Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 12-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Dynamic Gold Corp. | |
Entity Central Index Key | 1304730 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,885,000 |
Interim_Consolidated_Balance_S
Interim Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Current | ||
Cash | $1,280 | $8,096 |
Current | ||
Accounts payable and accrued liabilities (Note 4) | 12,684 | 8,971 |
Stockholders' deficiency | ||
Capital stock (Note 5) Authorized 75,000,000 common shares, $0.001 par value Issued and outstanding 31 March 2015 - 9,885,000 common shares 30 June 2014 - 9,850,000 common shares | 9,885 | 9,850 |
Additional paid-in capital | 899,115 | 816,450 |
Deficit, accumulated during the exploration stage | -920,404 | -827,175 |
Total stockholders' equity (deficiency) | -11,404 | -875 |
Total liabilities and stockholders' equity | $1,280 | $8,096 |
Interim_Consolidated_Balance_S1
Interim Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
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 | 9,885,000 | 9,850,000 |
Capital stock, shares outstanding | 9,885,000 | 9,850,000 |
Interim_Consolidated_Statement
Interim Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Expenses | ||||
Bank charges and interest | $56 | $50 | $199 | $202 |
Consulting | 2,452 | 7,141 | ||
Filing and financing fees | 3,251 | 3,075 | 13,210 | 13,944 |
Legal and accounting | 6,547 | 1,857 | 11,569 | 6,056 |
Management fees (Notes 6) | 15,000 | 15,000 | 45,000 | 45,000 |
Office and miscellaneous | -318 | -114 | -1,391 | -163 |
Regulatory fees | 7,500 | |||
Rent (Notes 6) | 900 | 900 | 2,700 | 2,700 |
Travel | 7,301 | |||
Write-off of accounts payable (Note 4) | -2,238 | |||
Net loss | ($27,888) | ($20,768) | ($93,229) | ($65,501) |
Basic and diluted loss per common share | $0 | $0 | ($0.01) | ($0.01) |
Weighted average number of common shares outstanding | 9,855,000 | 9,836,461 | 9,872,957 | 9,823,425 |
Interim_Consolidated_Statement1
Interim Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | ($93,229) | ($65,501) |
Adjustments to reconcile loss to net cash used by operating activities | ||
Contributions to capital by related party (Notes 6) | 47,700 | 47,700 |
Write-off of accounts payable (Note 4) | -2,238 | |
Changes in operating assets and liabilities | ||
Increase (decrease) in accounts payable and accrued liabilities | 3,713 | -16,011 |
Net cash used in operating activities | -41,816 | -36,050 |
Cash flows from financing activities | ||
Issuance of common shares for cash | 35,000 | 40,000 |
Net cash provided by financing activities | 35,000 | 40,000 |
Increase (decrease) in cash | -6,816 | 3,950 |
Cash, beginning of period | 8,096 | 1,369 |
Cash, ending of period | $1,280 | $5,319 |
Interim_Consolidated_Statement2
Interim Consolidated Statements of Changes in Stockholders' Deficiency (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Balance | ($2,894) | ($875) | ($25,093) | ||
Balance, shares | 9,850,000 | ||||
Contributions to capital by related party (Notes 6) | 15,900 | 47,700 | 47,700 | ||
Common shares issued for cash ($1.00 per share) (Note 5) | 10,000 | 35,000 | 40,000 | ||
Net loss | -27,888 | -23,881 | -20,768 | -93,229 | -65,501 |
Balance | -11,404 | -875 | -2,894 | -11,404 | -2,894 |
Balance, shares | 9,885,000 | 9,850,000 | 9,885,000 | ||
Capital stock [Member] | |||||
Balance | 9,840 | 9,850 | 9,800 | ||
Balance, shares | 9,840,000 | 9,850,000 | 9,800,000 | ||
Contributions to capital by related party (Notes 6) | |||||
Common shares issued for cash ($1.00 per share) (Note 5) | 10 | 35 | 40 | ||
Common shares issued for cash ($1.00 per share), shares (Note 5) | 10,000 | 35,000 | 40,000 | ||
Net loss | |||||
Balance | 9,885 | 9,850 | 9,840 | 9,885 | 9,840 |
Balance, shares | 9,885,000 | 9,850,000 | 9,840,000 | 9,885,000 | 9,840,000 |
Additional paid-in capital [Member] | |||||
Balance | 790,560 | 816,450 | 702,900 | ||
Contributions to capital by related party (Notes 6) | 15,900 | 47,700 | 47,700 | ||
Common shares issued for cash ($1.00 per share) (Note 5) | 9,990 | 34,965 | 39,960 | ||
Net loss | |||||
Balance | 899,115 | 816,450 | 790,560 | 899,115 | 790,560 |
Deficit, accumulated during the exploration stage [Member] | |||||
Balance | -803,294 | -827,175 | -737,793 | ||
Contributions to capital by related party (Notes 6) | |||||
Common shares issued for cash ($1.00 per share) (Note 5) | |||||
Net loss | -23,881 | -93,229 | -65,501 | ||
Balance | ($920,404) | ($827,175) | ($803,294) | ($920,404) | ($803,294) |
Interim_Consolidated_Statement3
Interim Consolidated Statements of Changes in Stockholders' Deficiency (Parenthetical) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
27-May-15 | Dec. 17, 2014 | Aug. 27, 2014 | Jan. 28, 2014 | Aug. 28, 2013 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Interim Consolidated Statements of Changes in Stockholders' Equity Deficiency [Abstract] | ||||||||
Common shares issued for cash, price per share | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
Nature_and_Continuance_of_Oper
Nature and Continuance of Operations | 9 Months Ended | |
Mar. 31, 2015 | ||
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. | ||
These interim consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended 30 June 2014, included in the Company's Annual Report on Form 10-K, filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements for the year ended 30 June 2014 included in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended 31 March 2015, are not necessarily indicative of the results that may be expected for the year ending 30 June 2015. | ||
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 March 2015 and for the nine 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 $93,229 for the nine month period ended 31 March 2015 (2014 – $65,501) and has a working capital deficit of $11,404 at 31 March 2015 (30 June 2014 – working capital deficit of $875). | ||
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 2015. 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 substantial doubt upon the Company's ability to continue as a going concern. | ||
At 31 March 2015, the Company had incurred 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. | ||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncement | 9 Months Ended | |
Mar. 31, 2015 | ||
Recent Accounting Pronouncement [Abstract] | ||
Recent Accounting Pronouncement | ||
2 | Recent Accounting Pronouncement | |
The Company has elected to early adopt the guidance in FASB Topic 915 and no longer provides the disclosure for development stage companies. Accordingly, the figures for the period from inception to the current period are no longer provided. | ||
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. | ||
Other recent accounting pronouncements with future effective dates are not expected to have an impact on the Company's financial statements. | ||
Mineral_Property
Mineral Property | 9 Months Ended | |
Mar. 31, 2015 | ||
Mineral Property [Abstract] | ||
Mineral Property | ||
3 | Mineral Property | |
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 2015 (Northern Gravel Claims) and 19 January 2016 (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 nine month period ended 31 March 2015 (2014 - $Nil). | ||
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | |
Mar. 31, 2015 | ||
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 nine month period ended 31 March 2015, the Company wrote off accounts payable balance in the amount of $Nil (2014 – $2,238) related to finance charges that were forgiven by the vendor. | ||
Capital_Stock
Capital Stock | 9 Months Ended | |
Mar. 31, 2015 | ||
Capital Stock [Abstract] | ||
Capital Stock | ||
5 | Capital Stock | |
Authorized | ||
The total authorized capital is 75,000,000 common shares with a par value of $0.001. | ||
Issued and outstanding | ||
At 31 March 2015, the total issued and outstanding capital stock is 9,885,000 common shares with a par value of $0.001 per common share (30 June 2014 – 9,850,000). | ||
On 17 December 2014, the Company completed a private placement of 10,000 common shares at a price of $1.00 per share for total proceeds of $10,000. | ||
On 27 August 2014, the Company completed a private placement of 25,000 common shares at a price of $1.00 per share for total proceeds of $25,000. | ||
On 27 May 2014, the Company completed a private placement of 10,000 common shares at a price of $1.00 per share for total proceeds of $10,000. | ||
On 21 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. | ||
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. | ||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Mar. 31, 2015 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | ||
6 | Related Party Transactions | |
During the nine month period ended 31 March 2015, an officer and director of the Company made contributions to capital for management fees in the amount of $45,000 (2014 – $45,000) and for rent in the amount of $2,700 (2014 – $2,700) (Note 7). | ||
Supplemental_Disclosures_with_
Supplemental Disclosures with Respect to Cash Flows | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Supplemental Disclosures with Respect to Cash Flows [Abstract] | |||||
Supplemental Disclosures with Respect to Cash Flows | |||||
7 | Supplemental Disclosures with Respect to Cash Flows | ||||
For the | For the | ||||
nine month | nine month | ||||
period ended | period ended | ||||
31-Mar-15 | 31-Mar-14 | ||||
$ | $ | ||||
Cash paid during the period for interest | - | - | |||
Cash paid during the period for income taxes | - | - | |||
During the nine month period ended 31 March 2015, an officer and director of the Company made contributions to capital for management fees in the amount of $45,000 (2014 – $45,000) and for rent in the amount of $2,700 (2014 – $2,700) (Note 6). | |||||
Significant_Accounting_Policie
Significant Accounting Policies (Policy) | 9 Months Ended |
Mar. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncement | Recent Accounting Pronouncement |
The Company has elected to early adopt the guidance in FASB Topic 915 and no longer provides the disclosure for development stage companies. Accordingly, the figures for the period from inception to the current period are no longer provided. | |
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. | |
Other recent accounting pronouncements with future effective dates are not expected to have an impact on the Company's financial statements. | |
Supplemental_Disclosures_with_1
Supplemental Disclosures with Respect to Cash Flows (Tables) | 9 Months Ended | ||||
Mar. 31, 2015 | |||||
Supplemental Disclosures with Respect to Cash Flows [Abstract] | |||||
Schedule of Supplemental Cash Flow Information | |||||
For the | For the | ||||
nine month | nine month | ||||
period ended | period ended | ||||
31-Mar-15 | 31-Mar-14 | ||||
$ | $ | ||||
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 | 9 Months Ended | |||
Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Nature and Continuance of Operations [Abstract] | |||||
Net loss | ($27,888) | ($23,881) | ($20,768) | ($93,229) | ($65,501) |
Working capital (deficit) | ($11,404) | ($875) | ($11,404) |
Mineral_Property_Details
Mineral Property (Details) (Super Mammoth Gravel Project [Member], USD $) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2008 | |
ha | |||
Super Mammoth Gravel Project [Member] | |||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||
Percentage of undivided rights acquired in exploration properties | 100.00% | ||
Acquisition costs for unproven mineral properties | $25,000 | ||
Write-down of mineral property acquisition costs related to project | 25,000 | ||
Total area of land | 248.2 | ||
Each size of area of land | 124.1 | ||
Expenditures related to the project |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Write-off of accounts payable related to finance charges | $2,238 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
27-May-15 | Dec. 17, 2014 | Aug. 27, 2014 | Jan. 28, 2014 | Aug. 28, 2013 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
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 | 9,850,000 | 9,885,000 | ||||||
Capital stock, shares outstanding | 9,850,000 | 9,885,000 | ||||||
Common shares issued for cash | $10,000 | $10,000 | $25,000 | $15,000 | $25,000 | $10,000 | $35,000 | $40,000 |
Common shares issued for cash, shares | 10,000 | 10,000 | 25,000 | 15,000 | 25,000 | |||
Common shares issued for cash, price per share | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ||||
Contributions to capital for management fees | $15,000 | $15,000 | $45,000 | $45,000 |
Contributions to capital for rent | $900 | $900 | $2,700 | $2,700 |
Supplemental_Disclosures_with_2
Supplemental Disclosures with Respect to Cash Flows (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
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 | 15,000 | 15,000 | 45,000 | 45,000 |
Contributions to capital for rent | $900 | $900 | $2,700 | $2,700 |