FileWarden.com 10-Q 21 Oct 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Aug. 31, 2013
Document and Entity Information:
Entity Registrant Name	SUCCESS EXPLORATION & RESOURCES INC.
Document Type	10-Q
Document Period End Date	31-Aug-13
Amendment Flag	FALSE
Entity Central Index Key	1360752
Current Fiscal Year End Date	-26
Entity Common Stock, Shares Outstanding	4,521,000
Entity Public Float	$0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

Success_Exploration_Resources_

Success Exploration & Resources, Inc. - Consolidated Balance Sheets (USD $)	Aug. 31, 2013		31-May-13
Current Assets:
Cash			$8,711
Total Current Assets			8,711
TOTAL ASSETS			8,711
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable	2,500		2,529
Notes payable, related party	56,000		56,090
Accrued interest	280
Total current liabilities	58,780		58,619
Total Liabilities	58,780		58,619
Stockholders' Deficit
Preferred Stock		[1]		[1]
Common Stock	4,521	[2]	4,521	[2]
Additional paid-in capital	78,114		78,114
Deficit accumulated during the development stage	-141,415		-132,543
Total stockholders' deficit	-58,780		-49,908
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT			$8,711
[1]	5,000,000 shares authorized; $0.001 par value, no shares issued and outstanding at August 31, 2013 and May 31, 2013
[2]	70,000,000 shares authorized; $0.001 par value, 4,521,000 shares issued and outstanding at August 31, 2013 and May 31, 2013

Success_Exploration_Resources_1

Success Exploration & Resources, Inc. - Consolidated Condensed Statements of Operations (USD $)	3 Months Ended		93 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013
Income Statement
Revenues
Professional fees		9,000	103,870
General and administrative	8,592	1,696	38,591
TOTAL OPERATING EXPENSES	8,592	10,696	142,461
Net loss from operations	-8,592	-10,696	-142,461
Other income (expense):
Interest income			1,326
Interest expense	-280		-280
Total other income (expense)	-280		1,046
Net Loss	($8,872)	($10,696)	($141,415)
Per share data:
Basic loss per common share	$0	$0
Weighted average number of shares outstanding- basic	4,521,000	4,521,000

Success_Exploration_Resources_2

Success Exploration & Resources, Inc. - Consolidated Statements of Cash Flows (USD $)	3 Months Ended		93 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013
Statement of Cash Flows
Net Loss	($8,872)	($10,696)	($141,415)
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable	-29	2,000	2,500
Increase in accrued interest	280		280
Net cash used in operating activities	-8,621	-8,696	-138,635
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable		8,696	86,090
Payments on notes payable	-90		-30,090
Proceeds from sale of common stock			82,635
Net cash (used by) provided by financing activities	-90	8,698	138,725
NET CHANGE IN CASH	-8,711
CASH, BEGINNING OF PERIOD	8,711	38,711
CASH, END OF PERIOD	8,711	38,711	8,711
Supplemental cash flow disclosures
Cash paid for interest
Cash paid for income taxes

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Aug. 31, 2013
Notes
Note 1 - Basis of Presentation	NOTE 1 – BASIS OF PRESENTATION
	The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
	These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended May 31, 2013 and for the period from Inception (November 29, 2005) to May 31, 2013 and notes thereto included in the Company’s Form 10-K. The Company follows the same accounting policies in the preparation of interim reports.
	Results of operations for the interim period are not indicative of annual results.

Note_2_Summary_of_Significant_

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Aug. 31, 2013
Notes
Note 2 - Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Nature of operations
	The Company is currently seeking, and has accelerated its efforts, to evaluate and acquire operational businesses or business units in emerging markets on which to base the Company’s future business activities.  Management is actively seeking to acquire assets or shares of an entity actively engaged in business which generates revenues, in exchange for the Company’s securities.   The Company has not realized any revenues as of yet from its plan of operations.
	On July 30, 2013, the executive officers and directors of the Company entered into a Stock Purchase Agreement. Under the terms of the agreement, an entity acquired 2,751,000 shares of the Company’s common stock, representing approximately 61% of the Company’s outstanding common stock, from the executive officers and directors of the Company.  As a provision of this transaction and change of control, the executive officers and directors of the Company resigned and an individual was appointed an officer and director of the Company.
	Following the change of control, the Company remains a “shell company” as that term is defined in the Exchange Act and management is accelerating efforts to acquire a business or assets on which to base the Company’s future business activities.  Management is actively seeking to acquire assets or shares of an entity actively engaged in business which generates revenues, in exchange for the Company’s securities.
	Cash and cash equivalents
	For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. As of August 31, 2013 and May 31, 2013, there are no cash equivalents.
	Fair value of financial instruments
	Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2013 and May 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.
	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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.
	Recent pronouncements
	The Company has evaluated the recent accounting pronouncements and believes that none of them will have a material effect on the Company’s financial statements.
	Earnings per share
	The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

Note_3_Going_Concern

Note 3 - Going Concern	3 Months Ended
	Aug. 31, 2013
Notes
Note 3 - Going Concern	NOTE 3 – GOING CONCERN
	The Company’s financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has not commenced its planned principal operations and it has not generated significant revenues. As shown on the accompanying financial statements, the Company has incurred a net loss of $141,415 for the period from inception (November 29, 2005) to August 31, 2013. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
	The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its business opportunities.
	In order to obtain the necessary capital, the Company may seek equity and/or debt financing. If the financing does not provide sufficient capital, shareholders of the Company have agreed to provide sufficient funds as a loan over the next twelve-month period. However, there are no formal agreements obliging any shareholder, officer or director to provide such funds and there is no assurance that they will do so. The Company is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful. Without sufficient financing, it is unlikely for the Company to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

Note_4_Stockholders_Equity

Note 4 - Stockholders' Equity	3 Months Ended
	Aug. 31, 2013
Notes
Note 4 - Stockholders' Equity	NOTE 4 – STOCKHOLDERS’ EQUITY
	The Company is authorized to issue 5,000,000 preferred shares and 70,000,000 common shares each with a par value of $0.001 per share.
	On May 18, 2007, the Company affected a 6-for-1 forward stock split of its $0.001 par value common stock.
	All share and per share amounts have been retroactively restated to reflect the split discussed above.
	For the three months ended August 31, 2013 and 2012, there have been no other issuances of common stock.

Note_5_Warrants_and_Options

Note 5 - Warrants and Options	3 Months Ended
	Aug. 31, 2013
Notes
Note 5 - Warrants and Options	NOTE 5 – WARRANTS AND OPTIONS
	As of August 31, 2013, there were no warrants or options outstanding to acquire any additional shares of common stock.

Note_6_Related_Party_Transacti

Note 6 - Related Party Transactions	3 Months Ended
	Aug. 31, 2013
Notes
Note 6 - Related Party Transactions	NOTE 6 – RELATED PARTY TRANSACTIONS
	Office space and services were provided without charge by an officer and director of the Company through the change of control on July 30, 2013.  Such costs were immaterial to the financial statements and, accordingly, have not been reflected therein.  Subsequent to July 30, 2013, Secured Income Reserve, Inc., a related party, is providing office space to the Company for no consideration. Ilona A. Mandelbaum is the managing partner of HSC Holdings LLC, the majority shareholder of the issuer; Ms. Mandelbaum is also the majority shareholder of Secured Income Reserve, Inc. In the future, the Company expects to enter into a sublease or similar agreement with this affiliate upon financial terms and other conditions to be determined.
	Prior to June 1, 2013, Mr. Long, a former officer and director of the Company, had loaned the Company an aggregate amount of $56,090. This loan bore no interest and was due upon demand.  On July 30, 2013, in connection with the change of control of the Company, Mr. Long sold his debt to HSC Holdings LLC pursuant to a Debt Exchange Agreement with HSC Holdings LLC the Company's majority shareholder in which Mr. Long’s note was exchanged for a promissory note in the principal amount of $56,000 with HSC Holdings LLC.  The note is due December 31, 2013, bears interest at the rate of 6% per annum due on maturity and is unsecured.
	As of August 31, 2013 and May 31, 2013, the balance owed to a related party including accrued interest was  $56,280 and $56,090 respectively.

Note_7_Subsequent_Events

Note 7 - Subsequent Events	3 Months Ended
	Aug. 31, 2013
Notes
Note 7 - Subsequent Events	NOTE 7 – SUBSEQUENT EVENTS
	The Company is not aware of any subsequent matters requiring disclosure at this time, other than the matters discussed below.
	Appointment of certain officers and election of directors to the Company:
	On September 6, 2013, and as filed with the Secretary of State of Nevada on September 10, 2013, Matthew Sage, the sole Officer and Director of the “Company, and Ms. Ilona Mandelbaum as the Manager of the Company’s majority shareholder, HSC Holdings, LLC (the holder of 60.84% of the Company’s outstanding voting shares on any shareholder votes), approved the appointment of the following individuals to serve as executive Officers and Directors of the corporation:
	Name	Position with the Company
	Matthew H. Sage	President and Treasurer
	Ilona A. Mandelbaum	Secretary
	Raymond Talarico	Chief Financial Officer and Director
	Amendments to the Company’s Articles of Incorporation:
	On September 6, 2013 and effective with the Secretary of State of Nevada on September 10, 2013, Matthew Sage, the sole Officer and Director of the “Company, and Ms. Ilona Mandelbaum as the Manager of the Company’s majority shareholder, HSC Holdings, LLC (the holder of 60.84% of the Company’s outstanding voting shares on any shareholder votes), approved the filing of a Certificate of Amendment to the Company’s Articles of Incorporation, Article IV IV (the “Certificate”) to (a) to authorize 600,000,000 shares of $0.001 par value per share common stock (b) to re-authorize 5,000,000 shares of “blank check” preferred stock, $0.001 par value per share of Proffered Stock.  The Articles of Incorporation, Article IV shall be amended to read the following:
	“This corporation is authorized to issue two (2), classes of shares designated respectively “Common Stock” and “Preferred Stock.”  The number of shares of Common Stock which the corporation is authorized to issue is Six Hundred Million (600,000,000).  The number of shares of Preferred Stock which the corporation is authorized to issue is Five Million (5,000,000).
	The Preferred Stock may be issued from time to time in one (1), or more series.  The Board of Directors is authorized to fix the number of shares of any series of Preferred Stock and to determine the designation of any such series.  The Board of Directors is further authorized to determine or alter the rights, preferences, privileges and restrictions granted to or imposed upon  any wholly unissued series of Preferred Stock and, within the limits and restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting a series, to increase or decrease (but not below the number of shares of each series outstanding) the number of shares of any such series subsequent to the issuance of shares of that series.”

Note_2_Summary_of_Significant_1

Note 2 - Summary of Significant Accounting Policies: Nature of Operations (Policies)	3 Months Ended
	Aug. 31, 2013
Policies
Nature of Operations	Nature of operations
	The Company is currently seeking, and has accelerated its efforts, to evaluate and acquire operational businesses or business units in emerging markets on which to base the Company’s future business activities.  Management is actively seeking to acquire assets or shares of an entity actively engaged in business which generates revenues, in exchange for the Company’s securities.   The Company has not realized any revenues as of yet from its plan of operations.
	On July 30, 2013, the executive officers and directors of the Company entered into a Stock Purchase Agreement. Under the terms of the agreement, an entity acquired 2,751,000 shares of the Company’s common stock, representing approximately 61% of the Company’s outstanding common stock, from the executive officers and directors of the Company.  As a provision of this transaction and change of control, the executive officers and directors of the Company resigned and an individual was appointed an officer and director of the Company.
	Following the change of control, the Company remains a “shell company” as that term is defined in the Exchange Act and management is accelerating efforts to acquire a business or assets on which to base the Company’s future business activities.  Management is actively seeking to acquire assets or shares of an entity actively engaged in business which generates revenues, in exchange for the Company’s securities.

Note_2_Summary_of_Significant_2

Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	3 Months Ended
	Aug. 31, 2013
Policies
Cash and Cash Equivalents	Cash and cash equivalents
	For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. As of August 31, 2013 and May 31, 2013, there are no cash equivalents.

Note_2_Summary_of_Significant_3

Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	3 Months Ended
	Aug. 31, 2013
Policies
Fair Value of Financial Instruments	Fair value of financial instruments
	Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2013 and May 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

Note_2_Summary_of_Significant_4

Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)	3 Months Ended
	Aug. 31, 2013
Policies
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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.

Note_2_Summary_of_Significant_5

Note 2 - Summary of Significant Accounting Policies: Recent Pronouncements (Policies)	3 Months Ended
	Aug. 31, 2013
Policies
Recent Pronouncements	Recent pronouncements
	The Company has evaluated the recent accounting pronouncements and believes that none of them will have a material effect on the Company’s financial statements.

Note_2_Summary_of_Significant_6

Note 2 - Summary of Significant Accounting Policies: Earnings Per Share (Policies)	3 Months Ended
	Aug. 31, 2013
Policies
Earnings Per Share	Earnings per share
	The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

Note_4_Stockholders_Equity_Det

Note 4 - Stockholders' Equity (Details) (USD $)	Aug. 31, 2013
Details
Preferred Units, Authorized	5,000,000
Common Stock, Shares Authorized	70,000,000
Common Stock, Par or Stated Value Per Share	$0.00