GDLG 10Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2013


Commission File Number:  000-54528


GOLDEN GLOBAL CORP

(Exact name of registrant as specified in its charter)


NEVADA

N/A

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)


2537 S. Gessner Rd.

Suite 122

Houston, TX 77063

(Address of principal executive offices)


(832) 252-7720

(Registrant’s Telephone number, including area code)


#94 – 5348 Vegas Drive

Las Vegas, NV 89108-2347

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


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15◊ of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x

Yes

o

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).      x  Yes    o  No


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


Larger accelerated filer

o

Accelerated filer

o

Non-accelerated filer

o

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).

o

Yes

x

No


Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of November 15, 2013, there were 48,407,625 shares of the Company’s common stock issued and outstanding.






PART I – FINANCIAL INFORMATION


Item 1.  Financial Statements








Golden Global Corporation

(An Exploration Stage Company)

Condensed Consolidated Balance Sheets

Stated in Canadian dollars

 

September 30,
2013

 

June 30,
2013

 

(Unaudited)

 

(Audited)

ASSETS

 

 

 

 

 

 

 

Current

 

 

 

Cash and cash equivalents

 $             14,904

 

 $              6,782

Sales tax and other receivable

                     37

 

                     19

Prepaid expenses

                 9,887

 

                        -

 

 

 

 

Total current assets

               24,828

 

                 6,801

 

 

 

 

Property and equipment

 

 

 

Property and Equipment (Note 3)

               42,765

 

               50,383

Mineral properties, unproven (Note 4)

               20,012

 

               20,012

 

 

 

 

Total property and equipment

               62,777

 

               70,395

 

 

 

 

Total Assets

 $             87,605

 

 $             77,196

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current

 

 

 

Accounts payable and accrued liabilities

 $             57,529

 

 $             55,936

Due to related parties (Note 5)

              170,881

 

              171,031

Note payable (Note 6)

               30,000

 

                        -

Fair value of embedded derivative (Note 7)

               78,936

 

               95,344

Dividend payable

               18,705

 

               16,964

 

 

 

 

Total Liabilities

              356,051

 

              339,275

Going concern (Note 1)

 

 

 

 

 

 

 

STOCKHOLDERS' Deficiency

 

 

 

 

 

 

 

Capital Stock (Note 8)

 

 

 

Authorized:

 

 

 

         75,000,000 with a par value of $0.0001

 

 

 

Outstanding but not issued

 

 

 

46,113,507 common stock(June 30, 2013-46,113,507) (Note 8)

                 4,612

 

                 4,612

Additional paid in capital

              625,798

 

              625,798

Deficit accumulated during the exploration stage

            (974,820)

 

            (968,453)

 

 

 

 

 

            (344,410)

 

            (338,043)

Equity attributable to noncontrolling interest

               75,964

 

               75,964

Total Stockholders' Deficiency

            (268,446)

 

            (262,079)

 

 

 

 

Total Liabilities and Stockholders' Deficiency

 $             87,605

 

 $             77,196

 

 

 

 

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





Golden Global Corporation

(An Exploration Stage Company)

Condensed Consolidated Statements of Operations

(Unaudited)

Stated in Canadian dollars

 

 

 

 

3 months ended
September 30, 2013

 

3 months
ended
September 30, 2012

 

 

 

 

Expenses

 

 

 

Administration fees

 $            475

 

 $         3,150

Consulting fees

                -   

 

          32,792

Depreciation

            7,618

 

            9,728

Professional fees

            6,740

 

            4,893

Office and general

            6,218

 

          12,639

Travel expenses

                -   

 

            1,000

Total Expenses

         (21,051)

 

         (64,202)

 

 

 

 

Preferred shares dividend

          (1,741)

 

          (1,741)

Gain (Loss) on change in fair value of embedded derivative

          16,408

 

          (1,734)

Interest income

                17

 

                15

 

 

 

 

Net loss and comprehensive loss for the period

 $        (6,367)

 

 $      (67,662)

 

 

 

 

Basic and diluted loss per share

 $         (0.00)

 

 $         (0.00)

 

 

 

 

Weighted average number of shares outstanding

  46,113,507

 

  39,631,113

 

 

 

 

 

 

 

 

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







Golden Global Corporation

(An Exploration Stage Company)

Consolidated Statements of Stockholders' Equity

(Audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stated in Canadian dollars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Paid-in Capital

 

Deficit Accumulated During the Exploration Stage

 

Equity attributable to Golden Global Corp Shareholders

 

Equity attributable to noncontrolling interests

 

Total Equity

 

Common Stock

 

 

 

 

 

 

Shares

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 1, 2011

34,222,417

 

3,422

 

446,843

 

(341,037)

 

109,228

 

75,964

 

185,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares, cash

25,000

 

3

 

2,247

 

-

 

2,250

 

-

 

2,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares,
consulting services

3,400,000

 

340

 

127,160

 

-

 

127,500

 

-

 

127,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend

-

 

-

 

-

 

(6,926)

 

(6,926)

 

-

 

(6,926)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

-

 

-

 

-

 

(454,944)

 

(454,944)

 

 

 

(454,944)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2012

37,647,417

 

$         3,765

 

$     576,250

 

$       (802,907)

 

$          (222,892)

 

$            75,964

 

$     (146,928)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares,
consulting services

2,500,000

 

250

 

37,250

 

-

 

37,500

 

-

 

37,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares,
note conversion

5,966,090

 

597

 

12,298

 

-

 

12,895

 

-

 

12,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend

-

 

-

 

-

 

(6,907)

 

(6,907)

 

-

 

(6,907)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

-

 

-

 

-

 

(158,639)

 

(158,639)

 

-

 

(158,639)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2013

46,113,507

 

$         4,612

 

$     625,798

 

$       (968,453)

 

$          (338,043)

 

$            75,964

 

$     (262,079)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





Golden Global Corporation

(An Exploration Stage Company)

Consolidated Statements of Stockholders' Equity

(Unaudited)

Stated in Canadian dollars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Paid-in Capital

 

Deficit Accumulated During the Exploration Stage

 

Equity attributable to Golden Global Corp Shareholders

 

Equity attributable to noncontrolling interests

 

Total Equity

 

Common Stock

 

 

 

 

 

 

Shares

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 1, 2013

46,113,507

 

4,612

 

625,798

 

(968,453)

 

(338,043)

 

75,964

 

(262,079)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred share dividend

-

 

-

 

-

 

(1,741)

 

(1,741)

 

-

 

(1,741)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

-

 

-

 

-

 

(4,626)

 

(4,626)

 

 

 

(4,626)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2013

46,113,507

 

$         4,612

 

$     625,798

 

$       (974,820)

 

$          (344,410)

 

$            75,964

 

$     (268,446)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 





Golden Global Corporation

(An Exploration Stage Company)

Consolidated Statements of Cash Flows

(Unaudited)

Stated in Canadian dollars

 

 

 

 

3 months ended
September 30,
2013

 

3 months ended
September 30,
2012

Operating activities

 

 

 

Net loss for period

$         (6,367)

 

$       (67,662)

Share-based payment for consulting expenses

                  -

 

          22,292

Gain (Loss) on change in fair value of embedded derivative

         (16,408)

 

 

Depreciation

            7,618

 

            9,728

Preferred share dividend

            1,741

 

            1,741

Changes in non-cash working capital balances

 

 

 

  Prepaid expenses

          (9,887)

 

                  -

Sales tax and other receivable

               (18)

 

              743

Accounts payable and accrued liabilities

            1,593

 

          17,612

Note payable

          30,000

 

                  -

 

 

 

 

Net cash provided by (used in) operating activities

            8,272

 

          (6,995)

 

 

 

 

Financing activities

 

 

 

Payment to related parties

             (150)

 

         (13,935)

 

 

 

 

Net cash proved by (used in) financing activities

             (150)

 

         (13,935)

 

 

 

 

Increase (decrease) in cash and
cash equivalents during the period

            8,122

 

         (20,930)

Cash and cash equivalents, beginning of the period

            6,782

 

          30,620

 

 

 

 

Cash and cash equivalents, end of the period

$        14,904

 

$          9,690

 

 

 

 

 

 

 

 

 

 

 

 

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




GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the 3 months ended September 30, 2013

Stated in Canadian dollars




Note 1 – Nature and Continuance of Operations


Golden Global Corp. ("the Company"), incorporated in the State of Nevada, USA on December 10, 2009, and its wholly-owned subsidiary are engaged in the acquisition, exploration and development of precious metal properties. The Company’s wholly owned subsidiary is Golden Global Mining Corporation which was incorporated in the Province of Alberta, Canada on January 10, 2010. The Company is an exploration stage company in the process of exploring its mineral properties in British Columbia, Canada, and has not yet determined whether these properties contain reserves that are economically recoverable.


These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At September 30, 2013, the Company had not yet achieved profitable operations and has accumulated losses of $974,820 since its inception. The Company expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management anticipates that additional funding will be in the form of equity financing from the sale of common stock. Management may also seek to obtain short-term loans from the directors of the Company. There are no current arrangements in place for equity funding or short-term loans.


The unaudited condensed financial statements included herein have been prepared by Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), have been condensed or omitted pursuant to such rules and regulations. These consolidated 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 June 30, 2013 filed with the SEC.


Note 2 – Summary of Significant Accounting Policies


This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are the representations of the company’s management, who is responsible for their integrity and objectivity.  These consolidated financial statements have been prepared in accordance with the instructions to form 10-Q, and therefore, do not included all the information necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles.  These consolidated financial statements should be read in conjunction with the annual consolidated financial statement and footnotes thereto included in the company’s filed form 10-K.






GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the 3 months ended September 30, 2013

Stated in Canadian dollars




Note 2 – Summary of Significant Accounting Policies (Continued)


Basis of Presentation


While the information presented in the accompanying interim three months consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended September 30, 2013 are not necessarily indicative of the results that can be expected for the year ended June 30, 2014.


Recent Accounting Pronouncements


In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASC 2011-11).  ASC 2011-11 requires that an entity disclosure information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.  ASC 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013.  The Company has determined that ASC 2011-11 had no impact to the consolidated financial statements.


In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-05 Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASC 2013-05).  ASC 2013-05 requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided.  ASC 2013-05 is effective for annual and interim periods beginning after December 15, 2013.  The Company is currently assessing the impact of ASC 2013-05 to the consolidated financial statements.


In July 2013, the FASB issued an accounting update, “Income Taxes: Presentation of an unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The update provides guidance on the financial statement presentation of an unrecognized tax benefit, as either a reduction of a deferred tax asset or as a liability, when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists. The update will be effective for interim and annual periods beginning after December 15, 2013 and may be applied on a retrospective basis. Early adoption is permitted. The Company is currently assessing the impact of the adoption of this update to the consolidated financial statements.




GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the 3 months ended September 30, 2013

Stated in Canadian dollars




Note 3 – Property and Equipment


As at September 30, 2013

 

 

 Cost

 

Accumulated
Depreciation

 

Net Book
Value

Furniture and fixtures

$

2,345

$

1,171

$

1,174

Mining equipment

 

148,938

 

107,613

 

41,325

Computers

 

1,063

 

797

 

266

 

$

152,346

$

109,581  

$

42,765


As at June 30, 2013

 

 

 Cost

 

Accumulated
Depreciation

 

Net Book
Value

Furniture and fixtures

$

2,345

$

1,053

$

1,292

Mining equipment

 

148,938

 

100,166

 

48,772

Computers

 

1,063

 

744

 

319

 

$

152,346

$

101,963  

$

50,383


Note 4 – Mineral Properties


During the period ended September 30, 2013, the Company did not make any payment in relations to mineral claims (2012 - $21,139).


Note 5 – Due to Related Parties


Amounts due to related parties are non-interest bearing, unsecured and due on demand.


Note 6 – Note payable


On September 6, 2013, the Company entered into a loan agreement for a $30,000 loan using equipment as collateral.  The loan bears interest at an annual rate of 30% and matures on February 9, 2014.  The principal of the loan can paid off at anytime during the period of the client at the election of the Company with interest bears in full for the 5 month term of the loan.  In the event the loan is note paid by maturity date, the collateral assets will become the property for the loaner and no interest is due.















GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the 3 months ended September 30, 2013

Stated in Canadian dollars




Note 7 – Convertible Promissory Notes


On March 14, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$37,500 (C$37,256). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of December 19, 2012. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion.  During the quarter ended December 31, 2012, a partial conversion of US$12,300 has been recorded and 5,966,090 shares of the Company’s common stock have been issued as a result of the conversion.  


On May 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$42,500 (C$42,037). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of February 4, 2013. The principal amount of this promissory note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion.


On November 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$9,250 (C$9,217). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of August 6, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to forty percent at the market price during the 10 trading days prior to the conversion.  


The above notes include certain embedded features related to the embedded conversion option being exercisable into a variable number of shares and the strike price being dominated in a currency other than the Company’s functional currency. These features qualify as derivatives and are bundled as a compound embedded derivative that is measured at fair value. The fair value of the derivatives as at September 30, 2013 was $78,936 (June 30, 2013 - $95,344). As the fair value of the embedded conversion features exceeded the principle value of the promissory notes, the entire amount of the debt has been classified as an embedded derivative on the consolidated balance sheet.


As the maturity date for the notes dated March 31, 2012, May 2, 2012 and November 2, 2012 has passed, the Company and the lender has agreed to reserve 31,000,000 shares of common stock of the Company for issuance upon conversion of these notes.


As at September 30, 2013, accrued interest recorded in accounts payable and accrued liabilities relating to the convertible promissory notes totaled $7,839 (June 30, 2013 - $6,228).












GOLDEN GLOBAL CORP.

(An Exploration Stage Company)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the 3 months ended September 30, 2013

Stated in Canadian dollars




Note 8 - Capital Stock


On May 9, 2012, the Company issued 1,700,000 common stocks in lieu of cash payment for consulting services valued at $42,500.


On June 1, 2012, the Company issued 1,700,000 common stocks in lieu of cash payment for consulting services valued at $85,000.


On July 23, 2012, the Company issued 2,500,000 common stocks in lieu of cash payment for consulting services valued at $37,500.


During the quarter ended December 31, 2012, the Company issued 5,966,090 shares of common stock as a result of the partial conversion of US$12,300 of the unsecured promissory note dated March 14, 2012.  


As of September 30, 2013, there are no share options or warrants outstanding.


Note 9 – Subsequent Event


On October 25, 2013, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$16,000 (C$16,720). This promissory note bears interest at an annual rate of 8%.  The Company has reserved 536,000,000 shares of common stock for issuance upon full conversion of the note.































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

  

FORWARD-LOOKING STATEMENTS

  

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

  

Our consolidated unaudited financial statements are stated in Canadian Dollars (CDN$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

  

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in Canadian dollars. All references to "CDN$" refer to Canadian dollars and all references to "common shares" refer to the common shares in our capital stock.

  

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” refer to Golden Global Corp. and our wholly owned subsidiary Golden Global Mining Corporation (an Alberta, Canada corporation), unless otherwise indicated.

  

Corporate History

  

We were incorporated on December 9, 2009, under the laws of the State of Nevada. We have a wholly-owned subsidiary, Golden Global Mining Corporation, incorporated under the laws of Alberta. Our principal office is located at 2537 S. Gessner Rd., Suite 122, Houston, Texas 77063. Our telephone number is (780) 252-7720 for our Canadian office and  (832) 252-7720 for our US offices. Our fiscal year end is June 30.

  

Other than as set out herein, we have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of our business.

  

Our Current Business

  

We are a start-up, exploration-stage company.  We have only recently begun operations and we rely upon the sale of our securities and debt financing to fund those operations, as we have not generated any revenue.  Our initial plan is to begin mining our placer gold claims on our “McDame” property located in north central British Columbia, Canada. The McDame property consists of placer claims #362586 and #363240, located near Cassiar, in the Liard Mining Division of British Columbia, Canada. Our long term plan is to explore and, if warranted, develop further mining by acquiring other leases. We have a copper lease in the Democratic Republic of Congo (DRC) which we will explore if we have sufficient capital resources. Our company is also currently in the initial stage of considering whether to obtain property rights for pursuing mining of the rare earth element tantalum in the DRC in Africa.


Due to our limited capital, we have focused on our McDame property and will first be undertaking preparation activities for a future decision regarding potential mining. If we are successful in raising sufficient capital, we will be ready to start mining as soon as funds are received. Unless we are able to raise additional capital that we are presently seeking, we will not be able to undertake work on copper and tantalum mining. 







As of September 30, 2013, the Company has generated no revenues and has sustained net losses of $6,367 for the three month period ended September 30, 2013, compared to net losses of $67,662 for the three months ended September 30, 2012. Our expenses for the three month period ended September 30, 2013, were $21,051, compared to $64,202 for the three month period ended September 30, 2012.  The decrease in expenses largely occurring during the 1st.quarter ended September 30, 2013, was due to a reduction in administrative fees and expenses.


ITEM 3.  QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS

  

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

  

ITEM 4.  CONTROLS AND PROCEDURES

  

Management’s Report on Disclosure Controls and Procedures

  

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 , as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer (our principal executive officer principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

  

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer (our principal executive officer principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief executive officer and chief financial officer (our principal executive officer principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

  

Changes in Internal Control over Financial Reporting

  

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



PART II - OTHER INFORMATION

  

ITEM 1.  LEGAL PROCEEDINGS

  

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

  

ITEM 1A.   RISK FACTORS

  

As a smaller reporting company, we are not required to provide the information required by this item.


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

  

 On November 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$9,250 (C$9,217). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of August 6, 2013. The principal amount of this promissory note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to forty percent at the market price during the 10 trading days prior to the conversion.

 

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

  






None.

  

ITEM 4.  MINE SAFETY DISCLOSURES

  

The Company is not subject to the mine safety disclosure requirements and other regulatory matters required by Section 1503(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K.

  

ITEM 5.  OTHER INFORMATION

  

On August 2, 2012, we received a Cease Trade Order (the “CTO”) from the Alberta Columbia Securities Commission (“ASC”). Pursuant to the CTO, the Director, Corporate Finance of the ASC ordered that trading in the securities of the Registrant cease in the province of Alberta until (i) the Registrant satisfies certain filing requirements in Alberta that are specifically set forth in the CTO, and (ii) the Director, Corporate Finance of the ASC issues an order revoking the CTO.

  

The CTO affects only the issuance and trading of the Registrant’s securities in the province of Alberta. The Registrant’s securities may still be traded outside of Alberta.

  

The Registrant has been working in cooperation with the ASC since the issuance of the CTO to file the required documents and to secure the revocation of the CTO. However there is no progress to be reported so far and we will continue to work on securing the revocation of the CTO. 


Item 6.  Exhibits



Exhibit

Number

Description

 

3.1

Articles of Incorporation

Previously filed

3.2

Bylaws

Previously filed

31

Section 302 Certification

Included

32

Section 906 Certification

Included

101.INS*

XBRL Instance

Included

101.SCH*

XBRL Taxonomy Extension Schema

Included

101.CAL*

XBRL Taxonomy Extension Calculation

Included

101.DEF*

XBRL Taxonomy Extension Definition

Included

101.LAB*

XBRL Taxonomy Extension Labels

Included

101.PRE*

XBRL Taxonomy Extension Presentation

Included



*  XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.







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 thereunto duly authorized.



GOLDEN GLOBAL CORP.


By:

/s/ Robert Leyne Lee

 

Robert Leyne Lee

 

President, Chief Executive Officer, Director

(Principal Executive Officer, Principal Financial Officer

and Principal Accounting Officer)

 

 

 

Date: November 13, 2013