Amazing Energy Oil & Gas (AMAZ) 10-Q 12 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 10, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Amazing Energy Oil & Gas, Co.	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001375618	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	491,504,333
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	'Q3	'
Entity Incorporation, State Country Name	'Nevada	'
Entity Incorporation, Date of Incorporation	20-Aug-68	'

AMAZING_ENERGY_OIL_AND_GAS_CO_

AMAZING ENERGY OIL AND GAS, CO. Consolidated Balance Sheets (Interim period unaudited) (USD $)	Sep. 30, 2014		Dec. 31, 2013
CURRENT ASSETS	'		'
Cash and cash equivalents	$37,508		$16,813
Total Current Assets	37,508		16,813
Mineral properties	11,373		11,373
TOTAL ASSETS	48,881		28,186
CURRENT LIABILITIES	'		'
Accounts payable	22,350		19,051
Accrued liabilities	46,289		69,434
Deposit on option agreement	20,000	[1]	'	[1]
Loan from Afranex	80,213	[1]	80,213	[1]
Total Current Liabilities	168,852		168,698
Total Liabilities	168,852		168,698
Commitments and contingencies	0	[2]	0	[2]
STOCKHOLDERS' DEFICIT	'		'
Preferred stock; no par value; 10,000,000 shares authorized, none issued or outstanding	0		0
Common stock; $0.001 par value; 500,000,000 shares authorized; 106,505,828 and 91,805,828 shares issued and outstanding, respectively	106,506		91,806
Additional paid-in capital	9,625,003		9,475,703
Accumulated deficit	-9,851,480		-9,708,021
Total Stockholders' Deficit	-119,971		-140,512
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$48,881		$28,186
[1]	Note 5
[2]	Notes 5 and 7

Statement_of_Financial_Positio

Statement of Financial Position - Parenthetical (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of financial position	'	'
Preferred Stock, Par Value	$0	$0
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	106,505,828	91,805,828
Common Stock, Shares Outstanding	106,505,828	91,805,828

AMAZING_ENERGY_OIL_AND_GAS_CO_1

AMAZING ENERGY OIL AND GAS, CO. Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income statement	'	'	'	'
REVENUES	$0	$0	$0	$0
OPERATING EXPENSES:	'	'	'	'
Legal and accounting expenses	32,451	17,889	47,277	31,372
Directors' fees	34,000	'	36,500	'
General and administrative	30,988	45,041	73,219	86,584
TOTAL OPERATING EXPENSES	97,439	62,930	156,996	117,956
LOSS FROM OPERATIONS	-97,439	-62,930	-156,996	-117,956
OTHER INCOME	'	'	'	'
Gain on settlement of accounts payable	13,537	'	13,537	'
TOTAL OTHER INCOME	13,537	'	13,537	'
LOSS BEFORE INCOME TAXES	-83,902	-62,930	-143,459	-117,956
NET LOSS	($83,902)	($62,930)	($143,459)	($117,956)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED	$0	$0	$0	$0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED	97,414,524	90,854,741	93,840,993	89,805,095

AMAZING_ENERGY_OIL_AND_GAS_CO_2

AMAZING ENERGY OIL AND GAS, CO. Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'		'
Net loss	($143,459)		($117,956)
Adjustments to reconcile net loss to net cash used by operating activities:	'		'
Equity compensation for management and directors	34,000		1,800
Gain on settlement of accounts payable	-13,537		'
Changes in:	'		'
Accounts payable and accrued liabilities	-6,309		12,122
Net cash used by operating activities	-129,305		-104,034
CASH FLOWS FROM INVESTING ACTIVITIES:	'		'
Deposit received on option agreement	20,000	[1]	'	[1]
Net cash provided by investing activities	20,000		'
CASH FLOWS FROM FINANCING ACTIVITIES:	'		'
Proceeds from sale of shares of common stock, net of issuing costs	130,000		50,000
Loan from Afranex	'	[1]	55,000	[1]
Net cash provided by financing activities	130,000		105,000
Net change in cash and cash equivalents	20,695		966
Cash and cash equivalents, beginning of period	16,813		1,552
Cash and cash equivalents, end of period	$37,508		$2,518
[1]	Note 5

Note_1_Organization_and_Descri

Note 1. Organization and Description of Business	9 Months Ended
	Sep. 30, 2014
Notes	'
Note 1. Organization and Description of Business	'
	NOTE 1.  Basis of Presentation
	Amazing Energy Oil and Gas, Co. and its subsidiaries (“Amazing Energy” and “the Company”), formerly Gold Crest Mines, Inc., is a Nevada corporation originally incorporated on August 20, 1968, as Silver Crest Mines, Inc., an Idaho corporation.
	On August 1, 2006, Amazing Energy acquired 100% of the issued and outstanding shares of Niagara Mining and Development Co., (“Niagara”), an Idaho corporation formed on January 11, 2005, and its wholly-owned subsidiary, Kisa Gold Mining, Inc. (“Kisa”), an Alaskan corporation formed on July 28, 2006. Amazing Energy’s sole asset on the merger date was cash of $7,456, which was accounted for as being acquired by Niagara in exchange for 14,600,100 common shares of Niagara. Niagara’s sole asset on the merger date was cash of $150,000 and its wholly owned subsidiary Kisa. Neither company had liabilities on the date of the merger. This transaction has been treated as a reverse merger, effectively as if Niagara had issued shares for consideration equal to the net monetary assets of Amazing Energy. Under reverse acquisition accounting, the consolidated financial statements of the entity are considered a continuation of the financial statements of Niagara, the accounting acquirer. On June 20, 2008, 100% of the issued and outstanding shares of Kisa were transferred from Niagara to the Company.
	The Company is in the business of exploration, development, and if warranted the mining of properties containing valuable mineral deposits. The focus of the Company’s exploration programs is directed at precious metals, primarily gold.
	The interim Consolidated Financial Statements of the Company and its subsidiaries are unaudited.  In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included.  All such adjustments are, in the opinion of management, of a normal recurring nature.  The results reported in these interim Consolidated Financial Statements are not necessarily indicative of the results that may be reported for the entire year and that the results at September 30, 2014 may not be indicative of December 31, 2014.  These interim Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements included in its Annual Report on Form 10-K for the year ended December 31, 2013.

Note_2_Summary_of_Significant_

Note 2. Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Notes	'
Note 2. Summary of Significant Accounting Policies	'
	NOTE 2.  Summary of Significant Accounting Policies
	This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.
	Consolidation of Subsidiaries
	The consolidated financial statements include the Company’s accounts and the accounts of wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
	Cash and Cash Equivalents
	Highly liquid short-term investments with a remaining maturity when purchased of three months or less are classified as cash equivalents. The Company deposits its cash and cash equivalents in high quality financial institutions.
	Fair Values of Financial Instruments
	The carrying amounts of financial instruments including cash and cash equivalents approximated their fair values as of September 30, 2014 and December 2013.
	Fair Value Accounting
	Accounting guidance has established a hierarchy of assets that are measured at fair value on a recurring basis. The three levels included in the hierarchy are:
	·         Level 1: quoted prices in active markets for identical assets or liabilities
	·         Level 2: significant other observable inputs
	·         Level 3: significant unobservable inputs
	At September 30, 2014 and December 31, 2013, the Company has no assets or liabilities that are recorded at fair value on a recurring basis.
	Basic and Diluted Net Loss Per Share
	Net loss per share was computed by dividing the net loss by the weighted average number of common shares outstanding during the period. The weighted average number of shares was calculated by taking the number of shares outstanding and weighting them by the amount of time that they were outstanding. Diluted net loss per share for the Company is the same as basic net loss per share, as the inclusion of common stock equivalents would be anti-dilutive. At September 30, 2014 and 2013, the Company had no outstanding common stock equivalents.

Note_3_New_Accounting_Pronounc

Note 3. New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2014
Notes	'
Note 3. New Accounting Pronouncements	'
	NOTE 3.  New Accounting Pronouncements
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, Elimination of Certain Financial Reporting Requirements. This standard provides guidance on the presentation of development stage entities, removing all incremental financial reporting requirements from United States Generally Accepted Accounting Principles (“U.S. GAAP”) for development stage entities.  The new requirements are effective for public entities in fiscal years (including interim periods) beginning after December 15, 2014, with early adoption permitted. The Company has adopted the amendment effective September 30, 2014. Thus, inception-to-date information is no longer presented as part of the consolidated financial statements.

Note_4_Going_Concern

Note 4. Going Concern	9 Months Ended
	Sep. 30, 2014
Notes	'
Note 4. Going Concern	'
	NOTE 4. Going Concern
	As shown in the accompanying financial statements, the Company has had no revenues and incurred an accumulated deficit of $9,851,480 through September 30, 2014. Another factor is that the Company has a negative current ratio of 0.22: 1 at September 30, 2014. The current ratio is a measurement of the degree to which current assets cover current liabilities (current assets/ current liabilities). A high ratio indicates a good probability the enterprise can retire current debts. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management intends to seek additional capital from new equity securities offerings and joint venture agreements that will provide funds needed to increase liquidity, fund internal growth and fully implement its business plan.
	The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
	Should the Company be unable to raise capital through future private placements, its business, and, as a result, its financial position, results of operations and cash flow will likely be materially adversely impacted. As such, substantial doubt as to the Company’s ability to continue as a going concern remains as of the date of these financial statements.
	We cannot estimate the amount of money we will need to operate during the next twelve months.  We have recently entered into a Change in Control Agreement and intend to focus on oil and gas exploration, development and production.  Currently, the Company believes it will need an estimated $150,000 to $200,000 to continue mining operations through the next twelve months. The timing and amount of capital requirements will depend on a number of factors, including the Company’s ability to successfully maintain a joint venture on our Alaska properties and the Company’s future personnel requirements.

Note_5_Mineral_Properties

Note 5. Mineral Properties	9 Months Ended
	Sep. 30, 2014
Notes	'
Note 5. Mineral Properties	'
	NOTE 5.  Mineral Properties
	In Alaska, the Company’s wholly owned subsidiary Kisa controls or has interests in five claim blocks consisting of 274 State of Alaska mining claims covering 42,280 acres. Four of the claim blocks making up 35,240 acres comprise the Company’s Southwest Kuskokwim Project and the remaining claim group consisting of 7,040 acres is the Company’s Buckstock Project. The Southwest Kuskokwim claim blocks are located in southwest Alaska approximately 90 miles east of the village of Bethel on State of Alaska-owned lands. The Buckstock claim group is located approximately 30-80 miles south of the Donlin Creek deposit and north of the Company’s Southwest Kuskokwim claim groups.
	The following is a summary of the Company’s mineral properties in Alaska:
	Alaska Mineral Properties	Number of Claims	Acres	Carrying Value at       September 30,     2014	Carrying Value at
					December 31,    2013
	Southwest Kuskokwim Project
	AKO	73	11,680	$               2,543	$           2,543
	Luna	50	8,000	-	-
	Kisa	38	5,840	3,314	3,314
	Gold Lake	69	9,720	5,516	5,516
	TOTAL Southwest Kuskokwim Project	230	35,240	11,373	11,373
	Buckstock Project
	Chilly	44	7,040	-	-
	TOTAL Buckstock Project	44	7,040	-	-
	TOTAL	274	42,280	$           11,373	$         11,373
	In Alaska, the lands are held under and are subject to the State’s mining laws and regulations. The Company is required to perform certain work commitments and pay annual assessments to the State of Alaska to hold these claims in good standing.  The commitments and annual assessments for 2014 will be due no later than November 30, 2014. See “Note 7. Commitments and Contingencies”.
	North Fork Option Master Earn-in Agreement
	On January 27, 2010, the Company, through its wholly owned subsidiary, Kisa signed an option agreement with North Fork Resources Pty Ltd (“North Fork”) which granted North Fork an exclusive option to purchase and/or earn an interest in the Company’s Southwest Kuskokwim Project area (“The Projects”).
	The terms of the option were amended several times and on March 28, 2011 the Master Earn-In agreement (“the Agreement”) with North Fork was executed which maintained the same terms as the originals terms.  The Agreement was also amended and extended several times with the final extension deadline being October 31, 2014.  On September 2, 2014, the Company was notified of North Forks decision to terminate the Master Earn-in Agreement immediately and both parties agreed to release the other from any future obligations under or in relation to it.
	Under the terms of the option and the Agreement and amendments thereto, North Fork made payments to the Company totaling $60,000, $30,000 in 2010 and $30,000 in 2013 with both payments being recognized as income during the year received.
	Afranex Terms Sheet
	On September 30, 2014, the Terms Sheet that the Company had entered into with Afranex Gold Limited, an Australian corporation (“Afranex”), a company related to the Company’s prior joint venture partner North Fork, expired and was not renewed.  The Terms Sheet was replaced with an option to purchase agreement with both Afranex and North Fork.  See “Afranex Option Agreement” below for further details.
	Afranex Loan Facility Agreement
	On July 26, 2012, the Company signed a Loan Facility Agreement (“Loan”) in the amount of $15,000 with Afranex which entitled the Company to make individual draw downs in $5,000 increments of the Loan until the Loan has been exhausted to provide the Company with immediate working capital requirements.   On October 26, 2012, the Company signed a first deed of variation to the Loan which increased the Loan amount from $15,000 to $25,000.
	On February 13, 2013, the Company signed a second deed of variation to the Loan which increased the Loan amount from $25,000 to $80,000 and extended the due date out to June 30, 2013.  On July 26, 2013, the Company signed a third deed of variation to the Loan which increased the Loan amount from $80,000 to $100,000 and after several expiration date extensions with the last one out to September 30, 2014.
	As of September 30, 2014, the Company has received approximately $80,000 on the Loan and recorded the funds as a current liability.  The funds were intended to be deducted from the $100,000 consideration per the Afranex terms sheet but on September 2, 2014 the Company entered into a new Option Agreement with Afranex and as part of the terms, the Loan will be extended out until December 31, 2015. See “Afranex Option Agreement” below for further details.
	Afranex Option Agreement
	On September 2, 2014, the Company entered into an Option Agreement (the “Agreement”) with Afranex; our wholly owned subsidiary Kisa; and, North Fork whereby the Company and Kisa granted Afranex an exclusive option to acquire, at the election of Afranex, either: (1) 100% of the issued and outstanding stock of Kisa; or, (2) 100% of Kisa’s right, title and interest in certain mining permits and associated assets.  The option expires on December 31, 2015 if not exercised by then.  Afranex was obligated to pay a non-refundable fee of US$20,000 within 5 days of the execution of the Agreement which has been received by the Company and recorded as a deposit on option agreement.  The Agreement is subject to additional terms, warranties, and conditions between Kisa, North Fork, Afranex and us.   Upon exercise of the option, Afranex will pay US$380,000 for either the Kisa shares or the Kisa assets.   As of the date hereof, Afranex has provided loans to us totaling approximately US$80,000.  See “Afranex Loan Facility Agreement” above for further details.

Note_6_Common_Stock_and_Common

Note 6. Common Stock and Common Stock Warrants	9 Months Ended
	Sep. 30, 2014
Notes	'
Note 6. Common Stock and Common Stock Warrants	'
	NOTE 6.  Common Stock and Common Stock Warrants
	Common Stock
	The Company is authorized to issue 500,000,000 shares of its common stock. All shares of common stock are equal to each other with respect to voting, liquidation, dividend, and other rights. Owners of shares are entitled to one vote for each share owned at any Shareholders’ meeting. The common stock of the Company does not have cumulative voting rights, which means that the holders of more than fifty percent (50%) of the shares voting in an election of directors may elect all of the directors if they choose to do so.
	During the nine months ended September 30, 2014, the Company had the following issuances of common stock:
	On June 11, 2014 the Company began a private placement offering up to a maximum of 3,000,000 shares at $0.01 per share for a maximum of $30,000 in proceeds. The offering was scheduled to end on August 15, 2014.  On August 15, 2014 the Company extended the deadline for the private placement out until September 30, 2014 and increased the maximum shares to 13,000,000 at $0.01 per share for a maximum of $130,000 in proceeds.  On September 30, 2014, the private placement ended with the Company having issued the entire 13,000,000 shares raising a total of $130,000.  The shares were being offered and sold by officers and directors of the Company who received no remuneration for the sale of the shares.
	On August 18, 2014, the Company issued a total of 1,700,000 shares of common stock to the directors valued at $34,000based upon the quoted market value at the date of grant.
	During the nine months ended September 30, 2013, the Company had the following issuances of common stock:
	On March 1, 2013, the Company issued 100,000 shares of common stock to a director valued at $1,800.
	On July 22, 2013 the Company began a private placement offering up to a maximum of 2,500,000 shares at $0.02 per share for a maximum of $50,000 in proceeds.  The offering ended on August 15, 2013 and as of that date the Company had issued the full 2,500,000 shares raising a total of $50,000.  The shares were being offered and sold by officers and directors of the Company who received no remuneration for the sale of the shares.
	Common Stock Warrants
	There was no warrant activity during the nine months ended September 30, 2014 and no warrants were outstanding at September 30, 2014 or December 31, 2013.

Note_7_Commitments_and_Conting

Note 7. Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Notes	'
Note 7. Commitments and Contingencies	'
	NOTE 7.  Commitments and Contingencies
	Alaska Mineral Property Rent and Assessment Work Commitments
	In Alaska, land holdings consist of state mining claims and prospecting sites totaling 42,280 acres of land. Annual rental payments in the amount of $73,710 for these claims are due by November 30, 2014. If these rental payments are not paid by the due date, the claims will be considered abandoned.
	The Alaska Department of Natural Resources, Division of Mining, Land & Water requires that upon the prospecting, and the discovery of a locatable mineral and the staking of mineral location, annual labor must be performed on the location each labor year in further development of the locatable mineral so that it can be mined. The labor year for the claims begins on September 1 and ends the following September 1. The Company or its joint venture partner, if applicable, will be required to perform qualified labor in the approximate amount of $110,000 by September 1, 2014 with the possibility, depending on any qualified carry-over amounts that can be applied from the prior labor years on certain claim groups. If these labor requirements are not met by the due date, the claims will be considered abandoned. The commitments and annual assessments for 2014 will be due no later than November 30, 2014.
	Per verbal discussions with the Company’s joint venture partner, it is their intention to make all payments necessary to keep the claims in good standing.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Notes	'
Subsequent Events	'
	NOTE 8.  Subsequent Events
	Change of Control Agreement
	On August 15, 2014, the Company had entered into a non-binding letter of intent with the shareholders of common stock of Amazing Energy, Inc., a Nevada corporation (“AEI”) to acquire all of the issued and outstanding shares of common stock AEI, subject to the execution of a definitive agreement.  AEI is engaged in the business of oil and gas exploration, development and production and has leases covering approximately 70,000 acres in the Permian Basin in west Texas.  The foregoing transaction contemplates a reverse stock-split of our common stock on the basis of approximately 1 for 40.
	On October 7, 2014, the Company entered into a Change in Control Agreement (the “Agreement”) with certain shareholders of AEI wherein said AEI shareholders agreed to purchase from the Company and the Company agreed to sell to said AEI shareholders, 384,848,504 restricted shares of our common stock and 79,755 shares of our newly created Series A Convertible preferred stock in consideration of said AEI Shareholders transferring all right, title and interest in and to 12,829,000 shares of common stock of AEI.  Each Series A Convertible preferred share is convertible into 10,000 restricted shares of the Company’s common stock upon the Company’s articles of incorporation being amended to increase our authorized shares of common stock to allow for the issuance of the 797,550,000 additional common shares.
	Name Change
	On October 14, 2014, Gold Crest incorporated a wholly owned Nevada subsidiary corporation by the name of Amazing Energy Oil and Gas, Co.  On October 15, 2014, Gold Crest merged the foregoing wholly owned subsidiary corporation into Gold Crest Mines, Inc. and, pursuant to Nevada law, without the need of shareholder approval, changed our name to Amazing Energy Oil and Gas, Co.

Note_2_Summary_of_Significant_1

Note 2. Summary of Significant Accounting Policies: Consolidation of Subsidiaries (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Consolidation of Subsidiaries	'
	Consolidation of Subsidiaries
	The consolidated financial statements include the Company’s accounts and the accounts of wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Note_2_Summary_of_Significant_2

Note 2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Highly liquid short-term investments with a remaining maturity when purchased of three months or less are classified as cash equivalents. The Company deposits its cash and cash equivalents in high quality financial institutions.

Note_2_Summary_of_Significant_3

Note 2. Summary of Significant Accounting Policies: Fair Values of Financial Instruments (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Fair Values of Financial Instruments	'
	Fair Values of Financial Instruments
	The carrying amounts of financial instruments including cash and cash equivalents approximated their fair values as of September 30, 2014 and December 2013.

Note_2_Summary_of_Significant_4

Note 2. Summary of Significant Accounting Policies: Fair Value Accounting (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Fair Value Accounting	'
	Fair Value Accounting
	Accounting guidance has established a hierarchy of assets that are measured at fair value on a recurring basis. The three levels included in the hierarchy are:
	·         Level 1: quoted prices in active markets for identical assets or liabilities
	·         Level 2: significant other observable inputs
	·         Level 3: significant unobservable inputs
	At September 30, 2014 and December 31, 2013, the Company has no assets or liabilities that are recorded at fair value on a recurring basis.

Note_2_Summary_of_Significant_5

Note 2. Summary of Significant Accounting Policies: Basic and Diluted Net Loss Per Share (Policies)	9 Months Ended
	Sep. 30, 2014
Policies	'
Basic and Diluted Net Loss Per Share	'
	Basic and Diluted Net Loss Per Share
	Net loss per share was computed by dividing the net loss by the weighted average number of common shares outstanding during the period. The weighted average number of shares was calculated by taking the number of shares outstanding and weighting them by the amount of time that they were outstanding. Diluted net loss per share for the Company is the same as basic net loss per share, as the inclusion of common stock equivalents would be anti-dilutive. At September 30, 2014 and 2013, the Company had no outstanding common stock equivalents.

Note_5_Mineral_Properties_Sche

Note 5. Mineral Properties: Schedule of Mineral Properties (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules	'
Schedule of Mineral Properties	'
	Alaska Mineral Properties	Number of Claims	Acres	Carrying Value at       September 30,     2014	Carrying Value at
					December 31,    2013
	Southwest Kuskokwim Project
	AKO	73	11,680	$               2,543	$           2,543
	Luna	50	8,000	-	-
	Kisa	38	5,840	3,314	3,314
	Gold Lake	69	9,720	5,516	5,516
	TOTAL Southwest Kuskokwim Project	230	35,240	11,373	11,373
	Buckstock Project
	Chilly	44	7,040	-	-
	TOTAL Buckstock Project	44	7,040	-	-
	TOTAL	274	42,280	$           11,373	$         11,373

Note_1_Organization_and_Descri1

Note 1. Organization and Description of Business (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Aug. 01, 2006
Details	'	'
Entity Incorporation, State Country Name	'Nevada	'
Entity Incorporation, Date of Incorporation	20-Aug-68	'
Assets at time of merger	'	$7,456
Shares exchanged at merger	'	14,600,100
Assets at time of merger	'	$150,000
Nature of Operations	'The Company is in the business of exploration, development, and if warranted the mining of properties containing valuable mineral deposits. The focus of the Company’s exploration programs is directed at precious metals, primarily gold.	'

Note_4_Going_Concern_Details

Note 4. Going Concern (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Details	'	'
Accumulated deficit	$9,851,480	$9,708,021

Note_5_Mineral_Properties_Sche1

Note 5. Mineral Properties: Schedule of Mineral Properties (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Details	'	'
Number of mining claims in Alaska	274	'
Acres of mining claims in Alaska	42,280	'
Carrying value of mining claims in Alaska	11,373	11,373

Note_6_Common_Stock_and_Common1

Note 6. Common Stock and Common Stock Warrants (Details) (USD $)	1 Months Ended	2 Months Ended	4 Months Ended	9 Months Ended
	Aug. 15, 2013	Aug. 15, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Details	'	'	'	'	'	'
Common Stock, Shares Authorized	'	'	500,000,000	500,000,000	'	500,000,000
Private placement maximum	2,500,000	3,000,000	13,000,000	'	'	'
Private placement share value	$0.02	$0.01	'	'	'	'
Private placement maximum value	'	$30,000	$130,000	'	'	'
Private placement share value	$0.02	$0.01	'	'	'	'
Stock Issued During Period, Shares, New Issues	'	'	'	13,000,000	2,500,000	'
Stock Issued During Period, Value, New Issues	'	'	'	130,000	50,000	'
Shares issued to directors shares	'	'	'	1,700,000	100,000	'
Development Stage Entities, Stock Issued, Value, Issued for Cash	'	'	'	$34,000	$1,800	'

Note_7_Commitments_and_Conting1

Note 7. Commitments and Contingencies (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Details	'
Mining claims, land	'42,280
Mining claims rent expense	$73,710
Requirements to maintain mining claims	'The Alaska Department of Natural Resources, Division of Mining, Land & Water requires that upon the prospecting, and the discovery of a locatable mineral and the staking of mineral location, annual labor must be performed on the location each labor year in further development of the locatable mineral so that it can be mined. The labor year for the claims begins on September 1 and ends the following September 1. The Company or its joint venture partner, if applicable, will be required to perform qualified labor in the approximate amount of $110,000 by September 1, 2014 with the possibility, depending on any qualified carry-over amounts that can be applied from the prior labor years on certain claim groups. If these labor requirements are not met by the due date, the claims will be considered abandoned. The commitments and annual assessments for 2014 will be due no later than November 30, 2014.

Subsequent_Events_Details

Subsequent Events (Details)	9 Months Ended
	Sep. 30, 2014
Details	'
Mergers, Acquisitions and Dispositions Disclosures	'Change of Control Agreement On August 15, 2014, the Company had entered into a non-binding letter of intent with the shareholders of common stock of Amazing Energy, Inc., a Nevada corporation (“AEI”) to acquire all of the issued and outstanding shares of common stock AEI, subject to the execution of a definitive agreement. AEI is engaged in the business of oil and gas exploration, development and production and has leases covering approximately 70,000 acres in the Permian Basin in west Texas. The foregoing transaction contemplates a reverse stock-split of our common stock on the basis of approximately 1 for 40. On October 7, 2014, the Company entered into a Change in Control Agreement (the “Agreement”) with certain shareholders of AEI wherein said AEI shareholders agreed to purchase from the Company and the Company agreed to sell to said AEI shareholders, 384,848,504 restricted shares of our common stock and 79,755 shares of our newly created Series A Convertible preferred stock in consideration of said AEI Shareholders transferring all right, title and interest in and to 12,829,000 shares of common stock of AEI. Each Series A Convertible preferred share is convertible into 10,000 restricted shares of the Company’s common stock upon the Company’s articles of incorporation being amended to increase our authorized shares of common stock to allow for the issuance of the 797,550,000 additional common shares.
Registrant Name Change	'Name Change On October 14, 2014, Gold Crest incorporated a wholly owned Nevada subsidiary corporation by the name of Amazing Energy Oil and Gas, Co. On October 15, 2014, Gold Crest merged the foregoing wholly owned subsidiary corporation into Gold Crest Mines, Inc. and, pursuant to Nevada law, without the need of shareholder approval, changed our name to Amazing Energy Oil and Gas, Co.