||||||
STATEMENT
OF OPERATIONS
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||||||||||||
For
the six months ended June 30, 2007 and 80 days ended June 30, 2006,
and
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||||||||||||
From
inception (April 11, 2006) through June 30, 2007
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||||||||||||
FROM
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||||||||||||
06/30/07
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06/30/06
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INCEPTION
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||||||||||
REVENUE
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$ |
-
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$ |
-
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$ |
-
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||||||
COST
OF SERVICES
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-
|
-
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-
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|||||||||
GROSS
PROFIT OR (LOSS)
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-
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-
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-
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|||||||||
GENERAL
AND ADMINISTRATIVE EXPENSES
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7,007
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10,072
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19,614
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|||||||||
GENERAL
EXPLORATION
|
-
|
75,000
|
75,000
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|||||||||
OPERATING
INCOME
|
(7,007 | ) | (85,072 | ) | (94,614 | ) | ||||||
ACCUMULATED
DEFICIT, BEGINNING
|
(87,607 | ) |
-
|
-
|
||||||||
ACCUMULATED
DEFICIT, ENDING
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$ | (94,614 | ) | $ | (85,072 | ) | $ | (94,614 | ) | |||
Earnings
(loss) per share, basic
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$ | (0.00 | ) | $ | (0.01 | ) | ||||||
Weighted
average number of common shares
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16,049,814
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15,886,364
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||||||||||
SUSTUT
EXPLORATION, INC.
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||||||||
(an
exploration stage company)
|
||||||||
STATEMENT
OF OPERATIONS
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||||||||
For
the three months ended June 30, 2007 and 80 days ended June 30,
2006
|
||||||||
06/30/07
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06/30/06
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|||||||
REVENUE
|
$ |
-
|
$ |
-
|
||||
COST
OF SERVICES
|
-
|
-
|
||||||
GROSS
PROFIT OR (LOSS)
|
-
|
-
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||||||
GENERAL
AND ADMINISTRATIVE EXPENSES
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6,472
|
10,072
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||||||
GENERAL
EXPLORATION
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-
|
75,000
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||||||
OPERATING
INCOME
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(6,472 | ) | (85,072 | ) | ||||
ACCUMULATED
DEFICIT, BEGINNING
|
(88,142 | ) |
-
|
|||||
ACCUMULATED
DEFICIT, ENDING
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$ | (94,614 | ) | $ | (85,072 | ) | ||
SUSTUT
EXPLORATION, INC.
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||||||||||||||||||||
(an
exploration stage company)
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||||||||||||||||||||
STATEMENT
OF STOCKHOLDERS' EQUITY
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||||||||||||||||||||
As
of March 31, 2007
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||||||||||||||||||||
ADDITIONAL
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||||||||||||||||||||
COMMON
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PAR
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PAID
IN
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ACCUM.
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TOTAL
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||||||||||||||||
STOCK
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VALUE
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CAPITAL
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DEFICIT
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EQUITY
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||||||||||||||||
Common
stock issued for compensation
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||||||||||||||||||||
April
11, 2006 at $0.001 per share
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10,000,000
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10,000
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-
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-
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10,000
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|||||||||||||||
Common
stock issued for cash
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||||||||||||||||||||
April
16, 2006 at $0.01
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||||||||||||||||||||
per
share on private placement
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6,000,000
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6,000
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54,000
|
-
|
60,000
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|||||||||||||||
Net
income (loss)
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- | - | - | (87,607 | ) | (87,607 | ) | |||||||||||||
Balance,
December 31, 2006
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16,000,000
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$ |
16,000
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$ |
54,000
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$ | (87,607 | ) | $ | (17,607 | ) | |||||||||
Common
stock issued for cash
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59,000
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59
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17,641
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17,700
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||||||||||||||||
February
21, 2007 at $0.30
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||||||||||||||||||||
per
share on private placement
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||||||||||||||||||||
Cancellation
of common stock
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(1,000 | ) | (1 | ) | (299 | ) | (300 | ) | ||||||||||||
issued
for cash March 21, 2007
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||||||||||||||||||||
at
$.30 per share
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||||||||||||||||||||
Net
income (loss)
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- | - | - | (7,007 | ) | (7,007 | ) | |||||||||||||
Balance,
June 30, 2007
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16,058,000
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$ |
16,058
|
$ |
71,342
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$ | (94,614 | ) | $ | (7,214 | ) | |||||||||
SUSTUT
EXPLORATION, INC.
|
||||||||||||
(an
exploration stage company)
|
||||||||||||
STATEMENTS
OF CASH FLOWS
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||||||||||||
For
the six months ended June 30, 2007 and 80 days ended June 30, 2006,
and
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||||||||||||
From
inception (April 11, 2006) through June 30, 2007
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||||||||||||
FROM
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||||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
06/30/07
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06/30/06
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INCEPTION
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|||||||||
Net
income (loss)
|
$ | (7,007 | ) | $ | (85,072 | ) | $ | (94,614 | ) | |||
Adjustments
to reconcile net income to net cash
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||||||||||||
provided
by (used in) operating activities:
|
||||||||||||
Stock
issued in the form of compensation
|
-
|
10,000
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10,000
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|||||||||
Increase
(Decrease) in Accrued Expenses
|
500
|
-
|
3,000
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|||||||||
Increase
(Decrease) in claims payable
|
-
|
20,000
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20,000
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|||||||||
Total
adjustments to net income
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500
|
30,000
|
33,000
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|||||||||
Net
cash provided by (used in) operating activities
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(6,507 | ) | (55,072 | ) | (61,614 | ) | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
None
|
-
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-
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-
|
|||||||||
Net
cash flows provided by (used in) investing activities
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-
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-
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-
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|||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Proceeds
from stock issuance
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17,400
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60,000
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77,400
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|||||||||
Net
cash provided by (used in) financing activities
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17,400
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60,000
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77,400
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|||||||||
CASH
RECONCILIATION
|
||||||||||||
Net
increase (decrease) in cash
|
10,893
|
4,928
|
15,786
|
|||||||||
Cash
- beginning balance
|
4,893
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-
|
-
|
|||||||||
CASH
BALANCE END OF PERIOD
|
$ |
15,786
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$ |
4,928
|
$ |
15,786
|
||||||
•
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B.C.
Mineral potential is good
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•
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B.C.
Has untapped reserves of metals
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•
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Competitive
taxes
|
•
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Streamlined
regulatory requirements
|
•
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Electricity
rates are among the lowest in North America
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•
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Highly
skilled work force
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•
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Well
developed infrastructure
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Item
Description
|
Cost
Estimate
|
Helicopter
support (6 hrs x $1,000/hr)
|
$6,000
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Labour
(2 tech. x 7 days @ $350/day)
|
$4,900
|
Sample
Analyses (100 soil + 50 rock @ $30/sample)
|
$4,500
|
Room
and board
|
$2,000
|
Mob./Demob.
+ truck + fuel
|
$3,000
|
Report
and drafting
|
$5,000
|
10%
contingency
|
$2,500
|
Total
|
$27,900
|
|
ROUNDED
= $30,000
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SUSTUT
EXPLORATION, INC.
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||
Date:
August 14, 2007
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By:
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/s/
Terry Hughes
|
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Terry
Hughes
|
|
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President,
Chief Executive Officer and Chief Financial
Officer
|