UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K/A3
 
CURRENT REPORT
 
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 11, 2014
 
RIMROCK GOLD CORP.
(Exact name of registrant as specified in its charter)
 
Nevada
 
333-149552
 
75-3266961
(State or other jurisdiction of
incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
3651 Lindell Rd. Suite D155
Las Vegas, NV 89103
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: 1-800-854-7970
 
N/A
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
 


 
 

 
 
Explanatory Note
 
This Third Amendment to the Current Report filed on Form 8-K/A (this “Third Amendment”) is being filed to incorporate changes to the Current Report on Form 8-K/A filed by Rimrock Gold Corp. (the “Company”) on December 18, 2013, as amended on December 20, 2013 and June 10, 2014 (the “Form 8-K”) to: (i) include the date on which we determined that the financial statements included in its Annual Report on Form 10-K for the year ended August 31, 2013 could no longer be relied on, (ii) disclose that the financial statements for the fiscal year ended August 31, 2012 were impacted by the restatement, and (iii) clarify that the Company’s board of directors, in the absence of an audit committee, discussed the matters disclosed in the filing with our independent accountant.

Unless otherwise disclosed herein, the disclosures contained herein have not been updated to reflect events, results or developments that have occurred after the filing of the Form 8-K, as amended, or to modify or update those disclosures affected by subsequent events unless otherwise indicated in this Third Amendment. This Third Amendment should be read in conjunction with the Form 8-K, as amended and the Company’s filings made with the SEC subsequent to the Form 8-K, as amended, including any amendments to those filings.
 
Item 4.01. Changes in Registrant’s Certifying Accountant

Previous Independent Auditors:

(a)
On December 12, 2013, the Company dismissed the registered independent public accountant, DNTW.
   
(b)
DNTW’s reports on the financial statements for the years ended August 31, 2013 and August 31, 2012 contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to audit scope or accounting, except that the reports contained an explanatory paragraph stating that there was substantial doubt about the Company’s ability to continue as a going concern.
   
(c)
Our Board of Directors participated in and approved the decision to change independent accountants. Through the period covered by the financial audit for the years ended August 31, 2013, August 31, 2012 and through December 12, 2013 (date of dismissal), there have been no disagreements with DNTW on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of the DNTW would have caused them to make reference thereto in their report on the financial statements.
   
(d)
We have authorized DNTW to respond fully to the inquiries of the successor accountant.
   
(e)
During the years ended August 31, 2013, August 31, 2012 and through December 12, 2013, there have been no reportable events with us as set forth in Item 304(a)(1)(v) of Regulation S-K.
   
(f)
Effective February 28, 2013, the DNTW partnership has been dissolved. Therefore, the Company is unable to obtain a letter, pursuant to Item 304(a)(3) of Regulation S-K, to include as Exhibit 16 to this Form 8-K/A.

Effective March 6, 2014 our predecessor auditor, DNTW, is no longer registered with the PCAOB and on May 20, 2014 the SEC denied the two partners of DNTW the privilege of appearing or practicing before the SEC as accountants. A copy of the order at http://www.sec.gov/litigation/admin/2014/34-72199.pdf. We, therefore, are no longer allowed to include any audit report issued by DNTW in any filing with the SEC on or after May 20, 2014. As disclosed below, on December 12, 2013, we engaged our newly appointed accounting firm, Schwartz Levitsky Feldman LLP, Chartered Accountant (the “New Auditor”). The New Auditor has previously re-audited our fiscal year ended August 31, 2013, included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2013. Our financial statements for the year ended August 31, 2012 are deemed to be unaudited.
 
2

 
 
On June 9, 2014, the SEC granted the Company’s request that the inception-to date financial statements for the period June 5, 2003 (inception) to the year ended August 31, 2013 be deemed acceptable as unaudited, and be labeled as “Unaudited.” One June 12, 2014, we filed a second amendment to our Annual Report on Form 10-K for the year ended August 31, 2013 (the “Second 10-K Amendment”) to amend our Form 10-K for the year ended August 31, 2013, and label our financials for the year ended August 31, 2012 and for the period from inception (June 5, 2003) to August 31, 2013 as un-audited.  We shall then have a firm that is permitted to practice before the SEC and is registered with the PCAOB re-audit the August 31, 2012 financial statements and file a third amendment to our Annual Report on Form 10-K for the year ended August 31, 2013 (the “Third 10-K Amendment”) to include audited financials for August 31, 2012 and August 31, 2013, and the period from inception (June 5, 2003) to August 31, 2013 remaining un-audited. The financials for the year ended August 31, 2013, excluding the inception to date cumulative date financial data, remains audited.
 
New Independent Auditors:

On December 12, 2013, the Company engaged Schwartz Levitsky Feldman LLP, Chartered Accountants (New Auditor) as its new registered independent public accountant. During the years ended August 31, 2013, August 31, 2012 and prior to December 12, 2013. (the date of the new engagement), we did not consult with New Auditor regarding (i) the application of accounting principles to a specified transaction, (ii) the type of audit opinion that might be rendered on the Company’s financial statements by New Auditor, in either case where written or oral advice provided by New Auditor would be an important factor considered by us in reaching a decision as to any accounting, auditing or financial reporting issues or (iii) any other matter that was the subject of a disagreement between us and our former auditor or was a reportable event (as described in Items 304(a)(1)(iv) or Item 304(a)(1)(v) of Regulation S-K, respectively). 
 
Item 4.02  Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On April 11, 2014 Company filed an amendment to its Annual Report on Form 10-K for the year ended August 31, 2013 (the “First 10-K Amendment”) because it determined on January 17, 2014 that the financial statements included in its Annual Report on Form 10-K for the year ended August 31, 2013, including our financial statements for the fiscal year ended August 31, 2012, as filed on November 15, 2013, should no longer be relied on.

In the amended filing, the Company made adjustments to its consolidated balance sheet, consolidated statement of operations and comprehensive loss, consolidated statement of Stockholder’s equity, and consolidated statement of cash flows at August 31, 2013 and 2012 due to an adjustment to the valuation of mining property claims and adjustments in the application of the beneficial conversion features calculation on convertible debentures. The Company originally accounted for the acquisition of mineral rights as a “Purchase of Assets” under the guidance of ASC 505 in which the acquired property were recorded on the fair value of the Company’s common stock issued, which was determined based on a recent private placement transaction adjusted for fair value of warrants issued under that transaction. In further review, the Company determined that the property was under common control at the date of acquisition. Therefore the transaction should have been accounted for as an exchange of assets between entities under common control. The guidance ASC 805-50-30-56 requires the entity receiving the equity interests to initially measure the recognized assets and liabilities transferred at the carrying amounts in the accounts of the transferring entities at the date of transfer. The Company originally accounted for their convertible debenture under the guidance of FASB 470-20-25-23, which requires determining the carrying amount of the liability component first, and then determining the carrying amount of the equity component represented by the embedded conversion option. In further review, the Company determined the convertible debenture is not within the scope of the Cash conversion Subsections, and should calculate the intrinsic value for its beneficial conversion feature under the guidance of FASB 470-20-25-4. The restatement also adjusted accumulated other comprehensive loss to deficit accumulated during the exploration stage for realization of loss on available for sale securities and derecognizing translation adjustments.
 
The restatement impacted our financial statements for the years ended August 31, 2013 and 2012, and for the interim periods ended November 30, 2012 (restated in our Quarterly Report on Form 10-Q for the period ended November 30, 2013), February 28, 2013 (restated in our Quarterly Report on Form 10-Q for the period ended February 28, 2014), and May 31, 2013 (to be restated in our Quarterly Report on Form 10-Q for the period ended May 31, 2014).  These are the only reporting periods impacted by the restatement.  In addition, any press releases containing financial information for such periods should not be relied upon.
 
 
3

 

The adjustments contained in the First Amendment, as adjusted pursuant to the Second 10-K Amendment are disclosed below:
 
a.  
Reconciliation of Consolidated Balance Sheet as at August 31, 2013
 
Consolidated Balance Sheet as at August 31, 2013
 
   
August 31,
2013
Previously
stated
   
August 31,
2013
Adjustments
   
August 31,
2013
Restated
 
ASSETS
                 
Current Assets
                 
Cash
 
$
36,449
         
$
36,449
 
Prepaid and sundry
   
80,596
           
80,596
 
Total Current Assets
   
117,045
           
117,045
 
Long Term Assets
                     
Mineral property claims (1)
   
3,327,117
     
(2,947,147
)
   
379,970
 
Equipment
   
758
             
758
 
Total Long Term Assets
   
3,327,875
     
(2,947,147
)
   
380,728
 
Total Assets
 
$
3,444,920
     
(2,947,147
 
$
497,773
 
                         
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                       
Current Liabilities
                       
Accounts payable and accrued liabilities
 
$
8,603
           
$
8,603
 
Convertible notes payable
   
-
             
16,109
 
Advances from a related party
   
16,109
             
-
 
Total Liabilities
   
24,712
             
24,712
 
                         
Stockholders' Equity
                       
Capital stock, $0.001 par value; Authorized 200,000,000; Issued and outstanding 34,614,489  (August 31, 2012 – 7,420,109)
   
34,615
             
34,615
 
Additional paid-in capital (2)
   
5,962,315
     
(2,476,830
)
   
3,485,485
 
Accumulated other comprehensive loss (3)
   
(9,802
)
   
9,802
     
-
 
Deficit accumulated during the exploration stage (4)
   
(2,566,920
)
   
(480,119
)
   
(3,047,039
)
Total Stockholders' Equity
   
3,420,208
     
(2,947,147
)
   
473,061
 
Total Liabilities and Stockholders' Equity
 
$
3,444,920
     
(2,947,147
)
 
$
497,773
 
 
 
4

 
 
Consolidated Balance Sheet as at August 31, 2012 (Unaudited)
 
   
August 31,
2012
Previously
stated
(Unaudited)
   
August 31,
2012
Adjustments
(Unaudited)
 
August 31,
2012
Restated
(Unaudited)
 
ASSETS
             
Current Assets
             
Cash
 
$
11,191
   
-
   
$
11,191
 
Prepaid and sundry
   
11,129
   
-
     
11,129
 
Total Current Assets
   
22,320
   
-
     
22,320
 
Long Term Assets
                     
Mineral property claims
   
133,108
   
-
     
133,108
 
Equipment
   
958
   
-
     
958
 
Total Long Term Assets
   
134,066
   
-
     
134,066
 
Total Assets
 
$
156,386
   
-
   
$
156,386
 
                       
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                     
Current Liabilities
                     
Accounts payable and accrued liabilities
 
$
32,539
   
-
   
$
32,539
 
Convertible notes payable (5)
   
111,330
     
(74,872
   
36,458
 
Advances from a related party
   
-
             
-
 
Total Liabilities
   
143,869
     
(74,872
   
68,997
 
                         
Stockholders' Equity
                       
Capital stock, $0.001 par value; Authorized 200,000,000; Issued and outstanding 34,614,489  (August 31, 2012 – 7,420,109)
   
7,420
             
7,420
 
Additional paid-in capital (5)
   
1,782,951
     
118,200
     
1,901,151
 
Accumulated other comprehensive loss (3)
   
(9,540
)
   
9,540
     
0
 
Deficit accumulated during the development stage (6)
   
(1,768,314
)
   
(52,868
)
   
(1,821,182
)
Total Stockholders' Equity
   
12,517
     
74,872
     
87,389
 
Total Liabilities and Stockholders' Equity
 
$
156,386
     
-
   
$
156,386
 
 
 
5

 
 
b.  
Reconciliation of Consolidated statements of operations and comprehensive loss for the year ended August 31, 2013
 
   
For the Year 
Ended
August 31,
2013
(Previously
stated)
   
For the Year 
Ended 
August 31,
2013
(Adjustment)
   
For the Year 
Ended
August 31,
2013
(Restated)
 
EXPENSES
                 
Professional fees (7)
 
$
513,954
   
$
352,117
   
$
866,071
 
Mineral property claims maintenance fee
   
91,140
     
-
     
91,140
 
Exploration
   
4,017
     
-
     
4,017
 
Advertising and promotion
   
7,526
     
-
     
7,526
 
Telecommunications
   
6,422
     
-
     
6,422
 
Rent and occupancy costs
   
16,450
     
-
     
16,450
 
Office and general
   
16,886
     
-
     
16,886
 
Interest and bank charges (5)
   
8,903
     
74,872
     
83,775
 
Foreign currency exchange loss (8)
   
-
     
262
     
262
 
Depreciation
   
200
     
-
     
200
 
TOTAL OPERATING EXPENSES
   
665,498
     
427,251
     
1,092,749
 
LOSS FROM OPERATIONS
   
(665,498
)
   
427,251
     
(1,092,749
)
Interest income
   
-
     
-
     
-
 
Impairment of mineral property claims
   
(133,108
)
   
-
     
(133,108
)
Impairment of convertible note receivable
   
-
     
-
     
-
 
LOSS FROM CONTINUING OPERATIONS BEFORE TAX
   
(798,606
)
   
(427,251
)
   
(1,225,857
)
Income tax
   
-
     
-
     
-
 
LOSS FROM CONTINUING OPERATIONS
   
(798,606
)
   
(427,251
)
   
(1,225,857
)
LOSS FROM DISCONTINUED OPERATION, NET OF TAX
   
-
     
-
     
-
 
NET LOSS
 
$
(798,606
)
 
$
(427,251
)
 
$
(1,225,857
)
OTHER COMPREHENSIVE LOSS FROM CONTINUING OPERATIONS
                       
Foreign currency translation adjustment (8)
   
(262
)
   
262
     
0
 
Unrealized loss on convertible note receivable and available-for-sale securities, net of tax
   
-
     
-
     
-
 
COMPREHENSIVE LOSS OF CONTINUING OPERATIONS
 
$
(798,868
)
 
$
(426,989
)
   
(1,225,857
)
OTHER COMPREHENSIVE LOSS FROM DISCONTINUED OPERATIONS
                       
Foreign currency translation adjustment
   
-
     
-
     
-
 
COMPREHENSIVE LOSS OF DISCONTINUED OPERATIONS
   
-
     
-
     
-
 
TOTAL COMPREHENSIVE LOSS
   
(798,868
)
   
(426,989
)
   
(1,225,857
)
 
 
6

 
 
   
For the Year 
Ended 
August 31,
2012
(Previously
stated)
(Unaudited)
   
For the Year 
Ended 
August 31,
2012
(Adjustment)
(Unaudited)
   
For the Year 
Ended 
August 31,
2012
(Restated)
(Unaudited)
 
EXPENSES
                 
Professional fees (9)
   
211,817
     
8,854
     
220,671
 
Exploration
   
22,656
     
-
     
22,656
 
Advertising and promotion
   
1,788
     
-
     
1,788
 
Telecommunications
   
2,184
     
-
     
2,184
 
Rent and occupancy costs
   
7,728
     
-
     
7,728
 
Office and general
   
4,470
     
-
     
4,470
 
Interest and bank charges (5)
   
5,708
     
34,475
     
40,183
 
Depreciation
   
120
     
-
     
120
 
TOTAL OPERATING EXPENSES
   
256,471
     
43,329
     
299,800
 
LOSS FROM OPERATIONS
   
(256,471
)
   
(43,329
)
   
(299,800
)
Interest income
   
-
     
-
     
-
 
Impairment of mineral property claims
   
(451,870
)
   
-
     
(451,870
Impairment of convertible note receivable
   
(23,621
)
   
-
     
(23,621
LOSS FROM CONTINUING OPERATIONS BEFORE TAX
   
(731,962
)
   
(43,329
)
   
(775,291
)
Income tax
   
-
     
-
     
-
 
LOSS FROM CONTINUING OPERATIONS
   
(731,962
)
   
-
     
(775,291
)
LOSS FROM DISCONTINED OPERATION, NET OF TAX
   
(3,742
)
   
-
     
(3,742
NET LOSS
 
$
(735,704
)
 
$
(43,329
)
 
$
(779,033
)
OTHER COMPREHENSIVE LOSS FROM CONTINUING OPERATIONS
                       
Foreign currency translation adjustment
   
896
     
-
     
896
 
Unrealized loss on convertible note receivable and available-for-sale securities, net of tax
   
23,621
     
-
     
23,621
 
COMPREHENSIVE LOSS OF CONTINUING OPERATIONS
 
$
(707,445
)
 
$
43,329
     
(750,774
)
OTHER COMPREHENSIVE LOSS FROM DISCONTINUED OPERATIONS
                       
Foreign currency translation adjustment
   
109
     
-
     
109
 
COMPREHENSIVE LOSS OF DISCONTINUED OPERATIONS
   
(3,633
)
   
-
     
(3,633
)
TOTAL COMPREHENSIVE LOSS
   
(711,078
)
   
(43,329
)
   
(754,407
)
LOSS FROM CONTINUING OPERATIONS PER SHARE - BASIC AND DILUTED
   
(0.01
)
   
-
     
(0.01
)
LOSS FROM DISCONTINUED OPERATIONS PER SHARE - BASIC AND DILUTED
   
-
     
-
     
-
 
NET LOSS PER SHARES - BASIC AND DILUTED
 
$
(0.01
)
 
$
-
     
(0.01
)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED
   
56,983,073
     
-
     
56,983,073
 
 
 
7

 
 
   
For the Period
from
Inception
(June 5, 2003) to
August 31,
 2013
(Previously
stated)
(Unaudited)
   
For the Period
from
Inception
(June 5, 2003) to
August 31,
Adjustment
(Unaudited)
   
For the Period
from
Inception
(June 5, 2003) to
August 31,
 2013 (Restated)
(Unaudited)
 
EXPENSES
                 
Professional fees
 
$
1,512,283
   
$
360,971
   
$
1,873,254
 
Mineral property claims maintenance fee
   
91,140
     
-
     
91,140
 
Exploration
   
119,740
     
-
     
119,740
 
Advertising and promotion
   
16,707
     
-
     
16,707
 
Telecommunications
   
17,055
     
-
     
17,055
 
Rent and occupancy costs
   
27,310
     
-
     
27,310
 
Office and general
   
30,104
     
-
     
30,104
 
Interest and bank charges
   
19,172
     
109,347
     
128,519
 
Foreign currency exchange loss
   
-
     
262
     
262
 
Depreciation
   
320
     
-
     
320
 
TOTAL OPERATING EXPENSES
   
1,833,831
     
470,580
     
2,304,411
 
LOSS FROM OPERATIONS
   
(1,833,831
)
   
(470,580
)
   
(2,304,411
)
Interest income
   
11,821
     
-
     
11,821
 
Impairment of mineral property claims
   
(584,978
)
   
-
     
(584,978
)
Impairment of convertible note receivable
   
(23,621
)
   
-
     
(23,621
)
LOSS FROM CONTINUING OPERATIONS BEFORE TAX
   
(2,430,609
)
   
-
     
(2,901,189
)
Income tax
   
-
     
-
     
-
 
LOSS FROM CONTINUING OPERATIONS
   
(2,430,609
)
   
-
     
(2,901,189
)
LOSS FROM DISCONTINED OPERATION, NET OF TAX
   
(136,311
)
   
(9,539
)
   
(145,850
)
NET LOSS
 
$
(2,566,920
)
 
$
(480,119
)
 
$
(3,047,039
)
 
 
8

 
 
c.  
Consolidated statements of Stockholders’ Equity
 
   
Common stock
   
Additional
   
Accumulated Other
Comprehensive
   
Deficit
Accumulated
During the 
exploration
     
Total
Stockholders’
 
   
Shares
   
Amount
   
Paid in Capital
   
income
   
stage
     
equity
 
Balance, August 31, 2011 (Previously stated) (Unaudited)
   
6,808,025
   
$
6,808
   
$
1,680,885
   
$
(34,166
)
 
$
(1,032,610
)
   
$
620,917
 
Realized loss on available for sale securities – year 2007 & 2008
   
-
     
-
     
-
     
4,809
     
(4,809
)(3)
 
-
 
Reclassification of foreign currency translation for prior years to retained earnings
   
-
     
-
     
-
     
4,730
     
(4,730
)(3)
 
-
 
Issuance of common stock for rent
   
15,625
     
16
     
3,484
     
-
     
-
       
3,500
 
Issuance of common stock for cash, net of commissions
   
301,459
     
301
     
54,077
     
-
     
-
       
54,378
 
Issuance of common stock for consulting services
   
45,000
     
45
     
17,955
     
-
     
-
       
18,000
 
Issuance of common stock for purchase of properties
   
250,000
     
250
     
19,750
     
-
     
-
       
20,000
 
Convertible debentures equity portion
   
-
     
-
     
125,000
     
-
     
-
       
125,000
 
Realized gain on convertible notes receivable
   
-
     
-
     
-
     
23,621
     
-
       
23,621
 
Foreign currency translation
   
-
     
-
     
-
     
1,006
     
-
       
1,006
 
Net loss
   
-
     
-
     
-
     
-
     
(779,033
)
     
(779,033
)
Balance, August 31, 2012 (Restated)(Unaudited)
   
7,420,109
   
$
7,420
   
$
1,901,151
   
$
-
   
$
(1,821,182
)
   
$
87,389
 
Conversion of convertible debentures
   
641,370
     
642
     
127,633
     
-
     
-
       
128,275
 
Issuance of common stock for cash, net of issuance costs
   
2,753,148
     
2,753
     
505,531
     
-
     
-
       
508,284
 
Issuance of common stock for consulting services
   
4,500,000
     
4,500
     
670,500
     
-
     
-
       
675,000
 
Issuance of common stock to acquire mineral property claims
   
19,300,000
     
19,300
     
280,670
     
-
     
-
       
299,970
 
Net loss
   
-
     
-
     
-
     
-
     
(1,225,857
)
   
(1,225,857
)
Balance,  August 31, 2013 (Restated)
   
34,614,627
   
$
34,615
   
$
3,485,485
   
$
-
   
$
(3,047,039
)
 
$
473,061
 
 
 
9

 

d.  
Consolidated statement of cash flows
 
   
For the Year
Ended
August 31,
2013
(Previously
stated)
   
For the Year
Ended
August 31,
2013
(Adjustments)
     
For the Year
Ended
August 31,
2013
(Restated)
 
CASH FLOWS FROM OPERATING ACTIVITIES
                   
Net loss
 
$
(798,606
)
 
$
(427,251
   
$
(1,225,857
Less: Loss from discontinued operations, net of tax expense
   
-
     
-
       
-
 
Loss from continuing operations
   
(798,606
)
   
(427,251
)
     
(1,225,857
)
Items not affecting cash
                         
Depreciation
   
200
     
-
       
200
 
Accretion expense on convertible notes payable
   
13,670
     
74,872
(5)
     
88,542
 
Accrued interest on convertible notes payable
   
3,274
     
-
       
3,274
 
Foreign currency exchange loss
   
-
     
-
           
Impairment of mineral property claims
   
133,108
     
-
       
133,108
 
Impairment of convertible note receivable
   
-
     
-
       
-
 
Issuance of common stock for services
   
         300,000
     
300,000
(7)
     
600,000
 
Issuance of common stock for rental
   
-
     
-
       
-
 
Write off of deferred offering costs
   
-
     
-
       
-
 
Change in prepaid and sundry
   
5,533
     
-
       
5,533
 
Change in accounts payable and accrued liabilities
   
(23,936
)
   
-
       
(23,936
Net cash used in operating activities from continuing operations
   
(366,757
)
   
(52,379
)
     
(419,136
)
Net cash used in operating activities from discontinued operations
   
-
     
-
       
-
 
CASH FLOWS USED IN OPERATING ACTIVITIES
   
(366,757
)
   
(52,379
)
     
(419,136
)
CASH FLOWS FROM INVESTING ACTIVITIES
                         
Acquisition of mineral property claims
   
(132,117
)
   
52,117
(7)
     
(80,000)
 
Disposition of equipment
   
-
     
-
       
-
 
Acquisition of equipment
   
-
     
-
       
-
 
CASH FLOWS USED IN INVESTING ACTIVITIES
   
(132,117
)
   
52,117
       
(80,000
)
CASH FLOWS FROM FINANCING ACTIVITIES
                         
Convertible notes receivable
   
-
     
-
       
-
 
Proceeds from convertible note payable
   
-
     
-
       
-
 
Repayment of convertible notes payable
   
-
     
-
       
-
 
Advances (to) from a related party
   
16,109
     
-
       
16,109
 
Repayment of advance from a related party
   
-
     
-
       
-
 
Issuance of common stock, net of issuance costs
   
508,285
               
508,285
 
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
   
524,394
               
524,394
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
   
(262
)
   
262
(8)
     
-
 
NET INCREASE (DECREASE) IN CASH
   
25,258
     
-
       
25,258
 
CASH, BEGINNING OF PERIOD
   
11,191
     
-
       
11,191
 
CASH, END OF PERIOD
 
$
36,449
   
$
         
36,449
 
                           
NON CASH INVESTING AND FINANCING ACTIVITES
                         
Issuance of common stock for acquisition of mineral property claims
 
$
3,195,000
     
(2,895,030
)(1)
299,970
 
Convertible debt payable and accrued interest converted to common stock
 
$
128,274
     
 -
       
128,274 
 
 
 
10

 

   
For the Year
Ended
August 31,
2012
(Previously
stated)
(Unaudited)
   
For the Year
Ended
August 31,
2012
(Adjustments)
(Unaudited)
     
For the Year
Ended
August 31,
2012
(Restated)
(Unaudited)
 
CASH FLOWS FROM OPERATING ACTIVITIES
                   
Net loss
 
$
(735,704
)
 
$
(43,329
   
$
(779,033
Less: Loss from discontinued operations, net of tax expense
   
3,742
               
3,742
 
Loss from continuing operations
   
(731,962
)
   
(43,329
)
     
(775,291
)
Items not affecting cash
   
-
     
-
       
-
 
Depreciation
   
120
     
-
       
120
 
Accretion expense on convertible notes payable
   
-
     
-
       
-
 
Accrued interest on convertible notes payable
   
5,630
     
30,829
(5)
     
36,459
 
Foreign currency exchange loss
   
-
     
-
       
-
 
Impairment of mineral property claims
   
451,870
     
-
       
451,870
 
Impairment of convertible note receivable
   
23,621
     
-
       
23,621
 
Loss on disposal of assets
   
-
     
-
       
-
 
Issuance of common stock for services
   
18,000
     
-
       
18,000
 
Issuance of common stock for rental
   
3,500
     
-
       
3,500
 
Write off of deferred offering costs
   
-
     
-
       
-
 
Change in prepaid and sundry
   
(5,289
   
-
       
(5,289
Change in accounts payable and accrued liabilities
   
13,721
     
-
       
13,721
 
Net cash used in operating activities from continuing operations
   
(220,789
)
   
(12,500
)
     
(233,289
)
Net cash used in operating activities from discontinued operations
   
(2,564
)
   
-
       
(2,564
)
CASH FLOWS USED IN OPERATING ACTIVITIES
   
(223,353
)
   
(12,500
)(9)
 
(235,854
)
CASH FLOWS FROM INVESTING ACTIVITIES
                         
Acquisition of mineral property claims
   
(14,978
   
-
       
(14,978
Disposition of equipment
   
-
     
-
       
-
 
Acquisition of equipment
   
(1,130
   
-
       
(1,130
CASH FLOWS USED IN INVESTING ACTIVITIES
   
(16,108
)
   
-
       
(16,108
)
CASH FLOWS FROM FINANCING ACTIVITIES
                         
Convertible notes receivable
   
-
     
-
       
-
 
Proceeds from convertible note payable
   
112,500
     
12,500
       
125000
 
Repayment of convertible notes payable
   
(3,550
   
-
       
(3,550
)
Advances (to) from a related party
   
-
     
-
       
-
 
Repayment of advance from a related party
   
(203
   
-
       
(203
Issuance of common stock, net of issuance costs
   
54,378
     
-
       
54,378
 
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
   
163,125
     
12,500
       
175,625
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
   
651
               
651
 
NET INCREASE (DECREASE) IN CASH
   
(75,685
)
   
-
       
(75,685
)
CASH, BEGINNING OF PERIOD
   
86,876
     
-
       
86,876
 
CASH, END OF PERIOD
 
$
11,191
               
11,191
 
                           
NON CASH INVESTING AND FINANCING ACTIVITES
                         
Issuance of common stock for mineral property claims
 
$
-
     
-
       
-
 
Convertible debt converted to common stock
 
$
-
     
 -
       
-
 
 
 
11

 
 
   
For The Period
From Inception
(June 5, 2003) To
August 31,
2013
(Previously
stated)
(Unaudited)
   
For The Period
From Inception
(June 5, 2003) To
August 31,
2013
(Adjustments)
(Unaudited)
   
For The Period
From Inception
(June 5, 2003) To
August 31,
2013
(Restated)
(Unaudited)
 
CASH FLOWS FROM OPERATING ACTIVITIES
                 
Net loss
 
$
(2,566,920
 
$
(480,119
   
(3,047,039
Less: Loss from discontinued operations, net of tax expense
   
136,311
     
9,539
     
145,850
 
Loss from continuing operations
   
(2,430,609
)
   
(470,580
)
   
(2,901,189
)
Items not affecting cash
   
-
     
-
     
-
 
Depreciation
   
320
     
-
     
320
 
Accretion expense on convertible notes payable
   
19,300
     
105,700
     
125,000
 
Accrued interest on convertible notes payable
   
3,274
     
-
     
3,274
 
Foreign currency exchange loss
   
-
     
-
     
-
 
Impairment of mineral property claims
   
584,978
     
-
     
584,978
 
Impairment of convertible note receivable
   
23,621
     
-
     
23,621
 
Loss on disposal of assets
   
2,762
     
-
     
2,762
 
Issuance of common stock for services
   
419,000
     
300,000
     
719,000
 
Issuance of common stock for rental
   
3,500
     
-
     
3,500
 
Write off of deferred offering costs
   
120,000
     
-
     
120,000
 
Change in prepaid and sundry
   
(5,596
   
-
     
(5,596
Change in accounts payable and accrued liabilities
   
8,603
     
-
     
8,603
 
Net cash used in operating activities from continuing operations
   
(1,250,847
)
   
(64,880
)
   
(1,315,727
)
Net cash used in operating activities from discontinued operations
   
(114,257
   
-
     
(114,257
CASH FLOWS USED IN OPERATING ACTIVITIES
   
(1,365,104
)
   
(64,880
)
   
(1,429,984
)
CASH FLOWS FROM INVESTING ACTIVITIES
                       
Acquisition of mineral property claims
   
(147,095
   
52,117
     
(94,978
Disposition of equipment
   
4,462
     
-
     
4,462
 
Acquisition of equipment
   
(30,124
   
-
     
(30,124
CASH FLOWS USED IN INVESTING ACTIVITIES
   
(172,757
)
   
52,117
     
(120,640
)
CASH FLOWS FROM FINANCING ACTIVITIES
                       
Convertible notes receivable
   
(21,978
   
-
     
(21,978
Proceeds from convertible note payable
   
141,040
     
12,500
     
153,540
 
Repayment of convertible notes payable
   
(163,550
   
-
     
(163,550
Advances (to) from a related party
   
141,109
     
-
     
141,109
 
Repayment of advance from a related party
   
-
     
-
     
-
 
Issuance of common stock, net of issuance costs
   
1,484,166
     
-
     
1,484,166
 
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
   
1,580,787
     
12,500
     
1,593,287
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
   
(6,477
   
262
     
(6,214
NET INCREASE (DECREASE) IN CASH
   
36,449
             
36,449
 
CASH, BEGINNING OF PERIOD
   
-
     
-
     
-
 
CASH, END OF PERIOD
 
$
36,449
     
-
   
$
36,449
 
                         
NON CASH INVESTING AND FINANCING ACTIVITES
                       
Issuance of common stock for mineral property claims
   
-
     
-
     
-
 
Convertible debt converted to common stock
   
-
     
 -
     
-
 
 
(1)  
Assets originally recorded at fair value were adjusted to record at carrying value due to acquiree under common control and to expense acquisition costs incurred.
(2)  
Adjustment due to original recording of assets at fair value.
(3)  
Adjustments due to realized loss on available for sale securities and derecognization of translation adjustments for prior year.
(4)  
Accumulated all adjustments related to the years ended December 31, 2012 and 2013.
(5)  
$125,000 convertible notes payable originally accounted for within the scope of the cash conversion subsections, and were adjusted to accounted for within the scope of beneficial conversion feature.
(6)  
Accumulated all adjustments related to the years ended December 31, 2012.
(7)  
Adjustment arises from the incorrect capitalization of mining properties acquisition costs.
(8)  
To adjust translation difference from accumulated other comprehensive income to loss from operations.
(9)  
$12,500 commission fee has been deducted from convertible debt, and amortized $3,646 in previously stated financial statement for the year ended December 31, 2012. The issuance cost should not be offset against the proceeds received in calculating the intrinsic value of a conversion option.

 
12

 
 
The Company restated its financial statements for the period ended August 31, 2013 and August 31, 2012 with an Amendment to its Annual Report on Form 10-K, filed with the SEC on April 11, 2014. The Company believes that these restated filings contain disclosures that are adequate and appropriate to restate the relevant financial information for the accounting errors noted with respect to previous reporting period.

The board of directors of the Company has discussed the matters disclosed above with its independent registered public accounting firm, Schwartz Levitsky Feldman LLP.
 
 
13

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  
 
Rimrock Gold Corp.
     
Date: June 8, 2014
By:  
/s/ Jordan Starkman
   
Jordan Starkman
   
President, Chief Executive Officer, and Chief Financial Officer
   
(Duly Authorized Officer and Principal Executive Officer)
 
 
14