Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Oct. 17, 2017 | Jan. 31, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | Contact Minerals Corp. | ||
Entity Central Index Key | 1,409,175 | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --07-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 428,805 | ||
Entity Common Stock, Shares Outstanding | 95,300,000 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 2,484 | $ 534 |
Prepaid expenses | 4,683 | 2,600 |
Total Assets | 7,167 | 3,134 |
Current Liabilities | ||
Accounts payable | 80 | 76 |
Accrued expenses | 981 | 777 |
Due to related parties | 296,753 | 234,901 |
Total Liabilities | 297,814 | 235,754 |
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, 16,530,000 shares issued and outstanding | 16,530 | 16,530 |
Additional paid-in capital | 524,629 | 524,629 |
Donated capital | 185,881 | 167,881 |
Accumulated deficit | (1,017,687) | (941,660) |
Total Stockholders' Deficit | (290,647) | (232,620) |
Total Liabilities and Stockholders' Deficit | $ 7,167 | $ 3,134 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2017 | Jul. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 16,530,000 | 16,530,000 |
Common Stock, Shares, Outstanding | 16,530,000 | 16,530,000 |
Statements of Operations and Co
Statements of Operations and Comprehensive Income - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Income Statement [Abstract] | ||
Net revenue | $ 0 | $ 0 |
General and administrative expenses | 62,454 | 56,707 |
Loss from operations | (62,454) | (56,707) |
Other income (expenses) | ||
Foreign currency gain (loss) | (13,573) | (983) |
Total other income (expenses) | (13,573) | (983) |
Loss before income taxes | (76,027) | (57,690) |
Provision for income taxes expense | 0 | 0 |
Net Loss and Comprehensive Loss | $ (76,027) | $ (57,690) |
Net loss per shares - Basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and diluted | 16,530,000 | 16,530,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (76,027) | $ (57,690) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Foreign exchange losses (gains) | 13,573 | (683) |
Donated services and rent | 18,000 | 18,000 |
Changes in assets and liabilities: | ||
Decrease (Increase) in prepaid expenses | (2,083) | 0 |
Increase (Decrease) in accounts payable and accrued liabilities | 159 | 204 |
Net cash used in operating activities | (46,378) | (40,169) |
Cash flows from financing activities | ||
Advances from related parties | 48,695 | 33,588 |
Net cash provided by financing activities | 48,695 | 33,588 |
Effect of exchange rate changes on cash and cash equivalents | (367) | 1,529 |
Net increase (decrease) in cash and cash equivalents | 1,950 | (5,052) |
Cash and cash equivalents - Beginning | 534 | 5,586 |
Cash and cash equivalents - Ending | 2,484 | 534 |
Supplemental disclosure of cash flows | ||
Income tax | 0 | 0 |
Interest expense | $ 0 | $ 0 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-In Capital | Donated Capital | Accumulated Deficit | Total |
Beginning balance, shares at Jul. 31, 2015 | 16,530,000 | ||||
Beginning balance, value at Jul. 31, 2015 | $ 16,530 | $ 524,629 | $ 149,881 | $ (883,970) | $ (192,930) |
Donated services and rent | 18,000 | 18,000 | |||
Net loss | (57,690) | (57,690) | |||
Ending balance, shares at Jul. 31, 2016 | 16,530,000 | ||||
Ending balance, value at Jul. 31, 2016 | $ 16,530 | 524,629 | 167,881 | (941,660) | (232,620) |
Donated services and rent | 18,000 | 18,000 | |||
Net loss | (76,027) | (76,027) | |||
Ending balance, shares at Jul. 31, 2017 | 16,530,000 | ||||
Ending balance, value at Jul. 31, 2017 | $ 16,530 | $ 524,629 | $ 185,881 | $ (1,017,687) | $ (290,647) |
1. Nature of Operations and Goi
1. Nature of Operations and Going Concern | 12 Months Ended |
Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 of July 31, 2017, the Company had a working capital deficiency of $290,647 and has accumulated losses of $1,017,687 since its 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. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | a) Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America, and are expressed in United States dollars. The Company’s fiscal year-end is July 31. b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to valuation of donated services and rent, fair value measurements and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. d) Foreign Currency Translation The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars during the years ended July 31, 2017 and 2016. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. e) Basic and Diluted Net Income (Loss) Per Share Basic earnings per shares (EPS) are computed by dividing net earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at July 31, 2017 and 2016, there were no potentially dilutive securities outstanding. f) Fair Value of Financial Instruments ASC 825, Financial Instruments 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, accrued expenses, 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 July 31, 2017, and 2016, 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) July 31, 2017 July 31, 2016 $ $ $ $ $ Assets: Cash 2,484 – – 2,484 534 The carrying values of liabilities of the Company, such as accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company does not have any liabilities measured at fair value on a recurring basis presented on the Company’s balance sheet as of July 31, 2017, and 2016. 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. g) Long-lived Assets The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. The Company does not have any long-lived assets as of July 31, 2017, and 2016. h) Mineral Property Costs The Company has been in the exploration stage since its formation on April 25, 2007 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mineral properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360, Property, Plant, and Equipment i) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. j) Stock-based Compensation The Company accounts for stock-based payments using the fair value method. The Company has not issued any stock options since its inception. Common shares issued to third parties for non-cash consideration are valued based on the fair market value of the services provided or the fair market value of the common stock on the measurement date, whichever is more readily determinable. k) Reclassification Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net income (loss) or accumulated deficit. l) Recently Issued 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. |
3. Related Party Transactions a
3. Related Party Transactions and Balances | 12 Months Ended |
Jul. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | a) As of July 31, 2017 and 2016, the Company is indebted to a relative of the President of the Company for $80 (CDN$100) and $76 (CDN$100), respectively, for expenses incurred on behalf of the Company. The amounts are included in accounts payable and are non-interest bearing, unsecured, and due on demand. b) As of July 31, 2017 and 2016, the Company is indebted to the former President of the Company for $296,753 and $234,901, respectively, for advances and expenses incurred on behalf of the Company. The amounts are included in due to related parties and are non-interest bearing, unsecured, and due on demand. c) During the years ended July 31, 2017 and 2016, the Company recognized a total of $12,000 and $12,000, respectively, for donated services at $1,000 per month and $6,000 and $6,000, respectively, for donated rent at $500 per month provided by the former President of the Company, which have been included in the statements of operations and comprehensive (loss) income. |
4. Income Taxes
4. Income Taxes | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | A reconciliation of the expected income tax recovery computed by applying the statutory United States federal income tax rates of 35% to income (loss) before taxes is as follows: July 31, July 31, Income tax recovery at statutory rate $ (26,610 ) $ (20,190 ) Permanent differences 6,300 6,300 Change in valuation allowance 20,310 13,890 Provision for income taxes $ – $ – The components of the net deferred income tax asset at July 31, 2017 and 2016 consist of: July 31, July 31, Accumulated net operating loss carry-forwards $ 162,080 $ 141,770 Valuation allowance (162,080 ) (141,770 ) Net deferred income tax asset $ – $ – At July 31, 2017, the Company has net operating loss carry-forwards of approximately $463,090 which expire between fiscal 2028 and 2037. Pursuant to ASC 740, Income Taxes, Current United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited under IRC 382 of the Internal Revenue Code. |
5. Subsequent Event
5. Subsequent Event | 12 Months Ended |
Jul. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | On August 29, 2017, the Company and Kerry McCullagh, the Company’s former Chief Executive Officer, Chief Financial Officer, President, Secretary and Treasurer (the “Seller”), entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Shiong Han Wee and Kwueh Lin Wong (Mr. Wee and Mr. Wong. collectively being the “Purchasers”). Under the terms of the Stock Purchase Agreement, the Purchasers have agreed to purchase 7,000,000 shares from the Seller (the Seller Shares ” The Company has evaluated subsequent events through the date which the financial statements were available to be issued. All subsequent events requiring recognition as of July 31, 2017 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
2. Summary of Significant Acc12
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | a) Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America, and are expressed in United States dollars. The Company’s fiscal year-end is July 31. |
Use of Estimates | b) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to valuation of donated services and rent, fair value measurements and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents | c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
Foreign Currency Translation | d) Foreign Currency Translation The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars during the years ended July 31, 2017 and 2016. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Basic and Diluted Net Income (Loss) Per Share | e) Basic and Diluted Net Income (Loss) Per Share Basic earnings per shares (EPS) are computed by dividing net earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at July 31, 2017 and 2016, there were no potentially dilutive securities outstanding. |
Fair Value of Financial Instruments | f) Fair Value of Financial Instruments ASC 825, Financial Instruments 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, accrued expenses, 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 July 31, 2017, and 2016, 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) July 31, 2017 July 31, 2016 $ $ $ $ $ Assets: Cash 2,484 – – 2,484 534 The carrying values of liabilities of the Company, such as accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The Company does not have any liabilities measured at fair value on a recurring basis presented on the Company’s balance sheet as of July 31, 2017, and 2016. 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. |
Long-lived Assets | g) Long-lived Assets The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. The Company does not have any long-lived assets as of July 31, 2017, and 2016. |
Mineral Property Costs | h) Mineral Property Costs The Company has been in the exploration stage since its formation on April 25, 2007 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mineral properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360, Property, Plant, and Equipment |
Income Taxes | i) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. |
Stock-based Compensation | j) Stock-based Compensation The Company accounts for stock-based payments using the fair value method. The Company has not issued any stock options since its inception. Common shares issued to third parties for non-cash consideration are valued based on the fair market value of the services provided or the fair market value of the common stock on the measurement date, whichever is more readily determinable. |
Reclassification | k) Reclassification Certain classifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net income (loss) or accumulated deficit. |
Recently Issued Accounting Pronouncements | l) Recently Issued 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. |
2. Summary of Significant Acc13
2. Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of fair value measurements | 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) July 31, 2017 July 31, 2016 $ $ $ $ $ Assets: Cash 2,484 – – 2,484 534 |
4. Income Taxes (Tables)
4. Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of income taxes | July 31, July 31, Income tax recovery at statutory rate $ (26,610 ) $ (20,190 ) Permanent differences 6,300 6,300 Change in valuation allowance 20,310 13,890 Provision for income taxes $ – $ – |
Components of net deferred income tax | July 31, July 31, Accumulated net operating loss carry-forwards $ 162,080 $ 141,770 Valuation allowance (162,080 ) (141,770 ) Net deferred income tax asset $ – $ – |
1. Nature of Operations and G15
1. Nature of Operations and Going Concern (Details Narrative) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital | $ (290,647) | |
Accumulated deficit | $ (1,017,687) | $ (941,660) |
2. Summary of Significant Acc16
2. Summary of Significant Accounting Policies (Details - Fair Value) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Fair value assets | $ 2,484 | $ 534 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value assets | 2,484 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair value assets | $ 0 |
2. Summary of Significant Acc17
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Accounting Policies [Abstract] | ||
Antidilutive shares | 0 | 0 |
Long lived assets | $ 0 | $ 0 |
Mineral property costs | $ 0 | $ 0 |
3. Related Party Transactions18
3. Related Party Transactions and Balances (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Accounts payable | $ 80 | $ 76 |
Due to related parties | 296,753 | 234,901 |
Relative of President [Member] | ||
Accounts payable | 80 | 76 |
Former President [Member] | ||
Due to related parties | 296,753 | 234,901 |
Services expense | 12,000 | 12,000 |
Rent expense | $ 6,000 | $ 6,000 |
4. Income Taxes (Details - Inco
4. Income Taxes (Details - Income tax expense) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax recovery at statutory rate | $ (26,610) | $ (20,190) |
Permanent differences | 6,300 | 6,300 |
Change in valuation allowance | 20,310 | 13,890 |
Provision for income taxes | $ 0 | $ 0 |
4. Income Taxes (Details - Defe
4. Income Taxes (Details - Deferred taxes) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Accumulated net operating loss carry-forwards | $ 162,080 | $ 141,770 |
Valuation allowance | (162,080) | (141,770) |
Net deferred income tax asset | $ 0 | $ 0 |
4. Income Taxes (Details Narrat
4. Income Taxes (Details Narrative) | 12 Months Ended |
Jul. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforward | $ 463,090 |
Operating loss carryforward expiration date | Dec. 31, 2028 |