Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Nov. 30, 2013 | Jan. 23, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'American Mining Corporation | ' |
Entity Central Index Key | '0001343009 | ' |
Document Type | 'S-1 | ' |
Document Period End Date | 30-Nov-13 | ' |
Amendment Flag | 'true | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 20,680,203 |
Amendment Description | 'This amendment is being filed to comply with regulations | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2012 |
Current assets | ' | ' | ' |
Cash | $31,353 | $72,755 | ' |
Total assets | 31,353 | 72,755 | ' |
Current liabilities | ' | ' | ' |
Accounts payable and accrued liabilities | 23,682 | 47,350 | 27,908 |
Due to a related party | 26,405 | 130,798 | 21,084 |
Total current liabilities | 50,087 | 178,148 | 48,992 |
Commitments and contingencies | ' | ' | ' |
Stockholders' Equity (Deficit) | ' | ' | ' |
Common stock, $0.0001 par value; 900,000,000 shares authorized; 20,680,203 (2010: 680,202) | 2,068 | 68 | 68 |
Additional paid-in capital | 460,285 | 362,285 | 362,285 |
(Deficit) accumulated during the exploration stage | -481,087 | -467,746 | -411,345 |
Total stockholders' equity (deficit) | -18,734 | -105,393 | -48,992 |
Total liabilities and stockholders' equity (deficit) | $31,353 | $72,755 | ' |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 |
Common stock, shares issued | 20,680,203 | 680,202 | 680,202 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning Balance, Amount at Sep. 14, 2004 | ' | ' | ' | ' |
Issuance of common stock for cash (shares) | 500,000 | ' | ' | ' |
Issuance of common stock for cash (amount) | $50 | $450 | ' | $500 |
Imputed interest from shareholder | ' | 21 | ' | 21 |
Net loss and comprehensive loss for the year | ' | ' | -1,800 | -1,800 |
Ending Balance, Amount at Aug. 31, 2005 | 50 | 471 | -1,800 | -1,279 |
Ending Balance, Shares at Aug. 31, 2005 | 500,000 | ' | ' | ' |
Share subscriptions received | ' | 165,000 | ' | 165,000 |
Imputed interest from shareholder | ' | 750 | ' | 750 |
Net loss and comprehensive loss for the year | ' | ' | -20,021 | -20,021 |
Ending Balance, Amount at Aug. 31, 2006 | 50 | 166,221 | -20,021 | 144,450 |
Beginning Balance, Shares at Aug. 31, 2006 | 500,000 | ' | ' | ' |
Issuance of common stock for cash (shares) | 180,198 | ' | ' | ' |
Issuance of common stock for cash (amount) | 18 | 360,377 | ' | 360,395 |
Share subscriptions received | ' | -165,000 | ' | -165,000 |
Imputed interest from shareholder | ' | 687 | ' | 687 |
Net loss and comprehensive loss for the year | ' | ' | -23,203 | -23,203 |
Ending Balance, Amount at Aug. 31, 2007 | 68 | 362,285 | -23,203 | 317,329 |
Ending Balance, Shares at Aug. 31, 2007 | 680,198 | ' | ' | ' |
Net loss and comprehensive loss for the year | ' | ' | -27,458 | -27,458 |
Ending Balance, Amount at Aug. 31, 2008 | 68 | 362,285 | -45,024 | 289,871 |
Ending Balance, Shares at Aug. 31, 2008 | 680,198 | ' | ' | ' |
Net loss and comprehensive loss for the year | ' | ' | -114,921 | -114,921 |
Ending Balance, Amount at Aug. 31, 2009 | 68 | 362,285 | -187,403 | 174,950 |
Beginning Balance, Shares at Aug. 31, 2009 | 680,198 | ' | ' | ' |
Issuance of common stock for cash (shares) | 4 | ' | ' | ' |
Issuance of common stock for cash (amount) | 0 | 0 | ' | 0 |
Net loss and comprehensive loss for the year | ' | ' | -114,980 | -114,980 |
Ending Balance, Amount at Aug. 31, 2010 | 68 | 362,285 | -302,383 | 59,970 |
Ending Balance, Shares at Aug. 31, 2010 | 680,202 | ' | ' | ' |
Net loss and comprehensive loss for the year | ' | ' | -107,310 | -107,310 |
Ending Balance, Amount at Aug. 31, 2011 | 68 | 362,285 | -409,693 | -47,340 |
Ending Balance, Shares at Aug. 31, 2011 | 680,202 | ' | ' | ' |
Net loss and comprehensive loss for the year | ' | ' | -1,652 | -1,652 |
Ending Balance, Amount at Aug. 31, 2012 | 68 | 362,285 | -411,345 | -48,992 |
Ending Balance, Shares at Aug. 31, 2012 | 680,202 | ' | ' | 680,202 |
Issuance of common stock for cash (shares) | 1 | ' | ' | ' |
Issuance of common stock for cash (amount) | 0 | 0 | ' | 0 |
Net loss and comprehensive loss for the year | ' | ' | -56,401 | -56,401 |
Ending Balance, Amount at Aug. 31, 2013 | $68 | $362,285 | ($467,746) | ($105,393) |
Ending Balance, Shares at Aug. 31, 2013 | 680,203 | ' | ' | 680,202 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | 110 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2013 | |
EXPENSES | ' | ' | ' | ' | ' |
Amortization | ' | ' | ' | ' | $2,153 |
Bad debt expense | ' | ' | ' | ' | 102,228 |
Business development | ' | ' | ' | ' | 105,227 |
Business acquisition costs | ' | ' | ' | -18,750 | ' |
Consulting fees | 6,000 | ' | ' | ' | 6,000 |
General and administrative expenses | 710 | 100 | 100 | 45 | 11,985 |
Interest expenses and bank charges | 72 | 37 | 179 | 13 | 2,100 |
Leases | ' | ' | ' | ' | 3,547 |
Professional fees | 7,441 | 15,000 | 57,832 | 19,849 | 176,101 |
Transfer agent | ' | ' | ' | 495 | 9,994 |
Write-off of oil & gas property (note 5) | ' | ' | ' | ' | 97,635 |
Operating (loss) | -14,223 | -15,137 | 58,111 | 1,652 | -516,970 |
Other income and expenses | ' | ' | ' | ' | ' |
Gain on debt settlement | ' | ' | ' | ' | -31,787 |
Foreign exchange (gain) loss | -883 | ' | -1,710 | ' | -4,096 |
Net (loss) and comprehensive (loss) for the period | ($13,340) | ($15,137) | ($56,401) | ($1,652) | ($481,087) |
Basic and diluted loss per share | $0 | ($0.02) | ($0.08) | $0 | ' |
Weighted average number of common shares outstanding | ' | ' | ' | ' | ' |
- basic and diluted | 2,878,004 | 680,202 | 680,203 | 680,202 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | 12 Months Ended | 110 Months Ended | |
Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2013 | |
Cash flows from (used in) operating activities | ' | ' | ' | ' |
Net Income (Loss) | ($13,340) | ($56,401) | ($1,652) | ($481,087) |
- amortization | ' | ' | ' | 2,153 |
- imputed interest | ' | ' | ' | 1,458 |
- foreign exchange loss | ' | ' | ' | 5,040 |
- write off of oil & gas property | ' | ' | ' | 97,635 |
- bad debt | ' | ' | ' | 94,960 |
Changes in operating assets and liabilities | ' | ' | ' | ' |
- increase (decrease) in due to a related party | -4,394 | 9,714 | 7,889 | 26,331 |
- increase (decrease) in contingent liabilities | ' | ' | -18,750 | ' |
- increase (decrease) in accounts payable and accrued liabilities | -23,668 | 19,442 | 12,513 | 23,682 |
Net cash used in operating activities | -41,402 | -27,245 | ' | -229,754 |
Cash flows from (used in) investing activities | ' | ' | ' | ' |
Acquisition of oil and gas interest | ' | ' | ' | -197,635 |
Purchase gas well option | ' | ' | ' | -2,153 |
Net cash used in investing activities | ' | ' | ' | -199,788 |
Cash flows from (used in) financing activities | ' | ' | ' | ' |
Proceeds from shareholder loans | -100,000 | 100,000 | ' | ' |
Proceeds from issuance of common stock | 100,000 | 0 | ' | 460,895 |
Net cash provided by financing activities | ' | 100,000 | ' | 460,895 |
Increase in cash | -41,402 | 72,755 | ' | 31,353 |
Cash and cash equivalents, beginning of period | 72,755 | ' | ' | ' |
Cash and cash equivalents, end of period | $31,353 | $72,755 | ' | $31,353 |
NOTE_1_NATURE_OF_OPERATIONS_AN
NOTE 1: NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | 3 Months Ended | 12 Months Ended |
Nov. 30, 2013 | Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
NOTE 1: NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | ' | ' |
NOTE 1: NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | NOTE 1: NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | |
American Mining Corporation (the "Company"), was incorporated in the State of Nevada, on September 15, 2004, under the name of Thrust Energy Corp. The Company was originally engaged in the exploration, exploitation, development and production of oil and gas projects within North America, but was unable to operate profitably. | American Mining Corporation (the "Company"), was incorporated in the State of Nevada, on September 15, 2004, under the name of Thrust Energy Corp. The Company was originally engaged in the exploration, exploitation, development and production of oil and gas projects within North America, but was unable to operate profitably. | |
In May 2011, the Company changed its name to American Mining Corporation, suspending its oil and gas operations and changing its business to toll milling and refining, mineral exploration and mine development. The Company's principal offices are in Reno, Nevada. | In May 2011, the Company changed its name to American Mining Corporation, suspending its oil and gas operations and changing its business to toll milling and refining, mineral exploration and mine development. The Company's principal offices are in Reno, Nevada. | |
These financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America with the on-going assumption that we will be able to realize our assets and discharge its liabilities in the normal course of business. As shown in the accompanying financial statements, we have incurred operating losses since inception and further losses are anticipated in the development of our business. As of August 31, 2013, we have limited financial resources and require additional financing to fund our operations. These factors raise substantial doubt about our ability to continue as a going concern. Our ability to achieve and maintain profitability and positive cash flow is dependent upon our ability to locate profitable mineral properties, generate revenue from our planned business operations, and control exploration cost. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should we be unable to continue as a going concern. Management plans to fund its future operation by obtaining additional financing and commencing commercial production. However, there is no assurance that we will be able to obtain additional financing from investors or private lenders. | These financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America with the on-going assumption that we will be able to realize our assets and discharge its liabilities in the normal course of business. As shown in the accompanying financial statements, we have incurred operating losses since inception and further losses are anticipated in the development of our business. As of August 31, 2013, we have limited financial resources and require additional financing to fund our operations. These factors raise substantial doubt about our ability to continue as a going concern. Our ability to achieve and maintain profitability and positive cash flow is dependent upon our ability to locate profitable mineral properties, generate revenue from our planned business operations, and control exploration cost. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should we be unable to continue as a going concern. Management plans to fund its future operation by obtaining additional financing and commencing commercial production. However, there is no assurance that we will be able to obtain additional financing from investors or private lenders. |
NOTE_2_SIGNIFICANT_ACCOUNTING_
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Nov. 30, 2013 | Aug. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' |
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES | ' | ' |
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SIGNIFICANT ACCOUNTING POLICIES | |
The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates that have been made using careful judgment. The financial statements have, in management’s opinion been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below: | The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates that have been made using careful judgment. The financial statements have, in management’s opinion been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below: | |
Accounting Method | Accounting Method | |
The Company’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. | The Company’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. | |
Cash and Cash Equivalents | Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. As at November 30, 2013 cash equivalents consisted of bank accounts held at financial institutions. | For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. As at August 31, 2013 cash equivalents consisted of bank accounts held at financial institutions. | |
Use of Estimates | Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. | |
Concentration of Credit Risk | Concentration of Credit Risk | |
The Company places its cash and cash equivalents with high credit quality financial institutions. There is no deposit insurance on the Company’s accounts. | The Company places its cash and cash equivalents with high credit quality financial institutions. There is no deposit insurance on the Company’s accounts. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |
ASC 820 “Fair Value Measurements and Disclosures” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | ASC 820 “Fair Value Measurements and Disclosures” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 - Quoted prices in active markets for identical assets or liabilities; | Level 1 - Quoted prices in active markets for identical assets or liabilities; | |
Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and | Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and | |
Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. | Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. | |
The Company's financial instruments include cash and cash equivalents, accounts payable and accrued liabilities and promissory notes. Fair values were assumed to approximate carrying value for these financial instruments, except where noted. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | The Company's financial instruments include cash and cash equivalents, accounts payable and accrued liabilities and promissory notes. Fair values were assumed to approximate carrying value for these financial instruments, except where noted. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | |
Mineral Property Payments and Exploration Costs | Mineral Property Payments and Exploration Costs | |
Mineral property acquisition costs are initially capitalized as tangible assets when purchased. The Company assesses the carrying costs for impairment when indicators of impairment exist. 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 proven and probable reserve. | Mineral property acquisition costs are initially capitalized as tangible assets when purchased. The Company assesses the carrying costs for impairment when indicators of impairment exist. 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 proven and probable reserve. | |
Mineral property exploration and development costs are expensed as incurred until the establishment of economically viable reserves. | Mineral property exploration and development costs are expensed as incurred until the establishment of economically viable reserves. | |
Comprehensive Income | Comprehensive Income | |
The Company adopted ASC 220, Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders' Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has no elements of “other comprehensive income” for the periods ended November 30, 2013 and August 31, 2013. | The Company adopted ASC 220, Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders' Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has no elements of “other comprehensive income” for the years ended August 31, 2013 and 2012. | |
Income Taxes | Income Taxes | |
The Company has adopted ASC 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. | The Company has adopted ASC 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. | |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share | |
In accordance with ASC 260, Earnings Per Share, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would be outstanding if the potential common shares had been issued and if the additional common shares were dilutive. | In accordance with ASC 260, Earnings Per Share, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would be outstanding if the potential common shares had been issued and if the additional common shares were dilutive. | |
Reclassification | Reclassification | |
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders’ equity as previously reported. | Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders’ equity as previously reported. | |
New Accounting Pronouncements | New Accounting Pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations. | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations. |
NOTE_3_PREFERRED_AND_COMMON_ST
NOTE 3: PREFERRED AND COMMON STOCK | 3 Months Ended | 12 Months Ended |
Nov. 30, 2013 | Aug. 31, 2013 | |
Equity [Abstract] | ' | ' |
NOTE 3: PREFERRED AND COMMON STOCK | ' | ' |
NOTE 3: PREFERRED AND COMMON STOCK | NOTE 3: PREFERRED AND COMMON STOCK | |
Common Stock | ||
Common Stock | The Company is authorized to issue up to 900,000,000 shares of common stock, par value $0.0001 per share. Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights. | |
The Company is authorized to issue up to 900,000,000 shares of common stock, par value $0.0001 per share. Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights. | As of August 31, 2013 and 2012, the Company had a total of 680,203 shares of common stock outstanding. | |
On November 20, 2013, the Company accepted a subscription from its controlling shareholder for 20,000,000 shares of its common stock at a price of $0.005 per share, in full and final consideration of $100,000 advanced to the Company on June 20, 2013. | Preferred Stock | |
As of November 30, 2013 and August 31, 2013, the Company had a total of 20,680,203 and 680,203 shares of common stock outstanding, respectively. | The Company is authorized to issue up to 100,000,000 shares of preferred stock, par value $0.0001 per share. No shares of preferred stock have been issued. | |
Preferred Stock | ||
Subsequent to the end of the quarter, on December 9, 2013 the Company filed with the State of Nevada and withdrew the 100,000,000 authorized shares of preferred stock, par value $0.0001 per share. No shares of preferred stock were issued. |
NOTE_4_RELATED_PARTY_TRANSACTI
NOTE 4: RELATED PARTY TRANSACTION | 3 Months Ended | 12 Months Ended |
Nov. 30, 2013 | Aug. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
NOTE 4: RELATED PARTY TRANSACTION | ' | ' |
NOTE 4: RELATED PARTY TRANSACTION | NOTE 4: RELATED PARTY TRANSACTION | |
On June 24, 2013, the Company accepted a subscription for 20,000,000 shares of its common stock at a purchase price of $0.005 per share for total cash consideration of $100,000 from Ophion Management Ltd., a Canadian corporation controlled by Thomas Mills, who is also the controlling shareholder of the Company. On June 28, 2013, the subscription was rescinded by mutual consent and a promissory note for the principal amount of $100,000 (the “Promissory Note”) was issued by the Company to Ophion Management Ltd. The Promissory Note was due on demand and accrued simple interest at the rate of 20% per year from June 20, 2013. The Promissory Note was assigned to Mr. Mills on October 7, 2013. | On June 24, 2013, the Company accepted a subscription for 20,000,000 shares of its common stock at a purchase price of $0.005 per share for total cash consideration of $100,000 from Ophion Management Ltd., a Canadian corporation controlled by Thomas Mills, who is also the controlling shareholder of the Company. On June 28, 2013, the subscription was rescinded by mutual consent and a promissory note for the principal amount of $100,000 (the “Promissory Note”) was issued by the Company to Ophion Management Ltd. The Promissory Note was due on demand and accrued simple interest at the rate of 20% per year from June 20, 2013. The Promissory Note was assigned to Mr. Mills on October 7, 2013. | |
On October 24, 2013, the Company entered into a debt restructuring agreement with Mr. Mills, whereby he agreed to surrender the Promissory Note for cancellation. In exchange for the Promissory Note, the Company agreed to issue a convertible promissory note with a fixed maturity date of December 31, 2013 (the “Convertible Note”). The Convertible Note, accrues simple interest at the rate of 20% per annum from June 20, 2013, and is convertible at any time by the holder of the Convertible Note into shares of the Company’s common stock at the rate of one share for each $0.005 of indebtedness secured by the Convertible Note. | On October 24, 2013, the Company entered into a debt restructuring agreement with Mr. Mills, whereby he agreed to surrender the Promissory Note for cancellation. In exchange for the Promissory Note, the Company agreed to issue a convertible promissory note with a fixed maturity date of December 31, 2013 (the “Convertible Note”). The Convertible Note, accrues simple interest at the rate of 20% per annum from June 20, 2013, and is convertible at any time by the holder of the Convertible Note into shares of the Company’s common stock at the rate of one share for each $0.005 of indebtedness secured by the Convertible Note. | |
On October 28, 2013, the Promissory Note was cancelled and the Convertible Note was issued. | On October 28, 2013, the Promissory Note was cancelled and the Convertible Note was issued. | |
On November 20, 2013, the Convertible Note was rescinded by agreement and a subscription by Mr. Mills for 20,000,000 shares of the Company’s common stock at $0.005 per share was accepted by the Company. | On November 20, 2013, the Convertible Note was rescinded by agreement and a subscription by Mr. Mills for 20,000,000 shares of the Company’s common stock at $0.005 per share was accepted by the Company. | |
On December 2, 2013, we acquired a two mineral exploration licenses from our controlling shareholder, who staked them on our behalf at a cost of $960 CAD. See “NOTE 4: SUBSEQUENT EVENTS” | See also Note 6: Subsequent Events. |
NOTE_5_INCOME_TAXES
NOTE 5: INCOME TAXES | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
NOTE 5: INCOME TAXES | ' | ||||
NOTE 5: INCOME TAXES | |||||
At August 31, 2013, the Company had deferred tax assets of approximately $163,700 principally arising from net operating loss carryforwards for income tax purposes. As our management cannot determine that it is more likely than not that we will realize the benefit of the deferred tax asset, a valuation allowance equal to the deferred tax asset has been established at August 31, 2013. A reconciliation of income taxes at statutory rates with the reported taxes is as follows: | |||||
31-Aug-13 | 31-Aug-12 | ||||
Net loss before income taxes | $ | 56,401 | $ | 1,652 | |
Income tax recovery at statutory rates of 35% | 19,740 | 578 | |||
Unrecognized benefits of non-capital losses | -19,740 | -578 | |||
Total income tax recovery | $ | - | $ | - | |
The significant components of the deferred tax asset at August 31, 2013 were as follows: | |||||
31-Aug-13 | 31-Aug-12 | ||||
Deferred tax assets: | |||||
Net operating loss carryforwards | $ | 163,700 | $ | 144,000 | |
Valuation allowance | -163,700 | -144,000 | |||
Net deferred tax asset | $ | - | $ | - | |
At August 31, 2013, we had net operating loss carryforwards of approximately $467,700, which expire in the year 2014 through 2033. The change in the valuation allowance from 2012 to 2013 was $19,700. |
NOTE_6_SUBSEQUENT_EVENTS
NOTE 6: SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Nov. 30, 2013 | Aug. 31, 2013 | |
Subsequent Events [Abstract] | ' | ' |
NOTE 6: SUBSEQUENT EVENTS | ' | ' |
NOTE 6: SUBSEQUENT EVENTS | NOTE 6: Subsequent Events | |
On December 2, 2013, we acquired a 100% interest in two non-contiguous mineral exploration licenses made up of 16 claims located along southeastern Labrador (the “Eagle Ridge Property”). Our claims are located approximately 49 kilometers southwest of the community of Cartwright in Labrador, Canada and have a total area of 400 hectares (988 acres). The mineral licenses underlying the Eagle River Property are registered with the Government of Newfoundland and Labrador and are presently in good standing. The claims were staked on our behalf by our controlling shareholder and then transferred to us. The cost of staking the claims was $960 CAD. | On October 24, 2013, the Company entered into a debt restructuring agreement with Thomas Mills, the Company’s controlling shareholder, whereby he agreed to surrender for cancellation a promissory note in the principal amount of $100,000 originally issued to Ophion Management Ltd., a company controlled by Mr. Mills. The promissory note was cancelled on October 28, 2013. | |
Under Newfoundland law, our mineral licenses may be held for one year after the date of Issuance Date, and thereafter from year to year if, on or before the anniversary date, we perform assessment work on the underlying claims having a minimum value of not less than C$200 per claim in the first year, C$250 per claim in the second year, and C$300 per claim in the third year. If we are unable to complete the assessment work required to be done in any twelve month period, we can maintain our claims in good standing by posting a cash security deposit for the amount of the deficiency. When the deficient work is completed and accepted the security deposit will be refunded. Otherwise, the security deposit will be forfeited. If we do not comply with these maintenance requirements, then we will forfeit our claims at the end of the anniversary date for each respective claim. All of our claims are presently in good standing, which means that they are free and clear of all work and/or monetary holding requirements. | In exchange for surrendering the promissory note, the Company agreed to issue to Mr. Mills a convertible note with a fixed maturity date of December 31, 2013. The convertible note, accrues simple interest at the rate of 20% per annum from June 20, 2013, and is convertible at any time by the holder into shares of the Company’s common stock at the rate of one share for each $0.005 of indebtedness secured by the convertible note. The convertible note was issued on October 28, 2013 and then rescinded by mutual agreement on November 20, 2013. | |
On November 20, 2013, the Company accepted a subscription from Mr. Mills for 20,000,000 shares of its common stock at a price of $0.005 per share, in full consideration of the $100,000 he advanced to the Company on June 20, 2013. |
NOTE_2_SIGNIFICANT_ACCOUNTING_1
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Nov. 30, 2013 | Aug. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Accounting Policies | ' | ' |
The Company’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. | The Company’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. | |
Cash and Cash Equivalents | ' | ' |
For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. As at November 30, 2013 cash equivalents consisted of bank accounts held at financial institutions. | For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. As at August 31, 2013 cash equivalents consisted of bank accounts held at financial institutions. | |
Use of Estimates | ' | ' |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. | |
Concentration of Credit Risk | ' | ' |
The Company places its cash and cash equivalents with high credit quality financial institutions. There is no deposit insurance on the Company’s accounts. | The Company places its cash and cash equivalents with high credit quality financial institutions. There is no deposit insurance on the Company’s accounts. | |
Fair Value of Financial Instruments | ' | ' |
ASC 820 “Fair Value Measurements and Disclosures” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | ASC 820 “Fair Value Measurements and Disclosures” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 - Quoted prices in active markets for identical assets or liabilities; | Level 1 - Quoted prices in active markets for identical assets or liabilities; | |
Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and | Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and | |
Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. | Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. | |
The Company's financial instruments include cash and cash equivalents, accounts payable and accrued liabilities and promissory notes. Fair values were assumed to approximate carrying value for these financial instruments, except where noted. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | The Company's financial instruments include cash and cash equivalents, accounts payable and accrued liabilities and promissory notes. Fair values were assumed to approximate carrying value for these financial instruments, except where noted. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | |
Mineral Property Payments and Exploration Costs | ' | ' |
Mineral property acquisition costs are initially capitalized as tangible assets when purchased. The Company assesses the carrying costs for impairment when indicators of impairment exist. 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 proven and probable reserve. | Mineral property acquisition costs are initially capitalized as tangible assets when purchased. The Company assesses the carrying costs for impairment when indicators of impairment exist. 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 proven and probable reserve. | |
Mineral property exploration and development costs are expensed as incurred until the establishment of economically viable reserves. | Mineral property exploration and development costs are expensed as incurred until the establishment of economically viable reserves. | |
Comprehensive Income | ' | ' |
The Company adopted ASC 220, Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders' Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has no elements of “other comprehensive income” for the periods ended November 30, 2013 and August 31, 2013. | The Company adopted ASC 220, Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders' Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has no elements of “other comprehensive income” for the years ended August 31, 2013 and 2012. | |
Income Taxes | ' | ' |
The Company has adopted ASC 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. | The Company has adopted ASC 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. | |
Basic and Diluted Loss Per Share | ' | ' |
In accordance with ASC 260, Earnings Per Share, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would be outstanding if the potential common shares had been issued and if the additional common shares were dilutive. | In accordance with ASC 260, Earnings Per Share, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would be outstanding if the potential common shares had been issued and if the additional common shares were dilutive. | |
Reclassification | ' | ' |
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders’ equity as previously reported. | Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders’ equity as previously reported. | |
New Accounting Pronouncements | ' | ' |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations. | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations. |
NOTE_3_PREFERRED_AND_COMMON_ST1
NOTE 3: PREFERRED AND COMMON STOCK (Details Narrative) (USD $) | 3 Months Ended | ||
Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | |
Notes to Financial Statements | ' | ' | ' |
Common Stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 |
Common stock, par value | $0.00 | $0.00 | $0.00 |
Sale of Common Stock | 20,000,000 | ' | ' |
Price per share | $0.01 | ' | ' |
Proceeds from sale of stock | $100,000 | ' | ' |
Common stock outstanding | 20,680,203 | 680,203 | ' |
NOTE_4_RELATED_PARTY_TRANSACTI1
NOTE 4: RELATED PARTY TRANSACTION (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 110 Months Ended | |||
Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2010 | Aug. 31, 2007 | Aug. 31, 2005 | Nov. 30, 2013 | |
Notes to Financial Statements | ' | ' | ' | ' | ' | ' |
Proceeds from shareholder loans | ($100,000) | $100,000 | ' | ' | ' | ' |
Issuance of common stock for cash (shares) | 20,000,000 | ' | ' | ' | ' | ' |
Issuance of common stock for cash (amount) | $100,000 | $0 | $0 | $360,395 | $500 | ' |
NOTE_5_SUBSEQUENT_EVENTS_Detai
NOTE 5: SUBSEQUENT EVENTS (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 110 Months Ended | |||
Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2010 | Aug. 31, 2007 | Aug. 31, 2005 | Nov. 30, 2013 | |
Notes to Financial Statements | ' | ' | ' | ' | ' | ' |
Mineral Property Acquisition Cost | $960 | ' | ' | ' | ' | ' |
Proceeds from shareholder loans | -100,000 | 100,000 | ' | ' | ' | ' |
Issuance of common stock for cash (shares) | 20,000,000 | ' | ' | ' | ' | ' |
Issuance of common stock for cash (amount) | $100,000 | $0 | $0 | $360,395 | $500 | ' |
NOTE_5_INCOME_TAXES_Reconcilia
NOTE 5: INCOME TAXES - Reconciliation of Income Taxes with Reported Taxes (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Notes to Financial Statements | ' | ' |
Net loss before income taxes | $56,401 | $1,652 |
Income tax recovery at statutory rates of 35% | 19,740 | 578 |
Unrecognized benefits of non-capital losses | -19,740 | -578 |
Total income tax recovery | ' | ' |
NOTE_5_INCOME_TAXES_Significan
NOTE 5: INCOME TAXES - Significant Components of the Deferred Tax Asset (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $163,700 | $144,000 |
Valuation allowance | -163,700 | -144,000 |
Net deferred tax asset | ' | ' |