Gold Lakes (GLLK) 10-K/A 16 Nov 16 2016 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jul. 31, 2016	Nov. 08, 2016	Oct. 23, 2016
Document And Entity Information
Entity Registrant Name	GOLD LAKES CORP.
Entity Central Index Key	1,386,936
Document Type	10-K
Document Period End Date	Jul. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 889,923
Entity Common Stock, Shares Outstanding		103,096,935
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

Balance Sheets

Balance Sheets - USD ($)	Jul. 31, 2016	Jul. 31, 2015
CURRENT ASSETS
Cash	$ 2,573
TOTAL CURRENT ASSETS	2,573	0
LONG TERM ASSETS
Investment in mineral property	51,000
TOTAL ASSETS	53,573	0
CURRENT LIABILITIES
Accounts payable and accrued interest	120,750	110,204
Due to related parties	17,500	24,590
Promissory notes payable	141,500	21,500
Derivative liability	1,600,752
Convertible notes payable (net of unamortized discounts of $326,590 and $0 respectively, and net of deferred charges of $123,586 and $0 respectively)	73,949	116,000
Total Current Liabilities	1,954,451	272,294
TOTAL LIABILITIES	1,954,451	272,294
STOCKHOLDERS' DEFICIT
Common stock 500,000,000 shares authorized, at $0.001 par value; 103,096,935 and 676,575 shares issued and outstanding as of July 31, 2016 and July 31, 2015	103,097	677
Additional paid in capital	24,432,977	378,189
Accumulated deficit	(26,436,952)	(651,160)
Total Stockholders' Deficiency	(1,900,878)	(272,294)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 53,573	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Jul. 31, 2016	Jul. 31, 2015
CURRENT LIABILITIES
Convertible Notes Payable net of unamortized discounts	$ 326,590	$ 0
Net of deferred charges	$ 123,586	$ 0
STOCKHOLDERS' DEFICIT
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	103,096,935	676,575
Common stock, shares outstanding	103,096,935	676,575

Statement of Operations

Statement of Operations - USD ($)	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Statement Of Operations
REVENUES
EXPENSES
General and administrative	393,415	47,284
Impairment loss on mineral claim	(23,500,000)
TOTAL EXPENSES	23,893,415	47,284
OTHER EXPENSE
Loss on valuation and revaluation of derivative liability	1,223,529
Amortization of deferred charges	209,589
Amortization of debt discount	157,533
(Gain) Loss on extinguishment of debt	(96,819)	(72,328)
Shares issued for compensation	280,000
Interest expense	118,545	14,929
TOTAL OTHER EXPENSES (INCOME)	1,892,377	(57,399)
NET INCOME (LOSS)	$ (25,785,792)	$ 10,115
NET LOSS PER COMMON SHARE
Basic	$ (0.29)	$ 0.01
Fully diluted	$ (0.17)	$ 0
WEIGHTED AVERAGE OUTSTANDING SHARES
Basic	87,971,428	676,575
Fully diluted	153,065,199	151,476,935

Statement Of Changes In Stockho

Statement Of Changes In Stockholders' Equity - USD ($)	Common Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Deficit [Member]	Total
Beginning Balance, Amount at Jul. 31, 2014	$ 677	$ 377,673	$ (661,275)	$ (282,925)
Beginning Balance, shares at Jul. 31, 2014	676,575
Interred interest on related party advances		516		516
Net loss for the year			10,115	10,115
Ending Balance, Amount at Jul. 31, 2015	$ 677	378,189	(651,160)	(272,294)
Ending Balance, shares at Jul. 31, 2015	676,575
Interred interest on related party advances		945		945
Stock issued for mineral property acquisition, Amount	$ 70,500	23,429,500		23,500,000
Stock issued for mineral property acquisition, Shares	70,500,000
Stock issued for satisfaction of debt, Amount	$ 30,090	346,173		376,263
Stock issued for satisfaction of debt, Shares	30,090,000
Shares for compensation, Amount	$ 1,830	278,170		280,000
Shares for compensation, Shares	1,830,000
Excess stock due to stock split	360
Net loss for the year			(25,785,792)	(25,785,792)
Ending Balance, Amount at Jul. 31, 2016	$ 103,097	$ 24,432,977	$ (26,436,952)	$ (1,900,878)
Ending Balance, shares at Jul. 31, 2016	103,096,935

Statement of Cash Flows

Statement of Cash Flows - USD ($)	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (25,785,792)	$ 10,115
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment loss on mineral claims	23,500,000
Interest inferred on debt	945	516
Stock issued for compensation	280,000
Amortization of debt discounts and deferred charges	439,374
Loss from valuation and revaluation of convertible debt	1,223,529
Gain on debt settlement	(96,819)	(72,328)
Changes in operating assets and liabilities
Accounts payable	10,546	37,107
Due to related party	17,500
Net Cash Used in Operating Activities	(410,717)	(24,590)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in mineral lease	(51,000)
Net cash (used in) investing activities	(51,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from promissory notes	120,000
Proceeds from convertible debt	498,880
Proceeds from related party advances		24,590
Repayment of related party advances	(24,590)
Repayment of convertible notes	(130,000)
Net Cash Provided by Financing	464,290
Net (Decrease) Increase in Cash	2,573
Cash at Beginning of Year
CASH AT END OF YEAR	2,573
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCIAL ACTIVITIES:
Shares issued for property	23,500,000
Conversion of convertible to common stock	376,063
OTHER SUPPLEMENTAL DISCLOSURE
Taxes paid
Interest paid	$ 61,080

Organization

Organization	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 1 - Organization	The Company, Gold Lakes Corp., was incorporated under the laws of the State of Nevada on January 18, 2007 with the authorized capital stock of 300,000,000 shares at $0.001 par value. On April 30, 2008, the Secretary of State for Nevada approved an amendment to the Articles of Incorporation where the total number of shares of common stock was increased to 500,000,000 shares of common stock with a par value of $0.001 per share. The Company was organized for the purpose of acquiring and developing mineral properties. On August 15, 2015 the Company reverse split its issued shares on the basis of one post-split share for every two hundred pre-split shares. On July 15, 2016, the company forward split its issued shares on the basis of three post-split shares for every one pre-split share.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 2 - Summary of Significant Accounting Policies	Accounting Methods The Company recognizes income and expenses based on the accrual method of accounting. Dividend Policy The Company has not yet adopted a policy regarding payment of dividends. Basic and Diluted Net Income (loss) Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes anti-dilutive and then the basic and diluted per share amounts are the same. As of July 31, 2016 and July 31, 2015, the Company has 49,968,264 and 148,695,755, respectively, of common stock equivalents outstanding, calculated using the if-converted method. Income Taxes The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. Foreign Currency Translations Part of the transactions of the Company were completed in Canadian dollars and have been translated to US dollars as incurred, at the exchange rate in effect at the time, and therefore, no gain or loss from the translation is recognized. The functional currency is US dollars. Revenue Recognition Revenue is recognized on the sale and delivery of a product or the completion of a service provided. Advertising and Market Development The Company expenses advertising and market development costs as incurred. Financial Instruments The carrying amounts of financial instruments are considered by management to be their fair value due to their short term maturities. Estimates and Assumptions Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements. Impairment of Long-lived Assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. Mineral Property Acquisition and Exploration Costs Mineral property acquisition costs are initially capitalized when incurred. These costs are then assessed for impairment when factors are present to indicate the carrying costs may not be recoverable. Mineral exploration costs are expensed when incurred. Statement of Cash Flows For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. Currently, the Company’s cash is held in an attorney’s trust account and that there is no restrictions on cash at year end. Environmental Requirements At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made. Reclassifications Certain prior period amounts have been reclassified to conform with current period presentation. On July 16, 2016, the Company forward split its shares on basis of three to one. The financial statements have been restated under the guidance of SAB Topic 4C. Recent Accounting Pronouncements In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The revenue recognition standard affects all entities that have contracts with customers, except for certain items. The new revenue recognition standard eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. Public entities are required to adopt the revenue recognition standard for reporting periods beginning after December 15, 2016, and interim and annual reporting periods thereafter. Early adoption is not permitted for public entities. The Company has reviewed the applicable ASU and has not, at the current time, quantified the effects of this pronouncement, however it believes that there will be no material effect on the financial statements. In June 2014, FASB issued Accounting Standards Update (ASU) No. 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification (ASC) 718, Compensation — Stock Compensation. As a result, the target is not reflected in the estimation of the award's grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. The guidance is effective for annual periods beginning after 15 December 2015 and interim periods within those annual periods. Early adoption is permitted. Management has reviewed the ASU and believes that they currently account for these awards in a manner consistent with the new guidance, therefore there is no anticipation of any effect to the financial statements. In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Disclosures of Uncertainties about an Entity’s ability to continue as a Going Concern. The Company has reviewed the applicable ASU and has quantified the effects of this pronouncement, and has provided the requisite disclosure in the financial statements. We have reviewed the FASB issued Accounting Standards Update ("ASU") accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation's reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Mineral Properties

Mineral Properties	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 3 - Mineral Properties	On April 21, 2016, we staked 31 mining claims consisting of 329 mining units and totaling 13,008 acres of vacant land in the townships of Frecheville, Stoughton, and Mistaken Islands in Northeastern Ontario, Canada. Ontario's Ministry of Northern Development and Mines issued 31 claim numbers for these claims. The Company owns a 100% interest in these claims, and has named them the "Ponderosa" property. We have no plans to explore the Ponderosa claims at this time, as our current focus is on exploring the Big Monty Claims and completing the terms of the Flex Agreement. On August 28, 2015, we entered into an Equity Participation and Earn-In Agreement (the "Flex Agreement") with Flex Mining Ltd., a Delaware corporation ("Flex"), pursuant to which we issued 23,500,000 (pre-split) shares of restricted common stock to Flex. Under the terms of the Flex Agreement, we became eligible to earn 100% of the issued and outstanding shares of Flex by investing $1,000,000 in property expenditures on Flex's properties over the next three years. Flex owns 100% of six mining claims, named the Big Monty Claims, in the historic Abitibi Greenstone Belt in Northern Ontario. We plan to conduct exploration activities on the Big Monty Claims. On March 21, 2016, we entered into an Addendum to Equity Participation and Earn-In Agreement (the "Flex Addendum") with Flex. Under the terms of the Flex Addendum, in consideration for our prior equity issuance to Flex and an agreement to pay $15,000 to Flex within 180 days after the effective date of the Flex Addendum, Flex agreed to sell, convey, assign and transfer substantially all of its assets, including the Big Monty Claims (the "Assets") to us. To date, $6,000 of the $15,000 payment to Flex has been made. As partial consideration for the acquisition of the Assets, the Flex Addendum requires us to incur the following expenditures over the next three years relating to the Big Monty Claims: (1) not less than $250,000 in expenditures on or before the first anniversary of the effective date of the Flex Addendum; (2) not less than $350,000 in additional expenditures on or before the second anniversary of the effective date of the Flex Addendum; and (3) not less than $400,000 in additional expenditures on or before the third anniversary of the effective date of the Flex Addendum. If we are unable to incur the expenditures required, we may satisfy any deficiency by making an equivalent cash payment to Flex. If we fail to incur the required expenditures under the Flex Addendum, Flex will have the option to repurchase the Assets from us at a price to be mutually agreed upon by the parties. The Company has incurred expenditures of $51,000 renewing the mining claims and planning the exploration during the year. Management determined that there was an impairment of the investment in the amount of $23,500,000 was warranted due to firstly that, no exploration being conducted on the property to date; and secondly that, no mineral resource having been identified on the property to date. The Mining Claims are known as the "Big Monty Property" and are located in the Frecheville and Stoughton Townships, Ontario, Larder Lake District. The Claims currently in Big Monty are: Claim # # of hectares Claim Start Date Claim Expiry Date 4282128 16 February 16, 2016 February 16, 2019 4282129 16 February 16, 2016 February 16, 2019 4282130 6 February 16, 2016 February 16, 2019 4282131 9 February 16, 2016 February 16, 2019 4282132 11 February 16, 2016 February 16, 2019 4282133 13 February 16, 2016 February 16, 2019 4282134 2 February 16, 2016 February 16, 2019 Total 73 hectares (180.4 acres)

Convertible Notes Payable

Convertible Notes Payable	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 4 - Convertible Notes Payable	Issue Date Expiry date Amount of Loan Interest rate Unamortized Debt Discount Net Carrying Amount 7/31/2012 7/31/2013 $ 40,000 10 % $ - $ 40,000 1/22/16 1/22/2017 40,500 12 % 19,312 21,188 3/11/16 3/11/17 335,000 8 % 204,671 130,329 7/13/2016 7/13/2017 55,125 10 % 52,427 2,698 7/14/2016 4/14/2017 53,500 12 % 50,180 3,320 Total Loans $ 524,125 $ 326,590 $ 197,535 Less deferred charges (123,586 ) Net Carrying Value $ 73,949 On July 31, 2012, the Company converted $40,000 in accounts payable to a convertible promissory note. The note has a 10% per annum interest rate and a maturity date of July 31, 2013. The note is currently in arrears and is due and payable on demand. The note is convertible into shares of the Company's common stock at a conversion price of $0.001. The Company is currently in default on this note. Per ASC 470-50-40-10b, as this transaction added a substantive conversion feature to the debt, we have determined debt extinguishment accounting rules apply. However, as there was no difference between the reacquisition price and the net carrying amount of the old debt, no gain or loss was recorded. The Company amortized the discount on the debt equal to the face value, in the amount of $40,000 for the year ended July 31, 2013. This discount was amortized to interest expense. During the period ended July 31, 2016, $8,800 of debt was converted into 8,800,000 pre-split (or 26,400,000 post-split) shares of common stock. We have not received any notice of default from the lender; however, we do intend to pay off the amount owed under this note in the future when we have sufficient funding. The current accrued interest on the note is $7,200. On July 31, 2012, the Company converted $76,000 in advances to a convertible promissory note. The note had a 10% per annum interest rate and a maturity date of July 31, 2013. The note was in arrears and is due and payable on demand. The note was convertible into shares of the Company's common stock at a conversion price of $0.001. Per ASC 470-50-40-10b, as this transaction added a substantive conversion feature to the debt, we have determined debt extinguishment accounting rules apply. However, as there was no difference between the reacquisition price and the net carrying amount of the old debt, no gain or loss was recorded. On December 23, 2015, The Company acquired the full face of the $76,000 promissory note and the $25,819 of accrued interest for $5,000. This resulted in a gain on the settlement of debt of $96,819. On October 16, 2015, the Company issued a $33,500 convertible promissory note. The note has an 10% per annum interest rate and a maturity date of October 16, 2016. Closing costs of $7,500 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $2,000 was recorded and is being amortized over the life of the loan. On March 14, 2016, the Company paid out the loan in full for $52,273. The conversion benefit recorded was reversed and the unamortized portion of the finder's fees and legal expenses deferred were expensed. On October 16, 2015, the Company issued a $27,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of October 16, 2016. Closing costs of $4,500 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $11,250 has been recorded and is being amortized over the life of the loan. On March 14, 2016, the Company paid out the loan in full for $37,296. The conversion benefit recorded was reversed and the unamortized portion of the finder's fees and legal expenses deferred were expensed. On November 20, 2015, the Company issued a $30,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of November 20, 2016. Closing costs of $3,500 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $30,000 has been recorded and is being amortized over the life of the loan. On March 14, 2016, the Company paid out the loan in full for $37,296. The conversion benefit recorded was reversed and the unamortized portion of the finder's fees and legal expenses deferred were expensed. On December 21, 2015, the Company issued a $50,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of December 21, 2017. Closing costs of $5,000 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $50,000 has been recorded and is being amortized over the life of the loan. On July 18, 2016, the Company paid out the loan in full for $82,378. The conversion benefit recorded was reversed and the unamortized portion of the finder's fees and legal expenses deferred were expensed. On December 21, 2015, the Company issued a $30,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of December 21, 2017. Closing costs of $3,500 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $30,000 has been recorded and is being amortized over the life of the loan. On July 18, 2016, the Company paid out the loan in full for $37,296. The conversion benefit recorded was reversed and the unamortized portion of the finder's fees and legal expenses deferred were expensed. On January 22, 2016, the Company issued a $35,500 convertible promissory note. This was increased to $40,500 due to a standby agreement. The note has an 12% per annum interest rate and a maturity date of January 22, 2017. Closing costs of $9,050 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $35,500 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Scholes and is estimated to be $116,548 at July 31, 2016. On February 25, 2016, the Company issued a $27,500 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of February 25, 2017. Closing costs of $9,050 were being amortized over the life of the loan. The note was convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $27,500 has been recorded and is being amortized over the life of the loan. On July 25, 2016, the promissory note was paid out by the Company by issuing 450,000 common shares of the Company. On March 14, 2016, the Company issued a $535,000 convertible promissory note. The note has an 8% per annum interest rate and a maturity date of March 11, 2017. Closing costs of $35,000 and the $250,000 loan discount are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. On July 12, 2016, the $200,000 of the promissory note and $16,000 of the accrued interest payable was paid out by the Company by issuing 3,240,000 common shares of the Company. The remaining conversion benefit of $267,500 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Scholes and is estimated to be $1,106,220 at July 31, 2016. On July 14, 2016, the Company issued a $53,500 convertible promissory note. The note has an 12% per annum interest rate and a maturity date of April 14, 2017. Closing costs of $6,000 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $53,500 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Scholes and is estimated to be $173,450 at July 31, 2016. On July 16, 2016, the Company issued a $55,125 convertible promissory note. The note has an 10% per annum interest rate and a maturity date of July 16, 2017. Closing costs of $5,125 are being amortized over the life of the loan. The note is convertible into shares of common stock of the Company at any time at a rate of 50% of the lowest trading price of the shares over the previous 20-day trading period. A conversion benefit of $55,125 has been recorded and is being amortized over the life of the loan. A derivative liability has been calculated using Black Scholes and is estimated to be $182,539 at July 31, 2016.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 5 - Related Party Transactions	During the period, the Company has paid its officer consulting fees of $31,000 (2015 - $nil) (2015 - $nil). On October 15, 2015, the Company remunerated the officer of the Company 1,200,000 (400,000 pre-split) shares of the Company's common stock. The price of the stock was $0.43 and a charge of $172,000 has been expensed as Shares for Service. The Company owed its officer for salary payable $17,500 as at July 31, 2016, (2015 - $nil). The Company owed a shareholder of the Company $24,590 for consulting fees as at July 31,2015.

Shares For Service

Shares For Service	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 6 - Shares For Service	On November 1, 2015, there was 600,000 (200,000 pre-split) shares issued to a consultant. At the issue date, the fair market value of the shares was $0.50 and a charge of $100,000 has been expensed as Shares for Service. On April 1, 2016, there was 30,000 (10,000 pre-split) shares issued to a consultant for services. At the issue date, the fair market value of the shares was $0.80 and a charge of $8,000 has been expensed.

Note Payable

Note Payable	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 7 - Note Payable	Issue Date Expiry date Amount of Loan Interest rate 7/31/2012 7/31/2013 $ 21,500 10 % 7/14/2016 7/14/2017 70,000 8 % 7/5/2016 7/14/2017 50,000 8 % Total Loans $ 141,500 The Company has received $17,500 under a 10% promissory note agreement with a third party in July 2012. An additional $4,000 was received under this Note in 2014. Interest and principal were due on September 15, 2012. The Company is currently in default on this Note. Per the note agreement, interest of $11,768 was accrued through July 31, 2016 and has been disclosed on the balance sheets as accounts payable and accrued interest. On July 14, 2016, the Company received $70,000 under a 8% promissory note agreement with a third party due July 14, 2017. Per the note agreement, interest of $414 was accrued through July 31, 2016 and has been disclosed on the balance sheets as accounts payable and accrued interest. On July 5, 2016, the Company received $50,000 under a 8% promissory note agreement with a third party due July 14, 2017. Per the note agreement, interest of $296 was accrued through July 31, 2016 and has been disclosed on the balance sheets as accounts payable and accrued interest.

Income Tax

Income Tax	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 8 - Income Tax	The Company’s deferred tax assets, and valuation allowance are as follows (“NOL” denotes Net Operating Loss): Year Ended Estimated NOL Carry-Forward $ NOL expires Estimated Tax Benefit from NOL (2) $ Valuation Allowance from NOL Benefit $ Net Tax Benefit 2007 22,659 2027 7,704 (7,704 ) - 2008 57,226 2028 19,456 (19,456 ) - 2009 36,149 2029 12,291 (12,291 ) - 2010 24,511 2030 8,334 (8,334 ) - 2011 229,394 2031 77,994 (77,994 ) - 2012 103,503 2032 35,191 (35,191 ) - 2013 164,675 2033 55,990 (55,990 ) - 2014 23,158 2034 7,874 (7,874 ) - 2015 62,213 2035 21,152 (21,152 ) - 2016 (1) 1,062,263 2036 361,169 (361,169 ) Total 1785,751 607,155 (607,155 ) - _________ (1) Net loss for year $25,785,792 less permanent difference of $23,500,000 due to write down in investment in Flex Mining Ltd. and non-deductible changes in derivative valuation of $1,223,529 resulting in approximate NOL of $1,062,263. (2) The total losses carried forward to July 31, 2016 was $1,785,751. The total amount of loss available for valuation allowance as of July 31, 2016 was $607,155. With an average tax rate of 34%, the estimated valuation allowance is $607,155. As of July 31, 2016, and 2015, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the years ended July 31, 2016, and 2015 and no interest or penalties have been accrued as of July 31, 2016 and 2015. The tax years from 2009 and forward have not been filed and remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities. On July 15, 2016, upon completion of processing from the Financial Industry Regulatory Authority (FINRA), Gold Lakes Corp. (the "Company") effected a 3 for 1 forward stock split by way of a stock dividend, of all of its issued and outstanding shares of common stock (the "Stock Split"). The Stock Split increases the number of the Company's issued and outstanding common stock to 103,096,935 shares,. The Stock Split did not affect the number of the Company's authorized common stock or its par value, which remain at 500,000,000 and $0.001 par value per share, respectively.

Going Concern

Going Concern	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 9 - Going Concern	The Company will need additional working capital to service its debt and to develop the mineral claims acquired, which raises substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through additional equity funding, and long term financing, which will enable the Company to operate for the coming year.

Subsequent Events

Subsequent Events	12 Months Ended
	Jul. 31, 2016
Notes to Financial Statements
Note 10 - Subsequent Events	On August 8, 2016, the Company entered a Contracting Agreement with Canadian Exploration Services Limited ("Contractor"), a Canada corporation having offices at 14579 Government Road, Larder Lake, Ontario P0K 1L0. The Agreement calls for the Contractor to conduct a mineral exploration program on the Company's property culminating in the drilling of ten holes totaling 3000 meters in geographic targets. On August 23, 2016, the Ontario Ministry of Northern Development and Mines ("MNDM") acknowledged its receipt of the exploration plan submitted by Gold Lakes Corp. (the "Company") for the Big Monty Property in the Township of Frecheville in Ontario, Canada. MNDM's acknowledgment letter indicates that the Company's exploration plan has been sent to two local Aboriginal communities for review and comment, as required by the notice and consultation provisions of the Ontario Mining Act. The acknowledgment letter states that, unless otherwise directed by the MNDM Director of Exploration, the Company's exploration activities can commence on September 21, 2016, and the plan will be effective for a period of two years thereafter. On August 24, 2016, MNDM acknowledged its receipt of the exploration permit application submitted by the Company for the Big Monty Property. MNDM's acknowledgment letter indicates that the Company's exploration permit application has been sent to the same two Aboriginal communities for review and comment. MNDM has also posted a proposal for the exploration permit on Ontario's Environmental Registry, where it will be available for public review and comment for a period of 30 days. Depending on the comments MNDM may receive, the Company may be required to participate in the consultation process and provide further information regarding its proposed exploration activities. Consequently, the Company plans to commence exploration activities upon receiving approval from the MNDM Director of Exploration which is expected within 60 days of application. On October 13, 2016, the Company announced that an exploration permit (PR-16-10942) has been issued by the Ontario Ministry of Northern Development and Mines The exploration permit (the “Permit”) is subject to the requirements of the Mining Act of Ontario and all applicable Provincial Standards for early exploration and is effective for a period of three (3) years with options to renew. The Permit is specific to Gold Lakes’ Big Monty Property. Claims #4282127, 4282128, 4282129, 4282130, 4282131, 4282132, 4282133, 4282134 and 4282161.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jul. 31, 2016
Summary Of Significant Accounting Policies Policies
Accounting Methods	The Company recognizes income and expenses based on the accrual method of accounting.
Dividend Policy	The Company has not yet adopted a policy regarding payment of dividends.
Basic and Diluted Net Income (loss) Per Share	Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes anti-dilutive and then the basic and diluted per share amounts are the same. As of July 31, 2016 and July 31, 2015, the Company has 49,968,264 and 148,695,755, respectively, of common stock equivalents outstanding, calculated using the if-converted method.
Income Taxes	The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.
Foreign Currency Translations	Part of the transactions of the Company were completed in Canadian dollars and have been translated to US dollars as incurred, at the exchange rate in effect at the time, and therefore, no gain or loss from the translation is recognized. The functional currency is US dollars.
Revenue Recognition	Revenue is recognized on the sale and delivery of a product or the completion of a service provided.
Advertising and Market Development	The Company expenses advertising and market development costs as incurred.
Financial Instruments	The carrying amounts of financial instruments are considered by management to be their fair value due to their short term maturities.
Estimates and Assumptions	Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Impairment of Long-lived Assets	The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.
Mineral Property Acquisition and Exploration Costs	Mineral property acquisition costs are initially capitalized when incurred. These costs are then assessed for impairment when factors are present to indicate the carrying costs may not be recoverable. Mineral exploration costs are expensed when incurred.
Statement of Cash Flows	For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. Currently, the Company’s cash is held in an attorney’s trust account and that there is no restrictions on cash at year end.
Environmental Requirements	At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made.
Reclassifications	Certain prior period amounts have been reclassified to conform with current period presentation. On July 16, 2016, the Company forward split its shares on basis of three to one. The financial statements have been restated under the guidance of SAB Topic 4C.
Recent Accounting Pronouncements	In May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The revenue recognition standard affects all entities that have contracts with customers, except for certain items. The new revenue recognition standard eliminates the transaction-and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. Public entities are required to adopt the revenue recognition standard for reporting periods beginning after December 15, 2016, and interim and annual reporting periods thereafter. Early adoption is not permitted for public entities. The Company has reviewed the applicable ASU and has not, at the current time, quantified the effects of this pronouncement, however it believes that there will be no material effect on the financial statements. In June 2014, FASB issued Accounting Standards Update (ASU) No. 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification (ASC) 718, Compensation — Stock Compensation. As a result, the target is not reflected in the estimation of the award's grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved. The guidance is effective for annual periods beginning after 15 December 2015 and interim periods within those annual periods. Early adoption is permitted. Management has reviewed the ASU and believes that they currently account for these awards in a manner consistent with the new guidance, therefore there is no anticipation of any effect to the financial statements. In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Disclosures of Uncertainties about an Entity’s ability to continue as a Going Concern. The Company has reviewed the applicable ASU and has quantified the effects of this pronouncement, and has provided the requisite disclosure in the financial statements. We have reviewed the FASB issued Accounting Standards Update ("ASU") accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation's reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Mineral Properties (Tables)

Mineral Properties (Tables)	12 Months Ended
	Jul. 31, 2016
Mineral Properties Tables
Mineral Properties	The Mining Claims are known as the "Big Monty Property" and are located in the Frecheville and Stoughton Townships, Ontario, Larder Lake District. The Claims currently in Big Monty are: Claim # # of hectares Claim Start Date Claim Expiry Date 4282128 16 February 16, 2016 February 16, 2019 4282129 16 February 16, 2016 February 16, 2019 4282130 6 February 16, 2016 February 16, 2019 4282131 9 February 16, 2016 February 16, 2019 4282132 11 February 16, 2016 February 16, 2019 4282133 13 February 16, 2016 February 16, 2019 4282134 2 February 16, 2016 February 16, 2019 Total 73 hectares (180.4 acres)

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	12 Months Ended
	Jul. 31, 2016
Convertible Notes Payable Tables
Schedule of Convertible Notes Payable	Issue Date Expiry date Amount of Loan Interest rate Unamortized Debt Discount Net Carrying Amount 7/31/2012 7/31/2013 $ 40,000 10 % $ - $ 40,000 1/22/16 1/22/2017 40,500 12 % 19,312 21,188 3/11/16 3/11/17 335,000 8 % 204,671 130,329 7/13/2016 7/13/2017 55,125 10 % 52,427 2,698 7/14/2016 4/14/2017 53,500 12 % 50,180 3,320 Total Loans $ 524,125 $ 326,590 $ 197,535 Less deferred charges (123,586 ) Net Carrying Value $ 73,949

Note Payable (Tables)

Note Payable (Tables)	12 Months Ended
	Jul. 31, 2016
Note Payable Tables
Schedule of Note Payable	Issue Date Expiry date Amount of Loan Interest rate 7/31/2012 7/31/2013 $ 21,500 10 % 7/14/2016 7/14/2017 70,000 8 % 7/5/2016 7/14/2017 50,000 8 % Total Loans $ 141,500

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Jul. 31, 2016
Income Tax Tables
Schedule of Deferred Tax Assets and Change in Valuation Allowance	The Company’s deferred tax assets, and valuation allowance are as follows (“NOL” denotes Net Operating Loss): Year Ended Estimated NOL Carry-Forward $ NOL expires Estimated Tax Benefit from NOL (2) $ Valuation Allowance from NOL Benefit $ Net Tax Benefit 2007 22,659 2027 7,704 (7,704 ) - 2008 57,226 2028 19,456 (19,456 ) - 2009 36,149 2029 12,291 (12,291 ) - 2010 24,511 2030 8,334 (8,334 ) - 2011 229,394 2031 77,994 (77,994 ) - 2012 103,503 2032 35,191 (35,191 ) - 2013 164,675 2033 55,990 (55,990 ) - 2014 23,158 2034 7,874 (7,874 ) - 2015 62,213 2035 21,152 (21,152 ) - 2016 (1) 1,062,263 2036 361,169 (361,169 ) Total 1785,751 607,155 (607,155 ) -

Organization (Details Narrative

Organization (Details Narrative) - $ / shares	Jul. 31, 2016	Jul. 31, 2015
Organization Details Narrative
Shares authorized	500,000,000	500,000,000
Stock par value	$ 0.001	$ 0.001

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details Narrative) - shares	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Summary Of Significant Accounting Policies Details Narrative
Common stock equivalents outstanding	49,968,264	148,695,755

Mineral Properties (Details)

Mineral Properties (Details)	12 Months Ended
	Jul. 31, 2016ha
Area of claim in hectares	73
Claim 1 [Member]
Claim number	4,282,128
Area of claim in hectares	16
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 2 [Member]
Claim number	4,282,129
Area of claim in hectares	16
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 3 [Member]
Claim number	4,282,130
Area of claim in hectares	6
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 4 [Member]
Claim number	4,282,131
Area of claim in hectares	9
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 5 [Member]
Claim number	4,282,132
Area of claim in hectares	11
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 6 [Member]
Claim number	4,282,133
Area of claim in hectares	13
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019
Claim 7 [Member]
Claim number	4,282,134
Area of claim in hectares	2
Claim Start Date	Feb. 16, 2016
Claim Expiry Date	Feb. 16, 2019

Convertible Notes Payable (Deta

Convertible Notes Payable (Details)	12 Months Ended
	Jul. 31, 2016USD ($)
Net Carrying Amount	$ 73,949
Convertible Notes Payable [Member]
Issue Date	7/31/2012
Expiry date	7/31/2013
Amount of Loan	$ 40,000
Interest rate	10.00%
Unamortized Debt Discount
Net Carrying Amount	$ 40,000
Convertible Notes Payable 1 [Member]
Issue Date	1/22/2016
Expiry date	1/22/2017
Amount of Loan	$ 40,500
Interest rate	12.00%
Unamortized Debt Discount	$ 19,312
Net Carrying Amount	$ 21,188
Convertible Notes Payable 2 [Member]
Issue Date	3/11/2016
Expiry date	3/11/2017
Amount of Loan	$ 335,000
Interest rate	8.00%
Unamortized Debt Discount	$ 204,671
Net Carrying Amount	$ 130,329
Convertible Notes Payable 3 [Member]
Issue Date	7/13/2016
Expiry date	7/13/2017
Amount of Loan	$ 55,125
Interest rate	10.00%
Unamortized Debt Discount	$ 52,427
Net Carrying Amount	$ 2,698
Convertible Notes Payable 4 [Member]
Issue Date	7/14/2016
Expiry date	4/14/2017
Amount of Loan	$ 53,500
Interest rate	12.00%
Unamortized Debt Discount	$ 50,180
Net Carrying Amount	3,320
Total Loans [Member]
Amount of Loan	524,125
Unamortized Debt Discount	326,590
Net Carrying Amount	197,535
Less short term notes [Member]
Net Carrying Amount	$ (123,586)

Convertible Notes Payable (De26

Convertible Notes Payable (Details Narrative) - USD ($)	Jul. 31, 2016	Jul. 31, 2015
Debt face amount	$ 8,800
Debt Convertible into common stock	26,400,000
Derivative liabilities	$ 1,600,752
Convertible Notes Payable [Member]
Derivative liabilities	116,548
Convertible Notes Payable 1 [Member]
Derivative liabilities	1,106,220
Convertible Notes Payable 2 [Member]
Derivative liabilities	173,450
Convertible Notes Payable 3 [Member]
Derivative liabilities	$ 182,539

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Related Party Transactions Details Narrative
Advanced form related party transactions	$ 17,500

Note Payable (Details)

Note Payable (Details)	12 Months Ended
	Jul. 31, 2016USD ($)
Notes Payable [Member]
Issue Date	7/31/2012
Expiry date	7/31/2013
Amount of Loan	$ 21,500
Interest rate	10.00%
Notes Payable 1 [Member]
Issue Date	7/14/2016
Expiry date	7/14/2017
Amount of Loan	$ 70,000
Interest rate	8.00%
Notes Payable 2 [Member]
Issue Date	7/5/2016
Expiry date	7/14/2017
Amount of Loan	$ 50,000
Interest rate	8.00%
Total Loans [Member]
Amount of Loan	$ 141,500

Note Payable (Details Narrative

Note Payable (Details Narrative)	Jul. 31, 2016USD ($)
Accrued Interest	$ 11,768
Notes Payable [Member]
Accrued Interest	414
Notes Payable 1 [Member]
Accrued Interest	$ 296

Income Tax (Details)

Income Tax (Details)	12 Months Ended
	Jul. 31, 2016USD ($)
Estimated NOL Carry-Forward	$ 1,785,751
Estimated Tax Benefit from NOL (2)	607,155
Valuation Allowance from NOL Benefit	(607,155)
Net Tax Benefit
2007 [Member]
Estimated NOL Carry-Forward	$ 22,659
NOL expires	2,027
Estimated Tax Benefit from NOL (2)	$ 7,704
Valuation Allowance from NOL Benefit	(7,704)
Net Tax Benefit
2008 [Member]
Estimated NOL Carry-Forward	$ 57,226
NOL expires	2,028
Estimated Tax Benefit from NOL (2)	$ 19,456
Valuation Allowance from NOL Benefit	(19,456)
Net Tax Benefit
2009 [Member]
Estimated NOL Carry-Forward	$ 36,149
NOL expires	2,029
Estimated Tax Benefit from NOL (2)	$ 12,291
Valuation Allowance from NOL Benefit	(12,291)
Net Tax Benefit
2010 [Member]
Estimated NOL Carry-Forward	$ 24,511
NOL expires	2,030
Estimated Tax Benefit from NOL (2)	$ 8,334
Valuation Allowance from NOL Benefit	(8,334)
Net Tax Benefit
2011 [Member]
Estimated NOL Carry-Forward	$ 229,394
NOL expires	2,031
Estimated Tax Benefit from NOL (2)	$ 77,994
Valuation Allowance from NOL Benefit	(77,994)
Net Tax Benefit
2012 [Member]
Estimated NOL Carry-Forward	$ 103,503
NOL expires	2,032
Estimated Tax Benefit from NOL (2)	$ 35,191
Valuation Allowance from NOL Benefit	(35,191)
Net Tax Benefit
2013 [Member]
Estimated NOL Carry-Forward	$ 164,675
NOL expires	2,033
Estimated Tax Benefit from NOL (2)	$ 55,990
Valuation Allowance from NOL Benefit	(55,990)
Net Tax Benefit
2014 [Member]
Estimated NOL Carry-Forward	$ 23,158
NOL expires	2,034
Estimated Tax Benefit from NOL (2)	$ 7,874
Valuation Allowance from NOL Benefit	(7,874)
Net Tax Benefit
2015 [Member]
Estimated NOL Carry-Forward	$ 62,213
NOL expires	2,035
Estimated Tax Benefit from NOL (2)	$ 21,152
Valuation Allowance from NOL Benefit	(21,152)
Net Tax Benefit
2016 [Member]
Estimated NOL Carry-Forward	$ 1,062,263
NOL expires	2,036
Estimated Tax Benefit from NOL (2)	$ 361,169
Valuation Allowance from NOL Benefit	(361,169)
Net Tax Benefit

Income Tax (Details Narrative)

Income Tax (Details Narrative) - $ / shares	Jul. 31, 2016	Jul. 31, 2015
Income Tax Details Narrative
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	103,096,935	676,575
Common stock, shares outstanding	103,096,935	676,575