| Statements of Operations | ||||||||||||
| (Expressed in U.S. Dollars) | ||||||||||||
| For the year ended May 31, 2013 | ||||||||||||
| As Originally | Adjustments | As | ||||||||||
| Filed | Increase/(Decrease) | Restated | ||||||||||
| Revenue | $ | - | $ | - | $ | - | ||||||
| Expenses | ||||||||||||
| Impairment loss on mineral claim | $ | - | $ | - | $ | - | ||||||
| Legal and accounting | 31,589 | - | 31,589 | |||||||||
| General and administrative | 64,166 | - | 64,166 | |||||||||
| Management fees | 22,500 | - | 22,500 | |||||||||
| Stock based compensation | 586,184 | 289,995 | 876,179 | |||||||||
| Exploration costs | 15,057 | - | 15,057 | |||||||||
| Amortization | 444 | - | 444 | |||||||||
| Total expenses | 719,940 | 289,995 | 1,009,935 | |||||||||
| Operating loss | (719,940 | ) | - | (1,009,935 | ) | |||||||
| Other expenses | ||||||||||||
| Interest expense | (91,768 | ) | - | (91,768 | ) | |||||||
| Net loss | $ | (811,708 | ) | $ | (289,995 | ) | $ | (1,101,703 | ) | |||
| US Tungsten Corp. | Amended and Restated |
| Statements of Operations | ||||||||||||
| (Expressed in U.S. Dollars) | ||||||||||||
| From Inception (January 10, 2007) through May 31, 2013 | ||||||||||||
| As Originally | Adjustments | As | ||||||||||
| Filed | Increase/(Decrease) | Restated | ||||||||||
| Revenue | $ | - | $ | - | $ | - | ||||||
| Expenses | ||||||||||||
| Impairment loss on mineral claim | $ | 13,512 | $ | - | $ | 13,512 | ||||||
| Legal and accounting | 98,198 | - | 98,198 | |||||||||
| General and administrative | 142,061 | - | 142,061 | |||||||||
| Management fees | 22,500 | - | 22,500 | |||||||||
| Stock based compensation | 586,184 | 289,995 | 876,179 | |||||||||
| Exploration costs | 15,057 | - | 15,057 | |||||||||
| Amortization | 444 | - | 444 | |||||||||
| Total expenses | 877,956 | 289,995 | 1,167,951 | |||||||||
| Operating loss | (877,956 | ) | (289,995 | ) | (1,167,951 | ) | ||||||
| Other expenses | ||||||||||||
| Interest expense | (91,768 | ) | - | (91,768 | ) | |||||||
| Net loss | $ | (969,724 | ) | $ | (289,995 | ) | $ | (1,259,719 | ) | |||
| US Tungsten Corp. | Amended and Restated |
| Statements of Operations | ||||||||||||
| (Expressed in U.S. Dollars) | ||||||||||||
| For the three months ended August 31, 2013 | ||||||||||||
| As Originally | Adjustments | As | ||||||||||
| Filed | Increase/(Decrease) | Restated | ||||||||||
| Revenue | $ | - | $ | - | $ | - | ||||||
| Expenses | ||||||||||||
| Impairment loss on mineral claim | $ | - | $ | - | $ | - | ||||||
| Legal and accounting | 6,900 | - | 6,900 | |||||||||
| General and administrative | 19,370 | - | 19,370 | |||||||||
| Management fees | 161,500 | - | 161,500 | |||||||||
| Stock based compensation | 204,666 | 10,517 | 215,183 | |||||||||
| Exploration costs | 12,655 | - | 12,655 | |||||||||
| Amortization | 333 | - | 333 | |||||||||
| Total expenses | 405,424 | 10,517 | 415,941 | |||||||||
| Operating loss | (405,424 | ) | - | (415,941 | ) | |||||||
| Other expenses | ||||||||||||
| Interest expense | (78,742 | ) | - | (78,742 | ) | |||||||
| Net loss | $ | (484,166 | ) | $ | (10,517 | ) | $ | (494,683 | ) | |||
| Statements of Operations | ||||||||||||
| (Expressed in U.S. Dollars) | ||||||||||||
| From Inception (January 10, 2007) through August 31, 2013 | ||||||||||||
| As Originally | Adjustments | As | ||||||||||
| Filed | Increase/(Decrease) | Restated | ||||||||||
| Revenue | $ | - | $ | - | $ | - | ||||||
| Expenses | ||||||||||||
| Impairment loss on mineral claim | $ | 13,512 | $ | - | $ | 13,512 | ||||||
| Legal and accounting | 105,098 | - | 105,098 | |||||||||
| General and administrative | 161,430 | - | 161,430 | |||||||||
| Management fees | 184,000 | - | 184,000 | |||||||||
| Stock based compensation | 790,850 | 300,512 | 1,091,362 | |||||||||
| Exploration costs | 27,712 | - | 27,712 | |||||||||
| Amortization | 777 | - | 777 | |||||||||
| Total expenses | 1,283,379 | 300,512 | 1,583,891 | |||||||||
| Operating loss | (1,283,379 | ) | (300,512 | ) | (1,583,891 | ) | ||||||
| Other expenses | ||||||||||||
| Interest expense | (170,510 | ) | - | (170,510 | ) | |||||||
| Net loss | $ | (1,453,889 | ) | $ | (300,512 | ) | $ | (1,754,401 | ) | |||
| US Tungsten Corp. | Amended and Restated |