Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jan. 31, 2016USD ($)shares | |
Document And Entity Information | |
Entity Registrant Name | Gold Dynamics Corp. |
Entity Central Index Key | 1,371,534 |
Document Type | 10-Q |
Document Period End Date | Jan. 31, 2016 |
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? | No |
Entity Filer Category | Smaller Reporting Company |
Entity Public Float | $ | $ 40,000,000 |
Entity Common Stock, Shares Outstanding | shares | 148,850,000 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
Current Assets | ||
Cash and Cash Equivalents | ||
TOTAL CURRENT ASSETS | ||
TOTAL ASSETS | $ 0 | $ 0 |
Current Liabilities | ||
Accounts Payable | 3,000 | 3,900 |
TOTAL CURRENT LIABILITIES | 3,000 | 3,900 |
Notes Payable | 79,477 | 78,227 |
Shareholder Loan | 15,937 | 15,937 |
TOTAL LIABILITIES | $ 98,414 | $ 98,064 |
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, 148,850,000 issued and outstanding as at October 31, 2014 | $ 11,100 | $ 11,100 |
Additional paid in capital | 64,900 | 64,900 |
(Deficit) accumulated during the development stage | (174,414) | (174,064) |
TOTAL STOCKHOLDERS' DEFICIT | (98,414) | (98,064) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred Stock Par Value | $ 0.001 | $ 0.001 |
Preferred Stock Authorized | 50,000,000 | 50,000,000 |
Preferred Stock Issued and Outstanding | $ 0 | $ 0 |
Common Stock Par Value | $ 0.001 | $ 0.001 |
Common Stock Authorized | 500,000,000 | 500,000,000 |
Common Stock Issued and Outstanding | 148,850,000 | 148,850,000 |
Statements of Operations
Statements of Operations - USD ($) | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
General and Administration Expenses | ||
Professional Fees | $ 1,250 | $ 1,250 |
Consultation Fees | ||
Management Fees | ||
Filing Fee | ||
Rent | ||
Advertising and Promotion | ||
Bank charges and interest | ||
Operating Loss | $ 1,250 | $ 1,250 |
Other Income | 900 | |
Net (loss) for the period | $ 350 | $ 1,250 |
Net (loss) per share | ||
Basic and diluted | $ 0 | $ 0 |
Weighted Average Number of Common | ||
Shares Outstanding - Basic and Diluted | 148,850,000 | 148,850,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Cash flow from Operating Activities | ||
Net loss | $ (350) | $ (1,250) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accrued Interest | ||
Notes Payable | $ 900 | $ 1,250 |
Shareholder loan | ||
Net cash used for operating activities | $ 1,250 | $ 0 |
Financing Activities | ||
Long Term Debt | $ 1,250 | |
Additional Paid in Capital | ||
Proceeds from shareholder loan | ||
Proceeds from sale of common stock | ||
Net cash provided by financing activities | $ 1,250 | |
Net change in cash | ||
Cash, Beginning of Period | $ 0 | $ 0 |
Cash, End of Period | $ 0 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Note 1: Organization and Basis of Presentation Gold Dynamics Corp. (the Company) is a for profit corporation established under the corporation laws in the State of Nevada, United States of America on April, 2006. The Company's primary operations began in April 2006 with an e-commerce focus and intends to become a producer of vitamin infused alcoholic beverages. 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. The Financial Statements and related disclosures as of October 31, 2015 are unaudited pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). The October 31, 2015, Balance Sheet data was derived from unaudited financial statements and does not include all disclosures required by accounting principles generally accepted in the United States of America (U.S.). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the period. These financial statements should be read in conjunction with the financial statements included in our Quarterly Report for the period ended January 31, 2016. Unless the context otherwise requires, all references to Gold Dynamics, we, us, our or the company are to Gold Dynamics Corp. and any subsidiaries. The Companys fiscal year ends July 31. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jan. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2: Recent Accounting Pronouncements In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, (ASU 2011-11). ASU 2011-11 requires an entity to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU 201111 is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosure is required for all comparative periods presented. The adoption of ASU 2011-11 did not have a material impact on the Companys financial statements. In October 2012, the FASB issued ASU No. 2012-04, Technical Corrections and Improvements, (ASU 2012-04). This update includes source literature amendments, guidance clarification, reference corrections and relocated guidance affecting a variety of topics in the Codification. The update also includes conforming amendments to the Codification to reflect ASC 820s fair value measurement and disclosure requirements. The amendments in this update that will not have transition guidance are effective upon issuance. The amendments in this update that are subject to the transition guidance will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on the Companys financial statements. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (ASU 2013-01). This update clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). Specifically, ASU 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement. The Company is required to apply the amendments in ASU 2013-01 beginning January 1, 2013. The adoption of ASU 2013-01 by the Company did not have a material impact on the consolidated financial statements. In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update requires companies to provide information regarding the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. ASU 2013-02 is effective for annual reporting periods beginning on or after December 15, 2012, and interim periods within those annual periods. ASU 2013-02 was adopted January 1, 2013 and did not have a significant impact on our financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jan. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 3: Commitments and Contingencies The Company neither owns nor leases any real or personal property, an officer has provided office services without charge. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officer and director are involved in other business activities and most likely will become involved in other business activities in the future. |
Legal Matters
Legal Matters | 6 Months Ended |
Jan. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Note 4: Legal Matters The Company has no known legal issues pending. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jan. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5: Related Party Transactions An officer has loaned the Company $15,937 on August 1, 2009, without a fixed term of repayment and no interest. |
Capital Stock
Capital Stock | 6 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | Note 6: Capital Stock 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 of a 15 for 2 forward stock split to the stockholders of record as of April 23, 2008. The Company increased the authorized shares from 50,000,000 to 75,000,000. 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 total proceeds of $50,000. On December 15, 2009, the Company authorized a Forward Stock Split of 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 increased its issued and outstanding shares of Common Stock to 148,850,000. As of January 31, 2016 there were no outstanding stock options or warrants. |
Income Taxes
Income Taxes | 6 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7: Income Taxes The company has not commenced operations and has not generated any revenue and has not made a provision for income taxes. The Companys statutory tax rate is 35%. The Company does not have any material uncertainties with respect to its provisions for income taxes. |
Going Concern
Going Concern | 6 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 8: Going Concern The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. The Companys ability to continue as a going concern is dependent upon the Companys ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock. Management has no formal plan in place to address these concerns, but believes that the Company will be able to obtain additional funds through equity financing and/or related party advances. The failure to achieve the necessary levels of profitability or obtain the additional funding would be detrimental to the Company. |