MOAEY Mongolia Energy Corporation Ltd (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q/A

(Amendment No. 1)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2013

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 000-54405

 

 

 

JAMESON STANFORD RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada		90-0963619
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

605 W Knox Rd., Suite 202, Tempe, AZ		85284
(Address of principal executive offices)		(Zip Code)

 

(702) 933-0808

(Registrant’s telephone number, including area code)

 

Copies of Communications to:

Laura Anthony, Esq.

Legal & Compliance, LLC

330 Clematis Street, Suite 217

West Palm Beach, FL 33401

(561) 514-0936

Fax (561) 514-0832

 

Indicate by check mark whether the issuer (1) 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.

Yes [X] 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 (§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).

Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See 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 [  ] (Do not check if a smaller reporting company)	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 [  ] No [X]

 

The number of shares of Common Stock, $0.001 par value, issued and outstanding on May 20, 2013, was 31,560,000 shares.

 

 

 

EXPLANATORY NOTE

 

This Amendment No. 1 to the Quarterly Report on Form 10-Q of Jameson Sanford Resources Corporation for the period ended March 31, 2013 (the “Form 10-Q/A”) is amending the Quarterly Report on Form 10-Q originally filed with the Securities and Exchange Commission on May 20, 2013 (the “Original Report”). We are filing this Form 10-Q/A to reflect the restatement of our Unaudited Condensed Consolidated Financial Statements as of March 31, 2013 (the “Financial Statements”). As disclosed in our Current Report on Form 8-K as filed on April 28, 2014 and as amended on Form 8-K/A as filed with the SEC on May 23, 2014, we have determined that the Financial Statements contained an error related to the failure to record the receipt of funds for sales of the Company’s common stock and the accounting for the use of the proceeds from these sales in the period covered by the Original Report. The Financial Statements also contained errors relating to the incorrect classification of our former Director, Chief Executive Officer and majority shareholder’s personal expenses as expenses of our company.

 

Please see Note 4 - Summary of Significant Accounting Policies - Restatement of Financial Statements contained in the Notes to our Financial Statements appearing later in this Form 10-Q/A which further describes the effect of this restatement. In addition, we have amended the following sections of this report:

 

Part I – Financial Statements

 

  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

   

  Item 4. Controls and Procedures.

 

Part II – Other Information

 

  Item 1. Legal Proceedings.

   

  Item 2. Unregistered Sales of Equity Securities and use of Proceeds.

 

This Form 10-Q/A also contains currently dated certifications as Exhibits 31.1, 31.2, 32.1 and 32.2 by the Company’s current President who is the Company’s principal executive officer and the Company’s current interim Chief Financial Officer. This Form 10-Q/A does not reflect events occurring after the filing of the Original Report, and no attempt has been made herein to modify or update the other disclosures that may have been affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with our other filings with the SEC.

 

  

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements		F-1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		4
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		7
Item 4.	Controls and Procedures		7
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings		8
Item 1A.	Risk Factors		9
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		9
Item 3.	Defaults Upon Senior Securities		9
Item 4.	Mine Safety Disclosures		9
Item 5.	Other Information		9
Item 6.	Exhibits		10
Signatures			11

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

		Restated March 31, 2013				December 31, 2012
ASSETS
CURRENT ASSETS
Cash		$	96			$	-
Total current assets			96				-
Advances to related party shareholders			128,951				-
Property & equipment, net			38,173				40,367
Mineral Rights			25,869				25,869
Deposits			-				-
TOTAL ASSETS		$	193,089			$	66,236
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable and accrued expenses		$	504,960			$	330,298
Accrued compensation			60,000				180,000
Convertible debt, related party			185,000				185,000
Loans payable			46,697				45,342
Advances from related party shareholders, including accrued interest			-				49,993
Total current liabilities			796,657				790,633
Total Liabilities			796,657				790,633
STOCKHOLDERS’ DEFICIT
Common stock, authorized 350,000,000 shares, $0.001 par value, 31,300,000 issued and outstanding		$	31,300			$	31,300
Common stock subscribed			450,000				-
Capital in deficit of par value			(47,172	)			(53,168	)
Accumulated deficit during exploration stage			(1,037,696	)			(702,529	)
Total Stockholder’s Deficit			(603,568	)			(724,397	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT		$	193,089			$	66,236

 

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

 

  

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

		Three Months Ended								Restated Period from Inception
		Restated March 31, 2013				March 31, 2012				(Oct 12, 2010) to March 31, 2013
Revenue		$	-			$	-			$	89,994
Cost of Revenue			-				-				66,227
Gross Profit			-				-				23,767
Operating Expenses
Executive Compensation			45,000				-				225,000
Exploration and development costs			115,277				32,650				270,258
Exploration and development costs - related party			-				-				109,922
General and administrative			156,756				7,255				388,423
General and administrative - related party			10,783				-				38,283
Total Operating Expenses			327,816				39,905				1,031,886
Net Loss from Operations			(327,816	)			(39,905	)			(1,008,119	)
Other Expenses											-
Interest expense, related parties			(5,995	)			(2,974	)			(28,221	)
Interest expense			(1,356	)			-				(1,356	)
Net Loss before Income Taxes			(335,167	)			(42,879	)			(1,037,696	)
Income tax provision			-				-				-
Net Loss		$	(335,167	)		$	(42,879	)		$	(1,037,696	)
Basic and diluted loss per share		$	(0.01	)		$	(0.01	)
Basic and diluted weighted average shares outstanding			31,300,000				25,000,000

 

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

 

  

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

		For Three Months Ended								Restated Period from Inception
		Restated March 31, 2013				March 31, 2012				(October 12, 2010) to March 31, 2013
Cash flows from operating act ivies
Net loss		$	(335,167	)		$	(42,879	)		$	(1,037,696	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			2,194				1,571				10,196
Imputed interest			5,996				2,974				23,610
Changes in operating assets and liabilities
Accounts payable and accrued expenses			174,662				1,184				465,378
Accrued interest			1,355				-				5,967
Accrued compensation			(120,000	)			-				60,000
Net cash used in operating activities			(270,960	)			(37,150	)			(472,545	)
Cash flows from investing activities
Acquisition of mineral rights			-				-				(25,869	)
Advances to related party shareholders			(128,951	)			-				(128,951	)
Purchase of equipment			-				-				(48,369	)
Net cash used in investing activities			(128,951	)			-				(203,189	)
Cash flows from financing activities
Proceeds from issuance of convertible debt, related party			-				20,000				185,000
Proceeds for common stock subscribed			450,000				-				450,000
Loan payable			-				-				42,000
Advances from related party shareholders			(49,993	)			10,186				(1,270	)
Members contributes			-				-				100
Net cash provided by financing activities			400,007				30,186				675,830
Net increase (decrease) in cash			96				(6,964	)			96
Cash, beginning of year			-				6,991				-
Cash, end of year		$	96			$	27				96
Supplemental Information:
Cash paid for:
Taxes		$	-			$	-				0
Interest Expense		$	-			$	-				0
Liabilities assumed in merger		$	-			$	-				39,582

 

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

 

  

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

On October 29, 2012, Jameson Stanford Resources Corporation (“the Company”) merged with Bolcán Mining Corporation (Note 2). Prior to the merger, the Company was a publically traded shell company with no business operations. The shell company was originally incorporated under the laws of the state of Nevada in June 2009 as MyOtherCountryClub.com for the purpose of developing a website that would offer reciprocal golf privileges, and other related services, to members of private country clubs throughout the United States. As a result of the merger, the Company is no longer considered a shell company.

 

The intended future operating activities of the Company are to pursue the development of certain mining claims, mineral leases and excavation rights (collectively referred to herein as “mineral rights”) for mining projects located in (a) Star Mining District in Beaver County, Utah, (b) Spor Mountain Mining District in Juab County, Utah, and (c) Ogden Bay Wildlife Management Area in Weber County, Utah.

 

NOTE 2 – MERGER

 

Effective May 7, 2012, the Company entered into an Agreement and Plan of Merger with Jameson Stanford Resources Corporation, (“Jameson Stanford”), and JSR Sub Co, (“JSR”), both unrelated parties. On July 24, 2012, the above parties entered into an Extension Agreement in order to extend the effective time of the merger to August 3, 2012. On October 24, 2012, the parties entered into a second Extension Agreement extending the closing date for the Merger to October 29, 2012. On October 29, 2012, the Merger was closed. Effective as of the closing of the Merger, the CEO and Director of Jameson Stanford resigned from all positions with the Company and he returned, for cancellation, 52,500,000 shares of the Jameson Stanford’s common stock held in his name. Also at closing, the shareholder of Bolcán Mining was issued 25,000,000 shares of Jameson Stanford’s common stock. As of March 31, 2013 there were 31,300,000 shares of Jameson Stanford common stock outstanding, of which approximately 80% is held by the former shareholders of Bolcán. The merger has been treated as a reverse acquisition and recapitalization of a public company. Accordingly, the historic financial statements of the Company are the historic statements of Bolcán Mining Corporation, which was incorporated on April 11, 2012 in the State of Nevada.

 

NOTE 3 – GOING CONCERN

 

The Company is an exploration stage enterprise as defined under generally accepted accounting principles in the United States (“GAAP”). The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. With the restatement of the financial statements, the Company has incurred losses since inception resulting in a restated accumulated deficit during exploration stage of $1,037,696 as of the period ended March 31, 2013. Further losses are anticipated in the development of its business.

 

The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations and cash flows in the near-term future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations. Management plans to finance the Company’s operating costs as necessary over the next twelve months with advances from owners and directors, and the private placement of the Company’s equity ownership. If management is unsuccessful in these efforts, discontinuance of operations is possible. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Restatement of Financial Statements

 

The financial statements for the period ended March 31, 2013 filed with the SEC on May 20, 2013 contained errors and omissions related to the failure to record the receipt of funds for sales of the Company’s common stock and the accounting for the use of the proceeds from those sales. The financial statements also contained errors relating to the incorrect classification of Michael Stanford, our former sole Director, Chief Executive Officer and majority shareholder’s personal expenses as expenses of our Company. Accordingly, the condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statement of cash flows for the period ended March 31, 2013 and from inception (October 10, 2010) to the period ended March 31, 2013, have been restated to correct these errors and omission.

 

The proper recording of the receipt of proceeds from the sale of the Company’s common stock resulted in an increase of common stock subscribed of $450,000, reduction in accrued compensation of $165,000, reduction in advances from related party shareholders of $201,435, reduction in interest expense due to related party shareholders of $3,285 (reduction in net loss of the same amount) and increase of advances to related party shareholders of $86,850. The incorrect classification of personal expenses as company expenses and deposits resulted in reduction of deposits of $12,876, reduction in net loss of $29,225 and increase in advances to related party shareholders of $42,101.

 

The net effects of these corrections are noted below by line item for each financial statement that is impacted. The adjustments included in the table below do not reflect, however, any claims or recovery the Company may realize from a lawsuit the Company filed against Mr. Stanford as a result of his improper conduct involving the Company. See Note 10 – Subsequent Events – Michael Stanford Litigation.

  

Line Items Affected		As Previously Reported March 31, 2013				Adjustments				As Restated March 31, 2013
Condensed Consolidated Balance Sheets
Assets
Deposits		$	12,876			$	(12,876	)		$	-
Advances to related party shareholders		$	-			$	128,951			$	128,951
Total Assets		$	77,014			$	116,075			$	193,089
Liabilities
Accrued compensation		$	225,000			$	(165,000	)		$	60,000
Advances from related party shareholders		$	201,435			$	(201,435	)		$	-
Total current liabilities		$	1,163,092			$	(366,435	)		$	796,657
Total Liabilities		$	1,163,092			$	(366,435	)		$	796,657
Stockholders’ Deficit
Common stock subscribed		$	-			$	450,000			$	450,000
Accumulated deficit during exploration stage		$	(1,070,206	)		$	32,510			$	(1,037,696	)
Total Stockholders’ Deficit		$	(1,086,078	)		$	482,510			$	(603,568	)
Total Liabilities and Stockholders’ Deficit		$	77,014			$	116,075			$	193,089

 

 

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  

		As Previously Reported March 31, 2013				Adjustments				As Restated March 31, 2013				As Restated From Inception (October 10, 2010) to March 31, 2013
Condensed Consolidated Statements of Operations
Executive compensation		$	46,793			$	(1,793	)		$	45,000			$	225,000
Exploration and development costs		$	113,399			$	1,878			$	115,277			$	270,258
General and administrative		$	186,065			$	(29,309	)		$	156,756			$	388,423
Total Operating Expenses		$	357,040			$	(29,224	)		$	327,816			$	1,031,886
Net Loss from Operations		$	357,040			$	(29,224	)		$	327,816			$	(1,008,119	)
Interest expense, related parties		$	(9,281	)		$	3,286			$	(5,995	)		$	(28,221	)
Net Loss Before Income Taxes		$	(367,677	)		$	32,510			$	(335,167	)		$	(1,037,696	)
Net Loss		$	(367,677	)		$	32,510			$	(335,167	)		$	(1,037,696	)
Condensed Consolidated Cash Flows
Net Loss		$	(367,677)			$	32,510			$	(335,167	)		$	(1,037,696	)
Prepaid deposits		$	(12,876	)		$	12,876			$	-			$	-
Accrued compensation		$	45,000			$	(165,000	)		$	(120,000	)		$	60,000
Accrued interest		$	4,641			$	(3,285	)		$	1,356			$	5,967
Net cash used in operations		$	(148,060	)		$	(122,901	)		$	(270,961	)		$	(472,546	)
Advances to related party shareholder		$	-			$	(128,951	)		$	(128,951	)		$	(128,951	)
Net cash used in investing activities		$	-			$	(128,951	)		$	(128,951	)		$	(203,189	)
Advances from related party shareholders		$	148,156			$	(198,149	)		$	(49,993	)		$	(1,270	)
Common stock subscribed		$	-			$	450,000			$	450,000			$	450,000
Net cash provided by financing activities		$	148,156			$	251,851			$	400,007			$	675,830

 

Basis of Accounting and Presentation

 

The accompanying condensed financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 4 to the Notes to Condensed Consolidated Financial Statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the restated three months ended March 31, 2013 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2013. The unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012.

 

NOTE 5 – TRANSACTIONS WITH MAJORITY OWNER AND OFFICER

 

During the year ended December 31, 2012, Michael Stanford, the Company’s Chief Executive Officer and its majority shareholder (the “Majority Owner”) made periodic advances to the Company to fund operations, which were unsecured and payable on demand. Interest was charged at the rate of 12%. The balance in Advances From Related Party Shareholder at December 31, 2012 of $49,993 was eliminated in the restated first quarter of 2013 by advances made to the majority shareholder. At the end of the restated period ended March 31, 2013, the advances to the majority shareholder totaled $128,951.

 

The Company has contracted for minerals testing, laboratory services, project management and materials supply from several entities that are operated by common management or are otherwise controlled by the Majority Owner. Payments to such related party totaled $0 for the period ended March 31, 2013.

 

On August 19, 2014 the Company filed a complaint against Michael Stanford, its former sole director, CEO and largest shareholder based upon the alleged wrongful, fraudulent and tortuous acts involving the Company. The financial statements do not reflect, however, any claims or recovery the Company may realize from this lawsuit against Mr. Stanford as a result of his improper conduct. See Note 10 – Subsequent Events – Michael Stanford Litigation.

 

  

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 6 – CONVERTIBLE NOTE-RELATED PARTY

 

In connection with a memorandum of understanding dated October 27, 2011, the Company received certain cash advances totaling $105,000 from a related party. The advances were unsecured, did not bear interest and were payable on demand

 

In 2011 and 2012, the Company borrowed $185,000 from a related party. The note is due on demand. The unpaid balance was convertible at the option of the related party or the Company into shares of common stock of the Company at the rate of one share of common stock for every two dollars of loan reduction. These conversion rights were not exercised and expired on December 31, 2012. The Company and the related party have verbally agreed to extend the conversion rights to June 30, 2013 Interest expense has been imputed at 12%. All advances under this facility are shown as a current liability in the accompanying financial statements.

 

The balance of the convertible note totaled $185,000 as of the period ended March 31, 2013. The imputed interest as of the period ended March 31, 2013 totaled $5,996.

 

NOTE 7 – NOTE PAYABLE

 

On May 11, 2012, an individual loaned the Company $42,000. The loan is guaranteed by the Majority Owner, bears interest at 12% per annum, and was extended to a due date of August 24, 2012. The balance of this note, including accrued interest of $4,697, was $46,697 as of the period ended March 31, 2013. As the loan has passed its due date, it is in default.

 

NOTE 8 – Contracts and lease commitments

 

Residential Office Lease

 

Commencing February 1, 2013 and continuing to January 31, 2014, the Company is renting residential office space from an entity controlled by the Majority Owner. The monthly lease payment is comparable to rents paid by non-related parties for similar office space in the area.

 

Service Contracts

 

In February 2013, the Company contracted with a consulting group to receive consulting, investor relations and development services. This consulting agreement calls for the issuance of 200,000 restricted common shares. As of the period ended March 31, 2013, these shares were not yet issued. However, because the services were commenced with the signing of the contract, $80,000 was expensed for the period ended March 31, 2013. The value of the services was based on the closing common share value on the share issuance date of April 2, 2013 which was $1.20 per share.

 

Also in February 2013, the Company contracted with a PR advertising company to receive investor relations and development services, video production and distribution, public relations as well as various social media outreach and promotion services. This service contract requires the issuance of 60,000 restricted common shares and minimum quarterly fees totaling $40,000 to be paid over a six month service period. As of the period ended March 31, 2013, these shares were not yet issued. However, because the services were commenced with the signing of the contract, $15,000 was expensed for the period ended March 31, 2013. The value of the services was based on the share value on the closing common share issuance date of April 2, 2013 which was $1.20 per share.

 

Royalty Agreement

 

Under a memorandum of understanding dated January 3, 2013, the Company is obligated to pay an existing investor, a royalty equal to $.50 per metric tonne (approximately 2,200 lbs.) for any sales of ore until the investor has recouped his investment of $750,000. No royalty expense has been incurred or recorded related to this agreement for the period ended March 31, 2013.

 

 

JAMESON STANFORD RESOURCES CORPORATION

(AN EXPLORATION STAGE COMPANY)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 9 – EQUITY TRANSACTION

 

Under a memorandum of understanding dated January 3, 2013, the Company is obligated to issue 5,360,000 shares of common stock for cash consideration of $750,000 to an accredited investor. At March 31, 2013, proceeds of $450,000 have been received and recorded as Common Stock Subscribed.

 

NOTE 10 – Subsequent events

 

On April 2, 2013, 200,000 shares of restricted common stock were issued to a consulting company. The contract calls for various consulting and investor relations services to be performed over six months. The value of the services from the signing date in February to the end of the period ended March 31, 2013 was expensed as outlined in Note 8 above.

 

On April 2, 2013, 60,000 shares of restricted common stock were issued to a marketing company. The contract calls for various social media and public relations services to be performed over six months. The value of the services from the signing date in February to the end of the period ended March 31, 2013 was expensed as outlined in Note 8 above.

 

Michael Stanford Litigation

 

On August 19, 2014 the Company filed a complaint in the Fifth Judicial District Court, Beaver County, Utah (Civil Case No. 140500023) against Michael Stanford, its former sole director, CEO and its largest shareholder based upon the alleged wrongful, fraudulent and tortuous acts whereby Mr. Stanford committed the pervasive, profound, continuous, repeated, and ongoing wrongful and fraudulent acts and omissions resulting in at least $2,591,359 in losses for the Company, $1,272,321 in fraudulent claimed business expenses, $1,319,038 representing investment monies diverted from the Company and monies deposited directly into Mr. Stanford’s personal accounts and the improper issuance to Mr. Stanford of 25,000,000 shares of the Company’s common stock in exchange for the stock of Bolcán Mining Corporation in May 2012 whose assets were highly inflated at the time the Company completed this acquisition. The complaint also alleges that Mr. Stanford misappropriated for his own personal uses $750,000 of investment capital that was to be invested in the Company, the failure to disclose his history of litigation, his general fraudulent conduct in dealing with the Company and threats of violence against the Company’s officers and other persons related to the Company.

 

Based on this conduct, the complaint includes a claim for an accounting, conversion, fraudulent misrepresentation and fraudulent nondisclosure, interference with present and prospective economic relations, declaratory judgment, and injunctive relief. The complaint seeks, among other things, monetary damages of $5,873,675, injunctive relief and punitive damages, cancellation of 25,000,000 shares of the Company’s common stock and the Company’s costs, expenses and attorney’s fees associated with the this lawsuit.

 

On May 27, 2014, Mr. Stanford resigned as an officer and director of the Company. Our current management had no knowledge of Mr. Stanford’s improper conduct as alleged in the complaint which relate to his actions prior to his resignation.

 

The Company believes that its claims in the above case are substantial for the reasons discussed above. Litigation is, however, inherently unpredictable. The outcome of this lawsuit is subject to significant uncertainties and, therefore, determining the likelihood of a recovery and/or the measurement of any recovery is complex. Consequently, we are unable to estimate the range of reasonably possible recovery. Our assessment is based on an estimate and assumption that has been deemed reasonable by management, but the assessment process relies heavily on an estimate and assumption that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change that estimate and assumption.

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q/A, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I of this report include forward-looking statements. These forward looking statements are based on our management’s current expectations and beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “proposed,” “intended,” or “continue” or the negative of these terms or other comparable terminology. You should read statements that contain these words carefully, because they discuss our expectations about our future operating results or our future financial condition or state other “forward-looking” information. Many factors could cause our actual results to differ materially from those projected in these forward-looking statements, including but not limited to: variability of our future revenues and financial performance; risks associated with product development and technological changes; the acceptance of our products in the marketplace by potential future customers; general economic conditions. You should be aware that the occurrence of any of the events described in this Quarterly Report could substantially harm our business, results of operations and financial condition, and that upon the occurrence of any of these events, the trading price of our securities could decline. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, growth rates, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of this Quarterly Report to conform these statements to actual results.

 

THE COMPANY

 

Business Development

 

We were originally incorporated under the laws of the state of Nevada in June 2009 as MyOtherCountryClub.com for the purpose of developing a website that would offer reciprocal golf privileges, and other related services, to members of private country clubs throughout the United States.

 

On May 7, 2012, we entered into an Acquisition Agreement and Plan of Merger, as amended on July 24, 2012 and on October 24, 2012 (collectively referred to as the “Merger Agreement”), with our wholly-owned subsidiary, JSR Sub Co, a Nevada corporation (“Sub Co”), and Bolcán Mining Corporation, a Nevada corporation (“Bolcán Mining”). Pursuant to the Merger Agreement, we issued 25,000,000 shares of our Rule 144 restricted common stock in exchange for 100% of Bolcán Mining’s issued and outstanding capital stock.

 

On May 2, 2012, we completed a 7-for-1 forward split of all outstanding shares of our common stock and a corresponding increase in our authorized common stock. The effect of the forward split was to increase the number of our common shares issued and outstanding from 8,400,000 to 58,800,000 and to increase our authorized common shares from 50,000,000 shares, par value $0.001, to 350,000,000 shares, par value $0.001.

 

Pursuant to the terms of the Merger Agreement, on October 29, 2012 Sub Co merged with and into Bolcán Mining (the “Merger”) with Bolcán Mining surviving the Merger as our wholly owned subsidiary. After the Merger, there were 31,300,000 shares of our common stock outstanding, of which approximately 80% are held by the former shareholders of Bolcán Mining. Prior to the Merger, we were a shell company with no business operations. As a result of the Merger, we are no longer considered a shell company.

 

Michael Stanford Litigation

 

On August 19, 2014 the Company filed a complaint against Michael Stanford, its former sole director, CEO and largest shareholder based upon the alleged wrongful, fraudulent and tortuous acts involving the Company. The financial statements do not reflect, however, any claims or recovery the Company may realize from a lawsuit the Company filed against Mr. Stanford as a result of his improper conduct. See Part II, Item 1. Legal Proceedings – Michael Stanford Litigation.

 

 

Description of Bolcán Mining Corporation’s Business

 

Bolcán Mining was incorporated on April 11, 2012 to pursue the development of certain mining claims, mineral leases and excavation rights for mining projects located in (a) Star Mining District in Beaver County, Utah, (b) Spor Mountain Mining District in Juab County, Utah, and (c) Ogden Bay Wildlife Management Area in Weber County, Utah. On April 23, 2012, Bolcán Mining acquired certain lode mining claims and mineral leases related to the Star Mining District and Spor Mountain Mining District projects. Effective as of June 30, 2012, pursuant to an Asset Purchase Agreement (the “APA”) between Bolcán Mining and the Bolcán Group LLC (“Bolcán Group”) which was formed in October 12, 2010 by Mr. Stanford, Bolcán Mining purchased all of the assets and assumed certain liabilities of the Bolcán Group resulting in a combination of the two companies.

 

The operating activities of the Bolcán Group were inconsequential until October 2011 and consisted primarily of historical site research performed by Mr. Stanford. Mr. Stanford has other mining interests and provides services to the mining industry that are not part of Bolcán Mining.

 

Business Strategy

 

We are a minerals exploration, development and production company focused on acquiring and consolidating mining claims and mineral leases with potential production and future growth through exploration discoveries. Our current growth strategy is focused on the initiation and expansion of production operations through the development of current mining claims and mineral properties into producing projects.

 

Since late 2011, Bolcán Mining has been engaged in exploration and acquisition activities in connection with two high-grade copper, gold, silver and base metals properties located in historic mining districts in Beaver County and Juab County, Utah. During this exploration phase, Bolcán Mining focused on identification and acquisition of under-explored mining claims and mineral leases in mining districts that are believed to hold significant unexploited production value. In addition, Bolcán Mining has acquired excavation rights and special permitting related to deposits of alluvial minerals and silica sand located at Ogden Bay, Utah.

 

Our business development strategy for 2013-2014 comprises the following activities:

 

	Initiate small-scale production of copper ore at the Chopar Mine project site;
	Ramp Chopar Mine copper ore production to profitability and positive cash flow;
	Commission independent engineering reports to validate reserves in compliance with SEC- Industry Guide 7:
	Subcontract production at Ogden Bay Minerals to generate near term cash flow;
	Initiate production at the Dugway Minerals project site in 2013;
	Develop larger scale production plan and capital investment program; and
	Fund capital investment for significant production expansion.

 

Projects

 

Our current active projects include:

 

Star Mountain/Chopar Mine (Star Mining District) - The Star Mountain/Chopar Mine project consists of 117 lode-mining claims, and four metalliferous mineral lease sections located in the Star Mountain range, Star Mining District, in Beaver County, Utah, approximately five miles west of Milford, Utah. The Star Mountain project involves total area of 3,740 acres. Based on our geological analysis, magnetometry studies and reverse circulation drilling samples, we believe that the Star Mountain/Chopar Mine involves a significant geologic formation containing commercial grades of copper ore, plus additional precious and base metals.

 

Spor Mountain/Dugway Minerals (Spor Mountain Mining District) - The Spor Mountain/Dugway Minerals project consists of three metalifferous mineral lease sections located in Juab County, Utah, approximately six miles southwest of the Dugway Military Proving Grounds, and 50 miles northwest of Delta, Utah. The Dugway Minerals project involves total area of 1,920 acres. Planned project activities at Dugway Minerals in 2012 are limited to prospecting, exploration and development. Assuming economic feasibility, we anticipate startup of production operations in 2013.

 

 

Ogden Bay Minerals - Ogden Bay Minerals is a developing mineral excavation project on federal protected wetlands, canals and river systems across 25 square miles of land area known as North Delta, located in West Ogden, Utah. Excavation and harvesting rights are maintained through easement rights obtained from Weber County and a special use river/stream alteration permit as part of a State of Utah/Weber County flood mitigation project. Our Ogden Bay Minerals project contains deposits of alluvial mineral deposits that are created and replenished from 125 miles of river flow from the nearby Wasatch Mountain Range. We believe these alluvial mineral deposits contain commercial grades of gold, silver, zircon and other commercial metals and minerals that can be efficiently extracted by standard separation methods.

 

Products

 

We intend to develop our project mining claims, mineral leases and excavation rights to produce the following specialized mining products:

 

Copper Ore with Precious Metals Component - Hard rock mineralized material will be drilled, blasted, excavated and hauled, then crushed and classified to customer specifications. We will deliver this product on-demand or just in time to customers on a 24/7 schedule, utilizing truck and pup combos for local deliveries, and rail for regional deliveries. The Union Pacific Railroad main line from Los Angeles to Ogden, Utah, is routed through Milford, Utah, approximately five miles east of our Star Mountain project site.

   

Mined Mineral Concentrates - Finely divided particles from hard rock mining and recovery operations containing significant enrichments of silver and gold will be upgraded by gravity concentrating methods to contain a minimum 3,000 grams of precious metals per ton of concentrate. Mineral concentrate products are dried, bagged, and shipped to customers.

   

Refined Precious Metals - During 2013-2014, we plan to develop a refining capacity for up to two tons per day of selected precious metals concentrates from our mining and recovery operations. Precious metals concentrates containing greater than 50% combined silver/gold mixture will be further concentrated, refined, separated and manufactured into bar and ingot product.

 

Results of Operations for the three months ended March 31, 2013 and 2012.

 

The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this Quarterly Report.

 

Revenue. No revenue was generated for the three months ended March 31, 2013 and the three months ended March 31, 2012.

 

Cost of revenue. The cost of revenue for the three months ended March 31, 2013 and the three months ended March 31, 2012 was zero.

 

Operating Expenses. Operating expenses for the three months ended March 31, 2013 totaled $327,816, as compared to operating expenses totaling $39,905 for the three months ended March 31, 2012. The increase is primarily due to increased costs for legal and professional fees related to the merger, executive compensation and increased exploration costs at our Star Mountain project.

 

Operating Loss. Our operating loss during the three months ended March 31, 2013 totaled $327,816, as compared to an operating loss of $39,905 for the three months ended March 31, 2012. The increase is primarily due to increased costs for legal and professional fees related to the merger, executive compensation and increased exploration costs at our Star Mountain project.

 

Interest Expense. Interest expense, including –interest expense - related parties, for the three months ended March 31, 2013 totaled $7,351 as compared to interest expense of $2,974 for the three months ended March 31, 2012. The increase was primarily related to costs of borrowing from related parties.

 

Net Loss. Our restated net loss for the three months ended March 31, 2013 was $335,167 as compared to a net loss of $42,879 for the three months ended March 31, 2012. The increase in net loss was a result of the increase in operating expenses and interest expense discussed above.

 

 

Liquidity and Capital Resources

 

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. The Company had $96 and $0 of cash as of March 31, 2013 and December 31, 2012, respectively.

 

Net cash used in operating activities was $270,960 for the three months ended March 31, 2013, compared to $37,150 for the same period in 2012. The increase resulted from increased loss and elimination of accrued compensation.

 

Net cash used in investing activities was $128,951 for the three months ended March 31, 2013, compared to $0 for the same period in 2012. The increase resulted in advances to related party shareholders.

 

Net cash provided by financing activities during the three months ended March 31, 2013, was $400,007 compared to $30,186 for the three months ended March 31, 2012. The increase was primarily related to proceeds for common stock subscribed partially offset by advances from related party shareholders.

 

We had assets at March 31, 2013 of $193,089 and total stockholder’s deficit of $603,568.

 

Cash Requirements

 

Our future capital requirements will depend on numerous factors, including the extent we continue exploration activities, the profitability of operations and our ability to control costs. We will be reliant upon shareholder loans, private placements or public offerings of equity to fund any kind of operations.

 

We do not currently have any contractual restrictions on our ability to incur debt and, accordingly we could incur significant amounts of indebtedness to finance operations. Any such indebtedness could contain covenants which would restrict our operations.

 

Related Party Transactions

 

At the periods ended March 31, 2013 and December 31, 2012, we had outstanding net advances and loans from related parties of $0 and $49,993, respectively. The advances from related parties was eliminated as of March 31, 2013 by advances to the majority shareholder during the same period. At March 31, 2013, advances to majority shareholder totaled $128,951.

 

At March 31, 2013 and December 31, 2012, we had outstanding convertible debt from a related party of $185,000.

 

On August 19, 2014 the Company filed a complaint against Michael Stanford, its former sole director, CEO and largest shareholder based upon the alleged wrongful, fraudulent and tortuous acts involving the Company. The financial statements do not reflect, however, any claims or recovery the Company may realize from a lawsuit the Company filed against Mr. Stanford as a result of his improper conduct. See Part II, Item 1. Legal Proceedings – Michael Stanford Litigation.

 

Off-Balance Sheet Arrangements

 

There are 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 investors.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company”, we are not required to provide the information under Item 3.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”), we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls as of the end of the period covered by this report, March 31, 2013. This evaluation was carried out under the supervision and with the participation of our president and chief operating officer, Joseph Marchal, and interim chief financial officer, Donna S. Moore, (the “Certifying Officers”). Based upon that evaluation, our Certifying Officers concluded that as of the end of the period covered by this report, March 31, 2013, our disclosure controls and procedures are ineffective in timely alerting management to material information relating to us and required to be included in our periodic filings with the Securities and Exchange Commission (the “Commission”).

 

  

Our certifying officers further concluded that our disclosure controls and procedures are ineffective to ensure that information required to be disclosed by the issuer in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and are also ineffective to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, to allow time for decisions regarding required disclosure.

 

Subsequent to the filing of our initial Form 10-Q for the period ended March 31, 2013, we discovered that as of March 31, 2013, the following material weaknesses existed:

 

●

The Company did not maintain effective controls over the accounting for cash receipts and disbursements. Specifically the lack of these controls permitted our former Chief Executive Officer to use cash for certain related party transaction. The Company discovered that some of these transactions took place without sufficient externally prepared documentation or approvals. Also, certain aspects of the financial reporting process were materially deficient because it lacked a sufficient complement of personnel with a level of accounting expertise and an adequate supervisory review structure that is commensurate with the Company’s financial reporting requirements. This material weakness resulted in the Company failing to record the receipt of funds for sales of the Company’s common stock and the accounting for the use of the proceeds from those sales, the incorrect classification of personal expenses of our former Chief Executive Officer and majority shareholder’s personal expenses as expenses of our company resulting in the restatement of its financial statements for the period ended March 31, 2013.

 

We expect to be materially dependent upon a third party to provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements which could lead to a restatement of those financial statements.

 

Our management, including our President and Chief Operating Officer and our Interim Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all 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, within our company have been detected.

 

Changes in Internal Controls Over Financial Reporting

 

There were no changes in the Company’s internal controls over financial reporting identified in connection with the evaluation of our controls performed during the quarter ended March 31, 2013 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.

 

Michael Stanford Litigation

 

On August 19, 2014 the Company filed a complaint in the Fifth Judicial District Court, Beaver County, Utah (Civil Case No. 140500023) against Michael Stanford, its former sole director, CEO and its largest shareholder based upon the alleged wrongful, fraudulent and tortuous acts whereby Mr. Stanford committed the pervasive, profound, continuous, repeated, and ongoing wrongful and fraudulent acts and omissions resulting in at least $2,591,359 in losses for the Company, $1,272,321 in fraudulent claimed business expenses, $1,319,038 representing investment monies diverted from the Company and monies deposited directly into Mr. Stanford’s personal accounts and the improper issuance to Mr. Stanford of 25,000,000 shares of the Company’s common stock in exchange for the stock of Bolcán Mining Corporation in May 2012 whose assets were highly inflated at the time the Company completed this acquisition. The complaint also alleges that Mr. Stanford misappropriated for his own personal uses $750,000 of investment capital that was to be invested in the Company, the failure to disclose his history of litigation, his general fraudulent conduct in dealing with the Company and threats of violence against the Company’s officers and other persons related to the Company.

 

  

Based on this conduct, the complaint includes a claim for an accounting, conversion, fraudulent misrepresentation and fraudulent nondisclosure, interference with present and prospective economic relations, declaratory judgment, and injunctive relief. The complaint seeks, among other things, monetary damages of $5,873,675, injunctive relief and punitive damages, cancellation of 25,000,000 shares of the Company’s common stock and the Company’s costs, expenses and attorney’s fees associated with the this lawsuit.

 

On May 27, 2014, Mr. Stanford resigned as an officer and director of the Company. Our current management had no knowledge of Mr. Stanford’s improper conduct as alleged in the complaint which relate to his actions prior to his resignation.

 

The Company believes that its claims in the above case are substantial for the reasons discussed above. Litigation is, however, inherently unpredictable. The outcome of this lawsuit is subject to significant uncertainties and, therefore, determining the likelihood of a recovery and/or the measurement of any recovery is complex. Consequently, we are unable to estimate the range of reasonably possible recovery. Our assessment is based on an estimate and assumption that has been deemed reasonable by management, but the assessment process relies heavily on an estimate and assumption that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change that estimate and assumption.

 

Michael Christiansen Claim

 

At this time, the following matter has not been elevated to actual or threatened litigation, but it may do so in the future. On March 26, 2013, J. Michael Christianson filed with the SEC a Schedule 13D dated March 21, 2013 in which he claims that, as of October 29, 2012, he owned 2,250,000 shares of our common stock. We reject Mr. Christianson’s entire claim of stock ownership as reported in the Schedule 13D. We also maintain that Mr. Christianson filed the Schedule 13D with full knowledge of the inaccurate statements contained therein.

 

As reported in our Form 8-K/A filed with the SEC on November 30, 2012, on October 29, 2012, we closed on a merger with Bolcán Mining Corporation (“Bolcán”) in which, in part, we issued shares of our common stock to the Bolcán shareholders. Mr. Christianson claims that he was a Bolcán shareholder and therefore was entitled to shares of our stock in the merger/exchange. However, the Company disputes Mr. Christiansen’s claims of share ownership in Bolcan, and by extension, his ownership of the Company’s common stock in connection with the Merger. The Company has entered into negotiations with Mr. Christiansen to resolve the disputes regarding his claims of stock ownership.. We have conveyed to Mr. Christianson our position that we reject his stock ownership claim as described in the Schedule 13D.

 

ITEM 1A. RISK FACTORS.

 

As a “smaller reporting company”, we are not required to provide disclosure under this Item 1A.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

On January 3, 2013, the Company agreed to issue 5,360,000 shares of its common stock for cash consideration of $750,000. The investor is an accredited or otherwise sophisticated investor who had access to business and financial information on the Company. The issuance was exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) in reliance on an exemption provided by Section 4(a)(2) of that act.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

Pursuant to Section 1503(a) of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. At this time, we have no safety violations, orders, citations, related assessments or legal actions, or mining-related fatalities to report.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

 

ITEM 6. EXHIBITS.

 

31.1		Section 302 Certificate of President and Chief Operating Officer.*
31.2		Section 302 Certificate of Interim Chief Financial Officer.*
32.1		Section 906 Certificate of President and Chief Operating Officer*
32.2		Section 906 Certificate of Interim Chief Financial Officer.*
101.INS		XBRL INSTANCE DOCUMENT **
101.SCH		XBRL TAXONOMY EXTENSION SCHEMA **
101.CAL		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE **
101.DEF		XBRL TAXONOMY EXTENSION DEFINITION LINKBASE **
101.LAB		XBRL TAXONOMY EXTENSION LABEL LINKBASE **
101.PRE		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE **

 

*		Filed herewith.
**		In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 in this Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed”.

 

  

SIGNATURE

 

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 thereunto duly authorized.

 

	Jameson Stanford Resources Corporation
Date: September 22, 2014	By:	/s/ Joseph Marchal
		Joseph Marchal
		President and Chief Operating Officer
		(Principal Executive Officer)

 

Date: September 22, 2014	By:	/s/ Donna S Moore
		Donna S. Moore
		Interim Chief Financial Officer
		(Principal Financial and Accounting Officer)

 

 

Exhibit 31.1 Rule 13a-14(a)/15d-14(a) Certification

 

I, Joseph Marchal, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q/A (Amendment No. 1) for the quarterly period ended March 31, 2013 of Jameson Stanford Resources Corporation (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the Registrant as of, and for, the periods presented in this report;

 

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: September 22, 2014

 

/s/ Joseph Marchal
Joseph Marchal, President and Chief Operating Officer (Principal Executive Officer)

  

 

 

Exhibit 31.2 Rule 13a-14(a)/15d-14(a) Certification

 

I, Donna S. Moore, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q/A (Amendment No. 1) for the quarterly period ended March 31, 2013 of Jameson Stanford Resources Corporation (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the Registrant as of, and for, the periods presented in this report;

 

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: September 22, 2014

 

/s/ Donna S. Moore
Donna S. Moore, Interim Chief Financial Officer (Principal Financial and Accounting Officer)

  

 

 

Exhibit 32.1 Certification of the President and Chief Operating Officer of Jameson Stanford Resources Corporation pursuant to Section 906 of the Sarbanes Oxley Act of 2002

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q/A (Amendment No. 1) of Jameson Stanford Resources Corporation (the “Company”) for the quarterly period ended March 31, 2013 as filed with the Securities and Exchange Commission (the “Report”), I, Joseph Marchal, President and Chief Operating Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: September 22, 2014	/s/ Joseph Marchal
	Joseph Marchal
	President and Chief Operating Officer
	(Principal Executive Officer)

 

This certification accompanies this Quarterly Report on Form 10-Q/A (Amendment No. 1) pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

 

 

 

Exhibit 32.2 Certification of the Interim Chief Financial Officer of Jameson Stanford Resources Corporation pursuant to Section 906 of the Sarbanes Oxley Act of 2002

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q/A (Amendment No. 1) of Jameson Stanford Resources Corporation (the “Company”) for the quarterly period ended March 31, 2013 as filed with the Securities and Exchange Commission (the “Report”), I, Donna S. Moore, Interim Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

  

Date: September 22, 2014	/s/ Donna S. Moore
	Donna S. Moore
	Interim Chief Financial Officer
	(Principal Financial and Accounting Officer)

 

This certification accompanies this Quarterly Report on Form 10-Q/A (Amendment No. 1) pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.