6-K 1 condor6kmay312003.txt ________________________________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month ended: May 2003 Commission File Number: 000-31168 CONDOR GOLD CORP. (Translation of registrant's name into English) 390 Bay Street, Suite 2020, Toronto, Ontario M5H 2Y2 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Form 20-F [X] Form 40-F [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) 82. ________________________________________________________________________________ CONDOR GOLD CORP. FINANCIAL STATEMENTS FOR THE THREE & SIX MONTH PERIODS ENDED MAY 31, 2003 CONTENTS Balance Sheet Statement of Shareholders' Deficit Statement of Earnings Statement of Cash Flows Notes to Financial Statements CONDOR GOLD CORP. Consolidated Balance Sheet (Stated in Canadian Dollars) May 31, 2003 (prepared by Management) Period Ended Year ended May 31, 2003 November 30, 2002 (unaudited) (audited) ASSETS Current Cash $ 40,712 $ 24,804 Notes Receivable $ 286,666 Fixed Assets, Net 15,109 Properties, Net 5,708,572 5,498,572 Deferred Expenses 225,000 ----------- ----------- $ 6,276,059 $ 5,523,376 =========== =========== Liabilities Current Liabilities Accounts Payable $ 134,828 $ 203,409 Deposits 200,000 100,000 Advances from related parties 405,700 533,678 ----------- ----------- 740,528 837,087 Notes payable 2,100,327 554,000 ----------- ----------- 2,840,855 1,391,087 ----------- ----------- SHAREHOLDERS' EQUITY Share Capital 7,840,171 7,259,171 Deficit (4,404,967) (3,126,882) ----------- ----------- 3,435,204 4,132,289 $ 6,276,059 $ 5,523,376 =========== =========== CONDOR GOLD CORP. Consolidated Statement of Shareholders' Deficit (Stated in Canadian Dollars) For the Period Ended May 31, 2003 (prepared by Management) Period Ended Year ended May 31, 2003 November 30, 2002 (unaudited) (audited) Deficit - beginning of period $(3,126,882) $ (484,287) Net loss for the period (1,278,085) (2,642,595) ----------- ----------- Deficit - end of period $(4,404,967) $(3,126,882) =========== =========== CONDOR GOLD CORP. Consolidated Statement of Earnings & Expenses (Stated in Canadian Dollars) For the Three Month Period Ended May 31, 2003 (prepared by Management) Three Month Three Month Period Ended Period Ended May 31, 2003 May 31, 2002 (unaudited) (unaudited) Expenses General and administrative $ 196,953 $ 25,593 Consulting fees 23,836 13,000 Exploration 147,137 48,336 Management fees 30,000 14,500 Professional fees 82,470 10,722 Miscellaneous 1,947 2,264 --------- --------- 482,343 114,415 Net Loss $(482,343) $(114,415) ========= ========= CONDOR GOLD CORP. Consolidated Statement of Earnings & Expenses (Stated in Canadian Dollars) For the Six Month Period Ended May 31, 2003 (prepared by Management) Six Month Six Month Period Ended Period Ended May 31, 2003 May 31, 2002 (unaudited) (unaudited) Expenses General and administrative $ 336,591 $ 37,593 Consulting fees 93,563 36,000 Exploration 610,602 60,207 Management fees 60,000 40,193 Professional fees 165,984 18,747 Miscellaneous 11,345 5,286 ----------- ----------- 1,278,085 198,026 Net Loss $(1,278,085) $ (198,026) =========== ===========

Condor Gold Corp. Notes to the Interim Financial Statements For the Six Month Period Ended May 31, 2003 (Unaudited - prepared by management) Readers are cautioned that these statements may not be appropriate for their purposes. 1. Nature of Business Condor Gold Corp. (formerly Ripped Canada Artists Inc.) (herein the "Company") was duly incorporated in the province of Ontario on June 19, 1997, under the Business Corporations Act (Ontario). The company is engaged in the exploration and development of gold and diamond properties. 2. Significant Accounting Policies Management in accordance with generally accepted accounting principles in Canada has prepared the financial statements of the Corporation. The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements, in management's opinion, have been properly prepared using careful judgment with reasonable limits of materiality. These interim financial statements do not contain all disclosures required under generally accepted accounting principles for annual financial statements and should therefore be read in conjunction with the most recent annual financial statements. The significant accounting policies follow that of the most recently reported annual financial statements. The Company has suffered operating losses during the current year and has a negative working capital and a net capital deficiency that raises doubt as to its ability to continue as a going concern. Management expects that the Company will be in a position to obtain the working capital financing required to support its business operations. The Company's continued existence as a going concern is dependent upon its ability to attain and maintain profitable operations and to obtain the necessary financing. Unit of Measurement ------------------- Canadian currency is being used as the unit of measurement in these financial statements. Use of Estimates ---------------- In preparing the company's financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates. Condor Gold Corp. Notes to the Interim Financial Statements For the Six Month Period Ended May 31, 2003 (Unaudited - prepared by management) Mineral Exploration Properties and Revenue Recognition ------------------------------------------------------ Property acquisition costs are capitalized until the property to which they relate is placed into production, sold, abandoned or management determines that there has been an impairment in value. As at May 31, 2003, there has not been any production at any of the properties. Exploration expenditures are expensed as incurred. 3. Properties

4. Advances from Related Parties Advances due to related parties are payable either to shareholders or to private companies which are owned by shareholders who may be officers and/or directors of the Company. The amounts payable are non-interest bearing and have no specified terms of repayment. 5. Common Stock Common Stock at no par value Unlimited shares authorized Issued Number of Shares $ Value ------ ---------------- ------- Balance beginning of period 63,237,200 $ 7,259,171 Issued during period 9,100,000 $ 581,000 Balance at end of period 72,337,200 $ 7,840,171 6. Subsequent Events On June 26, 2003 the Company signed a private placement term sheet to finance its diamond subsidiary Condor Diamond Corp.(to be renamed Dialex Minerals, Inc.). Dialex will issue 12,000,000 common shares at CDN. $0.20 per share and 2,000,000 warrants at an exercise price of CDN. $0.25. The transaction is conditional upon necessary regulatory approvals. Upon completion of the transaction Condor Gold Corp. will retain a majority interest in Dialex. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CONDOR GOLD CORP. (Registrant) By: /Alexander Stewart/ ------------------------- Name: Alexander Stewart Title: Chief Executive Officer Dated: July 31, 2003

CONDOR GOLD CORP 6-K