Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Feb. 07, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Dynamic Gold Corp. | ' |
Entity Central Index Key | '0001304730 | ' |
Trading Symbol | 'dygo | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 9,840,000 |
Interim_Consolidated_Balance_S
Interim Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Current | ' | ' |
Cash and cash equivalents | $818 | $1,369 |
Current | ' | ' |
Accounts payable and accrued liabilities (Note 4) | 13,844 | 26,462 |
Stockholders' deficiency | ' | ' |
Capital stock (Note 6) Authorized 75,000,000 common shares, $0.001 par value Issued and outstanding 31 December 2013 - 9,825,000 common shares 30 June 2013 - 9,800,000 common shares | 9,825 | 9,800 |
Additional paid-in capital | 759,675 | 702,900 |
Deficit, accumulated during the exploration stage | -782,526 | -737,793 |
Total stockholders' deficiency | -13,026 | -25,093 |
Total liabilities and stockholders' deficiency | $818 | $1,369 |
Interim_Consolidated_Balance_S1
Interim Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Interim Consolidated Balance Sheets [Abstract] | ' | ' |
Capital stock, shares authorized | 75,000,000 | 75,000,000 |
Capital stock, par value per share | $0.00 | $0.00 |
Capital stock, shares issued | 9,825,000 | 9,800,000 |
Capital stock, shares outstanding | 9,825,000 | 9,800,000 |
Interim_Consolidated_Statement
Interim Consolidated Statements of Operations and Deficit (USD $) | 3 Months Ended | 6 Months Ended | 119 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Expenses | ' | ' | ' | ' | ' |
Advertising and promotion | ' | ' | ' | ' | $3,523 |
Bank charges and interest (Note 5) | 80 | 5,039 | 152 | 9,909 | 81,389 |
Filing and financing fees | 7,431 | 6,452 | 10,869 | 12,698 | 85,826 |
Legal and accounting | 2,349 | 2,020 | 4,199 | 4,891 | 145,276 |
Management fees (Notes 7 and 10) | 15,000 | 15,000 | 30,000 | 30,000 | 402,000 |
Mineral property exploration costs | ' | ' | ' | ' | 12,816 |
Office and miscellaneous (recovery) | 52 | 10 | -49 | 1,008 | 3,327 |
Rent (Notes 7 and 10) | 900 | 900 | 1,800 | 1,800 | 27,000 |
Write-down of mineral property acquisition costs (Note 3) | ' | ' | ' | ' | 35,607 |
Recovery of expenses (Notes 4, 9, and 10) | ' | ' | -2,238 | ' | -14,238 |
Net loss for the period | -25,812 | -29,421 | -44,733 | -60,306 | -782,526 |
Deficit, accumulated during the exploration stage, beginning of period | -756,714 | -647,746 | -737,793 | -616,861 | ' |
Deficit, accumulated during the exploration stage, end of period | ($782,526) | ($677,167) | ($782,526) | ($677,167) | ($782,526) |
Basic and diluted loss per common share (Note 2) | $0 | $0 | $0 | ($0.01) | ' |
Weighted average number of common shares outstanding | 9,825,000 | 9,515,000 | 9,817,027 | 9,515,000 | ' |
Interim_Consolidated_Statement1
Interim Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 6 Months Ended | 119 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Cash flows used in operating activities | ' | ' | ' | ' | ' |
Net loss for the period | ($25,812) | ($29,421) | ($44,733) | ($60,306) | ($782,526) |
Adjustments to reconcile loss to net cash used by operating activities | ' | ' | ' | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 15,900 | 15,900 | 31,800 | 31,800 | 429,000 |
Accrued interest (Note 5) | ' | 4,875 | ' | 9,557 | 75,000 |
Write-down of mineral property acquisition costs (Note 3) | ' | ' | ' | ' | 35,607 |
Recovery of expenses (Notes 4, 9, and 10) | ' | ' | -2,238 | ' | -14,238 |
Changes in operating assets and liabilities | ' | ' | ' | ' | ' |
Increase (decrease) in accounts payable and accrued liabilities (Note 4) | 3,244 | 2,343 | -10,380 | 3,796 | 28,082 |
Net cash used in operating activities | -6,668 | -6,303 | -25,551 | -15,153 | -229,075 |
Cash flows used in investing activities | ' | ' | ' | ' | ' |
Mineral property acquisition costs (Note 3) | ' | ' | ' | ' | -35,607 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Issuance of common shares for cash | ' | ' | 25,000 | ' | 155,500 |
Increase in due to related party (Note 5) | ' | ' | ' | 10,000 | 110,000 |
Net cash provided by financing activities | ' | ' | 25,000 | 10,000 | 265,500 |
Increase (decrease) in cash and cash equivalents | -6,668 | -6,303 | -551 | -5,153 | 818 |
Cash and cash equivalents, beginning of period | 7,486 | 9,435 | 1,369 | 8,285 | ' |
Cash and cash equivalents, end of period | $818 | $3,132 | $818 | $3,132 | $818 |
Interim_Consolidated_Statement2
Interim Consolidated Statements of Changes in Stockholders' Deficit (USD $) | Total | Capital stock [Member] | Additional paid-in capital [Member] | Deficit, accumulated during the exploration stage [Member] |
Balance at Jan. 20, 2004 | ' | ' | ' | ' |
Balance, shares at Jan. 20, 2004 | ' | ' | ' | ' |
Common shares issued for cash ($0.001 per share) | 7,500 | 7,500 | ' | ' |
Common shares issued for cash ($0.001 per share), shares | ' | 7,500,000 | ' | ' |
Common shares issued for cash ($0.01 per share) | 20,000 | 2,000 | 18,000 | ' |
Common shares issued for cash ($0.01 per share), shares | ' | 2,000,000 | ' | ' |
Common shares issued for cash ($0.20 per share) | 3,000 | 15 | 2,985 | ' |
Common shares issued for cash ($0.20 per share), shares | ' | 15,000 | ' | ' |
Net loss for the period | -10,267 | ' | ' | -10,267 |
Balance at Jun. 30, 2004 | 20,233 | 9,515 | 20,985 | -10,267 |
Balance, shares at Jun. 30, 2004 | ' | 9,515,000 | ' | ' |
Net loss for the period | -26,040 | ' | ' | -26,040 |
Balance at Jun. 30, 2005 | -5,807 | 9,515 | 20,985 | -36,307 |
Balance, shares at Jun. 30, 2005 | ' | 9,515,000 | ' | ' |
Net loss for the period | -22,156 | ' | ' | -22,156 |
Balance at Jun. 30, 2006 | -27,963 | 9,515 | 20,985 | -58,463 |
Balance, shares at Jun. 30, 2006 | ' | 9,515,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 15,600 | ' | 15,600 | ' |
Net loss for the period | -33,845 | ' | ' | -33,845 |
Balance at Jun. 30, 2007 | -46,208 | 9,515 | 36,585 | -92,308 |
Balance, shares at Jun. 30, 2007 | ' | 9,515,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | ' | 63,600 | ' |
Net loss for the period | -143,850 | ' | ' | -143,850 |
Balance at Jun. 30, 2008 | -126,458 | 9,515 | 100,185 | -236,158 |
Balance, shares at Jun. 30, 2008 | ' | 9,515,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | ' | 63,600 | ' |
Net loss for the period | -99,555 | ' | ' | -99,555 |
Balance at Jun. 30, 2009 | -162,413 | 9,515 | 163,785 | -335,713 |
Balance, shares at Jun. 30, 2009 | ' | 9,515,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | ' | 63,600 | ' |
Net loss for the period | -92,183 | ' | ' | -92,183 |
Balance at Jun. 30, 2010 | -190,996 | 9,515 | 227,385 | -427,896 |
Balance, shares at Jun. 30, 2010 | ' | 9,515,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | ' | 63,600 | ' |
Net loss for the period | -82,294 | ' | ' | -82,294 |
Balance at Jun. 30, 2011 | -209,690 | 9,515 | 290,985 | -510,190 |
Balance, shares at Jun. 30, 2011 | ' | 9,515,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | ' | 63,600 | ' |
Net loss for the period | -106,671 | ' | ' | -106,671 |
Balance at Jun. 30, 2012 | -252,761 | 9,515 | 354,585 | -616,861 |
Balance, shares at Jun. 30, 2012 | ' | 9,515,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | ' | 63,600 | ' |
Common shares issued for cash ($1.00 per share) | 100,000 | 100 | 99,900 | ' |
Common shares issued for cash ($1.00 per share), shares | 100,000 | 100,000 | ' | ' |
Common shares issued for debt ($1.00 per share) | 185,000 | 185 | 184,815 | ' |
Common shares issued for debt ($1.00 per share), shares | 185,000 | 185,000 | ' | ' |
Net loss for the period | -120,932 | ' | ' | -120,932 |
Balance at Jun. 30, 2013 | -25,093 | 9,800 | 702,900 | -737,793 |
Balance, shares at Jun. 30, 2013 | 9,800,000 | 9,800,000 | ' | ' |
Contributions to capital by related party - expenses (Notes 7 and 10) | 31,800 | ' | 31,800 | ' |
Common shares issued for cash ($1.00 per share) | 25,000 | 25 | 24,975 | ' |
Common shares issued for cash ($1.00 per share), shares | 25,000 | 25,000 | ' | ' |
Net loss for the period | -44,733 | ' | ' | -44,733 |
Balance at Dec. 31, 2013 | ($13,026) | $9,825 | $759,675 | ($782,526) |
Balance, shares at Dec. 31, 2013 | 9,825,000 | 9,825,000 | ' | ' |
Interim_Consolidated_Statement3
Interim Consolidated Statements of Changes in Stockholders' Deficit (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2004 | Dec. 31, 2013 | Jun. 30, 2013 | |
Interim Consolidated Statements of Changes in Stockholders' Deficit [Abstract] | ' | ' | ' |
Common shares issued for cash one | $0.00 | $1 | $1 |
Common shares issued for cash two | $0.01 | ' | ' |
Common shares issued for cash three | $0.20 | ' | ' |
Nature_and_Continuance_of_Oper
Nature and Continuance of Operations | 6 Months Ended | |
Dec. 31, 2013 | ||
Nature and Continuance of Operations [Abstract] | ' | |
Nature and Continuance of Operations | ' | |
1 | Nature and Continuance of Operations | |
Dynamic Gold Corp. (the "Company") was incorporated under the laws of the State of Nevada on 21 January 2004 and is in the exploration stage. | ||
These interim consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company is an exploration stage enterprise, as defined in Accounting Standards Codification (the "Codification" or "ASC") 915-10, "Development Stage Entities". The Company is devoting all of its present efforts in establishing a new business, and its planned principle operations have not commenced, and, accordingly, no revenue has been derived during the organization period. | ||
The Company is in the business of acquiring and exploring mineral properties. The recoverability of the amounts expended by the Company on acquiring and exploring mineral properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to complete the acquisition and/or development of the properties and upon future profitable production. | ||
The Company's interim consolidated financial statements as at 31 December 2013 and for the six month period then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has a loss of $44,733 for the six month period ended 31 December 2013 (31 December 2012 - $60,306, cumulative - $782,526) and has a working capital deficit of $13,026 at 31 December 2013 (30 June 2013 - $25,093). | ||
Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management believes that the Company's capital resources should be adequate to continue operating and maintaining its business strategy during the fiscal year ending 30 June 2014. However, if the Company is unable to raise additional capital in the near future, due to the Company's liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favourable terms and/or pursue other remedial measures. Management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast significant doubt upon the Company's ability to continue as a going concern. | ||
At 31 December 2013, the Company had suffered losses from exploration activities to date. Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. Accordingly, the Company must rely on its president to perform essential functions without compensation until a business operation can be commenced. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The interim consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. | ||
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Significant Accounting Policies | ' | |
2 | Significant Accounting Policies | |
The following is a summary of significant accounting policies used in the preparation of these interim consolidated financial statements. | ||
Basis of presentation | ||
The interim consolidated financial statements of the Company have been prepared in accordance with GAAP applicable to exploration stage enterprises, and are expressed in U.S. dollars. The Company's fiscal year end is 30 June. | ||
Principles of consolidation | ||
These interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Dynamic Gravel Holdings Ltd. ("Dynamic Gravel"), a company incorporated in the province of Alberta on 21 November 2007. All significant inter-company balances and transactions have been eliminated upon consolidation. | ||
Cash and cash equivalents | ||
Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | ||
Derivative financial instruments | ||
The Company has not, to the date of these interim consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | ||
Mineral property costs | ||
The Company is primarily engaged in the acquisition, exploration and development of mineral properties. | ||
Mineral property acquisition costs are initially capitalized as tangible assets when purchased. At the end of each fiscal quarter, the Company assesses the carrying costs for impairment. If proven and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs will be amortized using the units-of-production method over the estimated life of the probable reserve. | ||
Mineral property exploration costs are expensed as incurred. | ||
Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred. | ||
As of the date of these interim consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and incurred only acquisition and exploration costs (Note 3). | ||
Although the Company has taken steps to verify title to mineral properties in which it has an interest, according to the usual industry standards for the stage of exploration of such properties, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. | ||
Environmental expenditures | ||
The operations of the Company have been, and may in the future, be affected from time to time, in varying degrees, by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company's policy is to meet or, if possible, surpass standards set by relevant legislation, by application of technically proven and economically feasible measures. | ||
Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. | ||
Income taxes | ||
Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, "Income Taxes", which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. | ||
Comprehensive loss | ||
ASC 220, "Comprehensive Income", establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at 31 December 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the interim consolidated financial statements. | ||
Risks and uncertainties | ||
The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure. | ||
Basic and diluted net loss per share | ||
The Company computes net income (loss) per share in accordance with ASC 260, "Earnings per Share". ASC 260 requires presentation of both basic and diluted earnings per share ("EPS") on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. | ||
Segments of an enterprise and related information | ||
ASC 280, "Segment Reporting" establishes guidance for the way that public companies report information about operating segments in interim consolidated financial statements and requires reporting of selected information about operating segments in interim consolidated financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. ASC 280 defines operating segments as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has evaluated this Codification and does not believe it is applicable at this time. | ||
Start-up expenses | ||
The Company has adopted ASC 720-15, "Start-Up Costs", which requires that costs associated with start-up activities be expensed as incurred. Accordingly, start-up costs associated with the Company's formation have been included in the Company's expenses for the period from the date of inception on 21 January 2004 to 31 December 2013. | ||
Foreign currency translation | ||
The Company's functional and reporting currency is U.S. dollars. The interim consolidated financial statements of the Company are translated to U.S. dollars in accordance with ASC 830, "Foreign Currency Matters". Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these interim consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | ||
Use of estimates | ||
The preparation of interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. | ||
Comparative figures | ||
Certain comparative figures have been adjusted to conform to the current period's presentation. | ||
Recent Accounting Pronouncement | ||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists", which is intended to eliminate the diversity that is in practice with regard to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU No. 2013-11 is effective for fiscal years and interim periods within those years, beginning after 15 December 2014, with early adoption permissible. The adoption of this update is not expected to have a material impact on the Company's interim consolidated financial statements. | ||
Unproven_Mineral_Properties
Unproven Mineral Properties | 6 Months Ended | |
Dec. 31, 2013 | ||
Unproven Mineral Properties [Abstract] | ' | |
Unproven Mineral Properties | ' | |
3 | Unproven Mineral Properties | |
During the year ended 30 June 2008, the Company acquired, through its wholly owned subsidiary, a 100% undivided rights, title and interest in and to two gravel claims called the Northern Gravel Claims and Super Mammoth Gravel Claims (the "Super Mammoth Gravel Project") situated along the Homfray Channel at Lloyd Point on the south coast of British Columbia, Canada for $25,000. The Super Mammoth Gravel Project consists of two mineral claim tenures that are approximately 124.1 hectares ("ha") each in size (total 248.2 ha). The claims are currently in good standing until their respective anniversary dates which are 6 November 2014 (Northern Gravel Claims) and 19 January 2015 (Super Mammoth Claim). The acquisition cost of $25,000 was initially capitalized as a tangible asset. During the year ended 30 June 2008, the Company recorded a write-down of mineral property acquisition costs of $25,000 related to the Super Mammoth Gravel Project. | ||
The Company had no expenditures related to the Super Mammoth Gravel Project for the six month period ended 31 December 2013 (31 December 2012 - $Nil, cumulative - $35,607). | ||
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 6 Months Ended | |
Dec. 31, 2013 | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |
Accounts Payable and Accrued Liabilities | ' | |
4 | Accounts Payable and Accrued Liabilities | |
Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year. | ||
During the six month period ended 31 December 2013, the Company wrote off accounts payable balances in the amount of $2,238 (31 December 2012 - $Nil, cumulative - $14,238) related to interest and consulting fees that had remained unpaid for several years without any claim being made by the creditor against the Company. Management does not consider these amounts are payable although there is no assurance that a formal claim will not be made against the Company for some or all of these balances in the future. The write down has been recorded as a recovery of expenses and a decrease in accounts payable (Notes 9 and 10). | ||
Due_to_Related_Party
Due to Related Party | 6 Months Ended | |
Dec. 31, 2013 | ||
Due to Related Party [Abstract] | ' | |
Due to Related Party | ' | |
5 | Due to Related Party | |
The Company had a loan from an officer, director and shareholder of the Company in the amount of $200,000, by way of loan agreements entered into on 14 September 2011, 22 September 2011, 7 January 2012, 8 January 2012, 8 May 2012, 8 September 2012, 8 January 2013 and 5 February 2013. The loan had an interest of 10% per annum, was secured by a general agreement overall of the assets of the Company and was due and repayable on 8 January 2014. | ||
On 26 April 2013, the Company paid $90,000 and issued 185,000 common shares at a price of $1.00 per share for a total consideration of $275,000 to an officer, director and shareholder of the Company as full settlement of the outstanding balance due to related party (Notes 6 and 10). Prior to the debt settlement, the Company had accrued cumulative interest of $75,000. | ||
As at 31 December 2013, the Company had a balance due to related party of $Nil (30 June 2013 - $Nil). | ||
Capital_Stock
Capital Stock | 6 Months Ended | |
Dec. 31, 2013 | ||
Capital Stock [Abstract] | ' | |
Capital Stock | ' | |
6 | Capital Stock | |
Authorized | ||
The total authorized capital is 75,000,000 common shares with a par value of $0.001. | ||
Issued and outstanding | ||
The total issued and outstanding capital stock is 9,825,000 common shares with a par value of $0.001 per common share. | ||
On 28 August 2013, the Company issued 25,000 common shares at a price of $1.00 per share for total proceeds of $25,000. | ||
On 7 May 2013, the Company completed a private placement of 100,000 common shares at a price of $1.00 per share for total proceeds of $100,000. | ||
On 7 May 2013, the Company issued 185,000 common shares at a price of $1.00 per share to settle $185,000 outstanding balance due to related party (Notes 5 and 10). | ||
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
7 | Related Party Transactions | |
During the six month period ended 31 December 2013, an officer and director of the Company made contributions to capital for management fees in the amount of $30,000 (31 December 2012 - $30,000, cumulative - $402,000) and for rent in the amount of $1,800 (31 December 2012 - $1,800, cumulative -$27,000) (Note 10). | ||
Financial_Instruments
Financial Instruments | 6 Months Ended | |
Dec. 31, 2013 | ||
Financial Instruments [Abstract] | ' | |
Financial Instruments | ' | |
8 | Financial Instruments | |
The carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short term maturity of these financial instruments. | ||
Credit Risk | ||
Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents. The Company deposits cash and cash equivalents with high credit quality financial institutions as determined by rating agencies. | ||
Currency Risk | ||
The Company's functional and reporting currency is the U.S. dollar. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these interim consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | ||
If the Canadian dollar had weakened (strengthened) against the U.S. dollar, with all other variables held constant, by 100 basis points (1%) at period end, the impact on net loss and other comprehensive loss would have been $110 higher ($110 lower). | ||
Interest Rate Risk | ||
The Company has cash balances and an interest-bearing debt. It is management's opinion that the Company is not exposed to significant interest risk arising from these financial instruments. | ||
Liquidity Risk | ||
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The Company is reliant upon a related party as its sole source of cash. The Company has received financing from a related party in the past; however, there is no assurance that it will be able to do so in the future. | ||
Commitment_and_Contingency
Commitment and Contingency | 6 Months Ended | |
Dec. 31, 2013 | ||
Commitment and Contingency [Abstract] | ' | |
Commitment and Contingency | ' | |
9 | Commitment and Contingency | |
As at 31 December 2013, the Company has written off a total of $14,238 of accounts payable balance related to interest and consulting fees that had remained unpaid for several years without any claim being made by the creditor against the Company. Management does not consider that these amounts are payable although there is no assurance that a formal claim will not be made against the Company for some or all of these balances in the future (Notes 4 and 10). | ||
Supplemental_Disclosures_with_
Supplemental Disclosures with Respect to Cash Flows | 6 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Supplemental Disclosures with Respect to Cash Flows [Abstract] | ' | ||||||
Supplemental Disclosures with Respect to Cash Flows | ' | ||||||
10 | Supplemental Disclosures with Respect to Cash Flows | ||||||
For the period | For the | For the | For the | For the | |||
from the date | three month | three month | six month | six month | |||
of inception on | period ended | period ended | period ended | period ended | |||
21-Jan | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||
2004 | 2013 | 2012 | 2013 | 2012 | |||
to 31 December | $ | $ | $ | $ | |||
2013 | |||||||
$ | |||||||
Cash paid during the period for interest | - | - | - | - | - | ||
Cash paid during the period for income taxes | - | - | - | - | - | ||
During the six month period ended 31 December 2013, an officer and director of the Company made contributions to capital for management fees in the amount of $30,000 (31 December 2012 - $30,000, cumulative - $402,000) and for rent in the amount of $1,800 (31 December 2012 - $1,800, cumulative -$27,000) (Note 7). | |||||||
As at 31 December 2013, the Company has written off a total of $14,238 of accounts payable balance related to interest and consulting fees that had remained unpaid for several years without any claim being made by the creditor against the Company. Management does not consider that these amounts are payable although there is no assurance that a formal claim will not be made against the Company for some or all of these balances in the future (Notes 4 and 9). | |||||||
During the year ended 30 June 2013, the Company issued 185,000 common shares at a price of $1.00 per share for a total consideration of $185,000 to an officer, director and shareholder of the Company as part of a settlement of the outstanding balance due to related party (Notes 5 and 6). | |||||||
Subsequent_Event
Subsequent Event | 6 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Event [Abstract] | ' | |
Subsequent Event | ' | |
11 | Subsequent Event | |
The following event occurred from the date of the six month period ended 31 December 2013 to the date the interim consolidated financial statements were available to be issued on 7 February 2014: | ||
On 22 January 2014, the Company completed a private placement of 15,000 common shares at a price of $1.00 per share for total proceeds of $15,000. | ||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 6 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The interim consolidated financial statements of the Company have been prepared in accordance with GAAP applicable to exploration stage enterprises, and are expressed in U.S. dollars. The Company's fiscal year end is 30 June. | |
Principles of consolidation | ' |
Principles of consolidation | |
These interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Dynamic Gravel Holdings Ltd. ("Dynamic Gravel"), a company incorporated in the province of Alberta on 21 November 2007. All significant inter-company balances and transactions have been eliminated upon consolidation. | |
Cash and cash equivalents | ' |
Cash and cash equivalents | |
Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | |
Derivative financial instruments | ' |
Derivative financial instruments | |
The Company has not, to the date of these interim consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |
Mineral property costs | ' |
Mineral property costs | |
The Company is primarily engaged in the acquisition, exploration and development of mineral properties. | |
Mineral property acquisition costs are initially capitalized as tangible assets when purchased. At the end of each fiscal quarter, the Company assesses the carrying costs for impairment. If proven and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs will be amortized using the units-of-production method over the estimated life of the probable reserve. | |
Mineral property exploration costs are expensed as incurred. | |
Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred. | |
As of the date of these interim consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and incurred only acquisition and exploration costs (Note 3). | |
Although the Company has taken steps to verify title to mineral properties in which it has an interest, according to the usual industry standards for the stage of exploration of such properties, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. | |
Environmental expenditures | ' |
Environmental expenditures | |
The operations of the Company have been, and may in the future, be affected from time to time, in varying degrees, by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company's policy is to meet or, if possible, surpass standards set by relevant legislation, by application of technically proven and economically feasible measures. | |
Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. | |
Income taxes | ' |
Income taxes | |
Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, "Income Taxes", which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. | |
Comprehensive loss | ' |
Comprehensive loss | |
ASC 220, "Comprehensive Income", establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at 31 December 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the interim consolidated financial statements. | |
Risks and uncertainties | ' |
Risks and uncertainties | |
The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure. | |
Basic and diluted net loss per share | ' |
Basic and diluted net loss per share | |
The Company computes net income (loss) per share in accordance with ASC 260, "Earnings per Share". ASC 260 requires presentation of both basic and diluted earnings per share ("EPS") on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. | |
Segments of an enterprise and related information | ' |
Segments of an enterprise and related information | |
ASC 280, "Segment Reporting" establishes guidance for the way that public companies report information about operating segments in interim consolidated financial statements and requires reporting of selected information about operating segments in interim consolidated financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. ASC 280 defines operating segments as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has evaluated this Codification and does not believe it is applicable at this time. | |
Start-up expenses | ' |
Start-up expenses | |
The Company has adopted ASC 720-15, "Start-Up Costs", which requires that costs associated with start-up activities be expensed as incurred. Accordingly, start-up costs associated with the Company's formation have been included in the Company's expenses for the period from the date of inception on 21 January 2004 to 31 December 2013. | |
Foreign currency translation | ' |
Foreign currency translation | |
The Company's functional and reporting currency is U.S. dollars. The interim consolidated financial statements of the Company are translated to U.S. dollars in accordance with ASC 830, "Foreign Currency Matters". Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these interim consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |
Use of estimates | ' |
Use of estimates | |
The preparation of interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. | |
Comparative figures | ' |
Comparative figures | |
Certain comparative figures have been adjusted to conform to the current period's presentation. | |
Recent Accounting Pronouncement | ' |
Recent Accounting Pronouncement | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists", which is intended to eliminate the diversity that is in practice with regard to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU No. 2013-11 is effective for fiscal years and interim periods within those years, beginning after 15 December 2014, with early adoption permissible. The adoption of this update is not expected to have a material impact on the Company's interim consolidated financial statements. | |
Supplemental_Disclosures_with_1
Supplemental Disclosures with Respect to Cash Flows (Tables) | 6 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Supplemental Disclosures with Respect to Cash Flows [Abstract] | ' | ||||||
Schedule of Supplemental Cash Flow Information | ' | ||||||
For the period | For the | For the | For the | For the | |||
from the date | three month | three month | six month | six month | |||
of inception on | period ended | period ended | period ended | period ended | |||
21-Jan | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||
2004 | 2013 | 2012 | 2013 | 2012 | |||
to 31 December | $ | $ | $ | $ | |||
2013 | |||||||
$ | |||||||
Cash paid during the period for interest | - | - | - | - | - | ||
Cash paid during the period for income taxes | - | - | - | - | - |
Nature_and_Continuance_of_Oper1
Nature and Continuance of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 119 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2009 | Jun. 30, 2008 | Jun. 30, 2007 | Jun. 30, 2006 | Jun. 30, 2005 | Dec. 31, 2013 | |
Nature and Continuance of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss for the period | ($25,812) | ($29,421) | ($10,267) | ($44,733) | ($60,306) | ($120,932) | ($106,671) | ($82,294) | ($92,183) | ($99,555) | ($143,850) | ($33,845) | ($22,156) | ($26,040) | ($782,526) |
Working capital deficit | $13,026 | ' | ' | $13,026 | ' | $25,093 | ' | ' | ' | ' | ' | ' | ' | ' | $13,026 |
Unproven_Mineral_Properties_De
Unproven Mineral Properties (Details) (USD $) | 3 Months Ended | 6 Months Ended | 119 Months Ended | 6 Months Ended | 12 Months Ended | 119 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2008 | Dec. 31, 2013 | |
Super Mammoth Gravel Project [Member] | Super Mammoth Gravel Project [Member] | Super Mammoth Gravel Project [Member] | Super Mammoth Gravel Project [Member] | ||||||
ha | |||||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of undivided rights acquired in exploration properties | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Number of exploration properties acquired | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Acquisition costs for unproven mineral properties | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' |
Write-down of mineral property acquisition costs related to project | ' | ' | ' | ' | 35,607 | ' | ' | 25,000 | ' |
Total area of land | ' | ' | ' | ' | ' | ' | ' | 248.2 | ' |
Each size of area of land | ' | ' | ' | ' | ' | ' | ' | 124.1 | ' |
Expenditures related to the project | ' | ' | ' | ' | ' | ' | ' | ' | $35,607 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Details) (USD $) | 6 Months Ended | 119 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' | ' |
Accounts payable written off | $2,238 | ' | $14,238 |
Due_to_Related_Party_Details
Due to Related Party (Details) (Officer Director And Shareholder [Member], USD $) | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2013 | |
Officer Director And Shareholder [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Principal loan amount | $200,000 | ' |
Interest rate | 10.00% | ' |
Accrued interest on related party loan | 75,000 | ' |
Repayment of related party loan | 90,000 | ' |
Shares issued for related party debt | 185,000 | ' |
Conversion price per share | $1 | ' |
Total consideration given to settle related party balance due | 275,000 | ' |
Balance due to related parties | ' | ' |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Jun. 30, 2013 | |
Capital Stock [Abstract] | ' | ' |
Capital stock, shares authorized | 75,000,000 | 75,000,000 |
Capital stock, par value per share | $0.00 | $0.00 |
Capital stock, shares issued | 9,825,000 | 9,800,000 |
Capital stock, shares outstanding | 9,825,000 | 9,800,000 |
Shares issued for proceeds | 25,000 | 100,000 |
Share price | $1 | $1 |
Value of shares issued for proceeds | $25,000 | $100,000 |
Shares issued for debt | ' | 185,000 |
Value of shares issued for debt | ' | $185,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 119 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Contributions to capital for management fees from officer and director including cumulative portion | $15,000 | $15,000 | $30,000 | $30,000 | $402,000 |
Contribution to rent from officers and directors including cumulative portion | $900 | $900 | $1,800 | $1,800 | $27,000 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Financial Instruments [Abstract] | ' |
Impact on net loss due to Canadian dollar weakened 1% | $110 |
Impact on net loss due to Canadian dollar strengthened by 1% | ($110) |
Commitment_and_Contingency_Det
Commitment and Contingency (Details) (USD $) | 6 Months Ended | 119 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Commitment and Contingency [Abstract] | ' | ' | ' |
Accounts payable written off | $2,238 | ' | $14,238 |
Supplemental_Disclosures_with_2
Supplemental Disclosures with Respect to Cash Flows (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 119 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | |
Supplemental Disclosures with Respect to Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Cash paid during the period for interest | ' | ' | ' | ' | ' | ' |
Cash paid during the period for income taxes | ' | ' | ' | ' | ' | ' |
Contributions to capital for management fees from officer and director including cumulative portion | 15,000 | 15,000 | 30,000 | 30,000 | ' | 402,000 |
Contribution to rent from officers and directors including cumulative portion | 900 | 900 | 1,800 | 1,800 | ' | 27,000 |
Accounts payable written off | ' | ' | 2,238 | ' | ' | 14,238 |
Value of shares issued for related party debt | ' | ' | ' | ' | $185,000 | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2014 | Jan. 22, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Shares issued in private placement | ' | ' | 15,000 | ' |
Common stock, price per share | $1 | $1 | ' | $1 |
Proceeds from issuance of private placement | ' | ' | $15,000 | ' |