Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jan. 31, 2015 | Mar. 11, 2015 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Jan-15 | |
Trading Symbol | cntm | |
Entity Registrant Name | Contact Minerals Corp. | |
Entity Central Index Key | 1409175 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 16,530,000 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
Balance_Sheets
Balance Sheets (USD $) | Jan. 31, 2015 | Jul. 31, 2014 |
Current Assets | ||
Cash | $5,403 | $8,195 |
Prepaid expenses | 6,250 | 0 |
Total Assets | 11,653 | 8,195 |
Current Liabilities | ||
Accounts payable | 195 | 92 |
Accrued liabilities | 472 | 550 |
Due to related parties | 194,222 | 197,383 |
Total Liabilities | 194,889 | 198,025 |
Stockholders' Deficit | ||
Preferred stock Authorized: 15,000,000 shares, par value $0.001 None issued and outstanding | 0 | 0 |
Common stock Authorized: 300,000,000 shares, par value $0.001 Issued and outstanding : 16,530,000 shares | 16,530 | 16,530 |
Additional paid-in capital | 524,629 | 524,629 |
Donated capital | 140,881 | 131,881 |
Accumulated deficit | -865,276 | -862,870 |
Total Stockholders' Deficit | -183,236 | -189,830 |
Total Liabilities and Stockholders' Deficit | $11,653 | $8,195 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Jul. 31, 2014 |
Preferred Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Preferred Stock, Par Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 16,530,000 | 16,530,000 |
Common Stock, Shares, Outstanding | 16,530,000 | 16,530,000 |
Statements_of_Operations_and_C
Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Expenses | ||||
General and administrative | $3,657 | $2,626 | $8,133 | $7,724 |
Foreign currency gain | -22,463 | -10,873 | -28,434 | -13,225 |
Management fees | 3,000 | 3,000 | 6,000 | 6,000 |
Professional services | 4,338 | 3,923 | 13,707 | 17,702 |
Rent | 1,500 | 1,500 | 3,000 | 3,000 |
Net Income (Loss) and Comprehensive Income (Loss) | $9,968 | ($176) | ($2,406) | ($21,201) |
Net Income (Loss) Per Common Share - Basic and Diluted | $0 | $0 | $0 | $0 |
Weighted Average Number of Common Shares Outstanding | 16,530,000 | 16,530,000 | 16,530,000 | 16,530,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 6 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Operating Activities | ||
Net loss | ($2,406) | ($21,201) |
Adjustments for non-cash items: | ||
Donated services and rent | 9,000 | 9,000 |
Foreign exchange gain | -28,434 | -13,225 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 147 | 0 |
Net Cash Used in Operating Activities | -27,943 | -25,426 |
Prepaid expenses | -6,250 | 0 |
Financing Activities | ||
Advances from related parties | 26,559 | 27,967 |
Net Cash Provided by Financing Activities | 26,559 | 27,967 |
Net effect of exchange rate changes on cash | -1,408 | 10 |
(Decrease) Increase in Cash | -2,792 | 2,551 |
Cash - Beginning of Period | 8,195 | 5,982 |
Cash - End of Period | 5,403 | 8,533 |
Supplemental Disclosures: | ||
Interest paid | 0 | 0 |
Income taxes paid | $0 | $0 |
Nature_of_Operations_and_Going
Nature of Operations and Going Concern | 6 Months Ended | ||
Jan. 31, 2015 | |||
Nature of Operations and Going Concern [Text Block] | 1 | Nature of Operations and Going Concern | |
Contact Minerals Corp. (the “Company”) was incorporated in the State of Nevada on April 25, 2007. The Company’s principal business is the acquisition and exploration of mineral properties. The Company does not currently own any mineral properties. | |||
These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenue and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations and to determine the existence, discovery and successful exploitation of economically recoverable reserves in the prospective properties, the confirmation of the Company’s interests in the underlying properties, and the attainment of profitable operations. As at January 31, 2015, the Company has a working capital deficiency of $183,236 and has accumulated losses of $865,276 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company plans to continue to review and assess new mineral exploration or development projects for acquisition. The Company intends to fund these activities through debt and equity financing arrangements. There is no assurance that the Company will obtain the necessary financing to complete its objectives. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||
Jan. 31, 2015 | |||
Summary of Significant Accounting Policies [Text Block] | 2 | Summary of Significant Accounting Policies | |
The unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Securities and Exchange Commission (“SEC”) Form 10-Q and they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited annual financial statements and notes thereto for the year ended July 31, 2014, included in the Company’s Annual Report on Form 10-K filed on October 27, 2014, with the SEC. | |||
In the opinion of management, all adjustments (consisting of normal and recurring accruals) considered necessary for fair presentation of the Company’s financial position, results of operations and cash flows have been included. Operating results for the six months ended January 31, 2015, are not necessarily indicative of the results that may be expected for future quarters or the year ending July 31, 2015. |
Recently_Adopted_Accounting_Pr
Recently Adopted Accounting Pronouncements | 6 Months Ended | ||
Jan. 31, 2015 | |||
Recently Adopted Accounting Pronouncements [Text Block] | 3 | Recently Adopted Accounting Pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related_Party_Transactions_and
Related Party Transactions and Balances | 6 Months Ended | ||
Jan. 31, 2015 | |||
Related Party Transactions and Balances [Text Block] | 4 | Related Party Transactions and Balances | |
a) | As at January 31, 2015, the Company is indebted to a relative of the President of the Company for $79 (CDN$100) (July 31, 2014 – $92 (CDN$100)) for expenses incurred on behalf of the Company. The amount is included in accounts payable and is non-interest bearing, unsecured, and due on demand. | ||
b) | As at January 31, 2015, the Company is indebted to the President of the Company for $194,222 (July 31, 2014 – $197,383) for advances and expenses incurred on behalf of the Company. The amount is included in due to related parties and is non-interest bearing, unsecured, and due on demand. | ||
c) | During the six months ended January 31, 2015, the Company recognized a total of $6,000 (2014 - $6,000) for donated services at $1,000 per month and $3,000 (2014 - $3,000) for donated rent at $500 per month provided by the President of the Company, which have been included in the statements of operations and comprehensive loss. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Fair Value of Financial Instruments [Text Block] | 5 | Fair Value of Financial Instruments | |||||||||||||||
ASC 825, Financial Instruments , requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 825 prioritizes the inputs into three levels that may be used to measure fair value: | |||||||||||||||||
Level 1 | |||||||||||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 | |||||||||||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||||||||||||||||
Level 3 | |||||||||||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||||||||||||||||
The financial instruments consist principally of cash, accounts payable, and due to related parties. The fair value of cash when applicable is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations. | |||||||||||||||||
Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as of January 31, 2015 and July 31, 2014, as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
For Identical | Observable | Unobservable | |||||||||||||||
Instruments | Inputs | Inputs | Balance as of | Balance as of | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 31-Jan-15 | 31-Jul-14 | |||||||||||||
Assets: | |||||||||||||||||
Cash | 5,403 | – | – | 5,403 | 8,195 | ||||||||||||
The Company does not have any liabilities measured at fair value on a recurring basis presented on the Company’s balance sheet as of January 31, 2015, and July 31, 2014. | |||||||||||||||||
Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using | ||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
For Identical | Observable | Unobservable | |||||||||||||||
Instruments | Inputs | Inputs | Balance as of | Balance as of | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 31-Jan-15 | 31-Jul-14 | |||||||||||||
Assets: | |||||||||||||||||
Cash | 5,403 | – | – | 5,403 | 8,195 |
Nature_of_Operations_and_Going1
Nature of Operations and Going Concern (Narrative) (Details) (USD $) | 6 Months Ended |
Jan. 31, 2015 | |
Nature Of Operations And Going Concern 1 | $183,236 |
Nature Of Operations And Going Concern 2 | $865,276 |
Related_Party_Transactions_and1
Related Party Transactions and Balances (Narrative) (Details) | 6 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2015 | |
USD ($) | CAD | |
Related Party Transactions And Balances 1 | $79 | |
Related Party Transactions And Balances 2 | 100 | |
Related Party Transactions And Balances 3 | 92 | |
Related Party Transactions And Balances 4 | 100 | |
Related Party Transactions And Balances 5 | 194,222 | |
Related Party Transactions And Balances 6 | 197,383 | |
Related Party Transactions And Balances 7 | 6,000 | |
Related Party Transactions And Balances 8 | 6,000 | |
Related Party Transactions And Balances 9 | 1,000 | 1,000 |
Related Party Transactions And Balances 10 | 3,000 | |
Related Party Transactions And Balances 11 | $3,000 | |
Related Party Transactions And Balances 12 | 500 | 500 |
Fair_Value_Assets_Measured_on_
Fair Value, Assets Measured on Recurring Basis (Details) (USD $) | 6 Months Ended |
Jan. 31, 2015 | |
Fair Value Of Financial Instruments Fair Value, Assets Measured On Recurring Basis 1 | $5,403 |
Fair Value Of Financial Instruments Fair Value, Assets Measured On Recurring Basis 2 | 0 |
Fair Value Of Financial Instruments Fair Value, Assets Measured On Recurring Basis 3 | 0 |
Fair Value Of Financial Instruments Fair Value, Assets Measured On Recurring Basis 4 | 5,403 |
Fair Value Of Financial Instruments Fair Value, Assets Measured On Recurring Basis 5 | $8,195 |