Attached files
| file | filename |
|---|---|
| 8-K - UNIVERSAL GOLD MINING CORP. | v224821_8k.htm |
| EX-10.1 - UNIVERSAL GOLD MINING CORP. | v224821_ex10-1.htm |
Exhibit 99.1
UNIVERSAL GOLD MINING CORP. (F/K/A
FEDERAL SPORTS & ENTERTAINMENT, INC.)
(an Exploration Stage Company)
Pro Forma Condensed Consolidated Balance Sheet
(Unaudited)
|
March 31,
2011
|
Pro forma
adjustments
|
Pro forma March
31, 2010
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current assets:
|
||||||||||||
|
Cash and cash Equivalents
|
$
|
299,052
|
$
|
902,082
|
(a)
|
$
|
1,201,134
|
|||||
|
Marketable securities – trading
|
-
|
737,950
|
(b)
|
737,950
|
||||||||
|
Receivables and other current assets
|
26,029
|
26,029
|
||||||||||
|
Total current assets
|
325,081
|
1,965,113
|
||||||||||
|
|
|
|
|
|
|
|||||||
|
Investment in mining option
|
2,300,000
|
(2,300,000
|
) |
(c)
|
-
|
|||||||
|
$
|
2,625,081
|
$
|
1,965,113
|
|||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
|
Current liabilities:
|
||||||||||||
|
Accounts payable
|
$
|
656,001
|
$
|
656,001
|
||||||||
|
Accounts payable – related party
|
60,882
|
60,882
|
||||||||||
|
Accrued liabilities
|
38,138
|
38,138
|
||||||||||
|
Total current liabilities
|
755,021
|
755,021
|
||||||||||
|
Total liabilities
|
755,021
|
755,021
|
||||||||||
|
Stockholders’ equity:
|
||||||||||||
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2011
|
-
|
-
|
||||||||||
|
Common stock, $0.001 par value, 1,500,000,000 shares authorized; 93,012,500 shares issued and outstanding as of March 31, 2011
|
93,013
|
93,013
|
||||||||||
|
Additional paid-in capital
|
5,904,877
|
5,904,877
|
||||||||||
|
Other comprehensive income
|
3,713
|
3,713
|
||||||||||
|
Deficit accumulated during the exploration stage
|
(4,131,543
|
)
|
(659,968
|
)
|
(d)
|
(4,791,511
|
)
|
|||||
|
Total stockholders’ equity
|
1,870,060
|
1,210,092
|
||||||||||
|
Total liabilities and shareholders' equity
|
$
|
2,625,081
|
$
|
1,965,113
|
||||||||
|
Pro forma footnote explanations:
|
|
|
(a)
|
To record the receipt of $902,082 (net of bank fees) in cash from Rio Novo Gold Inc. as though received on March 31, 2011.
|
|
(b)
|
To record the receipt of 500,000 shares of Rio Novo Gold Inc. classified as trading securities and valued as of May 31, 2011 based upon the closing price of Rio Novo Gold Inc’s shares as though received on March 31, 2011. Does not include 766,667 Rio Novo Gold Inc. shares that are contingently issuable to the Company upon (i) the Caldas State Government Mining Delegation (Colombia) granting a concession, exploitation or exploration right or any renewal or extension of any such existing right to Nestor Gutierrez, CVME, CVMEC, Rio Novo or any of their affiliates in connection with the Toldafria gold project having a term of not less that 20 years and (ii) the receipt of the relevant mineral rights from Reserva de Foresta Regional covering certain parts of the Toldafria gold project area so as to allow exploration and mining activities within the area covered by the Toldafria gold project.
|
|
(c)
|
To remove the carrying value of the investment in mining option to reflect the sale of such option to Rio Novo Gold Inc. as though it occurred on March 31, 2011.
|
|
(d)
|
To record the estimated loss of $659,968 attributable to the sale of the Company’s investment in mining option to Rio Novo Gold Inc.
|