Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Nov. 12, 2013 | Feb. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Aug-13 | ' | ' |
Entity Registrant Name | 'SARA CREEK GOLD CORP. | ' | ' |
Entity Central Index Key | '0001415286 | ' | ' |
Current Fiscal Year End Date | '--08-31 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,961,983 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $1,452,297 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Current assets | ' | ' |
Cash | $8,079 | $15,942 |
Accounts receivable | 1,552 | ' |
Total current assets | 9,631 | 15,942 |
Other assets | ' | ' |
Deposit | 5,000 | ' |
Oil and gas properties, proven | 26,500 | ' |
Total other assets | 31,500 | ' |
Total assets | 41,131 | 15,942 |
Current liabilities | ' | ' |
Accounts payable | 13,065 | 57,407 |
Accounts payable - related party | 15,000 | ' |
Notes payable - related party | ' | 13,966 |
Total current liabilities | 28,065 | 71,373 |
Total liabilities | 28,065 | 71,373 |
Commitments and contingencies | ' | ' |
Stockholders' deficit | ' | ' |
Common stock; $0.001 par value; 750,000,000 shares authorized, 11,961,985 and 9,281,985 shares issued and outstanding, respectively | 11,962 | 9,282 |
Common stock payable | 2,000 | 300 |
Additional paid in capital | 876,406 | 682,320 |
Deficit accumulated during the development stage | -877,302 | -747,333 |
Total stockholders' deficit | 13,066 | -55,431 |
Total liabilities and stockholders' deficit | $41,131 | $15,942 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
BALANCE SHEETS [Abstract] | ' | ' |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 11,961,985 | 9,281,985 |
Common stock, shares outstanding | 11,961,985 | 9,281,985 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | 87 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Revenue | ' | ' | ' |
Oil and gas activities | $3,932 | ' | $3,932 |
Operating expenses | ' | ' | ' |
Direct oil & gas costs | 2,380 | ' | 2,380 |
General and administrative | 79,305 | 59,227 | 817,579 |
Total operating expenses | 81,685 | 59,227 | 819,959 |
Loss from operations | -77,753 | -59,227 | -816,027 |
Other expense | ' | ' | ' |
Gain on foreign currency translation | 518 | ' | 518 |
Gain on settlement of debt | 8,755 | ' | 8,755 |
Interest expense | -61,489 | -5,133 | -70,548 |
Total other expense | -52,216 | -5,133 | -61,275 |
Loss from operations before income taxes | -129,969 | -64,360 | -877,302 |
Provision for income taxes | ' | ' | ' |
Net loss | ($129,969) | ($64,360) | ($877,302) |
Net loss per common share - basic and diluted | ($0.01) | ($0.01) | ' |
Weighted average common shares outstanding - basic and diluted | 10,907,958 | 5,187,077 | ' |
STATEMENTS_OF_STOCKHOLDERS_DEF
STATEMENTS OF STOCKHOLDERS' (DEFICIT) (USD $) | Total | Common Stock [Member] | Common Stock Payable [Member] | Stock Subscription Receivable [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Jun. 11, 2006 | ' | ' | ' | ' | ' | ' |
Balance, shares at Jun. 11, 2006 | ' | ' | ' | ' | ' | ' |
Issuance of stock | ' | 1,000 | ' | -10,000 | 9,000 | ' |
Issuance of stock, shares | ' | 1,000,000 | ' | ' | ' | ' |
Net loss | -1,230 | ' | ' | ' | ' | -1,230 |
Balance at Aug. 31, 2006 | -1,230 | 1,000 | ' | -10,000 | 9,000 | -1,230 |
Balance, shares at Aug. 31, 2006 | ' | 1,000,000 | ' | ' | ' | ' |
Receipt of stock subscription receivable | 10,000 | ' | ' | 10,000 | ' | ' |
Net loss | -5,855 | ' | ' | ' | ' | -5,855 |
Balance at Aug. 31, 2007 | 2,915 | 1,000 | ' | ' | 9,000 | -7,085 |
Balance, shares at Aug. 31, 2007 | ' | 1,000,000 | ' | ' | ' | ' |
Issuance of common stock in exchange for cash | 49,000 | 490 | ' | ' | 48,510 | ' |
Issuance of common stock in exchange for cash, shares | ' | 490,000 | ' | ' | ' | ' |
Net loss | -58,567 | ' | ' | ' | ' | -58,567 |
Balance at Aug. 31, 2008 | -6,652 | 1,490 | ' | ' | 57,510 | -65,652 |
Balance, shares at Aug. 31, 2008 | ' | 1,490,000 | ' | ' | ' | ' |
Net loss | -30,806 | ' | ' | ' | ' | -30,806 |
Balance at Aug. 31, 2009 | -37,458 | 1,490 | ' | ' | 57,510 | -96,458 |
Balance, shares at Aug. 31, 2009 | ' | 1,490,000 | ' | ' | ' | ' |
Net loss | -513,721 | ' | ' | ' | ' | -513,721 |
Balance at Aug. 31, 2010 | -551,179 | 1,490 | ' | ' | 57,510 | -610,179 |
Balance, shares at Aug. 31, 2010 | ' | 1,490,000 | ' | ' | ' | ' |
Issuance of common stock in exchange for debt | 503,093 | ' | ' | ' | ' | ' |
Issuance of additional common stock in exchange for debt | ' | 1,677 | ' | ' | 501,416 | ' |
Issuance of additional common stock in exchange for debt, shares | ' | 1,676,977 | ' | ' | ' | ' |
Net loss | -72,794 | ' | ' | ' | ' | -72,794 |
Balance at Aug. 31, 2011 | -120,880 | 3,167 | ' | ' | 558,926 | -682,973 |
Balance, shares at Aug. 31, 2011 | ' | 3,166,977 | ' | ' | ' | ' |
Adjustment for rounding differences | ' | 8 | ' | ' | ' | ' |
Issuance of common stock in exchange for debt | 50,000 | 5,000 | ' | ' | 45,000 | ' |
Issuance of common stock in exchange for debt, shares | ' | 5,000,000 | ' | ' | ' | ' |
Issuance of additional common stock in exchange for debt | 30,000 | 6,000 | ' | ' | 29,400 | ' |
Issuance of additional common stock in exchange for debt, shares | ' | 600,000 | ' | ' | ' | ' |
Accrued interest waived by stockholders | 9,059 | ' | ' | ' | 9,059 | ' |
Issuance of common stock in exchange for services rendered | 25,750 | 515 | ' | ' | 25,235 | ' |
Issuance of common stock in exchange for services rendered, shares | ' | 515,000 | ' | ' | ' | ' |
Issuance of common stock in exchange for cash | 15,000 | ' | 300 | ' | 14,700 | ' |
Issuance of common stock in exchange for cash, shares | ' | ' | 300,000 | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | ' | ' | ' | ' | ' |
Notes payable - related party waived by stockholders | ' | ' | ' | ' | ' | ' |
Net loss | -64,360 | ' | ' | ' | ' | -64,360 |
Balance at Aug. 31, 2012 | -55,431 | 9,282 | 300 | ' | 682,320 | -747,333 |
Balance, shares at Aug. 31, 2012 | 9,281,985 | 9,281,985 | 300,000 | ' | ' | ' |
Issuance of common stock in exchange for debt | 59,000 | 1,180 | ' | ' | 57,820 | ' |
Issuance of common stock in exchange for debt, shares | ' | 1,180,000 | ' | ' | ' | ' |
Issuance of common stock in exchange for cash | 35,000 | 1,000 | -300 | ' | 34,300 | ' |
Issuance of common stock in exchange for cash, shares | 700,000 | 1,000,000 | -300,000 | ' | ' | ' |
Beneficial conversion feature | 59,000 | ' | ' | ' | 59,000 | ' |
Issuance of common stock in exchange for oil & gas properties | 31,500 | 500 | 2,000 | ' | 29,000 | ' |
Issuance of common stock in exchange for oil & gas properties, shares | 2,500,000 | 500,000 | 2,000,000 | ' | ' | ' |
Notes payable - related party waived by stockholders | 13,966 | ' | ' | ' | 13,966 | ' |
Net loss | -129,969 | ' | ' | ' | ' | -129,969 |
Balance at Aug. 31, 2013 | $13,066 | $11,962 | $2,000 | ' | $876,406 | ($877,302) |
Balance, shares at Aug. 31, 2013 | 11,961,985 | 11,961,985 | 2,000,000 | ' | ' | ' |
STATEMENTS_OF_STOCKHOLDERS_DEF1
STATEMENTS OF STOCKHOLDERS' (DEFICIT) (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2006 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2008 | |
STATEMENTS OF STOCKHOLDERS' (DEFICIT) [Abstract] | ' | ' | ' | ' | ' |
Issuance of stock in period, per share value | $0.00 | $0.05 | $0.05 | $0.30 | $0.10 |
Additional issuance of stock in period, per share value | ' | ' | $0.05 | ' | ' |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | 87 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($129,969) | ($64,360) | ($877,302) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
(Gain) loss on settlement of debt | -8,755 | ' | 424,139 |
Gain on foreign currency translation | -518 | ' | -518 |
Amortization of beneficial conversion feature | 59,000 | ' | 59,000 |
Accrued interest on notes payable | ' | 5,133 | 9,059 |
Issuance of common stock for services | ' | 25,750 | 25,750 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -1,552 | ' | -1,552 |
Accounts payable | 23,931 | 7,961 | 81,338 |
Accounts payable - related party | 15,000 | ' | 15,000 |
Net cash used by operating activities | -42,863 | -25,516 | -265,086 |
Cash flows from investing activities: | ' | ' | ' |
Notes receivable, net | ' | ' | -432,894 |
Net cash used by investing activities | ' | ' | -432,894 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from notes payable | ' | 25,000 | 618,414 |
Repayment of notes payable | ' | ' | -21,355 |
Issuance of common stock for cash | 35,000 | 15,000 | 109,000 |
Net cash provided by financing activities | 35,000 | 40,000 | 706,059 |
Net change in cash | -7,863 | 14,484 | 8,079 |
Cash, beginning of period | 15,942 | 1,458 | ' |
Cash, end of period | 8,079 | 15,942 | 8,079 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Interest paid | ' | ' | ' |
Taxes paid | ' | ' | ' |
Supplemental disclosure of non-cash financing activity | ' | ' | ' |
Stock issued in exchange for debt | 59,000 | 80,000 | 642,093 |
Stock issued in exchange for oil & gas properties | 31,500 | ' | 31,500 |
Notes payable - related party waived by stockholders | 13,966 | ' | 13,966 |
Accrued interest waived by stockholders | ' | $9,059 | $9,059 |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended | |
Aug. 31, 2013 | ||
DESCRIPTION OF BUSINESS [Abstract] | ' | |
DESCRIPTION OF BUSINESS | ' | |
1. | DESCRIPTION OF BUSINESS | |
Sara Creek Gold Corp. ("the Company") was incorporated under the laws of the State of Nevada on June 12, 2006, under the name of Uventus Technologies Corp. On September 23, 2009, the Company merged with its wholly owned subsidiary and changed its name to Sara Creek Gold Corp. to better reflect its then business plan which is the acquisition, exploration, and development of gold and other mineral resource properties. In mid-2013, the Company shifted its focus to oil and gas acquisition and development. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Aug. 31, 2013 | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Accounting - The accompanying financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. | ||
Year-End - The Company has selected August 31 as its year end. | ||
Exploration Stage Company - The Company's financial statements are presented as a company in the exploration stage of business. Activities during the exploration stage primarily include implementation of the business plan and obtaining debt and/or equity related financing. | ||
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 as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash - Cash and cash equivalents consist primarily of cash on deposit, certificates of deposit, money market accounts, and investment grade commercial paper that are readily convertible into cash and purchased with original maturities of three months or less. | ||
The Company maintains cash balances at an institution that is insured by the Federal Deposit Insurance Corporation. As of August 31, 2013 and 2012 no amounts were in excess of the federally insured program, respectively. | ||
Revenue Recognition Policy - The Company will recognize revenue once all of the following criteria for revenue recognition have been met: pervasive evidence that an agreement exists; the product or service has been rendered; the fee is fixed and determinable based on the completion of stated terms and conditions; and collection of the amount due is reasonably assured. The Company did not realize any revenues from June 12, 2006 (inception) through August 31, 2012. During the year ended August 31, 2013, the Company recognized $3,932 in revenue from oil & gas properties. | ||
Exploration and Development Costs - In general, exploration costs are expensed as incurred. When the Company has determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. During the years ended August 31, 2013 and 2012 the Company recorded exploration costs of $0 and $0, respectively. | ||
Income Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. | ||
The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws. | ||
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | ||
Fair Value of Financial Instruments - The Company discloses, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments. As of August 31, 2013 and 2012 the carrying amounts and estimated fair values of the Company's financial instruments approximate their fair value due to the short-term nature of such financial instruments, respectively. | ||
Dividends - The payment of dividends by the Company in the future will be at the discretion of the Board of Directors and will depend on our earnings, capital requirements and financial condition, as well as other relevant factors. | ||
Earnings (Loss) per Share - Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | ||
The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of August 31, 2013 and 2012, respectively. | ||
Risks and Uncertainties - The Company's operations and future are dependent in a large part on its ability to locate economically developable deposits of precious metals. The Company's inability to locate and extract precious metals may have a material adverse effect on its financial condition, results of operations and cash flows. | ||
New Accounting Pronouncements - There are no recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
GOING_CONCERN
GOING CONCERN | 12 Months Ended | |
Aug. 31, 2013 | ||
GOING CONCERN [Abstract] | ' | |
GOING CONCERN | ' | |
3. | GOING CONCERN | |
The accompanying 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 of August 31, 2013, the Company had total current assets of $9,631 and a working capital deficit in the amount of $18,434. The Company incurred a net loss of $129,969 during the year ended August 31, 2013 and an accumulated net loss of $877,302 since inception. The Company has not earned any significant revenues since inception and its cash resources are insufficient to meet its planned business objectives. | ||
These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's continuation as a going concern is dependent upon its ability to obtain additional financing or sale of its common stock as may be required and ultimately to attain profitability. | ||
Management's plan in this regard, is to raise capital through a combination of equity and debt financing sufficient to finance the continuing operations for the next twelve months. However, there can be no assurance that the Company will be successful in raising such financing. As an alternative, the Company may be amenable to a sale, merger, or other acquisition in the event such transaction is deemed by management to be in the best interests of the shareholders. | ||
OIL_AND_GAS_PROPERTIES
OIL AND GAS PROPERTIES | 12 Months Ended | |
Aug. 31, 2013 | ||
OIL AND GAS PROPERTIES [Abstract] | ' | |
OIL AND GAS PROPERTIES | ' | |
4. | OIL AND GAS PROPERTIES | |
On July 18, 2013, the Company acquired a 2% working interest in a well located in California in exchange for 2,500,000 shares of common stock. The Company issued 500,000 shares of common stock on July 30, 2013 and the remaining 2,000,000 shares of common stock will be issued in January 2014. The Company valued the shares at $31,500 which includes a $5,000 deposit with owner of the well to cover the Company's share of operating expenses. The fair value was determined by the present value of estimated future cash flows from the well. |
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended | |
Aug. 31, 2013 | ||
NOTES PAYABLE [Abstract] | ' | |
NOTES PAYABLE | ' | |
5. | NOTES PAYABLE | |
In 2006, the Company received various advances from a shareholder totaling $13,966 for operating expenses. The advances do not bear interest and are payable on demand. During the year ended May 31, 2013, the Company recorded the entire balance to additional paid in capital since the legal statute of limitations were reached an no communication was received from the shareholder. As of August 31, 2013 and 2012, the balance outstanding remains at $0 and $13,966, respectively. | ||
On November 18, 2010 the Company entered into an unsecured promissory note in the amount of $50,000. The note bears interest of 10% per annum and was due on December 31, 2011. On April 19, 2012, the outstanding principle of $50,000 was exchanged for 5,000,000 shares of common stock at $0.01 per share. Upon conversion, the note holder elected to waive accrued interest totaling $7,096 which is presented as a contribution on the statement of stockholders' deficit. As of August 31, 2012 and 2011, the balance together with accrued interest totaled $0 and $53,918, respectively. | ||
On August 25, 2011 the Company entered into an unsecured promissory note in the amount of $5,000. The note bears interest of 10% per annum and is due on August 24, 2012. On May 22, 2012, the outstanding principle of $5,000 was exchanged for 100,000 shares of common stock at $0.05 per share. Upon conversion, the note holder elected to waive accrued interest totaling $371 which is presented as a contribution on the statement of stockholders' deficit. As of August 31, 2012 and 2011, the balance together with accrued interest totaled $0 and $5,008, respectively. | ||
On September 20, 2011 the Company entered into two unsecured promissory notes for a total amount of $10,000. The notes bear interest of 10% per annum and are due on September 19, 2012. On May 22, 2012, the outstanding principle of $10,000 was exchanged for 200,000 shares of common stock at $0.05 per share. Upon conversion, the note holder elected to waive accrued interest totaling $671 which is presented as a contribution on the statement of stockholders' deficit. As of August 31, 2012 and 2011, the balance together with accrued interest totaled $0. | ||
On October 11, 2011 the Company entered into an unsecured promissory note in the amount of $15,000. The note bears interest of 10% per annum and is due on October 10, 2012. On May 22, 2012, the outstanding principle of $15,000 was exchanged for 300,000 shares of common stock at $0.05 per share. Upon conversion, the note holder elected to waive accrued interest totaling $921 which is presented as a contribution on the statement of stockholders' deficit. As of August 31, 2012 and 2011, the balance together with accrued interest totaled $0. | ||
On February 19, 2013, the Company issued a Convertible Note Purchase Agreement to Lindsey Capital Corp. in the amount of $59,000. Pursuant to the note agreement, Lindsey Capital Corp. purchased certain outstanding liabilities of the Company in exchange for the aforementioned note. The note is convertible into common stock at a price of $0.05 per share, accrues interest at an annual rate of 10% and matures on February 19, 2015. As a result of the benefit attributable to the conversion feature, the Company recorded a discount on the note in the amount of $59,000 which will be amortized to interest expense over the two year term of the note. As of August 31, 2013, the Company has recognized $59,000 in connection with the discount. | ||
During the year ended August 31, 2013, Lindsey Capital Corp. elected to convert the entire principal amount into 1,180,000 shares of common stock of the Company and forgave the accrued interest payable of $2,489. |
INCOME_TAX
INCOME TAX | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
INCOME TAX [Abstract] | ' | ||||||||
INCOME TAX | ' | ||||||||
6. | INCOME TAX | ||||||||
The Company had net operating loss carry forwards for income tax reporting purposes of $876,677 and $746,708 as of August 31, 2013 and 2012, respectively. These carry forwards may be used to offset against future taxable income and begin to expire in the year 2026. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs or a change in the nature of the business. Therefore, the amount available to offset future taxable income may be limited. | |||||||||
No tax benefit has been reported in the financial statements for the realization of loss carry forwards, as the Company believes there is high probability that the carry forwards will not be utilized in the foreseeable future. Accordingly, the potential tax benefits of the loss carry forwards are offset by a valuation allowance of the same amount. | |||||||||
Significant components of the Company's deferred tax liabilities and assets as of August 31, 2013 and 2012 are as follows: | |||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Deferred tax asset: | |||||||||
Net operating loss | $ | 877,302 | $ | 747,333 | |||||
Less: non-deductable expenses | (625 | ) | (625 | ) | |||||
876,677 | 746,708 | ||||||||
Income tax rate | 35 | % | 35 | % | |||||
306,837 | 261,348 | ||||||||
Less valuation allowance | (306,837 | ) | (261,348 | ) | |||||
Deferred tax asset | $ | - | $ | - | |||||
Through August 31, 2013, a valuation allowance has been recorded to offset the deferred tax assets, including those related to the net operating losses. |
STOCKHOLDERS_EQUITY_DEFICIT
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended | |
Aug. 31, 2013 | ||
STOCKHOLDERS? EQUITY (DEFICIT) [Abstract] | ' | |
STOCKHOLDERS? EQUITY (DEFICIT) | ' | |
7. | STOCKHOLDERS' EQUITY (DEFICIT) | |
On September 23, 2009, the Company affected a 15 for 1 forward stock split of its authorized, issued, and outstanding common stock. | ||
On February 8, 2011, the Company affected a 30 for 1 reverse stock split of its authorized, issued, and outstanding common stock. | ||
The accompanying financial statements have been adjusted to reflect the forward and reverse stock splits, retroactively. | ||
Year Ended August 31, 2006 | ||
The Company issued 1,000,000 shares of its par value common stock to various directors at $0.001 per share for a subscription receivable of $10,000, which was received in 2007. | ||
Year Ended August 31, 2008 | ||
The Company issued 490,000 shares of its par value common stock pursuant to a private placement at $0.10 per share for gross proceeds in the amount of $49,000. | ||
Year Ended August 31, 2011 | ||
The Company issued 1,676,977 shares of its par value common stock in exchange for outstanding debt in the amount of $503,093 at $0.30 per share. | ||
Year Ended August 31, 2012 | ||
The Company issued 5,000,000 shares of its par value common stock in exchange for outstanding debt in the amount of $50,000 at $0.01 per share. | ||
The Company issued 600,000 shares of its par value common stock in exchange for outstanding debt in the amount of $30,000 at $0.05 per share. | ||
Upon conversion of $80,000 in debt, the note holders elected to waive accrued interest totaling $9,059 which is presented as a contribution on the statement of stockholders' deficit. See also Note 5 regarding notes payable. | ||
The Company issued 515,000 shares of its par value common stock in exchange for services rendered in the amount of $25,750 at $0.05 per share. | ||
The Company received gross proceeds in the amount of $15,000 for 300,000 shares of its par value common stock at $0.05 per share. As of August 31, 2012, the shares had not been issued and are recorded as common stock payable. | ||
Year ended August 31, 2013 | ||
The Company issued 700,000 shares of its par value common stock in exchange for cash at $0.05 per share for gross proceeds in the amount of $35,000. In addition, the Company issued 300,000 shares which had been recorded to common stock payable as of August 31, 2012. | ||
The Company recorded $59,000 related to the debt discount on the convertible notes payable with Lindsey Capital Corp. | ||
The Company issued 500,000 shares of its par value common stock in exchange for oil and gas properties at $0.013 per share for total value in the amount of $31,500. | ||
The Company issued 1,180,000 shares of its par value common stock in exchange for conversion of debt at $0.05 per share for total principal amount of $59,000. | ||
The Company recorded $13,966 to additional paid in capital related to the settlement of debt with a related party. |
LEGAL_PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended | |
Aug. 31, 2013 | ||
LEGAL PROCEEDINGS [Abstract] | ' | |
LEGAL PROCEEDINGS | ' | |
8. | LEGAL PROCEEDINGS | |
On November 10, 2011, a claim in the amount of $14,452 was filed against the Company for past due legal services rendered. Management of the Company believes that the claim is without merit and intends to contest the claim vigorously. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Aug. 31, 2013 | ||
SUBSEQUENT EVENTS [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
9. | SUBSEQUENT EVENTS | |
On September 18, 2013, the Company entered into an Agreement and Plan of Reorganization (the "Agreement") with SCNRG LLC, a California limited liability company ("SCNRG") and its members Darren Katic, an individual, Manhattan Holdings, LLC, a Delaware limited liability company, and Gerald Tywoniuk, an individual, pursuant to which the Company agreed to acquire all of the issued and outstanding membership interests of SCNRG. SCNRG shall become a subsidiary of the Company after closing of the acquisition. SCNRG owns a two-thirds interest in an oil producing property known as the DEEP Lease. | ||
The Agreement provides that the Company shall issue an aggregate consideration of 14,000,000 shares of Company common stock to the members of SCNRG. The consummation of the acquisition is subject to the completion of certain closing conditions set forth in the Agreement and is expected to close during the first quarter of fiscal year ended August 31, 2014. | ||
On October 15, 2013, the Company entered into an Option Agreement (the "Agreement") with Darren Katic and Charles Moore (collectively the "Sellers") whereby the Company obtained the option ("Option") to acquire all of the membership interests in Hawker Energy, LLC, a California limited liability company ("Hawker") from the Sellers. | ||
The Option is exercisable until December 1, 2013 (unless extended according to specific terms set forth in the Agreement) for a purchase price of 3,000,000 shares of Company common stock, subject to increase as provided below. The consummation of the acquisition of Hawker is subject to the completion of certain closing conditions set forth in the Agreement. | ||
Subject to the consummation of the acquisition of Hawker, Sellers may be entitled to additional shares of the Company's common stock upon the following terms: | ||
(a) 2,000,000 shares of Company common stock shall be issued to Sellers upon the Company's or Hawker's acquisition of California Oil Independents (or certain the oil and gas interests held by it located in the Monroe Swell Field, Monterey, California); | ||
(b) 2,000,000 shares of Company common stock shall be issued to Sellers upon the Company's or Hawker's acquisition of a participation in South Coast Oil - Huntington Beach (or the oil and gas interests held by it); | ||
(c) 5,000,000 shares of Company common stock shall be issued to Sellers upon the Company's or Hawker's acquisition of the Midway-Sunset Lease oil and gas interests held by Christian Hall (or affiliates); and | ||
(d) 7,000,000 shares of Company common stock shall be issued to Sellers upon the conveyance to the Company or Hawker of certain assets and rights regarding PRC 145.1 Lease held by Rincon Island Limited Partnership or settlement in lieu of such conveyance. | ||
On November 20, 2013, the Company and the Sellers agreed to amend certain terms of the agreement. The term of the option has been extended to March 15, 2014. Additionally, the Company increased the amount of shares as follows: | ||
(a) | 10,000,000 shares of Company common stock shall be issued to Sellers upon the consummation of the acquisition of the TEG Oil & Gas, Inc. (or certain oil and gas interests held by it) | |
(b) | 7,000,000 shares of Company common stock shall be issued to Seller upon the consummation of the conveyance of certain mineral rights regarding PRC 427 Lease held by ExxonMobil. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Basis of Accounting | ' |
Basis of Accounting - The accompanying financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. | |
Year-End | ' |
Year-End - The Company has selected August 31 as its year end. | |
Exploration Stage Company | ' |
Exploration Stage Company - The Company's financial statements are presented as a company in the exploration stage of business. Activities during the exploration stage primarily include implementation of the business plan and obtaining debt and/or equity related financing. | |
Use of Estimates | ' |
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 as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash | ' |
Cash - Cash and cash equivalents consist primarily of cash on deposit, certificates of deposit, money market accounts, and investment grade commercial paper that are readily convertible into cash and purchased with original maturities of three months or less. | |
The Company maintains cash balances at an institution that is insured by the Federal Deposit Insurance Corporation. As of August 31, 2013 and 2012 no amounts were in excess of the federally insured program, respectively. | |
Revenue Recognition | ' |
Revenue Recognition Policy - The Company will recognize revenue once all of the following criteria for revenue recognition have been met: pervasive evidence that an agreement exists; the product or service has been rendered; the fee is fixed and determinable based on the completion of stated terms and conditions; and collection of the amount due is reasonably assured. The Company did not realize any revenues from June 12, 2006 (inception) through August 31, 2012. During the year ended August 31, 2013, the Company recognized $3,932 in revenue from oil & gas properties. | |
Exploration and Development Costs | ' |
Exploration and Development Costs - In general, exploration costs are expensed as incurred. When the Company has determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. During the years ended August 31, 2013 and 2012 the Company recorded exploration costs of $0 and $0, respectively. | |
Income Taxes | ' |
Income Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. | |
The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws. | |
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments - The Company discloses, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments. As of August 31, 2013 and 2012 the carrying amounts and estimated fair values of the Company's financial instruments approximate their fair value due to the short-term nature of such financial instruments, respectively. | |
Dividends | ' |
Dividends - The payment of dividends by the Company in the future will be at the discretion of the Board of Directors and will depend on our earnings, capital requirements and financial condition, as well as other relevant factors. | |
Earnings (Loss) Per Share | ' |
Earnings (Loss) per Share - Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | |
The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of August 31, 2013 and 2012, respectively. | |
Risks and Uncertainties | ' |
Risks and Uncertainties - The Company's operations and future are dependent in a large part on its ability to locate economically developable deposits of precious metals. The Company's inability to locate and extract precious metals may have a material adverse effect on its financial condition, results of operations and cash flows. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements - There are no recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
INCOME_TAX_Tables
INCOME TAX (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
INCOME TAX [Abstract] | ' | ||||||||
Schedule of Deferred Tax Liabilities and Assets | ' | ||||||||
Significant components of the Company's deferred tax liabilities and assets as of August 31, 2013 and 2012 are as follows: | |||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Deferred tax asset: | |||||||||
Net operating loss | $ | 877,302 | $ | 747,333 | |||||
Less: non-deductable expenses | (625 | ) | (625 | ) | |||||
876,677 | 746,708 | ||||||||
Income tax rate | 35 | % | 35 | % | |||||
306,837 | 261,348 | ||||||||
Less valuation allowance | (306,837 | ) | (261,348 | ) | |||||
Deferred tax asset | $ | - | $ | - |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | 87 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' |
Exploration expenses | $0 | $0 | ' |
Oil and gas activities | $3,932 | ' | $3,932 |
GOING_CONCERN_Details
GOING CONCERN (Details) (USD $) | 3 Months Ended | 12 Months Ended | 87 Months Ended | ||||||
Aug. 31, 2006 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2010 | Aug. 31, 2009 | Aug. 31, 2008 | Aug. 31, 2007 | Aug. 31, 2013 | |
GOING CONCERN [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | $9,631 | $15,942 | ' | ' | ' | ' | ' | $9,631 |
Working capital deficit | ' | -18,434 | ' | ' | ' | ' | ' | ' | -18,434 |
Net loss | $1,230 | $129,969 | $64,360 | $72,794 | $513,721 | $30,806 | $58,567 | $5,855 | $877,302 |
OIL_AND_GAS_PROPERTIES_Details
OIL AND GAS PROPERTIES (Details) (USD $) | 1 Months Ended | 12 Months Ended | 87 Months Ended | |
Jul. 18, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Issuance of common stock in exchange for oil & gas properties, shares | ' | 2,500,000 | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | $31,500 | ' | $31,500 |
Deposits | ' | 5,000 | ' | 5,000 |
Acquired working interest | 2.00% | ' | ' | ' |
Common Stock [Member] | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties, shares | ' | 500,000 | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | 500 | ' | ' |
Common Stock Payable [Member] | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties, shares | ' | 2,000,000 | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | $2,000 | ' | ' |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 3 Months Ended | 12 Months Ended | 87 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Aug. 31, 2006 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2008 | Aug. 31, 2013 | Feb. 19, 2013 | Aug. 31, 2006 | Feb. 19, 2013 | Apr. 19, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 18, 2010 | 22-May-12 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 25, 2011 | 22-May-12 | Aug. 31, 2013 | Aug. 31, 2012 | Oct. 11, 2011 | Aug. 31, 2011 | 22-May-12 | Aug. 31, 2013 | Aug. 31, 2012 | Sep. 20, 2011 | Aug. 31, 2011 | Aug. 31, 2013 | |
Various Advances [Member] | Convertible Note Purchase Agreement [Member] | Unsecured Promissory Note 1 [Member] | Unsecured Promissory Note 1 [Member] | Unsecured Promissory Note 1 [Member] | Unsecured Promissory Note 1 [Member] | Unsecured Promissory Note 1 [Member] | Unsecured Promissory Note 2 [Member] | Unsecured Promissory Note 2 [Member] | Unsecured Promissory Note 2 [Member] | Unsecured Promissory Note 2 [Member] | Unsecured Promissory Note 2 [Member] | Unsecured Promissory Note 3 [Member] | Unsecured Promissory Note 3 [Member] | Unsecured Promissory Note 3 [Member] | Unsecured Promissory Note 3 [Member] | Unsecured Promissory Note 3 [Member] | Two Unsecured Promissory Notes [Member] | Two Unsecured Promissory Notes [Member] | Two Unsecured Promissory Notes [Member] | Two Unsecured Promissory Notes [Member] | Two Unsecured Promissory Notes [Member] | Lindsey Capital Corp. [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | $13,966 | $59,000 | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | $5,000 | ' | ' | ' | $15,000 | ' | ' | ' | ' | $10,000 | ' | ' |
Debt instrument, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 53,918 | ' | ' | 0 | 0 | 5,008 | ' | ' | 0 | 0 | ' | 0 | ' | 0 | 0 | ' | 0 | ' |
Notes payable - related party | ' | ' | 13,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, conversion price per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, original debt amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' |
Debt conversion, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | 1,180,000 |
Issuance of stock in period, per share value | $0.00 | $0.05 | $0.05 | $0.30 | $0.10 | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' | ' |
Annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | 10.00% | ' | ' | ' | 10.00% | ' | ' | ' | ' | 10.00% | ' | ' |
Debt maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 19-Feb-15 | ' | 31-Dec-11 | ' | ' | ' | ' | 24-Aug-12 | ' | ' | ' | ' | 10-Oct-12 | ' | ' | ' | ' | 19-Sep-12 | ' | ' | ' | ' |
Debt discount | ' | 0 | ' | ' | ' | 0 | 59,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of beneficial conversion discount | ' | 59,000 | ' | ' | ' | 59,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,096 | ' | ' | ' | ' | 371 | ' | ' | ' | ' | 921 | ' | ' | ' | ' | 671 | ' | ' | ' | ' | ' |
Forgiven accrued interest payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,489 |
INCOME_TAX_Details
INCOME TAX (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
INCOME TAX [Abstract] | ' | ' |
Beginning year of expiration of operating loss carry forwards | '2026 | ' |
Deferred tax asset: | ' | ' |
Net operating loss | $877,302 | $747,333 |
Less: non-deductable expenses | -625 | -625 |
Net operating loss | 876,677 | 746,708 |
Income tax rate | 35.00% | 35.00% |
Deferred tax asset, gross | 306,837 | 261,348 |
Less valuation allowance | -306,837 | -261,348 |
Deferred tax asset | ' | ' |
STOCKHOLDERS_EQUITY_DEFICIT_De
STOCKHOLDERS' EQUITY (DEFICIT) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 87 Months Ended | ||||
Feb. 08, 2011 | Sep. 23, 2009 | Aug. 31, 2006 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2008 | Aug. 31, 2007 | Aug. 31, 2013 | |
Stock split ratio | 0.03333 | 15 | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of stock subscription receivable | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' |
Issuance of common stock in exchange for debt | ' | ' | ' | 59,000 | 50,000 | 503,093 | ' | ' | ' |
Issuance of additional common stock in exchange for debt | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' |
Accrued interest waived by stockholders | ' | ' | ' | ' | 9,059 | ' | ' | ' | ' |
Issuance of common stock in exchange for services rendered | ' | ' | ' | ' | 25,750 | ' | ' | ' | ' |
Issuance of common stock in exchange for cash | ' | ' | ' | 35,000 | 15,000 | ' | 49,000 | ' | ' |
Issuance of common stock in exchange for cash, shares | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' |
Issuance of stock in period, per share value | ' | ' | $0.00 | $0.05 | $0.05 | $0.30 | $0.10 | ' | ' |
Additional issuance of stock in period, per share value | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' |
Beneficial conversion feature | ' | ' | ' | 59,000 | ' | ' | ' | ' | ' |
Notes payable - related party waived by stockholders | ' | ' | ' | 13,966 | ' | ' | ' | ' | 13,966 |
Issuance of common stock in exchange for oil & gas properties, shares | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | ' | ' | 31,500 | ' | ' | ' | ' | 31,500 |
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' |
Issuance of stock, shares | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Adjustment for rounding differences | ' | ' | ' | ' | 8 | ' | ' | ' | ' |
Receipt of stock subscription receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for debt | ' | ' | ' | 1,180 | 5,000 | ' | ' | ' | ' |
Issuance of common stock in exchange for debt, shares | ' | ' | ' | 1,180,000 | 5,000,000 | ' | ' | ' | ' |
Issuance of additional common stock in exchange for debt | ' | ' | ' | ' | 6,000 | 1,677 | ' | ' | ' |
Issuance of additional common stock in exchange for debt, shares | ' | ' | ' | ' | 600,000 | 1,676,977 | ' | ' | ' |
Accrued interest waived by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for services rendered | ' | ' | ' | ' | 515 | ' | ' | ' | ' |
Issuance of common stock in exchange for services rendered, shares | ' | ' | ' | ' | 515,000 | ' | ' | ' | ' |
Issuance of common stock in exchange for cash | ' | ' | ' | 1,000 | ' | ' | 490 | ' | ' |
Issuance of common stock in exchange for cash, shares | ' | ' | ' | 1,000,000 | ' | ' | 490,000 | ' | ' |
Beneficial conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable - related party waived by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties, shares | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | ' | ' | 500 | ' | ' | ' | ' | ' |
Common Stock Payable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receipt of stock subscription receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for debt, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional common stock in exchange for debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional common stock in exchange for debt, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest waived by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for services rendered | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for services rendered, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for cash | ' | ' | ' | -300 | 300 | ' | ' | ' | ' |
Issuance of common stock in exchange for cash, shares | ' | ' | ' | -300,000 | 300,000 | ' | ' | ' | ' |
Beneficial conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable - related party waived by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties, shares | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' |
Stock Subscription Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | ' | ' | -10,000 | ' | ' | ' | ' | ' | ' |
Receipt of stock subscription receivable | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' |
Issuance of common stock in exchange for debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional common stock in exchange for debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest waived by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for services rendered | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable - related party waived by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in exchange for oil & gas properties | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and Gas Properties [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock in period, per share value | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' |
LEGAL_PROCEEDINGS_Details
LEGAL PROCEEDINGS (Details) (USD $) | 0 Months Ended |
Nov. 10, 2011 | |
LEGAL PROCEEDINGS [Abstract] | ' |
Amount of claim filed against the company | $14,452 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||||
Aug. 31, 2013 | Oct. 15, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Sep. 18, 2013 | Nov. 20, 2013 | Nov. 20, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
California Oil Independents [Member] | South Coast Oil Huntington Beach [Member] | Midway Sunset Lease [Member] | Rincon Island Limited Partnership [Member] | SCNRG [Member] | TEG Oil & Gas, Inc. [Member] | ExxonMobil [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement aggregate consideration shares to issue | ' | ' | ' | ' | ' | ' | '14000000 | ' | ' |
Acquisition of Hawker shares purchase price | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Additional shares shall be issued upon acquisition of certain oil and gas | 2,500,000 | ' | 2,000,000 | 2,000,000 | 5,000,000 | 7,000,000 | ' | 10,000,000 | 7,000,000 |