(x)	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES ACT OF 1934

                    For the fiscal year ended   August 31, 2005  

( )	TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the transaction period from    to   

                    Commission File number    0-25707 

Delaware                          91-1949078 

State or other jurisdiction of incorporation or organization                  (I.R.S. Employee I.D. No.)

2429 - 128^th Street

Surrey, British Columbia, Canada                                V4A 3W2  

(Address of principal executive offices)                            (Zip Code)

Issuer’s telephone number  1-604-538-4898 

Title of each share    Name of each exchange on which registered

None       None

(1) Yes [X] No [ ]   (2) Yes [X] No [ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of Standard’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. [ ]  

State issuer’s revenues for its most recent fiscal year: $ -0- 

 

                                                           Page

 

 

 

Standard is engaged in the exploration of a mineral claim known as the “Standard”. (see Part 1, “Exploration and Development of the Standard Claim”). Standard is referred to as being in the “pre-exploration” stage by its auditors. This term is generally used in Financial Accounting Standards to describe a company seeking to develop its ideas and products. Standard is not in the development stage with regards to any mineral claim. No ore reserve has been discovered and no substantial exploration has been done on its mineral claim. Standard is purely an exploration company. There is no assurance that any ore reserve will ever be found and that Standard will have sufficient funds to undertake the exploration work required to identify an ore reserve.

Standard has no revenue to date from the exploration of the Standard claim, and its ability to effect its plans for the future will depend on the availability of financing. Such financing will be required to explore the Standard claim to a stage where a decision can be made by management as to whether an ore reserve exists and can be successfully brought into production. Standard anticipates obtaining such funds from its directors and officers, financial institutions or by way of the sale of its capital stock in the future (see Part 1, Item 2 - “Plan of Operations”), but there can be no assurance that Standard will be successful in obtaining additional capital for exploration activities from the sale of its capital stock or in otherwise raising substantial capital.

800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information which Standard has filed electronically with the SEC by assessing the website using the following address: http://www.sec.gov. Standard has no website at this time.

RISKS ASSOCIATED WITH  OUR COMMON STOCK

1. Penny stock rules may make buying or selling of our shares difficult.

-	Make a suitability determination prior to selling a penny stock to the purchaser;

-	Receive the purchaser’s written consent to the transaction; and

-	Provide certain written disclosures to the purchaser.

From our standpoint, it might be difficult for us to induce new investors to purchase shares since they might not want to be involved in a penny stock company. Future investors must be aware that our shares will fall into the classification of a penny stock and therefore be subject to the rules mentioned above and the various limitations associated with these rules.

 

 

 

2.	We may, in the future, conduct offerings of our common stock in which case all shareholdings will be diluted.

 

 

3.	There is no public trading market for our common shares and our shareholders may not be able to sell his or her shares at any time and on terms and conditions he or she considers reasonable.

 

 

4.	If we are successful in obtaining a market for our shares certain internal and external forces will affect the value of our trading shares.

 

 

 

 

 

 

 

5.	We may not be able to maintain a quotation of our common stock on the OTCBB due to not filing the required information as it is due, which would make it more difficult for an investor to sell our shares.

 

 

6. We are not planning to declare a dividend in either cash or shares in the near future.

 

 

7.	We want to advise our shareholders and future investors that the purchase of shares in our Company involves a high degree of risk.

 

1.	Our auditors have indicated, in their opinion report, a concern regarding the going concern status of our Company.

2.	We lack an operating history and have accumulated losses, which are expected to continue into the future.

-	Our ability to successfully explore the Standard claim;

-	Our ability to generate future revenues from a viable ore reserve on the Standard claim; and

-	Our ability to reduce our exploration costs in order to increase our profit margins.

3.	Presently we have only four employees and will require additional employees during the exploration of the Standard claim.

4.	Our mineral claim is considered “grass roots” because it has not had adequate exploration work performed on it to identify an ore reserve.

5.     We can spend funds on exploration with no assurance we will prove the Standard claim has an ore body associated with it. 

6.	We may not be able to raise money for exploration when needed due the prevailing price of gold which is beyond our control.

7.	Our Company is a one-property company, which does not allow for exploration of another mineral claim in the event no ore reserve is discovered on the Standard claim.

 

 

8.	Our mineral property, when explored, may not be of economic quality to warrant a decision to go into production.

9.	We will have to compete with both large and small mining companies for such things as money, properties of merit, workers and supplies.

10.	Weather interruptions in the Province of British Columbia may affect and delay the proposed exploration operations.

11.	The terrain surrounding the Standard claim is rugged and is not conducive to exploration activities.

12.	We will have to address the environmental concerns in the Bralorne area and adhere to the various Acts legislated to protect the environment.

During the exploration stage, there are few problems with environmental issues in the Province of British Columbia if the exploration work involves mapping, establishment of a grid, soil and rock sampling and some minor drilling. If the exploration program involves work near an existing stream or removal of a substantial amount of overburden and foliage, then permission for the work must be obtained from one of the various Ministries involved in that area of environmental concern. If a production decision is ever made, we will have to adhere to various Acts established by the Provincial Government. Under these Acts the main concerns are wildlife, including fish in streams, and vegetation. The Government does not want exploration activities to cause excessive hardship on the environment and to disfigure our claim for decades to come. It is important to protect wildfire since the area in which our claim is situated has been their natural habitat for centuries. The cost of adhering to these Acts might be too expensive for us and exploration activities might have to be cancelled or delayed until adequate money is available to us to adhere to the requirements of the Acts. At the present time, we have no indication as to what the dollar amount of adherence would be.

13.	We are a small Company without much money to devote to a full exploration program

on our mineral claim.

14.	We cannot guarantee the title of our claim since there may be unregistered claims that we are unaware of at this time.

15.	At the present time, we will have difficulty in attracting mining personnel who would like to work for a well-funded company having an assortment of mineral properties.

16.	We do not carry any insurance policy to protect workers during the exploration stage other than as required by legislation.

17.	Our Directors do not have experience in hard rock mining and none of the officers are professional geologists.

18.	Our President has interests in another company, which cause him to devote time and effort to their activities resulting in a conflict of interest.

19.	We do not carry a policy for key man insurance, which in the event we wish to replace our management team funds will not be available to do so.

 

Claim Name  Tenure No. Units  Expiry Date_____

Standard  367933   18  February 24, 2006

 

 

 

 

 

 

 

 

 

 

Payment of outstanding accounts payable:
Independent auditors	$8,400
Office expenses	681
Transfer agent fees	4,000
Previous exploration expenses	2,605	$15,686
Other expenses paid as incurred:
Consulting fees - preparation of Form SB-2		7,500
Automobile expenses paid to the President		888
Legal opinion for inclusion in Form SB-2		2,500
Assessment work on Standard claim		3,100
Independent auditors - August 31, 2005 statements		2,100
Amount distributed from Offering Memorandum		31,774
Less: original amount of private placement		(49,500)
Balance of cash on hand as at October 24, 2005		$17,726

 

 

As at August 31, 2005, the Company had cash of $103 and liabilities of $73,042. The liabilities of $44,639 owed to general creditors are as follows: the transfer agent - $4,000, auditors - $10,500, internal accountant - $15,450, edgarizing financial statements and other reports - $4,190, previous exploration expenses - $2,605, travel expenses - $2,368, preparation of various filings $2,500 and other payables - $3,026. The amount owed to related parties of $28,403 is non-interest bearing and has not fixed terms of repayment.

During the year, the Company has incurred the following expenses:

Expenditure		Amount
Accounting and audit	i	$7,050
Bank charges		75
Edgar filings	ii	1,150
Exploration and filing fees	iii	3,070
Filing fees and franchise taxes	iv	259
Management fees	v	2,400
Office		26
Rent	vi	1,200
Telephone	vii	600
Transfer agent's fees and interest	viii	(2,725)
Total expenses		$13,105

i.

The Company accrues $500 in fees to its auditors, Madsen & Associates, CPA's Inc., for the review of its 10-QSBs and $2,100 for the examination of the Form 10-KSB. In addition, the Company has accrued $750 each for its November 10-QSB, February and May 10-QSBs; also, $1,200 has been accrued for this Form 10-KSB in order that the accountant can prepare the applicable working papers and other information to be submitted to the auditors for their review of the Form 10-QSBs and 10-KSBs.

ii.	The Company has incurred certain expenses during the year for filing its various Forms 10-QSB and 10-KSB with the SEC. The expense for filing these Forms 10-QSB was $250 per quarter and the Form 10-KSB is $400.

iii.	In February 2005, the Company paid $3,780 Cdn. for assessment work on the Standard claim. This expenditure maintained the claim in good standing until February 24, 2006.

iv.	The Company has paid annual filing fees to The Company Corporation of $175. Franchise taxes were paid by the Company to the State of Delaware in the amount of $84 including interest.

v.

The Company does not compensate its directors for the service they perform for the Company since, at the present time it does not have adequate funds to do so. Nevertheless, management realizes that it should give recognition to the services performed by the directors and officers and therefore has accrued $200 per month. This amount has been expensed in the current period with the offsetting credit being allocated to "Capital in Excess of Par Value" on the balance sheet. The Company will not, in the future, be responsible for paying either cash or shares in settling this accrual.

vi.

The Company does not incur any rental expense since it used the personal residence of its President. Similar to management fees, rent expense should be reflected as an operating expense. Therefore, the Company has accrued $100 per month as an expense with an offsetting credit to "Capital in Excess of Par Value".

vii.	The Company does not have its own telephone number but uses the telephone number of its President. Similar to management fees and rent, the Company accrues an amount of $50 per month to represent the charges for telephone with an offsetting entry to "Capital in Excess of Par Value".

viii.

During the period, the Company received its annual billing from Nevada Agency & Trust Company for acting as transfer agent for the year in the amount of $1,200. In addition, the Company has accrued certain late charges of interest totaling $1,389. The amount owing to Nevada Agency & Trust Company was written down to $4,000, resulting in a write down of $5,314 in fees.

The Company estimates the following expenses will be required during the next twelve months to meet its obligations:

Expenditures		Requirements For Twelve Months	Current Accounts Payable	Payments from Private Placement	Required Funds for Twelve Months
Accounting and audit	1	$7,050	$25,950	$(10,500)	$22,500
Annual general meeting	2	1,000	-	-	1,000
Bank charges		100	-	-	100
Consulting	3	2,500	2,500	(2,500)	2,500
Edgar filing fees	4	800	4,190	-	4,990
Exploration expenses	5	-	2,605	(2,605)	-
Filing fees and franchise taxes	6	275	503	-	778
Office	7	500	2,523	(681)	2,342
Transfer agent's fees	8	1,200	4,000	(4,000)	1,200
Travel and entertainment	9	-	2,368	(888)	1,480
Estimated expenses		$13,425	$ 44,639	$(21,174)	$ 36,890

1. Accounting and auditing expense has been projected as follows:

Filings	Accountant	Auditors	Total
Form 10-QSB - Nov. 30, 2005	$750	$500	$1,250
Form 10-QSB - Feb 28, 2006	750	500	1,250
Form 10-QSB - May 31, 2006	750	500	1,250
Form 10-KSB - Aug 31, 2006	1,200	2,100	3,300
	$3,450	$3,600	$ 7,050

2. Annual General Meeting of Stockholders to be held on November 18, 2005 is expected to cost $1,000 for preparation and circulating of the Notice of Meeting and Proxy and the cost for holding the meeting itself.

3. Consulting costs of $2,500 are expected for further work preparing an Form SB-2 for submission to the SEC and responding to their comments. To date, the Company has paid $7,500 for the preparation of the Form SB-2 and another $2,500 to the attorney to give an opinion letter to be included in the Form SB-2.

4. Edgar filing fees comprise the cost of filing the various Forms 10-KSB and 10-QSB on Edgar. It is estimated the cost for each of the Form 10-QSBs will be $100, the cost of filing the 10-KSB will be $350 and the cost for filing the Form SB-2 will be $150.

5. To maintain the Standard claim in good standing the Company will incur a cost of Cdn $200 per unit. The number of units comprising the Standard claim is 18 and therefore, the minimum cost will be $3,600 Cdn or $3,100 US. Subsequent to the balance sheet date, the Company paid an advance of $3,100 for exploration work to be undertaken on the Standard claim. This amount includes the filing fee of $180. Therefore, there is no expense required for exploration during the next twelve months since once filed the Standard will be in good standing until February 24, 2007.

6. Filing fees for the Company as a registered agent are $175 per year. Franchise taxes paid to the State of Delaware are $100. 

7. Relates to photocopying and faxing based on prior year’s actual charges.

8. Each year the Company is charged a fee of $1,200 by its transfer agent to act on its behalf. Since the Company has paid for the shares issued under the private placement in the settlement with Nevada Agency & Trust there is not cost associated with the issuance of shares. The reason the Company decided to make an offer on the outstanding account owed to Nevada Agency & Trust was that it had no transfer activities since 1999 but was changed $1,200 a year plus interest on the outstanding balance.

 

9. It is not expected that there will be any travel expenses in the next year.

 

 

 

 

 

 

(a) Evaluation of Disclosure Controls and Procedures

(b) Changes in Internal Controls

 

 

Name	Age	Position Held	Term as Director Since
Del Thachuk	69	President and Director	1998
Maryanne Thachuk	68	Secretary Treasurer	-
B. Gordon Brooke	61	Chief Financial Officer, Chief Accounting Officer and Director	2004

(1)

filed a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed by the court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filings;

(2)	was convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);

(3)	was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting, the following activities:

(i)

acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, associated person of any of the foregoing, or as an investment advisor, underwriter, broker or dealer in securities, or as an affiliate person, director or employee of any investment company, or engaging in or continuing any conduct or practice in connection with such activity;

(ii) engaging in any type of business practice; or

(iii)

engaging in any activities in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodities laws;

(4)

was the subject of any order, judgment, or decree, not subsequently reversed, suspended, or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described above under this Item, or to be associated with persons engaged in any such activities;

(5)

was found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any federal or state securities law, and the judgment in such civil action or finding by the Securities and Exchange Commission has not been subsequently reversed, suspended, or vacated.

(6)

was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.

Name    Position             Form         Date Report Filed

 

Del Thachuk    Chief Executive Officer,        3 and 5    September 11, 2002 and November 17, 2003

            President and Director

Maryanne Thachuk   Secretary Treasurer              3      November 21, 2003 

B. Gordon Brooke    Chief Financial Officer, Chief

Accounting Officer and Director         3     March 5, 2004

 

 

The following table sets forth compensation paid or accrued by Standard during the fiscal years ended August 31, 2002 to 2005 to Standard’s President and CEO, CFO, CAO, Directors and Secretary Treasurer.

        Long Term Compensation (US Dollars)        

    Annual Compensation           Awards          Payouts

(a)	(b)	(c)	(e)	(f)	(g)	(h)	(i)
Name and Princi- pal position	Year	Salary	Other annual Comp. ($)	Restricted stock awards ($)	Options/ SAR (#)	LTIP payouts ($)	All other compen- sation ($)
Del Thachuk Chief Executive Officer, President And Director	2002 2003 2004 2005	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-
Maryanne Thachuk Secretary Treasurer	2002 2003 2004 2005	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-	-0- -0- -0- -0-
Alexander J. Ibsen Former Chief Financial Officer and Director	2004 2005	-0- -0-	-0- -0-	-0- -0-	-0- -0-	-0- -0-	-0- -0-
B. Gordon Brooke Chief Accounting Officer , Chief Financial Officerand Director	2004 2005	-0- -0-	-0- -0-	-0- -0-	-0- -0-	-0- -0-	-0- -0-

 

 

Name and Address of Beneficial Owner	Nature of Ownership (1)	Amount of Beneficial Ownership	Percent of Class
DEL THACHUK 2429 - 128th Street Surrey, British Columbia Canada, V4A 3W2	Direct	100,000 (i)	7.72
DORIS O’BRIEN 626 - Highway 99 P.O. Box 5 Surrey, British Columbia Canada, V4B 5A8	Direct	100,000	7.72
AUGGNETHA QUASHIE 15382 - 110A Avenue Surrey, British Columbia Canada, V3R 9H6	Direct	100,000	7.72
MICHAEL LEVESQUE 3350 - 199A Street Langley, British Columbia Canada, V3A 4T9	Direct	100,000	7.72
MICHAEL THACHUK 47 - 20761 Telegraph Trail Surrey, British Columbia Canada, V1M 2W3	Direct	100,000 (ii)	7.72
GERRY WOLFF 4364 Woodcrest Road West Vancouver, B.C. Canada, V7SX 2W1	Direct	100,000	7.72
MARVIS SHAW 246 - 20071 - 24th Avenue Langley, British Columbia Canada, V2Z 2A1	Direct	100,000	7.72
KEN RADOMSKY 840 - 15355 - 24th Avenue White Rock, B.C. Canada, V4B 4C2	Direct	100,000	7.72
RAYMOND MILLLER 301 - 1323 Merklin Street White Rock, British Columbia Canada, V4A 4C2	Direct	100,000	7.72

MARION K. SEPT 19188 - 84th Avenue Surrey, British Columbia Canada, V4N 3G5	Direct	100,000	7.72
KAREN FORD 17773 - 59 a Avenue Surrey, British Columbia Canada, V3S 1R2	Direct (2)	100,000	7.72
MARYANNE THACHUK 34-3387 King George Highway Surrey, British Columbia Canada, V4P 1B7	-	NIL	0.00
ALEXANDER J. IBSEN 1533 Eagle Mountain Drive Coquitlam, British Columbia Canada, V3E 2Z3	-	NIL	0.00
B. GORDON BROOKE 115 Angelene Street, Mississauga, Ontario Canada, L5G 1X1	-	NIL	0.00
Director and Officers as a whole	Direct	100,000	7.72

(1)	All shares owned directly are owned beneficially and of record, and such shareholder has sole voting, investment and dispositive power, unless otherwise noted.

(2)	These shares have been sold but the certificate has not been changed to denote the new owner.

(3) Under Rule 13-d under the Exchange Act, shares not outstanding but subject to options, warrants, rights, conversion privileges pursuant to which such shares may be acquired in the next 60 days are deemed to be outstanding for the purpose of computing the percentage of outstanding shares owned by the persons having such rights, but are not deemed outstanding for the purpose of computing the percentage for such other persons.

(i) This stock is restricted since it was issued in compliance with the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended. After this stock has been held for one year, Mr. Thachuk could sell 1% of the outstanding stock in Standard every three months. Therefore, this stock can be sold after the expiration of one year in compliance with the provisions of Rule 144. There is "stock transfer" instructions placed against this certificate and a legend has been imprinted on the stock certificate itself.

(ii) Michael Thachuk is the son of the President of Standard. He is married and lives in his own home.

 

 

 

 

(a) (1)  Financial Statements.

                 Title of Document                                Page

Report of Madsen & Associates, CPA’s Inc.	31
Balance Sheet as at August 31, 2005	32
Statement of Operations for the year ended August 31, 2005 and 2004 and for the period from September 24, 1998 (Date of Inception) to August 31, 2005	33
Statement in Changes in Stockholders’ Equity for the period from September 24, 1998 (Date of Inception) to August 31, 2005	34
Statement of Cash Flows for the year ended August 31, 2005 and 2004 and for the period from September 24, 1998 (Date of Inception) to August 31, 2005	35
Notes to the Financial Statements	36

 

         

            

 

 

 

(a) (2) Financial Statement Schedules       

(a) (3) Exhibits

1. Certificate of Incorporation, Articles of Incorporation and By-laws

1.1	Certificate of Incorporation (incorporated by reference from Standard’s Registration Statement on Form 10-SB filed on December 6, 1999)

1.2	Articles of Incorporation (incorporated by reference from Standard’s Registration Statement on Form 10-SB filed on December 6, 1999)

1.3	By-laws (incorporated by reference from Standard’s Registration Statement on Form 10-SB filed on December 6, 1999)

99.1	Certificate Pursuant to Section 301(a) of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer)

99.2	Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

99.3	Certificate Pursuant to Section 301(a) of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer)

99.4	Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(b) Reports on Form 8-K

 

 

(1) Audit Fees

(2) Audit-Related Fees

(3) Tax Fees

(4) All Other Fees

(5) Audit Committee’s Pre-approval Policies

(6) Audit hours incurred

 

 

STANDARD CAPITAL CORPORATION

(Registrant)

 

Del Thachuk

 

                                        B.Gordon Brooke

                                        Chief Financial Officer,

                                        Chief Accounting Officer and Director

 

MADSEN & ASSOCIATES, CPA’s INC.                   684 East Vine Street, #3 

Certified Public Accountants and Business Consultants Board              Murray, Utah, 84107

        Telephone 801-268-2632

                   Fax 801-262-3978

 

Murray, Utah      /s/ “Madsen & Associates, CPA’s Inc.”

 

ASSETS
CURRENT ASSETS
Cash	$103
Total Current Assets	$103
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
CURRENT LIABILITIES
Accounts payable - related party	$28,403
Accounts payable	44,639
	73,042
STOCKHOLDERS’ DEFICIENCY
Common Stock
200,000,000 shares authorized, at $0.001 par value 1,295,000 shares issued and outstanding	1,295
Capital in excess of par value	31,155
Deficit accumulated during the pre-exploration stage	(105,389)
Total Stockholders’ Deficiency	(72,939)
	$103

	Aug 31, 2005	Aug 31, 2004	Sept 24, 1998 to Aug 31, 2005
REVENUES	$-	$-	$-
EXPENSES	13,105	24,180	105,389
NET LOSS	$(13,105)	$(24,180)	$(105,389)

NET LOSS PER COMMON SHARE
Basic and diluted	$(0.01)	$(0.02)
AVERAGE OUTSTANDING SHARES
Basic	1,295,000	1,295,000

 

	Common Shares	Stock Amount	Capital in Excess of Par Value	Accumulated  Deficit
Balance September 24, 1998 (date of inception)	-	$ -	$ -	$ -
Issuance of common shares for cash at $0.001 - January 11, 1999	1,000,000	1,000	-	-
Issuance of common shares for cash at $0.001 - February 19, 1999	100,000	100	-	-
Issuance of common shares for cash at $0.01 - February 15, 1999	195,000	195	1,755	-
Capital contributions - expenses	-	-	4,200
Net operating loss for the period from September 24, 1998 to August 31, 1999	-	-	-	(12,976)
Capital contributions - expenses	-	-	4,200	-
Net operating loss for the year ended August 31, 2000	-	-	-	(12,392)
Capital contributions - expenses	-	-	4,200	-
Net operating loss for the year ended August 31, 2001	-	-	-	(13,015)
Capital contributions - expenses	-	-	4,200	-
Net operating loss for the year ended August 31, 2002	-	-	-	(13,502)
Capital contributions	-	-	4,200	-
Net operating loss for the year ended August 31, 2003	-	-	-	(16,219)
Capital contributions	-	-	4,200	-
Net operating loss for the year ended August 31, 2004	-	-	-	(24,180)
Capital contributions	-	-	4,200	-
Net operating loss for the year ended August 31, 2005	-	-	-	(13,105)
Balance, August 31, 2005	1,295,000	$1,295	$31,155	$(105,389)

 

	Aug 31, 2005	Aug 31, 2004	Sept 24, 1998 to Aug 31, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$(13,105)	$(24,180)	$(105,389)
Adjustments to reconcile net loss to net cash provided by operating activities:
Change in accounts payable	8,940	19,917	73,042
Capital contributions - expenses	4,200	4,200	29,400
Net Change in Cash from Operations	35	(63)	(2,947)
CASH FLOWS FROM INVESTING ACTIVITIES	-	-	-
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	-	-	3,050
Net Increase in Cash	35	(63)	103
Cash at Beginning of Period	68	131	-
CASH AT END OF PERIOD	$103	$68	$103

SCHEDULE OF NONCASH OPERATING ACTIVITIES
Capital contributions - expenses	$4,200	$4,200	$29,400

 

1. ORGANIZATION

The shareholders, at the Annual General Meeting held on February 20, 2004, approved an amendment to the Certificate of Incorporation whereby the authorized share capital of the Company would be increased from 25,000,000 common shares with a par value of $0.001 per share to 200,000,000 common share with a par value of $0.001 per share.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Income Taxes

 

The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.

STANDARD CAPITAL CORPORATION

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Statement of Cash Flows

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.

Basic and Diluted Net Income (loss) Per Share

Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then only the basic per share amounts are shown in the report.

Unproven Mineral Claim Costs

The Company does not have any concentration or related financial credit risk.

At the report date environmental requirements related to the mineral claim acquired are unknown and therefore an estimate of any future cost cannot be made.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

Financial Instruments

 

The carrying amounts of financial instruments, including cash and accounts payable, are  considered by management to be their estimated fair value due to their short term  maturities.

 

Recent Accounting Pronouncements

 

    The Company does not expect that the adoption of other recent accounting  pronouncements will have a material impact on its financial statements.

3. ACQUISITION OF MINING CLAIMS

The Company acquired one 18 unit metric claim known as the Standard claim located within the Bridge River gold camp near the town of Gold Bridge, 160 kilometres north of Vancouver, British Columbia with an expiration date of February 23, 2006. The claims may be extended for one year by the payment of $3,780 Cdn or the completion of work on the property of $3,600 Cdn plus a filing fee of $180 Cdn.

The claims have not been proven to have commercially recoverable reserves and therefore the acquisition and exploration costs have been expensed.

 

4. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

5. STOCK OPTION PLAN 

At the Annual General Meeting held on February 20, 2004, the shareholders approved a Stock Option Plan (the “Plan”) whereby a maximum of 5,000,000 common shares were authorized but unissued to be granted to directors, officers, consultants and non-employees who assisted in the development of the Company. The value of the stock options to be granted under the Plan will be determined on the fair market value of the Company’s shares when they are listed on any established stock exchange or a national market system at the closing price as at the date of granting the option. No stock options have been granted under this Plan.

6.	CAPITAL STOCK

During October and November 2005 the Company completed a private placement offering of 990,000 common shares for cash of $49,500.