Document and Entity Information
Document and Entity Information | 9 Months Ended |
Mar. 31, 2016shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Dynamic Gold Corp. |
Entity Central Index Key | 1,304,730 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 9,925,000 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Current | ||
Cash | $ 4,154 | $ 372 |
Total current assets | 4,154 | 372 |
Assets | 4,154 | 372 |
Current | ||
Accounts payable and accrued liabilities | 9,096 | $ 8,745 |
Taxes payable | 50,000 | |
Total current liabilities | 59,096 | $ 8,745 |
Liabilities | 59,096 | 8,745 |
Stockholders' deficiency | ||
Capital stock (Note 4) Authorized 75,000,000 common shares, $0.001 par value Issued and outstanding 31 March 2016 - 9,925,000 common shares 30 June 2015 - 9,895,000 common shares | 9,925 | 9,895 |
Additional paid-in capital | 1,002,675 | 925,005 |
Deficit, accumulated during the exploration stage | (1,067,542) | (943,273) |
Total stockholders' deficiency | (54,942) | (8,373) |
Total liabilities and stockholders' deficiency | $ 4,154 | $ 372 |
Interim Consolidated Balance S3
Interim Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 |
Interim Consolidated Balance Sheets [Abstract] | ||
Capital stock, shares authorized | 75,000,000 | 75,000,000 |
Capital stock, par value per share | $ 0.001 | $ 0.001 |
Capital stock, shares issued | 9,925,000 | 9,895,000 |
Capital stock, shares outstanding | 9,925,000 | 9,895,000 |
Interim Consolidated Statements
Interim Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Expenses | ||||
Bank charges and interest | $ 84 | $ 56 | $ 297 | $ 199 |
Consulting | 2,452 | 1,568 | 7,141 | |
Filing and financing fees | $ 1,279 | 3,251 | 7,434 | 13,210 |
Foreign exchange | (404) | $ (318) | (648) | $ (1,391) |
Income tax penalties (Note 7) | 50,000 | 50,000 | ||
Legal and accounting | 1,786 | $ 6,547 | 10,197 | $ 11,569 |
Management fees (Notes 5) | $ 15,000 | $ 15,000 | 45,000 | 45,000 |
Office and miscellaneous | 221 | |||
Regulatory fees | 7,500 | 7,500 | ||
Rent (Notes 5) | $ 900 | $ 900 | 2,700 | 2,700 |
Travel | 7,301 | |||
Net loss | $ 68,645 | $ 27,888 | $ 124,269 | $ 93,229 |
Basic and diluted loss per common share | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding | 9,910,000 | 9,855,000 | 9,904,982 | 9,872,957 |
Interim Consolidated Statement5
Interim Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | |||||
Net loss | $ (68,645) | $ (22,869) | $ (27,888) | $ (124,269) | $ (93,229) |
Adjustments to reconcile loss to net cash used by operating activities | |||||
Contributions to capital by related party - expenses (Note 5) | 47,700 | 47,700 | |||
Changes in operating assets and liabilities | |||||
Increase (decrease) in accounts payable and accrued liabilities | 50,351 | 3,713 | |||
Net cash used in operating activities | (26,218) | (41,816) | |||
Cash flows from financing activities | |||||
Issuance of common shares for cash | 30,000 | 35,000 | |||
Net cash provided by financing activities | 30,000 | 35,000 | |||
Increase in cash | 3,782 | (6,816) | |||
Cash, beginning | 1,280 | 372 | 8,096 | ||
Cash, ending | $ 4,154 | $ 372 | $ 1,280 | $ 4,154 | $ 1,280 |
Interim Consolidated Statement6
Interim Consolidated Statements of Changes in Stockholders' Deficiency - USD ($) | Mar. 31, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Balance | $ (11,404) | $ (8,373) | $ (875) | |||
Balance, shares | 9,895,000 | |||||
Contributions to capital by related party - expenses (Notes 5) | 15,900 | $ 47,700 | 47,700 | |||
Common shares issued for cash ($1.00 per share) (Note 4) | $ 15,000 | 10,000 | 30,000 | 35,000 | ||
Common shares issued for cash ($1.00 per share) (Note 4), shares | 15,000 | |||||
Net loss | $ (68,645) | (22,869) | $ (27,888) | (124,269) | (93,229) | |
Balance | $ (54,942) | $ (54,942) | $ (8,373) | (11,404) | $ (54,942) | (11,404) |
Balance, shares | 9,925,000 | 9,925,000 | 9,895,000 | 9,925,000 | ||
Capital stock [Member] | ||||||
Balance | $ 9,885 | $ 9,895 | $ 9,850 | |||
Balance, shares | 9,885,000 | 9,895,000 | 9,850,000 | |||
Contributions to capital by related party - expenses (Notes 5) | ||||||
Common shares issued for cash ($1.00 per share) (Note 4) | $ 10 | $ 30 | $ 35 | |||
Common shares issued for cash ($1.00 per share) (Note 4), shares | 10,000 | 30,000 | 35,000 | |||
Net loss | ||||||
Balance | $ 9,925 | $ 9,925 | $ 9,895 | $ 9,885 | $ 9,925 | $ 9,885 |
Balance, shares | 9,925,000 | 9,925,000 | 9,895,000 | 9,885,000 | 9,925,000 | 9,885,000 |
Additional paid-in capital [Member] | ||||||
Balance | $ 899,115 | $ 925,005 | $ 816,450 | |||
Contributions to capital by related party - expenses (Notes 5) | 15,900 | 47,700 | 47,700 | |||
Common shares issued for cash ($1.00 per share) (Note 4) | $ 9,990 | $ 29,970 | $ 34,965 | |||
Net loss | ||||||
Balance | $ 1,002,675 | $ 1,002,675 | $ 925,005 | $ 899,115 | $ 1,002,675 | $ 899,115 |
Deficit, accumulated during the exploration stage [Member] | ||||||
Balance | $ (920,404) | $ (943,273) | $ (827,175) | |||
Contributions to capital by related party - expenses (Notes 5) | ||||||
Common shares issued for cash ($1.00 per share) (Note 4) | ||||||
Net loss | $ (22,869) | $ (124,269) | $ (93,229) | |||
Balance | $ (1,067,542) | $ (1,067,542) | $ (943,273) | $ (920,404) | $ (1,067,542) | $ (920,404) |
Interim Consolidated Statement7
Interim Consolidated Statements of Changes in Stockholders' Deficiency (Parenthetical) - $ / shares | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 05, 2015 | Mar. 31, 2015 | Dec. 13, 2014 | Aug. 25, 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 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 9 Months Ended |
Mar. 31, 2016 | |
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 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 2015, 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 2015 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 2016, are not necessarily indicative of the results that may be expected for the year ending 30 June 2016. 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 2016 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 $ 124,269 93,229 54,942 8,373 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 are not adequate to continue operating and maintaining its business strategy during the fiscal year ending 30 June 2016. 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 March 2016, 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 Pronouncement
Recent Accounting Pronouncement | 9 Months Ended |
Mar. 31, 2016 | |
Recent Accounting Pronouncement [Abstract] | |
Recent Accounting Pronouncement | 2. Recent Accounting Pronouncement In May 2015, Accounting Standards Update (ASU) guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after 15 December 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements. |
Mineral Property
Mineral Property | 9 Months Ended |
Mar. 31, 2016 | |
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 two 25,000 two 124.1 248.2 25,000 25,000 The Company had no Nil |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2016 | |
Capital Stock [Abstract] | |
Capital Stock | 4. Capital Stock Authorized The total authorized capital is 75,000,000 0.001 Issued and outstanding At 31 March 2016, the total issued and outstanding capital stock is 9,925,000 0.001 9,895,000 On 31 March 2016, the Company completed a private placement of 15,000 1.00 15,000 On 30 September 2015, the Company completed a private placement of 15,000 1.00 15,000 On 5 June 2015, the Company completed a private placement of 10,000 1.00 10,000 On 13 December 2014, the Company completed a private placement of 10,000 1.00 10,000 On 25 August 2014, the Company completed a private placement of 25,000 1.00 25,000 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions During the nine month period ended 31 March 2016, an officer and director of the Company made contributions to capital for management fees in the amount of $ 45,000 (31 March 2015 $ 45,000 ) and for rent in the amount of $ 2,700 (31 March 2015 $ 2,700 ) (Note 6). |
Supplemental Disclosures with R
Supplemental Disclosures with Respect to Cash Flows | 9 Months Ended |
Mar. 31, 2016 | |
Supplemental Disclosures with Respect to Cash Flows [Abstract] | |
Supplemental Disclosures with Respect to Cash Flows | 6. Supplemental Disclosures with Respect to Cash Flows For the For the nine month nine month period ended period ended 31 March 31 March 2016 2015 $ $ Cash paid during the period for interest - - Cash paid during the period for income taxes - - During the nine month period ended 31 March 2016, an officer and director of the Company made contributions to capital for management fees in the amount of $45,000 (31 March 2015 $ 45,000 ) and for rent in the amount of $2,700 (31 March 2015 $ 2,700 ) (Note 5). |
Income taxes
Income taxes | 9 Months Ended |
Mar. 31, 2016 | |
Income taxes [Abstract] | |
Income taxes | 7. Income taxes Subsequent to March 31, 2016, the Company received an assessment for penalties from the Internal Revenue Service regarding failure to file certain supplementary forms for the tax years 2007 to 2011. The Company intends to defend its position and expects the penalties to be ultimately reversed on appeal. |
Significant Accounting Policies
Significant Accounting Policies (Policy) | 9 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncement | Recent Accounting Pronouncement In May 2015, Accounting Standards Update (ASU) guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after 15 December 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on its Consolidated Financial Statements. |
Supplemental Disclosures with16
Supplemental Disclosures with Respect to Cash Flows (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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 March 31 March 2016 2015 $ $ Cash paid during the period for interest - - Cash paid during the period for income taxes - - |
Nature and Continuance of Ope17
Nature and Continuance of Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Nature and Continuance of Operations [Abstract] | |||||
Net loss | $ (68,645) | $ (22,869) | $ (27,888) | $ (124,269) | $ (93,229) |
Working capital (deficit) | $ (54,942) | $ (8,373) | $ (54,942) |
Mineral Property (Details)
Mineral Property (Details) - Super Mammoth Gravel Project [Member] | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2008USD ($)ha | |
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 | ha | 248.2 | ||
Each size of area of land | ha | 124.1 | ||
Expenditures related to the project |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 05, 2015 | Dec. 13, 2014 | Aug. 25, 2014 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Capital Stock [Abstract] | ||||||||
Capital stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | |||||
Capital stock, par value per share | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Capital stock, shares issued | 9,925,000 | 9,895,000 | 9,925,000 | |||||
Capital stock, shares outstanding | 9,925,000 | 9,895,000 | 9,925,000 | |||||
Common shares issued for cash, price per share | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Common shares issued for cash ($1.00 per share) (Note 4) | $ 15,000 | $ 15,000 | $ 10,000 | $ 10,000 | $ 25,000 | $ 10,000 | $ 30,000 | $ 35,000 |
Common shares issued for cash ($1.00 per share) (Note 4), shares | 15,000 | 15,000 | 10,000 | 10,000 | 25,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
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 with21
Supplemental Disclosures with Respect to Cash Flows (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
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 |