Edgar Filing: ARDENT MINES LTD

Amended Form 10-Q for Ardent Mines Limited

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

FORM 10-QSB/A-1

[X]	QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007

OR

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

Commission file number 000-50994

ARDENT MINES LIMITED
(Exact name of registrant as specified in its charter)

NEVADA
(State or other jurisdiction of incorporation or organization)

110 Jardin Drive, Suite 13
Concord, Ontario
Canada L4K 2T7
(Address of principal executive offices, including zip code.)

(905) 761-1096
(telephone number, including area code)

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 last 90 days. YES [X] NO [ ]

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

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 14,257,650 as of April 20, 2008

Transitional Small Business Disclosure Format: YES [ ] NO [X]

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EXPLANATORY NOTE

This amendment is being filed to restate the Ardent Mines Limited Statement of Expenses (Unaudited), Balance Sheet (Unaudited) and Notes to Financial Statements (Unaudited) to correct an error in accounting for the issuance of common stock as described in Note 3 to the Financial Statement herein. Ardent Mines is also revising the discussion under Item 3, Controls and Procedures in light of the restatement.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

	Balance Sheets	F-1
	Statements of Expenses	F-2
	Statements of Cash Flows	F-3
	Notes to Financial Statements	F-4

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ARDENT MINES LIMITED
(An Exploration Stage Company)
BALANCE SHEETS
(Unaudited)

			September 30,		June 30,
			2007		2007
			Restated

ASSETS

Current Assets
	Cash		$	44,136	$	47,879
Total Current Assets				44,136		47,879
TOTAL ASSETS			$	44,136	$	47,879


LIABILITIES AND STOCKHOLDERS'EQUITY (DEFICIT)

Current Liabilities
	Accounts payable		$	1,785	$	3,835
	Stock payable			-		82,432
	Due to related party			16,129		16,129
Total Current Liabilities				17,914		102,396
TOTAL LIABILITIES				17,914		102,396

Stockholders' Equity (Deficit)
	Common Stock, $0.00001 par value, 100,000,000
		shares authorized, 14,257,650 shares issued
		and outstanding		142		60
	Additional paid in capital			460,025		377,675
	Deficit accumulated during the exploration stage			(433,945)		(432,252)

	Total Stockholders' Equity (Deficit)			26,222		(54,517)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUTY (DEFICIT)			$	44,136	$	47,879

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

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ARDENT MINES LIMITED
(An Exploration Stage Company)
STATEMENTS OF EXPENSES
(unaudited)

								Inception
								(July 27, 2000)
			Three Months Ended					Through
			September 30,		September 30,			September 30,
			2007		2006			2007
			(Restated)

Revenues		$	-	$	-	$	-

Operating Expenses:
Consulting Expense			-		-		273,048
Filing and Incorporation Fees			180		532		3,233
General & Administrative			28		-		34,689
Legal & Accounting			1,485		7,320		97,558
Mining Exploration			-		-		14,588
Travel			-		-		9,539

Total Operating Expenses			1,693		7,852		432,655

Interest expense			-		-		1,290

Net loss		$	(1,693)	$	(7,852)	$	(433,945)

Net loss per share
	Basic and diluted	$	(.00)	$	(.00)

Weighted average
	shares outstanding		14,257,650		6,014,450

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

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ARDENT MINES LIMITED
(An Exploration Stage Company)
STATEMENTS OF CASH FLOWS
(unaudited)

							Inception
							(July 27, 2000)
			Three Months Ended				Through
			September 30,		September 30,		September 30,
			2007		2006		2007

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(1,693)	$	(7,852)	$	(433,945)
Adjustments to reconcile net loss to
	cash used in operating activities:
Imputed interest on related party payable			-		-		1,290
Stock issued for services			-		-		275,000
Change in:
	Accounts payable & accrued liabilities		(2,050)		7,220		1,785
NET CASH USED IN OPERATING ACTIVITIES			(3,743)		(632)		(155,870)


CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sales of common stock			-		-		183,877
Advances from related party			-		632		16,129
NET CASH PROVIDED BY FINANCING
ACTIVITIES			-		632		200,006

NET CHANGE IN CASH			(3,743)		-		44,136
CASH AT BEGINNING OF PERIOD			47,879		89		-

CASH AT END OF PERIOD		$	44,136	$	89	$	44,136

Supplemental Disclosures

Interest Paid		$	-	$	-	$	-
Income tax Paid			-		-		-

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

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ARDENT MINES LIMITED
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of Ardent Mines, Ltd, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in Ardent's Annual Report filed with the SEC on Form 10−KSB. In the opinion of management, all adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for fiscal 2007 as reported in the Form 10-KSB have been omitted.

NOTE 2 - GOING CONCERN

From July 27, 2000 (date of inception) to September 30, 2007, Ardent Mines has had no revenues since inception and accumulated losses of $433,945 at September 30, 2007. The ability of Ardent Mines to emerge from the exploration stage with respect to any planned principal business activity is dependent upon its successful efforts to raise additional equity financing and/or attain profitable mining operations. Management has plans to seek additional capital through a private placement and public offering of its common stock. There is no guarantee that Ardent Mines will be able to complete any of the above objectives. These factors raise substantial doubt regarding the Ardent Mines' ability to continue as a going concern.

NOTE 3 - RESTATEMENT

In August 2007, the Company issued 8,243,200 shares of common stock valued at $82,432 for a prior fiscal year stock payable, therefore overstating its stock payable as of September 30, 2007 and understating it common stock by $82 and additional paid in capital by $82,350.

The effect of the restatement as of and for the three month period ended September 30, 2007 follows:

F-4

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			September 30,		September 30,
			2007		2007
			As Reported		As Restated
Balance Sheets
ASSETS

Current Assets
	Cash		$	44,136	$	44,136
Total Current Assets				44,136		44,136
TOTAL ASSETS			$	44,136	$	44,136


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current Liabilities
	Accounts payable		$	1,785	$	1,785
	Stock payable			82,432		--
	Due to related party			16,129		16,129
Total Current Liabilities				100,346		17,914
TOTAL LIABILITIES				100,346		17,914

Stockholders' Equity (Deficit)
	Common Stock, $0.00001 par value, 100,000,000
		shares authorized, 14,257,650 shares issued
		and outstanding		60		142
	Additional paid in capital			377,675		460,025
	Deficit accumulated during the exploration stage			(433,945)		(433,945)

	Total Stockholders' Equity (Deficit)			(56,210)		26,222

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)			$	44,136	$	44,136

F-5

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ITEM 3. CONTROLS AND PROCEDURES

As of September 30, 2007, the Company carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended. Management's original determination was that the disclosure controls and procedures were effective. Subsequently, an accounting error related to the presentation of the issuance of common stock was identified, and the financial statements were restated, indicating the presence of a material weakness. Upon review of the effect that the accounting error and material weakness had on the previous assessment, the Company's Chief Executive Officer and Chief Financial Officer changed their conclusion and determined that, as of September 30, 2007, the Company's disclosure controls and procedures were not effective as of the end of the fiscal period covered by this Quarterly Report on Form 10-QSB/A. Due to this material weakness, the Company, in preparing its restated condensed consolidated financial statements as of and for the period ended September 30, 2007, performed additional procedures relating to accounting for the issuance of common stock to enable it to conclude that the consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles.

The Company's processes, procedures and controls related to the presentation of the issuance of common stock were not effective. This material weakness resulted in an accounting error. The error did not affect the Registrant's expenses or cash flow. However, the error did result in the understatement of common stock and additional paid in capital, and overstatement of current liabilities for the interim fiscal period reported in this report, as described in the Note 3 of the Financial Statements herein.

Changes in Internal Controls.

To avoid recurrence of an error such as the one described above, the Company are assessing the appropriateness of technical resources assigned to the engagement and improving documentation.

Other than the change discussed above, there have been no significant changes in the Company's internal controls, or in other factors that could significantly affect these controls, subsequent to the date of that evaluation.

PART II. OTHER INFORMATION

ITEM 6. EXHIBITS.

The following documents are included herein:

Exhibit No.	Document Description

31.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.

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

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities on this 28^th day of April, 2007 at Concord, Ontario, Canada.

	ARDENT MINES LIMITED
	(Registrant)

	BY:	TARAS CHEBOUNTCHAK
		Taras Chebountchak
		President, Principal Executive Officer, Principal Accounting Officer, Principal Financial Officer, Secretary/Treasurer, and sole member of the Board of Director

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EXHIBIT INDEX

Exhibit No.	Document Description

31.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.

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

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