Creative Waste Solutions (CWSS) 10-Q 20 May 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2015	15-May-15
Document And Entity Information
Entity Registrant Name	Silverstar Resources, Inc.
Entity Central Index Key	1385329
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,436,840
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Sep. 30, 2014
Current Assets:
Cash and cash equivalents	$219	$24
Total current assets	219	24
Total Assets	219	24
Current Liabilities:
Accounts payable and accrued expenses	146,314	118,768
Convertible debentures - net of discount	94,666	104,666
Advances - related parties	152,958	130,508
Derivative liability	109,348
Note payable	81,989	81,989
Total current liabilities	585,275	435,931
Total liabilities	585,275	435,931
Stockholders' Equity (Deficit)
Preferred stock: $0.001 par value 5,000,000 shares authorized, none issued and outstanding
Common stock; $0.001 par value, 220,000,000 shares authorized, 3,394,861 and 2,591,840 shares issued and outstanding, respectively	3,395	2,592
Additional paid-in capital	1,910,847	1,795,158
Accumulated deficit	-2,499,298	-2,233,657
Total stockholders' deficit	-585,056	-435,907
Total Liabilities and Stockholders' (Deficit)	$219	$24

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Sep. 30, 2014
Stockholders' Equity (Deficit)
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	220,000,000	220,000,000
Common stock, shares issued	3,394,861	2,591,840
Common stock, shares outstanding	3,394,861	2,591,840

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Operating Expenses:
General and administrative	$102,876	$33,582	$123,691	$145,272
Loss from operations	-102,876	-33,582	-123,691	-145,272
Gain on debt forgiveness			9,015
Change on fair value of derivative liability	-109,348		-109,348
Interest expense	-35,626	-5,394	-41,617	-12,588
Total other income (expenses)	-144,974	-5,394	-141,950	-12,588
Net loss	($247,850)	($38,976)	($265,641)	($157,860)
Net income(loss) per common share attributable to common stockholders (basic and diluted)	($0.08)	($0.02)	($0.09)	($0.11)
Weighted average common shares outstanding (basic and diluted):	3,256,070	2,549,063	2,903,657	1,399,908

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($265,641)	($157,860)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock based compensation	73,500
Loss in fair value of derivative liability	109,348
(Gain) loss on debt forgiveness	-9,015
Amortization of beneficial conversion feature	29,841
Changes in operating assets and liabilities
Accounts payable and accrued expense	27,935	49,177
Accrued interest	11,777	11,431
Prepaid		-8,751
Shares to be issued		-88,125
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	-22,255	-194,128
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from advances- related party	22,450	11,344
Proceeds from advances		89,496
NET CASH PROVIDED BY FINANCING ACTIVITIES	22,450	188,341
Net increase (decrease) in cash	195	-5,787
Cash, beginning of period	24	5,869
Cash, end of period	219	81
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid
Income taxes paid
NONCASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for accounts payable	12,166
Common stock issued for debt	$10,000	$94,525

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Mar. 31, 2015
Organization And Basis Of Presentation
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION	Silverstar Resources, Inc (formally Silverstar Mining Corp) (the “Company”) was incorporated under the laws of the State of Nevada on December 5, 2003. On March 4, 2008, the Company completed a merger with its wholly-owned subsidiary, Silverstar Resources Corp., which was incorporated by the Company solely to effect the name change of the Company to Silverstar Resources Corp. The Company was incorporated for the purpose to promote and carry on any lawful business for which a corporation may be incorporated under the laws of the State of Nevada.
	On January 23, 2015 the board of directors with the consent of a majority of its shareholders approved amended articles of incorporation to include a change of name to Silverstar Resources, Inc and a reverse split of its common stock resulting in shareholders receiving one share for every five shares (5 to 1) they hold as of record of that date. In addition the amendment set the authorized shares of common stock at 220,000,000 and preferred stock at 5,000,000 shares both at a par value of $0.001.
	On March 10, 2015 the Company formed 1030029 Ltd, an Alberta numbered company as a wholly owned subsidiary to meet the requirements of holding working interest of Alberta producing oil and gas properties.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Mar. 31, 2015
Summary Of Significant Accounting Policies
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	The accompanying unaudited interim financial statements of the Company 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 (SEC), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s September 30, 2014 Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year end September 30, as reported on Form 10-K, have been omitted.

GOING_CONCERN

GOING CONCERN	6 Months Ended
	Mar. 31, 2015
Going Concern
NOTE 3 - GOING CONCERN	As shown in the accompanying financial statements, Silverstar Resources has an accumulated deficit of $2,499,298 as of March 31, 2015 and incurred a net loss of $265,641 for the six months period ended March 31, 2015. Unless the Company is able to attain profitability and increases in stockholders’ equity continue, these conditions raise substantial doubt as to Silverstar Resources’ ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if Silverstar Resources is unable to continue as a going concern.
	Silverstar Resources continues to review its expense structure reviewing costs and their reduction to move towards profitability. The Company’s expenses are planned to decrease as a percent of revenue resulting in profitability and increased shareholders’ equity.

DERIVATIVE_INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Mar. 31, 2015
Derivative Instruments
NOTE 4 - DERIVATIVE INSTRUMENTS	During the three month period ended March 31, 2015 the Company changed the conversion features on a convertible instrument that require liability classification under ASC 815. These instruments are measured at fair value at the end of each reporting period. (See Note 5)
	As defined in FASB ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).
	The three levels of the fair value hierarchy are as follows:
		Level 1 –	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.
		Level 2 -	Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.
		Level 3 –	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.
	The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as September 30, 2014 and March 31, 2015:
	Recurring Fair Value Measures		Level 1		Level 2		Level 3		Total
	LIABILITIES:
	Derivative liabilities as of September 30, 2014			--		--	$	--	$	--
	Derivative liabilities as of March 31, 2015			--		--	$	109,348	$	109,348
	The below table represents the change in the fair value of the derivative liabilities during the six months ended March 31, 2015:
	Fair value of derivatives, September 30, 2014		$	--
	Derivative at time of initial measurement			40,223
	Change in fair value of derivative liability			69,125
	Fair value of derivatives, March 31, 2015		$	109,348

RELATED_PARTIES

RELATED PARTIES	6 Months Ended
	Mar. 31, 2015
Related Parties
NOTE 5 - RELATED PARTIES	During the six months period ended March 31, 2015, a shareholder advanced the Company $22,450. The advances do not have any repayment terms and are not interest bearing.
	On January 15, 2015 the Company amended the convertible debenture with the principal of $75,754 of a related party so that the debenture became anti-dilutive with a conversion price set at $0.35 regardless of any forward or reverse splits in the Company’s common stock.
	On February 23, 2015 a shareholder holding a debenture with a principal balance of $75,754 and other advances to the Company of $149,212 made demand for payment of the total amounts owed including interest. The Company was not able to pay the outstanding balances. The Company and shareholder came to an agreement that the shareholder could convert his advances of $149,212 plus further advances up to $150,000 at a 15% discount to the closing price as of date of the agreement or $0.15 per share. The shareholder agreed to advance an additional $50,000 to the Company to acquire assets for the Company.
	The change is terms of the $75,754 convertible note created derivative liability and required the Company to record fair value at the inception of the derivative and for each subsequent reporting period. The fair value of the embedded derivatives at inception was determined using the Black Scholes based on the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 281.67%, (3) weighted average risk-free interest rate of 0.025%, (4) expected life of 1.26 year, and (5) estimated fair value of the Company’s common stock from $0.177 per share. The initial fair value of the embedded debt derivative was $40,223 with the fair value calculated as of March 31, 2015 was $109,348. As of March 31, 2015 the change in fair value was measured with derivative liability of $109,348.
	The addition of a conversion feature for the advances of $149,212 created a beneficial conversion feature which was calculated as of March 31, 2015 to be $29,841. Due to the advances having no terms and being due on demand, this amount was expensed as interest expense.
	As of March 31, 2015 the total advances due to related parties was $152,958.

EQUITY

EQUITY	6 Months Ended
	Mar. 31, 2015
Equity
NOTE 6 - EQUITY	On November 18, 2014 the Company issued 3,000 shares with a value of $12,166 to one individual for accounts payable .The Company computed the fair value of the stock issued for the debt and recorded a gain on debt forgiveness of $9,015
	On January 15, 2015 the Company issued 40,000 shares of common stock to an officer with a value of $70,000 for service
	On January 15, 2015 the Company issued 2,000 shares to an individual with a value of $3,500 for service.
	On January 15, 2015 the Company issued 800,000 shares of common stock to two entities for the conversion of convertible debt with a value of $10,000.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Mar. 31, 2015
Subsequent Events
NOTE 7 - SUBSEQUENT EVENTS	On April 14, 2015 the Company acquired the working interest of two producing oil and gas properties in Alberta Canada for US $80,000.
	On April 14, 2015 the Company issued a $60,000 one year note bearing interest of 9% as part of the acquisition of the working interest in the Alberta oil and gas property.
	On April 14, 2015 a related party advanced the Company $20,000 for the acquisition of the working interest of the Alberta oil and gas property.

DERIVATIVE_INSTRUMENTS_Tables

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Mar. 31, 2015
Derivative Instruments Tables
Sets forth by level within the fair value hierarchy the Companybs financial assets and liabilities that were accounted for at fair value	The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as September 30, 2014 and March 31, 2015:
	Recurring Fair Value Measures	Level 1		Level 2		Level 3		Total
	LIABILITIES:
	Derivative liabilities as of September 30, 2014		--		--	$	--	$	--
	Derivative liabilities as of March 31, 2015		--		--	$	109,348	$	109,348
Change in the fair value of the derivative liabilities	The below table represents the change in the fair value of the derivative liabilities during the six months ended March 31, 2015:
	Fair value of derivatives, September 30, 2014	$	--
	Derivative at time of initial measurement		40,223
	Change in fair value of derivative liability		69,125
	Fair value of derivatives, March 31, 2015	$	109,348

GOING_CONCERN_Details_Narrativ

GOING CONCERN (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Going Concern Details Narrative
Accumulated deficit	($2,499,298)		($2,499,298)		($2,233,657)
Net loss for the period	($247,850)	($38,976)	($265,641)	($157,860)

DERIVATIVE_INSTRUMENTS_Details

DERIVATIVE INSTRUMENTS (Details) (USD $)	Mar. 31, 2015	Sep. 30, 2014
Derivative liabilities	$109,348
Level 1 [Member]
Derivative liabilities
Level 2 [Member]
Derivative liabilities
Level 3 [Member]
Derivative liabilities	$109,348

DERIVATIVE_INSTRUMENTS_Details1

DERIVATIVE INSTRUMENTS (Details 1) (USD $)	6 Months Ended
	Mar. 31, 2015
Derivative Instruments Details 1
Fair value of derivatives, Beginning
Derivative at time of initial measurement	40,223
Change in fair value of derivative liability	69,125
Fair value of derivatives, Ending	$109,348

RELATED_PARTIES_Details_Narrat

RELATED PARTIES (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Related Parties Details Narrative
Shareholder advanced			$22,450
Advances to related parties	152,958		152,958		130,508
Initial fair value of embedded debt derivative	40,223		40,223
Calculated fair value of embedded debt derivative	109,348		109,348
Change in fair value of derivative liability	109,348		109,348
Conversion feature for advances			149,212
Beneficial conversion feature			$29,841