x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Delaware
|
|
333-143215
|
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
|
(Commission
File No.)
|
|
(IRS
Employee Identification
No.)
|
Item
1.
|
Financial
Statements
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition
|
Item
3.
|
Control
and Procedures
|
Item
1A.
|
Risk
Factors
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
Item
3.
|
Defaults
Upon Senior Securities
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
Item
5.
|
Other
Information
|
Item
6.
|
Exhibits
and Reports on Form 8-K
|
BALANCE
SHEET
|
F-1
|
STATEMENT
OF OPERATIONS
|
F-2/F-3
|
STATEMENT
OF STOCKHOLDERS’ EQUITY
|
F-4
|
STATEMENT
OF CASH FLOWS
|
F-5
|
FINANCIAL
STATEMENT FOOTNOTES
|
F-6
|
SUSTUT
EXPLORATION, INC.
|
||||||||
(an
exploration stage company)
|
||||||||
BALANCE
SHEET
|
||||||||
As
of September 30, 2007
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
9/30/2007
|
12/31/2006
|
||||||
Cash
|
$ |
13,617
|
$ |
4,893
|
||||
Total
Current Assets
|
13,617
|
4,893
|
||||||
TOTAL
ASSETS
|
$ |
13,617
|
$ |
4,893
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accrued
Expenses
|
$ |
3,500
|
$ |
2,500
|
||||
Payable
agreement for claim rights
|
20,000
|
-
|
||||||
Total
Current Liabilities
|
23,500
|
2,500
|
||||||
LONG-TERM
LIABILITIES
|
||||||||
Payable
agreement for claim rights
|
-
|
20,000
|
||||||
TOTAL
LIABILITIES
|
23,500
|
22,500
|
||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Common
Stock, $.001 par value
|
||||||||
Authorized:
200,000,000
|
||||||||
Issued:
16,059,000 and 16,000,000, respectively
|
16,059
|
16,000
|
||||||
Additional
paid
in capital
|
71,641
|
54,000
|
||||||
Accumulated
deficit during development stage
|
(97,583 | ) | (87,607 | ) | ||||
Total
Stockholders' Equity
|
(9,883 | ) | (17,607 | ) | ||||
TOTAL
LIABILITIES AND EQUITY
|
$ |
13,617
|
$ |
4,893
|
||||
SUSTUT
EXPLORATION, INC.
|
||||||||||||
(an
exploration stage company)
|
||||||||||||
STATEMENT
OF OPERATIONS
|
||||||||||||
For
the nine months ended September 30, 2007 and 173 days ended September
30,
2006, and
|
||||||||||||
From
inception (April 11, 2006) through September 30,
2007
|
||||||||||||
FROM
|
||||||||||||
09/30/07
|
09/30/06
|
INCEPTION
|
||||||||||
REVENUE
|
$ |
-
|
$ |
-
|
$ |
-
|
||||||
COST
OF SERVICES
|
-
|
-
|
-
|
|||||||||
GROSS
PROFIT OR (LOSS)
|
-
|
-
|
-
|
|||||||||
GENERAL
AND ADMINISTRATIVE EXPENSES
|
9,976
|
10,085
|
22,583
|
|||||||||
GENERAL
EXPLORATION
|
-
|
75,000
|
75,000
|
|||||||||
OPERATING
INCOME
|
(9,976 | ) | (85,085 | ) | (97,583 | ) | ||||||
ACCUMULATED
DEFICIT, BEGINNING
|
(87,607 | ) |
-
|
-
|
||||||||
ACCUMULATED
DEFICIT, ENDING
|
$ | (97,583 | ) | $ | (85,085 | ) | $ | (97,583 | ) | |||
Earnings
(loss) per share, basic
|
$ | (0.00 | ) | $ | (0.02 | ) | ||||||
Weighted
average number of common shares
|
16,008,263
|
4,509,589
|
||||||||||
SUSTUT
EXPLORATION, INC.
|
||||||||
(an
exploration stage company)
|
||||||||
STATEMENT
OF OPERATIONS
|
||||||||
For
the three months ended September 30, 2007 and
2006
|
||||||||
09/30/07
|
09/30/06
|
|||||||
REVENUE
|
$ |
-
|
$ |
-
|
||||
COST
OF SERVICES
|
-
|
-
|
||||||
GROSS
PROFIT OR (LOSS)
|
-
|
-
|
||||||
GENERAL
AND ADMINISTRATIVE EXPENSES
|
2,969
|
13
|
||||||
GENERAL
EXPLORATION
|
-
|
-
|
||||||
OPERATING
INCOME
|
(2,969 | ) | (13 | ) | ||||
ACCUMULATED
DEFICIT, BEGINNING
|
(94,614 | ) | (85,072 | ) | ||||
ACCUMULATED
DEFICIT, ENDING
|
$ | (97,583 | ) | $ | (85,085 | ) | ||
SUSTUT
EXPLORATION, INC.
|
||||||||||||||||||||
(an
exploration stage company)
|
||||||||||||||||||||
STATEMENT
OF STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
As
of September 30, 2007
|
||||||||||||||||||||
ADDITIONAL
|
||||||||||||||||||||
COMMON
|
PAR
|
PAID
IN
|
ACCUM.
|
TOTAL
|
||||||||||||||||
STOCK
|
VALUE
|
CAPITAL
|
DEFICIT
|
EQUITY
|
||||||||||||||||
Common
stock issued for compensation
|
||||||||||||||||||||
April
11, 2006 at $0.001 per share
|
10,000,000
|
10,000
|
-
|
-
|
10,000
|
|||||||||||||||
Common
stock issued for cash
|
||||||||||||||||||||
April
16, 2006 at $0.01
|
||||||||||||||||||||
per
share on private placement
|
6,000,000
|
6,000
|
54,000
|
-
|
60,000
|
|||||||||||||||
Net
income (loss)
|
(87,607 | ) | (87,607 | ) | ||||||||||||||||
Balance,
December 31, 2006
|
16,000,000
|
16,000
|
54,000
|
(87,607 | ) | (17,607 | ) | |||||||||||||
Common
stock issued for cash
|
59,000
|
59
|
17,641
|
17,700
|
||||||||||||||||
February
21, 2007 at $0.30
|
||||||||||||||||||||
per
share on private placement
|
||||||||||||||||||||
Cancellation
of common stock
|
(1,000 | ) | (1 | ) | (299 | ) | (300 | ) | ||||||||||||
issued
for cash March 21, 2007
|
||||||||||||||||||||
at
$.30 per share
|
||||||||||||||||||||
Common
Stock issued for cash
|
1,000
|
1
|
299
|
300
|
||||||||||||||||
July
4, 2007 at $0.30 per
|
||||||||||||||||||||
share
on private placement
|
||||||||||||||||||||
Net
income (loss)
|
(9,976 | ) | (9,976 | ) | ||||||||||||||||
Balance,
September 30, 2007
|
16,059,000
|
$ |
16,059
|
$ |
71,641
|
$ | (97,583 | ) | $ | (9,883 | ) | |||||||||
SUSTUT
EXPLORATION, INC.
|
||||||||||||
(an
exploration stage company)
|
||||||||||||
STATEMENTS
OF CASH FLOWS
|
||||||||||||
For
the nine months ended September 30, 2007 and 173 days ended September
30,
2006, and
|
||||||||||||
From
inception (April 11, 2006) through September 30,
2007
|
||||||||||||
FROM
|
||||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
09/30/07
|
09/30/06
|
INCEPTION
|
|||||||||
Net
income (loss)
|
$ | (9,976 | ) | $ | (85,085 | ) | $ | (97,583 | ) | |||
Adjustments
to
reconcile net income to net cash
|
||||||||||||
provided
by (used in) operating activities:
|
||||||||||||
Stock
issued in the form of compensation
|
-
|
10,000
|
10,000
|
|||||||||
Increase
(Decrease) in Accrued Expenses
|
1,000
|
-
|
3,500
|
|||||||||
Increase
(Decrease) in claims payable
|
-
|
20,000
|
20,000
|
|||||||||
Total
adjustments to net income
|
1,000
|
30,000
|
33,500
|
|||||||||
Net
cash provided by (used in) operating activities
|
(8,976 | ) | (55,085 | ) | (64,083 | ) | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
None
|
-
|
-
|
-
|
|||||||||
Net
cash flows provided by (used in) investing activities
|
-
|
-
|
-
|
|||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Proceeds
from
stock issuance
|
17,700
|
60,000
|
77,700
|
|||||||||
Net
cash provided by (used in) financing activities
|
17,700
|
60,000
|
77,700
|
|||||||||
CASH
RECONCILIATION
|
||||||||||||
Net
increase (decrease) in cash
|
8,724
|
4,916
|
13,617
|
|||||||||
Cash
-
beginning balance
|
4,893
|
-
|
-
|
|||||||||
CASH
BALANCE END OF PERIOD
|
$ |
13,617
|
$ |
4,916
|
$ |
13,617
|
||||||
•
|
B.C.
Mineral potential is good
|
•
|
B.C.
Has untapped reserves of metals
|
•
|
Competitive
taxes
|
•
|
Streamlined
regulatory requirements
|
•
|
Electricity
rates are among the lowest in North America
|
•
|
Highly
skilled work force
|
•
|
Well
developed infrastructure
|
Item
Description
|
Cost
Estimate
|
Helicopter
support (6 hrs x $1,000/hr)
|
$6,000
|
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
|
|
SUSTUT
EXPLORATION, INC.
|
|
|
|
|
Date:
November 13, 2007
|
By:
|
/s/
Terry Hughes
|
|
|
Terry
Hughes
|
|
|
President,
Chief Executive Officer and Chief Financial
Officer
|