Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Dynamic Gold Corp. | |
Entity Central Index Key | 1,304,730 | |
Trading Symbol | dygo | |
Current Fiscal Year End Date | --06-30 | |
Document Period End Date | Mar. 31, 2017 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,945,000 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
INTERIM CONSOLIDATED FINANCIAL
INTERIM CONSOLIDATED FINANCIAL STATEMENTS - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Current | ||
Cash | $ 1,110 | $ 2,649 |
Current | ||
Accounts payable and accrued liabilities (Note 5) | 29,691 | 15,600 |
Taxes payable (Note 7) | 50,000 | |
Total current liabilities | 29,691 | 65,600 |
Stockholders' deficiency | ||
Capital stock (Note 4) Authorized 75,000,000 common shares, $0.001 par value Issued and outstanding 31 March 2017 - 9,925,000 common shares 30 June 2016 - 9,925,000 common shares | 9,925 | 9,925 |
Additional paid-in capital | 1,066,275 | 1,018,575 |
Share subscriptions received in advance | 18,000 | |
Deficit, accumulated during the exploration stage | (1,122,781) | (1,091,451) |
Total shareholders' deficiency | (28,581) | (62,951) |
Total liabilities and shareholders' deficiency | $ 1,110 | $ 2,649 |
INTERIM CONSOLIDATED FINANCIAL3
INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Parenthetical) - $ / shares | Mar. 31, 2017 | Jun. 30, 2016 |
Statement of Financial Position [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 | 9,925,000 |
Capital stock, shares outstanding | 9,925,000 | 9,925,000 |
Interim Consolidated Statements
Interim Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Expenses | ||||
Bank charges and interest | $ 65 | $ 84 | $ 267 | $ 297 |
Consulting | 1,568 | |||
Filing and financing fees | 2,521 | 1,279 | 9,670 | 7,434 |
Legal and accounting | 5,427 | 1,786 | 9,172 | 10,197 |
Management fees (Note 5) | 15,000 | 15,000 | 45,000 | 45,000 |
Mineral property exploration expenditure (Note 3) | 1,867 | 3,741 | ||
Office and miscellaneous (recovery) | 1,308 | (404) | 780 | (427) |
Regulatory fees | 10,000 | 7,500 | ||
Rent (Note 5) | 900 | 900 | 2,700 | 2,700 |
Net loss before other items | (27,088) | (18,645) | (81,330) | (74,269) |
Other items | ||||
Income tax penalties (Note 7) | (50,000) | (50,000) | ||
Reversal of income tax penalties (Note 7) | 50,000 | |||
Net loss for the period | $ (27,088) | $ (68,645) | $ (31,330) | $ (124,269) |
Basic and diluted loss per common share | $ (0.003) | $ (0.007) | $ (0.003) | $ (0.013) |
Weighted average number of common shares outstanding | 9,925,000 | 9,910,000 | 9,925,000 | 9,904,982 |
Interim Consolidated Statement5
Interim Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (31,330) | $ (124,269) |
Adjustments to reconcile loss to net cash used by operating activities | ||
Reversal of income tax penalties (Note 7) | (50,000) | |
Contributions to capital by related party - expenses (Note 5) | 47,700 | 47,700 |
Changes in operating assets and liabilities | ||
Increase in accounts payable and accrued liabilities | 14,091 | 50,351 |
Net cash used in operating activities | (19,539) | (26,218) |
Cash flows from financing activities | ||
Issuance of common shares for cash | 30,000 | |
Share subscriptions received in advance | 18,000 | |
Net cash provided by financing activities | 18,000 | 30,000 |
Increase (decrease) in cash | (1,539) | 3,782 |
Cash, beginning | 2,649 | 372 |
Cash, ending | $ 1,110 | $ 4,154 |
Interim Consolidated Statement6
Interim Consolidated Statements of Changes in Stockholders' Equity (Deficiency) - USD ($) | Capital stock [Member] | Additional paid-in capital [Member] | Share subscriptions received in advance [Member] | Deficit accumulated during the exploration stage [Member] | Total |
Balance at Jun. 30, 2015 | $ 9,895 | $ 925,005 | $ (943,273) | $ (8,373) | |
Balance, shares at Jun. 30, 2015 | 9,895,000 | ||||
Contributions to capital by related party - expenses (Note 5) | 47,700 | 47,700 | |||
Common shares issued for cash ($1.00 per share) (Note 4) | $ 30 | 29,970 | 30,000 | ||
Common shares issued for cash ($1.00 per share) (Note 4), shares | 30,000 | ||||
Net loss | (124,269) | (124,269) | |||
Balance at Mar. 31, 2016 | $ 9,925 | 1,002,675 | (1,067,542) | (54,942) | |
Balance, shares at Mar. 31, 2016 | 9,925,000 | ||||
Contributions to capital by related party - expenses (Note 5) | 15,900 | 15,900 | |||
Net loss | (23,909) | (23,909) | |||
Balance at Jun. 30, 2016 | $ 9,925 | 1,018,575 | (1,091,451) | $ (62,951) | |
Balance, shares at Jun. 30, 2016 | 9,925,000 | 9,925,000 | |||
Contributions to capital by related party - expenses (Note 5) | 47,700 | $ 47,700 | |||
Share subscriptions received in cash (Note 4) | 18,000 | 18,000 | |||
Net loss | (31,330) | (31,330) | |||
Balance at Mar. 31, 2017 | $ 9,925 | $ 1,066,275 | $ 18,000 | $ (1,122,781) | $ (28,581) |
Balance, shares at Mar. 31, 2017 | 9,925,000 | 9,925,000 |
Interim Consolidated Statement7
Interim Consolidated Statements of Changes in Stockholders' Equity (Deficiency) (Parenthetical) - $ / shares | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 |
Statement of Stockholders' Equity [Abstract] | ||||
Common shares issued for cash, price per share | $ 1 | $ 1 | $ 1 | $ 1 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 9 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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 2016, 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 2016 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 2017, are not necessarily indicative of the results that may be expected for the year ending 30 June 2017. 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 2017 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 reported a net loss of $31,330 for the nine month period ended 31 March 2017 (31 March 2016 – $124,269) which includes a non-cash reversal of income tax penalties of $50,000, and has a working capital deficit of $28,581 at 31 March 2017 (30 June 2016 – $62,951). 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 2017. 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 2017, 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, 2017 | |
Recent Accounting Pronouncement | |
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, 2017 | |
Mineral Industries Disclosures [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 2017 (Northern Gravel Claims) and 19 January 2018 (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. During the nine month period ended 31 March 2017, the Company renewed its Northern Gravel Claims and Super Mammoth Gravel Claims for another year by paying $3,741 (CAD$4,965). |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | 4. 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 2017, the total issued and outstanding capital stock is 9,925,000 common shares with a par value of $0.001 per common share (30 June 2016 – 9,925,000). On 31 March 2016, 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 30 September 2015, 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. Share subscriptions received in advance At 31 March 2017, the Company received $18,000 related to common shares that were issued in April 2017 (Note 8). |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions During the nine month period ended 31 March 2017, an officer and director of the Company made contributions to capital for management fees in the amount of $45,000 (31 March 2016 – $45,000) and for rent in the amount of $2,700 (31 March 2016 – $2,700) (Note 6). Included in accounts payable and accrued liabilities as at 31 March 2017 is $3,741 (30 June 2016 - $Nil) due to an officer and director of the Company. |
Supplemental Disclosures with R
Supplemental Disclosures with Respect to Cash Flows | 9 Months Ended |
Mar. 31, 2017 | |
Supplemental Disclosures with Respect to Cash Flows (Note 6) | |
Supplemental Disclosures with Respect to Cash Flows | 6. Supplemental Disclosures with Respect to Cash Flows For the three months For the nine months ended ended 31 March 31 March 2017 2016 2017 2016 $ $ $ $ Cash paid during the period for interest - - - - Cash paid during the period for income taxes - - - - During the nine month period ended 31 March 2017, an officer and director of the Company made contributions to capital for management fees in the amount of $45,000 (31 March 2016 – $45,000) and for rent in the amount of $2,700 (31 March 2016 – $2,700) (Note 5). |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes During the year ended 30 June 2016, the Company received an assessment for penalties of $50,000 from the Internal Revenue Service regarding failure to file certain supplementary forms for the tax years 2007 to 2011. During the nine month period ended 31 March 2017, the penalties were reversed. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Event On 20 April 2017, the Company completed a private placement of 20,000 common shares at a price of $1.00 per share for total proceeds of $20,000. |
Supplemental Disclosures with16
Supplemental Disclosures with Respect to Cash Flows (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Supplemental Disclosures with Respect to Cash Flows (Note 6) | |
Schedule of Supplemental Cash Flow Information | For the three months For the nine months ended ended 31 March 31 March 2017 2016 2017 2016 $ $ $ $ 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, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net income (loss) | $ 27,088 | $ 23,909 | $ 68,645 | $ 31,330 | $ 124,269 |
Working capital deficit | $ 28,581 | $ 62,951 | 28,581 | ||
Reversal of income tax penalties | $ 50,000 |
Mineral Property (Details)
Mineral Property (Details) | Jan. 04, 2017USD ($) | Jan. 04, 2017CAD | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2008USD ($)ha |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||||||
Expenditures related to the project | $ 1,867 | $ 3,741 | |||||
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% | ||||||
Number of exploration properties acquired | 2 | ||||||
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 | $ 3,741 | ||||||
Mammoth Gravel Project [Member] | CAD [Member] | |||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | |||||||
Expenditures related to the project | CAD | CAD 4,965 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2017 | Jun. 30, 2016 |
Stockholders' Equity Note [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 | 9,925,000 | |||
Capital stock, shares outstanding | 9,925,000 | 9,925,000 | |||
Common shares issued for cash, shares | 15,000 | 15,000 | |||
Common shares issued for cash | $ 15,000 | $ 15,000 | $ 30,000 | ||
Common shares issued for cash, price per share | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Share subscriptions received in advance | $ 18,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | |||||
Management fees | $ 15,000 | $ 15,000 | $ 45,000 | $ 45,000 | |
Rent | 900 | $ 900 | 2,700 | $ 2,700 | |
Accounts payable and accrued liabilities | 29,691 | 29,691 | $ 15,600 | ||
Officer and director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable and accrued liabilities | $ 3,741 | $ 3,741 |
Supplemental Disclosures with21
Supplemental Disclosures with Respect to Cash Flows (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Disclosures with Respect to Cash Flows (Note 6) | ||||
Cash paid during the period for interest | ||||
Cash paid during the period for income taxes | ||||
Management fees | 15,000 | 15,000 | 45,000 | 45,000 |
Rent | $ 900 | $ 900 | $ 2,700 | $ 2,700 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Reversal of income tax penalties | $ 50,000 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 | Apr. 20, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | ||||||
Common shares issued for cash, shares | 15,000 | 15,000 | ||||
Common shares issued for cash | $ 15,000 | $ 15,000 | $ 30,000 | |||
Common shares issued for cash, price per share | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | |
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common shares issued for cash, shares | 20,000 | |||||
Common shares issued for cash | $ 20,000 | |||||
Common shares issued for cash, price per share | $ 1 |