Silverton Adventures, Inc. - FORM 10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A-4



[X]	ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2012

[ ]	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from _________________ to _________________

Commission file number 333-153626

SILVERTON ADVENTURES, INC.
(Exact name of registrant as specified in its charter)

Nevada		80-5072317
(State or jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6283-B South Valley View Boulevard
Las Vegas, Nevada 89118
(Address of principal executive offices)

(702) 876-1539
(Issuer's telephone number)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered under Section 12(b) of the Exchange Act:

None

Securities registered under Section 12(g) of the Exchange Act:

Common Stock, Par Value $0.001

Indicate by check mark if the registrant is a well-season issuer, as defined in Rule 405 of the Securities Act. [ ] Yes [X] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

[X] Yes [ ] No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to the reporting requirements for the past 90 days. [X ] Yes [ ] No

Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K/A or any amendment to this Form 10-K/A-3. [X]

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

[ ]

Non-accelerated filer

Smaller reporting company

[ ]

[X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. [ ] Yes [X] No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Note – If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided that the assumptions are set forth in this Form.

The aggregate market value of the voting and non-voting common stock of the issuer held by non-affiliates as of October 23, 2012 (date of filing) was approximately $1,079,000.00 based upon the $0.97 price per share which was the price of the last trade on October 22, 2012. The current bid price is $0.80 per share and the current offer is $0.95 per share.

State the number of shares outstanding of each of the Issuer’s classes of common equity, as of the last practicable date:

11,250,000

June 30, 2010

10,750,000

October 12, 2010

17,800,000

June 30, 2011

17,800,000

June 30, 2012

17,800,000

October 12, 2012

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K/A (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). None.

Explanation:

10K/A-4 is being filed to restate the previously audited financial statements.

As of November 19, 2012 the Company determined that it needed to restate its audited financial statements for the year ended June 30, 2012, as contained in its Annual Report on Form 10K, dated filed October 23, 2012.

As a result of the preparation of the Company’s unaudited financial statements as September 30, 2012 and for the three months ended September 30, 2012, the Company determined that it had not used the proper accounting treatment of capital distributions to an officer and director of the Company. An officer and director of the Company was advanced funds in connection with travel and other expenses. These advancements of funds were improperly recorded as related-party accounts receivable. The Company should have recorded these transactions as expenses and/or compensation for services performed.

As a result, the Company understated its net loss by $50,408 and $26,445 for the years ended June 30, 2012 and 2011, respectively. In the restatement of the June 30, 2012 financial statements, the amounts will be accounted for as a payroll expense. The result from the change will be an increase in accumulate deficit totaling $76,853 and an increase of $50,408 in payroll expense which results in a ($76,853) change to total current assets and stockholders’ equity.

The Company does not have an audit committee, at this time, and so its board of directors, have authorized the Company’s officers to discuss this matter with the independent auditors for the Company and a consensus was reached that disclosure should be made relating to the previously issued financial statements dated June 30, 2012 as to non-reliance as of November 19, 2012.

TABLE OF CONTENTS

PART I

Item 1 Business

Item 1A Risk Factors

Item 1B Unresolved Staff Comments

Item 2 Properties

Item 3 Legal Proceedings

Item 4 Submission of Matters to a Vote of Security Holders

PART II

Item 5

Market for Registrant’s Common Equity, Related Stockholder Matters and

Issuer Purchases of Equity Securities

Item 6 Selected Financial Data

Item 7 Management’s Discussion and Analysis of Financial Condition and

Results of Operations

Item 8 Financial Statements and Supplementary Data

Item 9 Changes in and Disagreements With Accountants and Accounting and

Financial Disclosure

Item 9 A(T) Controls and Procedures

Item 9 B Other Information

PART III

Item 10 Directors, Executive Officers and Corporate Governance

Item 11 Executive Compensation

Item 12 Security Ownership of Certain Beneficial Owners and Management

and Related Stockholder Matters

Item 13 Certain Relationships and Related Transactions and Director Independence

Item 14 Principal Accounting Fees and Service

PART IV

Item 15 Exhibits, Financial Statement Schedules

SIGNATURES

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

All readers of this document and any document incorporated by reference herein are advised that this document and documents incorporated by reference into this document contain forward-looking statements and statements of historical facts. Forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially for those indicated by the forward-looking statements. Examples of forward-looking statements include, but are not limited to (i) revenue projections, income (loss), earning (loss) per share, capital expenditures, dividends, capital structure and other financial items, (ii) statements of the plans and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions with regards to customers, suppliers, competitors or regulatory authorities, (iii) statements of future performance, and (iv) statements of assumptions underlying other statements about the Company or its business.

This document and all documents incorporated herein by reference also identify factors which could cause actual results to differ materially from those indicated by the forward-looking statements. Please refer to “Management's Discussion and Analysis of Financial Condition and Results of Operations” and“Risk Factors.”

The cautions outlined made in this statement and elsewhere in this document should not be construed as complete or exhaustive. In many cases, we cannot predict factors which could cause results to differ materially from those indicated by the forward-looking statements. Additionally, many items or factors that could cause actual results to differ materially from forward-looking statements are beyond our ability to control. The Company will not undertake an obligation to further update or change any forward-looking statement, whether as a result of new information, future developments, or otherwise.

PART I

ITEM 1. BUSINESS

Business Summary

Silverton Adventures, Inc. ("SAI" or the "Company"), was originally incorporated in the State of Nevada on May 31, 2006 as Mor Travel, Inc. (“Mor”). On December 26, 2007, the Company changed its name to Silverton Adventures, Inc.

The Company recently formed a new wholly owned subsidiary named Silverton Printing, Inc. (“Silverton Printing”) whereby it operates its original printing and mailing services to companies nationwide. On December 30, 2010, the Company acquired 100% of the outstanding common stock of Worldwide Media Organization, Inc. making it a wholly owned subsidiary (“Worldwide Media”). Worldwide Media is a marketing, production and distribution company with its principal business objective being the production, acquisition (through exclusive licensing arrangements with independent producers worldwide), sale and distribution of special interest, family oriented, inspirational and children’s DVDs and programs. Video distribution is made by a non-theatrical home video retailer, catalog, mass-merchant and rack-jobber markets (including specialty markets such as gift and museum shops, premium and direct response markets). WMO also licenses to the television broadcast markets, as well as the educational, school and public library markets, both nationally and worldwide. This distribution includes emerging venues such as digital downloads via Internet, video-on-demand (VOD) and download streaming on various platforms, among others.

Operation Summary

The Company operates two wholly owned subsidiaries. Through Silverton Printing, the Company has a principal business objective of providing printing and mailing services to companies nationwide. Through Worldwide Media, the Company has a principal business objective of the production, acquisition (through exclusive licensing arrangements with independent producers worldwide), sale and distribution of special interest, family oriented, inspirational and children’s DVDs and programs.

SILVERTON PRINTING, INC.

Business Segment Summary

Silverton Printing has a principal business objective of providing printing and mailing services to companies nationwide. The Company plans on completing the printing and mailing from its corporate offices depending on the size of the job. In other cases, the Company has developed accounts with wholesale printers who are more equipped to handle large print and mailing orders. Our mission is to provide the highest quality print and mail services to our clients.

Since inception, we have generated consistent revenues and have incurred a cumulative net loss as reflected in the financial statements. The Company has never been party to any bankruptcy, receivership or similar proceeding, nor has it undergone any merger, consolidation, purchase or sale of a significant amount of assets not in the ordinary course of business.

Product Development

Silverton Printing’s mission is to provide small and large businesses a printing and mailing services of a wide variety of products (See list below). Also, the Company will provide a mailing service which will include Automated Presort and Insert and Address. This service will be primarily for companies that want to save money on postage. Instead of paying $0.42 for a first class letter, Silverton will sort the mail pieces by zip codes saving the customer almost 50% in postage costs. The following are print and mail services offered by the Company:

• Business Cards

• Carbonless Forms

• Catalogs/Booklets

• Flyers

• Posters

• Graphic Design

• Automated Presort

• Brochures

• Copying

• Envelopes

• Letterhead

• Postcards

• Presentation Folders

• Insert and Address

Marketing

Silverton Printing is gearing up to be a direct marketer of printing and mailing to businesses nationwide. The Company will be placing Yellow Page advertisements offering our services under the classification of printers and mailers in major cities throughout the United States. Even though the Company maintains its facility in Las Vegas, Nevada, the Company will ship all orders directly to the customer for a small shipping charge. Additionally, the Company plans to constantly mail postcards throughout the United States to new and upcoming businesses that have been recently approved for a business license.

WORLDWIDE MEDIA ORGANIZATION, INC.

Business Segment Summary

Worldwide Media is a marketing, production and distribution company with its principal business objective being the production, acquisition (through exclusive licensing arrangements with independent producers worldwide), sale and distribution of special interest, family oriented, inspirational and children’s DVDs and programs. Distribution is made into the non-theatrical home video retailer, catalog, mass-merchant and rack-jobber markets (including specialty markets such as gift and museum shops, premium and direct response markets). Worldwide Media also licenses to the television broadcast markets, as well as the educational, school and public library markets, both nationally and worldwide. This distribution includes emerging

venues such as digital downloads via Internet, video-on-demand (VOD) and download streaming on various platforms, among others.

Product Development

There are two key product development strategies for general market sale and distribution that Worldwide Media is involved in; inexpensive, but high quality and high-perceived value productions and, strategic partnership exclusive acquisition of other quality programs from outside producers.

First, Worldwide Media has established relationships with talented, highly experienced producers, writers and editors that contract with Worldwide Media to produce low-cost but high quality productions that are suitable for sale into Worldwide Media’s market niches. One strategy Worldwide Media has developed in this regard is what is called in the industry “based, best described as mid-America having traditional family values, and highly desirous of dealing with Great Women Leaders In World History, The Life of Albert Einstein, Famous Explorers, Joan of Arc (upcoming), the Korean War (upcoming) and a documentary on the life of, and conquest of Everest by, Sir Edmund Hillary (in anticipation of an upcoming feature film starring Liam Neeson, about the mysterious death and controversy surrounding George Mallory, who supposedly summited Everest 30 years before Hillary’s attempt.).

Secondly, Worldwide Media is also strategically acquiring various films, programs and series that meet its market niches. There is a vast source of quality programming produced by numerous independent producers worldwide, that simply do not have the resources, nor ability, to distribute their product and profitably into the market. Worldwide Media negotiates distribution contracts with these producers for the distribution of their programs in niche markets, often with little or no advance monies paid up front, providing instead the producers royalties on actual per unit sales. This is a favorable situation for both Worldwide Media (in providing the marketplace with a steady stream of finished quality programs at virtually no upfront costs, other than package design, that are fresh and appealing to the markets that based, best described as mid-America having traditional family values, and highly desirous of

Marketing and Industry Analysis

Market research and analysis reveals that the population is gradually becoming older, thereby more conservative, with the aging of the baby boom generation. With the increase in recreational and discretionary time that this maturing generation will have, along with their greater flexible spending ability, all indications point to even greater desire by the consumer for more family-friendly and special quality programming that is inexpensive and can be enjoyed by a wide demographic in society. History has shown time and time again that G/PG and family films consistently do well at the box office both in audience attendance and recreational and discretionary time that this maturing generation will have, along with their Worldwide Media has also pursued the inspirational DVD market, which is a vastly underserved market. Surveys consistently show that over 85% of the population defines itself as spiritual in some way. The usual Hollywood market has simply not addressed that market; which is numerous and broad-based, best described as mid-America having traditional family values, and highly desirous of programming that reflects those values. based, best described as mid-America having traditional

family values, and highly desirous of traditional home video distribution venues consumers generally frequent (such as home catalogs, retail stores and mass-merchants, warehouse chains), and feels that Worldwide Media can become a leading brand and label for that market. Furthermore, current management has extensive experience in servicing that market niche through previous business affiliations, thereby further solidifying understanding the needs of that market and how best to serve it with proper content.

based, best described as mid-America having traditional family values, and highly desirous of Worldwide Media is becoming an established brand in the educational, public library and home-school markets. The principles have over 25 years experience in servicing the needs of that particular market, with quality documentary, special interest and educational programs suited for the K-12 grade levels. Education is a consistent priority in terms of funding and curriculum quality on the local, state and federal levels. There is a constant need in the market for relevant and new programming to meet those requirements. Worldwide Media is uniquely positioned in that regard, having relationships with hundreds of independent producers worldwide that have

relevant quality content for the educational market, but lack the means to distribute it on a wide scale. Worldwide Media has the distribution means in place either directly through direct solicitation or through strategic relationships with several of the top wholesalers and re-sellers into the educational/library markets. Worldwide Media has also entered into strategic alliances with several companies in providing educational programming for on-line streaming and closed circuit broadcast into digital libraries serving schools and libraries throughout North America, a technology growing exponentially.

Growth Strategy of the Company

The home video/DVD/educational markets are broad, complex and fragmented into different distribution channels and niches: retail, mass merchants (box stores), catalog, internet, resellers that purchase from wholesalers and producers, specialty chains and stores (gift stores, museum shops, airport stores, etc.), and, of course, individual consumers served directly by web advertising, schools, libraries, and school districts, among others. The time required establishing profitable relationships with these various venues and buyers directly can be both time consuming and capital intensive, in terms of direct face-to-face meetings, attending trade shows and constantly forwarding market material and press releases to generate interest in particular programs and films. Worldwide Media’s management has made a strategic decision that, rather than expending the time, energy and resources in cultivating those markets, Worldwide Media’s business interests and growth strategies are better served by leveraging key relationships with a handful of well-established, well respected and aggressive sub-distributors, resellers and sub-licensors that have established, personal and solid vendor relationships and established SKU’s and vendor accounts with all of the key players and buyers in these various market niches and accounts. By maintaining above average gross margins in the discount pricing provided to these resellers, Worldwide Media is able to penetrate the market more quickly, efficiently, cost effectively and deeply with its programs without the expenditures of time and resources noted above. Examples of some of the key relationships are listed below:

Allegro Media Group - a direct premium independent distributor into the retail home video music CD’s, and digital content market with over 25 years in representing a handful of labels into the general retail market and over 400 direct vendor/buyer account relationships; including but not limited to, Walmart, Target, Sams Clubs, Anderson Merchandising, Costco, Amazon, Netflix, Barnes & Noble, Baker & Taylor, Ingram (serving over 5,000 individual stores), Best Buy, Critics Choice, Movies Unlimited, AAFES (Navy PX’s), Eurpac (military PX’s worldwide), Waxworks, Library Video, Midwest Tape, Blockbuster, Borders, VPD, etc. (complete account list available).

Total Content – a sub-licensor dealing with top catalogers with 20+ years experience; including, but not limited to: Publishers Clearing House, Readers Digest, Avon, Carol Wright, Johnson Smith, Colombia House, Miles Kimball, Christian Book Distributors (serving over 25 million home schoolers), Discovery Catalog, Guideposts, Doubleday Direct, Harriet Carter, Wireless, Taylor Gifts, etc. (complete account list available).

Echo Bridge – sub licensor with proprietary displays and end caps in a large number of grocery, retail, drugstores chains, mass merchants, specializing in very high volume (“tonnage”) discount videos/DVD sales for the consumer mass market; including, but not limited to Walmart, Safeway, a number of Midwest grocery chains and hardware/drug store chains, specialty

catalogs, etc. Echo Bridge is very focused and selective in product acquisition; and, when distributing, can generally move in excess of several thousand units per title. Echo Bridge has licensed six family films from Worldwide Media and is considering a number of others.

Cerebellum – market’s leading distributor for educational media with 15+ years experience serving all major distributors and resellers into the educational, K-12, university, and public library markets; including but not limited to, Follett, Library Video, Barnes Noble, Christian Book Distributors (educational division), Brodarts, Midwest Tapes, Mackin Distributors, Quality Books, Scholastic Media, Discovery, AIM, Learn 360 (digital downstreaming into individual classrooms nationwide), etc. (complete account list available).

John McLean Media – major distributor and licensor into the international television and DVD markets, with over 20 years experience and relationships cultivated with all major players in all broadcast and media markets worldwide. Worldwide Media has entered into an exclusive licensing arrangement to have JMM represent all current, and future, productions into this sizable and very lucrative market. Our current mix includes five of Worldwide Media’s productions, with a commitment for acquiring licensing rights to an additional twelve to thirteen productions, along with future productions still in developmental phase.

In addition to the above relationships, Worldwide Media has signed distribution agreements with major players in specialty markets, including:

Starcrest Catalog – major specialty catalog with mailings to over 26 million homes 4 to 6 times a year. This brand is popular with buyers of family/special interest programs.

5min Media – an innovative 5 year-old company in the business as internet content provider that has established contracts with all major search engines whereby millions of users are directed to informational and themed streaming videos, based on their queries on-line, and whereby

Worldwide Media is then paid a royalty for each “hit” on line. Additionally links on the site are provided to drive the user directly to Worldwide Media’s various websites, leading to further consumer direct sales.

To control outside costs with key vendors, Worldwide Media has entered into relationships with large, fully licensed and industry professional duplication/replication companies to manufacture, assemble, shrinkwrap and ship its DVD programs: CDI Media in Salt Lake City, Utah and VEA Associates in Irvine, CA. Worldwide Media has negotiated very favorable most-favored-nation pricing for its manufacturing and shipping needs. Worldwide Media is negotiating with a third lab, RLX Media, in Coral Gables, FL. as well; in order to cover all US retail and catalog drop-ship locations in the most cost effective way possible.

Competitor Analysis

Direct competition for Worldwide Media is hard to pinpoint and fragmented. Worldwide Media’s management feels it is in a superior position to affectively seize market share in its niche over and above its competitors, due to Worldwide Media’s unique business paradigm and diversification into a number of distribution venues; its ability to leverage relationships in a highly favorable and profitable way with both independent production companies and major distributors in the industry; its control of overhead by having key production and marketing support elements in-house, including the ability to produce and edit high quality programs for

very low cost, and print and reconfigure all packaging and ancillary marketing material quickly; a warehouse and duplication capabilities in house to handle smaller incremental orders for product; and finally, and perhaps most importantly, extensive experience in the industry on a senior management and sales.

Competition

The Company will compete against established companies with significantly greater financial, marketing, research and development, personnel, and other resources than the Company. Such competition could have a material adverse effect on the Company's profitability.

Government Regulation

There are no government regulations regulating the business of printing and mailing services for business and other organizations or the educational and home video DVD sales.

ITEM 1A. RISK FACTORS

Not applicable.

ITEM 1B. UNRESOLVED STAFF COMMENTS

There are no unresolved staff comments.

ITEM 2. PROPERTIES

Our principal Nevada executive offices are located at 6283-B South Valley View Boulevard Las Vegas, Nevada 89118 and our phone number is (702) 876-1539. This facility is currently being provided to the Company pursuant to a sub-lease from its officers and directors. There are currently no proposed programs for the renovation, improvement or development of the facilities currently in use.

ITEM 3. LEGAL PROCEEDINGS

We are not currently involved in any legal proceedings nor do we have any knowledge of any threatened litigation.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

No matters were submitted to a vote of security holders during the fiscal year ended June 30, 2012.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

On September 24, 2010, our common stock was approved for listing on the OTCBB^® under the ticker symbol SVAD. As of the date of this filing, there have been few trades for our common stock and it remains relatively illiquid. Below is a list of the trading high, low and quarter end of our common stock of our most recent three quarter ends:



Quarter then Ended	Low Price	High Price	Last Trade

September 30, 2012	$0.10	$0.17	$0.10

June 30, 2012	No Trades	No Trades	No Trades

March 31, 2012	$0.55	$0.83	$0.55

December 31, 2011	$0.55	$0.83	$0.83

September 30, 2011	No Trades	No Trades	No Trades

June 30, 2011	$0.70	$0.95	$0.70

Additionally, the Company does not anticipate that any significant trading will occur until our common stock has been approved by the Depository Trust Company (“DTC”) for clearing of transactions electronically. We do not know when such approval by DTC will occur. Additionally, once trading begins, the Company does not guarantee that a meaningful trading market will develop. Silverton Adventures, Inc. and its management make no representation about the present or future value of our common stock. We have not registered our class of common stock for resale under the blue sky laws of any state and current management does not anticipate doing so. The holders of shares of common stock, and persons who may desire to purchase shares of our common stock in any trading market that might develop in the future, should be aware that, in addition to transfer restrictions imposed by federal securities laws, significant state blue sky law restrictions may exist which could limit the ability of stockholders to sell their shares and limit potential purchasers from acquiring our common stock. We are not obligated by contract or otherwise to issue any securities and there are not outstanding any securities that are convertible into or exchangeable for shares of our common stock.

Holders

As of June 30, 2012, we had 17,800,000 shares of common stock, par value $0.001, issued and outstanding held by approximately 40 shareholders of record. The stock transfer agent for our securities is Holladay Stock Transfer, 2939 North 67th Place, Scottsdale, AZ 85251-6015 - Telephone: (480) 481-3940 and Facsimile: (480) 481-3941.

Dividends

There are no restrictions in our Articles of Incorporation or Bylaws that prevent us from declaring dividends. The Nevada Revised Statutes, however, do prohibit us from declaring

dividends where, after giving effect to the distribution of the dividend:

1. We would not be able to pay our debts as they become due in the usual course of business; or

2. Our total assets would be less than the sum of the total liabilities plus the amount that would be needed to satisfy the rights of stockholders who have preferential rights superior to those receiving the distribution.

The Company has not declared any dividends, and does not plan to declare any dividends in the foreseeable future.

Recent Sales of Unregistered Securities

The Company has authorized 75,000,000 shares of common stock with a par value of $.001, and no preferred stock. Since inception, the Company has issued the following 17,800,000 shares of common stock that is restricted. The Company has issued the following shares of restricted common stock since the filing of its last annual statement for fiscal year ended June 30, 2012:

· On December 2, 2011, the Company issued 100,000 shares of Series “A” Convertible Preferred Stock (the “Convertible Preferred Stock”) to two (2) non-affiliated purchasers for an aggregate capital raise of $10,000 USD. The Convertible Preferred Stock is convertible into common stock of the Company at a conversion rate of one (1) share of Convertible Preferred Stock for one hundred (100) shares of Common Stock. The proceeds of the sale of the Convertible Preferred Stock was used to pay for book keeping and audited financial statements for the fiscal year ended June 30, 2011.

Securities Authorized for Issuance under Equity Compensation Plans

We do not have any equity compensation plans and accordingly we have no securities authorized for issuance thereunder.

Purchases of Equity Securities by the Registrant and Affiliated Purchasers

We did not purchase any of our shares of common stock or other securities during the year ended June 30, 2012.

ITEM 6. SELECTED FINANCIAL DATA

The following table includes select data extracted from, and should be examined in conjunction with, the audited financial statements and footnotes for the year ended June 30, 2012 and 2011 found under Item 8 of this annual report.


	Year Ended	Year Ended
	June 30, 2012	June 30, 2011
	(as restated)	(as restated)
Revenues	$ 329,228	$ 475,262

Cost of Sales	109,177	91,202

Gross Margin	220,051	384,060

Total Operating Expenses	545,020	411,550

Net Loss	(309,273)	(27,490)

Net Cash Provided by (Used in) Operating Activities	(87,811)	111,189

Net Cash Used by Investing Activities	(35,385)	(54,293)

Net Cash Provided by (Used by) Financing Activities	118,253	(52,728)

Cash on hand	-	4,943

Net loss per basic and diluted shares	(0.01)	(0.00)

Weighted average number of common shares outstanding:	17,800,000	14,299,725

Cash dividends declared per common share	-	-

Property and equipment, net	16,171	63,398

Stockholders’ deficit	(344,408)	(45,135)

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following plan of operation should be read in conjunction with our financial statements and the notes thereto included elsewhere in this annual report. Statements contained herein which are not historical facts are forward-looking statements, as that term is defined by the Private Securities Litigation Reform Act of 1995, including statements relating to our plans, objectives, expectations and intentions. Although we believe that the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are subject to risks and

uncertainties that could cause actual results to differ from those projected. We caution investors that any forward-looking statements made by us are not guarantees of future performance and that actual result may differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation: established competitors who have substantially greater financial resources and operating histories, regulatory delays or denials, ability to compete as a start-up company in a highly competitive market, and access to sources of capital.

Results of Operations

The following table provides selected financial data about our company for the year ended June 30, 2012 and 2011, respectively.



Balance Sheet Data	June 30, 2012	June 30, 2011

Cash	$-	$4,943

Total Current Assets	$24,940	$73,978

Total Assets	$41,111	$137,376

Total Liabilities	$385,519	$182,511

Stockholders' Deficit	$(344,408)	$(45,135)

Plan of Operation

We have developed a plan of operation reflecting our objectives and anticipated growth for the next 12 months and beyond. In our plan, we identify our cash requirements, our new product development, and our required staffing and additional funding requirements to fulfill our business objectives.

Cash Requirements

We estimate that we require a minimum of approximately $250,000 and a maximum of approximately $500,000 to grow our operations for the next 12 months from the date of this annual report. The minimum of $250,000 is required for acquisition of educational and family titles, marketing of our printing services, operating expenses and general operational overhead.

The maximum will be required to fully implement our business plan which will include the following marketing of our services, new copiers, additional staff, purchase of educational and family video programs, and general working capital associated with the growth of the Company.

Revenues

The Company has recorded $329,228 and $475,262 in revenues from operations as of June 30, 2012 and 2011, respectively, which was generated from client printing (mainly color printing), mailing, sales of educational and family oriented DVD programs (through our acquired subsidiary Worldwide Media Organization, Inc.), and related services. Cost of sales for June 30, 2012 and 2011 respectively are $109,177 and $91,202, resulting in a gross margin of $220,051 and $384,060, respectively for such same time periods.

Operating and General & Administrative Expenses

The Company’s operating expenses consisting of depreciation expense, advertising expense, bad debt expense, royalty expense, payroll, professional fees, and general and administrative expenses totaling $545,020 and $411,550, respectively, for June 30, 2012 and 2011 resulting in a net loss from operations of $309,273 and $27,490 for such same time periods.

Income Taxes

The Company does not anticipate having to pay income taxes in the upcoming years due to our absence of net profits.

Capital and Liquidity

As of June 30, 2012 and 2011, we had total current assets of $24,940 and $73,978 respectively, and total current liabilities of $385,519 and $182,511, respectively.

We had cash on hand of $-0- and $4,943 as of June 30, 2012 and 2011, respectively. We do not have sufficient cash to meet our short-term expansion needs over the next 12 months, which are to sell our printing and mailing services on a more regional basis and acquire more DVD titles, and hire more employees and staff. We are currently upgrading our ecommerce web site at www.silvertoninc.com for our subsidiary Silverton Printing, Inc. and at www.mediahomevideo.com for our subsidiary Worldwide Media Organization, Inc. in order to increase our revenues. We intend to bring in new client through Internet and more traditional advertising means and attract customers by lowering our margins in hopes of increasing our capacity.

ITEM 8 Financial Statements and Supplementary Data

[f12junerestated10ksilvert001.jpg]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors

Silverton Adventures, Inc.

We have audited the accompanying consolidated balance sheets of Silverton Adventures, Inc. as of June 30, 2012 and 2011, and the related consolidated statements of operations, stockholders’ deficit and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Silverton Adventures, Inc., as of June 30, 2012 and 2011, and the results of their operations and cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company had accumulated losses of $451,744 for the period from inception through June 30, 2012 which raises substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

As mentioned in Note 12, the accompanying financial statements have been restated for the correction of errors relating to the accounting treatment of capital distributions made to an officer and director of the Company during 2011 and 2012 which previously was recognized as related party receivables.

/s/ Sadler, Gibb & Associates, LLC

Sadler, Gibb & Associates, LLC

Farmington, UT

October 23, 2012, except for Notes 10 and 12, as to which the date is February 12, 2013


SILVERTON ADVENTURES, INC.
Consolidated Balance Sheets

ASSETS

			June 30,		June 30,
			2012		2011
			(as restated)		(as restated)
CURRENT ASSETS
	Cash		$	-	$	4,943
	Trade accounts receivable, net			15,187		64,003
	Prepaid royalties			9,753		5,032

		Total Current Assets		24,940		73,978

PROPERTY AND EQUIPMENT, net				16,171		63,398

		TOTAL ASSETS	$	41,111	$	137,376

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
	Accounts payable and accrued liabilities		$	211,923	$	145,579
	Bank overdraft			19,972		-
	Royalty payables			23,368		24,708
	Notes payable			48,000		-
	Convertible note payable			10,000		-
	Related party payables			72,256		12,224

		Total Current Liabilities		385,519		182,511

STOCKHOLDERS' DEFICIT
	Preferred stock, 10,000,000 shares authorized at par
	value of $0.001, 100,000 and no shares issued and
	outstanding, respectively			100		-
	Common stock, 75,000,000 shares authorized at par
	value of $0.001; 17,800,000 shares issued and
	outstanding, respectively			17,800		17,800
	Additional paid-in capital			89,436		79,536
	Accumulated deficit			(451,744)		(142,471)

		Total Stockholders' Deficit		(344,408)		(45,135)

		TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$	41,111	$	137,376

The accompanying notes are an integral part of these consolidated financial statements.


SILVERTON ADVENTURES, INC.
Consolidated Statements of Operations

			For the Years Ended
			June 30,
			2012			2011
			(as restated)		(as restated)

SALES INCOME			$	214,059	$	177,516
ROYALTY INCOME				115,169		297,746
TOTAL REVENUES				329,228		475,262

COST OF SALES				109,177		91,202

GROSS MARGIN				220,051		384,060

OPERATING EXPENSES

	Royalty expense			17,467		35,766
	Bad debt expense			2,005		94,872
	Depreciation expense			14,050		8,932
	General and administrative			199,045		103,274
	Payroll expense			251,772		115,096
	Professional fees			60,681		53,610

		Total Operating Expenses		545,020		411,550

LOSS FROM OPERATIONS				(324,969)		(27,490)

OTHER INCOME (EXPENSES)

	Interest expense			(4,159)		-
	Loss on disposal of assets			(1,951)
	Gain on settlement of debt			21,806		-

		Total Other Income (Expenses)		15,696		-

NET LOSS BEFORE INCOME TAXES				(309,273)		(27,490)

	Income taxes			-		-

NET LOSS			$	(309,273)	$	(27,490)

BASIC AND DILUTED LOSS PER SHARE			$	(0.02)	$	(0.00)

WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING				17,800,000		14,299,725

The accompanying notes are an integral part of these consolidated financial statements.


SILVERTON ADVENTURES, INC.
Consolidated Statements of Stockholders' Deficit

							Additional
	Preferred Stock			Common Stock			Paid-in		Accumulated
	Shares	Amount		Shares	Amount		Capital		Deficit		Total

Balance, June 30, 2010	-	$	-	11,250,000	$	11,250	$	24,750	$	(114,981)	$	(78,981)

Common stock cancelled	-		-	(500,000)		(500)		500		-		-

Common stock issued for
acquisition of subsidiary	-		-	7,050,000		7,050		40,389		-		47,439

Contributed capital for forgiveness
of related party debt	-		-	-		-		13,897		-		13,897

Net loss for the year ended
June 30, 2011	-		-	-		-		-		(27,490)		(27,490)

Balance, June 30, 2011 (as restated)	-		-	17,800,000		17,800		79,536		(142,471)		(45,135)

Preferred stock issued for cash
and services rendered at $0.10
per share	100,000		100	-		-		9,900		-		10,000

Net loss for the year ended
June 30, 2012	-		-	-		-		-		(309,273)		(309,273)

Balance, June 30, 2012 (as restated)	100,000	$	100	17,800,000	$	17,800	$	89,436	$	(451,744)	$	(344,408)

The accompanying notes are an integral part of these consolidated financial statements.


SILVERTON ADVENTURES, INC.
Consolidated Statements of Cash Flows

				For the Years Ended
				June 30,
				2012		2011
CASH FLOWS FROM OPERATING ACTIVITIES				(as restated)		(as restated)
	Net loss			$	(309,273)	$	(27,490)
	Adjustments to reconcile net loss to
	net cash used by operating activities:
		Bad debt expense			2,005		94,892
		Depreciation expense			14,050		8,931
		Expenses paid on behalf of the Company
			by a related party		23,251		23,259
		Expenses paid on behalf of the Company
			by a unrelated party		6,500
		Loss on disposal of fixed assets			1,951
	Changes to operating assets and liabilities:
		Accounts receivable			46,811		(123,727)
		Inventory			-		3,035
		Related-party receivables			-		26,445
		Prepaid royalties			(4,721)		(5,032)
		Accounts payable and accrued liabilities			132,955		86,168
		Royalties payable			(1,340)		24,708
			Net Cash Provided by (Used in) Operating Activities		(87,811)		111,189

CASH FLOWS FROM INVESTING ACTIVITIES
	Cash acquired in acquisition of subsidiary				-		6,570
	Purchase of property and equipment				(35,385)		(60,863)
			Net Cash Used in Investing Activities		(35,385)		(54,293)

CASH FLOWS FROM FINANCING ACTIVITIES
		Proceeds from the sale of preferred stock			10,000		-
		Changes in bank overdraft			19,972		-
		Proceeds from related party payables			54,867		175,742
		Proceeds from convertible notes payable			10,000		-
		Proceeds from notes payable			47,000		-
		Repayments on notes payable			(5,500)		-
		Repayments of related party payables			(18,086)		(228,470)
			Net Cash Provided by (Used in) Financing Activities		118,253		(52,728)
NET INCREASE (DECREASE) IN CASH					(4,943)		4,168
CASH AT BEGINNING OF YEAR					4,943		775
CASH AT END OF YEAR				$	-	$	4,943

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
	CASH PAID FOR:
		Interest		$	2,524	$	-
		Income Taxes		$	-	$	-

NON CASH FINANCING AND INVESTING ACTIVITIES:
		Common stock issued for acquisition of subsidiary		$	-	$	47,439
		Contributed capital for forgiveness of related party debt		$	-	$	13,897
		Cancellation of common stock		$	-	$	500

The accompanying notes are an integral part of these consolidated financial statements.

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business and Organization

Silverton Adventures, Inc. (the "Company"), was originally incorporated in the State of Nevada on May 31, 2006 as Mor Travel, Inc. On December 26, 2007, the Company changed its name to Silverton Adventures, Inc. The Company currently operates under the DBA Silverton Print and Mail in Clark County, Nevada. The Company’s principal business objectives are the licensing and distribution of educational and family media content to distributors and end consumers, and providing printing and mailing services to companies nationwide.

On December 30, 2010, the Company acquired Worldwide Media Organization, Inc. (“Worldwide”). Worldwide is the owner or licensee of media content and also has important relationships with media distributers that the Company felt would allow significant growth in the media content and royalty business. Worldwide operates as a wholly owned subsidiary of the Company.

On June 30, 2011 the Company formed Silverton Printing, Inc., a Nevada corporation, as a wholly-owned subsidiary. The Company plans to operate its printing and mailing services through this subsidiary.

Accounting Basis

The Company’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. The Company has elected a June 30 fiscal year end.

Principles of Consolidation

The accompanying consolidated financial statements for the years ended June 30, 2012 and 2011 include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The company considers all highly liquid investments with original maturities of three months or less to be cash or cash equivalents

Concentrations of Risk

The Company’s bank accounts are held by insured institutions. The funds are insured up to $250,000. At June 30, 2012, the Company’s bank deposits did not exceed the insured amounts.

Two of the Company’s customers make up 31 percent of total sales and five vendors account for 28 percent of total purchases.

Accounts Receivable

The Company’s accounts receivable are presented net of the allowance for estimated doubtful accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of the amount of probable credit losses in the existing accounts receivable balance. The Company determines the allowance for doubtful accounts based upon historical write-off experience and current economic conditions. The Company reviews the adequacy of its allowance for doubtful accounts on a regular basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

The Company’s accounts receivable, net of the allowance for doubtful accounts, was $15,187 and $64,003 at June 30, 2012 and 2011, respectively.

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Property and Equipment

Property and equipment is recorded at cost. Major additions and improvements are capitalized and depreciated over their estimated useful lives. Depreciation of property and equipment is determined using the straight-line method over their useful lives, which ranges from three to five years. Gains or losses on the sale or disposal of property and equipment are included in the statements of operations. Maintenance and repairs that do not extend the useful life of the assets are expensed as incurred.

Valuation of Long-Lived Assets

The Company follows ASC 360 regarding the valuations and carrying values of its long-lived assets. Long-lived tangible assets and definite-lived intangible assets are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company uses an estimate of undiscounted future net cash flows of the assets over the remaining useful lives in determining whether the carrying value of the assets is recoverable. If the carrying values of the assets exceed the expected future cash flows of the assets, the Company recognizes an impairment loss equal to the difference between the carrying values of the assets and their estimated fair values. For the years ended June 30, 2011 and 2010, no impairment of fixed assets was recognized.

Fair Value of Financial Instruments

The carrying amounts reported in the balance sheets for cash, accounts payable, notes payable, loans payable – related parties and accrued interest approximate their fair market value based on the short-term maturity of these instruments.

Revenue Recognition

The Company's revenues are generated from the printing and mailing services and from royalties on rights to media owned or licensed by the Company, primarily film rights. The Company follows guidance found in ASC 605, which provides guidance on the recognition, presentation and disclosure of revenue in financial statements and ASC 926 which provides guidance on the recognition of revenue from the sales or licensing of films by producers or distributors of films.

ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue related to goods and services provided when the following conditions are met:

Persuasive evidence of an arrangement exists,

Delivery has occurred or services have been rendered,

The fee is fixed or determinable,

Collectability is reasonably assured.

Revenues from printing and reproduction, such as photo copies, catalogue printing or reproduction, DVD duplication or other similar services are recognized under ASC 605.

The Company's royalty revenues are generated by licensing rights to media owned or licensed by the Company and is recognized under ASC 926 which states that a sale occurs when the Company transfers control of the master copy of a film or other media content and all the associated rights that accompany it. The following conditions are required before the Company recognizes revenue from a sale or licensing arrangement of a film or other media content:

Persuasive evidence of a sale or licensing arrangement with a customer exists,

The film or other media content is complete and, in accordance with the terms of the arrangement, has been delivered or is available for immediate and unconditional delivery,

The license period of the arrangement has begun and the customer can begin its exploitation, exhibition, sale or license of the film or media content,

The arrangement fee is fixed or determinable,

Collection of the arrangement fee is reasonably assured.

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred $18,067 and $15,223 in advertising expense for the years ended June 30, 2012 and 2011, respectively.

Reclassification

Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation.

Stock-based Compensation

The Company follows the provisions of ASC 718 which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock-based compensation.

Equity instruments issued to non-employees for goods or services are accounted at fair value when the service is complete or a performance commitment date is reached, whichever is earlier.

Income Taxes

The Company accounts for income taxes in accordance with accounting guidance now codified as ASC 740, "Income Taxes," which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities.

A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized.

The Company applies the provisions of ASC 740, “Accounting for Uncertainty in Income Taxes”. The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not identify any material uncertain tax positions on returns that have been filed or that will be filed. The Company did not recognize any interest or penalties for unrecognized tax benefits during the years ended June 30, 2012 and 2011, nor were any interest or penalties accrued as of June 30, 2012.

Basic Loss per Share

Basic loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of June 30, 2012 or 2011.

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

NOTE 2 - GOING CONCERN

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its

NOTE 2 - GOING CONCERN (Continued)

operating costs and allow it to continue as a going concern. During the year ended June 30, 2012, the Company realized a net loss of $309,273 and has incurred an accumulated deficit of $451,744. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plans to obtain such resources for the Company include (1) obtaining capital

from management and significant shareholders sufficient to meet its minimal operating expenses, and (2) seeking out and completing a merger with an existing operating company. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 3 – PROPERTY AND EQUIPMENT

As of June 30, 2012 and 2011, property and equipment consisted of the following:


	June 30,
	2012		2011

Printing and imaging equipment	$	28,053	$	73,333
Computer equipment		2,506		2,506
Total property and equipment		30,559		75,839
Accumulated depreciation		(14,388)		(12,441)

Total property and equipment, net	$	16,171)	$	63,399)

Depreciation expense for the years ended June 30, 2012 and 2011 was $14,050 and $8,932, respectively.

NOTE 4 - RELATED PARTY TRANSACTIONS

Related Party Payables

Various general and administrative expenses of the Company as well as loans for operating purposes have been paid for or made by related parties of the Company. During the year ended June 30, 2012 the Company received cash of $54,867 on these payables, had $23,251 in expenses paid on behalf of the Company, and made payments totaling $18,086 on these related-party payables. Related party payables totaled $72,256 and $12,224

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

at June 30, 2012 and 2011, respectively. These amounts payable bear no interest, are uncollateralized and due on demand.

Related Party Receivable

In these restated financial statements at June 30, 2012, the amounts previously recorded as a related party receivable have been accounted for as a payroll expense (See Note 12).

NOTE 5 – ROYALTIES

The Company entered into several royalty agreements wherein the Company acquired rights to licensed content. The Company intends to either reproduce and distribute the media or sublicense the rights to another party. The agreements require the Company to pay an upfront royalty fee and then ongoing royalty fees of 15 to 30 percent of gross sales receipts over the life of the licensing agreement. The agreements vary in length from three to five years. Royalty expenses totaled $17,467 and $35,766 for the years ended June 30, 2012 and 2011, respectively. As of June 30, 2012 and 2011, royalty payables under these agreements totaled $23,368 and $24,708, respectively.

Under some of these arrangements, the Company pays an upfront royalty fee that is applied to future royalties as the Company achieves sales and incurs corresponding royalty expense. The upfront fees that are to be applied against future royalty expenses are capitalized and amortized as royalty expenses are applied. As of June 30, 2012 and 2011, the Company has recorded $9,753 and $5,032 as prepaid royalties, respectively.

The Company has also entered into similar royalty agreements wherein the Company licenses content rights to third parties in exchange for a royalty fee. During the years ended June 30, 2012 and 2011, the Company recognized royalty revenue of $115,169 and $297,746, respectively.

NOTE 6 – ACQUISITION OF SUBSIDIARY

On December 30, 2010 the Company acquired Worldwide Media Organization, Inc., a Nevada Corporation (“Worldwide”) pursuant to a share exchange agreement whereby the Company issued 7,050,000 shares of common stock in exchange for 100 percent of the issued and outstanding common stock of Worldwide. At the close of the transaction, Worldwide became a wholly-owned subsidiary of the Company. The acquisition was accounted for as a purchase.

At the time of acquisition, both entities were under common control and thus the acquisition was accounted for under ASC 845 which requires that transfers of nonmonetary assets between shareholders in exchange for stock should be recorded at the transferors’ historical costs basis. Accordingly, the assets and liabilities transferred have been recorded at their carrying amounts at the date of transfer and the Company has recorded the acquisition price as equal to book value of Worldwide, or $47,439, on the date of acquisition.

A breakdown of the assets acquired and their book values at acquisition is as follows:


Assets and liabilities acquired:
Cash and cash equivalents	$	6,570
Accounts receivable, net		35,168
Inventory		3,035
Fixed assets, net		5,587
Accounts payable and other liabilities		(2,921)
Net assets on acquisition	$	47,439
Purchase price		47,439
Excess of fair value of net assets over purchase price	$	-

NOTE 7 - STOCKHOLDERS’ DEFICIT

The Company is authorized to issue two classes of stock. The total number of shares authorized to be issued by the Company is 10,000,000 shares of preferred stock at a par value of $0.001 per share and 75,000,000 shares of common stock at a par value of $0.001. As of June 30, 2012, the Company has100,000 preferred shares issued and outstanding and 17,800,000 common shares issued and outstanding.

Preferred Stock

On December 2, 2011 the Company issued 100,000 shares of Series “A” preferred stock to two unrelated entities for cash at $0.10 per share in exchange for cash of $3,500 and services valued at $6,500. According to the terms of the preferred stock, each share of Series A preferred stock is convertible into shares of the Company’s common stock at a conversion ratio of one hundred (100) shares of common stock for every one (1) share of preferred stock. The Company’s Series A preferred stock is not entitled to receive any dividends, has no liquidation rights, and is not entitled to any voting rights.

NOTE 7 - STOCKHOLDERS’ DEFICIT (CONTINUED)

Common Stock

On June 30, 2011, the Company issued 7,050,000 shares of common stock to acquire its now wholly owned subsidiary, Worldwide Media Organization, Inc. The shares were valued at $47,439 based on the net book value of Worldwide Media Organization, Inc. on the date of acquisition (see Note 6). On June 30, 2011, two related party debt holders agreed to cancel debts totaling $13,897. The forgiveness of debt was recorded as contributed capital from related parties.

NOTE 8 – CONVERTIBLE NOTES PAYABLE

On July 20, 2011, the Company entered into a convertible note payable in the amount of $10,000. The note bears interest at 8.5 percent per annum and has a maturity date of July 20, 2014. The creditor has the option at any time to convert the principal and any accrued interest into common stock of the Company according to the following stock prices: year one, $0.75 per share; year two, $1.00 per share; and year three, $1.25 per share. As at June 30, 2012, the note has not been converted to common stock by the note holder.

NOTE 9 – NOTES PAYABLE

On May 18, 2012 the Company entered into a note payable with an unrelated third party in the amount of $30,000. The note is unsecured, bears interest at a rate of 12.0 percent per annum, and is due on May 18, 2014.

During the year ended June 30, 2012 the Company entered into a note payable with an unrelated third-party in the amount of $8,000. The Company received $6,000 in cash, but agreed to repay a total of $8,000. The $2,000 difference is accounted for as interest expense. As of June 30, 2012, the note was in default and the creditor had made demands for payment. As of June 30, 2012 the outstanding balance on this note was $6,500.

During the year ended June 30, 2012 the Company entered into a note payable with an unrelated third-party in the amount of $3,500. The Company received $3,000 but promised to repay a total of $3,500 as of June 28, 2012. The $500 difference is accounted for as interest expense. As of June 30, 2012 the note was in default and the creditor has demanded payment. The note term dictates that upon default, the Company is responsible for $100 per week in accrued interest. In August 2012, this weekly penalty interest was reduced to $50 per week. The note is unsecured and as of June 30, 2012 the outstanding balance on this note, including accrued interest, totaled $3,500.

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

During the year ended June 30, 2012 the Company entered into a note payable agreement with an unrelated third-party in which the related party would pay $6,500 of expenses on behalf of the Company. The note is due on demand and bears no interest. As of June 30, 2012 the outstanding balance on this note was $6,500.

During the year ended June 30, 2012 the Company entered into a note payable agreement with an unrelated third-party in the amount of $8,000. The note is due on demand and bears no interest. As of June 30, 2012 the outstanding balance on this note was $2,500.

NOTE 10 – INCOME TAXES

The Company’s provision for income taxes was $-0- for the years ended June 30, 2012 and 2011, respectively, since the Company has accumulated taxable losses from operations. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company’s opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a full valuation allowance equal to the deferred tax asset has been recorded.

The total deferred tax asset is calculated by multiplying a 34 percent marginal tax rate by the cumulative Net Operating Loss (“NOL”). At June 30, 2012, the Company has available $153,593 of NOL’s which expire in various years beginning in 2026 and carrying forward through 2032. The tax effects of significant items comprising the Company's net deferred taxes as of June 30, 2012 and 2011 were as follows:


	June 30,
	2012		2011

Cumulative NOL	$	451,744	$	142,471

Deferred Tax Assets:
Net operating loss carry forwards		(153,593)		(48,440)
Common and preferred stock issued for services		3,366		3,366
Valuation allowance		150,227		45,047
	$	-	$	-

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34 percent to net loss before provision for income taxes for the following reasons:


	June 30,
	2012		2011

Income tax benefit at U. S. federal statutory rates:	$	105,180	$	(41,390)
Change in valuation allowance		(105,180)		41,390
	$	-	$	-

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

The Company files federal and Nevada income tax returns subject to statutes of limitations. The years ended June 30, 2012, 2011, and 2010 are subject to examination by federal and state tax authorities.

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Lease Agreements

During the year ended June 30, 2012 the Company entered into a three-year office lease agreement. The lease calls for monthly lease payments of $4,446 per month for the first year, $4,581 per month for the second year, and $4,717 per month for the third year. The Company is also responsible for insurance, utilities, and common area expenses. Rent expense totaled $34,566 and $16,850 for the years ended June 30, 2012 and 2011, respectively.

Royalty Agreements

The Company entered into several royalty agreements wherein the Company acquired rights to licensed content. The Company intends to either reproduce and distribute the media or sublet the rights to another party. The agreements require the Company to pay royalties of 15 to 30 percent of gross sales receipts over the life of the licensing agreement. The agreements vary in length from three to five years. Royalty expenses totaled $17,467 and $35,766 for the years ended June 30, 2012 and 2011, respectively.

Legal Proceedings

The Company may be party to various legal actions arising in the ordinary course of business. Matters that are probable of unfavorable outcomes to the Company and which can be reasonably estimated are accrued. Such accruals are based the Company’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. There is no litigation or contingencies that require accrual or disclosure as of June 30, 2012.

Notes Payable

As of June 30, 2012 the Company was in default on a $3,000 note payable to an unrelated third-party. The note terms dictate that upon default, the Company is responsible for $100 per week in accrued interest. In August 2012 this weekly penalty interest was reduced to $50 per week. As of June 30, 2012 the Company owed $500 in accrued interest related to its default on the note.

As of June 30, 2012 the Company was in default on an $8,000 note payable to an unrelated third-party. The note has been sent to a collections agency, which has made a demand for full payment of the note principal and an additional $1,300 in collection fees.

NOTE 12 – RESTATEMENT OF PREVIOUSLY AUDITED FINANCIAL STATEMENTS

As a result, the Company understated its net loss by $50,408 and $26,445 for the years ended June 30, 2012 and 2011, respectively. In these restated financial statements at June 30, 2012, the amounts previously recorded as a related party receivable have been accounted for as a payroll expense. The result

from the change is an increase in accumulated deficit totaling $76,853 and an increase of $50,408 in payroll expense which results in a ($76,853) change to total current assets and stockholders’ equity.

SILVERTON ADVENTURES, INC.

Notes to Consolidated Financial Statements

June 30, 2012 and 2011

NOTE 12 – RESTATEMENT OF PREVIOUSLY AUDITED FINANCIAL STATEMENTS (Continued)

The following tables compare the audited balance sheets and statements of operations for the year ended June 30, 2012, as contained in its Annual Report on Form 10K, filed October 23, 2012 with the restated balance sheets and statements of operations for the years ended June 30, 2012 and 2011:


SILVERTON ADVENTURES, INC.
Consolidated Balance Sheets
ASSETS
			June 30,		June 30,		June 30,		June 30,
			2012		2012		2011		2011
			(Restated)				(Restated)
CURRENT ASSETS
	Cash		$	-	$	-	$	4,943	$	4,943
	Trade accounts receivable, net			15,187		15,187		64,003		64,003
	Accounts receivable, related parties			-		76,853		-		26,445
	Prepaid royalties			9,753		9,753		5,032		5,032

		Total Current Assets		24,940		101,793		73,978		100,423
PROPERTY AND EQUIPMENT, net				16,171		16,171		63,398		63,398

		TOTAL ASSETS	$	41,111	$	117,964	$	137,376	$	163,821

LIABILITIES AND STOCKHOLDERS' (DEFICIT)

CURRENT LIABILITIES
	Accounts payable and accrued liabilities		$	211,923	$	211,923	$	145,579	$	145,579
	Bank overdraft			19,973		19,972		-		-
	Royalty payables			23,368		23,368		24,708		24,708
	Notes payable			48,000		48,000		-		-
	Convertible note payable			10,000		10,000		-		-
	Related party payables			72,256		72,256		12,224		12,224

		Total Current Liabilities		385,519		385,519		182,511		182,511

STOCKHOLDERS' (DEFICIT)
	Preferred stock, 10,000,000 shares authorized at par
	value of $0.001, 100,000 and no shares issued and
	outstanding, respectively			100		100		-		-
	Common stock, 75,000,000 shares authorized at par
	value of $0.001; 17,800,000 shares issued and
	outstanding, respectively			17,800		17,800		17,800		17,800
	Additional paid-in capital			89,436		89,436		79,536		79,536
	Accumulated deficit			(451,744)		(374,891)		(142,471)		(116,026)

		Total Stockholders' (Deficit)		(344,408)		(267,555)		45,471		(18,690)

		TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$	41,111	$	117,964	$	137,376	$	163,821

NOTE 12 – RESTATEMENT OF PREVIOUSLY AUDITED FINANCIAL STATEMENTS (Continued)


SILVERTON ADVENTURES, INC.
Consolidated Statements of Operations
			For the Years Ended
			June 30,
			2012		2012			2011		2011
				(Restated)				(Restated)

SALES INCOME			$	214,059	$	214,059	$	177,516	$	177,516
ROYALTY INCOME				115,169		115,169		297,746		297,746
TOTAL REVENUES				329,228		329,228		475,262		475,262

COST OF SALES				109,177		109,177		91,202		91,202

GROSS MARGIN				220,051		220,051		384,060		384,060

OPERATING EXPENSES
	Royalty expense			17,467		17,467		35,766		35,766
	Bad debt expense			2,005		2,005		94,872		94,872
	Depreciation expense			14,050		14,050		8,932		8,932
	General and administrative			199,045		199,045		103,274		103,274
	Payroll expense			251,772		201,364		115,096		88,651
	Professional fees			60,681		60,681		53,610		53,610

		Total Operating Expenses		545,020		494,612		411,550		385,105

LOSS FROM OPERATIONS				(324,969)		(274,561)		(27,490)		(1,045)

OTHER INCOME (EXPENSES)
	Interest expense			(4,159)		(4,159)		-		-
	Loss on disposal of assets			(1,951)		(1,951)
	Gain on settlement of debt			21,806		21,806		-		-

		Total Other Income (Expenses)		15,696		15,696		-		-

NET LOSS BEFORE INCOME TAXES				(309,273)		(258,865)		(27,490)		(1,045)

	Income taxes			-		-		-		-

NET LOSS			$	(309,273)	$	(258,865)	$	(27,490)	$	(1,045)

BASIC AND DILUTED LOSS PER SHARE			$	(0.02)	$	(0.01)	$	(0.00)	$	(0.00)

WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING				17,800,000		17,800,000		14,299,725		14,299,725

NOTE 13 - SUBSEQUENT EVENTS

In accordance with ASC 855, Company management reviewed all material events through the date of this filing, and there are no material subsequent events to report other than those reported.

Item 9 Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9AT –Controls and Procedures

Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and the principal financial officer, we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the period covered by this report. Based on this evaluation, Ron Miller (Our President, Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer), concluded as of the evaluation date that our disclosure controls and procedures were not effective such that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, and was made known to us by others within those entities, particularly during the period when this report was being prepared.

Management’s Annual Report on Internal Control Over Financial Reporting.

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The internal control process has been designed, under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external reporting purposes in accordance with accounting principles generally accepted in the United States of America.

Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2012, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring, based on the framework in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). As of June 30, 2012, management has determined that the Company’s internal control over financial reporting as of June 30, 2012 was not effective. We are in the process of developing new policies and procedures with regards to internal control over financial reporting.

Our internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, transactions and dispositions of assets; and provide reasonable assurances that: (1) transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States; (2) receipts and expenditures are being made only in accordance with authorizations of management and the directors of the Company; and (3) unauthorized acquisitions, use, or disposition of the Company’s assets that could have a material effect on the Company’s financial statements are prevented or timely detected.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparations and presentations. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Control Over Financial Reporting.

There were no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the evaluation date.

Item 9B. Other Information

No items required to be reported on Form 8-K during the fourth quarter ended June 30, 2012 covered by this report were not previously reported on Form 8-K.

PART III

Item 10. Directors, Executive Officers, and Corporate Governance.

Set forth below is the name and age of each individual who was a director or executive officer of Silverton Adventures, Inc. as of June 30, 2012, together with all positions and offices of the Company held by each and the term of office and the period during which each has served:



NAME	AGE	POSITION	DATES SERVED

Ron Miller	59	President and Director (Chairman of the Board)	December 2010 to Present

Sarit Mor	51	Secretary, Treasurer, and Director	Inception to Present

Biographical Information

The following paragraphs set forth brief biographical information for the aforementioned director and executive officer:

Ron Miller – President, Treasurer, and Chairman of the Board – Mr. Miller has a vast amount of experience in publishing, producing and marketing. Mr. Miller is a 1975 graduate of La Verne University in La Verne, California with a degree in business administration. He has produced and marketed over 70 educational programs since 1992. From 1989 to 1991, Mr. Miller, through a privately owned company called Entertainment Clearinghouse, operated a business of the distribution of paperback books from major publishers. He has published books such as “The American Dream: Shadow and Substance”, “The Breaking of a President”, and “The Gambia”. Also, Mr. Miller has been an executive producer of several educational videos which include:

The Rise and Fall of the Soviet Union

The History and Mystery of China

Japan: Land of the Rising Sun

The Life and Times of Ronald Reagan

World War I: Cause and Effect

The History and Function of Congress

The Extraordinary Life of Amelia Earhart

When Women Ruled: Great Women Leaders in World History

Einstein

The Mystery of Sherlock Holmes

Great American Landmarks

Helen Keller

Sarit Mor – Secretary, Treasurer, and Director - Ms. Mor is a career leadership professional with insight, vision, and enthusiasm necessary to inspire her team to garner impressive results with more than 20 years. With history leaning in manufacturing of printed material and operations management she has significant expertise in the Printing industry that allows her performance and assessments to carry throughout her career. Ms. Mor graduated from the University of Tel Aviv with her Bachelors of Science degree in Psychology.

Involvement in Certain Legal Proceedings

To our knowledge, during the past five years, no present or former director or executive officer of our company: (1) filed a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or present of such a person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was

an executive officer within two years before the time of such filing; (2) was convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting the following activities: (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, associated person of any of the foregoing, or as an investment advisor, underwriter, broker or dealer in securities, or as an affiliated person, director of any investment company, or engaging in or continuing any conduct or practice in connection with such activity; (ii) engaging in any type of business practice; (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodity laws; (4) was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described above under this Item, or to be associated with persons engaged in any such activity; (5) was found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any federal or state securities law and the judgment has not been subsequently reversed, suspended or vacated; or (6) was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.

Compliance with Section 16(a) of the Exchange Act

Because we do not have a class of equity securities registered pursuant to Section 12 of the Exchange Act, our executive officers, directors and persons who beneficially own more than 10% of our common stock are not required to file initial reports of ownership and reports of changes in ownership with the SEC under Section 16(a) of the Exchange Act.

Audit Committee and Audit Committee Financial Expert Disclosure

The Company’s Board of Directors does not have a separately designated audit committee or an “audit committee financial expert.” Audit committee functions are performed by our Board of Directors. None of our directors is deemed independent. All directors also hold positions as our officers. Our audit committee is responsible for: (1) selection and oversight of our independent accountant; (2) establishing procedures for the receipt, retention and treatment of complaints regarding accounting, internal controls, and auditing matters; (3) establishing procedures for the confidential, anonymous submission by our employees of concerns regarding accounting and auditing matters; (4) engaging outside advisors; and, (5) funding for the outside auditory and any outside advisors engagement by the audit committee.

The Board of Directors does not have an audit committee financial expert at this time due to the fact that the Company has only limited operations and no revenues. We believe the cost related to retaining a financial expert at this time is prohibitive. Further, because of our limited operations, we believe the services of a financial expert are not warranted.

Code of Ethics

We have adopted a corporate code of ethics. We believe our code of ethics is reasonably designed to deter wrongdoing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of code violations; and provide accountability for adherence to the code.

Item 11. Executive Compensation

(a) Since Silverton Adventures, Inc.’s incorporation on May 31, 2006, we have not paid any compensation to any officer, director or employee. We do not have employment agreements. Any future compensation to be paid will be determined by the Board of Directors, and, as appropriate, an employment agreement will be executed. We do not currently have plans to pay any compensation until such time as it maintains a positive cash flow.

(b) There are no annuity, pension, or retirement benefits proposed to be paid to officers, directors, or employees of the Corporation in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the Corporation.

Director Compensation

The Directors of the Company do not receive compensation at this time.

Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth the beneficial ownership of the Company's officers, directors, and persons who own more than five percent of the Company's common stock as of June 30, 2012. Under relevant provisions of the Exchange Act, a person is deemed to be a "beneficial owner" of a security if he or she has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is also deemed to be a beneficial owner of any securities of which that person has the right to acquire beneficial ownership in 60 days. More than one person may be deemed to be a beneficial owner of the same securities. The percentage ownership of each stockholder is calculated based on 17,800,000 total outstanding shares of our common stock as of October 23, 2011.

Amount and Nature of Beneficial Ownership as of June 30, 2012:



Name of Individual	# Shares Beneficially Owned	# of Class of Common Stock

Sarit Mor CEO and Director 5070 Arville Street, Suite 7 Las Vegas, Nevada 89118	10,000,000	56.18%

Ron Miller President and Director 5070 Arville Street, Suite 7 Las Vegas, Nevada 89118	6,500,000	36.52%

All Officers and Directors as a Group (2 Persons)	16,500,000	92.70%

Item 13 – Certain Relationships and Related Transactions, Director Independence

Various general and administrative expenses of the Company as well as loans for operating purposes have been paid for or made by related parties of the Company. During the year ended June 30, 2012 the Company received cash of $54,867 on these payables, had $23,251in expenses paid on behalf of the Company, and made payments totaling $18,086 on these related-party payables. Related party payables totaled $72,256 and $12,224 at June 30, 2012 and 2011, respectively. These amounts payable bear no interest, are uncollateralized and due on demand.

During the year ended June 30, 2012, the Company made cash payments totaling $18,086 to related parties, and received cash payments in return in the amount of $54,867.

Item 14 – Principal Accountant Fees and Services

Audit Fees: All fees which pertain to each of the last two fiscal year audits for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements and the review of interim financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

2012: $21,500

2011:

$ 19,000

Audit-Related Fees: All fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of the registrant's financial statements and are not reported under Item 9(e)(f1) of Schedule 14A.

2012: $ -0-

2011:

$ -0-

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning:

2012: $ -0-

2011: $ -0-

All Other Fees:

2012:

$ -0-

2011: $ -0-

(5) Our audit committee's pre-approval policies and procedures described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approve all accounting related activities prior to the performance of any services by any accountant or auditor.

(6) The percentage of hours expended on the principal accountant's engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

PART IV

Item 15 – Exhibits, Financial Statement Schedules

The following exhibits are included with this filing:



Exhibit No.:	Description:

3.1(i)	Articles of Incorporation and amendments thereto ⁽¹⁾

3.1(ii)	Bylaws ⁽¹⁾

14	Code of Ethics ⁽¹⁾

31.1	Section 302 Certification by Principal Executive Officer and Principal Financial and Accounting Officer

32.1	Section 906 Certification by Principal Executive Officer and Principal Financial and Accounting Officer

(1)

Filed with the Securities and Exchange Commission on September 23, 2008 as an exhibit numbered as indicated above, to the Registrant’s registration statement on Form S-1 (file no. 333-153626 which exhibit is incorporated herein by reference.

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, thereunto duly authorized.

February 5, 2012

Silverton Adventures, Inc.

By:

/s/ Ron Miller

Ron Miller, President

(Principal Executive and Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates included.

February 5, 2012

By:

/s/ Ron Miller

Ron Miller, President

Principal Executive Office

Principal Financial Officer

Principal Accounting Officer

Chairman of the Board of Directors

Silverton Adventures, Inc. - FORM 10-K/A - February 12, 2013

Silverton Adventures, Inc. Reports