Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 24, 2014 | Sep. 30, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'Gold Torrent, Inc. | ' | ' |
Entity Central Index Key | '0001463792 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $0 |
Entity Common Stock, Shares Outstanding | ' | 4,635,002 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current | ' | ' |
Cash | $35,696 | $2,861 |
Intangible asset (note 7) | 2,060 | 2,060 |
Total assets | 37,756 | 4,921 |
Current | ' | ' |
Accounts payable (note 5) | 453,355 | 20,632 |
Accrued liabilities (note 3) | 10,000 | 10,000 |
Due to related parties (note 5) | ' | 344,408 |
Stockholders' loans (note 6) | 40,656 | ' |
Total liabilities | 504,011 | 375,040 |
Stockholders' Deficiency | ' | ' |
Common Stock (note 4) Authorized: 200,000,000 common shares, $0.001 par value, 20,000,000 preferred shares, $0.001 par value, Issued and outstanding: 4,610,000 common shares, $0.001 par value | 22,938 | 22,910 |
20,000,000 preferred shares, $0.001 par value | ' | ' |
Additional Paid-in Capital | 70,262 | 35,290 |
Deficit Accumulated During the Development Stage | -559,455 | -428,319 |
Total stockholders' deficiency | -466,255 | -370,119 |
Total liabilities and stockholders' deficiency | $37,756 | $4,921 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 4,610,000 | 4,610,000 |
Common stock, shares outstanding | 4,610,000 | 4,610,000 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, par value | $0.00 | $0.00 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 91 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Expenses | ' | ' | ' |
Accounting and legal | $78,134 | $36,723 | $310,903 |
Licenses and fees | 14,752 | 22,540 | 101,316 |
Bank charges and finance fees | 2,015 | 1,884 | 5,988 |
Office | 1,235 | 55 | 6,992 |
Consulting and development fees | 35,000 | 35,000 | 133,728 |
Amortization | ' | ' | 528 |
Net Loss and Comprehensive Loss for Period | ($131,136) | ($96,202) | ($559,455) |
Basic and diluted loss per share | ($0.03) | ($0.02) | ' |
Weighted average number of common shares outstanding | 4,584,455 | 4,582,000 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 91 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Cash Flow from Operating Activities | ' | ' | ' |
Net loss for the period | ($131,136) | ($96,202) | ($559,455) |
Amortization of equipment | ' | ' | 528 |
Interest on stockholders' loans | 1,390 | ' | 1,390 |
Shares issued for services | ' | ' | 1,150 |
Changes in assets and liabilities | ' | ' | ' |
Accounts payable | 88,315 | -9,031 | 453,355 |
Accrued liabilities | ' | 2,500 | 10,000 |
Cash Used in Operating Activities | -41,431 | -102,733 | -93,032 |
Cash Flow from Investing Activities | ' | ' | ' |
Purchase of intangible asset | ' | -2,060 | -2,060 |
Purchase of equipment | ' | ' | -528 |
Cash Used in Investing Activities | 0 | -2,060 | -2,588 |
Cash Flow from Financing Activities | ' | ' | ' |
Net proceeds from issuance of common stock | 35,000 | ' | 92,050 |
Loan received from third party | ' | 400,000 | 400,000 |
Advanced to related party | ' | -400,000 | -400,000 |
Advances from related parties | ' | 107,614 | ' |
Loans received from stockholders | 39,266 | ' | 39,266 |
Cash Provided by Financing Activities | 74,266 | 107,614 | 131,316 |
Increase in Cash | 32,835 | 2,821 | 35,696 |
Cash, Beginning of Period | 2,861 | 40 | ' |
Cash, End of Period | 35,696 | 2,861 | 35,696 |
Supplemental Information | ' | ' | ' |
Stock dividend issued for no consideration | ' | ' | 20,619 |
Shares issued for services | ' | ' | 1,150 |
Tax paid | ' | ' | ' |
Interest paid | ' | ' | ' |
Statements_of_Stockholders_Def
Statements of Stockholders' Deficiency (USD $) | 12 Months Ended | 7 Months Ended | 12 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2011 | Mar. 31, 2008 | Mar. 31, 2007 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2009 | Mar. 31, 2008 | Mar. 31, 2012 | Mar. 31, 2009 | Mar. 31, 2008 | Aug. 14, 2006 | Mar. 31, 2007 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2009 | Mar. 31, 2008 | Mar. 31, 2012 | Mar. 31, 2007 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2010 | Mar. 31, 2009 | Mar. 31, 2008 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Share Subscriptions [Member] | Share Subscriptions [Member] | Share Subscriptions [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Deficit Accumulated During the Development Stage (Member) | Deficit Accumulated During the Development Stage (Member) | Deficit Accumulated During the Development Stage (Member) | Deficit Accumulated During the Development Stage (Member) | Deficit Accumulated During the Development Stage (Member) | Deficit Accumulated During the Development Stage (Member) | Deficit Accumulated During the Development Stage (Member) | Deficit Accumulated During the Development Stage (Member) | |||
Balance | ($150,736) | ($46,144) | ' | $22,910 | $2,291 | $1,424 | $1,310 | $22,910 | $43,350 | ' | ' | ' | $35,290 | $55,909 | $13,426 | $7,840 | $35,290 | ' | ($428,319) | ($332,117) | ($268,858) | ($208,936) | ($145,732) | ($93,256) | ($55,294) |
Balance, shares | ' | ' | ' | 4,582,000 | 4,582,000 | 2,848,000 | 2,620,000 | 4,582,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to founders for services | ' | ' | 1,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to founders for services, shares | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for cash | ' | 5,700 | 160 | 28 | ' | 867 | 114 | ' | -43,350 | ' | ' | 7,840 | 34,972 | ' | 42,483 | 5,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for cash, shares | ' | ' | 320,000 | 28,000 | ' | 1,734,000 | 228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share subscriptions received | ' | 43,350 | ' | ' | ' | ' | ' | ' | ' | 43,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock dividend | 0 | ' | ' | ' | 20,619 | ' | ' | ' | ' | ' | ' | ' | ' | -20,619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss for period | -59,922 | -37,962 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,294 | -131,136 | -96,202 | -63,259 | -59,922 | -63,204 | -52,476 | -37,962 |
Balance | ($210,658) | ($35,056) | $1,310 | $22,938 | $22,910 | $2,291 | $1,424 | $22,910 | ' | $43,350 | ' | $7,840 | $70,262 | $35,290 | $55,909 | $13,426 | $35,290 | ($55,294) | ($559,455) | ($428,319) | ($332,117) | ($268,858) | ($208,936) | ($145,732) | ($93,256) |
Balance, shares | ' | ' | 2,620,000 | 4,610,000 | 4,582,000 | 4,582,000 | 2,848,000 | 4,582,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nature_of_Operations_and_Going
Nature of Operations and Going Concern | 12 Months Ended | |
Mar. 31, 2014 | ||
Nature Of Operations And Going Concern | ' | |
Nature of Operations and Going Concern | ' | |
1 | Nature of Operations and Going Concern | |
GOLD TORRENT, INC. (formerly Celldonate Inc.) (the “Company”) is a development stage company and was incorporated as a Nevada company on August 15, 2006. Since inception, the Company has been creating, testing and developing mobile applications, games and tools designed to engage consumers in transacting business via mobile devices. On January 16, 2014, the Company changed its name to “Gold Torrent, Inc.” in order to better reflect the direction and business of the Company. Going forward, the Company plans to focus on acquiring ownership in late-stage exploration to development-stage gold mining projects and/or royalty or streaming interests in low capital intensity, late-stage mining projects in North America. | ||
During the year ended March 31, 2014, the Company reverse split its common stock on the basis of one for five (note 4). All figures as to the number of shares of common stock as well as loss per share in these financial statements are post reverse split amounts and have been retroactively restated. | ||
The Company has incurred losses since inception and has an accumulated deficit of $559,455 as of March 31, 2014, with limited resources and no source of operating cash flows. As at March 31, 2014, the Company has a working capital deficiency of $468,315 (2013 - $372,179). | ||
The Company’s continuance as a going concern is dependent on the success of the efforts of its directors and principal stockholders in providing financial support in the short-term, raising additional capital through equity or debt financing either from its own resources or from third parties, and achieving profitable operations. In the event that such resources are not secured, the assets may not be realized or liabilities discharged at their carrying amounts, and the difference from the carrying amounts reported in these audited financial statements could be material. | ||
The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of the assets or the amounts and classifications of the liabilities that may result from the inability of the Company to continue as a going concern. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies | ' | |||
2 | Significant Accounting Policies | |||
(a) | Basis of presentation | |||
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company’s functional and reporting currency is the US dollar. | ||||
(b) | Use of estimates | |||
The preparation of financial statements in conformity with US GAAP 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 of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to accounts payable and accrued liabilities, the fair value of warrants attached to common shares issued and the recoverability of income tax assets. While management believes the estimates used are reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. | ||||
(c) | Basic and diluted earnings (loss) per share | |||
Basic earnings (loss) per share is computed using the weighted average number of common shares outstanding. Diluted earnings (loss) per share assumes the exercise of common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. | ||||
(d) | Foreign currency translation | |||
Transactions in currencies other than the US dollar are translated into US dollars at the exchange rate in effect at the balance sheet date for monetary assets and liabilities, and at historical exchange rates for non-monetary assets and liabilities. Expenses are translated at the average rates for the period, except amortization, which is translated on the same basis as the related assets. Resulting translation gains or losses are reflected in net loss. | ||||
(e) | Research and development | |||
Research and development expenditures are charged to operations as incurred. | ||||
(f) | Financial instruments | |||
All financial instruments are classified as one of the following: held-to-maturity, loans and receivables, held-for-trading, available-for-sale or other financial liabilities. Financial assets and liabilities held-for-trading are measured at fair value with gains and losses recognized in net income. Financial assets held-to-maturity, loans and receivables, and other financial liabilities are measured at amortized cost using the effective interest method. Available-for-sale instruments are measured at fair value with unrealized gains and losses recognized in other comprehensive income and reported in stockholders’ equity. | ||||
A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company prioritizes the inputs into three levels that may be used to measure fair value: | ||||
a) | Level 1 – | Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||
b) | Level 2 – | Applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly, such as quoted prices for similar assets or liabilities in active markets, or indirectly, such as quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions. | ||
c) | Level 3 – | Applies to assets or liabilities for which there are unobservable market data. | ||
Transaction costs that are directly attributable to the acquisition or issue of financial instruments that are classified as held-to-maturity, loans and receivables or other financial liabilities are included in the initial carrying value of such instruments and amortized using the effective interest method. Transaction costs classified as held-for-trading are expensed when incurred, while those classified as available-for-sale are included in the initial carrying value. | ||||
(g) | Income taxes | |||
The Company uses the asset and liability approach in its method of accounting for income taxes that requires the recognition of deferred tax liabilities and assets for expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company recognizes the effect of uncertain tax positions where it is more likely than not based on technical merits that the position could be sustained where the tax benefit has a greater than 50% likelihood of being realized upon settlement. A valuation allowance against deferred tax assets is recorded if based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||
(h) | Recent accounting guidance not yet adopted | |||
The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||
Mar. 31, 2014 | |||
Fair Value Disclosures [Abstract] | ' | ||
Financial Instruments | ' | ||
3 | Financial Instruments | ||
The Company has designated its cash as held-for-trading; and accounts payable, accrued liabilities, amounts due to related parties and stockholders’ loans, as other financial liabilities. | |||
(a) | Fair value | ||
The fair values of the Company’s cash, accounts payable, accrued liabilities and amounts due to related parties and stockholders’ loans approximate their carrying values due to the short-term maturity of these instruments. | |||
(b) | Credit risk | ||
Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s financial asset that is exposed to credit risk is cash, which is minimized to the extent that it is placed with a major financial institution. Concentration of credit risk exists with respect to the Company’s cash, as all amounts are held at a single major American financial institution. | |||
(c) | Translation risk | ||
The Company’s functional currency is the US dollar. The Company translates transactions in foreign currencies into US currency using rates on the date of the transactions. Translation risk is considered minimal, as the Company does not incur any significant transactions in currencies other than US dollars. | |||
(d) | Interest rate risk | ||
The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary current assets and liabilities. | |||
(e) | Liquidity risk | ||
Liquidity risk is the risk that the Company will encounter difficulty in satisfying its financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. At March 31, 2014, the Company had accounts payable of $453,355 (2013 - $20,632) which are due within 30 days or less. The Company’s due to related parties of $nil (2013 - $344,408) have no specific terms and repayment. The Company’s stockholders’ loan (note 6) of $40,656 (2013 - $nil) are interest bearing and are due December 31, 2014. | |||
As at March 31, 2014, accrued liabilities consist of accrued accounting and legal fees of $10,000 (2013 - $10,000). |
Common_Stock
Common Stock | 12 Months Ended | |
Mar. 31, 2014 | ||
Equity [Abstract] | ' | |
Common Stock | ' | |
4 | Common Stock | |
On February 26, 2014, the Company entered into subscription agreements for the issuance of 28,000 shares of common stock at a purchase price of $1.25 per share for a total amount of $35,000 in cash. | ||
On December 9, 2013, the shareholders approved, and on January 16, 2014, the Company filed a certificate of amendment to its Certificate of Incorporation with the Secretary of State of the State of Nevada in order to effectuate a one (1) for five (5) reverse split of the Company’s shares of common stock, par value $0.001 per share and increase the number of authorized shares of capital stock of the Company to 220,000,000 shares, which shall be divided into two classes as follows: 200,000,000 shares of common stock, par value $0.001 per share, and 20,000,000 shares of preferred stock, par value $0.001 per share. | ||
During the year ended March 31, 2013, no common shares were issued. |
Accounts_Payable_and_Due_to_Re
Accounts Payable and Due to Related Parties | 12 Months Ended | ||
Mar. 31, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Accounts Payable and Due to Related Parties | ' | ||
5 | Accounts Payable and Due to Related Parties | ||
On September 10, 2013, certain shareholders of the Company (the “Sellers”), entered into a stock purchase agreement with certain purchasers and as a result, the Sellers were no longer a related party as at March 31, 2014. Pursuant to the transaction, the comparative balances below correspond to the amounts owed to the Sellers and originally recorded as due to related parties. | |||
(a) | Accounts payable as at March 31, 2014 includes the following: | ||
(i) | $315,968 (2013 - $268,569) due to a company controlled by a former shareholder of the Company. | ||
(ii) | $7,851 (2013 - $7,851) due to a company controlled by a former shareholder of the Company for payment of legal services made on behalf of the Company. | ||
(iii) | $32,989 (2013 - $32,989) due to former directors of the Company for advances made to the Company. | ||
(iv) | $70,000 (2013 - $35,000) due to a company controlled by a former shareholder of the Company for payment relating to web design and development expenses. | ||
(b) | The Company entered into an agreement with a company controlled by a former director and former shareholder of the Company for the facilitation of its business and technology development dated August 15, 2006, as amended on May 8, 2009. The agreement required the Company to pay a monthly fee of $1,500 for services provided and to reimburse for expenses incurred on its behalf. The agreement was terminated effective September 9, 2013. The Company incurred charges of $nil (March 31, 2013 - $nil; period from August 15, 2006 to March 31, 2014 - $63,728) for the year ended March 31, 2014 pursuant to this agreement, which was expensed as consulting and development fees. | ||
(c) | In addition, for the year ended March 31, 2014, the Company was charged fees of $nil (March 31, 2013 - $20,000; period from August 15, 2006 to March 31, 2014 - $53,600) by a formerly related company for administrative costs related to the Company’s filing of its regulatory documents. During the year ended March 31, 2013, the Company entered into a loan agreement with a non-related party in the principal amount of $400,000. The loan was non-interest-bearing and had no specific terms of repayment and was later offset with an advance from a related party. | ||
The above amounts are recorded at the exchange amount, representing the amount agreed upon by the parties, are non-interest-bearing and have no specific terms of repayment. |
Stockholders_Loans
Stockholders' Loans | 12 Months Ended | |
Mar. 31, 2014 | ||
Stockholders Loans | ' | |
Stockholders' Loans | ' | |
6 | Stockholders’ Loans | |
During the year ended March 31, 2014, current officers, who are also shareholders, and another shareholder of the Company advanced loans of $40,656, including $1,390 of accrued interest. These loans are due on December 31, 2014 and bear interest at 10% per annum. |
Intangible_Asset
Intangible Asset | 12 Months Ended | |
Mar. 31, 2014 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |
Intangible Asset | ' | |
7 | Intangible Asset | |
During the year ended March 31, 2013 the Company purchased a domain name for $2,060. Amortization relating to the intangible asset will commence when it is put into use. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
8 | Income Taxes | |||||||||
Deferred income taxes reflect the tax consequences for future years of differences between the tax basis of assets and liabilities and their financial reporting amounts. | ||||||||||
The provision for income taxes differs from the result that would be obtained by applying the statutory tax rate of 35% (2013 - 35%) to income before income taxes as follows: | ||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||
Computed expected income tax benefit | $ | (45,898 | ) | $ | (33,671 | ) | ||||
Change in valuation allowance | 45,898 | 33,671 | ||||||||
Income tax provision | $ | - | $ | - | ||||||
The potential benefit of net operating loss carry-forwards has not been recognized in these financial statements since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The components of deferred income tax assets and the amount of the valuation allowance are as follows: | ||||||||||
31-Mar-14 | March 31, 2013 | |||||||||
Net operating losses carried forward | $ | 195,809 | $ | 149,912 | ||||||
Valuation allowance | (195,809 | ) | (149,912 | ) | ||||||
Net deferred income tax assets | $ | - | $ | - | ||||||
The Company believes that, based on a number of factors, the available objective evidence creates sufficient uncertainty regarding the reliability of the deferred income tax assets such that a full valuation allowance has been recorded. These factors include the Company’s current history of net losses and the expected near-term future losses. The operating losses amounting to $559,455 will expire between 2027 and 2034 if they are not utilized. The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating loss carry-forwards: | ||||||||||
Fiscal Year | Amount | Expiry Date | ||||||||
2007 | $ | 55,294 | 2027 | |||||||
2008 | 37,962 | 2028 | ||||||||
2009 | 52,476 | 2029 | ||||||||
2010 | 63,204 | 2030 | ||||||||
2011 | 59,922 | 2031 | ||||||||
2012 | 63,259 | 2032 | ||||||||
2013 | 96,202 | 2033 | ||||||||
2014 | 131,136 | 2034 | ||||||||
$ | 559,455 | |||||||||
For the years ended March 31, 2014 and 2013, the Company did not have any unrecognized tax benefits and thus no interest and penalties relating to unrecognized tax benefits were recognized. The Company records interest and penalties on unrecognized tax benefits, if any, as a component of income tax expense. In addition, the Company does not expect that the amount of unrecognized tax benefits will change substantially within the next 12 months. | ||||||||||
The Company’s US federal income tax returns are open to examination by the Internal Revenue Service for the 2007, 2008, 2009, 2010, 2011, 2012 and 2013 taxation years. |
Segmented_Information
Segmented Information | 12 Months Ended | |
Mar. 31, 2014 | ||
Segment Reporting [Abstract] | ' | |
Segmented Information | ' | |
9 | Segmented Information | |
The Company operates primarily in one business segment being the seeking of ownership in mining projects with substantially all of its assets and operations located in the United States (2013 – Canada). |
Subsequent_Event
Subsequent Event | 12 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event | ' | |
10 | Subsequent Event | |
The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, other then what is described below, the Company did not identify any recognized or non-recognized subsequent events that would have required further adjustment or disclosure in the financial statements. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
(a) | Basis of presentation | |||
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company’s functional and reporting currency is the US dollar. | ||||
Use of Estimates | ' | |||
(b) | Use of estimates | |||
The preparation of financial statements in conformity with US GAAP 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 of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to accounts payable and accrued liabilities, the fair value of warrants attached to common shares issued and the recoverability of income tax assets. While management believes the estimates used are reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. | ||||
Basic and Diluted Earnings (Loss) Per Share | ' | |||
(c) | Basic and diluted earnings (loss) per share | |||
Basic earnings (loss) per share is computed using the weighted average number of common shares outstanding. Diluted earnings (loss) per share assumes the exercise of common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. | ||||
Foreign Currency Translation | ' | |||
(d) | Foreign currency translation | |||
Transactions in currencies other than the US dollar are translated into US dollars at the exchange rate in effect at the balance sheet date for monetary assets and liabilities, and at historical exchange rates for non-monetary assets and liabilities. Expenses are translated at the average rates for the period, except amortization, which is translated on the same basis as the related assets. Resulting translation gains or losses are reflected in net loss. | ||||
Research and Development | ' | |||
(e) | Research and development | |||
Research and development expenditures are charged to operations as incurred. | ||||
Financial Instruments | ' | |||
(f) | Financial instruments | |||
All financial instruments are classified as one of the following: held-to-maturity, loans and receivables, held-for-trading, available-for-sale or other financial liabilities. Financial assets and liabilities held-for-trading are measured at fair value with gains and losses recognized in net income. Financial assets held-to-maturity, loans and receivables, and other financial liabilities are measured at amortized cost using the effective interest method. Available-for-sale instruments are measured at fair value with unrealized gains and losses recognized in other comprehensive income and reported in stockholders’ equity. | ||||
A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company prioritizes the inputs into three levels that may be used to measure fair value: | ||||
a) | Level 1 – | Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||
b) | Level 2 – | Applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly, such as quoted prices for similar assets or liabilities in active markets, or indirectly, such as quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions. | ||
c) | Level 3 – | Applies to assets or liabilities for which there are unobservable market data. | ||
Transaction costs that are directly attributable to the acquisition or issue of financial instruments that are classified as held-to-maturity, loans and receivables or other financial liabilities are included in the initial carrying value of such instruments and amortized using the effective interest method. Transaction costs classified as held-for-trading are expensed when incurred, while those classified as available-for-sale are included in the initial carrying value. | ||||
Income Taxes | ' | |||
(g) | Income taxes | |||
The Company uses the asset and liability approach in its method of accounting for income taxes that requires the recognition of deferred tax liabilities and assets for expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company recognizes the effect of uncertain tax positions where it is more likely than not based on technical merits that the position could be sustained where the tax benefit has a greater than 50% likelihood of being realized upon settlement. A valuation allowance against deferred tax assets is recorded if based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||
Recent Accounting Guidance Not Yet Adopted | ' | |||
(h) | Recent accounting guidance not yet adopted | |||
The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Schedule of Income Taxes Provision | ' | |||||||||
The provision for income taxes differs from the result that would be obtained by applying the statutory tax rate of 35% (2013 - 35%) to income before income taxes as follows: | ||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||
Computed expected income tax benefit | $ | (45,898 | ) | $ | (33,671 | ) | ||||
Change in valuation allowance | 45,898 | 33,671 | ||||||||
Income tax provision | $ | - | $ | - | ||||||
Schedule of Net Deferred Income Tax Assets | ' | |||||||||
The components of deferred income tax assets and the amount of the valuation allowance are as follows: | ||||||||||
31-Mar-14 | March 31, 2013 | |||||||||
Net operating losses carried forward | $ | 195,809 | $ | 149,912 | ||||||
Valuation allowance | (195,809 | ) | (149,912 | ) | ||||||
Net deferred income tax assets | $ | - | $ | - | ||||||
Schedule of Income Tax Expiration Date | ' | |||||||||
The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating loss carry-forwards: | ||||||||||
Fiscal Year | Amount | Expiry Date | ||||||||
2007 | $ | 55,294 | 2027 | |||||||
2008 | 37,962 | 2028 | ||||||||
2009 | 52,476 | 2029 | ||||||||
2010 | 63,204 | 2030 | ||||||||
2011 | 59,922 | 2031 | ||||||||
2012 | 63,259 | 2032 | ||||||||
2013 | 96,202 | 2033 | ||||||||
2014 | 131,136 | 2034 | ||||||||
$ | 559,455 |
Nature_of_Operations_and_Going1
Nature of Operations and Going Concern (Details Narrative) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Nature Of Operations And Going Concern | ' | ' |
Accumulated deficit | $559,455 | $428,319 |
Working capital deficiency | $468,315 | $372,179 |
Financial_Instruments_Details_
Financial Instruments (Details Narrative) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Accounts payable | $453,355 | $20,632 |
Due to related parties | ' | 344,408 |
Stockholders' loan | 40,656 | ' |
Accrued accounting and legal fees | $10,000 | $10,000 |
Common_Stock_Details_Narrative
Common Stock (Details Narrative) (USD $) | 0 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Feb. 26, 2014 | Dec. 09, 2013 | Mar. 31, 2007 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2009 | Mar. 31, 2008 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash. shares | 28,000 | ' | ' | ' | ' | ' | ' |
Common stock, purchase price per share | $1.25 | ' | ' | ' | ' | ' | ' |
Common stock shares issued | ' | ' | ' | ' | 0 | ' | ' |
Issuance of common stock, value | $35,000 | ' | $8,000 | $35,000 | ' | $0 | $5,700 |
Common stock, reverse stock split | ' | 'one (1) for five (5) | ' | ' | ' | ' | ' |
Capital stock, authorized | ' | 220,000,000 | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' |
Common stock, par value | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' |
Preferred stock, shares authorized | ' | 20,000,000 | ' | 20,000,000 | 20,000,000 | ' | ' |
Preferred stock, par value | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' |
Accounts_Payable_and_Due_to_Re1
Accounts Payable and Due to Related Parties (Details Narrative) (USD $) | 12 Months Ended | 91 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | 8-May-09 | |
Payables to related party services per month | ' | ' | ' | $1,500 |
Consulting and development fees, related party transactions by related party | 0 | 0 | 63,728 | ' |
Accounting and legal expenses, related party | 0 | 20,000 | 53,600 | ' |
Loan payable | ' | 400,000 | ' | ' |
Former Shareholder [Member] | ' | ' | ' | ' |
Due to shareholder | 315,968 | 268,569 | 315,968 | ' |
Former Directors [Member] | ' | ' | ' | ' |
Due to directors | 32,989 | 32,989 | 32,989 | ' |
Legal Service [Member] | ' | ' | ' | ' |
Due to shareholder | 7,851 | 7,851 | 7,851 | ' |
Web Design And Development Services [Member] | ' | ' | ' | ' |
Due to shareholder | $70,000 | $35,000 | $70,000 | ' |
Stockholders_Loans_Details_Nar
Stockholders' Loans (Details Narrative) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stockholders Loans | ' | ' |
Stockholders' loan | $40,656 | ' |
Accrued interest | $1,390 | ' |
Due date for loan | 31-Dec-14 | ' |
Loan interest, per annum | 10.00% | ' |
Intangible_Asset_Details_Narra
Intangible Asset (Details Narrative) (USD $) | 12 Months Ended | 91 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Purchase of domain name | ' | $2,060 | $2,060 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Statutory tax rate percentage | 35.00% | 35.00% |
Operating loss carry forward | $559,455 | ' |
Operating loss expiration date | ' | ' |
2027 and 2034 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Taxes Provision (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Computed expected income tax benefit | ($45,898) | ($33,671) |
Change in valuation allowance | 45,898 | 33,671 |
Income tax provision | $0 | $0 |
Income_Taxes_Schedule_of_Net_D
Income Taxes - Schedule of Net Deferred Income Tax Assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Net operating losses carried forward | $195,809 | $149,912 |
Valuation allowance | -195,809 | -149,912 |
Net deferred income tax assets | $0 | $0 |
Income_Taxes_Schedule_of_Incom1
Income Taxes - Schedule of Income Tax Expiration Date (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Operating loss carry forward, Amount | $559,455 |
2007 [Member] | ' |
Operating loss carry forward, Amount | 55,294 |
Operating loss carry forward, Expiry Date | '2027 |
2008 [Member] | ' |
Operating loss carry forward, Amount | 37,962 |
Operating loss carry forward, Expiry Date | '2028 |
2009 [Member] | ' |
Operating loss carry forward, Amount | 52,476 |
Operating loss carry forward, Expiry Date | '2029 |
2010 [Member] | ' |
Operating loss carry forward, Amount | 63,204 |
Operating loss carry forward, Expiry Date | '2030 |
2011 [Member] | ' |
Operating loss carry forward, Amount | 59,922 |
Operating loss carry forward, Expiry Date | '2031 |
2012 [Member] | ' |
Operating loss carry forward, Amount | 63,259 |
Operating loss carry forward, Expiry Date | '2032 |
2013 [Member] | ' |
Operating loss carry forward, Amount | 96,202 |
Operating loss carry forward, Expiry Date | '2033 |
2014 [Member] | ' |
Operating loss carry forward, Amount | $131,136 |
Operating loss carry forward, Expiry Date | '2034 |
Segmented_Information_Details_
Segmented Information (Details Narrative) | 12 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of business segment | 1 |