UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-QSB/A
(Mark One)
x
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2007

o
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT OF 1934
For the transition period from _____ to _____

Commission File Number: 000-51197

STARGOLD MINES, INC.
(Exact name of small business issuer as specified in its charter)

Nevada
(State of incorporation)
98-0400208
(IRS Employer ID Number)

1840 Gateway Drive
Suite 200
San Mateo, California 94404
(Address of principal executive offices)

(604) 673-8427
(Issuer's telephone number)

_______________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)

Check whether the issuer (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 required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES x NO o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES x NO o

Number of shares of common stock outstanding as of August 20, 2007: 41,219,311shares of common stock.

Transitional Small Business Format      Yes o No x

 

 
EXPLANATION NOTE
 
Stargold Mines, Inc. filed its Quarterly Report on Form 10-QSB for the period ended June 30, 2007 with the Securities and Exchange Commission on August 20, 2007. We are filing this Amendment on Form 10-QSB/A to amend and restate our unaudited financial statements for the period ended June 30, 2007 and related footnote disclosures to reflect the correction of an error in the Statement of Cash Flows. The Net Loss figure for June 2006 and the cumulative figure from the date of inception were transposed.
 
This Amendment No. 1 to our Quarterly Report on Form 10-QSB for the period ended June 30, 2007 amends only the following items:
 
Part I, Item 1 - Financial Statements

 
STARGOLD MINES, INC.
(FORMERLY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
 
FINANCIAL STATEMENTS
 
SIX MONTHS ENDED JUNE 30, 2007 AND 2006
 
UNAUDITED
 
CONTENTS
Balance Sheets
1
Statements of Operations
2 - 3
Statements of Stockholders' Equity
4
Statements of Cash Flows
5
Notes to Financial Statements
6 - 13
   
 

STARGOLD MINES, INC.
(FORMERLY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Balance Sheets
June 30, 2007 and December 31, 2006
Unaudited
 
 
 
June 30,
 
December 31,
 
2007
2006
 
 
 
 
(Audited)
 
           
ASSETS
Current
         
Cash
 
$
259,788
 
$
7,879
 
Prepaid expenses
   
70,437
   
-
 
               
Total Current Assets
   
330,225
   
7,879
 
               
Long-term
             
               
Loan Receivable (note 3)
   
1,100,000
   
1,000,000
 
               
Total Assets
 
$
1,430,225
 
$
1,007,879
 
               
LIABILITIES
Current
             
Accounts payable
 
$
24,600
 
$
25,282
 
Advance from related party
   
-
   
240
 
Loan payable (note 4)
   
35,000
   
-
 
               
Total Current Liabilities
   
59,600
   
25,522
 
               
Total Liabilities
   
59,600
   
25,522
 
               
STOCKHOLDERS' EQUITY
Capital Stock (note 5)
             
Authorized
             
1,000,000,000 common stock,
         
par value $0.0001 per share
             
Issued
             
41,219,311 common stock
         
(2006 - 81,000,000)
   
4,122
   
9,000
 
               
Additional Paid-in Capital
   
1,551,698
   
1,036,000
 
               
Deficit Accumulated During the Development Stage
   
(185,195
)
 
(62,643
)
               
Total Stockholders' Equity
   
1,370,625
   
982,357
 
               
Total Liabilities and Stockholders' Equity
 
$
1,430,225
 
$
1,007,879
 

(The accompanying notes are an integral part of these financial statements.)
-1-

STARGOLD MINES, INC.
(FORMERLY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Statements of Operations
Six Months Ended June 30, 2007 and 2006 and Cumulative for the Period from the Date of Inception (May 21, 2003) through to June 30, 2007
Unaudited
 
Period
from the Date of
Inception
(May 21, 2003)
through to June 30,
 
 
2007
 
2006
 
2007
 
                     
Revenue
 
$
 -
 
$
3,821
 
$
$68,739
 
                     
Cost of Sales
   
-
   
3,259
   
60,508
 
                     
Gross Profit
   
-
   
562
   
8,231
 
                     
Expenses
                   
Professional fees
   
48,403
   
2,000
   
91,230
 
Salaries and benefits
   
40,000
   
-
   
40,000
 
Consulting fees
   
20,000
   
-
   
20,000
 
Office and general
   
14,149
   
85
   
19,181
 
Bad debt
   
-
   
-
   
26,915
 
                     
Total Expenses
   
122,552
   
2,085
   
197,326
 
                     
Operating Loss
   
(122,552
)
 
(1,523
)
 
(189,095
)
                     
Other Income
                   
Debt forgiven
   
-
   
-
   
5,900
 
                     
Net Loss
 
$
(122,552
)
$
(1,523
)
$
(183,195
)
                     
Basic and Diluted Loss Per Weighted Average Number of Shares Outstanding During the Period
   
$
0.00
  $
0.00
 
 
 
                   
Basic Weighted Average Number
                   
of Shares During the Period
   
78,920,354
   
80,000,000
       
 

 
(The accompanying notes are an integral part of these financial statements.)
-2-

STARGOLD MINES, INC.
(FORMERLY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Statements of Operations (cont'd)
Three Months Ended June 30, 2007 and 2006
Unaudited
 
 
 
 
2007
 
2006
 
           
Revenue
 
$
 -
 
$
 -
 
               
Cost of Sales
   
-
   
-
 
               
Gross Profit
   
-
   
-
 
               
Expenses
             
Professional fees
   
30,242
   
-
 
Salaries and benefits
   
40,000
   
-
 
Consulting fees
   
20,000
   
-
 
Office and general
   
9,048
   
85
 
               
Total Expenses
   
99,290
   
85
 
               
Operating Loss
   
(99,290
)
 
(85
)
               
Other Income
             
Debt forgiven
   
-
   
-
 
               
Net Loss
 
$
 (99,290
)
$
 (85
)
               
Basic and Diluted Loss Per Weighted
Average Number of Shares
Outstanding During the Period
 
$
0.00
 
$
 0.00
 
               
Basic Weighted Average Number
             
of Shares During the Period
   
76,756,552
   
80,000,000
 


(The accompanying notes are an integral part of these financial statements.)
-3-

STARGOLD MINES, INC.
(FORMERLY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Statements of Stockholders' Equity
Periods Ended June 30, 2007 and 2006 and the Period from the Date of Inception (May 21, 2003) through to June 30, 2007
Unaudited
   
 
     
 
 
Deficit
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
Common
 
Common
 
Additional
 
During the
 
 
 
 
 
Shares
 
Shares
 
Paid-in
 
Development
 
Stockholders'
 
 
 
Number
 
Amount
 
Capital
 
Stage
 
Equity
 
                       
Balance, May 21, 2003
   
1,000,000
 
$
1,000
 
$
4,000
 
$
-
 
$
5,000
 
Net loss for the period
   
-
   
-
   
-
   
(1,728
)
 
(1,728
)
                                 
Balance, December 31, 2003
   
1,000,000
 
$
1,000
 
$
4,000
 
$
(1,728
)
$
3,272
Common shares issued
   
1,000,000
   
1,000
   
39,000
   
-
   
40,000
 
Net loss for the period
   
-
   
-
   
-
   
(4,513
)
 
(4,513
)
 
                               
Balance, December 31, 2004
   
2,000,000
 
$
2,000
 
$
43,000
 
$
(6,241
)
$
38,759
 
Net loss for the period
   
-
   
-
   
-
   
(5,676
)
 
(5,676
)
 
                               
Balance, December 31, 2005 - as previously reported
   
2,000,000
 
$
2,000
 
$
43,000
$
(11,917
)
$
33,083
 
Restated to give retroactive effect to the November 23, 2006 1 for 40 stock split (note 5 and 8)
   
78,000,000
   
6,000
   
(6,000
)
 
-
   
-
 
                                 
December 31, 2005 - as restated
   
80,000,000
   
8,000
   
37,000
   
-
   
45,000
 
Common shares issued
   
1,000,000
   
1,000
   
999,000
   
-
   
1,000,000
 
Net loss for the period
   
-
   
-
   
-
   
(50,726
)
 
(50,726
)
 
                               
Balance, December 31, 2006
   
81,000,000
 
$
9,000
 
$
1,036,000
 
$
 (50,726
)
$
994,274
 
Common shares issued for cash (note 5)
   
83,200
   
8
   
8,312
   
-
   
8,320
 
Common shares issued for services (note 5)
   
25,000
   
3
   
2,497
   
-
   
2,500
 
Common shares issued for cash (note 5)
   
111,111
   
11
   
406,101
   
-
   
406,112
 
Warrants issued for cash (note 5)
   
-
   
-
   
93,888
   
-
   
93,888
 
Common shares cancelled (note 5)
   
(40,000,000
)
 
(4,000
)
 
4,000
   
-
   
-
 
Net loss for the period
   
-
   
-
   
-
   
(122,552
)
 
(122,552
)
 
                               
Balance, June 30, 2007
   
41,219,311
 
$
4,122
 
$
1,551,698
 
$
(185,195
)
$
1,370,625
 

(The accompanying notes are an integral part of these financial statements.)
-4-

STARGOLD MINES, INC.
(FORMERLY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Statements of Cash Flows
Six Months Ended June 30, 2007 and 2006 and Cumulative for the Period from the Date of Inception (May 21, 2003) through to June 30, 2007
Unaudited
 
Period
from the Date of
Inception
(May 21, 2003)
through to June 30,

   
2007
 
2006
 
2007
 
               
Cash Flows from Operating Activities
             
Net loss
 
$
(122,552
)
$
(1,523
)
$
(183,195
)
Adjustments for working capital:
                   
Accounts receivable
   
-
   
-
   
(5,120
)
Prepaid expenses
   
(70,437
)
 
-
   
(70,437
)
Accounts payable
   
(682
)
 
-
   
19,480
 
                     
Net Cash Flows Used in Operating Activities
   
(193,671
)
 
(1,523
)
 
(239,272
)
                     
Cash Flows from Investing Activities
                   
Loan receivable
   
(100,000
)
 
-
   
(1,100,000
)
                     
Net Cash Flows Used in Investing Activities
   
(100,000
)
 
-
   
(1,100,000
)
                     
Cash Flows from Financing Activities
                   
Issuance of common stock
   
510,820
   
-
   
1,555,820
 
Advance from related party
   
(240
)
 
-
   
240
 
Loan payable
   
35,000
   
2,000
   
35,000
 
                     
Net Cash Flows Provided by Financing Activities
   
545,580
   
2,000
   
1,591,060
 
                     
Net Increase in Cash
   
251,909
   
477
   
251,788
 
                     
Cash - Beginning of Period
   
7,879
   
10,158
   
-
 
                     
Cash - End of Period
 
$
259,788
 
$
10,635
 
$
259,788
 
 
Supplemental Cash Flow Information
 
During the periods, the Company had no cash flows arising from interest and income taxes paid.

(The accompanying notes are an integral part of these financial statements.)
-5-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited
 
 
1.
Description of Business and Going Concern
 
 
a)
Description of Business
 
Stargold Mines, Inc. (the "Company"), formerly Sockeye Seafood Group Inc., (Sockeye Seafood Group Inc. merged with its wholly-owned subsidiary Stargold Mines, Inc. on November 23, 2006 and changed its name to Stargold Mines, Inc.) was incorporated under the laws of the State of Nevada on May 21, 2003. The Company was formed to engage in the business of procuring and marketing seafood products direct from Pacific Northwest First Nations organizations to North American and international wholesalers, distributors, and retailers.
 
The Company's operations have been limited to general administrative operations, purchasing a limited amount of sample inventory, minimal sales and establishing its website. The Company is considered a development stage company in accordance with Statement of Financial Accounting Standards ("SFAS") No. 7 "Accounting and Reporting by Development Stage Enterprises". The Company is currently working on acquiring licenses to develop and extract natural resources in the Siberian and Far Eastern Districts of Russia.
 
 
b)
Going Concern
 
The accompanying financial statements have been prepared in accordance with accounting principle generally accepted in the United States of America with the assumption that the Company will be able to realize its assets and liabilities in the normal course of business. The Company has experienced recurring losses since inception and has negative cash flows from operations that raise substantial doubt as to its ability to continue as a going concern. For the period ended June 30, 2007, the Company experienced a net loss of $122,552 (2006 - $1,523) and has a deficit accumulated during the development stage of $185,195 at June 30, 2007.
 
The Company's ability to continue as a going concern is contingent upon its ability to secure additional financing and attaining profitable operations.
 
Management is pursuing various sources of equity financing. Although the Company plans to pursue additional financing, there can be no assurance that the Company will be able to secure financing when needed or obtain such on terms satisfactory to the Company, if at all.
 
The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

-6-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited


 
2.
Summary of Significant Accounting Policies
 
The accounting policies of the Company are in accordance with U.S. generally accepted accounting principles, and their basis of application is consistent with that of the previous period. Outlined below are those policies considered particularly significant:
 
 
a)
Basis of Financial Statement Presentation
 
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the requirement of item 310(b) of Regulation S-B. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for a full year. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006, as filed with the Securities and Exchange Commission ("SEC").
 
 
b)
Reporting Currency
 
The U.S. dollar has been used as the unit of measurement in these financial statements.
 
 
c)
Revenue Recognition
 
The Company recognizes revenues when there is a definitive sales agreement, and upon shipment of products, when title is passed and the amount collectible can reasonably be determined.
 
Interest is recognized on the accrual basis.
 
 
d)
Financial Instruments
 
Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from the financial instruments. The fair value of the financial instruments approximates their carrying values, unless otherwise noted.
-7-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited
 
 
 
2.
Summary of Significant Accounting Policies (cont'd)
 
 
e)
Comprehensive Income (Loss)
 
The Company adopted SFAS No. 130, "Reporting Comprehensive Income" ("SFAS No. 130"). SFAS No. 130 establishes standards for reporting and presentation of comprehensive income (loss) and its components in a full set of financial statements. Comprehensive income is presented in the statements of operations, and consists of net income and unrealised gains (losses) on available for sale marketable securities; foreign currency translation adjustments and changes in market value of future contracts that qualify as a hedge; and negative equity adjustments recognized in accordance with SFAS No. 87. SFAS No. 130 requires only additional disclosures in the financial statements and does not affect the Company's financial position or results of operations.
 
 
f)
Income Tax
 
The Company accounts for income taxes pursuant to SFAS No. 109, "Accounting for Income Taxes" ("SFAS No. 109"). Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
 
 
g)
Earnings (Loss) per Share
 
The Company adopted SFAS No.128, "Earnings per Share" which requires disclosure on the financial statements of "basic" and "diluted" earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive) related to convertible bonds, stock options and warrants for each period. As the warrants were anti-dilutive, there was no adjustment to the basic loss per share.

-8-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited
 
 
 
2.
Summary of Significant Accounting Policies (cont'd)
 
 
h)
Concentration of Credit Risk
 
   
SFAS No. 105, "Disclosure of Information About Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentration of Credit Risk," requires disclosure of any significant off-balance-sheet risk and credit risk concentration. The Company does not have significant off-balance-sheet risk or credit concentration.
 
For other receivables, the Company determines, on a continuing basis, the probable losses and sets up a provision for losses based on the estimated realizable value.
 
Concentration of credit risk arises when a group of clients having a similar characteristic such that their ability to meet their obligations is expected to be affected similarly by changes in economic of other conditions. The Company does not have any significant risk with respect to a single client.
 
 
i)
Use of Estimates
 
Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and related notes to financial statements. These estimates are based on management's best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from those estimates, although management does not believe such changes will materially affect the financial statements in any individual year.
 
 
j)
Recent Accounting Pronouncements
 
In February 2007, Financial Accounting Standards Board ("FASB") issued SFAS No. 159, "The Fair Value Option for Financial Assets and Liabilities - Including an Amendment of FASB Statement 115" ("SFAS No. 159"), which permits entities to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. An entity would report unrealized gains and losses on items for which the fair value option has been elected in earnings at each subsequent reporting date. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The decision about whether to elect the fair value option is applied instrument by instrument, with a few exceptions; the decision is irrevocable; and it is applied only to entire instruments and not to portions of instruments.
-9-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited

 
 
Summary of Significant Accounting Policies (cont'd)
 
 
j)
Recent Accounting Pronouncements (cont'd)
 
The statement requires disclosures that facilitate comparisons (a) between entities that choose different measurement attributes for similar assets and liabilities and (b) between assets and liabilities in the financial statements of an entity that selects different measurement attributes for similar assets and liabilities.
 
SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year provided the entity also elects to apply the provisions of SFAS No. 157 "Fair Value Measurements." Upon implementation, an entity shall report the effect of the first remeasurement to fair value as a cumulative-effect adjustment to the opening balance of retained earnings. Since the provisions of SFAS No. 159 are applied prospectively, any potential impact will depend on the instruments selected for fair value measurement at the time of implementation.
 
On May 2, 2007 the FASB issued FASB Interpretation FIN No. 48-1, “Definition of Settlement in FASB Interpretation 48” (“FIN 48-1”). FIN 48-1 amends FIN 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109”, to provide guidance on how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. The guidance in FIN 48-1 shall be applied upon the initial adoption of FIN 48. Accordingly, the Company has applied the provisions of FIN 48-1 effective January 1, 2007. The adoption of FIN 48-1 did not have a material impact on the Company’s results of operations and financial condition.
 
In May 2007, the FASB issued a FASB Staff Position on FIN 46(R)-7, "Application of FASB Interpretation No. 46(R) to Investment Companies" ("FSP FIN 46 (R)-7"). FSP FIN 46(R)-7 addresses the application of FASB Interpretation No. 46 (revised December 2003), "Consolidation of Variable Interest Entities", by an entity that accounts for its investments in accordance with the specialized accounting guidance in the American Institute of Certified Public Accountants (“AICPA”) Audit and Accounting Guide, "Investment Companies" (the “Guide”). The adoption of FSP FIN 46(R)-7 did not have a material impact on the Company's results of operations and financial condition.
 
In June 2007, the AICPA issued Statement of Position ("SOP") No. 07-1, ''Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies (“SOP No. 07-1”). SOP No. 07-1 clarifies when an entity may apply the provisions of the Guide. Investment companies that are within the scope of the Guide report investments at fair value; consolidation or use of the equity method for investments is generally not appropriate. SOP No. 07-1 also addresses the retention of specialized investment company accounting by a parent company in consolidation or by an equity method investor. SOP No. 07-1 is effective for fiscal years beginning on or after December 15, 2007 with early adoption encouraged. The Company is currently evaluating the impact, if any of SOP No. 07-1 on the Company’s consolidated financial statements.
 
-10-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited
 
 
 
3.
Loan Receivable
 
The loan receivable from UniverCompany Limited Liability Company, a Russian limited liability society ("UniverCompany"), is non-interest bearing, unsecured and has no specified terms for repayment. See note 7.
 
4.
Loan Payable
 
The loan payable to Blue Water Partners is non-interest bearing, unsecured and has no specified terms of repayment.
 
5.
Capital Stock
 
Authorized
1,000,000,000common stock, par value $0.0001 per share
 
 
 
2007
 
 
2006
 
Issued
         
41,219,311  common stock (2006 - 81,000,000)
 
$
4,122
 
$
9,000
 

 
On November 23, 2006, the Company implemented a one for forty (1:40) forward stock split and increased its authorized shares of common stock on a corresponding basis. The 2006 comparative number of shares have been retroactively adjusted to give effect to the stock split.
 
On December 19, 2006 the Company issued 1,000,000 units of the Company's securities, each unit consisting of one share of common stock and one share purchase warrant for total proceeds of $1,000,000. Each warrant is exercisable for one share of common stock at an exercise price of $2.50 for two years from the date of issuance. Due to the substantial difference between market value and exercise price no value has been attributed to the warrants.
 
In March 2007, the Company issued 25,000 shares for services valued at $2,500.
 
In March 2007, the Company issued 83,200 shares for cash of $8,320.
 
In May 2007, the Company issued 111,111 shares by way of the sale of 111,111 units of the Company's securities. Each unit consists of one share of common stock and one half Class A Warrant. Each Class A Warrant is exercisable for one share of common stock at an exercise price of $7.00 for 2 years from the date of issuance. The units were issued for cash of $406,112 for the common shares and $93,888 for the Class A Warrants.
 
In June 2007, the Company cancelled 40,000,000 issued common shares that were held by former directors.
 
-11-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited
 


 
6.
Income Taxes
 
The Company accounts for income taxes pursuant to SFAS No. 109. This standard prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates. The effects of future changes in tax laws or rates are not anticipated.
 
Under SFAS No. 109 income taxes are recognized for the following: a) amount of tax payable for the current year, and b) deferred tax liabilities and assets for future tax consequences of events that have been recognized differently in the financial statements than for tax purposes.
 
The provision for income taxes has been computed as follows:
 
 
 
2007
 
2006
 
               
Expected income tax recovery at the statutory rate - 31% (2006 - 31%)
 
$
(38,481
 )
$
(2,016
 )
               
Valuation allowance
   
38,481
   
2,016
 
               
Provision for income taxes
 
$
-
 
$
 -
 
 
The Company has tax losses available to be applied against future years income. Due to the losses incurred in the current period and expected future operating results, management determined that it is more likely than not that the deferred tax asset resulting from the tax losses available for carryforward and stock option compensation expense will not be realized through the reduction of future income tax payments, accordingly a 100% valuation allowance has been recorded for deferred income tax assets.
 
As of June 30, 2007 and 2006, the Company had approximately $176,426 and $3,700 respectively, of federal and state net operating loss carryforwards available to offset future taxable income. The losses expire in 20 years from the date the loss was incurred.
 
Expiry 2025
 
$
3,700
 
Expiry 2026
   
50,726
 
Expiry 2027
   
122,000
 
         
   
$
176,426
 
 
-12-

STARGOLD MINES, INC.
(FORMELY SOCKEYE SEAFOOD GROUP INC.)
(A DEVELOPMENT STAGE COMPANY)
Notes to Financial Statements
June 30, 2007 and 2006
Unaudited

 
 
7.
Subsequent Events
 
a)
On November 30, 2006, the Company entered into a stock purchase agreement with UniverCompany and agreed to purchase from shareholders of UniverCompany 100% of the issued and outstanding shares of common stock of UniverCompany. In consideration therefore, the Company will issue to the shareholders of UniverCompany 41,000,000 shares of the Company's common stock.
 
The consummation of above transactions will take place at a closing to be held at a later date. Such closing will not take place until certain conditions have occurred.
 
b)
On July 11, 2007, the Company authorized the sale of 333,333 units of the Company's securities, each unit consisting of one share of common stock and one half Class A Warrant. Each Class A Warrant is exercisable for one share of common stock at an exercise price of $7.00 for 2 years from the date of issuance. The purchase price for a unit shall be $4.50.
 
8.
Restatement
 
The stockholders' equity has been retroactively restated to give effect to the 1 for 40 stock split as described in note 5.
 
-13-

SIGNATURES

In accordance with to requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: August 21, 2007
     
 
STARGOLD MINES, INC.
 
 
 
 
 
 
  By:   /s/ Marcus U. Segal
  Name: Marcus U. Segal
  Title: President, Chief Executive Officer,  
Chief Financial Officer, and Director
(Principal Executive, Financial, and
and Accounting Officer)