GOLDEN AGE RESOURCES, INC. Unaudited

GOLDEN AGE RESOURCES,INC.
UnauditedFinancialStatements
Third QuarterEndedSeptember30, 2009
and Year-To-DateThrough September30, 2009
November10.2009
To The Stockholders
of GoldenAge Resources,
Inc.:
We arehereinpresenting
UnauditedConsolidated
(GoldenAge
Resources,
Inc. andMartinMiller InternetMalls,Inc.)Financial
Statements
for thequarterJuly 1,2009throughSeptember
30, 2009,
andyear-to-date
throughSeptember
30,2009.
TheUnauditedFinancialStatements
presented
containConsolidated
BalanceSheet,Consolidated
Statement
of EarningsandStatement
of
Changes
in Shareholders'
Equityfor thereferenced
periods,and
Changes
in CashFromOperations
andFinancingActivitiesfor the
third quarterendedSeptember
30, 2009.
Respectfully
Submitted,
Wah//u,0+T@
HaroulaT. Larmer
CorporateSecretary
rahamC. Larmer
AssistantCorporateSecretary
& Treasurer
PalmBeachGardens,
FL 33410
GOLDEN AGE RESOURCES,INC.
(Unaudited)
CONSOLIDATEDBALANCE SHEET
September
30,2009
ASSETS
CURRENT ASSETS
Cash
AccountsReceivable
Total CurrentAssets
$
$
9,440
122,640
132,080
FurnitureandEquipment
SecurityDeposits
Organizational
& Web-SiteDevelopmentCosts
TotalAssets
$
$
$
31,001
4,772
185,050
352.903
LIABILITIES AND STOCKHOLDERS'EOUITY
LIABILITES
CurrentLiabilities
NotesPayable- (Lineof Credit)New Horizons
CapitalVenturesLLC -- (seeNote6)
NP to Shareholder
NotesPayable- Shareholder
- (seeNote6)
NotesPayableto LarmcoEnterprises,
Inc.
- (seeNote7)
OtherCurrentLiabilities
Total CurrentLiabilities
$
198,200
$
40,000
$
$
$
38,000
6,231
282,431
282,431
TotalLiabilities
STOCKHOLDERS'EQUITY
CommonStock
100,000,000
authorized
parvalue$.001
shares,
2I,200,000sharesissuedandoutstanding
Paid-inCapital
RetainedEarnings
2,100
$
s
Total Stockholders'
Equity
55,679
12,693
70,472
Total Liabilities and Stockholders'Equity
352,903
The accompanyingNotes To Financial Statementsshould be consideredan integral part of the Financial Statements
I
GOLDEN AGE RESOURCES,INC.
(Unaudited)
CONSOLIDATED STATEMENT OF EARNINGS
3rd Quarter
PeriodEnded
September
30,
2009
Net Revenues
Saleof Leads
Year-To-Date
PeriodEnded
September
30,
2009
$
208,922
$
LessCostof GoodsSold
Purchase
of InternetLeads
$
(81,664)
$ (219,954)
GrossProfit
$
127,258
s
369.223
$
$
$
$
$
$
$
$
$
8,992
8,777
lI,44l
2,900
6,222
7,280
l,g0l
64,490
760
$
$
$
$
$
$
$
$
$
20,892
20,001
23,086
12,970
26,797
18 , 15 0
4,807
216,049
1.438
OperatingExpenses
Accounting& Professional
Cell Phone& IntemetCharges
InterestExpense
Office Supplies
Rent
Professional
Fees
Advertising
PayrollExpenses
& DirectorFees
OtherOperatingExpenses
Total Operating
Expenses
$ ( 112,663)
Net Earnines
BasicandDiluted
Net EarningsPerCommonShare
Weightedaveragenumberof
commonsharesoutstandingusedin
per sharecalculations- (SeeNote 4)
$ (344,179)
14.595
s
0.00069
589,177
25,044
$
0.001l8
21.200.000
The accompanyingNotes To Financial Statementsshould be consideredan integral part of the Financial Statements
GOLDEN AGE RESOURCES,INC.
(Unaudited)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
X'romJanuary 112009to September30, 2009
#of
Common
Shares
Issued
BalanceJanuary1,2009
(100,000,000 $0.001
Paid-In
Retained Stockholders'
Authorized) ParValue
Capital
Earnings
Equity
21,200,000 $ 2,100 $ 55,679 $ (12,351) $
45,429
Net Earnings(Loss)
BalanceSeptember
30,
2009
$ 25,044
21,200,000$
2,100 $55,679
$
$
25,044
12,693 $
70,472
The accompanying
NotesTo FinancialStatements
shouldbe considered
an integralpartof the FinancialStatements
GOLDEN AGE RESOURCES,INC.
(Unaudited)
Changesin CashFrom Operationsand FinancingActivities
(Third Quarter - September30, 2009)
BeginningCASH
July 1,2009
S_
5,977
$
70,773
$
(67,310)
NET INCREASE IN CASH
$
3,463
ENDING CASH
s
9.440
SOURCES:
Operations
$
T4,595
AdditionalBorrowingsfrom New Horizons
CapitalVentures,LLC
(SeeNote 6)
$
9,650
Borrowingsfrom LarmcoEnterprises,
Inc.
-- (seeNote7)
S 42,000
Increasein OtherCurrentLiabilities
$
4,529
USES:
Paymentsof OrganizationallLegal
Costof
ReverseMerger(SeeNote2)
$
8,550
Purchase
of Web-SiteDevelopment
Costs
-- (seeNote7)
$ 42.000
Paymentson Borrowingsfrom Larmco
Enterprises,
Inc.- (seeNote 7)
$
Increasein AccountsReceivable
$
June 30, 2009
4,ooo
12,760
The accompanyingNotes To Financial Statementsshould be consideredan integral part of the Financial Statements
GOLDEN AGE RESOURCES,INC.
(Unaudited)
Notesto FinancialStatements
September
30,2009
Note 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The consolidatedfinancial statementshave beenprepared utilizing the accrual
method of accounting. No provision for income taxeshas beenrecorded. In additiono
no provision for depreciation or amortization has been recorded; The Company
intends to employ the straight line method. For the year, such depreciationand
amortization is expectedto be lessthan $101000.Amortization of organization costs
will be provided for over a 60 month period.
Note2-REVERSEMERGER:
The Company commencedoperationsFebruary 112008 as Golden Age Resources,
LLC, a Florida Limited Liability Company. Effective December4, 2008,The
Company enteredinto a "reverse merger agreement"with Martin Miller Internet
MallsoInc. Additionally, a name changewas adopted,and approved by the Board of
Directors and approved by the Stateof Nevada. The name becameGOLDEN AGE
RESOURCES.INC. Martin Miller Internet Malls, Inc., prior to the above
referencedmerger, was essentiallya dormant companywith no revenue,expenses,
assetsor liabilities.
Note3-COMMONSTOCK:
At the time of the o'reversemerger" on December,412008,the consolidatedGolden
Age ResourcesLLC and Martin Miller Internet Malls, Inc. had increasedthe
authorized common stock sharesto 100,0001000,
of which 2112001000
shareswere
actually issuedand outstanding.
Note 4 - EAR|IINGS PER SHARE:
Total sharesissuedand outstandingas of September30, 2009was 211200,000.
The
issuedand outstandingsharesresultedfrom the "ReverseMerger" on December4,
2008. Ilence, the calculationfor "basic and diluted earningsper share calculations
using weightedaveragessharesoutstandingr"as provided by Financial Accounting
Standards(SFAS) No. l28 "Earnings per Share," are provided.
Note 5 - COMPREHENSIVE INCOME:
Statementof Financial Accounting Standards(SFAS) No. l30, "Reporting
ComprehensiveIncomero'establishesstandardsfor reporting and display of
comprehensiveincome,its componentsand accumulatedbalances.Comprehensive
income is defined to include all changesin equity exceptthoseresulting from
Note 5 - COMPREHENSIVE INCOME (continuation):
investmentsby owners and distributions to owners. Among other disclosures,SFAS
No. 130 requires that all items that are required to be recognizedunder current
accountingstandardsas componentsof comprehensiveincome be reported in a
financial statementthat is displayedwith the sameprominenceas other financial
statements.The Company doesnot have any assetsrequiring disclosureof
comprehensiveincome.
On June 1612009.The Company engagedthe servicesof Larmco Enterprises,Inc. to
EFFECTIVELY developa "secondarylead generationservicer"(and accordingly to
designand implement the necessarywebsiteand marketing criteria). Thereforeo
(And) according to agreements,Elder ServicesNetwork.com (ESN) was created.
Accordingly, Elder ServicesNetwork.com (ESN) (a division of Larmco Enterprises,
Inc.) was organized; Revenuesfrom such are included in The Company Financial
Statementsas presentedthrough September30, 2009. The terms of the agreement
with Larmco Enterprises,Inc. was to developthe web-site,developthe
PRODUCTM STATUS, and transfer all salesto The Company.
Note 6 - NOTES PAYABLE -- (RELATED PARTY):
The Company has notespayableobligations,as outlined, to New Horizons Capital
Ventures'LLC (a major Shareholderof the Company).
NotesPavable- (Line of Credit) -- $198.200
Terms of the Line of Credit payableare:
. Interest payablemonthly at .0132o/o
per month
. Principal balancecallablewithin 12 months of origination date
(November22,2008)
o Note securedby Corporate Guarantee.
Note Pavable- Shareholder- (New Horizons Capital Ventures,LLC)
Terms of Note Payableare:
. Interest only payablemonthly at 60/oper annum
o Principal balanceto be curtailed at $2,000per month for twenty (20) months
commencingFebruary 2009- Monthly Curtailment Requirementshave been
deferred until January 15, 2010.
o Note securedby Corporate Guarantee.
Note 7 - SUBSEOUENTEVENT
("ESN") was transferredto the Companyon September1, 2009rforthe total
developmentcostsof $42,000,and a Note Payableto LARMCO ENTERPRISES,
INC. was duly recorded. LARMCO ENTERPRISES,INC. is a Companyownedby
HaroulaT. Larmer and GrahamC. Larmer, who are major stockholders
of The
Company.
During the Third Quarter EndedSeptember
30, 2009,$4,000waspaid on the
Larmco Enterprises,Inc. Note Payable;therefore,the unpaid balanceof $38,000is
reflectedas a Current Liability.
coLDEN AGE RESOURCES,INC.
(Unaudited)
SUPPLEMENTAL SCHEDULE
COMPARATIVE QUARTERLY STATEMENT OF'EARNINGS
ltt Quarter
Net Revenues
Saleof Leads
2ndQuarter
PeriodEnded
PeriodEnded
March31,2009
June30,2009
3'd Quarter
PeriodEnded
September
30,
2009
$
184,044
S
tg6,2n
$
208,922
LessCostof GoodsSold
Purchaseof InternetLeads
$
(58,080)
$
(80,210)
$
(81,664)
GrossProfit
$
125,964
$
116,001
$
127,259
$
$
4,300
2,758
8,992
s
8,777
3,25r
$
$
$
$
$
6,169
t2,567
4,429
1,806
89,447
7,590
8,466
8,394
4,001
8,008
6,441
$
$
$
$
$
$
$
$
s
1,100
s
477
$
$
62,111
201
$
$
s
$
$
$
$
11,441
2,800
6,222
7,280
1,901
64,490
760
Operating Expenses
Accounting& Professional
Cell Phone& InternetCharges
InterestExpense
Office Supplies
Rent
Professional
Fees
Advertising
PayrollExpenses
& DirectorFees
OtherOperatingExpenses
Total Operating
Expenses
s
Net Earninss
$
Basic and Diluted
Net Earnings Per Common Share
$
Weighted averagenumber of
common sharesoutstandingused in
per sharecalculations- (SeeNote 4)
(125,204) $ (106,312)
760
0.00004
S
9.689
$
0.00046
$ ( 112,663)
14,595
$
0.00069
2I,200,000
The accompanying
NotesTo FinancialStatements
shouldbe considered
an integralpartof the FinancialStatements