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

For the fiscal year ended August 31, 2006

( )	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

STANDARD CAPITAL CORPORATION

(Exact name of Company as specified in charter)

Delaware	91-1949078
State or other jurisdiction of incorporation or organization	(I.R.S. Employee I.D. No.)

2429 - 128th 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 None

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

ITEM 1.	DESCRIPTION OF BUSINESS	4
ITEM 2.	DESCRIPTION OF PROPERTY	11
ITEM 3.	LEGAL PROCEEDINGS	14
ITEM 4.	SUBMISSION OF MATTERS TO VOTE OF SECURITIES HOLDERS	14
PART II
ITEM 5.	MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS	14
ITEM 6.	MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION	15
ITEM 7.	FINANCIAL STATEMENTS	18
ITEM 8.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	18
ITEM 8A	CONTROLS AND PROCEDURES	19
PART III
ITEM 9.	DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS, COMPLIANCE WITH SECTION 16 (a) OF THE EXCHANGE ACT	19
ITEM 10.	EXECUTIVE COMPENSATION	22
ITEM 11.	SECURITY OWNERSHIP OF CERTAIN BENEFICAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS	24
ITEM 12.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS	25
PART IV
ITEM 13.	EXHIBITS AND REPORTS ON FORM 8-K	26
ITEM 14	PRINCIPAL ACCOUNTANTS FEES AND SERVICES	27
	SIGNATURES	29

 

 

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.

The shareholders may read and copy any material filed by Standard with the SEC at the SEC’s Public Reference Room at 450 Fifth Street, N.W., Washington, DC, 20549. The shareholders may obtain information on the operations of the Public Reference Room by calling the SEC at 1-800-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.

 

 

 

 

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 to 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, 2007

 

 

 

 

The Company's primary product will be the sale of minerals, both precious and commercial. No minerals have been found to exist on the Standard claim and therefore the possibilities of obtaining a cash flow from the sale of minerals in the future might be remote.

The Company will be exploring and developing, if warranted, the Standard claim and does not plan to build any mill or smelter. There exists a fully equipped smelter within 5 miles of the Standard claim but it is privately owned and may or may not accept ore from the Company to process. If the Company is unable to obtain a commitment when the claim is proven to have reserves thereon, it might have to transport the ore to other smelters, which are located at great distances from the Standard claim.

 

 

 

 

The Company does not have an investment policy at this time. Any excess funds it has on hand will be deposited in interest bearing notes such as term deposits or short term money instruments. There are no restrictions on what the director is able to invest or additional funds held by the Company. Presently the Company does not have any excess funds to invest.

 

 

 

 

 

 

Payment of outstanding accounts payable:
Independent auditors	$10,500
Office expense	4,115
Transfer agent fees	4,000
Previous exploration expenses	2,605
Consulting fees	3,596	$24,816
Balance of cash on hand before private placement used for expenses		(103)
Other expenses paid as incurred:
Consulting fees - preparation of Form SB-2		10,000
Automobile travel expenses paid to the President		991
Travel expenses for Chief Financial Officer		540
Legal opinion for inclusion in Form SB-2		2,500
Assessment work on the Standard claim		3,100
Other exploration expenses		661
Independent auditors - quarterly reports and other		1,935
Transfer agent fees		1,822
Franchise tax and filing fees		302
Annual general meeting		679
Amount of disbursement from Offering Memorandum		47,243
Less: original amount of private placement		(49,500)
Balance of cash on hand as at August 31, 2006		$ 2,257

 

 

 

 

 

As at August 31, 2006, the Company had cash of $2,257 and liabilities of $58,483. The liabilities of $27,427 owed to general creditors are as follows: $2,500, internal accountant - $18,950, edgarizing financial statements and other reports - $5,490 and other payables - $420. The amount owed to related parties of $31,056 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	$ 7,935
Annual general meeting	ii	679
Bank charges		210
Consulting fees	iii	10,000
Edgar filings	iv	1,300
Exploration and filing fees	v	3,761
Filing fees and franchise taxes	vi	302
Legal fees	vii	2,500
Management fees	viii	2,400
Office	ix	1,647
Rent	x	1,200
Telephone	xi	600
Transfer agent's fees and interest	xii	1,889
Travel and entertainment	xiii	2,564
Total expenses		$ 36,987

i.

The Company accrues $495 in fees to its auditors, Madsen & Associates, CPA's Inc., for the review of its 10-QSBs and $2,500 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, $1,250 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.	On November 18, 2005, the Company held its Annual General Meeting. The expense represents meeting room rental charges, coffee and lunch.

iii. Consulting fees of $10,000 have been paid for the completion of the Company’s SB-2.

iv 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. An additional $150 was charged for a Notice of Late Filing.

 

v. In February 2006, the Company paid $3,828 Canadian for assessment work on the Standard claim. This expenditure maintained the claim in good standing until February 24, 2007. An additional $500 US was paid to a consultant to transfer the Standard Claim into Del Thachuk’s name. In February 2006 B.C. mining assessment fees of $180 Canadian were paid.

vi. The Company has paid annual filing fees to The Company Corporation of $199. Franchise taxes were paid by the Company to the State of Delaware in the amount of $86 including interest. Other filing fees of $18 were paid.

vii. Legal fees of $2,500 were paid in October 2005 for the legal opinion to be included in the SB-2.

 

 

 

 

viii.

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.

ix. Office expenses of $978 were paid to the Company’s directors for expenditures on behalf of the Company. General expenses of $595 for photocopying, fax and courier were paid. Computer setup expense of $86 was paid.

x. 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".

xi. 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".

xii. 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 October 2005, the Company incurred stock transfer and issuance fees of $622. In June 2006 shareholder report fees of $67 were incurred.

xiii.  Travel and entertainment expenses of $2,564 were incurred by the directors of the Company.

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	Paymentsfrom PrivatePlacement	Required Funds for Twelve Months
Accounting and audit	1	$ 7,500	$ 21,450	$ (2,257)	$ 26,693
Bank charges		200	-	-	200
Edgar filing fees	2	1,150	5,490	-	6,640
Exploration expenses	3	3,100	-	-	3,100
Filing fees and franchise taxes	4	299	-	-	299
Office	5	1,500	420	-	1,920
Transfer agent's fees	6	1,200	67	-	1,267
Travel and entertainment	7	2,500	-	-	2,500
Estimated expenses		$ 17,699	$ 27,427	$ (2,257)	$ 42,869

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

Filings	Accountant	Auditors	Total
Form 10-QSB - Nov. 30, 2006	$ 750	$ 500	$ 1,250
Form 10-QSB - Feb 28, 2007	750	500	1,250
Form 10-QSB - May 31, 2007	750	500	1,250
Form 10-KSB - Aug 31, 2007	1,250	2,500	3,750
	$ 3,500	$ 4,000	$ 7,500

 

 

 

 

4. Filing fees for the Company as a registered agent are $199 per year. Franchise taxes paid to the State of Delaware are $100. 

 

 

 

 

 

 

 

(a) Evaluation of Disclosure Controls and Procedures

(b) Changes in Internal Controls

 

 

 

 

Name	Age	Position Held	Term as Director Since
Del Thachuk	70	President and Director	1998
Maryanne Thachuk	69	Secretary Treasurer	-
B. Gordon Brooke	62	Chief Financial Officer, Chief Accounting Officer and Director	2004

 

 

 

 

DEL THACHUK has been the President and a Director of Standard since its inception. Mr. Thachuk graduated from Victoria Composite High School in Edmonton, Alberta before spending nine months articling as a chartered accountant student. Subsequently, Mr. Thachuk worked for two years for the City of Edmonton as a surveyor before entering professional football for four years. He was a player for London Lords in London, Ontario and then was hired by the Edmonton Eskimos. From 1962 to 1969, Mr. Thachuk was owner and president of Civic Tire & Battery Ltd. located in Olds, Alberta. His company owned three tire shops and was in partnership with an additional two. Subsequent to the sale of his company he became a contractor for a short period of time during which time he build and sold five houses and approximately thirty pre-fab homes. In 1971, Mr.Thachuk commenced mining a placer gold property he owned in Atlin, British Columbia. During the fifteen years he mined his placer property he extracted in excess of 30,000 ounces of gold. With the sale of the placer property, Mr. Thachuk, over the next five years, entered into various mining ventures in Nevada, Washington State and British Columbia. During this same period of time, Mr. Thachuk was president of Red Fox Minerals Ltd., a company listed on the former Vancouver Stock Exchange. In 1991, he became part owner and general manager for Koben Sand & Gravel which employed 36 employees and in its third year of operations had in excess of CDN $6,000,000 in sales. In 1994, Mr. Thachuk became a consultant for various companies until 1997 when he incorporated and became president of Mine A Max Corporation (renamed to Peabodys Coffee Inc.), a company trading on the OTC Bulletin Board in United States. Recently he formed a Nevada company named Info-Pro Marketing Inc. specializing in the distribution of educational books.

 

 

 

 

(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. President and Director	3 5	September 11, 2002 November 17, 2003
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, 2003 to 2006 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 Principal position	Year	Salary	Other annual Comp.($)	Restricted stock awards ($)	Options/SAR (#)	LTIP payouts ($)	All other compensation ($)
Del Thachuk Chief Executive Officer, President and Director	2003 2004 2005 2006	-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	2003 2004 2005 2006	-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 Officer and Director	2004 2005 2006	-0- -0- -0-	-0- -0- -0-	-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	200,000 (i)	8.75
MARYANNE THACHUK 2429 - 128th Street, Surrey, British Columbia Canada, V4A 3W2	Direct	20,000(i)	.01
GORDON BROOKE 115 Angelene Street, Mississauga, Ontario Canada, L5G 1X1	Direct	50,000(i)	.02
Director and Officers as a whole	Direct	270,000	8.78

 

 

 

 

(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.

 

 

 

 

 

(a) (1)  Financial Statements.

Title of Document	Page
Report of Madsen & Associates, CPA’s Inc.	30
Balance Sheet as at August 31, 2006	31
Statement of Operations for the years ended August 31, 2006 and 2005 and for the period from September 24, 1998 (Date of Inception) to August 31, 2006	32
Statement in Changes in Stockholders’ Equity for the period from September 24, 1998 (Date of Inception) to August 31, 2006	33
Statement of Cash Flows for the years ended August 31, 2006 and 2005 and for the period from September 24, 1998 (Date of Inception) to August 31, 2006	34
Notes to the Financial Statements	35

(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)

99.1	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

 

 

By: B. GORDON BROOKE 

 

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	$ 2,257
Total Current Assets	$ 2,257
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
CURRENT LIABILITIES
Accounts payable - related parties	$ 31,056
Accounts payable	27,427
	58,483
STOCKHOLDERS’ DEFICIENCY
Common Stock
200,000,000 shares authorized, at $0.001 par value 2,285,000 shares issued and outstanding	2,285
Capital in excess of par value	83,865
Deficit accumulated during the pre-exploration stage	(142,376)
Total Stockholders’ Deficiency	(56,226)
	$ 2,257

 

 

	Aug 31, 2006	Aug 31, 2005	Sept 24, 1998 to Aug 31, 2006
REVENUES	$ -	$ -	$ -
EXPENSES	36,987	13,105	142,376
NET LOSS	$ (36,987)	$ (13,105)	$ (142,376)

NET LOSS PER COMMON SHARE
Basic and diluted	$ (0.02)	$ (0.01)
AVERAGE OUTSTANDING SHARES
Basic	2,203,630	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)
Issuance of common shares for cash at $0.05 - September 30, 2005	990,000	990	48,510	-
Capital contributions	-	-	4,200	-
Net operating loss for the year endedAugust 31, 2006	-	-	-	(36,987)
Balance, August 31, 2006	2,285,000	2,285	83,865	(142,376)

 

 

 

	Aug 31, 2006	Aug 31, 2005	Sept 24, 1998 to Aug 31, 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (36,987)	$ (13,105)	$ (142,376)
Adjustments to reconcile net loss to net cash provided by operating activities:
Change in accounts payable	(17,212)	5,700	27,427
Capital contributions - expenses	4,200	4,200	33,600
Net Change in Cash from Operations	(49,999)	3,205	(81,349)
CASH FLOWS FROM INVESTING ACTIVITIES	-	-	-
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from related parties	2,653	3,240	31,056
Proceeds from issuance of common stock	49,500	-	52,550
	52,153	3,240	83,606
Net Increase in Cash	2,154	35	2,257
Cash at Beginning of Period	103	68	-
CASH AT END OF PERIOD	$ 2,257	$ 103	$ 2,257

SCHEDULE OF NONCASH OPERATING ACTIVITIES
Capital contributions - expenses	$ 4,200	$ 4,200	$ 33,600

 

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 shares 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.

     Environmental Requirements

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.

     Estimates and Assumptions

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, 2007. 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.

7.	GOING CONCERN

The Company will need additional working capital to service its debt and to develop the mineral claims acquired, which raises substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding, and long term financing, which will enable the Company to operate for the coming year.