Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | GoldLand Holdings Corp. | |
Entity Central Index Key | 1,444,839 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 259,151,565 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
BALANCE SHEET
BALANCE SHEET - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 70 | $ 3,604 |
Due from related parties | 11,740 | |
Prepaid expenses | 1,884 | |
Total current assets | 13,694 | $ 3,604 |
Gaming equipment, net | 297,228 | $ 342,376 |
Office furniture and equipment - net | 11,645 | |
Total fixed assets | 308,873 | $ 342,376 |
Total Assets | 322,567 | 345,980 |
Liabilities: | ||
Accounts payable | $ 116,165 | 162,974 |
Due to related parties | 6,429 | |
Notes payable | $ 70,446 | 68,500 |
Payroll liabilities | $ 3,737 | |
Accrued compensation | $ 14,000 | |
Director's loans | 197,855 | $ 56,847 |
Total current liabilities | 398,466 | 298,487 |
Total liabilities | 398,466 | $ 298,487 |
Stockholders' deficit: | ||
Preferred stock, 5,000,000 shares authorized – 3,000,000 and 0 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 300 | |
Common stock, par value $0.0001, 1,000,000,000 shares authorized, 191,546,681 and 142,749,669 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 19,042 | $ 14,275 |
Additional paid in capital | 22,325,349 | 21,450,056 |
Accumulated deficit | (22,420,590) | (21,416,838) |
Total stockholders' equity (deficit) | (75,899) | 47,493 |
Total Liabilities and Stockholders' Equity (Deficit) | $ 322,567 | $ 345,980 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 3,000,000 | 0 |
Preferred stock, shares outstanding | 3,000,000 | 0 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 191,546,681 | 142,749,669 |
Common stock, shares outstanding | 191,546,681 | 142,749,669 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues: | $ 625,989 | $ 625,989 | ||
Expenses: | ||||
Professional fees | $ 18,152 | 1,902,238 | $ 560,543 | 2,373,890 |
Stock compensation expense | $ 61,500 | 209,912 | $ 366,239 | 634,296 |
Gaming operating expense | $ 122,162 | $ 122,162 | ||
Salary | $ 10,500 | $ 10,500 | ||
Depreciation expense | 22,574 | $ 21,076 | 45,148 | $ 27,347 |
General and administrative | 919 | 122,201 | 21,323 | 131,693 |
Total expenses | 113,645 | 2,377,589 | 1,003,753 | 3,289,388 |
Loss from operations | (113,645) | (1,751,600) | (1,003,753) | (2,663,399) |
Interest expense | 2,917 | 529 | 2,917 | 587 |
Net Loss | $ (116,562) | $ (1,752,129) | $ (1,006,670) | $ (2,663,986) |
Net loss per common share - basic and fully diluted | $ (0.01) | $ (0.02) | $ (0.03) | $ (0.02) |
Weighted average number of common shares outstanding - basic and fully diluted | 189,234,696 | 116,013,408 | 32,257,780 | 86,687,412 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,006,670) | $ (2,663,986) |
Adjustments to reconcile net earnings (loss) to net cash (used in) operating activities: | ||
Issuance of common stock for services | 492,151 | 2,195,599 |
Issuance of common stock for compensation | $ 382,575 | 6,895,982 |
Issuance of common stock for interest | $ 58 | |
Issuance if common shares for legal award | $ 1,335 | |
Issuance of common stock from treasury | 4,000 | |
Issuance of preferred stock | 300 | |
Increase (decrease) in operating assets and liabilities: | ||
Depreciation | 45,148 | $ 27,347 |
Acquisition of fixed assets | $ 11,645 | |
Accounts receivable | $ (371,387) | |
Accounts payable and accrued expenses | $ (48,810) | 17,711 |
Accrued compensation | 14,000 | $ (5,696,811) |
Notes payable | 1,946 | |
Payroll liabilities | (3,737) | $ 2,949 |
Prepaid expenses | 1,884 | $ 8,750 |
Director's loan | 95,338 | |
Due to related party | 5,311 | $ (414,653) |
Net cash provided by (used in) operating activities | (3,584) | 1,559 |
Net increase (decrease) in cash and cash equivalents | (3,584) | 1,559 |
Cash and equivalents at beginning of period | 3,604 | 478 |
Cash and equivalents at end of period | 70 | 2,037 |
SUPPLEMENTARY DISCLOSURE OF NONCASH TRANSACTIONS | ||
Shares issued for services | 492,151 | 2,195,599 |
Shares issued to repay note payable | $ 3,058 | 3,058 |
Shares issued for purchase of gaming equipment | $ 512,093 | |
Shares issued for legal award | $ 1,335 | |
Shares issued for compensation | $ 7,375,930 | $ 6,895,982 |
STATEMENT OF STOCKHOLDERS' DEFI
STATEMENT OF STOCKHOLDERS' DEFICIT - 6 months ended Jun. 30, 2015 - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2014 | $ 14,275 | $ 21,450,055 | $ (21,416,837) | $ 47,493 | |
Balance, shares at Dec. 31, 2014 | 142,749,669 | ||||
Shares issued for services | $ 3,574 | 488,577 | 492,151 | ||
Shares issued for services, shares | 35,739,515 | ||||
Shares issued for compensation | $ 1,161 | 381,414 | 382,575 | ||
Shares issued for compensation, shares | 12,736,557 | ||||
Shares issued for legal award | $ 15 | 1,320 | 1,335 | ||
Shares issued for legal award, shares | 150,000 | ||||
Shares issued from Treasury | $ 17 | $ 3,983 | 4,000 | ||
Shares issued from Treasury, shares | 170,940 | ||||
Preferred shares issued for services | $ 300 | 300 | |||
Preferred shares issued for services, shares | 3,000,000 | ||||
Net loss | $ (1,003,753) | (1,006,670) | |||
Balance at Jun. 30, 2015 | $ 19,042 | $ 300 | $ 22,325,349 | $ (22,420,590) | $ (75,899) |
Balance, shares at Jun. 30, 2015 | 191,546,681 | 3,000,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition Revenue is recognized when earned according to lease and royalty agreements. Lease income is recognizes as earned on a monthly basis according to the terms of the lease. Royalty income is recognized as minerals are extracted and refined. Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such costs over the estimated productive lives, which do not exceed the related estimated mine lives, of such facilities based on proven and probable reserves. Impairment of Long-Lived Assets Golding Holdings reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. Future cash flows are estimated based on quantities of recoverable minerals, expected gold and other commodity prices (considering current and historical prices, price trends and related factors), production levels and operating costs of production and capital, all based on life-of-mine plans. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves and other material that is not part of the measured, indicated or inferred resource base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term recoverable minerals refers to the estimated amount of gold or other commodities that will be obtained after taking into account losses during mineral processing and treatment. Estimates of recoverable minerals from such exploration stage mineral interests are risk adjusted based on managements relative confidence in such materials. In estimating future cash flows, assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. Golding Holdings estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. Goodwill Golding Holdings evaluates, on at least an annual basis during the fourth quarter, the carrying amount of goodwill to determine whether current events and circumstances indicate that such carrying amount may no longer be recoverable. To accomplish this, Golding Holdings compares the estimated fair value of its reporting units to their carrying amounts. If the carrying value of a reporting unit exceeds its estimated fair value, Golding Holdings compares the implied fair value of the reporting units goodwill to its carrying amount, and any excess of the carrying value over the fair value is charged to earnings. Golding Holdings fair value estimates are based on numerous assumptions and it is possible that actual fair value will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. Stock Based Compensation Golding Holdings has issued and may issue stock in lieu of cash for certain transactions. The fair value of the stock, which is based on comparable cash purchases, third party quotations, or the value of services, whichever is more readily determinable, is used to value the transaction Use of Estimates Golding Holdings Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of Golding Holdings Financial Statements requires Golding Holdings to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related 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. Golding Holdings bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Basic and Diluted Per Common Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares assumed to be outstanding during the period of computation. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Because we have incurred net losses, basic and diluted loss per share are the same since additional potential common shares would be anti-dilutive. Research and Development Golding Holdings expenses research and development costs as incurred. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 2 - RELATED PARTY TRANSACTIONS As of June 30, 2015, the amount due from Silver Falcon was $159,489, As of June 30, 2015 the company was indebted to Paul Parliament in the amount of $197,855. Subsequent to this period Mr Parliament had his debt converted to common stock. Silver Falcon is obligated to pay Goldland $83,333 per month as rent under a mining lease. Instead of paying the rent in cash, Silver Falcon has, since January 1, 2012, issued shares of its common stock to pay compensation expenses of our officers and independent contractors. No payment has been received since December 31, 2013. Demand has been made upon Silver Falcon to make all payments due. |
LOANS PAYABLE
LOANS PAYABLE | 6 Months Ended |
Jun. 30, 2015 | |
LOANS PAYABLE [Abstract] | |
LOANS PAYABLE | NOTE 3 - LOANS PAYABLE Goldland Holdings is indebted to KBM Worldwide Inc. in the amount of $42,583. The amount of $68,500 borrowed on December 4, 2014 was repaid in May 2015. On January 8, 2015 Pierre Quilliam the then CEO authorized without Board of Directors approval or knowledge, a company loan in the amount of $53,500 from KBM Worldwide, Inc. A convertible promissory note was issued at an interest rate of 8% per annum and the note was due on October 12, 2015. Other loans payable totaling $29,888 are unsecured and due on demand. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2015 | |
CAPITAL STOCK [Abstract] | |
CAPITAL STOCK | NOTE 4 CAPITAL STOCK At June 30, 2105, the Companys authorized capital stock was 1,000,000,000 shares of Common Stock, par value of $0.001 per share, and 5,00,000 shares of Preferred Stock, par value $0.0001 per share. On that date the company had outstanding $190,078,704 shares of Common Stock and 3,000,000 of Preferred Stock. During the three months ended June 30, 2015, we issued shares in the following transactions: · 1,297,327 shares of Common Shares valued at $61,38 for compensation · 150,000 shares of Common Stock valued at $1,335 for Corrigan settlement · 3,000,000 shares of Preferred Stock valued at $300 issued for services On June 23, 2015 the board of directors authorized its transfer agent to stop transfer instructions on 74,990,724 common shares of the company. The details are contained on Form 8-K filed with the SEC on July 15, 2015. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2015 | |
GOING CONCERN [Abstract] | |
GOING CONCERN | NOTE 5 GOING CONCERN As of March 31 2015, the registrant had an accumulated deficit during development stage of $22,306,945 during the six months ended June 30, 2015, the registrant used net cash of $3,515 for operating activities. These factors raise substantial doubt about the registrants ability to continue as a going concern. While the registrant is attempting to commence operations and generate revenues, the registrants cash position may not be significant enough to support the registrants daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement our business plan and generate revenues provide the opportunity for the registrant to continue as a going concern. While the registrant believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the registrant to continue as a going concern is dependent upon the registrants ability to further implement its business plan and generate revenues. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue is recognized when earned according to lease and royalty agreements. Lease income is recognizes as earned on a monthly basis according to the terms of the lease. Royalty income is recognized as minerals are extracted and refined. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. |
Facilities and Equipment | Facilities and Equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such costs over the estimated productive lives, which do not exceed the related estimated mine lives, of such facilities based on proven and probable reserves. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Golding Holdings reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. Future cash flows are estimated based on quantities of recoverable minerals, expected gold and other commodity prices (considering current and historical prices, price trends and related factors), production levels and operating costs of production and capital, all based on life-of-mine plans. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves and other material that is not part of the measured, indicated or inferred resource base, are included when determining the fair value of mine site reporting units at acquisition and, subsequently, in determining whether the assets are impaired. The term recoverable minerals refers to the estimated amount of gold or other commodities that will be obtained after taking into account losses during mineral processing and treatment. Estimates of recoverable minerals from such exploration stage mineral interests are risk adjusted based on managements relative confidence in such materials. In estimating future cash flows, assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. Golding Holdings estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. |
Goodwill | Goodwill Golding Holdings evaluates, on at least an annual basis during the fourth quarter, the carrying amount of goodwill to determine whether current events and circumstances indicate that such carrying amount may no longer be recoverable. To accomplish this, Golding Holdings compares the estimated fair value of its reporting units to their carrying amounts. If the carrying value of a reporting unit exceeds its estimated fair value, Golding Holdings compares the implied fair value of the reporting units goodwill to its carrying amount, and any excess of the carrying value over the fair value is charged to earnings. Golding Holdings fair value estimates are based on numerous assumptions and it is possible that actual fair value will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. |
Stock Based Compensation | Stock Based Compensation |
Use of Estimates | Use of Estimates Golding Holdings Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of Golding Holdings Financial Statements requires Golding Holdings to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related 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. Golding Holdings bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. |
Basic and Diluted Per Common Share | Basic and Diluted Per Common Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares assumed to be outstanding during the period of computation. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Because we have incurred net losses, basic and diluted loss per share are the same since additional potential common shares would be anti-dilutive. |
Research and Development | Research and Development Golding Holdings expenses research and development costs as incurred. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Due to related party | $ 6,429 | |
Due from related party | $ 11,740 | |
Silver Falcon Mining, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | 159,489 | |
Monthly nonaccountable expense allowance | 83,333 | |
Pierre Quilliam [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related party | 48,921 | |
Palmirs, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | 27,180 | |
Bisell Investments Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | 19,750 | |
Paul Parliament [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related party | $ 197,855 |
LOANS PAYABLE (Details)
LOANS PAYABLE (Details) - USD ($) | Jan. 08, 2015 | May. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 04, 2014 |
Short-term Debt [Line Items] | |||||
Promissory note | $ 70,446 | $ 68,500 | |||
Other loans payable | 29,888 | ||||
KBM Wordwide Inc. [Member] | |||||
Short-term Debt [Line Items] | |||||
Promissory note | $ 53,500 | $ 42,583 | $ 68,500 | ||
Loans repaid | $ 68,500 | ||||
Interest rate | 8.00% | ||||
Due date of note | Oct. 12, 2015 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) | Jun. 23, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
CAPITAL STOCK [Abstract] | ||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |
Common stock, par value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 | ||
Common stock, shares outstanding | 191,546,681 | 191,546,681 | 142,749,669 | |
Preferred stock, shares outstanding | 3,000,000 | 3,000,000 | 0 | |
Shares issued for compensation, shares | 1,297,327 | |||
Shares issued for compensation | $ 6,138 | $ 382,575 | ||
Shares issued for Corrigan settlement, shares | 150,000 | |||
Shares issued for Corrigan settlement | $ 1,335 | 1,335 | ||
Shares issued for services, shares | 3,000,000 | |||
Shares issued for services | $ 300 | $ 300 | ||
Share transfers stopped, shares | 74,990,724 |
GOING CONCERN (Details)
GOING CONCERN (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
GOING CONCERN [Abstract] | |||
Accumulated deficit | $ 22,420,590 | $ 21,416,838 | |
Net cash used in operating activities | $ 3,584 | $ (1,559) |