Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
May. 31, 2015 | Jul. 14, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | First American Silver Corp. | |
Entity Central Index Key | 1,456,802 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 62,050,567 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | May. 31, 2015 | Nov. 30, 2014 |
Current Assets | ||
Prepaid expenses | $ 12,253 | $ 22,128 |
Total Current Assets | 12,253 | 22,128 |
Other Assets | ||
Reclamation bond | 591 | 591 |
Total Other Assets | 591 | 591 |
Total Assets | 12,844 | 22,719 |
Current Liabilities | ||
Accounts payable | 127,538 | 95,075 |
Accrued expenses | 40,812 | 32,804 |
Due to related party | 31,787 | 8,100 |
Notes payable - current portion | 200,750 | 200,750 |
Total liabilities | $ 400,887 | $ 336,729 |
Stockholders' Equity (Deficit) | ||
Preferred stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.001, 3,500,000,000 shares authorized, 62,752,567 shares issued and outstanding (62,320,567 - 2014) | $ 62,807 | $ 62,321 |
Additional paid-in capital | 1,180,229 | 1,170,995 |
Accumulated deficit | (1,631,079) | (1,547,326) |
Total Stockholders' Equity (Deficit) | (388,043) | (314,010) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 12,844 | $ 22,719 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | May. 31, 2015 | Nov. 30, 2014 |
Stockholders' Equity (Deficit) | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 3,500,000,000 | 3,500,000,000 |
Common stock, shares issued | 62,806,567 | 62,320,567 |
Common stock, shares outstanding | 62,806,567 | 62,320,567 |
STATEMENTS OF OPERATIONS (unaud
STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Statements Of Operations | ||||
REVENUES | ||||
OPERATING EXPENSES | ||||
Accounting and legal | $ 1,750 | |||
Consulting fees | $ 25,500 | $ 17,500 | 47,758 | $ 27,500 |
Transfer agent and filing fees | $ 5,925 | 2,461 | $ 6,642 | 4,250 |
General and administrative | 958 | 2,034 | ||
TOTAL OPERATING EXPENSES | $ 31,425 | 20,919 | $ 56,150 | 33,784 |
LOSS FROM OPERATIONS | (31,425) | (20,919) | (56,150) | (33,784) |
OTHER INCOME (EXPENSES) | ||||
Interest expense | $ (13,856) | (14,682) | $ (27,603) | (27,315) |
Impairment of website | $ (1,667) | $ (1,667) | ||
Exercise of option on mining claims | ||||
TOTAL OTHER INCOME (EXPENSE) | $ (13,856) | $ (16,349) | $ (27,603) | $ (28,982) |
LOSS BEFORE PROVISION FOR INCOME TAX | $ (45,281) | $ (37,268) | $ (83,753) | $ (62,766) |
PROVISION FOR INCOME TAX | ||||
NET LOSS | $ (45,281) | $ (37,268) | $ (85,753) | $ (62,766) |
LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 62,806,567 | 59,011,545 | 62,597,391 | 58,766,726 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Common Stock Warrants | Accumulated Deficit | Total |
Beginning Balance, Shares at Nov. 30, 2012 | 55,700,000 | ||||
Beginning Balance, Amount at Nov. 30, 2012 | $ 55,700 | $ 797,270 | $ 131,635 | $ (1,171,570) | $ (186,965) |
Common stock issued for mineral property payment, Shares | 1,000,000 | ||||
Common stock issued for mineral property payment, Amount | $ 1,000 | 39,000 | 40,000 | ||
Common stock issued to pay accounts payable, Shares | 877,067 | ||||
Common stock issued to pay accounts payable, Amount | $ 877 | 25,454 | 26,331 | ||
Common stock issued for services, Shares | 25,000 | ||||
Common stock issued for services, Amount | $ 25 | 725 | 750 | ||
Common stock issued for loan extensions, Shares | 846,000 | ||||
Common stock issued for loan extensions, Amount | $ 846 | 27,234 | $ 28,080 | ||
Expiration of warrants | 131,635 | $ (131,635) | |||
Board member debt forgiveness | $ 1,984 | $ 1,984 | |||
Net loss for the year | $ (195,136) | (195,136) | |||
Ending Balance, Shares at Nov. 30, 2013 | 58,448,067 | ||||
Ending Balance, Amount at Nov. 30, 2013 | $ 58,448 | $ 1,023,302 | $ (1,366,706) | (284,956) | |
Common stock issued for services, Shares | 816,025 | ||||
Common stock issued for services, Amount | $ 816 | 15,471 | 16,287 | ||
Common stock issued for loan extensions, Shares | 1,984,500 | ||||
Common stock issued for loan extensions, Amount | $ 1,985 | 36,950 | 38,935 | ||
Board member debt forgiveness | 74,961 | 74,961 | |||
Common stock issued for debt, Shares | 1,071,975 | ||||
Common stock issued for debt, Amount | $ 1,072 | $ 20,311 | 21,383 | ||
Net loss for the year | $ (180,620) | (180,620) | |||
Ending Balance, Shares at Nov. 30, 2014 | 62,320,567 | ||||
Ending Balance, Amount at Nov. 30, 2014 | $ 62,321 | $ 1,170,995 | $ (1,547,326) | (314,010) | |
Common stock issued for loan extensions, Shares | 486,000 | ||||
Common stock issued for loan extensions, Amount | $ 486 | 9,234 | 9,720 | ||
Net loss for the year | $ (85,753) | (85,753) | |||
Ending Balance, Shares at May. 31, 2015 | 62,806,567 | ||||
Ending Balance, Amount at May. 31, 2015 | $ 62,807 | $ 1,180,229 | $ (1,633,079) | $ (388,043) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net loss for the period | $ (45,281) | $ (37,268) | $ (85,753) | $ (62,766) | $ (180,620) | $ (195,136) |
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: | ||||||
Depreciation and amortization | 500 | |||||
Write down of website | 1,667 | |||||
Stock issued for loan extension fees | $ 9,720 | 9,054 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable - other | 6,433 | |||||
Prepaid expenses | $ 9,875 | 8,510 | ||||
Accounts payable | 32,463 | 13,505 | ||||
Accrued expenses | 8,008 | 8,189 | ||||
Net Cash Used in Operating Activities | $ (23,687) | (14,908) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds from notes payable | 12,000 | |||||
Due to related party | $ 23,687 | 2,870 | ||||
Net Cash Used in Financing Activities | $ 23,687 | 14,870 | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | (38) | |||||
Cash and Cash Equivalents, Beginning of Period | 80 | $ 80 | ||||
Cash and Cash Equivalents, End of Period | $ 42 | $ 42 | $ 80 | |||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||
Cash paid for income taxes | ||||||
Cash paid for interest |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Note 1. NATURE OF OPERATIONS | Mayetok, Inc. (the Company) was incorporated in the state of Nevada on April 29, 2008. On June 8, 2010, the Company changed its name to First American Silver Corp. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Note 2. SIGNIFICANT ACCOUNTING POLICIES | Exploration Stage Company On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a November 30 fiscal year end. Risks and Uncertainties The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. See Note 10 regarding going concern matters. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At May 31, 2015 and November 30, 2014, respectively, the Company had $0 and $0 of unrestricted cash to be used for future business operations. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount. Management believes it has little risk related to the excess deposits. Fair Value of Financial Instruments The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and note payable-related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Stock-Based Compensation The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation Stock Compensation The Company follows ASC Topic 505-50, formerly EITF 96-18, Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Companys policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of May 31, 2015, there have been no interest or penalties incurred on income taxes. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Recent Accounting Pronouncements First American Silver does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flows. |
PREPAID EXPENSES
PREPAID EXPENSES | 6 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Note 3. PREPAID EXPENSES | Prepaid expenses consisted of the following: May 31, 2015 November 30, 2014 Loan extension fees $ 12,253 $ 22,128 Total prepaid expenses $ 12,253 $ 22,128 |
RELATED PARTY LOANS
RELATED PARTY LOANS | 6 Months Ended |
May. 31, 2015 | |
Related Party Loans | |
NOTE 4 - RELATED PARTY LOANS | The Company has received advances of $31,787 to pay expenses on behalf of the Company. Advances bear no interest, are unsecured, and due on demand. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Note 5. NOTES PAYABLE | Notes payable consisted of the following at May 31, 2015: Date of Note Note Amount Interest Rate Maturity Date Collateral Interest Accrued April 17, 2013 $ 7,500 8% April 17, 2015 (default) None $ 1,272 June 12, 2013 $ 6,250 8% June 12, 2015 None $ 984 June 18, 2013 $ 50,000 8% June 18, 2015 None $ 11,803 August 22, 2013 $ 55,000 8% August 22, 2015 None $ 12,200 November 1, 2013 $ 25,000 8% November 1, 2015 None $ 5,156 March 10, 2014 $ 12,000 8% March 10, 2015 (default) None $ 1,175 February 5, 2013 $ 15,000 8% February 5, 2016 None $ 2,778 February 22, 2013 $ 30,000 8% February 22, 2016 None $ 5,444 Total $ 200,750 $ 36,765 |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Note 6. CAPITAL STOCK | The Company has 20,000,000 preferred shares authorized at a par value of $0.001 per share. The Company has 3,500,000,000 common shares authorized at a par value of $0.001 per share. On June 18, 2013, the Company issued 270,000 to extend the maturity date of a note payable to June 18, 2014. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On August 22, 2013, the Company issued 396,000 to extend the maturity date of a note payable to August 22, 2014. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On September 27, 2013, the Company issued 1,000,000 shares to Pyramid Lake LLC in consideration for the April 15, 2012 option payment on the Esmeralda Property. On September 28, 2013, the Company issued 25,000 common shares to a consultant for services. The shares were valued at a fair market value of $0.03/share on the date of issuance for a total value of $750. On October 16, 2013, the Company issued 403,000 common shares to retire $12,109 of accounts payable owing to a former consultant. On November 1, 2013, the Company issued 180,000 to extend the maturity date of a note payable to November 1, 2014. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On November 30, 2013, the Company issued 68,667 common shares to retire $2,060 of accounts payable owing to a former consultant. On November 30, 2013, the Company issued 405,400 shares to its president to retire $12,162 of accounts payable owing. On April 11, 2014, the Company issued 486,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On April 30, 2014, the Company issued 1,000,000 shares valued at $19,910 based on the stock closing price on the date of the grant to its president. The issuance paid $12,500 of accounts payable owing, and consulting fees of $7,410. On August 14, 2014, the Company issued 148,500 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On August 14, 2014, the Company issued 888,000 shares valued at $17,760 based on the stock closing price on the date of the grant to its president. The issuance paid $8,883 of accounts payable owing, and consulting fees of $8,877. On October 17, 2014, the Company issued 1,080,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On November 30, 2014, the Company issued 270,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On February 5, 2015, the Company issued 162,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On February 22, 2015, the Company issued 324,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Note 7. GOING CONCERN | The accompanying financial statements have been prepared assuming that First American Silver, Inc. will continue as a going concern. The Company has a working capital deficit, has not yet received revenue from sales of products or services, and has incurred losses from operations. These factors raise substantial doubt about the Companys ability to continue as a going concern. Without realization of additional debt or capital, it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty. The Companys activities to date have been supported by debt and equity financing. It has sustained losses in all previous reporting periods with an inception to date loss of approximately $1,633,000 as of May 31, 2015. Management continues to seek funding from its shareholders and other qualified investors. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Note 8. SUBSEQUENT EVENTS | The Company has analyzed its operations subsequent to May 31, 2015 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose. |
SIGNIFICANT ACCOUNTING POLICI15
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
May. 31, 2015 | |
Significant Accounting Policies Policies | |
Exploration Stage Company | On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. |
Basis of Presentation | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. |
Accounting Basis | The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a November 30 fiscal year end. |
Risks and Uncertainties | The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. See Note 10 regarding going concern matters. |
Cash And Cash Equivalents | The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At May 31, 2015 and November 30, 2014, respectively, the Company had $0 and $0 of unrestricted cash to be used for future business operations. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount. Management believes it has little risk related to the excess deposits. |
Fair Value of Financial Instruments | The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and note payable-related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Concentrations of Credit Risk | The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Stock-Based Compensation | The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation Stock Compensation The Company follows ASC Topic 505-50, formerly EITF 96-18, Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services |
Income Taxes | Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Companys policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of May 31, 2015, there have been no interest or penalties incurred on income taxes. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. |
Basic Income (Loss) Per Share | Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. |
Recent Accounting Pronouncements | First American Silver does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flows. |
PREPAID EXPENSES (Tables)
PREPAID EXPENSES (Tables) | 6 Months Ended |
May. 31, 2015 | |
Prepaid Expenses Tables | |
Prepaid expenses | May 31, 2015 November 30, 2014 Loan extension fees $ 12,253 $ 22,128 Total prepaid expenses $ 12,253 $ 22,128 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
May. 31, 2015 | |
Notes Payable Tables | |
NOTES PAYABLE | Date of Note Note Amount Interest Rate Maturity Date Collateral Interest Accrued April 17, 2013 $ 7,500 8% April 17, 2015 (default) None $ 1,272 June 12, 2013 $ 6,250 8% June 12, 2015 None $ 984 June 18, 2013 $ 50,000 8% June 18, 2015 None $ 11,803 August 22, 2013 $ 55,000 8% August 22, 2015 None $ 12,200 November 1, 2013 $ 25,000 8% November 1, 2015 None $ 5,156 March 10, 2014 $ 12,000 8% March 10, 2015 (default) None $ 1,175 February 5, 2013 $ 15,000 8% February 5, 2016 None $ 2,778 February 22, 2013 $ 30,000 8% February 22, 2016 None $ 5,444 Total $ 200,750 $ 36,765 |
SIGNIFICANT ACCOUNTING POLICI18
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | May. 31, 2015 | Nov. 30, 2014 |
Significant Accounting Policies Details Narrative | ||
Amount of unrestricted cash to be used on future business operations | $ 0 | $ 0 |
PREPAID EXPENSES (Details)
PREPAID EXPENSES (Details) - USD ($) | May. 31, 2015 | Nov. 30, 2014 |
Prepaid Expenses Details | ||
Loan extension fees | $ 12,253 | $ 22,128 |
Total Prepaid expenses | $ 12,253 | $ 22,128 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - May. 31, 2015 - USD ($) | Total |
Note Amount | $ 200,750 |
Interest accured | 36,765 |
April 17, 2013 [Member] | |
Note Amount | $ 7,500 |
Interest Rate | 8.00% |
Maturity Date | Apr. 17, 2015 |
Collateral | None |
Interest accured | $ 1,272 |
June 12, 2013 [Member] | |
Note Amount | $ 6,250 |
Interest Rate | 8.00% |
Maturity Date | Jun. 12, 2015 |
Collateral | None |
Interest accured | $ 984 |
June 18, 2013 [Member] | |
Note Amount | $ 50,000 |
Interest Rate | 8.00% |
Maturity Date | Jun. 18, 2015 |
Collateral | None |
Interest accured | $ 11,803 |
August 22, 2013 [Member] | |
Note Amount | $ 55,000 |
Interest Rate | 8.00% |
Maturity Date | Aug. 22, 2015 |
Collateral | None |
Interest accured | $ 12,200 |
November 1, 2013 [Member] | |
Note Amount | $ 25,000 |
Interest Rate | 8.00% |
Maturity Date | Nov. 1, 2015 |
Collateral | None |
Interest accured | $ 5,156 |
March 10, 2014 [Member] | |
Note Amount | $ 12,000 |
Interest Rate | 8.00% |
Maturity Date | Mar. 10, 2015 |
Collateral | None |
Interest accured | $ 1,175 |
February 5, 2013 [Member] | |
Note Amount | $ 15,000 |
Interest Rate | 8.00% |
Maturity Date | Feb. 5, 2016 |
Collateral | None |
Interest accured | $ 2,778 |
February 22, 2013 [Member] | |
Note Amount | $ 30,000 |
Interest Rate | 8.00% |
Maturity Date | Feb. 22, 2016 |
Collateral | None |
Interest accured | $ 5,444 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - $ / shares | May. 31, 2015 | Nov. 30, 2014 |
Capital Stock Details Narrative | ||
Extended Shares | 270,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 3,500,000,000 | 3,500,000,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | May. 31, 2015USD ($) |
Going Concern Details Narrative | |
Loss in all previous reporting periods | $ 1,633,000 |