Restatement (Tables) | 6 Months Ended |
Nov. 30, 2013 |
Restatement [Abstract] | ' |
Balance Sheet As of May 31, 2013 | ' |
Balance Sheet | As Originally | Adjustments | As |
As of May 31, 2013 | Filed | Increase/(Decrease) | Restated |
| | | |
ASSETS | | | |
| | | |
Current assets | | | |
Cash and cash equivalents | $ 121,849 | $ - | $ 121,849 |
Prepaid expenses | 12,753 | - | 12,753 |
Advance on mineral claims | 67,000 | - | 67,000 |
Total current assets | 201,602 | - | 201,602 |
| | | |
Other assets | | | |
| | | |
Mineral claims (Note 5) | 50,000 | - | 50,000 |
Website – net of amortization (Note 4) | 3,556 | - | 3,556 |
Total other assets | 53,556 | - | 53,556 |
| | | |
Total assets | $ 255,158 | $ - | $ 55,158 |
| | | |
LIABILITIES & STOCKHOLDERS’ DEFICIT | | | |
| | | |
Current liabilities | | | |
Accounts payable and accrued liabilities (Note 6) | $ 34,846 | $ - | $ 34,846 |
Other loans (Note ) | 11,641 | - | 11,641 |
Due to related party (Note 9) | 109,178 | - | 109,178 |
| | | |
Letter of credit, net of beneficial conversion feature discount of $172,967 respectively (Note 10) | 153,033 | - | 153,033 |
Total current liabilities | 308,698 | - | 308,698 |
| | | |
Total liabilities | 308,698 | - | 308,698 |
| | | |
Stockholders’ deficit | | | |
| | | |
Common stock $0.001 par value; authorized 2,250,000,000 shares; issued and outstanding: 75,750,000. | 75,750 | - | 75,750 |
Additional paid-in capital | 799,684 | 289,995 | 1,089,679 |
Stock payable | 88,500 | - | 88,500 |
Deficit accumulated during the exploration stage | (1,017,474) | (289,995) | (1,307,469) |
| | | |
Total stockholders’ deficit | (53,540) | - | (53,540) |
| | | |
Total liabilities and stockholders’ deficit | $ 255,158 | $ - | $ 255,158 |
Statements of Operations For the year ended May 31, 2013 | ' |
Statements of Operations | | | |
(Expressed in U.S. Dollars) | | | |
For the year ended May 31, 2013 | | | |
| | | |
| As Originally | Adjustments | As |
| Filed | Increase/(Decrease) | Restated |
| | | |
Revenue | $ - | $ - | $ - |
| | | |
Expenses | | | |
| | | |
Impairment loss on mineral claim | $ - | $ - | $ - |
Legal and accounting | 31,589 | - | 31,589 |
General and administrative | 64,166 | - | 64,166 |
Management fees | 22,500 | - | 22,500 |
Stock based compensation | 586,184 | 289,995 | 876,179 |
Exploration costs | 15,057 | - | 15,057 |
Amortization | 444 | - | 444 |
Total expenses | 719,940 | 289,995 | 1,009,935 |
| | | |
Operating loss | (719,940) | - | (1,009,935) |
| | | |
Other expenses | | | |
Interest expense | (91,768) | - | (91,768) |
| | | |
Net loss | $ (811,708) | $ (289,995) | $ (1,101,703) |
Statements of Operations From Inception (January 10, 2007) through May 31, 2013 | ' |
Statements of Operations | | | |
(Expressed in U.S. Dollars) | | | |
From Inception (January 10, 2007) through May 31, 2013 | | |
| | | |
| As Originally | Adjustments | As |
| Filed | Increase/(Decrease) | Restated |
| | | |
Revenue | $ - | $ - | $ - |
| | | |
Expenses | | | |
| | | |
Impairment loss on mineral claim | $ 13,512 | $ - | $ 13,512 |
Legal and accounting | 98,198 | - | 98,198 |
General and administrative | 142,061 | - | 142,061 |
Management fees | 22,500 | - | 22,500 |
Stock based compensation | 586,184 | 289,995 | 876,179 |
Exploration costs | 15,057 | - | 15,057 |
Amortization | 444 | - | 444 |
Total expenses | 877,956 | 289,995 | 1,167,951 |
| | | |
Operating loss | (877,956) | (289,995) | (1,167,951) |
| | | |
Other expenses | | | |
Interest expense | (91,768) | - | (91,768) |
| | | |
Net loss | $ (969,724) | $ (289,995) | $ (1,259,719) |
Statement of Cash Flows For the year ended May 31, 2013 (Audited) | ' |
Statement of Cash Flows | | | |
For the year ended May 31, 2013 | | | |
(Audited) | | | |
| As Originally | Adjustments | As |
Filed | Increase/(Decrease) | Restated |
Cash flows from operating activities: | | | |
Net loss | $ (811,708) | $ (289,995) | $ (1,101,703) |
Adjustments to reconcile net loss to net cash used in operating activities | | | |
Amortization | 444 | - | 444 |
Amortization of beneficial conversion feature | 87,033 | - | 87,033 |
Stock based compensation | 586,184 | 289,995 | 876,179 |
Changes in operating assets and liabilities: | | | |
Increase in prepaid expenses | (12,753) | - | (12,753) |
Increase in accounts payable and accrued liabilities | 28,969 | - | 28,969 |
Net cash used in operating activities | (121,831) | - | (121,831) |
Cash flows from investing activities: | | | |
Purchase of mineral claims | (50,000) | - | (50,000) |
Advance for claim acquisition | (25,000) | - | (25,000) |
Website development cost | (4,000) | - | (4,000) |
Net cash used in investing activities | (79,000) | - | (79,000) |
Cash flows from financing activities: | | | |
Bank overdraft | - | - | - |
Proceeds from sale of common stock | - | - | - |
Contributed capital by related party | - | - | - |
Proceeds from other loans | 11,641 | - | 11,641 |
Repayment of loan from related party | (122,250) | - | (122,250) |
Proceeds from loan from related party | 106,830 | - | 106,830 |
Proceeds from letter of credit | 326,000 | | 326,000 |
Net cash used in financing activities | 322,221 | - | 322,221 |
(Decrease) increase in cash and cash equivalents | 121,390 | - | 121,390 |
Cash and cash equivalents, beginning of year | 459 | - | 459 |
Cash and cash equivalents, end of year | $ 121,849 | $ - | $ 121,849 |
Non – cash investing and financing activities: | | | |
Beneficial conversion feature | $ 260,000 | $ - | $ 260,000 |
| | | |
Stock payable for advance on acquisition of mineral claim | $ 42,000 | $ - | $ 42,000 |
Statement of Cash Flows From Inception (January 10, 2007) through May 31, 2013 (Audited) | ' |
Statement of Cash Flows | | | |
From Inception (January 10, 2007) through May 31, 2013 | | | |
(Audited) | | | |
| As Originally | Adjustments | As |
Filed | Increase/(Decrease) | Restated |
Cash flows from operating activities: | | | |
Net loss | $ (969,723) | $ (289,995) | $ (1,259,718) |
Adjustments to reconcile net loss to net cash used in operating activities | | | |
Amortization | 444 | - | 444 |
Amortization of beneficial conversion feature | 91,768 | - | 91,768 |
Stock based compensation | 586,184 | 289,995 | 876,179 |
Changes in operating assets and liabilities: | | | |
Increase in prepaid expenses | (12,753) | - | (12,753) |
Increase in accounts payable and accrued liabilities | 30,111 | - | 30,111 |
Mineral property expenditures written down | 13,512 | - | 13,512 |
Net cash used in operating activities | (260,458) | - | (260,458) |
Cash flows from investing activities: | | | |
Purchase of mineral claims | (63,512) | - | (63,512) |
Advance for claim acquisition | (25,000) | - | (25,000) |
Website development cost | (4,000) | - | (4,000) |
Net cash used in investing activities | (92,512) | - | (92,512) |
Cash flows from financing activities: | | | |
Bank overdraft | - | - | - |
Proceeds from sale of common stock | 27,000 | - | 27,000 |
Contributed capital by related party | 1,000 | - | 1,000 |
Proceeds from other loans | 11,641 | - | 11,641 |
Repayment of loan from related party | (122,000) | - | (122,000) |
Proceeds from loan from related party | 231,178 | - | 231,178 |
Proceeds from letter of credit | 326,000 | | 326,000 |
Net cash used in financing activities | 474,819 | - | 474,819 |
(Decrease) increase in cash and cash equivalents | 121,849 | - | 121,849 |
Cash and cash equivalents, beginning of year | - | - | - |
Cash and cash equivalents, end of year | $ 121,849 | $ - | $ 121,849 |
Non – cash investing and financing activities: | | | |
Beneficial conversion feature | $ 260,000 | $ - | $ 260,000 |
Stock payable for advance on acquisition of mineral claim | $ 42,000 | $ - | $ 42,000 |
Balance Sheet As of August 31, 2013 | ' |
Balance Sheet | As Originally | Adjustments | As |
As of August 31, 2013 | Filed | Increase/(Decrease) | Restated |
| | | |
ASSETS | | | |
| | | |
Current assets | | | |
Cash and cash equivalents | $ 89,403 | $ - | $ 89,403 |
Prepaid expenses | 9,702 | - | 9,702 |
Advance on mineral claims | 67,000 | - | 67,000 |
Total current assets | 166,105 | - | 166,105 |
| | | |
Other assets | | | |
| | | |
Mineral claims (Note 5) | 83,480 | - | 83,480 |
Website – net of amortization (Note 4) | 3,222 | - | 3,222 |
Total other assets | 86,702 | - | 86,702 |
Total assets | $ 252,807 | $ - | $ 252,807 |
| | | |
| | | |
LIABILITIES & STOCKHOLDERS’ DEFICIT | | | |
| | | |
Current liabilities | | | |
Accounts payable and accrued liabilities (Note 6) | $ 29,510 | $ - | $ 29,510 |
Accrued Management fee due to related party | 87,500 | - | 87,500 |
Other loans (Note 11) | 7,266 | - | 7,266 |
Due to related party (Note 9) | 109,178 | - | 109,178 |
Letter of credit, net of beneficial conversion feature discount of $98,607, respectively (Note 10) | 352,393 | - | 352,393 |
Total current liabilities | 585,847 | - | 585,847 |
| | | |
Total liabilities | 585,847 | - | 585,847 |
| | | |
Stockholders’ deficit | | | |
Common stock $0.001 par value; authorized 2,250,000,000 | | | |
shares; issued and outstanding: 75,750,000, respectively. | 75,750 | - | 75,750 |
Additional paid-in capital | 1,004,350 | 300,512 | 1,304,862 |
Stock payable | 88,500 | - | 88,500 |
Deficit accumulated during the exploration stage | (1,501,640) | (300,512) | (1,802,152) |
| | | |
Total stockholders’ deficit | (333,040) | - | (333,040) |
| | | |
Total liabilities and stockholders’ deficit | $ 252,807 | $ - | $ 252,807 |
Statements of Operations For the three months ended August 31, 2013 | ' |
Statements of Operations | | | |
(Expressed in U.S. Dollars) | | | |
For the three months ended August 31, 2013 | | | |
| As Originally | Adjustments | As |
| Filed | Increase/(Decrease) | Restated |
Revenue | $ - | $ - | $ - |
Expenses | | | |
Impairment loss on mineral claim | $ - | $ - | $ - |
Legal and accounting | 6,900 | - | 6,900 |
General and administrative | 19,369 | - | 19,369 |
Management fees | 161,500 | - | 161,500 |
Stock based compensation | 204,666 | 10,517 | 215,183 |
Exploration costs | 12,655 | - | 12,655 |
Amortization | 333 | - | 333 |
Total expenses | 405,423 | 10,517 | 415,940 |
Operating loss | (405,423) | - | (415,940) |
Other expenses | | | |
Interest expense | (78,742) | - | (78,742) |
| | | |
Net loss | $ (484,165) | $ (10,517) | $ (494,682) |
| | | |
Statements of Operations | | | |
(Expressed in U.S. Dollars) | | | |
From Inception (January 10, 2007) through August 31, 2013 | | |
| | | |
| As Originally | Adjustments | As |
| Filed | Increase/(Decrease) | Restated |
Revenue | $ - | $ - | $ - |
Expenses | | | |
Impairment loss on mineral claim | $ 13,512 | $ - | $ 13,512 |
Legal and accounting | 105,098 | - | 105,098 |
General and administrative | 161,430 | - | 161,430 |
Management fees | 184,000 | - | 184,000 |
Stock based compensation | 790,850 | 300,512 | 1,091,362 |
Exploration costs | 27,712 | - | 27,712 |
Amortization | 777 | - | 777 |
Total expenses | 1,283,379 | 300,512 | 1,583,891 |
Operating loss | (1,283,379) | (300,512) | (1,583,891) |
Other expenses | | | |
Interest expense | (170,510) | - | (170,510) |
Net loss | $ (1,453,889) | $ (300,512) | ($1,754,401) |
Statements of Operations From Inception (January 10, 2007) through August 31, 2013 | ' |
Statements of Operations | | | |
(Expressed in U.S. Dollars) | | | |
From Inception (January 10, 2007) through August 31, 2013 | | |
| | | |
| As Originally | Adjustments | As |
| Filed | Increase/(Decrease) | Restated |
Revenue | $ - | $ - | $ - |
Expenses | | | |
Impairment loss on mineral claim | $ 13,512 | $ - | $ 13,512 |
Legal and accounting | 105,098 | - | 105,098 |
General and administrative | 161,430 | - | 161,430 |
Management fees | 184,000 | - | 184,000 |
Stock based compensation | 790,850 | 300,512 | 1,091,362 |
Exploration costs | 27,712 | - | 27,712 |
Amortization | 777 | - | 777 |
Total expenses | 1,283,379 | 300,512 | 1,583,891 |
Operating loss | (1,283,379) | (300,512) | (1,583,891) |
Other expenses | | | |
Interest expense | (170,510) | - | (170,510) |
Net loss | $ (1,453,889) | $ (300,512) | ($1,754,401) |
Statement of Cash Flows For the period ended August 31, 2013 | ' |
Statement of Cash Flows | | | |
For the period ended August 31, 2013 | | | |
| As Originally | Adjustments | As |
Filed | Increase/(Decrease) | Restated |
Cash flows from operating activities: | | | |
Net loss | $ (484,166) | $ (10,517) | $(494,683) |
Adjustments to reconcile net loss to net cash used in operating activities | | | |
Amortization | 334 | - | 334 |
Amortization of beneficial conversion feature | 74,360 | - | 74,360 |
Stock based compensation | 204,666 | 10,517 | 215,183 |
Changes in operating assets and liabilities: | | | |
Increase in prepaid expenses | 3,051 | - | 3,051 |
Increase in accrued managemnet fee due to related party | 87,500 | - | 87,500 |
Increase in accounts payable and accrued liabilities | (5,336) | - | (5,336) |
Net cash used in operating activities | (119,591) | - | (119,591) |
Cash flows from investing activities: | | | |
Purchase of mineral claims | (33,480) | - | (33,480) |
Advance for claim acquisition | - | - | - |
Website development cost | - | - | - |
Net cash used in investing activities | (33,480) | - | (33,480) |
Cash flows from financing activities: | | | |
Bank overdraft | - | - | - |
Proceeds from sale of common stock | - | - | - |
Contributed capital by related party | - | - | - |
Payments to other loans | (4,375) | - | (4,375) |
Repayment of loan from related party | - | - | - |
Proceeds from loan from related party | - | - | - |
Proceeds from letter of credit | 125,000 | - | 125,000 |
Net cash used in financing activities | 120,625 | - | 120,625 |
(Decrease) increase in cash and cash equivalents | (32,446) | - | (32,446) |
Cash and cash equivalents, beginning of year | 121,849 | - | 121,849 |
Cash and cash equivalents, end of year | $ 89,403.00 | $ - | $89,403.00 |
Non – cash investing and financing activities: | | | |
Beneficial conversion feature | $ 260,000 | $ - | $ 260,000 |
Stock payable for advance on acquisition of mineral claim | $ - | $ - | $ - |
Statement of Cash Flows From Inception (January 10, 2007) through August 31, 2013 | ' |
Statement of Cash Flows | | | |
From Inception (January 10, 2007) through August 31, 2013 | | |
| | | |
| As Originally | Adjustments | As |
Filed | Increase/(Decrease) | Restated |
Cash flows from operating activities: | | | |
Net loss | $ (1,453,889) | $ (300,512) | ($1,754,401) |
Adjustments to reconcile net loss to net cash used in operating activities | | | |
Impairment loss on mineral claim | 13,512 | - | 13,512 |
Amortization | 778 | - | 778 |
Amortization of beneficial conversion feature | 161,397 | - | 161,397 |
Stock based compensation | 790,850 | 300,512 | 1,091,362 |
Changes in operating assets and liabilities: | | | |
Increase in prepaid expenses | (9,702) | - | (9,702) |
Increase in accrued managemnet fee due to related party | 87,500 | - | 87,500 |
Increase in accounts payable and accrued liabilities | 29,510 | - | 29,510 |
Net cash used in operating activities | (380,044) | - | (380,044) |
Cash flows from investing activities: | | | |
Purchase of mineral claims | (96,992) | - | (96,992) |
Advance for claim acquisition | (25,000) | - | (25,000) |
Website development cost | (4,000) | - | (4,000) |
Net cash used in investing activities | (125,992) | - | (125,992) |
Cash flows from financing activities: | | | |
Proceeds from sale of common stock | 27,000 | - | 27,000 |
Contributed capital by related party | 1,000 | - | 1,000 |
Proceeds to other loans | 7,266 | - | 7,266 |
Repayment of loan from related party | (122,000) | - | (122,000) |
Proceeds from loan from related party | 231,178 | - | 231,178 |
Proceeds from letter of credit | 451,000 | - | 451,000 |
Net cash used in financing activities | 595,444 | - | 595,444 |
(Decrease) increase in cash and cash equivalents | 89,408 | - | 89,408 |
Cash and cash equivalents, beginning of period | - | - | - |
Cash and cash equivalents, end of period | $ 89,408 | $ - | $89,408 |
Non – cash investing and financing activities: | | | |
Beneficial conversion feature | $ 260,000 | $ - | $ 260,000 |
Stock payable for advance on acquisition of mineral claim | $ 42,000 | $ - | $ 42,000 |