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

Form 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the Quarterly Period Ended September 30, 2010
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from _____________ to _____________
Commission file number 333-151419

RANGER GOLD CORP.
(Exact name of registrant as specified in its charter)

2533 N. Carson St., Suite 5018
Carson City, Nevada 89706
(Address of principal executive offices) (Zip Code)

(775) 888-3133
(Registrant's telephone number, including area code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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. [X] Yes
[  ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [  ]
Accelerated filer  [  ]
Non-accelerated filer [  ]
Smaller reporting company  [X]
(Do not check if a smaller reporting company)
 

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

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 46,020,000 shares of common stock, $0.0001 par value, issued and outstanding as of November 9, 2010.



 
1
 



TABLE OF CONTENTS

 
Page
 
     
PART I  - Financial Information
3  
     
Item 1. Financial Statements
3  
Balance Sheets September 30, 2010 (unaudited), and March 31, 2010
3  
Statements of Operations (unaudited) for the three and six-month periods ended
   
     September 30, 2010 and 2009, and for the period from inception
   
     on May 11, 2007 to September 30, 2010.
4  
Statements of Cash Flows (unaudited) for the six-month periods ended
   
     September 30, 2010 and 2009, and for the period from inception
   
     on May 11, 2007 to September 30, 2010.
5  
Notes to the Financial Statements
7  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
13  
Item 3 Quantitative and Qualitative Disclosures About Market Risk
18  
Item 4. Controls and Procedures
18  
     
PART II – Other Information
19  
     
Item 1.  Legal Proceedings
19  
Item 1A.  Risk Factors
19  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
19  
Item 3. Defaults Upon Senior Securities
19  
Item 4. (Removed and Reserved)
19  
Item 5. Other Information
19  
Item 6. Exhibits
19  

 
2
 


Item 1.  Financial Statements.
RANGER GOLD CORP.
(An Exploration Stage Company)
BALANCE SHEETS

   
(Unaudited)
       
   
September 30,
   
March 31,
 
   
2010
   
2010
 
ASSETS:
           
Current Assets:
           
    Cash
  $ 390,902     $ 27,189  
    Prepaid Expenses
    2,200       1,111  
 
               
Total Current Assets
    393,102       28,300  
                 
Total Assets
  $ 393,102     $ 28,300  
                 
LIABILITIES & STOCKHOLDERS’ EQUITY:
               
Current Liabilities:
               
    Accounts Payable and Accrued Liabilities
  $ 13,209     $ 44,872  
                 
Total Current Assets
    13,209       44,872  
                 
Stockholders' Equity (Deficit):
               
   Preferred Stock, Par Value $.0001
               
      Authorized 5,000,000 shares,
               
      No shares issued at September 30, 2010 and March 31, 2010
    -       -  
  Common Stock, Par Value $.0001
               
      Authorized 500,000,000 shares,
               
     46,020,000 shares issued at September 30, 2010
               
      (March 31, 2010 - 45,620,000)
    4,602       4,562  
  Paid-In Capital
    765,473       223,599  
  Deficit Accumulated Since Inception of the Development Stage
    (390,182 )     (244,733 )
                 
     Total Stockholders' Equity (Deficit)
    379,893       (16,572 )
                 
Total Liabilities and Stockholders' Equity
  $ 393,102     $ 28,300  


The accompanying notes are an integral part of these financial statements.

 
3
 




RANGER GOLD CORP.
(An Exploration Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
 
           
Cumulative
           
Since
   
For the Three Months
 
For the Six Months
 
May 11, 2007
   
Ended
 
Ended
 
(Inception) to
   
September 30,
 
September 30,
 
September 30,
   
2010
 
2009
 
2010
 
2009
 
2010
Revenues
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
Cost of Revenues
   
-
     
-
     
-
     
-
     
-
 
                                         
Gross Margin
   
-
     
-
     
-
     
-
     
-
 
                                         
Expenses:
                                       
Mineral Property Exploration Expenditures
   
30,273
     
-
     
69,406
     
-
     
122,477
 
General and Administrative
   
(52,907)
     
5,330
     
76,043
     
15,830
     
237,160
 
                                         
Net (Loss) Income from Operations
   
22,634
     
(5,330
)
   
(145,449
)
   
(15,830
)
   
(359,637
)
                                         
Other Income (Expense)
                                       
Interest Expense
   
-
     
(205
)
   
-
     
(375
)
   
(545
)
Net Other Income (Expense)
   
-
     
(205
)
   
-
     
(375
)
   
(545
)
                                         
Write-down of Mineral Property Acquisition Payments
   
-
     
-
     
-
     
-
     
(30,000
)
                                         
Net (Loss) Income
 
$
 22,634
   
$
(5,535
)
 
$
 (145,449
)
 
$
(16,205
)
 
$
(390,182
)
                                         
Basic and Diluted
                                       
Loss per Share
 
$
 (0.00
)
 
$
 (0.00
)
 
$
 (0.00
)
 
$
 (0.00
)
       
                                         
Weighted Average Shares
                                       
Outstanding (1)
   
46,020,000
     
45,000,000
     
45,976,284
     
45,000,000
         


(1)  
Share amounts have been adjusted to reflect the 5:1 forward stock split completed January 21, 2009.




The accompanying notes are an integral part of these financial statements.


 
4
 

RANGER GOLD CORP.
(An Exploration Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)

         
Cumulative
 
         
Since
 
         
May 11, 2007
 
   
For the Six Months Ended September 30
   
Inception of
 
               
Exploration
 
   
2010
   
2009
   
Stage
 
CASH FLOWS FROM OPERATING ACTIVITIES:
                       
Net Loss
 
$
(145,449
)
 
$
 (16,205
)
 
$
(390,182
)
Adjustments to Reconcile Net Loss to Net
                       
Cash Used in Operating Activities:
                       
Compensation Expense of Stock Options
   
41,914
     
—
     
100,540
 
Write-down of Mineral Property Acquisition  Cost
   
—
     
—
     
30,000
 
                         
Change in Operating Assets and Liabilities:
                       
 (Increase) Decrease in Prepaid Expenses
   
(1,089)
     
—
     
(2,200
)
Increase (Decrease) in Accounts Payable and      Accrued Liabilities
   
(31,663)
     
14,375
     
31,914
 
                         
Net Cash Used in Operating Activities
   
(136,287
)
   
(1,830)
     
(229,928
)
                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                       
Mineral Property Acquisition Costs
   
—
     
—
     
(30,000
)
Net Cash Used in Investing Activities
   
—
     
—
     
(30,000
)
                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                       
Proceeds from Sale of Common Stock
   
500,000
     
—
     
633,500
 
Net Proceeds from Loan Payable
   
—
     
1,830
     
17,330
 
                         
Net Cash Provided by Financing Activities
   
500,000
     
1,830
     
650,830
 
                         
Net (Decrease) Increase in
                       
Cash and Cash Equivalents
   
363,713
     
—
     
390,902
 
Cash and Cash Equivalents
                       
at Beginning of Period
   
27,189
     
340
     
—
 
Cash and Cash Equivalents
                       
at End of Period
 
$
390,902
   
$
340
   
$
390,902
 



The accompanying notes are an integral part of these financial statements.



 
5
 

RANGER GOLD CORP.
(An Exploration Stage Company)
STATEMENTS OF CASH FLOWS
(Continued)


               
Cumulative
 
               
Since
 
         
May 11, 2007
 
   
For the Six Months Ended
   
Inception of
 
   
September 30,
   
September 30,
   
Exploration
 
   
2010
   
2009
   
Stage
 
                   
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
                 
Interest
  $ —     $ —     $ —  
Income taxes
  $ —     $ —     $ —  
                         
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
 
                         
Settlement of Note Payable by a Contribution from a Shareholder
  $ —     $ —     $ 17,330  
Settlement of Accounts Payable by a Contribution from a Shareholder
  $ —     $ —     $ 18,705  
                         
                         
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options.  Consulting expense of $58,626 has been recorded for the year ended March 31, 2010.  The vesting period for some of these options is up to three years.  As a result, the unvested portions of the options have been revalued for the current period resulting in the recognition of a reversal of stock-based compensation expense of $($77,931)for the three-months ended September 30, 2010 and the cumulative recognition of $41,914 in consulting expense for the six-months ended September 30, 2010.  No stock-based compensation expense was recognized in the prior periods ended September 30, 2009.
 

The accompanying notes are an integral part of these financial statements.


 
6
 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
 
This summary of accounting policies for Ranger Gold Corp. (an exploration stage company) is presented to assist in understanding the Company's financial statements.  The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.

Organization and Basis of Presentation

Ranger Gold Corp. (formerly Fenario, Inc.) (the “Company”) was incorporated on May 11, 2007 under the laws of the State of Nevada.  The Company’s business at that time was the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  On October 28, 2009 the Company’s principal shareholder entered into a Stock Purchase Agreement which provided for the sale of 25,000,000 shares of common stock of the Company to Gurpartap Singh Basrai.

Effective as of October 28, 2009, in connection with the share acquisition, Mr. Basrai was appointed President, Chief Executive Officer, Chief Financial Officer, Treasurer, Director, and Chairman of the Company.

On November 9, 2009, Mr. Basrai, as the holder of 25,000,000 (at the time representing 55.5%) of the issued and outstanding shares of the Company’s common stock, provided the Company with written consent in lieu of a meeting of stockholders authorizing the Company to amend the Company’s Articles of Incorporation for the purpose of changing the name of the Company from “Fenario, Inc.” to “Ranger Gold Corp.”  In connection with the change of the Company’s name to Ranger Gold Corp. the Company’s business was changed to mineral resource exploration.  The change in name and business received its final approval by the regulatory authorities on January 7, 2010.

Nature of Operations

The Company has no products or services as of September 30, 2010.  The Company was established to operate in the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  However, the Company was not able to proceed in the intended business and on October 28, 2009 a change of control of the Company took place.  Subsequent to the change of control the Company became a mineral resource exploration company and will continue to seek opportunities in this field.  The Company is currently engaging in the acquisition, exploration, and if warranted and feasible, development of natural resource properties.

Interim Reporting

The unaudited financial information furnished herein reflects all adjustments, which in the opinion of management are necessary to fairly state the financial position of Ranger Gold Corp. and the results of its operations for the periods presented.  This report on Form 10-Q should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended March 31, 2010.  The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context.  Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Company’s Form 10-K for the fiscal year ended March 31, 2010 has been omitted.  The results of operations for the six-month period ended September 30, 2010 is not necessary indicative of results for the entire year ending March 31, 2011.


 
7
 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.
 
As shown in the accompanying financial statements, the Company has incurred a net loss of $390,182 for the period from May 11, 2007 (inception) to September 30, 2010, and has no sales.  The future of the Company is dependent upon its ability to obtain future financing and upon future profitable operations from the development of its mineral property.  In April 2010 the Company completed a financing for total proceeds of $500,000.  The funds from this financing are sufficient to fund the Company’s operations for the next twelve months.  However, management is currently seeking additional capital that will be required in order to continue to operate in the future.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
 
If the Company were unable to continue as a “going concern”, then substantial adjustments would be necessary to the carrying values of assets, the reported amounts of its liabilities, the reported expenses, and the balance sheet classifications used.

Pervasiveness of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles required management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made in the financial statements for the three and six-months ended September 30, 2009 ended to conform to accounting and financial statement presentation for the corresponding periods ended September 30, 2010.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

Concentration of Credit Risk

The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.  The Company maintains the majority of its cash balances with one financial institution, in the form of demand deposits.

Loss per Share
 
Net income (loss) per share is computed by dividing the net income by the weighted average number of shares outstanding during the period. As of September 30, 2010, the company has outstanding common stock options and warrants of 1,400,000 and 1,100,000, respectively.  The effects of the Company’s common stock equivalents are anti-dilutive for September 30, 2010 and are thus not presented.


 
8
 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Comprehensive Income

The Company has adopted Accounting Standards Codification ("ASC") Section 220 (formerly Statement of Financial Accounting Standards ("SFAS") 130, "Reporting Comprehensive Income"), which establishes standards for reporting and display of comprehensive income, its components and accumulated balances.  The Company is disclosing this information on its Statement of Operations.  Comprehensive income is comprised of net income (loss) and all changes to capital deficit except those resulting from investments by owners and distribution to owners.
 
Stock Options

The Company implemented Accounting Standards Codification ("ASC") Section 718-10-25 (formerly Statement of Financial Accounting Standards ("SFAS") 123R, Accounting for Stock-Based Compensation) requiring the Company to provide compensation costs for the Company's stock options determined in accordance with the fair value based method prescribed in ASC Section 718-20-25. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option-pricing model and provides for expense recognition over the service period, if any, of the stock option.
 
Property Holding Costs
 
Holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. These costs include security and maintenance expenses, lease and claim fees payments, and environmental monitoring and reporting costs.
 
Exploration and Development Costs
 
Mineral property interests include optioned and acquired mineral development and exploration stage properties. The amount capitalized related to a mineral property interest represents its fair value at the time it was optioned or acquired, either as an individual asset or as a part of a business combination. The value of such assets is primarily driven by the nature and amount of mineralized material believed to be contained in such properties. Exploration costs are expensed as incurred and development costs are capitalized if proven and probable reserves exist and the property is a commercially minable property. Mine development costs incurred either to develop new ore deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mineral interests costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.
 
 
Fair Value of Financial Instruments

The carrying value of the Company's financial instruments, including prepaid expenses, accounts payable and accrued liabilities, at September 30, 2010 approximates their fair values due to the short-term nature of these financial instruments.


 
9
 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

NOTE 2 – MINERAL EXPLORATION PROPERTIES

On November 27, 2009 the Company executed a property option agreement with MinQuest, Inc. (“MinQuest”) granting the Company the right to acquire 100% of the mining interests of a mineral exploration property currently controlled by MinQuest.  The property known as the CX Property is located in Nye County, Nevada and currently consists of 72 unpatented claims (the “CX”).    Upon execution of the CX agreement, MinQuest accepted a 90-day, non-interest bearing promissory note from the Company for the initial $20,000 property option payment.  On February 25, 2010 the Company paid the $20,000 balance of the note as well as reimbursed MinQuest for CX’s holding and related property costs in the amount of $23,512.

On March 29, 2010, the Company executed a second property option agreement with MinQuest granting the Company the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by MinQuest.  The property known as the Truman Property is located in Mineral County, Nevada and currently consists of 52 unpatented claims (the “Truman”).  Upon execution of the Agreement the Company paid MinQuest $10,000 and well as reimbursed MinQuest for Truman’s holdings and related property costs in the amount of $7,859.

NOTE 3 - EXPLORATION STAGE COMPANY - GOING CONCERN

The Company has not begun principal operations and as is common with a company in the exploration stage, the Company has had recurring losses.  Continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to be successful in its planned activity, and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding and long term financing, which will enable the Company to operate for the coming year.

NOTE 4 – RELATED PARTY TRANSACTIONS
 
The Company currently pays two of its directors $500 per month to serve on its Board of Directors.  The payments are made quarterly in advance.  The total amount paid to the Directors for the six-months ended September 30, 2010 was $6,000 (2009 - $nil).  In addition, the Company has a consulting agreement with one of its directors to provide a variety of services including assisting with the identification and assessment of properties for potential acquisition.  The Company paid $4,855 for fees and reimbursement of expenses under this agreement for the six-months ended September 30, 2010 (2009 - $nil).

NOTE 5 - COMMON STOCK TRANSACTIONS

On April 20, 2010, the Company completed a private placement of 400,000 common shares at $1.25 per share for a total offering price of $500,000.

NOTE 6 – STOCK OPTIONS

On February 3, 2010 the Company adopted its 2010 Stock Option Plan (“the 2010 Plan”).  The 2010 Plan provides for the granting of up to 5,000,000 stock options to key employees, directors and consultants, of common shares of the Company.  Under the 2010 Plan, the granting of stock options, the exercise prices, and the option terms are determined by the Company's Option Committee, a committee designated to administer the 2010 Plan by the Board of Directors.  For incentive options, the exercise price shall not be less than the fair market value of the Company's common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company's stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.).  Options granted are not to exceed terms beyond five years.

 
10
 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)
 
NOTE 6 – STOCK OPTIONS (Continued)
 
In order to exercise an option granted under the Plan, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.
 
Subject to the foregoing, the Committee has broad discretion to describe the terms and conditions applicable to options granted under the Plan. The Committee may at any time discontinue granting options under the Plan or otherwise suspend, amend or terminate the Plan and may, with the consent of an optionee, make such modification of the terms and conditions of such optionee’s option as the Committee shall deem advisable.

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share. The Company has used the Black-Scholes model to determine the fair value of these stock options. The vesting period for some of these options is up to three years.  As a result, the unvested portions of the options have been revalued resulting in the recognition of $41,914 in consulting expense for the six-months ended September 30, 2010 with $6,725 being recorded as mineral property exploration expenditures and $35,189 as general and administrative. No stock-based compensation expense was recognized in 2009.

The following table sets forth the options outstanding under the 2010 Plan as of September 30, 2010:
   
Available for Grant
   
Options Outstanding
   
Weighted Average Exercise Price
 
Balance, March 31, 2010
    3,600,000       1,400,000     $ 0.68  
Options granted
    -       -       -  
Balance, September 30, 2010
    3,600,000       1,400,000     $ 0.68  

The following table summarizes information concerning outstanding and exercisable common stock options under the 2010 Plan at September 30, 2010:

 
 
Exercise Prices
   
 
Options Outstanding
   
Remaining Contractual Life
(in years)
   
Weighted
Average
Exercise Price
   
Number of Options Currently Exercisable
   
Weighted
Average
Exercise Price
 
$ 0.50       900,000       4.46     $ 0.50       500,000     $ 0.50  
$ 1.00       500,000       4.46     $ 1.00       -     $ 1.00  
          1,400,000             $ 0.68       500,000          

The aggregate intrinsic value of stock options outstanding at September 30, 2010 was $nil and the aggregate intrinsic value of stock options exercisable at September 30, 2010 was also $nil.  No stock options were exercised during the three or six-months ended September 30, 2010.  As of September 30, 2010 there was $55,160 in unrecognized compensation expense that will be recognized over 2.50 years.


 
11
 

RANGER GOLD CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Continued)

 
NOTE 6 – STOCK OPTIONS (Continued)

A summary of status of the Company’s unvested stock options as of September 30, 2010 under all plans is presented below:

   
 
Number
of Options
   
Weighted
Average
Exercise
Price
   
 
Weighted Average
Grant Date Fair Value
 
                   
                   
Unvested at March 31, 2010
    1,400,000     $ 0.68     $ 0.27  
Granted
    -       -       -  
Vested
    (500,000 )     (0.50 )   $ 0.29  
                         
Unvested at September 30, 2010
    900,000     $ 0.78     $ 0.26  

 
NOTE 7 - WARRANTS

The following table sets forth common share purchase warrants outstanding as of September 30, 2010:

   
Warrants Outstanding
 
Balance, March 31, 2010
    1,100,000  
Warrants granted
    -  
Balance, September 30, 2010
    1,100,000  

The following table lists the common share warrants outstanding at September 30, 2010.  Each warrant is exchangeable for one common share.

 
 
Number Outstanding
 
 
Exercise
Price
Weighted Average Contractual Remaining Life (years)
 
Number Currently Exercisable
 
 
Exercise
Price
550,000
$ 0.25
 4.33
-
$ 0.25
550,000
$ 0.50
4.33
-
$ 0.50
1,100,000
   
-
 



 
12
 

Item 2.                      Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the financial statements of Ranger Gold Corp. (the “Company”), which are included elsewhere in this Form 10-Q.  Certain statements contained in this report, including statements regarding the anticipated development and expansion of the Company's business, the intent, belief or current expectations of the Company, its directors or its officers, primarily with respect to the future operating performance of the Company and the products it expects to offer and other statements contained herein regarding matters that are not historical facts, are "forward-looking" statements.  Future filings with the Securities and Exchange Commission, future press releases and future oral or written statements made by or with the approval of the Company, which are not statements of historical fact, may contain forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a more detailed listing of some of the risks and uncertainties facing the Company, please see the Form 10-K for the year ended March 31, 2010 filed by the Company with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made.

General

Ranger Gold Corp. (formerly Fenario, Inc.) was incorporated on May 11, 2007 under the laws of the State of Nevada.  The Company’s business at that time was the development and licensing of proprietary software solutions for healthcare providers, health care professionals and health insurance companies.  Due to the state of the economy, the Company did not conduct any significant operations other than organizational matters, filing its Registration Statement and filings of periodic reports with the SEC. The Company has since abandoned its original business plan and has entered the mineral exploration industry.

On October 28, 2009 the Company’s principal shareholder entered into a Stock Purchase Agreement which provided for the sale of 25,000,000 shares of common stock of the Company to Gurpartap Singh Basrai.  Effective as of October 28, 2009, in connection with the share acquisition, Mr. Basrai was appointed President, Chief Executive Officer, Chief Financial Officer, Treasurer, Director, and Chairman of the Company.

On November 9, 2009, Mr. Basrai, as the holder of 25,000,000 (at that time representing 55.5%) of the issued and outstanding shares of the Company’s common stock, provided the Company with written consent in lieu of a meeting of stockholders (the “Written Consent”) authorizing the Company to amend the Company’s Articles of Incorporation for the purpose of changing the name of the Company from “Fenario, Inc.” to “Ranger Gold Corp.”  In connection with the change of the Company’s name to Ranger Gold Corp. the Company’s business was changed to mineral resource exploration.  The change in name and business received its final approval by the regulatory authorities on January 7, 2010.

Also on November 9, 2009 as part of the Written Consent and in relation to the Company’s name and business change, the Written Consent adopted a resolution to implement a forward stock split the Company’s issued and outstanding shares of common stock.  The Board of Directors subsequently approved a 5:1 forward stock split which became effective on January 21, 2010 and was payable to all shareholders of record as of January 15, 2010, the record date.  All references to share and per share amounts have been restated in this 10-Q and related financial statements to reflect the forward stock split.


 
13
 

Stock Options

On February 3, 2010 the Company adopted its 2010 Stock Option Plan (“the 2010 Plan”).  The 2010 Plan provides for the granting of up to 5,000,000 stock options to key employees, directors and consultants, of common shares of the Company.  Under the 2010 Plan, the granting of stock options, the exercise prices, and the option terms are determined by the Company's Option Committee, a committee designated to administer the 2010 Plan by the Board of Directors.  For incentive options, the exercise price shall not be less than the fair market value of the Company's common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company's stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.).  Options granted are not to exceed terms beyond five years.
 
In order to exercise an option granted under the Plan, the optionee must pay the full exercise price of the shares being purchased. Payment may be made either: (i) in cash; or (ii) at the discretion of the Committee, by delivering shares of common stock already owned by the optionee that have a fair market value equal to the applicable exercise price; or (iii) with the approval of the Committee, with monies borrowed from us.
 
Subject to the foregoing, the Committee has broad discretion to describe the terms and conditions applicable to options granted under the Plan. The Committee may at any time discontinue granting options under the Plan or otherwise suspend, amend or terminate the Plan and may, with the consent of an optionee, make such modification of the terms and conditions of such optionee’s option as the Committee shall deem advisable.

During the year ended March 31, 2010, the Company granted 1,400,000 stock options to various consultants at exercise prices of $0.50 and $1.00 per share.

Business Operations

We are a natural resource exploration company with an objective of acquiring, exploring, and if warranted and feasible, developing natural resource properties. Our primary focus in the natural resource sector is gold. We are an exploration state company. We do not consider ourselves a “blank check” company required to comply with Rule 419 of the Securities and Exchange Commission, because we were not organized for the purpose of effecting, and our business plan is not to effect, a merger with or acquisition of an unidentified company or companies, or other entity or person. We do not intend to merge with or acquire another company in the next 12 months.

Though we have the expertise on our board of directors to take a resource property that hosts a viable ore deposit into mining production, the costs and time frame for doing so are considerable, and the subsequent return on investment for our shareholders would be very long term. Therefore, we anticipate selling or partnering any ore bodies that we may discover to a major mining company. Many major mining companies obtain their ore reserves through the purchase of ore bodies found by junior exploration companies. Although these major mining companies do some exploration work themselves, many of them rely on the junior resource exploration companies to provide them with future deposits for them to mine. By selling or partnering a deposit found by us to these major mining companies, it would provide an immediate return to our shareholders without the long time frame and cost of putting a mine into operation ourselves, and it would also provide future capital for the Company to continue operations.

The search for valuable natural resources as a business is extremely risky. We can provide investors with no assurance that the properties we have optioned in Nevada contain commercially exploitable reserves. Exploration for natural reserves is a speculative venture involving substantial risk. Few properties that are explored are ultimately developed into producing commercially feasible reserves. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. In such a case, we would be unable to complete our business plan and any money spent on exploration would be lost.


 
14
 

Natural resource exploration and development requires significant capital and our assets and resources are limited. Therefore, we anticipate participating in the natural resource industry through the selling or partnering of our properties, the purchase of small interests in producing properties, the purchase of properties where feasibility studies already exist or by the optioning of natural resource exploration and development projects. To date we have two properties under option, and are in the early stages of exploring these properties. There has been no indication as yet that any commercially viable mineral deposits exist on these properties, and there is no assurance that a commercially viable mineral deposit exists on any of our properties. Further exploration will be required before a final evaluation as to the economic and legal feasibility is determined.

Financing over the next twelve months

Over the next twelve months, the Company intends to explore our properties to determine whether they contain commercially exploitable reserves of gold and silver or other metals.  The Company does not intend to hire any employees or to make any purchases of equipment over the next twelve months, as it intends to rely upon outside consultants to provide all the tools needed for the exploratory work being conducted.

Current cash on hand is sufficient for all of the Company’s commitments for the next 12 months. However, the Company will need additional funding in the future to explore and develop its properties.  We anticipate that the additional funding that we require will be in the form of equity financing from the sale of our common stock.  However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund additional phases of the exploration program, should we decide to proceed.  We believe that debt financing will not be an alternative for funding any further phases in our exploration program.  The risky nature of this enterprise and lack of tangible assets places debt financing beyond the credit-worthiness required by most banks or typical investors of corporate debt until such time as an economically viable mine can be demonstrated.  We do not have any arrangements in place for any future equity financing

Notwithstanding, we cannot be certain that the required additional financing will be available or available on terms favorable to us. If additional funds are raised by the issuance of our equity securities, such as through the issuance and exercise of warrants, then existing stockholders will experience dilution of their ownership interest. If additional funds are raised by the issuance of debt or other equity instruments, we may be subject to certain limitations in our operations, and issuance of such securities may have rights senior to those of the then existing holders of common stock. If adequate funds are not available or not available on acceptable terms, we may be unable to fund expansion, develop or enhance services or respond to competitive pressures.

In the following discussion, there are references to “unpatented” mining claims. An unpatented mining claim on U.S. government lands establishes a claim to the locatable minerals (also referred to as stakeable minerals) on the land and the right of possession solely for mining purposes. No title to the land passes to the claimant. If a proven economic mineral deposit is developed, provisions of federal mining laws permit owners of unpatented mining claims to patent (to obtain title to) the claim. If you purchase an unpatented mining claim that is later declared invalid by the U.S. government, you could be evicted.

Exploration Programs

CX Property

Pursuant to the Property Option Agreement, dated as of November 27, 2009, with MinQuest we have the option to earn a 100% interest in the CX Property located in Nye County, Nevada, approximately, 80 km north of Tonopah.  The CX Property consists of 72 unpatented mining claims.  By February 25, 2020 an aggregate $480,000 in annual option payments and a minimum aggregate $2,500,000 in annual exploration expenditures are due under the agreement.

Upon execution of the CX agreement, MinQuest accepted a 90-day, non-interest bearing promissory note from the Company for the initial $20,000 property option payment.  On February 25, 2010 the Company paid the $20,000 balance of the note as well as reimbursed MinQuest for CX’s holding and related property costs in the amount of $23,512.  As a result of the CX property not containing any known resource, the Company has written down its initial $20,000 property option payment in the statement of operations and comprehensive loss at March 31, 2010.


 
15
 

The CX claims presently do not have any mineral resources or reserves and the company has reviewed the results of the historic drilling and sampling.  There is no mining plant or equipment located within the property boundaries. Currently, there is no power supply to the mineral claims.

In April 2010 our Board of Directors approved a $150,000 exploration program that will include 3,000 feet of reverse circulation drilling.  Previous exploration mainly focused on a small core area where numerous drill holes were concentrated.  The core area occurs near the center of the claim block.  The outlying targets were tested with wide spaced, shallow drill holes.  Some of the targets had two episodes of drilling, both confirming the existence of gold and silver mineralization.  These outlying targets were poorly understood, but remain attractive targets.  Subsequent drilling added to the understanding of the model through detailed mapping, sampling and a geophysical survey.  However, the program was prematurely truncated due to budget cuts.  The various targets were further defined, but never tested by drilling.

The archeological and botanical surveys have been completed on the CX Property.  In addition, we have completed a geological and alteration map for the property. Ranger has collected all of the data from the previous programs and has confirmed the validity of the targets.  These targets have been prioritized and included in the permit applications the Company has filed with the Forest Service in Nevada.  The Forest Service in Nevada is currently short-staffed and has had to manage staff changes at their field offices.  As a result, Ranger has had a delay in receiving final approval for its budgeted drill program.  Given that the CX property has limited access in the winter months, it is likely that the drill program will be delayed until the spring of 2011.

Truman Property

On March 29, 2010, the Company executed a second property option agreement with MinQuest granting the Company the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by MinQuest.  The property known as the Truman Property is located in Mineral County, Nevada and currently consists of 52 unpatented claims (the “Truman”).  By March 29, 2020 an aggregate $510,000 in annual option payments and a minimum aggregate $2,500,000 in annual exploration expenditures are due under the agreement.

Upon execution of the Agreement the Company paid MinQuest $10,000 as well as reimbursed MinQuest for Truman’s holdings and related property costs in the amount of $7,859. As a result of the Truman property not containing any known resource, the Company has written down its initial $10,000 property option payment in the statement of operations and comprehensive loss at March 31, 2010.

The Truman claims presently do not have any mineral resources or reserves. The property that is the subject of our mineral claims is undeveloped and does not contain any open-pits.  No reported historic production is noted for the property.  There is no mining plant or equipment located on the property that is the subject of the mineral claim. Currently, there is no power supply to the mineral claims.

In April 2010 our Board of Directors approved a $150,000 exploration program that will include 3,000 feet of reverse circulation drilling.  The project covers 8 epithermal gold and silver targets hosted within a sequence of Tertiary volcanics and Paleozoic sediments.  These targets have been partially defined by previous exploration groups over a 25 year period.  The historic efforts of five exploration groups have helped define high grade gold and silver values occurring in veins and low grade gold values occurring in bulk minable configurations.

The company intends to concentrate on three previously identified mineralized zones.  Although the various targets were previously discovered by others, they remain poorly explored because of past property disputes or a lack of understanding of the geology and an ore model.  Recent breakthroughs in geologic concepts in the immediate area and ore models typified by the aforementioned targets coupled with the historic results collected from others work provides an excellent opportunity for Ranger to take advantage of.  Ranger intends to confirm its geologic theory through mapping of the target areas, defining the targets with additional sampling and then drilling.
 

 
16
 

We have submitted the permit for the drill program to the Forest Service but we are still waiting to determine if we need to complete archeological and botanical surveys.  As a result, Ranger has had a delay in receiving final approval for its budgeted drill program.  Given that the Truman Property has limited access in the winter months, it is likely that the drill program will be delayed until the spring of 2011.   In the interim, the Company is going to add more claims and complete a mapping and sampling program on the property.  Thorough mapping, including the underground workings, has never been done on the property.  The completion of the mapping will lead to better target definition.  The mapping is expected to take about 20 days.  The data will then be digitized and a new geologic map will be completed. 

The Company also plans to add approximately 40 additional claims which would increase the group of claims to its historic size and cover known areas of alteration and mineralization that were excluded from the current claim block.  The budget for the sampling, mapping, and new claims is expected to be approximately $45,000.

Results of Operations

We did not earn any revenues during the three or six-months ended September 30, 2010 or 2009.  We do not anticipate earning revenues until such time as we have entered into commercial production of our mineral properties.  We are presently in the exploration stage of our business and we can provide no assurance that we will discover commercially exploitable levels of mineral resources on our properties, or if such resources are discovered, that we will enter into commercial production of our mineral properties.

For the three-months ended September 30, 2010 we had a net income of $22,634 compared to a net loss of $5,535 in the corresponding period in 2009.  The change was largely due to the recognition in the current quarter of a reversal of stock-based compensation expense of $77,931 of which $68,478 was recognized as general and administrative expenses and $9,453 recognized in mineral property exploration expenditures.  The reversal of stock-based compensation was due to the revaluation of stock-options granted in the prior year.  No stock-based compensation was recognized in the prior period.  Partially offsetting the effect of the reversal of stock-based compensation was an increase in mineral property exploration expenditures due to the initiation of exploration programs on the CX and Truman Properties that took place in the first quarter of the current year and continued into the second quarter.  The Company did not have any mineral property acquisition and exploration expenditures in 2009 as at that time the Company had not yet become a mineral exploration business.  General and administrative expenses decreased to ($52,907) in the three-months ended September 30, 2010 from $5,330 in the same period in 2009.  The change was largely due to the recognition of a reversal of stock-based compensation expense of $68,478 included in general and administrative expenses in the current year while none was recognized in the prior period.   Partially offsetting the effect of the reversal of stock-based compensation was an increase in administrative expenses associated with the Company’s new office.

For the six-months ended September 30, 2010 we had a net loss of $145,449 compared to $16,205 in the corresponding period in 2009.  The increase was partially due to the recognition of $41,914 in stock-based compensation of which $35,189 was included in general and administrative expenses and $6,725 was recognized as mineral property exploration expenditures.  The increase in the net loss was also due to the on-going exploration programs on the CX and Truman Properties that took place in the first quarter of the current year and continued on into the second quarter.  The Company did not have any mineral property acquisition and exploration expenditures in 2009 as at that time the Company had not yet become a mineral exploration business.  General and administrative expenses increased to $76,043 in the six-months ended September 30, 2010 from $15,830 in the same period in 2009.  In addition to the effect of the recognition of stock-based compensation, the increase was also due to a higher administrative expenses associated with setting up a new office and various regulatory expenses related to the Company’s name change, stock split, and management changes.

Liquidity and Capital Resources

We had cash of $390,902 and working capital of $379,893 as of September 30, 2010. We anticipate that we will incur the following expenses over the next twelve months:

·  
$270,000 in property option payments, annual claim filing fees, and exploration expenditures on the Company’s properties;

·  
$55,000 for operating expenses, including working capital and general, legal, accounting and administrative expenses associated with reporting requirements under the Securities Exchange Act of 1934.

 
17
 


Net cash used in operating activities during the six-months ended September 30, 2010 was $136,287 compared to $1,830 during the six-months ended September 30, 2009.  A significant portion of the increase relates to an increase in the net loss in the current period of $145,449 compared to $16,205 in the prior period.  However, partially offsetting the effect of the increased net loss was the recognition of $41,914 in stock-based compensation in 2010 while no stock-based compensation was recognized in 2009.  Also impacting the cash used in operations was an outflow of $31,663 from accounts payable and accrued liabilities while in 2009 there was an inflow of $14,375 from accounts payable and accrued liabilities.  Cash received from financing activities was $500,000 from a private placement in 2010 compared to $1,830 in 2009 from proceeds of a loan. There were no investing activities for either of the six-months ended September 30, 2010 or 2009.

On April 20, 2010, the Company completed a private placement of 400,000 common shares at $1.25 per share for a total offering price of $500,000.

Going Concern Consideration

As shown in the accompanying financial statements, the Company has incurred a net loss of $390,182 for the period from May 11, 2007 (inception) to September 30, 2010, and has no sales.  The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its mineral property.  Management has plans to seek additional capital through a private placement and public offering of its common stock.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
 
There is substantial doubt about our ability to continue as a going concern. Accordingly, our independent auditors included an explanatory paragraph in their report on the March 31, 2010 financial statements regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3.  Quantitative and Qualitative Disclosure About Market Risk.

Smaller reporting companies are not required to provide the information required by this Item.

Item 4.  Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our  disclosure controls and procedures are designed to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the United States Securities and  Exchange  Commission. Our Chief Executive Officer and  Chief  Financial Officer have reviewed the effectiveness  of  our "disclosure controls  and  procedures"  (as  defined   in   the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report and  have  concluded  that our disclosure controls and procedures are effective to ensure that material  information  relating  to  the  Company  is  recorded, processed,  summarized, and reported in a  timely  manner.

Changes in Internal Controls over Financial Reporting

There have been no changes in the Company's internal control over financial reporting during the last quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.


 
18
 

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.  The Company’s property is not the subject of any pending legal proceedings.

Item 1A. Risk Factors.

Smaller reporting companies are not required to provide the information required by this Item 1A.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults upon Senior Securities.

None.

Item 4. (Removed and Reserved)

Item 5. Other information.

The Company does not have any procedures by which security holders can recommend nominees to the Board of Directors.

Item 6. Exhibits.

Exhibit 31 - Certification of Principal Executive and Financial Officer pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934 as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32 – Certification of Principal Executive and Financial Officer Pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



 
19
 



SIGNATURES

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.

 
Date:   November 9, 2010
 
RANGER GOLD CORP.
 
By:   /s/ Gurpartap Singh Basrai
       Gurpartap Singh Basrai
       President, Chief Executive
       Officer, Secretary and Treasurer
       (Principal Executive, Financial, and Accounting Officer)
 

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