Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Nov. 11, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Gold Dynamics Corp. | ' |
Entity Central Index Key | '0001371534 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Jul-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--07-31 | ' |
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 Public Float | ' | $40,000,000 |
Entity Common Stock, Shares Outstanding | ' | 103,250,000 |
Document Fiscal Period Focus | 'Q4 | ' |
Document Fiscal Year Focus | '2012 | ' |
Balance_Sheets
Balance Sheets (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Current Assets | ' | ' |
Cash and Cash Equivalents | ' | ' |
TOTAL CURRENT ASSETS | ' | ' |
TOTAL ASSETS | ' | ' |
Current Liabilities | ' | ' |
Loan Payable | 58,278 | ' |
Accounts Payable and Accrued Liabilities | 8,348 | 41,038 |
Shareholder Loan | 15,937 | 15,937 |
TOTAL CURRENT LIABILITIES | 82,563 | 56,975 |
Stockholders' Deficit | ' | ' |
Preferred Stock, $0.001 par value, 50,000,000 authorized, none issued and outstanding | ' | ' |
Common stock, Authorized : 50,000,000, common shares at $0.001 par value, 103,250,000 issued and outstanding as at July 31, 2011 and July 31, 2010 | 103,250 | 103,250 |
Additional paid in capital | -23,581 | -24,187 |
(Deficit) accumulated during the development stage | -162,232 | -136,038 |
TOTAL STOCKHOLDERS' DEFICIT | -82,563 | -56,975 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | ' |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock Par Value | $0.00 | $0.00 |
Preferred Stock Authorized | 50,000,000 | 50,000,000 |
Preferred Stock Issued and Outstanding | $0 | $0 |
Common Stock Par Value | $0.00 | $0.00 |
Common Stock Authorized | 50,000,000 | 50,000,000 |
Common Stock Issued and Outstanding | 103,250,000 | 103,250,000 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | 87 Months Ended | ||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
General and Administration Expenses | ' | ' | ' | ' | ' |
Professional Fees | $4,368 | $7,068 | $12,093 | $17,013 | $103,760 |
Consultation Fees | ' | 4,500 | 4,500 | 7,500 | 27,000 |
Management Fees | ' | ' | ' | ' | 1,355 |
Filing Fee | ' | ' | ' | 2,045 | 9,083 |
Mineral Property Exploration | ' | ' | 7,500 | ' | 14,700 |
Advertising and Promotion | 722 | ' | 1,495 | ' | 1,495 |
Bank charges and interest | ' | ' | 606 | 606 | 4,839 |
Operating Loss | 5,090 | 11,568 | 26,194 | 27,164 | 162,232 |
Net (loss) for the period | ($5,090) | ($11,568) | ($26,194) | ($27,164) | ($162,232) |
Net (loss) per share | ' | ' | ' | ' | ' |
Basic and diluted | $0 | $0 | $0 | $0 | $0 |
Weighted Average Number of Common | ' | ' | ' | ' | ' |
Shares Outstanding - Basic and Diluted | 103,250,000 | 103,250,000 | 103,250,000 | 103,250,000 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 87 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Cash flow from Operating Activities | ' | ' | ' |
Net loss | $26,194 | $27,164 | $162,232 |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Imputed interest | 606 | 606 | 4,637 |
Accounts Payable and acrrued liabilities | -32,690 | 26,558 | 61,989 |
Net cash used for operating activities | -58,278 | ' | -95,606 |
Financing Activities | ' | ' | ' |
Additional Paid in Capital | ' | ' | -23,581 |
Proceeds from shareholder loan | ' | ' | 15,937 |
Proceeds from Line of Credit | 58,278 | ' | ' |
Proceeds from sale of common stock | ' | ' | 103,250 |
Net cash provided by financing activities | 58,278 | ' | 95,606 |
Net change in cash | 0 | ' | -58,278 |
Cash, Beginning of Period | ' | ' | ' |
Cash, End of Period | $0 | ' | $0 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning Balance, Amount at Apr. 16, 2006 | $37,500 | $0 | $0 | $5,000 |
Beginning Balance, Shares at Apr. 16, 2006 | 37,500,000 | ' | ' | ' |
Net Loss | 0 | 0 | -2,825 | -2,825 |
Ending Balance, Amount at Jul. 31, 2006 | 37,500 | 0 | -2,825 | 2,175 |
Ending Balance, Shares at Jul. 31, 2006 | 37,500,000 | ' | ' | ' |
Net Loss | 0 | 0 | -27,777 | -27,777 |
Ending Balance, Amount at Jul. 31, 2007 | 53,250 | 0 | -27,777 | -4,052 |
Ending Balance, Shares at Jul. 31, 2007 | 53,250,000 | ' | ' | ' |
Net Loss | 0 | 0 | -17,973 | -17,973 |
Ending Balance, Amount at Jul. 31, 2008 | 53,250 | 0 | -17,973 | -21,841 |
Ending Balance, Shares at Jul. 31, 2008 | 53,250,000 | ' | ' | ' |
Net Loss | 0 | 0 | -7,682 | -7,682 |
Ending Balance, Amount at Jul. 31, 2009 | 53,250 | 0 | -7,682 | -28,866 |
Ending Balance, Shares at Jul. 31, 2009 | 53,250,000 | ' | ' | ' |
Net Loss | 0 | 0 | -47,509 | -47,509 |
Ending Balance, Amount at Jul. 31, 2010 | 103,250 | 0 | -47,509 | -25,567 |
Ending Balance, Shares at Jul. 31, 2010 | 103,250,000 | ' | ' | ' |
Net Loss | 0 | 0 | -5,658 | -5,658 |
Ending Balance, Amount at Jul. 31, 2011 | 103,250 | 0 | -5,658 | -30,417 |
Ending Balance, Shares at Jul. 31, 2011 | 103,250,000 | ' | ' | ' |
Net Loss | 0 | 0 | -26,962 | -27,164 |
Ending Balance, Amount at Jul. 31, 2012 | 103,250 | 0 | -26,962 | -56,975 |
Ending Balance, Shares at Jul. 31, 2012 | 103,250,000 | ' | ' | ' |
Net Loss | 0 | 0 | -26,194 | -26,194 |
Ending Balance, Amount at Jul. 31, 2013 | $103,250 | $0 | ($26,194) | ($82,563) |
Ending Balance, Shares at Jul. 31, 2013 | 103,250,000 | ' | ' | ' |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Jul. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations and Basis of Presentation | ' |
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
The Company was incorporated in the State of Nevada on April 17, 2006. The Company was initially formed to engage in the business of e-commerce in the United States of America. | |
During 2006, the Company entered the business of exploration of precious metals with a focus on the exploration and development of gold deposits in North America and Internationally. | |
The Company has a fiscal year of July 31. | |
Going concern | |
To date the Company has generated minimal revenues from its business operations and has incurred operating losses since inception of $162,232. The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since inception, the Company has accumulated losses aggregating to $ 162,232 and has insufficient working capital to meet operating needs for the next twelve months as of July 31, 2013, all of which raise substantial doubt about the Company’s ability to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying unaudited interim financial statements of Gold Dynamics formerly known as Vita Spirits Corp., formerly known as Revo Ventures Inc, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission. | |
The Company's primary operations began in April 2006. The Company intends to change its primary operations from an e-commerce focus to junior mining, specializing in exploration and production. As part of the change in operations, the Company has undergone a name change from Revo Ventures Inc. to Vita Spirits Corp. to Gold Dynamics Corp. to better reflect the Company's new focus. | |
Use of Estimates and Assumptions | |
The preparation of the 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 during the reporting period. Actual results could differ from those estimates. | |
Impairment of Long Lived Assets | |
Long-lived assets are reviewed for impairment in accordance with ASC Topic 360, "Accounting for the Impairment or Disposal of Long- lived Assets". Under ASC Topic 360, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized or the amount, if any, which the carrying value of the asset exceeds the fair value. | |
Asset Retirement Obligations | |
The Company has adopted the provisions of FASB ASC 410-20 “Asset Retirement and Environmental Obligations,” which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. The adoption of this standard has had no effect on the Company’s financial position or results of operations. As of July 31, 2013, any potential costs relating to the ultimate disposition of the Company’s mineral property interests are not yet determinable. | |
Income Taxes | |
The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. As at July 31, 2103, the Company had net operating loss carryforwards, however, due to the uncertainty of realization, the Company has provided a full valuation allowance for the deferred tax assets resulting from these loss carryforwards. Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with FASB ASC 740-10, “Income Taxes,” which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carry-forwards. 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 Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. | |
Cash and cash equivalents | |
Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | |
Net Income (Loss) per Share | |
The Company computes income (loss) per share in accordance with FASB ASC 260-10, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. | |
Foreign Currency Translation | |
The financial statements are presented in United States dollars. In accordance with FASB ASC 830-10, “Foreign Currency Matters,” foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenue and expenses are translated at average rates of exchange during the period. Related translation adjustments are reported as a separate component of stockholders’ equity, whereas gains or losses resulting from foreign currency transactions are included in results of operations. At July 31, 2013, the Company has not recorded any translation adjustments into stockholders’ equity. | |
Stock-based Compensation | |
On June 1, 2006, the Company adopted FASB ASC 718-10, “Compensation-Stock Compensation”, under this method, compensation cost recognized for the year ended July 31, 2013 includes: a) compensation cost for all share-based payments granted prior to, but not yet vested as of July 31, 2013, based on the grant-date fair value estimated in accordance with the original provisions of SFAS 123, and b) compensation cost for all share-based payments granted subsequent to July 31, 2013, based on the grant-date fair value estimated in accordance with the provisions of FASB ASC 718-10. In addition, deferred stock compensation related to non-vested options is required to be eliminated against additional paid-in capital upon adoption of FASB ASC 718-10. The results for the prior periods were not restated. | |
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-50 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. | |
Revenue Recognition | |
Revenue is recognized when it is realized or realizable and earned. Imogo considers revenue realized or realizable and earned when pervasive evidence of an arrangement exists, services have been provided, and collectability is reasonably assured. Revenue that is billed in advance such as recurring weekly or monthly services are initially deferred and recognized as revenue over the periods the services are provided. | |
Comprehensive Income | |
The Company adopted Statement of Financial Accounting Standards No. 130 (SFAS 130), Reporting 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" during the period ended July 31, 2012. | |
Advertising Expenses | |
The company expenses advertising costs as incurred. There was no advertising expense incurred by the company during the period ended July 31, 2013. | |
Fair Value of Financial Instruments | |
In accordance with the requirements of FASB ASC 820-10, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short-term maturity of the instruments. | |
Recently Issued Accounting Pronouncements | |
In June 2009 the FASB established the Accounting Standards Codification ("Codification'" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented. | |
Statement of Financial Accounting Standards ("SFAS'") SFAS No. 165 (ASC Topic 855), "Subsequent Events", SFAS No. 166 (ASC Topic 810), "Accounting for Transfers of Financial Assets-an Amendment of FASB Statement No. 140", SFAS No. 167 (ASC Topic 810), "Amendments to FASB Interpretation No. 46(R)", and SFAS No. 168 (ASC Topic 105), "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FASB Statement No. 162" were recently issued. SFAS No. 165, 166, 167, and 168 have no current applicability to the Company or their effect on the financial statements would not have been significant. | |
Accounting Standards Update ("ASU") ASU No. 2009-05 (ASC Topic 820), which amends Fair Value Measurements and Disclosures - Overall, ASU No. 2009-13 (ASC Topic 605), Multiple-Deliverable Revenue arrangements, ASU No. 2009-14 (ASC Topic 985), Certain Revenue Arrangements that include Software Elements, and various other ASU's No. 2009-2 through ASU No. 2009-15 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant. | |
The Company does not expect that adoption of these or other recently issued accounting pronouncements will have a material impact on its financial position, results of operations or cash flows. | |
Stockholders_Deficit
Stockholders' Deficit | 12 Months Ended |
Jul. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Stockholders' Deficit | ' |
NOTE 3 – STOCKHOLDERS’ DEFICIT | |
The Company’s capitalization is 750,000,000 common shares with a par value of $0.001 per share. | |
On July 14, 2006, the Company sold 5,000,000 common shares at $0.001 per share to the sole director of the Company for total proceeds of $5,000. | |
On May 6, 2007, the Company sold 2,100,000 common shares pursuant to a registration statement at $0.01 per share for total proceeds of $21,000. | |
On April 22, 2008, the Company approved a forward split a 15 for 2 forward stock split to our stockholders of record as of April 23, 2008. The Company increased the authorized shares from 50,000,000 to 750,000,000. The Company did not change the par value of the shares. All references to share value in these financial statements have been restated to reflect this split. Subsequent to the forward split, the Company had 53,250,000 common shares issued and outstanding. | |
On November 12, 2009, the Company sold 4,000.000 common shares at $ 0.0125 per share to an investor for the total proceeds of $50,000. | |
On December 15, 2009, we authorized the Forward Stock Split of our issued and outstanding Common Stock on a 2.6 for one (2.6:1) basis. As a result of the Forward Stock Split, the Company shall increase its issued and outstanding shares of the Common Stock to 103,250,000. |
Income_Taxes
Income Taxes | 12 Months Ended | ||
Jul. 31, 2013 | |||
Income Tax Disclosure [Abstract] | ' | ||
Income Taxes | ' | ||
NOTE 4 – INCOME TAXES | |||
As of July 31, 2013, the Company has an estimated net operating loss carryforward for tax purpose of $159,030. This amount may be applied against future federal taxable income and expires in 2028. | |||
As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax asset, a valuation allowance equal to the deferred tax asset has been established as at July 31, 2012 and for the year ended July 31, 2013. The significant components of the deferred tax asset as at July 31, 2012 and July 31, 2013 are as follows: | |||
2013 | 2012 | ||
Net Operating loss carryforwards | $55,661 | $47,613 | |
Valuation allowance | -55,661 | -47,613 | |
Net Deferred Tax asset | $ - | $ - | |
Shareholders_Loans
Shareholders' Loans | 12 Months Ended |
Jul. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Shareholders' Loans | ' |
NOTE 5– SHAREHOLDERS’ LOANS | |
An officer has loaned the Company $15,937, without a fixed term of repayment. Imputed interest in the amount of $606 has been included in additional paid in capital for the year ended July 31, 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 6 – SUBSEQUENT EVENTS | |
There have been no subsequent events since July 31, 2013 through the date of this filing. |
Loan_Payable
Loan Payable | 12 Months Ended |
Jul. 31, 2013 | |
Brokers and Dealers [Abstract] | ' |
Loan Payable | ' |
NOTE 7 - Loan Payable | |
The Company owes $58,278 to Fusion Business Group Inc. at July 31, 2013. The loan bears interest at 10% per annum, no monthly repayment and the loan is due in full on December 31, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited interim financial statements of Gold Dynamics formerly known as Vita Spirits Corp., formerly known as Revo Ventures Inc, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission. | |
The Company's primary operations began in April 2006. The Company intends to change its primary operations from an e-commerce focus to junior mining, specializing in exploration and production. As part of the change in operations, the Company has undergone a name change from Revo Ventures Inc. to Vita Spirits Corp. to Gold Dynamics Corp. to better reflect the Company's new focus. | |
Use of Estimates and Assumptions | ' |
Use of Estimates and Assumptions | |
The preparation of the 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 during the reporting period. Actual results could differ from those estimates. | |
Impairment of Long Lived Assets | ' |
Impairment of Long Lived Assets | |
Long-lived assets are reviewed for impairment in accordance with ASC Topic 360, "Accounting for the Impairment or Disposal of Long- lived Assets". Under ASC Topic 360, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized or the amount, if any, which the carrying value of the asset exceeds the fair value. | |
Asset Retirement Obligations | ' |
Asset Retirement Obligations | |
The Company has adopted the provisions of FASB ASC 410-20 “Asset Retirement and Environmental Obligations,” which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. The adoption of this standard has had no effect on the Company’s financial position or results of operations. As of July 31, 2013, any potential costs relating to the ultimate disposition of the Company’s mineral property interests are not yet determinable. | |
Income Taxes | ' |
Income Taxes | |
The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. As at July 31, 2103, the Company had net operating loss carryforwards, however, due to the uncertainty of realization, the Company has provided a full valuation allowance for the deferred tax assets resulting from these loss carryforwards. Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with FASB ASC 740-10, “Income Taxes,” which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carry-forwards. 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 Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. | |
Cash and Cash Equivalents | ' |
Cash and cash equivalents | |
Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | |
Net Income (Loss) per Share | ' |
Net Income (Loss) per Share | |
The Company computes income (loss) per share in accordance with FASB ASC 260-10, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The financial statements are presented in United States dollars. In accordance with FASB ASC 830-10, “Foreign Currency Matters,” foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenue and expenses are translated at average rates of exchange during the period. Related translation adjustments are reported as a separate component of stockholders’ equity, whereas gains or losses resulting from foreign currency transactions are included in results of operations. At July 31, 2013, the Company has not recorded any translation adjustments into stockholders’ equity. | |
Stock Based Compensation | ' |
Stock-based Compensation | |
On June 1, 2006, the Company adopted FASB ASC 718-10, “Compensation-Stock Compensation”, under this method, compensation cost recognized for the year ended July 31, 2013 includes: a) compensation cost for all share-based payments granted prior to, but not yet vested as of July 31, 2013, based on the grant-date fair value estimated in accordance with the original provisions of SFAS 123, and b) compensation cost for all share-based payments granted subsequent to July 31, 2013, based on the grant-date fair value estimated in accordance with the provisions of FASB ASC 718-10. In addition, deferred stock compensation related to non-vested options is required to be eliminated against additional paid-in capital upon adoption of FASB ASC 718-10. The results for the prior periods were not restated. | |
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-50 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is recognized when it is realized or realizable and earned. Imogo considers revenue realized or realizable and earned when pervasive evidence of an arrangement exists, services have been provided, and collectability is reasonably assured. Revenue that is billed in advance such as recurring weekly or monthly services are initially deferred and recognized as revenue over the periods the services are provided. | |
Comprehensive Income | ' |
Comprehensive Income | |
The Company adopted Statement of Financial Accounting Standards No. 130 (SFAS 130), Reporting 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" during the period ended July 31, 2012. | |
Advertising Expenses | ' |
Advertising Expenses | |
The company expenses advertising costs as incurred. There was no advertising expense incurred by the company during the period ended July 31, 2013. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
In accordance with the requirements of FASB ASC 820-10, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short-term maturity of the instruments. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In June 2009 the FASB established the Accounting Standards Codification ("Codification'" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented. | |
Statement of Financial Accounting Standards ("SFAS'") SFAS No. 165 (ASC Topic 855), "Subsequent Events", SFAS No. 166 (ASC Topic 810), "Accounting for Transfers of Financial Assets-an Amendment of FASB Statement No. 140", SFAS No. 167 (ASC Topic 810), "Amendments to FASB Interpretation No. 46(R)", and SFAS No. 168 (ASC Topic 105), "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FASB Statement No. 162" were recently issued. SFAS No. 165, 166, 167, and 168 have no current applicability to the Company or their effect on the financial statements would not have been significant. | |
Accounting Standards Update ("ASU") ASU No. 2009-05 (ASC Topic 820), which amends Fair Value Measurements and Disclosures - Overall, ASU No. 2009-13 (ASC Topic 605), Multiple-Deliverable Revenue arrangements, ASU No. 2009-14 (ASC Topic 985), Certain Revenue Arrangements that include Software Elements, and various other ASU's No. 2009-2 through ASU No. 2009-15 which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant. | |
The Company does not expect that adoption of these or other recently issued accounting pronouncements will have a material impact on its financial position, results of operations or cash flows. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||
Jul. 31, 2013 | |||
Income Tax Disclosure [Abstract] | ' | ||
Income Taxes | ' | ||
2013 | 2012 | ||
Net Operating loss carryforwards | $55,661 | $47,613 | |
Valuation allowance | -55,661 | -47,613 | |
Net Deferred Tax asset | $ - | $ - |
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation (Details Narrative) (USD $) | 87 Months Ended |
Jul. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
[us-gaap:ProfitLoss] | $162,232 |
Stockholders_Deficit_Details_N
Stockholders' Deficit (Details Narrative) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 | Dec. 15, 2009 | Nov. 12, 2009 | Apr. 23, 2008 | 6-May-07 | Jul. 14, 2006 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' |
[us-gaap:CapitalizationLongtermDebtAndEquity] | $750,000,000 | ' | ' | ' | ' | ' | ' |
[us-gaap:CommonStockParOrStatedValuePerShare] | $0.00 | $0.00 | ' | $0.01 | ' | $0.01 | $0.00 |
[us-gaap:CommonStockSharesIssued] | ' | ' | 103,250,000 | 4,000 | 750,000,000 | 2,100,000 | 5,000,000 |
[us-gaap:CommonStockSharesSubscriptions] | ' | ' | ' | $50,000 | ' | $21,000 | $5,000 |
[us-gaap:CommonStockSharesOutstanding] | 103,250,000 | 103,250,000 | ' | ' | 53,250,000 | ' | ' |
Income_Taxes_Details
Income Taxes - (Details) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Net Operating loss carryforwards | $55,661 | $47,613 |
Valuation allowance | -55,661 | -47,613 |
Net Deferred Tax asset | ' | ' |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | Jul. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
[us-gaap:OperatingLossCarryforwards] | $159,030 |
Shareholders_Loans_Details_Nar
Shareholders' Loans (Details Narrative) (USD $) | Jul. 31, 2013 |
Related Party Transactions [Abstract] | ' |
[us-gaap:IncreaseDecreaseInNotesPayableRelatedParties] | $15,937 |
[us-gaap:ReceivablesWithImputedInterestAmortizationAmount] | $606 |
Loan_Payable_Details_Narrative
Loan Payable (Details Narrative) (USD $) | Jul. 31, 2013 |
Brokers and Dealers [Abstract] | ' |
[us-gaap:LoansPayableCurrent] | $58,278 |