One can view to follow the stock price trend. As of today, the Company plans to sell or joint venture most of its mining properties in Nevada and obtain a mining permit for the Golden Eagle claims or joint venture. Name of Claim Acres Date Acquired El Tule 3,070. Unlike the gold market, demand within the silver market has been predominantly for fabrication mainly industrial application, photography and jewelry with investment making up only a small portion of total yearly demand. In the early years he learning everything there was to know about gold mining. The existence of these rules may have an effect on the price of our stock, and the willingness of certain brokers to effect transactions in our stock. As a result of continuing losses, we may exhaust all of our resources and be unable to complete development of our planned mining operations.
In addition, we lease office space from our President at no charge to us under an oral arrangement between the parties. We are in the exploration stage and potential investors should be aware of the difficulties normally encountered by enterprises in the exploration stage. The price for our shares could, for example, decline precipitously in the event that a large number of our common shares are sold on the market without commensurate demand, as compared to a seasoned issuer which could better absorb those sales without adverse impact on its share price. Risks Related to Our Business and Financial Condition Estimates of mineralized material are based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated. Of this increase, investment demand posted the largest segment increase, more than offsetting the decline in gold jewelry demand. Fixed Assets Fixed assets are recorded at cost. Alteration in the Vortex Zone is primarily strong silicification capped with hydrothermal argillic and subordinate acid leach alteration.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board United States. We are in the exploration stage and the nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses. The number of shares outstanding of the registrant's class of common stock on September 13, 2015 was 213,149,945 shares. There is no assurance that our business plan will be successful. As more fully described in Note 4, at May 31, 2015 the Company had no established source of revenues, a working capital deficit and had accumulated losses at May 31, 2015. Operations in Mexico are conducted without charge from the home of an employee.
We may not be able to generate profits or continue operations if we are unable to generate significant revenues from future mining of the mineral claims and our business will most likely fail. However, we cannot guarantee that title to our properties will not be challenged. Such issuances may have a further dilutive effect. We purchased a majority of the necessary heavy equipment and mill in 2012. All written and oral forward looking statements attributable to us or persons acting on our behalf subsequent to the date of this Form 10-K are expressly qualified in their entirety by the Cautionary Statements. Recent Sales of Unregistered Equity Securities.
Officers will hold their positions at the pleasure of the board of directors, absent any employment agreement. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. We continue to evaluate our costs and planned expenditures for our on-going development and care and maintenance efforts at our mineral properties. If any of our current executive employees were to die, become disabled or leave our company, we would be forced to identify and retain individuals to replace them. We cannot accurately predict or estimate the impact of any such future laws or regulations, or future interpretations of existing laws and regulations, on our operations. Thereafter, directors will be elected for one-year terms at the annual stockholders meeting.
Unpatented claims give the claimant the exclusive right to explore for and to develop the underlying minerals and use the surface for such purpose. The issuance of the shares of our common stock pursuant to the Share Exchange, was made in reliance upon an exemption from registration under the Securities Act of 1933, as amended the Securities Act , pursuant to Regulation D promulgated thereunder. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A decrease in the prices of gold or silver may prevent our property from being economically mined or result in the write-off of assets whose value is impaired as a result 14 of lower gold, zinc, lead, copper or silver prices. Options to purchase the same number of shares, which had been issued to the same directors in 2012, were cancelled. The 2015 reduction reflects the suspension of mining activities in Mexico. Periodically, members of the U.
Any material changes in estimates of mineralized material will affect the economic viability of placing a property into production and such propertys return on capital. We currently have limited insurance to guard against some of these risks. Since substantially all of our expenditures to date have been expensed and we expect to expense significant expenditures during the fiscal year 2013, most of our investment in mining properties do not appear as an asset on our balance sheet. We are in the exploration stage and potential investors should be aware of the difficulties normally encountered by enterprises in the exploration stage. Risk Factors Disclosure Regarding Cautionary Statements. We are considered an exploration stage company for accounting purposes because we have not demonstrated the existence of proven or probable reserves.
His grandfather and Eduardo Sr. Dunne was admitted as an Attorney at Law in the State of New Jersey on November 28, 1972; to the United States District Court for the District of New Jersey on November 28,1972; to the State of New York on May 15, 1984; to the United States District Court for the District of Colorado on May 19, 1997; to the United States Court of Appeals for the Third Circuit on October 28, 1998; to the United States District Court for the Eastern District of New York on March 14, 2000 and the United States District Court for the Southern District of New York on March14, 2000. Currently, we have produced nominal amounts of gold or silver from our properties. Our Coal to Liquids business model provides total compliance with these mandates. One can observe stock price trends and check for volatility by checking. These claims have both placer and hard rock geological characteristics, and we began a pilot program to mine the placer portion of the claim in June 2013.
We depend upon a limited number of personnel and the loss of any of these individuals could adversely affect our business. No other class of voting securities is outstanding. There is no guarantee that such properties will produce gold or silver in the future or that these properties may have already been depleted, as they were previously mined. We would expect that the imposition of international treaties or federal, state or local laws or regulations pertaining to mandatory reductions in energy consumption or emissions of greenhouse gasses could affect the feasibility of our mining projects and increase our operating costs. Our management has concluded that internal control over financial reporting was not effective as of May 31, 2015.
Our success will depend, in part, upon the ability to attract and retain qualified outside engineers and other professionals to develop and operate our mineral properties, in addition to obtaining investment capital to conduct our mining operations. Consideration for the issuance of these shares was five separate mining claims. The following information is based upon 212,949,945 shares of common stock of the Company which are issued and outstanding as of May 31, 2015. If not used, the carryforwards will expire as detailed below. Our assets consist of cash, prepaid expenses, nominal equipment and certain mineral property interests.