Attached files
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended August 31, 2013
or
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 000-54327
FIRST AMERICAN SILVER CORP.
(Exact name of registrant as specified in its charter)
Nevada 98-0579157
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
11380 S. Virginia St, #2011 89511
(Address of principal executive offices) (Zip Code)
(775) 323-3278
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year,
if changed since last report)
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 such filing
requirements for the past 90 days. [X] YES [ ] NO
Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of
this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). [X] YES [ ] NO
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a small 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]
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act [ ] YES [X] NO
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant has filed all documents and reports required to be
filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. [ ] YES [ ] NO
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
57,391,000 common shares issued and outstanding as of October 21, 2013.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements 3
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
Item 4. Controls and Procedures 20
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 21
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
Item 3. Defaults Upon Senior Securities 21
Item 4. Mine Safety Disclosures 21
Item 5. Other Information 21
Item 6. Exhibits 21
SIGNATURES 23
2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
These unaudited financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America for
interim financial information and the Securities and Exchange Commission
instructions to Form 10-Q. In the opinion of management, all adjustments
considered necessary for a fair presentation have been included. Operating
results for the interim period ended August 31, 2013 are not necessarily
indicative of the results that can be expected for the full year.
3
FIRST AMERICAN SILVER CORP.
(AN EXPLORATION STAGE COMPANY)
TABLE OF CONTENTS
AUGUST 31, 2013
Balance Sheets as of August 31, 2013 and November 30, 2012 (unaudited) 5
Statements of Operations for the three and nine months ended
August 31, 2013 and 2012 and the period from April 29, 2008 (inception)
to August 31, 2013 (unaudited) 6
Statement of Stockholders' Equity (Deficit) as of August 31, 2013 (unaudited) 7
Statements of Cash Flows for the nine months ended August 31, 2013
and 2012 and the period from April 29, 2008 (inception) to
August 31, 2013 (unaudited) 8
Notes to the Financial Statements 9
4
FIRST AMERICAN SILVER CORP.
(AN EXPLORATION STAGE COMPANY)
BALANCE SHEETS
(UNAUDITED)
August 31, November 30,
2013 2012
------------ ------------
ASSETS
Current assets
Cash and bank accounts $ 150 $ 7,003
Prepaid expenses 20,196 15,000
------------ ------------
Total current assets 20,346 22,003
------------ ------------
Property and equipment - net -- 2,049
------------ ------------
Other assets
Reclamation bond 8,879 8,879
Website - net 2,417 3,167
------------ ------------
Total other assets 11,296 12,046
------------ ------------
Total Assets $ 31,642 $ 36,098
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable $ 86,408 $ 63,077
Accrued expenses 12,910 3,172
Due to related party 8,562 26,814
Notes payable 188,750 130,000
------------ ------------
Total liabilities 296,630 223,063
------------ ------------
Stockholders' Equity (Deficit)
Preferred stock, par value $0.001, 20,000,000 shares authorized,
no shares issued and outstanding -- --
Common stock, par value $0.001, 3,500,000,000 shares authorized,
56,366,000 shares issued and outstanding (55,700,000 - 2012) 56,366 55,700
Additional paid-in capital 819,284 797,270
Common stock warrants 131,635 131,635
Deficit accumulated during the exploration stage (1,272,273) (1,171,570)
------------ ------------
Total Stockholders' Equity (Deficit) (264,988) (186,965)
------------ ------------
Total Liabilities and Stockholders' Equity (Deficit) $ 31,642 $ 36,098
============ ============
The accompanying notes are an integral part of these financial statements.
5
FIRST AMERICAN SILVER CORP.
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED AUGUST 31, 2013 AND 2012
AND THE PERIOD FROM APRIL 29, 2008 (INCEPTION) TO AUGUST 31, 2013
(UNAUDITED)
Three Months Three Months Nine Months Nine Months April 29, 2008
Ended Ended Ended Ended (Inception) to
August 31, August 31, August 31, August 31, August 31,
2013 2012 2013 2012 2013
------------ ------------ ------------ ------------ ------------
REVENUES $ 32,650 $ -- $ 32,650 $ -- $ 32,650
------------ ------------ ------------ ------------ ------------
OPERATING EXPENSES
Exploration costs -- 31,014 -- 49,143 130,926
Accounting and legal 21,641 14,298 69,355 77,756 312,982
Impairment loss on mineral properties 40,000 -- 40,000 -- 469,929
Consulting fees 10,000 36,940 42,807 102,198 228,151
Incorporation costs -- -- -- -- 1,387
General and administrative 10,589 12,577 18,971 50,989 195,843
------------ ------------ ------------ ------------ ------------
TOTAL OPERATING EXPENSES 82,230 94,829 171,133 280,086 1,339,218
------------ ------------ ------------ ------------ ------------
LOSS FROM OPERATIONS (49,580) (94,829) (138,483) (280,086) (1,306,568)
OTHER INCOME (EXPENSES)
Debt forgiveness 50,000 -- 50,000 -- 50,000
Interest expense (5,951) -- (12,220) -- (15,705)
------------ ------------ ------------ ------------ ------------
INCOME (LOSS) FROM OPERATIONS
BEFORE INCOME TAXES (5,531) (94,829) (100,703) (280,086) (1,272,273)
INCOME TAXES -- -- -- -- --
------------ ------------ ------------ ------------ ------------
NET INCOME (LOSS) $ (5,531) $ (94,829) $ (100,703) $ (280,086) $ (1,272,273)
============ ============ ============ ============ ============
INCOME (LOSS) PER SHARE
(BASIC AND DILUTED) $ (0.00) $ (0.00) $ (0.00) $ (0.00)
============ ============ ============ ============
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING:
BASIC AND DILUTED 57,247,217 55,700,000 56,219,504 55,681,545
============ ============ ============ ============
The accompanying notes are an integral part of these financial statements.
6
FIRST AMERICAN SILVER CORP.
(AN EXPLORATION STAGE COMPANY)
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
AS OF AUGUST 31, 2013
Deficit
Accumulated
Common Stock Additional Common During the Total
---------------------- Paid in Stock Exploration Stockholders'
Shares Amount Capital Warrants Stage Equity
------ ------ ------- -------- ----- ------
Inception, April 29, 2008 -- $ -- $ -- $ -- $ -- $ --
Shares issued to founder on June 30,
2008 @ $0.00028 per share 52,500,000 1,500 13,500 -- -- 15,000
Private placement on April 30, 2008
@ $0.00143 per share 24,500,000 700 34,300 -- -- 35,000
Net loss for the period -- -- -- -- (13,639) (13,639)
---------- -------- -------- -------- ----------- ---------
Balance, November 30, 2008 77,000,000 2,200 47,800 -- (13,639) 36,361
Net loss for the year ended
November 30, 2009 -- -- -- -- (16,345) (16,345)
---------- -------- -------- -------- ----------- ---------
Balance, November 30, 2009 77,000,000 2,200 47,800 -- (29,984) 20,016
Adjust for 35:1 forward stock split -- 74,800 (74,800) -- -- --
Private placement on October 29, 2010
@ $0.25 per share 1,000,000 1,000 236,518 12,482 -- 250,000
Common stock issued in relation to
acquisition of mineral properties 300,000 300 149,700 -- -- 150,000
Net loss for the year ended
November 30, 2010 -- -- -- -- (45,762) (45,762)
---------- -------- -------- -------- ----------- ---------
Balance, November 30, 2010 78,300,000 78,300 359,218 12,482 (75,746) 374,254
Cancellation of common shares (23,850,000) (23,850) 23,850 -- -- --
Common stock issued in relation to
acquisition of mineral properties 100,000 100 102,900 -- -- 103,000
Private placement on October 29, 2010
@ $0.25 per share 1,000,000 1,000 217,365 131,635 -- 350,000
Common stock issued for services 50,000 50 15,200 -- -- 15,250
Options issued to consultant -- -- 50,855 -- -- 50,855
Net loss for the year ended
November 30, 2011 -- -- -- -- (537,359) (537,359)
---------- -------- -------- -------- ----------- ---------
Balance, November 30, 2011 55,600,000 55,600 769,388 144,117 (613,105) 356,000
Common stock issued for services 25,000 25 2,725 -- -- 2,750
Common stock issued for mineral
properties 75,000 75 12,675 -- -- 12,750
Expiration of warrants -- -- 12,482 (12,482) -- --
Net loss for the year ended
November 30, 2012 -- -- -- -- (558,465) (558,465)
---------- -------- -------- -------- ----------- ---------
Balance, November 30, 2012 55,700,000 55,700 797,270 131,635 (1,171,570) (186,965)
Net loss for the period ended
August 31, 2013 -- -- -- -- (100,703) (100,703)
---------- -------- -------- -------- ----------- ---------
Balance, August 31, 2013 56,366,000 $ 56,366 $819,284 $131,635 $(1,272,273) $(264,988)
========== ======== ======== ======== =========== =========
The accompanying notes are an integral part of these financial statements.
7
FIRST AMERICAN SILVER CORP.
(AN EXPLORATION STAGE COMPANY)
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED AUGUST 31, 2013 AND 2012
AND THE PERIOD FROM APRIL 29, 2008 (INCEPTION) TO AUGUST 31, 2013
(UNAUDITED)
Nine Months Nine Months April 29, 2008
Ended Ended (Inception) to
August 31, August 31, August 31,
2013 2012 2013
------------ ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period $ (100,703) $ (280,086) $ (1,272,273)
Adjustments to Reconcile Net Loss to Net
Cash Provided by (Used in) Operating Activities:
Depreciation and amortization 2,799 2,895 8,305
Accretion included in interest 2,484 -- 2,484
Stock issued for services -- 2,750 18,000
Stock options issued for services -- -- 50,855
Impairment loss on mineral properties 40,000 -- 469,929
Changes in operating assets and liabilities:
Prepaid expenses 15,000 50,664 --
Accounts payable (16,669) 19,714 46,408
Accrued expenses 9,738 (5,500) 12,910
Due to related party (18,252) 1,850 8,562
------------ ------------ ------------
NET CASH USED IN OPERATING ACTIVITIES (65,603) (207,713) (654,820)
------------ ------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment -- -- (5,722)
Purchase of reclamation bond -- -- (8,879)
Website development costs -- -- (5,000)
(Increase) Decrease in deposits -- 85,000 --
Acquisition of mineral properties -- -- (164,179)
------------ ------------ ------------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES -- 85,000 (183,780)
------------ ------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable 58,750 105,000 213,750
Repayments of notes payable -- -- (25,000)
Proceeds from the issuance of common stock -- -- 650,000
------------ ------------ ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 58,750 105,000 838,750
------------ ------------ ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (6,853) (17,713) 150
CASH, BEGINNING OF PERIOD 7,003 33,850 --
------------ ------------ ------------
CASH, END OF PERIOD $ 150 $ 16,137 $ 150
============ ============ ============
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes $ -- $ -- $ --
============ ============ ============
Cash paid for interest $ -- $ -- $ --
============ ============ ============
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cancellation of common shares $ 0 $ 0 $ 23,850
============ ============ ============
Common stock issued to acquire mineral properties $ 0 $ 9,750 $ 265,750
============ ============ ============
The accompanying notes are an integral part of these financial statements
8
FIRST AMERICAN SILVER CORP.
(AN EXPLORATION STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
NOTE 1 - NATURE OF OPERATIONS
Mayetok, Inc. ("the Company") was incorporated in the state of Nevada on April
29, 2008.
On June 8, 2010, the Company changed its name to First American Silver Corp.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
EXPLORATION STAGE COMPANY
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles related to accounting and reporting by
exploration-stage companies. An exploration-stage company is one in which
planned principal operations have not commenced or if its operations have
commenced, there has been no significant revenues there from.
BASIS OF PRESENTATION
The financial statements of the Company have been prepared in accordance with
generally accepted accounting principles in the United States of America and are
presented in US dollars.
ACCOUNTING BASIS
The Company uses the accrual basis of accounting and accounting principles
generally accepted in the United States of America ("GAAP" accounting). The
Company has adopted a November 30 fiscal year end.
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid investments with maturities of three
months or less to be cash equivalents. At August 31, 2013 and November 30, 2012,
respectively, the Company had $150 and $7,003 of unrestricted cash to be used
for future business operations
The Company's bank accounts are deposited in insured institutions. The funds are
insured up to $250,000. At times, the Company's bank deposits may exceed the
insured amount. Management believes it has little risk related to the excess
deposits.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company's financial instruments consist of cash, prepaid expenses, accounts
payable, accrued professional fees, and amount due to a related party. The
carrying amount of these financial instruments approximates fair value due to
either length of maturity or interest rates that approximate prevailing market
rates unless otherwise disclosed in these financial statements.
CONCENTRATIONS OF CREDIT RISK
The Company maintains its cash in bank deposit accounts, the balances of which
at times may exceed federally insured limits. The Company continually monitors
its banking relationships and consequently has not experienced any losses in
such accounts. The Company believes it is not exposed to any significant credit
risk on cash and cash equivalents.
9
STOCK-BASED COMPENSATION
The Company accounts for employee stock-based compensation in accordance with
the guidance of ASC Topic 718, COMPENSATION - STOCK COMPENSATION which requires
all share-based payments to employees, including grants of employee stock
options, to be recognized in the financial statements based on their fair
values. There has been no stock-based compensation issued to employees.
The Company follows ASC Topic 505-50, formerly EITF 96-18, "ACCOUNTING FOR
EQUITY INSTRUMENTS THAT ARE ISSUED TO OTHER THAN EMPLOYEES FOR ACQUIRING, OR IN
CONJUNCTION WITH SELLING GOODS AND SERVICES," for stock options and warrants
issued to consultants and other non-employees. In accordance with ASC Topic
505-50, these stock options and warrants issued as compensation for services
provided to the Company are accounted for based upon the fair value of the
services provided or the estimated fair market value of the option or warrant,
whichever can be more clearly determined. The fair value of the equity
instrument is charged directly to compensation expense and additional paid-in
capital over the period during which services are rendered. The Company issued
300,000 options to consultants in the current fiscal year.
INCOME TAXES
Income taxes are computed using the asset and liability method. Under the asset
and liability method, deferred income tax assets and liabilities are determined
based on the differences between the financial reporting and tax bases of assets
and liabilities and are measured using the currently enacted tax rates and laws.
A valuation allowance is provided for the amount of deferred tax assets that,
based on available evidence, are not expected to be realized. It is the
Company's policy to classify interest and penalties on income taxes as interest
expense or penalties expense. As of August 31, 2013, there have been no interest
or penalties incurred on income taxes.
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 the financial statements and the
reported amount of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
REVENUE RECOGNITION
The Company is in the exploration stage and has yet to realize revenues from
operations. Once the Company has commenced operations, it will recognize
revenues when delivery of goods or completion of services has occurred provided
there is persuasive evidence of an agreement, acceptance has been approved by
its customers, the fee is fixed or determinable based on the completion of
stated terms and conditions, and collection of any related receivable is
probable.
BASIC INCOME (LOSS) PER SHARE
Basic income (loss) per share is calculated by dividing the Company's net loss
applicable to common shareholders by the weighted average number of common
shares during the period. Diluted earnings per share is calculated by dividing
the Company's net income available to common shareholders 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. Common share
equivalents totaling 2,300,000 at August 31, 2013, representing outstanding
warrants and options were not included in the computation of diluted earnings
per share for the six months ended August 31, 2013, as their effect would have
been anti-dilutive.
On June 8, 2010, the Company affected a 35:1 forward stock split of its common
shares. All share and per share data have been adjusted to reflect such stock
split.
DIVIDENDS
The Company has not adopted any policy regarding payment of dividends. No
dividends have been paid during the periods shown.
10
MINERAL PROPERTIES
Costs of exploration, carrying and retaining unproven mineral lease properties
are expensed as incurred. Mineral property acquisition costs are capitalized
including licenses and lease payments. Although the Company has taken steps to
verify title to mineral properties in which it has an interest, these procedures
do not guarantee the Company's title. Such properties may be subject to prior
agreements or transfers and title may be affected by undetected defects.
Impairment losses will be recorded on mineral properties used in operations when
indicators of impairment are present and the undiscounted cash flows estimated
to be generated by those assets are less than the assets' carrying amount. In
accordance with ASC 360-10-35-17, an impairment loss will be recognized only if
the carrying amount of a long-lived asset is not recoverable and exceeds its
fair value. The carrying amount of a long-lived asset is not recoverable if it
exceeds the sum of the undiscounted cash flows expected to result from the use
and eventual disposition of the asset. That assessment shall be based on the
carrying amount of the asset at the date it is tested for recoverability,
whether in use or under development. An impairment loss shall be measured as the
amount by which the carrying amount of a long-lived asset exceeds its fair
value.
Impairment losses totalling $429,929 were recorded since inception relating to
three unproven properties.
RECENT ACCOUNTING PRONOUNCEMENTS
First American Silver does not expect the adoption of recently issued accounting
pronouncements to have a significant impact on the Company's results of
operations, financial position or cash flows.
NOTE 3 - PROPERTY AND EQUIPMENT
Property and equipment is recorded at cost and consisted of the following at
August 31, 2013:
2013
--------
Office furniture and equipment $ 5,722
Less: Accumulated depreciation (5,722)
--------
Property and equipment - net $ --
========
NOTE 4 - WEBSITE
The cost of developing the Company website has been capitalized and is being
amortized over a 5 year period using straight-line amortization:
2013
--------
Website development costs $ 5,000
Less: accumulated amortization (2,583)
--------
Website development costs, net $ 2,417
========
11
NOTE 5 - NOTES PAYABLE
Notes payable consisted of the following at August 31, 2013:
Date of Note Note Amount Interest Rate Maturity Date Collateral
------------ ----------- ------------- ------------- ----------
November 1, 2012 $ 25,000 8% November 1, 2013 None
February 5, 2013 $ 15,000 8% February 5, 2014 None
February 2, 2013 $ 30,000 8% February 22, 2014 None
April 17, 2013 $ 7,500 8% April 17, 2014 None
June 12, 2013 $ 6,250 8% June 12, 2014 None
June 18, 2013 $ 50,000 8% June 18, 2014 None
August 22, 2013 $ 55,000 8% August 22, 2014 None
--------
Total $188,750
========
Principal and interest on the above notes are due at maturity.
On June 18, 2013, a loan payable in the amount of $50,000 was retired and
reissued under the same terms. As consideration for the re-issuance of the note,
the Company issued 270,000 bonus common shares to the lender at a fair value of
$10,800.
On August 22, 2013, a loan payable in the amount of $55,000 was retired and
reissued under the same terms. As consideration for the re-issuance of the note,
the Company issued 396,000 bonus common shares to the lender at a fair value of
$11,880.
NOTE 6 - RELATED PARTY TRANSACTIONS
As of August 31, 2013, there was a balance owed to related parties in the total
amount of $8,562. This debt bears no interest, has no maturity date and is
payable on demand.
The Company paid consulting fees totaling $22,500 to a related party for the
nine month period ended August 31, 2013.
NOTE 7 - STOCKHOLDERS' EQUITY (DEFICIT)
The company has 3,500,000,000 common shares authorized at a par value of $0.001
per share.
The company has 20,000,000 preferred shares authorized at a par value of $0.001
per share.
In 2008, the Company issued 77,000,000 common shares for total proceeds of
$50,000.
On June 8, 2010, the Company affected a 35:1 forward stock split of its common
shares. All share and per share data have been adjusted to reflect such stock
split.
On October 29, 2010, the Company completed a private placement whereby it issued
1,000,000 units at $0.25 each for gross proceeds of $250,000 to an unrelated
third party. Each unit consists of one common share and one share purchase
warrant exercisable at a price of $0.50 expiring on October 29, 2012.
On November 26, 2010, the Company issued 300,000 common shares as part of the
acquisition of interests in three mineral properties. These shares were valued
at a fair market value of $.50 per share on the date of issuance for total value
of $150,000.
On December 20, 2010, the Company cancelled 23,850,000 common shares.
12
On April 15, 2011, the Company issued 100,000 common shares as part of the
acquisition of an interest in a mineral property. These shares were valued at a
fair market value of $1.03 per share on the date of issuance for total value of
$103,000.
On July 1, and October 1, 2011, the Company issued 25,000 common shares to a
consultant for services. The shares issued on July 1, 2011 were valued at
$4,500; the shares issued on October 1, 2011 were valued at $10,725.
On July 13, 2011, the Company completed a private placement whereby it issued
1,000,000 units at $0.35 each for gross proceeds of $350,000 to an unrelated
third party. Each unit consists of one common share and one share purchase
warrant exercisable at a price of $0.65 expiring on July 13, 2013.
On January 1, 2012, the Company issued 25,000 common shares to a consultant for
services. The shares were valued at a fair market value of $0.13/share on the
date of issuance for a total value of $3,250.
On January 26, 2012, the Company issued 75,000 common shares as part of the
acquisition of interests in three mineral properties. These shares were valued
at a fair market value of $0.13/share on the date of issuance for a total value
of $9,750.
On June 18, 2013, the Company issued 270,000 common shares in exchange to extend
a note payable. These shares were valued at a fair market value of $0.04/share
on the date of issuance for a total value of $10,800.
On August 22, 2013, the Company issued 396,000 common shares in exchange to
extend a note payable. These shares were valued at a fair market value of
$0.03/share on the date of issuance for a total value of $11,880.
NOTE 8 - SETTLEMENT OF DEBT
During the quarter, the Company negotiated an accounts payable balance owing to
a professional consultant whereby $50,000 of the balance was settled and no
longer an obligation of the Company. The Company has recorded this forgiveness
of debt in other income.
NOTE 9 - GOING CONCERN
The accompanying financial statements have been prepared assuming that the
company will continue as a going concern. The Company has a working capital
deficit, has not yet received revenue from sales of products or services, and
has incurred losses from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern. Without realization of
additional capital, it would be unlikely for the Company to continue as a going
concern. The financial statements do not include any adjustments that might
result from this uncertainty.
The Company's activities to date have been supported by equity financing. It has
sustained losses in all previous reporting periods with an inception to date
loss of $1,272,273 as of August 31, 2013. Management continues to seek funding
from its shareholders and other qualified investors.
NOTE 10- SUBSEQUENT EVENTS
It is management's intention to cancel all mineral property agreements in fiscal
2013.
In accordance with ASC Topic 855-10, the Company has analyzed its operations
subsequent to August 31, 2013 to the date these financial statements were
issued, and has determined that it does not have any material subsequent events
to disclose in these financial statements other than those discussed above.
13
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements
relate to future events or our future financial performance. In some cases, you
can identify forward-looking statements by terminology such as "may", "should",
expects", "plans", "anticipates", "believes", "estimates", "predicts",
potential" or "continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown
risks, uncertainties and other factors that may cause our or our industry's
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities
laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and
are prepared in accordance with United States Generally Accepted Accounting
Principles. The following discussion should be read in conjunction with our
financial statements and the related notes that appear elsewhere in this
quarterly report. The following discussion contains forward-looking statements
that reflect our plans, estimates and beliefs. Our actual results could differ
materially from those discussed in the forward-looking statements. Factors that
could cause or contribute to such differences include, but are not limited to,
those discussed below and elsewhere in this quarterly report.
In this quarterly report, unless otherwise specified, all dollar amounts are
expressed in United States dollars. All references to "US$" refer to United
States dollars and all references to "common stock" refer to the common shares
in our capital stock.
As used in this quarterly report, the terms "we", "us", "our" and "our company"
mean First American Silver Corp., unless otherwise indicated.
OVERVIEW
We are an exploration stage company engaged in the acquisition, exploration and
development of mineral properties.
The address of our principal executive office is located at 11380 S. Virginia
St, #2011, Reno, NV 89511. Our telephone number is (775) 323-3278.
Our common stock is quoted on the OTC Bulletin Board under the symbol "FASV".
CORPORATE HISTORY
We were incorporated in the State of Nevada on April 29, 2008, under the name
"Mayetok, Inc.". As Mayetok, Inc. we were engaged in the development of a
website to market vacation properties in the Ukraine.
On June 8, 2010, we initiated a 1 old for 35 new forward stock split of our
issued and outstanding common stock. As a result, our authorized capital
increased from 100,000,000 to 3,500,000,000 shares of common stock and the
issued and outstanding increased from 2,200,000 shares of common stock to
77,000,000 shares of common stock, all with a par value of $0.001.
14
Also on June 8, 2010, we changed our name from "Mayetok, Inc." to "First
American Silver Corp.", by way of a merger with our wholly owned subsidiary,
First American Silver Corp., which was formed solely for the change of name. We
changed the name of our company to reflect the new direction of our company in
the business of acquiring, exploring and developing mineral properties. As of
June 2010, we abandoned our former business plan of seeking to market vacation
properties.
Our name change and forward stock split was effective with the Over-the-Counter
Bulletin Board at the opening of trading on June 16, 2010, on which date we
adopted the stock symbol "FASV".
OUR CURRENT BUSINESS
On September 22, 2011, we entered into a license and assignment agreement dated
and effective as of September 16, 2011, with our president and director, Thomas
J. Menning. Mr. Menning is the successor in interest of the rights of Universal
Gas, Inc. and Universal Exploration, Ltd. (together "Universal") pursuant to an
agreement among Universal, Bullion Monarch Company, Polar Resources Co., Camsell
River Investments, Ltd., Lameert Management Ltd., and Etel Holdings Ltd. dated
May 10, 1979 (the "1979 Agreement"). Pursuant to the license agreement, we have
acquired the rights and obligations of Universal established by the 1979
Agreement and pertaining to 256-square-miles of the Carlin Gold Trend in Elko
County, Nevada.
Under the terms of the 1979 Agreement and the license agreement, we are now
deemed the successor of a specific right to participate on a 50% basis with
ongoing and future projects operated, controlled and/or conveyed by Newmont
Mining and Barrick Gold Corporation within the area of interest.
Under the terms of the license agreement, we will finance the cost of pursuing
the rights established in the 1979 Agreement. The distribution of any proceeds
will be as follows: After our company has been reimbursed for any and all
out-of-pocket expenses, we will share proceeds on an 80/20 percent basis with
Mr. Menning. The term of the licensing agreement will be for 10 years with an
option to renew for an additional 10 years.
Under the terms of the 1979 Agreement, a notification of assignment to the
operator is required. Both Newmont Mining and Barrick Gold Corp. have been
notified.
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED AUGUST 31, 2013 AND AUGUST 31,
2012
We have not earned any revenues from inception through the period ending August
31, 2013.
Three Months Three Months
Ended Ended
August 31, August 31,
2013 2012
-------- --------
Revenues $ 32,650 $ Nil
Operating Expenses $ 82,230 $ 94,829
Operating Loss $(49,580) $(94,829)
Other Income $ 44,049 $ --
Net Loss $ (5,531) $(94,829)
We incurred a net loss in the amount of $5,531 for the three months ended August
31, 2013 compared to a net loss of $94,829 for the three months ended August 31,
2012 which represents a decrease of $89,325. Included in other income is $50,000
gain on settlement of debt offset by $5,951 of interest expenses. During the
three months ended August 31, 2012, we did not have other income.
15
Three Months Three Months
Ended Ended
August 31, August 31,
2013 2012
-------- --------
Exploration costs $ -- $ 31,014
Accounting and legal $ 21,641 $ 14,298
Impairment loss on mineral properties $ 40,000 $ --
Consulting fees $ 10,000 $ 36,940
Incorporation costs $ -- $ --
General and administrative $ 10,589 $ 12,577
Our operating expenses incurred for the three months ended August 31, 2013
included $21,641 for accounting and legal fees, $10,589 for general and
administrative expenses, $40,000 related to costs related to a mineral property
and $10,000 for consulting fees compared to the three months ended August 31,
2012 of $14,298 for accounting and legal fees, $31,014 of exploration costs,
$12,577 for general and administrative expenses and $36,940 for consulting fees.
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED AUGUST 31, 2013 AND AUGUST 31,
2012 AND THE PERIOD FROM INCEPTION (APRIL 29, 2008) TO AUGUST 31, 2013
Nine Months Nine Months April 29, 2008
Ended Ended to
August 31, August 31, August 31,
2013 2012 2013
------------ ------------ ------------
Revenues $ 32,650 $ Nil $ 32,650
Expenses $ 171,133 $ 280,086 $ 1,339,218
Operating income $ (138,483) $ (280,086) $ (1,306,568)
Other income (expense) $ 37,780 $ -- $ (34,295)
Net Loss $ (100,703) $ (280,086) $ (1,272,273)
We incurred a net loss in the amount of $100,703 for the nine months ended
August 31, 2013 compared to a net loss of $280,086 for the nine months ended
August 31, 2012 which represents a decrease of $179,383. Included in other
income is $50,000 gain on settlement of debt offset by $12,220 of interest
expenses. During the nine months ended August 31, 2012, we did not have other
income.
Nine Months Nine Months April 29, 2008
Ended Ended to
August 31, August 31, August 31,
2013 2012 2013
------------ ------------ ------------
Exploration costs $ -- $ 49,143 $ 130,926
Accounting and legal $ 69,355 $ 77,756 $ 312,982
Impairment loss on mineral
properties $ 40,000 $ -- $ 469,929
Consulting fees $ 42,807 $ 102,198 $ 228,151
Incorporation costs $ -- $ -- $ 1,387
General and administrative $ 18,971 $ 50,989 $ 195,843
16
Our operating expenses incurred for the nine months ended August 31, 2013
included $69,355 for accounting and legal fees, $18,971 for general and
administrative expenses, $40,000 related to additional payments with respect to
a mineral property and $42,807 for consulting fees compared to the nine months
ended August 31, 2012 of $77,756 for accounting and legal fees, $49,143 of
exploration costs, $50,989 for general and administrative expenses and $102,198
for consulting fees.
LIQUIDITY AND CAPITAL RESOURCES
WORKING CAPITAL
August 31, November 30,
2013 2012
---------- ----------
Current Assets $ 20,346 $ 22,003
Current Liabilities $ 296,630 $ 223,063
Working Capital (Deficit) $ (276,284) $ (201,060)
CASH FLOWS
Nine Months Nine Months April 29, 2008
Ended Ended (Inception) to
August 31, August 31, August 31,
2013 2012 2013
---------- ---------- ----------
Net Cash Provided by (Used in) Operating Activities $ (65,603) $ (207,713) $ (654,820)
Net Cash Provided by (Used In) Investing Activities $ 0 $ 85,000 $ (183,780)
Net Cash Provided by Financing Activities $ 58,750 $ 105,000 $ 838,750
NET INCREASE (DECREASE) IN CASH DURING THE PERIOD $ (6,853) $ (17,713) $ 150
As of August 31, 2013, we had current assets in the amount of $20,346,
consisting of cash of $150 and prepaid expenses of $20,196. Our current
liabilities as of August 31, 2013 were $296,630. We had a working capital
deficit of $276,284 on August 31, 2013.
Our cash used in operating activities was $65,603 for the nine months ended
August 31, 2013 compared to $207,713 for the same period in 2012 and $654,820
for the period from inception on April 29, 2008 to August 31, 2013.
Our cash from investing activities was $0 for the nine months ended August 31,
2013 compared to $85,000 for the same period in 2012. Since inception, we have
used $183,780 in investing activities.
Our cash provided by financing activities was $58,750 for the nine months ended
August 31, 2013 compared to $105,000 for the same period in 2012 and $838,750
for the period from inception on April 29, 2008 to August 31, 2013.
We have not attained profitable operations and are dependent upon obtaining
financing to pursue our business plan over the next twelve months. If we do not
generate revenue sufficient to sustain operations, we may not be able to
continue as a going concern.
OFF BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that is material to stockholders.
17
GOING CONCERN
The accompanying financial statements have been prepared assuming that our
company will continue as a going concern. As discussed in the notes to the
financial statements, we have no established source of revenue. Our auditors
have expressed substantial doubt about our ability to continue as a going
concern. Without realization of additional capital, it would be unlikely for us
to continue as a going concern. The financial statements do not include any
adjustments that might result from this uncertainty.
Our activities to date have been supported by equity financing. We have
sustained losses in all previous reporting periods with an inception to date
loss of $1,272,273 as of August 31, 2013. Management continues to seek funding
from our shareholders and other qualified investors to pursue our business plan.
In the alternative, we may be amenable to a sale, merger or other acquisition in
the event such transaction is deemed by management to be in the best interests
of the shareholders.
CRITICAL ACCOUNTING POLICIES
The discussion and analysis of our financial condition and results of operations
are based upon our consolidated financial statements, which have been prepared
in accordance with the accounting principles generally accepted in the United
States of America. Preparing financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenue, and expenses. These estimates and assumptions are affected
by management's application of accounting policies. We believe that
understanding the basis and nature of the estimates and assumptions involved
with the following aspects of our financial statements is critical to an
understanding of our financial statements.
EXPLORATION STAGE COMPANY
The accompanying financial statements have been prepared in accordance with
generally accepted accounting principles related to accounting and reporting by
exploration-stage companies. An exploration-stage company is one in which
planned principal operations have not commenced or if its operations have
commenced, there has been no significant revenues there from.
BASIS OF PRESENTATION
Our financial statements have been prepared in accordance with generally
accepted accounting principles in the United States of America and are presented
in US dollars.
ACCOUNTING BASIS
We use the accrual basis of accounting and accounting principles generally
accepted in the United States of America ("GAAP" accounting). We adopted a
November 30 fiscal year end.
CASH AND CASH EQUIVALENTS
We consider all highly liquid investments with maturities of three months or
less to be cash equivalents. At August, 2013 and November 30, 2012,
respectively, we had $150 and $7,003 of unrestricted cash to be used for future
business operations. Our bank accounts are deposited in insured institutions.
The funds are insured up to $250,000. At times, our bank deposits may exceed the
insured amount. Management believes it has little risk related to the excess
deposits.
FAIR VALUE OF FINANCIAL INSTRUMENTS
Our financial instruments consist of cash, prepaid expenses, accounts payable,
accrued professional fees, and amount due to a related party. The carrying
amount of these financial instruments approximates fair value due to either
length of maturity or interest rates that approximate prevailing market rates
unless otherwise disclosed in these financial statements.
18
CONCENTRATIONS OF CREDIT RISK
Our company maintains its cash in bank deposit accounts, the balances of which
at times may exceed federally insured limits. Our company continually monitors
its banking relationships and consequently has not experienced any losses in
such accounts. Our company believes it is not exposed to any significant credit
risk on cash and cash equivalents.
STOCK-BASED COMPENSATION
We account for employee stock-based compensation in accordance with the guidance
of ASC Topic 718, COMPENSATION - STOCK COMPENSATION which requires all
share-based payments to employees, including grants of employee stock options,
to be recognized in the financial statements based on their fair values. There
has been no stock-based compensation issued to employees.
We follow ASC Topic 505-50, formerly EITF 96-18, "ACCOUNTING FOR EQUITY
INSTRUMENTS THAT ARE ISSUED TO OTHER THAN EMPLOYEES FOR ACQUIRING, OR IN
CONJUNCTION WITH SELLING GOODS AND SERVICES," for stock options and warrants
issued to consultants and other non-employees. In accordance with ASC Topic
505-50, these stock options and warrants issued as compensation for services
provided to the Company are accounted for based upon the fair value of the
services provided or the estimated fair market value of the option or warrant,
whichever can be more clearly determined. The fair value of the equity
instrument is charged directly to compensation expense and additional paid-in
capital over the period during which services are rendered.
INCOME TAXES
Income taxes are computed using the asset and liability method. Under the asset
and liability method, deferred income tax assets and liabilities are determined
based on the differences between the financial reporting and tax bases of assets
and liabilities and are measured using the currently enacted tax rates and laws.
A valuation allowance is provided for the amount of deferred tax assets that,
based on available evidence, are not expected to be realized. It is our
company's policy to classify interest and penalties on income taxes as interest
expense or penalties expense. As of August 31, 2013, there have been no interest
or penalties incurred on income taxes.
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 the financial statements and the
reported amount of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
REVENUE RECOGNITION
We are in the exploration stage and have yet to realize revenues from
operations. Once our company has commenced operations, it will recognize
revenues when delivery of goods or completion of services has occurred provided
there is persuasive evidence of an agreement, acceptance has been approved by
its customers, the fee is fixed or determinable based on the completion of
stated terms and conditions, and collection of any related receivable is
probable.
BASIC INCOME (LOSS) PER SHARE
Basic income (loss) per share is calculated by dividing the Company's net loss
applicable to common shareholders by the weighted average number of common
shares during the period. Diluted earnings per share is calculated by dividing
the Company's net income available to common shareholders 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.
19
On June 8, 2010, we affected a 35:1 forward stock split of its common shares.
All share and per share data have been adjusted to reflect such stock split.
DIVIDENDS
We have not adopted any policy regarding payment of dividends. No dividends have
been paid during the periods shown.
MINERAL PROPERTIES
Costs of exploration, carrying and retaining unproven mineral lease properties
are expensed as incurred. Mineral property acquisition costs are capitalized
including licenses and lease payments. Although we have taken steps to verify
title to mineral properties in which it has an interest, these procedures do not
guarantee our company's title. Such properties may be subject to prior
agreements or transfers and title may be affected by undetected defects.
Impairment losses will be recorded on mineral properties used in operations when
indicators of impairment are present and the undiscounted cash flows estimated
to be generated by those assets are less than the assets' carrying amount. In
accordance with ASC 360-10-35-17, an impairment loss will be recognized only if
the carrying amount of a long-lived asset is not recoverable and exceeds its
fair value. The carrying amount of a long-lived asset is not recoverable if it
exceeds the sum of the undiscounted cash flows expected to result from the use
and eventual disposition of the asset. That assessment shall be based on the
carrying amount of the asset at the date it is tested for recoverability,
whether in use or under development. An impairment loss shall be measured as the
amount by which the carrying amount of a long-lived asset exceeds its fair
value.
RECENT ACCOUNTING PRONOUNCEMENTS
Our company does not expect the adoption of recently issued accounting
pronouncements to have a significant impact on our results of operations,
financial position or cash flows.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a "smaller reporting company", we are not required to provide the information
required by this Item.
ITEM 4. CONTROLS AND PROCEDURES
MANAGEMENT'S REPORT ON DISCLOSURE CONTROLS AND PROCEDURES
We carried out an evaluation, under the supervision and with the participation
of our management, including our president and chief financial officer (our
principal executive officer, principal financial officer and principal
accounting officer), of the effectiveness of our disclosure controls and
procedures. Based upon that evaluation, our president and chief financial
officer (our principal executive officer, principal financial officer and
principal accounting officer) concluded that, as of the end of the period
covered in this report, our disclosure controls and procedures were not
effective at ensuring that information required to be disclosed in reports filed
under the Securities and Exchange Act of 1934 is recorded, processed, summarized
and reported within the required time periods and is accumulated and
communicated to our management, including our president and chief financial
officer (our principal executive officer, principal financial officer and
principal accounting officer), as appropriate to allow timely decisions
regarding required disclosure. This determination was a result of our external
auditor needing to post adjustments to our financial statements.
20
Our management, including our president and chief financial officer (our
principal executive officer, principal financial officer and principal
accounting officer), does not expect that our disclosure controls and procedures
or our internal controls will prevent all error or fraud. A control system, no
matter how well conceived and operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met. Further,
the design of a control system must reflect the fact that there are resource
constraints and the benefits of controls must be considered relative to their
costs. Due to the inherent limitations in all control systems, no evaluation of
controls can provide absolute assurance that all control issues and instances of
fraud, if any, have been detected. We performed additional analysis and other
post-closing procedures in an effort to ensure our consolidated financial
statements included in this quarterly report have been prepared in accordance
with generally accepted accounting principles. Accordingly, management believes
that the financial statements included in this report fairly present in all
material respects our financial condition, results of operations and cash flows
for the periods presented.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in our internal control over financial reporting during
the quarterly period covered by this report that have materially affected, or
are reasonably likely to materially affect, our internal control over financial
reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We know of no material, existing or pending legal proceedings against our
company, nor are we involved as a plaintiff in any material proceeding or
pending litigation. There are no proceedings in which any of our directors,
officers or affiliates, or any registered or beneficial shareholder, is an
adverse party or has a material interest adverse to our interest.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
Exhibit
Number Description
------ -----------
(3) (I) ARTICLES OF INCORPORATION; (II) BY-LAWS
3.1 Articles of Incorporation (Incorporated by reference to our
Registration Statement filed on Form S-1 on February 25, 2009).
3.2 By-laws (Incorporated by reference to our Registration Statement filed
on Form S-1 on February 25, 2009)
3.3 Certificate of Amendment (Incorporated by reference to our Registration
Statement filed on Form S-1 on February 25, 2009).
21
3.4 Articles of Merger (Incorporated by reference to our Current Report
filed on Form 8-K on July 15, 2010).
3.5 Certificate of Change (Incorporated by reference to our Current Report
filed on Form 8-K on July 15, 2010).
(4) INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING
INDENTURES
4.1 Sample Stock Certificate (Incorporated by reference to our Registration
Statement filed on Form S-1 on February 25, 2009).
(10) MATERIAL CONTRACTS
10.1 Property Option Agreement between our company and All American
Resources LLC with respect to the Mountain City claim dated November
26, 2010 (Incorporated by reference to our Current Report filed on Form
8-K on December 21, 2010).
10.2 Property Option Agreement between our company and All American
Resources LLC with respect to the Eagan Canyon claim dated November 26,
2010 (Incorporated by reference to our Current Report filed on Form 8-K
on December 21, 2010).
10.3 Property Option Agreement between our company and All American
Resources LLC with respect to the Muncy Creek claim dated November 26,
2010 (Incorporated by reference to our Current Report filed on Form 8-K
on December 21, 2010).
10.4 Mining Lease and Option to Purchase Agreement between our company,
Pyramid Lake LLC and Anthony A. Longo dated April 15, 2011
(Incorporated by reference to our Current Report filed on Form 8-K on
May 17, 2011).
10.5 License and Assignment Agreement between Thomas J. Menning and our
company dated September 16, 2011(incorporated by reference to our
Current Report filed on Form 8-K on October 14, 2011).
10.6 2011 Stock Option Plan (incorporated by reference to our Current Report
filed on Form 8-K on November 14, 2011).
(31) RULE 13A-14(A) / 15D-14(A) CERTIFICATIONS
31.1* Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
of the Principal Executive Officer, Principal Financial Officer and
Principal Accounting Officer.
(32) SECTION 1350 CERTIFICATIONS
32.1* Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
of the Principal Executive Officer, Principal Financial Officer and
Principal Accounting Officer.
101** INTERACTIVE DATA FILE
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
----------
* Filed herewith.
** Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the
Interactive Data Files on Exhibit 101 hereto are deemed not filed or part
of any registration statement or prospectus for purposes of Sections 11 or
12 of the Securities Act of 1933, are deemed not filed for purposes of
Section 18 of the Securities and Exchange Act of 1934, and otherwise are
not subject to liability under those sections.
22
SIGNATURES
In accordance with the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST AMERICAN SILVER CORP.
(Registrant)
Date: October 21, 2013 /s/ Thomas Menning
-----------------------------------------
Thomas Menning
President, Chief Executive Officer,
Chief Financial Officer, Secretary,
Treasurer and Director (Principal
Executive Officer, Principal Financial
Officer and Principal Accounting Officer)
2