Document And Entity Information
Document And Entity Information - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Jan. 19, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Panex Resources Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 1,115,636,507 | |
Entity Public Float | $ 0 | |
Amendment Flag | false | |
Entity Central Index Key | 1,345,756 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Nov. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Nov. 30, 2015 | Aug. 31, 2015 |
Current assets | ||
Investment | $ 462,760 | $ 113,653 |
Cash | 95,880 | 553,267 |
Total current assets | 558,640 | 666,920 |
Total assets | 558,640 | 666,920 |
Current liabilities | ||
Accounts payable and accrued expenses | 40,246 | 45,246 |
Accounts payable and accrued expenses related parties (Note 4(b)) | 15,000 | 30,000 |
Total liabilities (all current) | 55,246 | 75,246 |
Common stock | ||
Authorized: 2,000,000,000 common shares with par value of $0.001 each Issued and outstanding: 1,115,636,507 (August 31, 2015: 1,125,636,507) common shares | 1,115,636 | 1,125,636 |
Additional paid-in capital | 13,291,725 | 13,286,725 |
Donated capital | 77,627 | 77,627 |
Accumulated deficit during the exploration stage | (13,981,594) | (13,898,314) |
Stockholder' equity | 503,394 | 591,674 |
Total liabilities and stockholders' equity | $ 558,640 | $ 666,920 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Nov. 30, 2015 | Aug. 31, 2015 |
Common Stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common Stock, shares issued | 1,115,636,507 | 1,125,636,507 |
Common stock, shares outstanding | 1,115,636,507 | 1,125,636,507 |
Statements of Operations - Unau
Statements of Operations - Unaudited - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
Listing and filing fees | $ 909 | $ 3,538 |
Investor relation expenses | 16,944 | |
Professional fees | 26,298 | 38,412 |
Travel costs | 5,095 | |
General and administrative | 35,747 | 20,089 |
Foreign currency transaction gain | 184 | 5,184 |
Mineral property and exploration costs | 2,384 | |
63,138 | 91,646 | |
Other income (expense) | ||
Gain (Loss) on sale of investment | (3,060) | |
Investment revaluation | (20,144) | (507,921) |
(20,144) | (510,981) | |
Net Income (Loss) | $ (83,282) | $ (602,627) |
Earnings (Loss) Per Share – Basic and Diluted | ||
Weighted Average Shares Outstanding (in Shares) | 1,118,303,174 | 1,416,136,507 |
Statements of Cash Flows - Unau
Statements of Cash Flows - Unaudited - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
Cash Flows From Operating Activities | ||
(Net loss) income | $ 83,282 | $ 602,627 |
Adjustments to reconcile net (loss) Income to cash used in operating activities | ||
Foreign currency transaction gain | 184 | 5,184 |
Loss (Gain) on sale of investment | 3,060 | |
Investment revaluation | 20,144 | 507,921 |
Increase (decrease) in accounts payable and accrued liabilities | (4,999) | 1,841 |
Increase (decrease) in amounts due to related parties | (15,000) | (45,523) |
Net Cash Used in Operating Activities | (82,953) | (130,144) |
Cash Flows From Investing Activities | ||
Cash received from sale of investment | 208,159 | |
Cash used for purchase of investment | (369,250) | |
Net Cash (Used in) Provided by Investing Activities | (369,250) | 208,159 |
Cash Flows From Financing Activities | ||
Loan from related parties | (35,000) | |
Common shares repurchased for cash | (5,000) | |
Net Cash (Used in) Provided by Financing Activities | (5,000) | (35,000) |
Effect of Exchange Rates on Cash | (184) | (5,183) |
Increase in Cash | (457,387) | 37,832 |
Cash at Beginning of Period | 553,267 | 2,524 |
Cash at End of Period | $ 95,880 | $ 40,356 |
Statements of Stockholder's Equ
Statements of Stockholder's Equity and Comprehensive Income (Loss) - Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Donated Capital | Retained Earnings [Member] | Total |
Balances (in Shares) | 1,125,636,507 | ||||
Balances at Aug. 31, 2015 | $ 1,125,636 | $ 13,286,725 | $ 77,627 | $ (13,898,314) | $ 591,674 |
Net loss (income) | (83,282) | (83,282) | |||
Common stock repurchased for cash on September, 2015 at $0.001 per share | $ (10,000) | 5,000 | (5,000) | ||
Common stock repurchased for cash on September, 2015 at $0.001 per share (in Shares) | (10,000,000) | ||||
Balances at Nov. 30, 2015 | $ 1,115,636 | $ 13,291,725 | $ 77,627 | $ (13,981,594) | $ 503,394 |
Balances (in Shares) | 1,125,636,507 | 1,115,636,507 |
Organization, Nature of Busines
Organization, Nature of Business, Going Concern and Management's Plans | 3 Months Ended |
Nov. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Panex Resources Inc. ('Panex" or the "Company") was incorporated in the State of Nevada on May 28, 2004. The Company is considered to be an Exploration Stage Company. The Company's principal business is the acquisition and exploration of mineral resources. Going concern and management's plans: The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Since its inception on May 28, 2004, the Company has not generated revenue and has incurred net losses. The Company incurred a net loss of $83,282 for the three months ended November 30, 2015, and a deficit accumulated during the exploration stage of $13,981,594 for the period May 28, 2004 (inception) through November 30, 2015. Accordingly, it has not generated cash flow from operations and has primarily relied upon advances from shareholders and proceeds from equity financings to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company on July 15, 2015, through the wholly owned subsidiary corporation, Panex Resources WA Pty Ltd. (ACN 607 016 491), entered into an Asset Purchase Agreement with Lazaraus Resources Pty Ltd. The Company purchased Lazaraus Resources' assets, rights and interests to the Exploration License E80/4675 located approximately 85km SW of Halls Creek in the Kimberley Mineral Field of Western Australia and all data reports and technical information related to E80/4675 including copies of all regulatory reporting; metadata files and databases. The purchase price was AUD$3,000.00. As described in Note 2c the Company also has investments in two mining companies. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts or classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Nov. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. a. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (US GAAP). The Company's fiscal year-end is August 31. b. The preparation of financial statements in conformity with US GAAP 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 during the reporting period. Actual results could differ from those estimates. c. Earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the reporting period including common stock issued effective the date committed. Common stock issuable is considered outstanding as of the original approval date for the purposes of earnings per share computations. Diluted earnings (loss) per common share is computed by dividing net earnings (loss) by the sum of (a) the basic weighted average number of shares of common stock outstanding during the period and (b) additional shares that would have been issued and potentially dilutive securities. During the reporting periods the diluted earnings (loss) per share was equivalent to the basic earnings (loss) per share because all potentially dilutive securities were anti-dilutive due to the net losses incurred. Potentially dilutive securities consist of stock options outstanding at the end of the reporting period. d. Cash includes deposits in banks, which are unrestricted as to withdrawal or use. e. The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses are recognized in earnings. At November 30, 2015 investments consist of 20,000,000 shares (August 31, 2015, nil shares) of Burey Gold Ltd., an Australian listed entity, which were acquired in October 2015 (note 7) and are accounted for as trading securities. At November 30, 2015, investments consist of 1,000,000 shares in NSS Resources Inc, a Canadian listed entity which were acquired in May 2015 and are accounted for as trading securities. Unrealized gains (losses) for the three months ended November 30, 2015 were approximately $(20,000) (November 30, 2015 a loss of approximately $507,921). f. The Company has been in the exploration stage since its formation on May 28, 2004 and has not realized any revenues from its planned operations. It has been primarily engaged in the acquisition and exploration of mining properties. Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. g. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value. Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable. The Company's investments are classified as Level 1 and there are no Level 2 or 3 assets or liabilities. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company's market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. Financial instruments, which include cash, accounts payable, and loans and borrowings, were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The fair value of amounts due to related parties are not practical to estimate, due to the related party nature of the underlying transactions. The financial risk to the Company's operations arises from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. h. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, as well as net operating losses. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets or liabilities of a change in tax rates is recognized in the period in which the tax change occurs. A valuation allowance is provided to reduce the deferred tax assets to a level, that more likely than not, will be realized. Management does not believe that the Company has any unrecognized tax positions. The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. i. The Company accounts for share-based payments under the fair value method of accounting for stock-based compensation consistent with US GAAP. Under the fair value method, stock-based compensation cost is measured at the grant date based on the fair value of the award using the Black-Sholes option pricing model and is recognized to expense on a straight-line basis over the requisite service period, which is generally the vesting period. Where upon grant the options vest immediately the stock-based costs are expensed immediately. During the current period, there are no options outstanding. j. The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated into the United States dollar using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. k. The Company's financial instruments that are exposed to concentration of credit risk consist of cash. The Company's cash is in demand deposit accounts placed with federally insured financial institutions in Canada. l. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments which include only normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. m. In May 2014, FASB issued ASU No. 2014-09 "Revenue from Contracts from Customers," which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)," and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to the exchange for those goods or services. In July 2015, the FASB delayed the effective date by one year. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. The Company is currently evaluating the new standard and assessing the potential impact on its operations and financial statements. In August 2014, FASB issued ASU No. 2014-15 "Presentation of Financial Statements— Going Concern (Subtopic 205-40)": Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The amendments in ASU 2014-15 provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The new requirements are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. The Company is currently evaluating the new standard and assessing the potential impact on its financial statement disclosures. In April 2015, FASB issued ASU No. 2015-03 "Update No. 2015-03—Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs". To simplify presentation of debt issuance costs, the amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in ASU 2015-03 is permitted for financial statements that have not been previously issued. The Company is currently evaluating the new standard and assessing the potential impact on its financial statements and operations. In September 2015, FASB issued ASU No.2015-16 "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments". The amendments in ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted for financial statements that have not been issued. The Company assessed that there is no impact to the financial statements on this update. Management has evaluated any recently issued accounting pronouncements to determine their applicability and does not believe that any of these pronouncements will have a significant impact on the Company's financial statements. |
Stock Options
Stock Options | 3 Months Ended |
Nov. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | 3. In August 2012, the Company's Board of Directors approved the issuance of stock options as an incentive to obtain services of key employees, directors and consultants of the Company. For the periods presented there were no stock options outstanding. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Nov. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 4. a. During May 2015 a consulting agreement was entered into with Mark Gasson and Ross Doyle for up to USD $15,000 and USD $10,000 per month respectively. Amounts will be charged on a need basis and it is not expected the full amount will be incurred. At end of the period there was an accrued liability of $15,000 payable to management. b. In July 2014, Coresco loaned the Company $44,000, with no specified interest or due date. The parties may agree to settle the borrowing through repayment or issuance of equity. In August 2014, the Company repaid $9,000 of the loan. In September and October 2014 a further $15,000 and $1,400 respectively was loaned to the Company. The full loan was repaid in October 2014. c. The Company incurred nil in total for management, exploration and contractor expenses during the quarter ended November 30, 2015 (November 30, 2014: $36,819). This amount is a combination of exploration contracting services, the CEO, Non-Executive Director, Company Secretarial and CFO of the Company. Total management fees for Coresco are determined in relation to the level of services required and comprise office rental, infrastructure, investor meeting rooms, company secretarial services, CEO, CFO, Technical Services and Non Executive Director fees. As of November 30, 2015, the Company has an The contract with Coresco was terminated in May 2015. |
Loans and Borrowings
Loans and Borrowings | 3 Months Ended |
Nov. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 5. During July 2014, Coresco loaned the Company $44,000, with no specified interest or due date. The parties may agree to settle the borrowing through repayment or issuance of equity. In August 2014, the Company repaid $9,000 of the loan and $35,000 is outstanding at August 31, 2014. During the quarter ended 30 November 2014 the balance of $35,000 was repaid in full. |
Material Contingencies and Comm
Material Contingencies and Commitments | 3 Months Ended |
Nov. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 6. Panex has no material contingencies or long-term commitments. While Panex has raised capital to meet its working capital and financing needs in the past, additional financing is required in order to fully complete its plan of operation. Panex is seeking financing in the form of equity. There are no assurances Panex will be completely successful in raising the funds required. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Nov. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Common Stock On November 5, 2014 the Company filed a Form S-1 registration statement with the Securities and Exchange Commission permitting Panex to offer up to 500,000,000 shares of common stock at $0.001 per share. The offering was being conducted on a best effort basis and there will be no underwriter involved in the public offering. The Company is currently in communication with the Securities and Exchange Commission regarding the Form S-1 and the registration has not yet been declared effective. During August 2015, the Company entered into some share repurchase agreements for a total of 318,000,000 shares for USD$189,905. The Company repurchased a further ten million shares in October 2015. During June 2015, the Company entered into debt settlement agreements with creditors in consideration for the issuance of the Company's common stock, par value $0.001, at a per share price of $0.001 per share. As a result, the Company extinguished certain liabilities with creditors via debt settlement agreements for a total of $55,000, for a total of 27,500,000 shares at a price of $0.001 per share. |
8.Subsequent events
8.Subsequent events | 3 Months Ended |
Nov. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 8. Other than as disclosed in the financial statements there are no subsequent events to report at lodgement date. |
Organization, Nature of Busin15
Organization, Nature of Business, Going Concern and Management's Plans (Details) - USD ($) | 3 Months Ended | |||
Nov. 30, 2015 | Nov. 30, 2014 | Aug. 31, 2015 | Jul. 15, 2015 | |
Disclosure Text Block [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ (83,282) | $ (602,627) | ||
Retained Earnings (Accumulated Deficit) | $ (13,981,594) | $ (13,898,314) | ||
Contractual Obligation | $ 3,000 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | ||
Nov. 30, 2015 | Nov. 29, 2015 | Nov. 30, 2014 | |
Accounting Policies [Abstract] | |||
Investment Owned, Balance, Shares | 20,000,000 | 1,000,000 | |
Unrealized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments | $ (20,144) | $ 507,921 | $ (507,921) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | ||||
Nov. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | |
Related Party Transactions [Abstract] | |||||
Due to Officers or Stockholders | $ 44,000 | ||||
Increase (Decrease) in Due to Related Parties | $ 1,400 | $ 15,000 | $ 9,000 | ||
Management Fee Expense | $ 36,819 |
Loans and Borrowings (Details)
Loans and Borrowings (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2014 | |
Debt Disclosure [Abstract] | |||||||
$ 77,627 | $ 77,627 | $ 44,000 | |||||
Increase (Decrease) in Due to Related Parties | $ 1,400 | $ 15,000 | $ 9,000 | ||||
Due to Related Parties | $ 35,000 | ||||||
Increase (Decrease) in Due from Related Parties | $ 35,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2015 | Jun. 30, 2015 | Nov. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |||
Stock Repurchased During Period, Shares | 318,000,000 | ||
Stock Repurchased During Period, Value | $ 189,905 | $ (5,000) | |
Debt Conversion, Converted Instrument, Amount | $ 55,000 | ||
Debt Conversion, Converted Instrument, Shares Issued | 27,500,000 | ||
Share Price | $ 0.001 |