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No BR, I meant that merging with TTXP is speculation.
Right, it's speculation,
and not a good thing. IMO
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Form 10-Q for TRILLIANT EXPLORATION CORP
5-Jun-2012
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Trilliant Exploration Corporation was incorporated under the laws of the State of Nevada on December 29, 2003 under the name Project Development Pacific Inc. On November 26, 2007, we changed our name to Trilliant Exploration Corporation with a business purpose to acquire and develop mineral properties.
Recently Issued Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective accounting standards, if adopted, will have a material effect on our financial statements
CURRENT BUSINESS OPERATIONS
We are engaged in the evaluation, acquisition, exploration and advancement of mining projects. Although we were considered to have exited the pre-exploration stage with the Muluncay acquisition, the disposal of Muluncay necessitates that we re-enter the pre-exploration stage effective December 31, 2009. As of the date of this Quarterly Report, we are devoting substantially all of our efforts to the execution of our business operations. To date, funding to acquire and explore suitable gold properties and for operational purposes was acquired through private financings. The Company may need additional cash advances from stockholders or loans from other parties to pay for operating expenses until the Company consummates an acquisition . Although it is currently anticipated that the Company can satisfy its cash requirements with additional cash advances or loans from other parties, if needed, for at least the next twelve months, the Company can provide no assurance that it can continue to satisfy its cash requirements for such period.
RESULTS OF OPERATION
Nine Month Period Ended September 30, 2011 Compared to Nine Month Period Ended September 30, 2010.
Our net loss for the nine month period ended September 30, 2011 was $1,976,960 compared to a net loss of $3,563,840 during the nine month period ended September 30, 2010, a 45% decrease of $1,586,880. During the nine month periods ended September 30, 2011 and 2010, we did not generate any revenue from continuing operations.
During the nine month period ended September 30, 2011, we incurred operating expenses of $9,273 compared to $165,757 incurred during the nine month period ended September 30, 2010, a decrease of $156,484. These expenses incurred during the nine month period ended September 30, 2011 consisted of: (i) professional fees of $5,000 (2010: $135,116); (ii) salaries and wages of $-0- (2010: $3,000);
(iii) advertising and promotion of $-0- (2010: $12,600); (iv) insurance of $-0- (2010: $9,833); and (v) other general and administrative expenses of $4,273 (2010: $5,208). Operating expenses decreased due to the decreased scope and scale of our business operations. General and administrative expenses generally include corporate overhead, financial and administrative contracted services, marketing, and consulting costs.
Nine Month Period Ended September 30, 2011 Compared to Nine Month Period Ended September 30, 2010 (Cont'd).
Other income (expense) was incurred during the nine month period ended September 30, 2011 of ($1,967,687) (2010: ($3,398,083). Other income (expense) during the nine month period ended September 30, 2011 consisted of: (i) interest expense (including amortization of beneficial conversion feature) of ($272,725) compared to ($1,179,999) during the nine month period ended September 30, 2010; and (ii) change in fair value of derivative liability of $1,111,629 (2010: ($2,218,084)). The company in January 2011 incurred a loss of $583,333 on conversion of a Charms note. We determined to discontinue operations with our Muluncay subsidiary, a mining operation in Ecuador effective December 31, 2009.
[color=red]Therefore, this resulted in a net loss applicable to common shares during the nine month period ended September 30, 2011 of $1,976,960 compared to a net loss applicable to common shares during the nine month period ended September 30, 2010 of $3,563,840.
Three Month Period Ended September 30, 2011 Compared to Three Month Period Ended September 30, 2010.
Our net loss for the three month period ended September 30, 2011 was $73,550 compared to a net loss of $2,050,268 during the three month period ended September 30, 2010, a change of $1,976,718. During the three month periods ended September 30, 2011 and 2010, we did not generate any revenue from continuing operations.
During the three month period ended September 30, 2011, we incurred operating expenses of $1,350 compared to $45,991 incurred during the three month period ended September 30, 2010, a decrease of $44,641. These expenses incurred during the three month period ended September 30, 2011 consisted of: (i) professional fees of $-0- (2010: $45,800); (ii) other general and administrative expenses of $1,350 (2010: $191). Operating expenses decreased due to the decreased scope and scale of our business operations.
Total other income (expense) was incurred during the three month period ended September 30, 2011 of ($72,200) (2010: ($2,004,277). Other income (expense) during the three month period ended September 30, 2011 consisted of: (i) interest expense (including amortization of beneficial conversion feature) of ($91,480) compared to ($785,992) during the three month period ended September 30, 2010; and (ii) gain (loss) on change in fair value of derivative liability of $19,280 compared to ($1,218,285) during the three month period ended September 30, 2010. We determined to discontinue operations with our Muluncay subsidiary, a mining operation in Ecuador effective December 31, 2009.
Therefore, this resulted in a net loss applicable to common shares during the three month period ended September 30, 2011 of $73,550 compared to a net loss applicable to common shares during the three month period ended September 30, 2010 of $2,050,268.
LIQUIDITY AND CAPITAL RESOURCES
Nine Month Period Ended September 30, 2011
As at September 30, 2011, our current assets were $50 and other assets of $6,644 representing bond issue costs - related party - for total assets of $6,694. Our current liabilities were $2,916,146, which resulted in a working capital deficit of ($2,916,096). As of September 30, 2011, our liabilities were primarily comprised of: (i) $248,485 in accounts payable; (ii) $565,000 in convertible notes payable, current; (iii) $1,610,407 of convertible bonds payable, and (iv) a derivative liability is $13,117,278. The decrease in total assets during the three month period ended September 30, 2011 from fiscal year ended December 31, 2010 was primarily due to the payment of Company expenses.
Stockholders' deficit increased from $25,591,777 for fiscal year ended December 31, 2010 to $26,872,923 for the nine month period ended September 30, 2011.
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For the nine month period ended September 30, 2011, net cash flows used in operating activities was $11,400 consisting primarily of a net loss of $1,976,960 offset by loss on settlement of debt of $583,333 and loss on change in fair value of derivative liability of $1,111,629.
Cash Flows from Investing Activities
We did not engage in any investing activities during the nine month period ended September 30, 2011.
Cash Flows from Financing Activities
We did not engage in any financing activities during the nine month period ended September 30, 2011.
Plan of Operation and Funding
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has reported a net loss from operations of $ 1,976,960 for the nine month period ended September 30, 2011, accumulated deficit of $ 18,314,474 and total current liabilities in excess of current assets of $ 2,916,096 as of September 30, 2011.
The Company is in the pre-exploratory stage and does not have any revenues from operations and will be dependent on funds raise to satisfy its ongoing capital requirements for at least the next 12 months. The Company will require additional financing in order to execute its operating plan and continue as a going concern. The Company cannot predict whether this additional financing will be in the form of equity or debt, or be in another form. The Company may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In any of these events, the Company may be unable to implement its current plans for expansion or respond to competitive pressures, any of these circumstances would have a material adverse effect on its business, prospects, financial condition and results of operations.
Management expects that global economic conditions will continue to present a challenging operating environment through 2012.
While we have been able to manage our working capital needs with the current credit facilities, additional financing is required in order to meet our current and projected cash flow requirements from operations. We cannot predict whether this new financing will be in the form of equity or debt. We may not be able to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. Additional investments are being sought, but we cannot guarantee that we will be able to obtain such investments.
Financing transactions may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. However, the trading price of our common stock and the downturn in the U.S. stock and debt markets could make it more difficult to obtain financing through the issuance of equity or debt securities. Even if we are able to raise the funds required, it is possible that we could incur unexpected costs and expenses, fail to collect significant amounts owed to us, or experience unexpected cash requirements that would force us to seek alternative financing. Further, if we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our common stock. If additional financing is not available or is not available on acceptable terms, we will have to curtail our operations.
Inflation
We do not believe that inflation has had a material effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could adversely affect our business, financial condition and results of operations.
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Off- Balance Sheet Arrangement s
As of the date of this Quarterly Report, we do not have any 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 are material to investors.
Number of Employees
As of September 30, 2011 the Company had one (1) part-time employee.
Disclosure of Contractual Obligations
The Company does not have any significant contractual obligations which could negatively impact our results of operations and financial condition.
JKM writes:
"a clean company to start doing business from."
Assuming that what you write makes sense, why does MMTE need a non- operational company with the same CEO with large dept? And I might ad that not long ago WL gave up that POS (TTXP), only to return.
Answer: To further exploit MMTE in favor of management. IMO
What possible good could come with MMTE merging with TTXP?
They are nothing.
Very low grade drill results,
I wouldn't get too excited about that.
And everything is normal in MMTE land,
my source tells me...
WL was abducted by aliens and won't be back for a while.
Looks like the roads go through MMTE concessions,
and SQM is up against the wall, a plus in our favor.
Reality 101
When the lines go down that means bad.
Yes, but how does tying up shareholder money
create conditions where 'suits' could exploit.
Yes for sure, 'to line their pockets',
but how is it done, what would be a plan to play out,
besides the 'shell company' where our money is tied up?
And some people are thinking merging with TTXP is good,
I don't see it. Your opinion Please.
1+0=1 or 0+0=0 or worse 1+1=.001
My thoughts for a long time and what is the motive behind such?
Uplist to where?
* don't know
Also that is only one possible scenario.
* agreed
To imply management has sent signals of a RS is not being accurate.
* I was stating that I agreed with other posters as to when management wants to uplist a logical assumption is an rs.
Very Simple...PEACE!
Very funny and addictive.
JB, I too hope for the best,
but my current indicators tell me
that there are more negatives than positives.
That would all change with a good pr.
That's not what I said.
It goes like this...
Management wants to uplist, logical assumption of rs.
It's just a logical assumption from information by management.
Another Soap Opera day in MMTE land.
What is this the third lawsuit in a year, you figure it out.
Why not,
looks like WL never learned to play nice with other children.
I think somehow MMTE shareholders are going to be paying for this too.
I've been in MMTE for over a year now, in the beginning I was up beat and positive but as time has rolled on with little or no valid plans from management, excepting of course some bizarre post from WL, I have become somewhat distrustful of management and wonder where MMTE is really heading.
I hope the hell I am not here in another year and I sure as hell hope I'm not holding 30M shares looking to break even.
I dislike waiting for checks in the mail,
but they do come. MMTE, like I said, at a loss for words.
WOW, an $84 sale to bring our pps up one tick.
I'm at a loss for words.
Agreed, it would be a good idea to get WL on our side. LOL
Yes this is normal operating procedure, with no news tomorrow we will be back at 4. Somehow I just don't think WL and the rest of the 'suits' are going to reward MMTE shareholders like we sheepishly like to imagine and why should they. I think it more probable that they plan on getting all the money.
Good post JB,
but a whole lot of things could be said without giving up the ghost.
How many people in the investing world are reading MMTE's Q?
Very few.
Big investor money is needed and that won't happen until substancial news is released to the public.
Well DiiDii, thanks for plumbing me up. I did not read the Q very well as noticed, could have been the immoderate amount of scotch I drank last night.
Anyway it looks like MMTE has changed course from original speculation, meaning MMTE will be involved in mining which in my mind creates a long drawn out affair, not that I am opposed as there may be other deals (JV/mergers etc.).
How this all plays out for my pocket book is still in question and I am hoping that we investors do get rewarded.
My apologies if I have ruffled any feathers.
I do not see anywhere where this quarterly statement backs up what Di posted.
Why isn't this a LOI instead of you putting this on a stock message board?
Is this new news? Where do you get this information?
Is it documented? Are you a representative for WL?
I'll move there.
I'm freakin buzzin!
Yes this is better and I could not expect much better,
how is the investing world going to find out about MMTE
without some good news? Sure there are some players watching
but really we need some big time news to attract money and
attain our goals.
I'm giddy
I think I'll stay on the central coast of California.
Easy living, cool constant temps.
I'm lookin at a 15 baggar,
and out.
Whoa JB,
Better get a handle on that.
Good One