1. Nature of Operations and Going Concern Lake Victoria Mining Company, Inc. (the  Company ) was incorporated on December 11, 2006 under the laws of the State of Nevada. The Company s administrative office is located in Vancouver, Canada. The Company is an Exploration Stage Company, as defined by Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) 915, Development Stage Entities. The Company has been in the exploration stage since inception and has not yet realized any revenues from its planned operations. The Company s main area of interest is to search for mineral deposits or reserves which are not in either the development or production stage. The Company is primarily conducting exploration activities on gold and uranium properties located in Tanzania. The Company is planning to run a small-scale gold mine on mineral properties under the Company s primary mining licenses. As of September 30, 2013, none of the Company s mineral property interests had proven or probable reserves as determined under the requirements of SEC Industry Guide No. 7. The ability of the Company to emerge from the exploration stage with respect to any planned principal business activity is dependent upon its successful efforts to raise additional debt or equity financing and/or attain profitable mining operations. As shown in the accompanying financial statements, the Company has a working capital deficit of $1,236,191 and an accumulated deficit of $18,192,760 incurred through September 30, 2013. The Company also has no revenues. These factors raise substantial doubt about the Company s ability to continue as a going concern. Management intends to seek additional capital from new equity securities offerings that will provide funds needed to continue the exploration for gold and uranium. No assurance can be given that additional financing will be available, or that it can be obtained on terms acceptable to the Company and its shareholders. The financial statements do not include any adjustments relating