Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Aug. 31, 2018 | Oct. 22, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | CENTURY COBALT CORP. | |
Entity Central Index Key | 1,456,802 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 74,142,211 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2018 | Nov. 30, 2017 |
Current Assets | ||
Cash | $ 165 | $ 541 |
Prepaid expenses | 236,528 | |
Total Current Assets | 236,693 | 541 |
Other Assets | ||
Resource property | 378,000 | |
Reclamation bond | 591 | |
Total Other Assets | 378,000 | 591 |
Total Assets | 614,693 | 1,132 |
Current Liabilities | ||
Accounts payable | 53,688 | 106,328 |
Accounts payable - related parties | 32,635 | 7,085 |
Accrued interest - related parties | 60,282 | 39,017 |
Due to related parties | 97,513 | 34,817 |
Notes payable to related parties - current portion | 479,566 | 329,866 |
Total Current Liabilities | 723,684 | 517,113 |
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, 65,392,211 shares issued and outstanding (62,892,211- 2017) | 65,392 | 62,892 |
Additional paid-in capital | 1,429,375 | 1,206,875 |
Common stock payable | 310,120 | 15,120 |
Accumulated deficit | (1,913,878) | (1,800,868) |
Total Stockholders' Equity (Deficit) | (108,991) | (515,981) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 614,693 | $ 1,132 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2018 | Nov. 30, 2017 |
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 | 65,392,211 | 62,892,211 |
Common stock, shares outstanding | 65,392,211 | 62,892,211 |
STATEMENTS OF OPERATIONS (unaud
STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | |
Statements Of Operations | ||||
REVENUES | ||||
OPERATING EXPENSES | ||||
Accounting and legal | 21,222 | 3,707 | 40,133 | 14,056 |
Transfer agent and filing fees | 5,196 | 1,410 | 10,730 | 7,871 |
Consulting | 48,063 | 79,743 | ||
Exploration | 9,842 | 9,842 | ||
General and administrative | 35,886 | 413 | 51,297 | 505 |
TOTAL OPERATING EXPENSES | 120,209 | 5,530 | 191,745 | 22,432 |
LOSS FROM OPERATIONS | (120,209) | (5,530) | (191,745) | (22,432) |
OTHER INCOME (EXPENSES) | ||||
Interest expense | (7,785) | (6,500) | (21,265) | (18,743) |
Forgiveness of debt | 100,000 | |||
TOTAL OTHER INCOME (EXPENSE) | (7,785) | (6,500) | 78,735 | (18,743) |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX | (127,994) | (12,030) | (113,010) | (41,175) |
PROVISION FOR INCOME TAX | ||||
NET INCOME (LOSS) | $ (127,994) | $ (12,030) | $ (113,010) | $ (41,175) |
LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 63,496,607 | 62,806,567 | 63,096,676 | 62,806,567 |
STATEMENTS OF CASH FLOWS (unaud
STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (113,010) | $ (41,175) |
Adjustment for non-cash working capital item | ||
Forgiveness of debt | (100,000) | |
Write off of reclamation bond | 591 | |
Consulting fees issued for stock | 18,889 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (5,417) | |
Accounts payable | 72,910 | (3,276) |
Accrued expenses | 21,265 | 18,743 |
Due to related parties | 62,696 | |
Net Cash Used in Operating Activities | (42,076) | (25,708) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes payable | 149,700 | 26,000 |
Net Cash Provided by Financing Activities | 149,700 | 26,000 |
CASH FLOWS USED IN INVESTING ACTIVITIES | ||
Acquisition of resource property | (108,000) | |
Net Cash Provided by Financing Activities | (108,000) | |
Net Increase (Decrease) in Cash and Cash Equivalents | (376) | 292 |
Cash and Cash Equivalents, Beginning of Period | 541 | 592 |
Cash and Cash Equivalents, End of Period | 165 | 884 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest | ||
NON CASH TRANSACTIONS | ||
Common stock issued for mineral property | 270,000 | |
Common stock issued for consulting fees | $ 250,000 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS | Century Cobalt Corp. (formerly First American Silver Corp.) was incorporated in the state of Nevada on April 29, 2008. The Company’s principal office is located at 10100 Santa Monica Boulevard, Suite 300, Century City, California 90067. The Company’s principal business activity is the identification and exploration of mineral properties for the purposes of discovering economical cobalt assets. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Aug. 31, 2018 | |
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 3 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 August 31, 2018 and November 30, 2017, respectively, the Company had $165 and $541 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 Company’s policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of August 31, 2018, 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 Company’s 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 Company’s 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 The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows. Mineral Properties Costs of exploration are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Mineral properties are analyzed for impairment on an annual basis, or more often if warranted by circumstances. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present. Reclassifications Certain prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results of operations. In addition, certain prior year amounts from the restated amounts have been reclassified for consistency with the current period presentation. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The accompanying financial statements have been prepared assuming that Century Cobalt Corp., 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 Company’s 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 Company’s 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 $1,913,000 as of August 31, 2018. Management continues to seek funding from its shareholders and other qualified investors. The results for the three and nine months ended August 31, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10K for the year ended November 30, 2017, filed with the Securities and Exchange Commission. The accompanying condensed 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 at August 31, 2018 and for the related periods presented. |
PREPAID EXPENSES
PREPAID EXPENSES | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 4 - PREPAID EXPENSES | Prepaid expenses include amounts paid to a consultant for future services and the OTCBB for prepaid listing fees. Prepaid expenses are as follows: Description August 31, 2018 November 30, 2017 Consulting $ 231,111 $ - Listing Fees 5,417 - Total $ 236,528 $ - |
RESOURCE PROPERTY
RESOURCE PROPERTY | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 5 – RESOURCE PROPERTY | On August 7, 2018, we entered into an assignment agreement with Oriental Rainbow Group Ltd., in regards to the acquisition of certain mineral claims in Lemhi County, Idaho known as the “Idaho Cobalt Belt”. Oriental Rainbow and Plateau Ventures LLC had entered into a purchase agreement dated September 4, 2017, wherein Oriental Rainbow had acquired from Plateau a 100% interest in the property, subject to certain subsequent payments and conditions. The claims comprising the property (649 claims) initially totaled approximately 12,980 acres, subject to an option under the purchase agreement for the acquisition of additional claims. Such option had been exercised with additional claims acquired, resulting in a total of 695 claims comprising approximately 13,900 acres. Oriental Rainbow has assigned its interest in the property to us in consideration for 2,500,000 restricted shares (issued) of common stock (the “Consideration Shares”). The Company has assumed all of Oriental Rainbow’s obligations under the purchase agreement, which material obligations include: the issuance of up to 500,000 restricted shares of common stock to Plateau upon listing on a recognized stock exchange (issued) and paying Plateau $1,000,000 in four equal staged payments upon completion of a positive feasibility study on the property. |
NOTES PAYABLE TO RELATED PARTIE
NOTES PAYABLE TO RELATED PARTIES | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 6 - NOTES PAYABLE TO RELATED PARTIES | Notes payable consisted of the following at August 31, 2018: Date of Note Note Amount Interest Rate Maturity Date Collateral Interest Accrued May 1, 2016 $ 292,866 8 % May 1, 2017 (Default) None $ 54,690 October 20, 2016 $ 5,000 8 % October 20, 2017 (Default) None $ 745 January 9, 2017 $ 9,000 8 % January 9, 2018 (Default) None $ 1,182 April 24, 2017 $ 10,000 8 % April 24, 2018 (Default) None $ 1,083 June 19, 2017 $ 7,000 8 % June 19, 2018 (Default) None $ 672 September 18, 2017 $ 6,000 8 % September 18, 2018 (Default) None $ 456 January 5, 2018 $ 10,000 8 % January 5, 2019 None $ 522 July 27, 2018 $ 31,700 12 % July 27, 2019 None $ 364 August 15, 2018 $ 108,000 12 % August 15, 2019 None $ 568 Total $ 479,566 $ 60,282 Notes payable transactions during the nine months ended May 31, 2018 consisted of the following: Balance, November 30, 2017 $ 329,866 Borrowings 149,700 Balance, August 31, 2018 $ 479,566 |
FORGIVENESS OF DEBT
FORGIVENESS OF DEBT | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 7 - FORGIVENESS OF DEBT | During the period ended August 31, 2018, a creditor of the Company waived a stale balance owing by the Company in the amount of $100,000. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 8 - RELATED PARTY TRANSACTIONS | Notes payable owing to a related party is $479,566 (2017: $329,866). Accrued interest owing to a related party is $60,282 (2017: $39,017). Accounts payable owing to stockholder of $32,635 (2017: $7,085). As at August 31, 2018, the Company owed $97,513 to its former President and Director (2017: $34,817). During the three and nine months ended August 31, 2018, the Company paid $25,500 in consulting fees to it’s President. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 9 - CAPITAL STOCK | The Company has 20,000,000 preferred shares authorized at a par value of $0.001 per share. As of May 31, 2018 no rights have been assigned to the preferred shares and the rights will be established upon issuance. As at August 31, 2018, the Company has 3,500,000,000 common shares authorized at a par value of $0.001 per share. During the year-ended November 30, 2017, the Company recorded debt forgiveness gain of $37,257 from an amount that was owed to a former related party of the Company. As such, the forgiveness of debt has been recorded to Additional Paid in Capital. On August 7, 2018, the Company issued 2,500,000 common shares as per a property acquisition agreement. As of August 31, 2018, we had 65,392,211 (November 30, 2017: 62,892,211) common shares outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 10 - SUBSEQUENT EVENTS | On September 10, 2018, we issued 500,000 common shares to retire common stock payable. On September 13, 2018, we issued 250,000 common shares to retire common stock payable. On September 18, 2018, we issued 5,500,000 common shares to retire common stock payable. On October 19, 2018, we issued 2,500,000 common shares to retire common stock payable. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Aug. 31, 2018 | |
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 3 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 August 31, 2018 and November 30, 2017, respectively, the Company had $165 and $541 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 Company’s policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of August 31, 2018, 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 Company’s 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 Company’s 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 | The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows. |
Mineral Properties | Costs of exploration are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Mineral properties are analyzed for impairment on an annual basis, or more often if warranted by circumstances. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present. |
Reclassifications | Certain prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These reclassifications had no effect on previously reported results of operations. In addition, certain prior year amounts from the restated amounts have been reclassified for consistency with the current period presentation. |
PREPAID EXPENSES (Tables)
PREPAID EXPENSES (Tables) | 9 Months Ended |
Aug. 31, 2018 | |
Prepaid Expenses | |
Prepaid expenses | Description August 31, 2018 November 30, 2017 Consulting $ 231,111 $ - Listing Fees 5,417 - Total $ 236,528 $ - |
NOTES PAYABLE TO RELATED PART_2
NOTES PAYABLE TO RELATED PARTIES (Tables) | 9 Months Ended |
Aug. 31, 2018 | |
Notes Payable To Related Parties | |
Schedule of notes payable | Date of Note Note Amount Interest Rate Maturity Date Collateral Interest Accrued May 1, 2016 $ 292,866 8 % May 1, 2017 (Default) None $ 54,690 October 20, 2016 $ 5,000 8 % October 20, 2017 (Default) None $ 745 January 9, 2017 $ 9,000 8 % January 9, 2018 (Default) None $ 1,182 April 24, 2017 $ 10,000 8 % April 24, 2018 (Default) None $ 1,083 June 19, 2017 $ 7,000 8 % June 19, 2018 (Default) None $ 672 September 18, 2017 $ 6,000 8 % September 18, 2018 (Default) None $ 456 January 5, 2018 $ 10,000 8 % January 5, 2019 None $ 522 July 27, 2018 $ 31,700 12 % July 27, 2019 None $ 364 August 15, 2018 $ 108,000 12 % August 15, 2019 None $ 568 Total $ 479,566 $ 60,282 |
Schedule of notes payable transactions | Balance, November 30, 2017 $ 329,866 Borrowings 149,700 Balance, August 31, 2018 $ 479,566 |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) | 9 Months Ended |
Aug. 31, 2018 | |
Nature Of Operations | |
State of Incorporation | Nevada |
Date of Incorporation | Apr. 29, 2008 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Aug. 31, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | Nov. 30, 2016 |
Disclosure Significant Accounting Policies Details Narrative Abstract | ||||
Unrestricted cash | $ 165 | $ 541 | $ 884 | $ 592 |
FDIC insured amount | $ 250,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 124 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2018 | |
Going Concern | |||||
LOSS FROM OPERATIONS | $ (120,209) | $ (5,530) | $ (191,745) | $ (22,432) | $ (1,913,000) |
PREPAID EXPENSES (Details)
PREPAID EXPENSES (Details) - USD ($) | Aug. 31, 2018 | Nov. 30, 2017 |
Disclosure Prepaid Expenses Details Abstract | ||
Consulting | $ 231,111 | |
Listing Fees | 5,417 | |
Total | $ 236,528 |
RESOURCE PROPERTY (Details Narr
RESOURCE PROPERTY (Details Narrative) - USD ($) | Aug. 07, 2018 | Sep. 04, 2017 |
Consideration Shares | 2,500,000 | |
Oriental Rainbow [Member] | Restricted Stock [Member] | ||
Consideration Shares | 2,500,000 | |
Plateau [Member] | Restricted Stock [Member] | ||
Common stock issuable | 500,000 | |
Contigency payables | $ 1,000,000 | |
Oriental Rainbow and Plateau Ventures LLC [Member] | ||
Purchase agreement description | <font style="font: 10pt Times New Roman, Times, Serif">Oriental Rainbow had acquired from Plateau a 100% interest in the property, subject to certain subsequent payments and conditions. The claims comprising the property (649 claims) initially totaled approximately 12,980 acres, subject to an option under the purchase agreement for the acquisition of additional claims. Such option had been exercised with additional claims acquired, resulting in a total of 695 claims comprising approximately 13,900 acres.</font></p>" id="sjs-C9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Oriental Rainbow had acquired from Plateau a 100% interest in the property, subject to certain subsequent payments and conditions. The claims comprising the property (649 claims) initially totaled approximately 12,980 acres, subject to an option under the purchase agreement for the acquisition of additional claims. Such option had been exercised with additional claims acquired, resulting in a total of 695 claims comprising approximately 13,900 acres.</font></p> |
NOTES PAYABLE TO RELATED PART_3
NOTES PAYABLE TO RELATED PARTIES (Details) | 9 Months Ended |
Aug. 31, 2018USD ($) | |
Note Amount | $ 479,566 |
Interest accured | 60,282 |
May 1, 2016 [Member] | |
Note Amount | $ 292,866 |
Interest Rate | 8.00% |
Maturity Date | May 1, 2017 |
Collateral | None |
Interest accured | $ 54,690 |
October 20, 2016 [Member] | |
Note Amount | $ 5,000 |
Interest Rate | 8.00% |
Maturity Date | Oct. 20, 2017 |
Collateral | None |
Interest accured | $ 745 |
January 9, 2017 [Member] | |
Note Amount | $ 9,000 |
Interest Rate | 8.00% |
Maturity Date | Jan. 9, 2018 |
Collateral | None |
Interest accured | $ 1,182 |
April 24, 2017 [Member] | |
Note Amount | $ 10,000 |
Interest Rate | 8.00% |
Maturity Date | Apr. 24, 2018 |
Collateral | None |
Interest accured | $ 1,083 |
June 19, 2017 [Member] | |
Note Amount | $ 7,000 |
Interest Rate | 8.00% |
Maturity Date | Jun. 19, 2018 |
Collateral | None |
Interest accured | $ 672 |
September 18, 2017 [Member] | |
Note Amount | $ 6,000 |
Interest Rate | 8.00% |
Maturity Date | Sep. 18, 2018 |
Collateral | None |
Interest accured | $ 456 |
January 5, 2018 [Member] | |
Note Amount | $ 10,000 |
Interest Rate | 8.00% |
Maturity Date | Jan. 5, 2019 |
Collateral | None |
Interest accured | $ 522 |
July 27, 2018 [Member] | |
Note Amount | $ 31,700 |
Interest Rate | 12.00% |
Maturity Date | Jul. 27, 2019 |
Collateral | None |
Interest accured | $ 364 |
August 15, 2018 [Member] | |
Note Amount | $ 108,000 |
Interest Rate | 12.00% |
Maturity Date | Aug. 15, 2019 |
Collateral | None |
Interest accured | $ 568 |
NOTES PAYABLE TO RELATED PART_4
NOTES PAYABLE TO RELATED PARTIES (Details 1) | 9 Months Ended |
Aug. 31, 2018USD ($) | |
Disclosure Notes Payable To Related Parties Details 1Abstract | |
Balance, November 30, 2017 | $ 329,866 |
Borrowings | 149,700 |
Balance, May 31, 2018 | $ 479,566 |
FORGIVENESS OF DEBT (Details Na
FORGIVENESS OF DEBT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | |
Forgiveness Of Debt | ||||
Forgiveness of debt | $ (100,000) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2018 | Aug. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2017 | Nov. 30, 2017 | |
Notes payable to related party | $ 479,566 | $ 479,566 | $ 329,866 | ||
Accrued interest to related party | 60,282 | 60,282 | 39,017 | ||
Accounts payable to stockholder | 32,635 | 32,635 | 7,085 | ||
Due to related parties | 97,513 | 97,513 | $ 34,817 | ||
Consulting fees | 48,063 | 79,743 | |||
President [Member] | |||||
Consulting fees | $ 25,500 | $ 25,500 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | Aug. 07, 2018 | Aug. 31, 2018 | Nov. 30, 2017 |
Capital Stock | |||
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 | |
Common stock, shares outstanding | 65,392,211 | 62,892,211 | |
Debt forgiveness gain | $ 37,257 | ||
Consideration Shares | 2,500,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - shares | Oct. 19, 2018 | Sep. 18, 2018 | Sep. 13, 2018 | Sep. 10, 2018 | Aug. 31, 2018 | Nov. 30, 2017 |
Common stock, shares issued | 65,392,211 | 62,892,211 | ||||
Subsequent Event [Member] | Retire Common Stock Payable [Member] | ||||||
Common stock, shares issued | 2,500,000 | 5,500,000 | 250,000 | 500,000 |