Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Sep. 30, 2012 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Rangeford Resources, Inc. |
Document Type | '10-Q |
Document Period End Date | 30-Sep-12 |
Amendment Flag | 'false |
Entity Central Index Key | '0001438035 |
Current Fiscal Year End Date | '--03-31 |
Entity Common Stock, Shares Outstanding | 10,081,700 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'No |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q2 |
Rangeford_Resources_Inc_Balanc
Rangeford Resources, Inc. - Balance Sheets (USD $) | Sep. 30, 2012 | Mar. 31, 2012 | ||
Current Assets: | ' | ' | ||
Cash | $1,621 | $200 | ||
Other current asset | 1,200 | ' | ||
TOTAL CURRENT ASSETS | 2,821 | 200 | ||
Total Assets | 2,821 | 200 | ||
Current Liabilities: | ' | ' | ||
Accounts payable | 53,549 | 3,350 | ||
Accrued interest payable | ' | 160 | ||
Related party payables | ' | 21,055 | ||
TOTAL CURRENT LIABILITIES | 53,549 | 24,565 | ||
Stockholders' Deficit | ' | ' | ||
Common Stock | 10,082 | [1] | 10,082 | [1] |
Additional paid-in capital | 65,466 | 30,131 | ||
Deficit accumulated during the development stage | -126,276 | -64,578 | ||
Total Stockholders' Deficit | -50,728 | -24,365 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $2,821 | $200 | ||
[1] | $0.001 par value; 75,000,0000 shares authorized; 10,081,700 shares issued and outstanding at September 30 and March 31 2012. |
Statement_of_Financial_Positio
Statement of Financial Position - Parenthetical (USD $) | Sep. 30, 2012 | Mar. 31, 2012 |
Statement of Financial Position | ' | ' |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 10,081,700 | 10,081,700 |
Common Stock, Shares Outstanding | 10,081,700 | 10,081,700 |
Rangeford_Resources_Inc_Statem
Rangeford Resources, Inc. - Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | 58 Months Ended | ||
Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | |
Income Statement | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' | ' | ' |
Advertising and promotion | 17,104 | ' | 17,104 | ' | 17,104 |
Professional fees | 40,353 | 1,500 | 42,023 | 4,385 | 103,943 |
General and administrative | 2,526 | 45 | 2,571 | 90 | 5,069 |
TOTAL OPERATING EXPENSES | 59,983 | 1,545 | 61,698 | 4,475 | 126,116 |
Loss from operations | -59,983 | -1,545 | -61,698 | -4,475 | -126,116 |
Other expense: | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | 160 |
Total other expense | ' | ' | ' | ' | 160 |
Provision for income taxes | ' | ' | ' | ' | ' |
Net loss | ($59,983) | ($1,545) | ($61,698) | ($4,475) | ($126,276) |
Per share information: | ' | ' | ' | ' | ' |
Basic and diluted loss per common share | $0 | $0 | $0 | $0 | ' |
Weighted average shares outstanding | 10,081,700 | 10,281,700 | 10,081,700 | 10,140,020 | ' |
Rangeford_Resources_Inc_Statem1
Rangeford Resources, Inc. - Statements of Cash Flows (USD $) | 6 Months Ended | 58 Months Ended | ||||
Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | ||||
Cash flows from Operating Activities | ' | ' | ' | |||
Net loss | ($61,698) | ($4,475) | ($126,276) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | |||
Common stock issued for services | -11,620 | ' | 24,820 | |||
Changes in operating assets and liabilities: | ' | ' | ' | |||
Other current asset | -1,200 | ' | -1,200 | |||
Accounts payable | 50,699 | -15 | 53,549 | |||
Net cash used in operating activities | -579 | -4,490 | -49,107 | |||
Cash Flows From Financing Activities | ' | ' | ' | |||
Proceeds from related party payable | 2,000 | 4,400 | 25,215 | |||
Repayments of related party payables | ' | -1,500 | -1,500 | |||
Contributed capital | ' | ' | 1,200 | |||
Proceeds from issuance of stock | ' | ' | 25,813 | |||
Net cash provided by financing activities | 2,000 | 2,900 | 50,728 | |||
Net (decrease) increase in cash | 1,421 | -1,590 | 1,621 | |||
Cash, Beginning of Period | 200 | 1,880 | ' | |||
Cash, End of Period | 1,621 | 290 | 1,621 | |||
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' | |||
Issuance of common stock for professional and consulting services | ' | [1] | ' | [1] | 13,200 | [1] |
Forgiveness of accrued interest due to related parties | 160 | ' | 160 | |||
Forgiveness of payables due to related parties | 500 | ' | 500 | |||
Forgiveness of related paty loans | 23,055 | ' | 23,055 | |||
Supplemental Cash Flow Information: | ' | ' | ' | |||
Cash paid for interest expense | ' | ' | ' | |||
Cash paid for income taxes | ' | ' | ' | |||
[1] | Issuance of 7,630,058 shares of common stock for professional and consulting services |
Note_1_Condensed_Financial_Sta
Note 1 - Condensed Financial Statements | 6 Months Ended |
Sep. 30, 2012 | |
Notes | ' |
Note 1 - Condensed Financial Statements | ' |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | |
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of September 30, 2012, and for all periods presented herein, have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2012 audited financial statements. The results of operations for the periods ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full years. |
Note_2_Going_Concern
Note 2 - Going Concern | 6 Months Ended |
Sep. 30, 2012 | |
Notes | ' |
Note 2 - Going Concern | ' |
NOTE 2 - GOING CONCERN | |
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Note_3_Restatement
Note 3 - Restatement | 6 Months Ended | |||||
Sep. 30, 2012 | ||||||
Notes | ' | |||||
Note 3 - Restatement | ' | |||||
NOTE 3 - RESTATEMENT | ||||||
The Company has rested its statement of operations and statement of cash flows for the three six months ended September 30, 2011 after retroactively cancelling an agreement requiring the company to issue common stock for services performed. | ||||||
This had the following impact on our financial statements: | ||||||
Originally Reported | Restated | Change | ||||
Balance Sheet | ||||||
Common Stock | $ 10,282 | $ 10,182 | $ (100) | |||
Additional paid in capital | 36,731 | 28,831 | (7,900) | |||
Accumulated deficit | (65,803) | (57,803) | 8,000 | |||
Statement of Operations | ||||||
Professional fees | 12,385 | 4,382 | (8,000) | |||
Net loss | (12,475) | (4,475) | 8,000 | |||
Statement of Cash Flows | ||||||
Cash used in operating activities | (4,490) | (4,490) | - | |||
Cash provided by investing activities | - | - | - | |||
Cash provided by financing activities | 2,900 | 2,900 | - | |||
Note_4_Subsequent_Events
Note 4 - Subsequent Events | 6 Months Ended |
Sep. 30, 2012 | |
Notes | ' |
Note 4 - Subsequent Events | ' |
NOTE 4 - SUBSEQUENT EVENTS | |
The Company has entered into various agreements requiring it to issue restricted common stock to certain consultants. These agreements have obligated the Company to issue a total of 23,106 restricted common shares each to two separate consultants and an additional 40,000 restricted common shares to a third consultant in September. | |
Two of the agreements require the Company to issue an additional number of restricted common shares monthly valued at a total of $5,000 using the fair market value of our common stock as of the last trading day of the month. The third agreement requires the Company to issue both 20,000 shares of common stock and 20,000 warrants monthly beginning October 2012. | |
While the Company has entered into the obligations to issue the common stock in September, no shares have yet been issued. | |
In November 2012, the Company has entered into promissory notes totaling $110,000 in exchange for cash of $110,000. These promissory notes have a term of 60 days from issuance and accrue interest at a rate of 6% per annum. In addition, the holders of the promissory notes will be issued a total of 275,000 shares of the Company's restricted common stock. | |
At the time of this filing, the transaction has not closed. | |
In November 2012, the Company entered into a Purchase and Sale Agreement with Great Northern Energy, Inc. ("Great Northern") to purchase working interests in oil and gas leases, applied carried interests and farmout rights and certain other properties and interests in Texas in exchange for $3,900,000. Cash of $100,000 was paid toward the purchase price. The remaining purchase price is made in the form of two promissory notes. The first promissory note in the amount of $1,100,000 ("$1.1 Million Promissory Note") has a term of year from its issuance date, with payments to be made on a quarterly basis and will be secured by the assets being purchased. The second promissory note is in the amount of $2,700,000 ("$2.7 Million Promissory Note") is due June 30, 2013, with a payment of $1,100,000 due on closing, the note will also be secured by the assets being purchased. In addition, the Company has agreed to issue 6,500,000 shares of its restricted common stock and reserve an additional 3,500,000 shares to be used to purchase additional working interests in the properties. The closing date of the transaction is expected to be December 1, 2012 or 45 days thereafter if all the conditions of the Purchase and Sale Agreemen have not been met on December 1, 2012. |
Note_5_Warrants
Note 5 - Warrants | 6 Months Ended | ||||||||
Sep. 30, 2012 | |||||||||
Notes | ' | ||||||||
Note 5 - Warrants | ' | ||||||||
NOTE 5 - WARRANTS | |||||||||
The fair value of each warrant granted is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. Expected volatilities are based on volatilities from similar companies given our limited trading history. | |||||||||
The expected term of options granted is estimated at the contractual term as noted in the individual option agreements and represents the period of time that options granted are expected to be outstanding. The risk-free rate for the periods within the contractual life of the option is based on the U.S. Treasury bond rate in effect at the time of grant for bonds with maturity dates at the estimated term of the options. | |||||||||
30-Sep-12 | |||||||||
Expected volatility | 91% | ||||||||
Expected dividends | 0 | ||||||||
Expected term (in years) | 1 | ||||||||
Risk-free rate | 3.13% | ||||||||
A summary of option activity under the Plan as of September 30, 2012 and changes during the periods then ended are presented below: | |||||||||
Warrants | Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||
30-Jun-12 | - | $ - | - | $ - | |||||
Granted | 20,000 | 0.581 | 2.00 | 11,620 | |||||
Exercised | - | - | - | - | |||||
Forfeited or expired | - | - | - | - | |||||
30-Sep-12 | 20,000 | $ 0.581 | 2.00 | $ 11,620 | |||||
Exercisable at September 30, 2012 | 20,000 | $ 0.581 | 2.00 | $ 11,620 |
Note_3_Restatement_Restatement
Note 3 - Restatement: Restatement to Prior Year Income (Tables) | 6 Months Ended | |||||
Sep. 30, 2012 | ||||||
Tables/Schedules | ' | |||||
Restatement to Prior Year Income | ' | |||||
Originally Reported | Restated | Change | ||||
Balance Sheet | ||||||
Common Stock | $ 10,282 | $ 10,182 | $ (100) | |||
Additional paid in capital | 36,731 | 28,831 | (7,900) | |||
Accumulated deficit | (65,803) | (57,803) | 8,000 | |||
Statement of Operations | ||||||
Professional fees | 12,385 | 4,382 | (8,000) | |||
Net loss | (12,475) | (4,475) | 8,000 | |||
Statement of Cash Flows | ||||||
Cash used in operating activities | (4,490) | (4,490) | - | |||
Cash provided by investing activities | - | - | - | |||
Cash provided by financing activities | 2,900 | 2,900 | - |
Note_5_Warrants_Schedule_of_De
Note 5 - Warrants: Schedule of Derivative Liabilities at Fair Value (Tables) | 6 Months Ended | |
Sep. 30, 2012 | ||
Tables/Schedules | ' | |
Schedule of Derivative Liabilities at Fair Value | ' | |
30-Sep-12 | ||
Expected volatility | 91% | |
Expected dividends | 0 | |
Expected term (in years) | 1 | |
Risk-free rate | 3.13% |
Note_5_Warrants_Schedule_of_Sh
Note 5 - Warrants: Schedule of Share-based Compensation, Activity (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2012 | |||||||||
Tables/Schedules | ' | ||||||||
Schedule of Share-based Compensation, Activity | ' | ||||||||
Warrants | Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||
30-Jun-12 | - | $ - | - | $ - | |||||
Granted | 20,000 | 0.581 | 2.00 | 11,620 | |||||
Exercised | - | - | - | - | |||||
Forfeited or expired | - | - | - | - | |||||
30-Sep-12 | 20,000 | $ 0.581 | 2.00 | $ 11,620 | |||||
Exercisable at September 30, 2012 | 20,000 | $ 0.581 | 2.00 | $ 11,620 |
Note_3_Restatement_Restatement1
Note 3 - Restatement: Restatement to Prior Year Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 58 Months Ended | |||||||
Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Mar. 31, 2012 | |||||
Common Stock | $10,082 | [1] | ' | $10,082 | [1] | ' | $10,082 | [1] | $10,082 | [1] |
Additional paid-in capital | 65,466 | ' | 65,466 | ' | 65,466 | 30,131 | ||||
Professional fees | 40,353 | 1,500 | 42,023 | 4,385 | 103,943 | ' | ||||
Net loss | -59,983 | -1,545 | -61,698 | -4,475 | -126,276 | ' | ||||
Net cash used in operating activities | ' | ' | -579 | -4,490 | -49,107 | ' | ||||
Net cash provided by financing activities | ' | ' | 2,000 | 2,900 | 50,728 | ' | ||||
Originally Reported | ' | ' | ' | ' | ' | ' | ||||
Common Stock | ' | 10,282 | ' | 10,282 | ' | ' | ||||
Additional paid-in capital | ' | 36,731 | ' | 36,731 | ' | ' | ||||
Retained Earnings (Accumulated Deficit) | ' | -65,803 | ' | -65,803 | ' | ' | ||||
Professional fees | ' | 12,385 | ' | ' | ' | ' | ||||
Net loss | ' | -12,475 | ' | ' | ' | ' | ||||
Net cash used in operating activities | ' | -4,490 | ' | ' | ' | ' | ||||
Net cash provided by financing activities | ' | 2,900 | ' | ' | ' | ' | ||||
Restated | ' | ' | ' | ' | ' | ' | ||||
Common Stock | ' | 10,182 | ' | 10,182 | ' | ' | ||||
Additional paid-in capital | ' | 28,831 | ' | 28,831 | ' | ' | ||||
Retained Earnings (Accumulated Deficit) | ' | -57,803 | ' | -57,803 | ' | ' | ||||
Professional fees | ' | 4,382 | ' | ' | ' | ' | ||||
Net loss | ' | -4,475 | ' | ' | ' | ' | ||||
Net cash used in operating activities | ' | -4,490 | ' | ' | ' | ' | ||||
Net cash provided by financing activities | ' | 2,900 | ' | ' | ' | ' | ||||
Change | ' | ' | ' | ' | ' | ' | ||||
Common Stock | ' | -100 | ' | -100 | ' | ' | ||||
Additional paid-in capital | ' | -7,900 | ' | -7,900 | ' | ' | ||||
Retained Earnings (Accumulated Deficit) | ' | 8,000 | ' | 8,000 | ' | ' | ||||
Professional fees | ' | -8,000 | ' | ' | ' | ' | ||||
Net loss | ' | $8,000 | ' | ' | ' | ' | ||||
[1] | $0.001 par value; 75,000,0000 shares authorized; 10,081,700 shares issued and outstanding at September 30 and March 31 2012. |
Note_4_Subsequent_Events_Detai
Note 4 - Subsequent Events (Details) (USD $) | Nov. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2012 |
Restricted Common Stock Issued | 275,000 | ' | ' |
Other Notes Payable | $110,000 | ' | ' |
Cash | 110,000 | 1,621 | 200 |
Accounts Payable, Interest-bearing, Interest Rate | 6.00% | ' | ' |
Purchase Agreement | 3,900,000 | ' | ' |
Cash Paid | 100,000 | ' | ' |
Consultants | ' | ' | ' |
Restricted Common Stock Issued | ' | 23,106 | ' |
Third Consultant | ' | ' | ' |
Restricted Common Stock Issued | ' | 40,000 | ' |
Promissory Note 1 | ' | ' | ' |
Purchase Agreement | 1,100,000 | ' | ' |
Promissory Note 2 | ' | ' | ' |
Purchase Agreement | $2,700,000 | ' | ' |
Great Northern Energy | ' | ' | ' |
Restricted Common Stock Issued | 3,500,000 | ' | ' |
Note_5_Warrants_Schedule_of_De1
Note 5 - Warrants: Schedule of Derivative Liabilities at Fair Value (Details) | 3 Months Ended |
Sep. 30, 2012 | |
Details | ' |
Fair Value Assumptions, Expected Volatility Rate | 91.00% |
Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Fair Value Assumptions, Expected Term | '1 year |
Fair Value Assumptions, Risk Free Interest Rate | 3.13% |
Note_5_Warrants_Schedule_of_Sh1
Note 5 - Warrants: Schedule of Share-based Compensation, Activity (Details) (USD $) | 3 Months Ended |
Sep. 30, 2012 | |
Details | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 20,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $0.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $11,620 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 20,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0.58 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm | 2 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodTotalIntrinsicValue | 11,620 |
Warrants Exercisable | 20,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $0.58 |
Weighted Average Remaining Contractual Term Exercisable | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $11,620 |