Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Aug. 31, 2013 | Oct. 15, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CALA ENERGY CORP. | |
Entity Central Index Key | 1407704 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -26 | |
Document Type | 10-Q | |
Document Period End Date | 31-Aug-13 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2014 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 337,257,357 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Current assets | ||
Cash | $4,244 | $5,960 |
Total current assets | 4,244 | 5,960 |
Total assets | 4,244 | 5,960 |
Current liabilities | ||
Loans from related parties | 125,100 | |
Other current liabilities | 157,959 | 100,499 |
Total current liabilities | 157,959 | 225,599 |
Total liabilities | 157,959 | 225,599 |
Stockholders' deficit | ||
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized, of which 5,000,000 shares are designated as series A convertible preferred stock, of which 5,000,000 shares were outstanding at MayAugust 31, 2013 and February 28, 2013. | 5,000 | |
Common stock, par value $0.001 per share, 400,000,000 and 225,000,000 shares authorized at August 31, 2013 and February 28, 2013, respectively, 334,757,357 and 194,757,357 shares issued and outstanding | 334,757 | 194,757 |
Additional paid in capital | 8,087,945 | 8,022,945 |
Accumulated deficit | -8,576,417 | -8,442,341 |
Total stockholders' deficit | -153,715 | -219,639 |
Total liabilities and stockholders' deficit | $4,244 | $5,960 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Balance Sheets [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Series A convertible preferred stock, shares issued | 5,000,000 | 5,000,000 |
Series A convertible preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 400,000,000 | 225,000,000 |
Common stock, shares issued | 334,757,357 | 194,757,357 |
Common stock, shares outstanding | 334,757,357 | 194,757,357 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |||||
Statements of Operations and Other Comprehensive Loss [Abstract] | ||||||||
Revenue | ||||||||
Selling, general and administrative expenses | 47,839 | 124,933 | 134,076 | 176,725 | ||||
Loss from operations | -47,839 | -124,933 | -134,076 | -176,725 | ||||
Loss from continuing operations before income taxes | -47,839 | -124,933 | -134,076 | -176,725 | ||||
Income taxes | ||||||||
Loss from continuing operations | -47,839 | -124,933 | -134,076 | -176,725 | ||||
Loss from the operation of the entities spun off | -230,455 | |||||||
Net Loss | -47,839 | -124,933 | -134,076 | -407,180 | ||||
Translation adjustments | 11,028 | |||||||
Comprehensive loss | ($47,839) | ($124,933) | ($134,076) | ($396,152) | ||||
Net loss per share | ||||||||
Net loss per share from continuing operations | $0 | $0 | $0 | $0 | ||||
Net loss per share from entities spun off | $0 | $0 | $0 | |||||
Basic and Diluted loss per share* | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
Weighted average common shares outstanding | ||||||||
- Basic and Diluted | 319,539,966 | 81,771,107 | 257,148,661 | 81,771,107 | ||||
[1] | Weighted average number of shares used to compute basic and diluted loss per share is the same as the effect of dilutive securities are anti dilutive. |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Cash Flows from operating activities: | ||
Net (loss) | ($134,076) | ($407,180) |
Adjustments to reconcile net loss to net cash used in operating activities provided by (used in) operating activities: | ||
Amortization of deferred assets | 96,917 | |
Loss on extinguishment of debt | ||
Decrease (Increase) in liabilities: | ||
Other current liabilities | 57,460 | 14,598 |
Net cash used in operating activities from continuing operations | -76,616 | -295,665 |
Net cash provided by (used in) operating activities of the entity spun off | 46,599 | |
Net cash used in operating activities | -76,616 | -249,066 |
Cash flows from financing activities: | ||
Proceeds (Repayment) from related parties | -125,100 | 230,996 |
Proceeds from issuance of common stock | 200,000 | |
Net cash provided by financing activities from continuing operations | 74,900 | 230,996 |
Net cash provided by financing activities of the entity spun off | 81,001 | |
Net cash provided by financing activities | 74,900 | 311,997 |
Net increase in cash and cash equivalents | -1,716 | 62,931 |
Cash, beginning of the year | 5,960 | |
Cash, end of the year | 4,244 | 62,931 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 3,193 | |
Income taxes paid | $2,549 | |
Supplemental disclosures of cash flow for non-cash transaction: | ||
Issuances of common stock upon conversion of preferred stock | 100,000 |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Aug. 31, 2013 | |
Nature of Operations and Basis of Presentation [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
Cala Energy Corp. (the “Company”) is a Nevada corporation incorporated on November 29, 2006 under the name Sparking Events, Inc. On June 28, 2009, the Company changed its corporate name to Xodtec Group USA, Inc., on May 17, 2010, the Company changed its corporate name to Xodtec LED, Inc., and on September 16, 2013, the Company changed its corporate name to Cala Energy Corp. | |
Prior to May 31, 2012, the Company, through its subsidiaries, was engaged in the design, marketing and selling of advanced lighting solutions which are designed to use less energy and have a longer life than traditional incandescent, halogen, fluorescent light sources. The Company’s wholly-owned subsidiaries, Xodtec Technology Co., Ltd. (“Xodtec”); Targetek Technology Co., Ltd. (“Targetek”); UP Technology Co., Ltd. (“UP”), are organized under the laws of the Republic of China (Taiwan). The Company also owns a 35% interest in Radiant Sun Development S.A., an inactive company organized under the laws of the Independent State of Samoa (“Radiant Sun”). | |
On July 13, 2012, pursuant to agreements dated June 5, 2012 and July 13, 2012, the Company entered into agreement with Hui-Yun Lo, who was then a director, pursuant to which all equity interest in Xodtec, Targetek and UP its 35% interest in Radiant Sun were transferred to Ms. Lo for the cancellation of notes payable to Ms. Lo in the total principal amount of $100,000. As a result of these transactions, the Company had spun off the wholly-owned subsidiaries. | |
At February 28, 2013, the assets and liabilities of the spun off subsidiaries were not included in assets or liabilities of the Company. For the year ended February 28, 2013, the results of operations of the spun off entities through July 13, 2012 are reflected as a net loss from spun off entities. For the quarter ended May 31, 2012, the results of the operations of the spun-off subsidiaries are reflected as loss from the operation of entities spun off. | |
On July 10, 2013, Cala Energy International Corp., a wholly-owned subsidiary of the Company, was organized under the laws of the Nevada. | |
The consolidated financial statements include the accounts of Cala Energy Corp. and its wholly-owned subsidiary, Cala Energy International Corp. References to the Company include Cala Energy Corp. and its subsidiary unless the context indicates otherwise. As of August 31, 2013, the Company has no material operating activities. The Company currently is developing a business plan pursuant to which the Company, through a 95% owned subsidiary, will engage in the business of offering enhanced oil recovery and supplying materials to the oil fields in Indonesia. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation | |
The accompanying unaudited interim condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and notes required by GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended February 28, 2013 included in the Company’s Form 10-K for the year ended February 28, 2013. In the opinion of management, the interim financial statements included herein contain all adjustments, including normal recurring adjustments considered necessary to present fairly the Company’s financial position, the results of operations and cash flows for the periods presented. The operating results and cash flows for the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year. | |
The accompanying consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the unaudited condensed consolidated financial statements, during the six months ended August 31, 2013, the Company generated no revenue, incurred an operating loss and a net loss of approximately $134,000. The Company had a negative cash flow in operating activities amounting approximately $77,000 in the six months ended August 31, 2013, and as of August 31, 2013, the Company’s accumulated deficit was approximately $8,576,000, substantially all of which was generated by operations which have been spun off. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. | |
Net Loss per Share | |
The Company calculates its basic and diluted earnings per share in accordance with ASC 260. Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive warrants and options and convertible securities. Because the Company incurred losses for the six months ended August 31, 2013, the number of basic and diluted shares of common stock is the same. | |
Comprehensive Income (Loss) | |
Comprehensive income (loss) includes accumulated foreign currency translation gains and losses with respect to the spun-off entities. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Aug. 31, 2013 | |
Recent Accounting Pronouncements [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS |
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
NOTE 4 – RELATED PARTY TRANSACTIONS | |||||||||
August 31, | February 28, | ||||||||
2013 | 2013 | ||||||||
Non-interest bearing and payable on demand to chief executive officer of the Company | $ | - | $ | 125,100 | |||||
Total | $ | - | $ | 125,100 |
Capital_Stock
Capital Stock | 6 Months Ended |
Aug. 31, 2013 | |
Capital Stock [Abstract] | |
CAPITAL STOCK | NOTE 5 – CAPITAL STOCK |
On May 30, 2013, the Company amended its articles of incorporation to increase the authorized common stock from 225,000,000 shares to 400,000,000 shares. The par value of $0.001 per share was not changed. | |
During May 2013, the Company sold 40,000,000 shares of its common stock at $0.005 per share to investors, for which it received a total of $200,000. | |
In June 2013, the 5,000,000 shares of series A convertible preferred stock were converted into 100,000,000 shares of common stock. |
Income_Taxes
Income Taxes | 6 Months Ended |
Aug. 31, 2013 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 6– INCOME TAXES |
The Company did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because the Company has experienced operating losses for U.S. federal income tax purposes since inception. When it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Aug. 31, 2013 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7– SUBSEQUENT EVENTS |
On September 16, 2013, the Company amended to its articles of incorporation to change its corporate name to Cala Energy Corp. | |
In October 2013, the Company sold 2,500,000 shares of common stock to an investor for $0.02 per shares, or a total of $50,000. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited interim condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and notes required by GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended February 28, 2013 included in the Company’s Form 10-K for the year ended February 28, 2013. In the opinion of management, the interim financial statements included herein contain all adjustments, including normal recurring adjustments considered necessary to present fairly the Company’s financial position, the results of operations and cash flows for the periods presented. The operating results and cash flows for the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year. | |
The accompanying consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the unaudited condensed consolidated financial statements, during the six months ended August 31, 2013, the Company generated no revenue, incurred an operating loss and a net loss of approximately $134,000. The Company had a negative cash flow in operating activities amounting approximately $77,000 in the six months ended August 31, 2013, and as of August 31, 2013, the Company’s accumulated deficit was approximately $8,576,000, substantially all of which was generated by operations which have been spun off. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
Use of Estimates | Use of Estimates |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. | |
Net Loss per Share | Net Loss per Share |
The Company calculates its basic and diluted earnings per share in accordance with ASC 260. Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive warrants and options and convertible securities. Because the Company incurred losses for the six months ended August 31, 2013, the number of basic and diluted shares of common stock is the same. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Comprehensive income (loss) includes accumulated foreign currency translation gains and losses with respect to the spun-off entities. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Summary of related party transactions | |||||||||
August 31, | February 28, | ||||||||
2013 | 2013 | ||||||||
Non-interest bearing and payable on demand to chief executive officer of the Company | $ | - | $ | 125,100 | |||||
Total | $ | - | $ | 125,100 | |||||
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation (Details) (USD $) | 31-May-12 | Aug. 31, 2013 | Jul. 13, 2012 |
Radiant Sun Development S A [Member] | Cala Energy International Corp [Member] | Hui-Yun Lo [Member] | |
Nature of Operations and Basis of Presentation (Textual) | |||
Equity interest owned | 35.00% | 35.00% | |
Principal amount of cancelled notes payable | $100,000 | ||
Owned percentage in subsidiary | 95.00% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 | |
Summary of Significant Accounting Policies (Textual) | |||||
Net (loss) | ($47,839) | ($124,933) | ($134,076) | ($407,180) | |
Net cash used in operating activities | -76,616 | -249,066 | |||
Accumulated deficit | ($8,576,417) | ($8,576,417) | ($8,442,341) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Summary of related party transactions | ||
Non-interest bearing and payable on demand to the related party of the company, Total | $125,100 | |
Chief Executive Officer [Member] | ||
Summary of related party transactions | ||
Non-interest bearing and payable on demand to the related party of the company, Total | $125,100 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 1 Months Ended | 1 Months Ended | ||
30-May-13 | Aug. 31, 2013 | Feb. 28, 2013 | Jun. 30, 2013 | |
Series A Preferred Stock [Member] | ||||
Capital Stock (Textual) | ||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 225,000,000 | |
Common stock, par value | $0.00 | $0.00 | $0.00 | |
Shares issued to investors, Shares | 40,000,000 | |||
Value of per share issued to investors | $0.01 | |||
Share issued to investor, Value | $200,000 | |||
Number of series A convertible preferred stock converted into common stock | 5,000,000 | |||
Series A convertible preferred stock convertible into common stock | 100,000,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | |
30-May-13 | Oct. 31, 2013 | |
Subsequent Event | ||
Subsequent Events (Textual) | ||
Shares issued to investors, Shares | 40,000,000 | 2,500,000 |
Value of per share issued to investors | $0.01 | $0.02 |
Share issued to investor, Value | $200,000 | $50,000 |