**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

 

**FORM 10-Q**

 

þ  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended **November 30, 2014**

 

o TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

 

For the transition period from _________ to _________

 

Commission File Number: **333-182071**

 

**AIM EXPLORATION INC.**

(Name of Small Business Issuer in its charter)

 

| **Nevada**

**67-0682135**

(state or other jurisdiction of incorporation or organization)

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

 

 

**701 North Green Valley Parkway, Suite 200**

**Henderson, Nevada**

**89012**

(Address of principal executive offices)

(Zip Code)

**(844) 246-7378**

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  **Yes  ****þ**   No o

 

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 definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer o      Accelerated filer o     Non-accelerated filer o     **Smaller reporting company****þ**

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ** **o**  **    **No****þ**

 

**APPLICABLE ONLY TO CORPORATE ISSUERS**

 

As of **January 20, 2015** the registrant had **89,100,000**shares of common stock outstanding.

                               

**AIM EXPLORATION INC.**
****TABLE OF CONTENTS**

 

  

 

 

 

**PART I - FINANCIAL INFORMATION**

  

 

 

 

 

 

 

 

 

 

Item 1.

  

Financial Statements (unaudited)

  

3

 

  

       Balance Sheets

  

F-1

 

  

       Statements of Operations

  

F-2

 

  

       Statements of Cash Flows

  

F-3

 

  

Notes to Financial Statements 

  

F-4

Item 2.

  

Management Discussion & 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 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

8

Item 3.

  

Defaults Upon Senior Securities

  

8

Item 4.

  

Mine Safety Disclosures

  

8

Item 5.

  

Other information

  

8

Item 6.

  

Exhibits

  

9

 2                
              

 

**PART I – FINANCIAL INFORMATION**

 

**AIM EXPLORATION INC.****(An Exploration Stage Company)**

**CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014**

**(Unaudited)**

Consolidated Condensed Balance Sheets of November 30, 2014 and August 31, 2014
F-1
Consolidated Condensed Statements of Operations for the 3 months ended November 30, 2014 & 2013 and for the period from inception through November 30, 2014
F-2
Consolidated Condensed Statements of Cash Flows for the 3 months ended November 30, 2014 & 2013 and for the period from inception through November 30, 2014
F-3
Notes to Financial Statements
F-4

 3                
              

**AIM EXPLORATION INC.**

** (An Exploration Stage Company)**

**CONSOLIDATED CONDENSED BALANCE SHEETS**

**(unaudited)**

**ASSETS**

 

**November 30, 2014**

 

**August 31, 2014**

**CURRENT ASSETS**

Cash

 $          5,687 

 $          1,862 

Loans receivable

           52,367 

                   0 

Deposits

         172,069 

           25,505 

**Total Current Assets**

**         230,123**

**           27,367**

Mineral property investment

         300,000

        300,000

 

 

 

**TOTAL ASSETS**

** $       530,123**

** $       327,367**

**LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)**

**CURRENT LIABILITIES**

Accounts payable and accrued liabilities

 $        95,538 

 $        26,232 

Loans payable – related party

         188,844 

         183,481 

Convertible note, net of unamortized discount

7,567

0

Derivative liability

         234,699 

                   0 

**Total Current Liabilities**

**         526,646**

**         209,713**

Provisions

                   0

          55,000

 

 

 

**TOTAL LIABILITIES**

**        526,646**

**         264,713**

**STOCKHOLDERS' EQUITY (DEFICIT)**

Capital StockAuthorized     250,000,000 shares of common stock, $0.001 par valueIssued and outstanding 89,100,000 shares (83,750,000 shares outstanding as at August 31, 2014)

    1,000,000 shares of preferred stock, $0.001 par value

Issued and outstanding 100,000 shares (Nil as at 

           89,100 

 

               100

           83,750 

 

                   0

Additional paid in capital

          487,904

313,254

Deficit accumulated during the exploration stage

        (573,627)

         (334,350)

**TOTAL STOCKHOLDERS' EQUITY (DEFICIT)**

**              3,477**

**          (62,654)**

**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY**

** $      530,123**

** $        327,367**

The accompanying notes are an integral part of these financial statements

 

 F-1                
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS**

**(unaudited)**

**3 months endedNovember 30, 2014**

**3 months endedNovember 30, 2013**

**Cumulative results from inception (Feb 18, 2010) to November 30, 2014**
            
**REVENUE**

**Total Revenue**

$                0
$                0
$                0
**Gross Profit**

**                  0******

**                  0**

**                  0**

**MINERAL PROPERTY OPERATIONS**

 

 

 

Acquisition 

           -

                   -

           81,969

Exploration

            10,399

                   -

           35,483

**Total Mineral Property Operations**

            10,399

                   -

         117,452

 

 

 

 

**EXPENSES**

Filling Fees

562

                   -

           12,227

Finder’s fees

9,000

-

9,000

Office & General

1,311

            429 

           66,660 

Loss on impairment

                   -

                   -

             3,335

Professional Fees

20,923

8,307 

         165,837

Public relations

         47,067

                   -

           47,067

**Total Expenses**

**         78,863******

**           8,736  **

**         304,126******

**Net Income (Loss)**

**       (89,262)**

**         (8,736)**

**      (421,578)**

  Interest expense

(1,247)

(940)

(3,282)

  Finance costs

(151,135)

                   -

(151,135)

  Gain on derivative liability

           2,368

                   -

             2,368

**Total Other Income**

** ****  (150,014)**

**           (940)        **

**     (152,049)**

**Net Income (Loss)**

** $  (239,276)**
** $     (9,676)**

** $   (573,627)******

**BASIC AND DILUTED LOSS PER COMMON SHARE**

**$   0.00**

**$   0.00**

**** 

**** 

**WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING**

**86,477,473**

**68,000,000**

**** 

**WEIGHTED AVERAGE NUMBER OF PREFERRED SHARES OUTSTANDING**

**97,802**

**Nil**

**** 

The accompanying notes are an integral part of these financial statements

 

 F-2                
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS**

**(unaudited)**

 

 

 

 

 

 

 

**3 months endedNovember 30, 2014**

**3 months endedNovember 30, 2013**

**Feb 18, 2010 (date of inception) to November 30, 2014**

 

 

 

 

**OPERATING ACTIVITIES**

 

 

Net Loss

 $      (239,276)

 $        (9,676)

 $     (573,627)

 

 

   Finance costs

151,135

             -

151,135

 

 

   Accrued interest on convertible note

1,247

             -

1,247

 

 

   Gain on derivative liability

(2,368)

             -

(2,368)

 

 

   Imputed Interest

             -

             940

2,035

 

 

   Acquisition costs

             -

-

26,969

 

 

Adjustments to reconcile Net Income (Loss) to netCash used in operating activities:

 

 

Loans Receivable

(52,367)

-

(52,367)

 

 

Deposits

33,435

-

7,931

 

 

Accounts Payable

69,306

             (3,701)

105,538 

 

 

Provisions

         (55,000)

                     -

                     -

 

 

 

 

**NET CASH PROVIDED BY (USED IN)OPERATING ACTIVITIES**

**         (93,888)******
**          (12,437)**

**        (333,507)**

 

 

 

 

**FINANCING ACTIVITIES**

 

 

Proceeds from sale of common stock

            -

            -

          68,000 

 

 

Convertible debt

92,250

-

92,250

 

 

Loans from Related Party

               5,463 

            13,202 

          178,944 

 

 

**NET CASH PROVIDED BY FINANCING ACTIVITIES**

**             97,713******
**            13,202**

**          339,194******

 

 

 

 

**NET INCREASE (DECREASE) IN CASH**

**3,825**

**             765**

**            5,687**

 

 

 

 

**CASH, BEGINNING OF PERIOD**

**             1,862**

**             8,146**

**                 ****-******

 

 

 

 

**CASH, END OF PERIOD**

** $          5,687******

** $          8,911**

** $         5,687******

 

The accompanying notes are an integral part of these financial statements

 

 F-3                
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014 (unaudited)**

 

**NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION**

Aim Exploration, Inc. (“Company”) is in the initial exploration stage and has incurred losses since inception totaling $573,627.  The Company was incorporated on February 18, 2010 in the State of Nevada and established a fiscal year end at August 31.  The Company is an exploration stage company as defined in FASB ASC 915 organized to engage in mineral exploration.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The consolidated financial statements present the consolidated balance sheets, consolidated statements of operations and consolidated cash flows of the Company.  These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States.

**Principles of Consolidation**

The consolidated statements incorporate the financial statements of the Company and its wholly-owned subsidiary, Aim Exploration SA, of Peru. All significant intercompany accounts and transactions have been eliminated in consolidation.

**Cash and Cash Equivalents**

For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.  There were no cash equivalents at November 30, 2014 or 2013.

**Advertising**

Advertising costs are expensed as incurred.  As of November 30, 2014, no advertising costs have been incurred.

**Property**

The Company does not own or rent any property.  The office space is provided by the president no charge.

**Use of Estimates and Assumptions**

Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

**Income Taxes**

The Company follows the liability method of accounting for income taxes.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances.  Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more 

 

 F-4                
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014 (unaudited)**

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**

**Income Taxes (Continued)**

likely than not that some portion or all of the deferred tax assets will not be realized.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.

**Exploration-Stage Company**

The Company is considered an exploration-stage company, having limited operating revenues during the period presented, as defined by the FASB standard.  This standard requires companies to report their operations, shareholders’ deficit and cash flows since inception through the date that revenues are generated from management’s intended operations, among other things.  Management has provided financial data since February 18, 2010, “Inception,” in the financial statements.  Since inception, the Company has incurred a net loss of $573,627.  The Company’s working capital has been generated through the sale of common stock and shareholder loans.

**Fair Value of Financial Instruments**

The Company has adopted Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10").  ASC 820-10 defines fair value, establishes a framework for measuring fair value and enhances fair value measurement disclosure.  ASC 820-10 delays, until the first quarter of fiscal year 2009, the effective date for ASC 820-10 for all non-financial assets and non-financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually).  The adoption of ASC 820-10 did not have a material impact on the Company's financial position or operations, but does require that the Company disclose assets and liabilities that are recognized and measured at fair value on a non-recurring basis, presented in a three-tier fair value hierarchy, as follows:

- Level 1.  Observable inputs such as quoted prices in active markets;

- Level 2.  Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

- Level 3.  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

The following presents the gross value of assets that were measured and recognized at fair value:

 

- Level 1: none

- Level 2: none

- Level 3: none

The Company adopted Accounting Standards Codification subtopic 825-10, Financial Instruments ("ASC 825-10"), which permits entities to choose to measure many financial instruments and certain other items at fair value.  The adoption of this standard did not have an impact on the Company's financial position, results of operations or cash flows.  The carrying value of cash and cash equivalents, accounts payable and accrued expenses, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments.

**Derivative Liability**

The conversion features embedded in the outstanding convertible notes payable are separately accounted for as a derivative liability in accordance with ASC 815-15, Embedded Derivative. This is because the number of shares that may be acquired upon conversion is indeterminable as the conversion rates are expressed as a percentage discount to the current fair market value of common stock at the time of conversion. Derivative liabilities are valued when the host instruments (convertible notes) are 

 

 F-5                
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014 (unaudited)**

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**Derivative Liability (Continued)**

initially issued and are also revalued at each reporting date, with the change in the respective fair values being recorded as a gain or loss to the derivative liability.

**Net Loss per Share**

Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period.  Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company.  Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share.

**Impairment of Long-Lived Assets**

In accordance with ASC 360, Property Plant and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable.  Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances.  An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

**Mineral Property Costs**

Mineral property exploration costs are expensed as incurred until such time as economic reserves are quantified. To date, the Company has not established any proven or probable reserves on its mineral properties. The Company has capitalized $300,000 of mineral property acquisition costs reflecting its investment in its properties.

**Stock-based Compensation**

The Company adopted FASB guidance on stock based compensation upon inception at February 18, 2010.  Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values.  Pro forma disclosure is no longer an alternative.  The Company has not had any stock and stock options issued for services and compensation for the period from inception (February 18, 2010) through November 30, 2014.

**Recent Accounting Pronouncements**

In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  The new guidance requires that 

 F-6                
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014 (unaudited)**

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

**Recent Accounting Pronouncements (Continued)**

unrecognized tax benefits be presented on a net basis with the deferred tax assets for such carryforwards.  This new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013.  We do not expect the adoption of the new provisions to have a material impact on our financial condition or results of operations.

In February 2013, FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications.  Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period.  Those gains and losses are later reclassified out of accumulated other comprehensive income into net income.  The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements.  All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP.  The new amendments will require an organization to:

-

Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

-

Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period.  This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

The amendments apply to all public and private companies that report items of other comprehensive income.  Public companies are required to comply with these amendments for all reporting periods (interim and annual).  The amendments are effective for reporting periods beginning after December 15, 2012, for public companies.  Early adoption is permitted.  The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

In January 2013, the FASB issued ASU No. 2013-01, *Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities*, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11.  The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users.  In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs.  Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013.  The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

 

 F-7               
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014 (unaudited)**

**NOTE 3 – GOING CONCERN**

 

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern.  This contemplates the realization of assets and the liquidation of liabilities in the normal course of business.  Currently, the Company has a working capital deficit of $295,623, an accumulated deficit of $573,627 and net loss from operations since inception of $573,627.  The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern.  The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company.  There can be no assurance that the Company will be successful in either situation in order to continue as a going concern.

The Company is funding its initial operations by way of issuing common shares.

The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs.

**NOTE 4 – MINERAL PROPERTY**

**Peruvian Mining Claims:**

On June 23, 2014, Aim Exploration, Inc. entered into a Mining Concession Asset Acquisition Agreement (the “Agreement”) with Percana Mining Corp. (“Percana”). Pursuant to the Agreement, the Company has acquired three separate mining concessions. Two of the concession titles are unencumbered and these make up 40% of the mining concessions. These two concessions are known as El Tunel Del Tiempo 1 code 11060780 and El Tunel Del Tiempo 2 code 11060781, and the registered ownership of these two concessions have been transferred to the Company. The third concession property known as Agujeros Negros MA-AG which makes up the remaining 60% has not yet been transferred to the Company, however the Company has entered into a Contract of Mining Assignment and Option to Purchase the concession for a five year term. This contract provides AIM with full rights and authorities over the concession. 

In consideration for the above concessions, the Company has issued 15,750, 000 common shares (Note 6) to Percana in two separate blocks; the first block consists of 6,300,000 common shares which are to be held in escrow until either the Company raises $1,000,000 or when Percana waives this requirement. The second block consists of 9,450,000 shares which are to be held in escrow until such time as the Company is satisfied at its discretion that any arbitration issues have been resolved with the third concession, at which time the shares may be released out of escrow at the option of Percana. These Mining Concessions were acquired based on the assumption the properties are rich in high grade Anthracite Coal, currently there are 20 small tunnels on the property already producing anthracite coal which was being mined by illegal miners. Testing of the coal samples was performed indicating the presence of high-grade anthracite coal. Prior to acquisition AIM reviewed a non-compliant technical report prepared by Engineers/Geologists together with hiring a US based firm Gustavson Associates to visit the property and review the reports. The firm provided AIM with a report, which included recommendation for further exploration. 

 F-8               
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014 (unaudited)**

**NOTE 5 – CONVERTIBLE NOTE**

On November 6, 2014, the Company issued convertible notes with a principal balance of $92,250, maturity date of November 6, 2015 and an interest rate per annum of 8%. The principal is convertible into common shares of the Company at a conversion rate equal to 55% of the lowest trading price of the Company’s common stock for the fifteen prior trading days, as defined in the agreement.

The Company is accounting for the conversion feature as a separate derivative liability under ASC 815. As such, the Company will carry the conversion feature liability at fair value on the balance sheet. The Company determined the fair value of the conversion feature as at November 6, 2014 and also as of the quarter ended November 30, 2014. The fair value took into consideration the look-back provision and was determined pursuant to guidance provided by ASC 718-50-55-24, which required the Company to use a combination of the fair value of a share of common stock and a share’s put and call value determined using an option valuation model. To determine the put and call values, the Company used the Black-Scholes option valuation model using the following inputs: the fair value of the common stock of $0.42, exercise price of $0.1485, remaining contractual term (1 year as of November 6, 2014), volatility of 119.5% and a risk-free interest rate of approximately 0.12%. To determine the fair value of a share of common stock, the Company used the last trading price that took place on January 13, 2015, for which shares of common stock were traded. Volatility was determined using a peer group of public companies, and the Company used US treasuries with a similar contractual term to determine the risk-free interest rate.

The conversion feature was fair valued at $237,067 at November 6, 2014 and $234,699 at November 30, 2014. The change in fair value of the conversion feature is being recorded through operating results. During the quarter ended November 30, 2014, the Company recognized other income of $2,368 related to the change in fair value of the conversion feature.

When recording the conversion feature liability at November 6, 2014, the Company recognized a 100% debt discount on the convertible notes payable of $92,250 and finance costs expense of $151,135. The debt discount is being accreted to finance costs using the straight-line method over the one-year contractual term of the debt. During the quarter ended November 30, 2014, the Company also recognized in the normal course accretion of $6,318.

**NOTE 6 – CAPITAL STOCK**

The Company’s capitalization is 250,000,000 common shares with a par value of $0.001 per share and 1,000,000 preferred shares with a par value of $0.001 per share.  

On February 18, 2010, a director of the Company purchased 10,000,000 shares of the common stock in the Company at $0.001 per share for $10,000. This amount was included in subscriptions receivable as of August 31, 2010.

As of August 31, 2011, the Company issued 40,000,000 shares for cash of $40,000 to 34 shareholders.

The payment of the $10,000 stock receivable was a payment made to the attorney.

During the year ended August 31, 2013 the Company issued 18,000,000 shares to 6 shareholders for cash proceeds of $18,000.

During the year ended August 31, 2014, the Company issued 15,750,000 shares to 1 shareholder, in connection with an asset acquisition agreement for mining property entered into during the year. (Note 4)

 

 F-9                
              

**AIM EXPLORATION INC.**

**(An Exploration Stage Company)**

**NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

**November 30, 2014 (unaudited)**

**NOTE 6 – CAPITAL STOCK (Continued)**

During the quarter ended November 30, 2014, the Company issued 5,000,000 shares to 1 shareholder in connection with an asset acquisition agreement. The Company also issued 350,000 shares to 1 shareholder in connection with a six-month investor relations campaign.

During the quarter ended November 30, 2014, the Company issued 100,000 preferred shares to 1 shareholder, a related party of the Company, in connection with services rendered.

As of November 30, 2014, the Company has not granted any stock options and has not recorded any stock-based compensation.

**NOTE 7 – LOAN PAYABLE - RELATED PARTIES**

During the quarter ended November 30, 2014, total advances from a director of the Company was $Nil (2013:  $500).  The amounts are unsecured, non-interest bearing and are due on demand.

During the quarter ended November 30, 2014, total advances from one related parties were $29,963 (2013:  $39,887) and amounts advanced to one related party were $25,500 (2013: $Nil).  The amounts are unsecured, non-interest bearing and are due on demand. 

**NOTE 8 – SUBSEQUENT EVENTS**

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no material events to disclose.

 F-10               
              

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

**Safe Harbor Statement**

This report on Form 10-Q contains certain forward-looking statements.  All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements. 

These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs, and risk of declining revenues.  Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors.  These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements.  The following discusses our financial condition and results of operations based upon our financial statements which have been prepared in conformity with accounting principles generally accepted in the United States.  It should be read in conjunction with our financial statements and the notes thereto included elsewhere herein. 

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this Form 10-Q.  The discussions of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.

**Results of Operation**

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

We expect we will require additional capital to meet our long term operating requirements.  We expect to raise additional capital through, among other things, the sale of equity or debt securities.

4                
              

**Results of Operations for the Three months Ended November 30, 2014 Compared to the Same Period in 2013, and From Inception to November 30, 2014**

*No Revenues*

Since our inception on February 18, 2010 to November 30, 2014, we have not yet earned any revenues.  As of November 30, 2014, we have an accumulated deficit of $573,627.  At this time, our ability to generate any significant revenues continues to be uncertain.  Our financial statements contain an additional explanatory paragraph in Note 1, which identifies issues that raise substantial doubt about our ability to continue as a going concern.  Our financial statements do not include any adjustment that might result from the outcome of this uncertainty.

*Net Loss*

We incurred a net loss of $239,276 for the three months ended November 30, 2014 compared to our net loss of $9,676 for the three months ended November 30, 2013.  The increase in net loss was mainly due to increased public relation, professional, finder’s fees, consulting and exploration fees as well as finance and interest costs related to the derivative liability component of the convertible notes issued during the period.  Since February 18, 2010 (date of inception) to November 30, 2014, we have incurred a net loss of $573,627.

*Expenses*

Our total operating expenses for the three months ended November 30, 2014 were $239,276 compared to $9,676, for the same period in 2013.  Our finder’s fee expense increased by $9,000 from $Nil for the nine months ended November 30, 2013. Office and general expenses increased by $882 from $429 for the three months ended November 30, 2013 compared to $1,311 for the three months ended November 30, 2014.  Our office and general expenses consist of management and consulting fees, bank charges, travel, meals and entertainment, office maintenance, communications (cellular, internet, fax and telephone), courier, postage costs and office supplies.  Our professional fees increased from $8,307 for the three months ended November 30, 2013 to $20,923 for the three months ended November 30, 2014. Public relation costs increased from $Nil for the three months ended November 30, 2013 to $47,067 for the three months ended November 30, 2014. Finance costs increased from $Nil for the three months ended November 30, 2013 to $151,135 for the three months ended November 30, 2014, and were related to the derivative liability component of the convertible notes issued during the period.

***Liquidity and Capital Resources***

**Three Month Period Ended November 30, 2014**

As at November 30, 2014, our total assets were $530,123 compared to $327,367 in total assets at August 31, 2014.  As at November 30, 2014, our current liabilities were $525,746, which was comprised of accounts payable of $95,538 loans from related party of $187,944, convertible notes, net of unamortized discount of $7,565 and  a derivative liability of $234,699.  Stockholders’ equity was $4,377 as of November 30, 2014 compared to stockholders' deficit of $62,654 as of August 31, 2014. **  **

 

 5                
              

 

**Cash Flows from Operating Activities**

We have not generated positive cash flows from operating activities.  For the three months period ended November 30, 2014, net cash flows used in operating activities was $93,888, compared to $12,437 for the same period in 2013.  For the period from inception (February 18, 2010) to November 30, 2014, net cash from operating activities was $333,507.

**Cash Flows from Financing Activities**

We have financed our operations primarily from either advancements, convertible notes or the issuance of equity.  For the three months period ended November 30, 2014 net cash provided by financing activities was $97,713 compared to the three month period ended in 2013, which was $13,202.  For the period from inception (February 18, 2010) to November 30, 2014, net cash provided by financing activities was $339,194 received from proceeds from issuance of common stock, convertible notes and related party loans.

**Plan of Operation**

Our plan of operation for the next twelve months is to grow our business through the exploration of our current properties and additional properties that we acquire.

**Going Concern**

Our independent auditors' review report accompanying our August 31, 2014 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern.  The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

**Inflation**

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position.  The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

**Off-Balance Sheet Arrangements**

As of November 30, 2014, we had no off-balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. 

 6                
              

**ITEM 3.**

** QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not applicable.

**  ITEM 4.           CONTROLS AND PROCEDURES**

 

Management's Report on Internal Control over Financial Reporting. 

Our Internal control over financial reporting is a process that, under the supervision of and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, was designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our trustees; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that our controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As management, it is our responsibility to establish and maintain adequate internal control over financial reporting.  As of November 30, 2014, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our internal control over financial reporting using criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").  Based on our evaluation, we concluded that the Company maintained ineffective internal control over financial reporting as of November 30, 2014, based on criteria established in the Internal Control Integrated Framework issued by the COSO.

This quarterly report does not include an attestation report of the company's registered public accounting firm regarding internal control over financial reporting.  Management's report was not subject to attestation by the company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management's report in this quarterly report.

 

Evaluation of disclosure controls and procedures.  

As of November 30, 2014, the Company's chief executive officer and chief financial officer conducted an evaluation regarding the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act.  Based upon the evaluation of these controls and procedures, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were ineffective as of the date of filing this annual report applicable for the period covered by this report.

Changes in internal controls.  

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

 7                
              

**PART II – OTHER INFORMATION**

**ITEM 1.  LEGAL PROCEEDINGS**

As of January 20, 2015 there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we or any of our subsidiaries are a party or of which any of our properties is the subject.  Also, our management is not aware of any legal proceedings contemplated by any governmental authority against us.

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

None.

**ITEM 3.  DEFAULTS UPON SENIOR SECURITIES**

  

None.

  

**ITEM 4.  MINE SAFETY DISCLOSURES**

None.               

**ITEM 5.  OTHER INFORMATION**

None.

 8                
              **ITEM 6.  EXHIBITS**

**Exhibit**

**Number**

**Exhibit**

**Description**

31.1

Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

EX-101.LAB

XBRL Taxonomy Extension Label Linkbase

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

 

 

 

**SIGNATURE**

**CAPACITY IN WHICH SIGNED**

**DATE**

 

 

 

*/s/ James Robert Todhunter*

   President,

 Chief Executive Officer

 January 20, 2015

James Robert Todhunter

 

 

 

   

 

 

  

 

 

 

 

 

 

 

*/s/ Guil Rivera*

    Secretary, Treasurer, Principal Accounting Officer,

Principal Financial Officer and Director

 January 20, 2015

Guil Rivera

  

 

 

   

 

 

   

 

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