Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 30, 2015 | Jun. 09, 2015 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Apr-15 | |
Trading Symbol | bsky | |
Entity Registrant Name | BLUE SKY PETROLEUM INC. | |
Entity Central Index Key | 1353633 | |
Current Fiscal Year End Date | -30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 95,306,667 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
CURRENT ASSETS | ||
Cash | $107,360 | $1,083 |
TOTAL CURRENT ASSETS | 107,360 | 1,083 |
TOTAL ASSETS | 107,360 | 1,083 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 10,335 | 19,532 |
Due to related parties | 232,070 | 107,201 |
TOTAL LIABILITIES | 242,405 | 126,733 |
STOCKHOLDERS' DEFICIT | ||
Capital stock Authorized 225,000,000 common shares, $0.001 par value, Issued and outstanding 102,506,667 common shares (January 31, 2015 - 102,506,667) | 102,507 | 102,507 |
Additional paid-in-capital | 495,287 | 495,287 |
Accumulated deficit | -732,839 | -723,444 |
TOTAL STOCKHOLDERS' DEFICIT | -135,045 | -125,650 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $107,360 | $1,083 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Common Stock, Shares Authorized | 225,000,000 | 225,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 102,506,667 | 102,506,667 |
Common Stock, Shares, Outstanding | 102,506,667 | 102,506,667 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Operating expenses | ||
Management compensation | $0 | $7,500 |
Professional fees | 4,328 | 15,784 |
General and administrative | 5,067 | 1,429 |
Total operating expenses | 9,395 | 24,713 |
Net loss | ($9,395) | ($24,713) |
Basic and diluted loss per share | $0 | $0 |
Weighted average number of shares outstanding - basic and diluted | 102,506,667 | 102,506,667 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Operating Activities | ||
Net Loss | ($9,395) | ($24,713) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Expenses paid by Company shareholder | 5,032 | 0 |
Changes in working capital: | ||
Due to related party | 0 | 6,500 |
Accounts payable and accrued liabilities | -9,197 | 12,253 |
Net cash used in operating activities | -13,560 | -5,960 |
Financing Activities | ||
Proceeds from related party payable | 119,837 | 0 |
Net cash provided by financing activities | 119,837 | 0 |
Net Changes in Cash | 106,277 | -5,960 |
Cash at Beginning of Period | 1,083 | 8,178 |
Cash at End of Period | 107,360 | 2,218 |
Cash Paid For: | ||
Interest | 0 | 0 |
Income taxes | $0 | $0 |
NATURE_OF_BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Apr. 30, 2015 | |
NATURE OF BUSINESS [Text Block] | 1. NATURE OF BUSINESS |
The Company was incorporated in the State of Nevada on February 2, 2005. The Company was previously in the business of developing fuel cell products in China. During fiscal 2008, the Company suspended the development of their fuel cell products due to the inability to raise sufficient additional financing. Management is currently focusing on identifying, evaluating and negotiating new business opportunities. Effective July 31, 2012, the Company through a merger with a wholly-owned subsidiary changed its name from Intervia Inc. to Blue Sky Petroleum Inc. (the “Company”). | |
The Company has not generated any revenues from operations. The Company will obtain additional funding by borrowing funds from its director and officer, or by private placement of common stock. There can be no assurance that the Company will be successful in its efforts to raise additional financing or if financing is available, that it will be on terms that are acceptable to the Company. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Apr. 30, 2015 | |
GOING CONCERN [Text Block] | 2. GOING CONCERN |
The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
Management’s plan to support the Company in its operations and to maintain its business strategy is to raise funds through public offerings and to rely on officers and directors to perform essential functions with minimal compensation. If the Company does not raise all of the money it needs from public offerings, it will have to find alternative sources, such as a second public offering, a private placement of securities, or loans from its officers, directors or others. If the Company requires additional cash and is unable to raise it, it will either have to suspend operations until the cash is raised, or cease business entirely. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Apr. 30, 2015 | |
BASIS OF PRESENTATION [Text Block] | 3. BASIS OF PRESENTATION |
Unaudited Interim Financial Statements | |
The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the rules and regulations of the Securities and Exchange Commission. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended January 31, 2015 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10 K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended April 30, 2015 are not necessarily indicative of the results that may be expected for the year ending January 31, 2016. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Apr. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Text Block] | 4. RELATED PARTY TRANSACTIONS |
During the period April 30, 2015, the Company paid or accrued management salaries of $Nil (January 31, 2015 - $30,000) to a director and a former director of the Company. At April 30, 2015 $114,869 (January 31, 2015 - $107,201) is owed to the Company’s president for compensation, advances and expenses paid by the president. During the quarter, the president assigned $117,201 of his debt to another related party. Total related party debt at April 30, 2015 is $232,070. Advances during the quarter were $119,837 and expenses paid were $5,032. |
COMMON_STOCK
COMMON STOCK | 3 Months Ended |
Apr. 30, 2015 | |
COMMON STOCK [Text Block] | 5. COMMON STOCK |
On July 31, 2012, the Company effected a three (3) new for one (1) old forward stock split of authorized and issued and outstanding shares of common stock. The effect of the three-for-one stock split has been applied retroactively to reflect the change. | |
The Company is authorized to issue 225,000,000 shares of its $0.001 par value common stock. At April 30, 2015 and January 31, 2015, the Company had 102,506,667 shares issued and outstanding. | |
At April 30, 2015 and January 31, 2015 the Company had no issued or outstanding stock options or warrants. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | |||
Apr. 30, 2015 | ||||
INCOME TAXES [Text Block] | 6. INCOME TAXES | |||
The Company is subject to United States federal and state income taxes at an approximate rate of 34%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows: | ||||
2015 | 2014 | |||
Net loss before income taxes | ($9,395) | ($24,713) | ||
Statutory tax rate | 34% | 34% | ||
Income tax recovery | -3,194 | -8,402 | ||
Valuation allowance | 3,194 | 8,402 | ||
$- | $- | |||
The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards, regardless of their time of expiry. | ||||
The Company has not filed income tax returns since inception. Tax authorities prescribe penalties for failing to file certain tax returns and supplemental disclosures. Upon filing there could be penalties and interest assessed. Such penalties vary by jurisdiction and by assessing practices and authorities. As the Company has incurred losses since inception there would be no known or anticipated exposure to penalties for income tax liability. However, certain jurisdictions may assess penalties for failing to file returns and other disclosures and for failing to file other supplementary information associated with foreign ownership, activities, debt and equity positions. Management has considered the likelihood and significance of possible penalties associated with its current and intended filing positions and has determined, based on their assessment, that such penalties, if any, would not be expected to be material. Management’s assessment is subject to uncertainty. All tax years from inception are open to examination by the Internal Revenue Service. | ||||
No provision for income taxes has been provided in these financial statements due to the net loss for the periods ended April 30, 2015 and 2014. At April 30, 2015 the Company has net operating loss carryforwards, which expire commencing in 2026 The potential tax benefit of these losses may be limited due to certain change in ownership provisions under Section 382 of the Internal Revenue Code (“IRS”) and similar state provisions. | ||||
IRS Section 382 places a limitation (the “Section 382 Limitation”) on the amount of taxable income which can be offset by net operating loss carryforwards after a change in control (generally greater than a 50% change in ownership) of a loss corporation. Generally, after a control change, a loss corporation cannot deduct operating loss carryforwards in excess of the Section 382 Limitation. Due to these “change in ownership” provisions, utilization of the net operating loss and tax credit carryforwards may be subject to an annual limitation regarding their utilization against taxable income in future periods. The Company has not concluded its analysis of Section 382 through January 31, 2015, but believes that the provisions will not limit the availability of losses to offset future income. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Apr. 30, 2015 | |
SUBSEQUENT EVENTS [Text Block] | 7. SUBSEQUENT EVENTS |
On May 12, 2015, the Company received and accepted the resignation of Michael Johnson as our president, secretary, chief executive officer, chief financial officer, treasurer and director. | |
On May 12, 2015, the Company appointed Karsanbhai Hirachan as our president, secretary, chief executive officer, chief financial officer, treasurer and director. | |
On June 4, 2015, the Company received and accepted the resignation of Karsanbhai Hirachan as our president, secretary, chief executive officer, chief financial officer, treasurer and director. | |
On June 4, 2015, the Company appointed Alvin Lee Jin Han as our president, secretary, chief executive officer, chief financial officer, treasurer and director. | |
Of the total related party debt at April 30, 2015 of $232,070, subsequent to the end of the period, a substantial portion of such debt has been retired with the exception of the assigned debt in the amount of $117,201 (Note 4) which remains outstanding and due and owing. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 3 Months Ended | |||
Apr. 30, 2015 | ||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 | 2014 | ||
Net loss before income taxes | ($9,395) | ($24,713) | ||
Statutory tax rate | 34% | 34% | ||
Income tax recovery | -3,194 | -8,402 | ||
Valuation allowance | 3,194 | 8,402 | ||
$- | $- |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 3 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions 1 | $0 |
Related Party Transactions 2 | 30,000 |
Related Party Transactions 3 | 114,869 |
Related Party Transactions 4 | 107,201 |
Related Party Transactions 5 | 117,201 |
Related Party Transactions 6 | 232,070 |
Related Party Transactions 7 | 119,837 |
Related Party Transactions 8 | $5,032 |
COMMON_STOCK_Narrative_Details
COMMON STOCK (Narrative) (Details) (USD $) | 3 Months Ended |
Apr. 30, 2015 | |
Common Stock 1 | 225,000,000 |
Common Stock 2 | $0.00 |
Common Stock 3 | 102,506,667 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) | 3 Months Ended |
Apr. 30, 2015 | |
Income Taxes 1 | 34.00% |
Income Taxes 2 | 50.00% |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Details) (USD $) | 3 Months Ended |
Apr. 30, 2015 | |
Subsequent Events 1 | $232,070 |
Subsequent Events 2 | $117,201 |
Schedule_of_Components_of_Inco
Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended |
Apr. 30, 2015 | |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | $9,395 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | 24,713 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | 34.00% |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | 34.00% |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | 3,194 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | 8,402 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 7 | 3,194 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 8 | 8,402 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 9 | 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 10 | $0 |