Crown Alliance Capital 10-Q 14 Feb 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2013
Document and Entity Information	'
Entity Registrant Name	'Crown Alliance Capital Ltd
Document Type	'10-Q
Document Period End Date	31-Dec-13
Amendment Flag	'false
Entity Central Index Key	'0001487439
Current Fiscal Year End Date	'--06-30
Entity Common Stock, Shares Outstanding	195,746,848
Entity Filer Category	'Smaller Reporting Company
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No
Entity Well-known Seasoned Issuer	'No
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Dec. 31, 2013	Jun. 30, 2013
Current assets	'	'
Cash	$1,006,394	$144,769
Prepaid expenses	67,005	1,125,900
Total current assets	1,073,399	1,270,669
Long term assets	'	'
Premiums on life settlement policies	'	76,003
Investments in life settlement policies	1,009,763	615,451
Property and equipment (net)	7,602	9,754
Lease deposit	3,616	3,616
Total long term assets	1,020,981	704,824
Total assets	2,094,380	1,975,493
Current liabilities	'	'
Accounts payable and accrued liabilities	104,230	59,037
Accrued interest, related party	4,989	437
Notes payable, related party	85,000	95,000
Total current liabilities	194,219	154,474
Notes payable	1,500,000	'
Total liabilities	1,694,219	154,474
STOCKHOLDERS' EQUITY	'	'
Preferred stock value	'	'
Common stock value	195,748	212,705
Additional paid in capital	1,177,187	2,456,455
Share subscriptions received	'	23,775
Deficit accumulated during the development stage	-972,774	-871,916
Total stockholders' equity	400,161	1,821,019
Total liabilities and stockholders' equity	$2,094,380	$1,975,493

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Jun. 30, 2012
Balance Sheet	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	195,746,848	212,703,620
Common stock, shares outstanding	195,746,848	212,703,620

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 30, 2012	Dec. 31, 2013	Dec. 31, 2012
Income Statement	'	'	'	'
Income	'	'	'	'
Cost of insurance contracts	'	'	'	'
Gross Profit	'	'	'	'
Expenses	'	'	'	'
Audit and accounting fees	9,696	5,576	20,942	16,286
Bank charges	661	514	943	1,042
Stock-based consulting fees	-1,003,103	'	-340,503	'
Consulting fees	66,047	18,298	118,647	26,733
Depreciation	1,076	3,337	2,152	6,377
Foreign exchange (gain) loss	1,063	-304	915	-132
Legal fees	16,078	6,676	47,801	15,717
Management fees	50,000	45,000	100,000	90,000
Marketing and promotion	60,000	17,652	666,777	35,502
Office expenses	2,248	1,962	4,141	2,751
Rent	5,913	15,569	11,882	31,138
Transfer and filing fees	3,575	1,585	3,575	17,255
Travel	9,493	5,093	20,087	7,560
Operating income (loss) before interest expense	777,253	-120,958	-57,239	-250,229
Interest expense	-40,500	-148	-43,619	-1,282
Net income (loss)	$736,753	($121,106)	($100,858)	($251,511)
Basic earnings (loss) per share - basic and diluted	$0	$0	$0	$0
Weighted average number of shares outstanding - basic and diluted	212,714,897	206,474,507	212,714,897	206,474,507

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash Flows Used in Operating Activities	'	'
Net loss	($100,858)	($251,511)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'
Interest expense,	6,119	1,282
Depreciation	2,152	6,377
Stock-based compensation	-1,003,103	'
Changes in operating assets and liabilities:	'	'
Prepaid expenses	741,998	-6,000
Accrued interest, related party	-1,567	-3,205
Accounts payable	45,193	6,907
Net cash used in operating activities	-310,066	-246,150
Cash Flows from Investing Activities	'	'
Purchase of life settlement policies and capitalized premiums	318,309	359,397
Purchase of property and equipment	'	6,778
Net cash used in investing activities	-318,309	-366,175
Cash Flows from Financing Activities	'	'
Proceeds from capital stock issued	'	736,000
Due from related party	'	3,750
Payments of notes payable, related party	10,000	45,000
Proceeds from notes payable	1,500,000	'
Net cash provided by financing activities	1,490,000	687,250
Increase (decrease) in cash during the period	861,625	74,925
Cash, beginning of the period	144,769	22,830
Cash, end of the period	$1,006,394	$97,755

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2013
Notes	'
Basis of Presentation	'
	Note 1  Basis of Presentation
	While the information presented in the accompanying December 31, 2013 interim financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim period presented in accordance with the accounting principles generally accepted in the United States of America.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.  These interim financial statements should be read in conjunction with the Company’s June 30, 2013 audited financial statements (notes thereto) included in the Company’s Annual Report on Form 10-K.
	Operating results for the six months ended December 31, 2013 are not necessarily indicative of the results that can be expected for the year ending June 30, 2014.

Nature_of_Operations

Nature of Operations	3 Months Ended
	Dec. 31, 2013
Notes	'
Nature of Operations	'
	Note 2  Nature of Operations
	The Company was incorporated in the state of Nevada, United States of America on March 4, 2010.  The Company was an exploration stage company and was formed for the purpose of acquiring exploration and development stage mineral properties.  The Company’s year-end is June 30.
	On June 4, 2010, the Company incorporated a wholly-owned subsidiary, KRC Exploration LLC (“KRC”) in the State of Nevada, United States of America (“USA”) for the purpose of mineral exploration in the USA.
	On August 31, 2011, the Company changed its business focus to the development of a portfolio of life settlement policies and sold KRC to the former president.
	On January 30, 2012, the Board of Directors approved a change in name from Kinetic Resources Corp. to Crown Alliance Capital Limited and a forward-split of its Common Stock on the basis of 17.85715 shares of Common Stock for one share of Common Stock held by shareholders of record at the close of business on February 10, 2012.
	On March 15, 2013, the Board of Directors approved a forward-split of its Common Stock on the basis of five shares of Common Stock for one share of Common Stock held by shareholders of record at the close of business on March 31, 2013.
	On March 20, 2013, the Board of Directors approved an increase in the number of authorized common shares of the Company from 90,000,000 to 450,000,000.
	All share and per share data has been retroactively adjusted to reflect the effect of the forward-splits.
	On March 15, 2012, the Company entered into its first contract to acquire life settlement policies.  The agreement closed on October 31, 2013.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2013
Notes	'
Summary of Significant Accounting Policies	'
	Note 3  Summary of Significant Accounting Policies
	The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and are stated in US dollars.  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates, which may have been made using careful judgment. Actual results may vary from these estimates.
	The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below:
	Cash and cash equivalents
	The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.  There were no cash equivalents held at December 31, 2013 or June 30, 2013.
	Exiting Development Stage
	The Company was in the development stage through June 30, 2013.  In October 2013, the Company acquired the remaining life policy in the contract entered into on March 15, 2012 and secured funding to purchase additional policies.  As of July 2013, the Company became fully operational and as such was no longer considered a development stage company.  During the period that the Company was considered a development stage company, the Company incurred accumulated losses of approximately $871,916.
	Earnings per share
	In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,”  basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive.
	Investments in Insurance Contracts
	The Company adopted FASB ASC Topic 325-30 “Investments in Insurance Contracts” and accounts for life settlement contracts using the investment method.  Life settlement contracts will be initially recognized at the transaction price.  Any additional costs, such as premiums paid, will be capitalized.  In accordance with ASC 230, “Statement of Cash Flows”, cash paid towards acquiring and maintaining life settlement policies will be treated as an investing outflow while the receipt of proceeds over the cash invested will be shown as an operating cash flow with return of investment and premiums shown as investing inflows.
	Stock-based Compensation
	The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption.
	Foreign Currency Translation
	Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.  Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholder’s Equity, if applicable.  Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  Any exchange gains and losses are included in the Statement of Operations.
	Newly Issued Accounting Pronouncements
	The Company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.

Prepaid_Expenses_Note

Prepaid Expenses Note	3 Months Ended
	Dec. 31, 2013
Notes	'
Prepaid Expenses Note	'
	Note 4  Prepaid Expenses
	As of December 31, 2013, prepaid expenses were $67,005 (June 30, 2013 - $1,125,900).  Prepaid expenses consist prepaid management fees of $4,694 (June 30, 2013 $nil); advance premiums paid on life policies of $9,108 (June 30, 2013 - $nil) and consulting fees related to a consultant which will be amortized over the life the agreement of $53,203 (June 30, 2013 - two consulting agreements aggregating $1,125,900).  Of the total prepaid expenses, at December 31, 2013, $nil (June 30, 2013 - $979,497) is attributable to prepaid stock-based compensation.

Property_and_equipment

Property and equipment	3 Months Ended
	Dec. 31, 2013
Notes	'
Property and equipment	'
	Note 5  Property and equipment
		December 31,	June 30,
		2013	2013
	Cost
	Computer equipment	$3,618	$3,618
	Office equipment and furnishings	10,705	10,705
	Leasehold improvements	--	--
	Gross cost	14,323	14,323
	Accumulated depreciation	-6,721	-4,569
	Net book value	$7,602	$9,754
	As of December 31, 2013 and 2012 depreciation expense was $2,152 and $6,377, respectively.

Financial_Instruments

Financial Instruments	3 Months Ended
	Dec. 31, 2013
Notes	'
Financial Instruments	'
	Note 6  Financial Instruments
	Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.
	In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs.  The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.  Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:
	Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.
	Level 2 - inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.
	The carrying value of the Company’s financial assets and liabilities which consist of cash, accounts payable and accrued liabilities in management’s opinion approximate their fair value due to the short maturity of such instruments.  These financial assets and liabilities are valued using level 3 inputs, except for cash which is at level 1.  Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange, or credit risks arising from these financial instruments.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2013
Notes	'
Related Party Transactions	'
	Note 7  Related Party Transactions
	On February 8, 2012, the Company entered into an Employment Agreement with the President of the Company.  Pursuant to the agreement the President will receive a signing bonus of $25,000 and $180,000 per annum February 8, 2012 until February 8, 2013 (the initial term) for services rendered plus reimbursement of the Company’s expenses.
	The initial term shall be automatically renewed for up to 3 years successive years in consecutive one year periods. The agreement will continue in force unless either party gives notice of termination not more than 270 days and not less than 30 days prior to the then existing term of employment.
	The annual base compensation pursuant to the employment agreement is as follows:
	$180,000 until February 8, 2013;
	$200,000 until February 8, 2014;
	$255,000 until February 8, 2015;
	$255,000 per annum thereafter, - unless renewal terms are renegotiated
	The Agreement also allows in addition to the base salary noted above for bonus payments to be made as deemed reasonable at the time by the Board of Directors either as cash, or grants of stock options. On March 26, 2013, the Board of Directors approved a bonus to the president of $35,000.
	As of December 31, 2013, accounts payable and accrued liabilities includes $nil (June 30, 2013 - $3,207) in respect of unpaid management fees and prepaid expenses includes $4,694 (June 30, 2013 - $nil) in respect of management fees.  Management fees for the six month period ended December 31, 2013 includes $100,000 (six month period to December 31, 2012 - $90,000) pursuant to this agreement.
	On June 18, 2013, the Company issued a promissory note for $95,000 and received $95,000 in exchange.  The promissory note is unsecured, bears interest at 14% per annum, and was due on or before July 18, 2013.  On July 18, 2013 the terms of the note were amended to due upon demand.  The Company accrued $6,556 (six month period ended December 31, 2012 - $nil) of interest expense in respect of this note payable, The Company repaid $10,000 of the principal and has also paid $1,567 of the interest due.  At December 31, 2013 accrued interest of $4,989 (June 30, 2013 - $437) was recorded.

Notes_Payable

Notes Payable	3 Months Ended
	Dec. 31, 2013
Notes	'
Notes Payable	'
	Note 8  Notes payable
		December 31,		June 30,
		2013		2013
	Note 1	$	200,000	$	-
	Note 2		300,000		-
	Note 3		1,000,000		-
		$	1,500,000	$	-
	Note 1
	On October 31, 2013, the Company issued a promissory note for $200,000 and received $200,000 cash in exchange.  The note bears interest at 15% per annum, which is payable in monthly instalments and is secured by a life policy with a value of $2,000,000.  The note becomes due upon the maturity of the security or March 30, 2017, whichever is earlier.  During the six month period ended December 31, 2013 the Company paid interest of $5,000 (six months ended December 31, 2013 - $nil).
	Note 2
	On October 31, 2013, the Company issued a promissory note for $300,000 and received $300,000 cash in exchange.  The note bears interest at 15% per annum, which is payable in monthly instalments and is secured by a life policy with a value of $2,000,000.  The note becomes due upon the maturity of the security or March 30, 2017, whichever is earlier.  During the six month period ended December 31, 2013 the Company paid interest of $7,500 (six months ended December 31, 2013 - $nil).
	Note 3
	On October 31, 2013, the Company issued a promissory note for $1,000,000 and received $1,000,000 cash in exchange.  The note bears interest at 15% per annum, which is payable in monthly instalments and is secured by a life policy with a value of $2,000,000.  The note becomes due upon the maturity of the security or March 30, 2017, whichever is earlier.  During the six month period ended December 31, 2013 the Company paid interest of $25,000 (six months ended December 31, 2013 - $nil).

Capital_Stock

Capital Stock	3 Months Ended
	Dec. 31, 2013
Notes	'
Capital Stock	'
	Note 9  Capital Stock
	The authorized common stock of the Company consists of 450,000,000 shares of common stock with par value of $0.001 and 10,000,000 shares of preferred stock with a par value of $0.001. As of December 31, 2013 the Company had 195,746,848 (June 30, 2013 - 212,703,620) common stock and zero (June 30, 2013 - zero) preferred stock outstanding.
	a)  Issued
	On May 31, 2013 the Company received $23,775 pursuant to a share subscription agreement to acquire 43,228 common shares at $0.55 per share.  The Company received Cdn$25,000 as subscription proceeds.  On September 6, 2013 the stock was issued.
	On December 13, 2013 2,000,000 shares were returned to the transfer agent and cancelled due to the rescission of the consultancy agreement with Caro Capital LLC (“Caro”) entered into on May 14, 2013. Caro had purchased these shares under the consultancy agreement for $2,000.  Under ASC 505-50, the shares were recorded at their fair market value of $1,320,000.  Upon rescission, the Company recorded a reduction to share capital of $2,000 and a reduction to additional paid-in capital of $1,318,000, resulting in a reversal of the recorded expense and remaining prepaid expense in the quarter ended December 31, 2013.  As such, the Company recognized a $340,503 recovery of stock-based consulting fees resulting from expenses recorded as of June 30, 2013, a $662,600 recovery of stock-based consulting fees for the six months ended December 31, 2013 and recorded a reduction to prepaid expenses of $316,897.  Without this one-time recovery, the Company would have recognized a net loss of $ 266,350 and $251,511 for the three and six months ended December 31, 2013, respectively.
	b)  Share Purchase Warrants
	A summary of changes in share purchase warrants for the six months ended December 31, 2013 and the year ended June 30, 2013 is presented below:
		Six Months Ended				Year Ended
		31-Dec-13				30-Jun-13
		Number	Weighted			Number	Weighted
			Average				Average
			Exercise				Exercise
			Price				Price
	Balance, beginning of period	900,000	$	0.22		-	$	-
	Issued	-		-		900,000		0.22
	Exercised	-		-		-		-
	Balance, end of period	900,000	$	0.22		900,000	$	0.22
	As at December 31, 2013, share purchase warrants were outstanding for the purchase of common shares as follows:
					Number
	Number				Exercisable
	of		Exercise		at		Expiry
	Shares		Price		30-Jun-13		Date
	650,000		$0.22		650,000		8-Aug-16
	250,000		$0.22		250,000		28-Aug-16
	900,000				900,000

Commitment

Commitment	3 Months Ended
	Dec. 31, 2013
Notes	'
Commitment	'
	Note 10  Commitments
	On March 16, 2013, the Company entered into a lease agreement for a term of two years commencing April 1, 2013.
	As of December 31, 2013, the Company’s commitment for annual minimum future lease payments under office rental agreements are as follows:
	.Fiscal 2014	$	11,700
	Fiscal 2015		18,000
		$	29,700
	On May 14, 2013, the Company entered into a Consultancy agreement with Caro Capital LLC. (“Caro”) which expired on November 14, 2013.  Pursuant to the agreement the Company was to receive consultancy services with respect to investor relations, sourcing financing and introducing the Company to investment managers and analysts.  As compensation for services rendered the Company issued Caro 2,000,000 common shares with a fair value of $1,320,000 for proceeds of $2,000 which was being amortised over the period of the Contract.  Additionally, the Company was to pay a monthly retainer of $2,000 during the term of the agreement.  During the six months ended December 31, 2013 the contract was rescinded and deemed null and void.  Resulting from this, Caro returned the 2,000,000 shares received to the Company for cancellation.  Upon the cancellation of the shares, the Company recorded a recovery of stock-based consulting fees of $1,003,103 in the statement of operations for the six month period ended December 31, 2013 (See Note 9).

Investment_in_Life_Settlement_

Investment in Life Settlement Policies	3 Months Ended
	Dec. 31, 2013
Notes	'
Investment in Life Settlement Policies	'
	Note 11  Investment in Life Settlement Policies
	On March 15, 2012, the Company entered into its first contract to acquire four life settlement policies for the aggregate sum of $570,000, payable on or before April 23, 2012.  Pursuant to the agreement the Company is responsible for all premiums payable pursuant to the terms of the policies and are entitled to fifty percent of the death benefits of those policies not formally closed pursuant to the terms of the agreement.  ASC 325-30, Investments in Insurance Contracts, provides that a purchaser may elect to account for its investments in life settlement contracts based on the initial investment at the purchase price plus all initial direct costs. Continuing costs (e.g., policy premiums, statutory interest and direct external costs, if any) to keep the policy in force are capitalized. The Company has elected to use the investment method and refer to the recorded amount as the carrying value of the policies.  The contract to acquire these life policies closed on October 31, 2013.
	On June 19, 2012, the Company acquired one of the four life settlement policies.  The face value of the policy is $500,000 with a remaining life expectancy of 4.01 years.  As of December 31, 2013, the carrying value of the policy is $171,434 (June 30, 2013 - $153,375). On December 28, 2012, the Company acquired the second life settlement policy pursuant to the above agreement.  The face value of the policy is for $2,000,000 with a remaining life of 3.33 years.  As of December 31, 2013, the carrying value of the policy is $552,076 (June 30, 2013 - $462,076). This policy is being used as collateral for secured financing agreements (See Note 8).
	During January 2013, one life settlement policy which the Company had not formally acquired matured upon the death of the insured.  The Company received proceeds equal to one half of the net proceeds less acquisition costs paid by Universal Settlements International Inc. aggregating $452,923.  At Maturity the Company had capitalized into life settlement premiums paid an amount of $83,715 in respect of this policy.
	On October 31, 2013, the Company acquired the third life settlement policy pursuant to the above agreement.  The face value of the policy is for $1,000,000 with a remaining life of 4.56 years.  As of December 31, 2013, the carrying value of the policy is $229,003 (June 30, 2013 - $462,076).
	On November 11, 2013, the Company negotiated the acquisition of a further life settlement policy.  The face value of the policy is for $1,000,000 with a remaining life of 7.35 years.  As of December 31, 2013, the carrying value of the policy is $57,250 (June 30, 2013 - $nil)
	The Company evaluates the carrying value of their investment in life settlement policies on a regular basis and adjusts their total basis in the policies using new or updated information that affects their assumptions about remaining life expectancy, credit worthiness of the policy issuer, funds needed to maintain the asset until maturity, discount rates and potential return.
	The Company recognizes impairment on individual policies if the expected undiscounted cash flows are less than the carrying amount of the investment, plus anticipated undiscounted future premiums and capitalizable direct external costs, if any. Impairment of policies is generally caused by the insured significantly exceeding the estimate of the original life expectancy, which causes the original policy costs and projected future premiums to exceed the estimated maturity value.
	The Company does not believe the life settlement policies to be impaired as of December 31, 2013.
	Estimated premiums to be paid for each of the five succeeding fiscal years to keep all three remaining policies in force as December 31, 2013, are as follows.
	.Year 1	$	155,620
	Year 2		311,200
	Year 3		311,200
	Year 4		281,240
	Year 5		113,120
	Total estimated premiums	$	1,172,460

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	3 Months Ended
	Dec. 31, 2013
Notes	'
Supplemental Cash Flow Information	'
	Note 12  Supplemental cash flow information
		Six Months Ended
		December 31,
		2013		2012
	Supplemental information:
	Interest paid in cash	$	37,500	$	3,205
	Taxes paid in cash	$	--	$	--
	Non-cash interest and financing activities:
	Cancelled prepaid stock-based compensation	$	-316,897	$	--
	Settlement of share subscriptions received	$	-23,775	$	--

Summary_of_Significant_Account1

Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Cash and Cash Equivalents Policy	'
	Cash and cash equivalents
	The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.  There were no cash equivalents held at December 31, 2013 or June 30, 2013.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies: Exiting Development Stage (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Exiting Development Stage	'
	Exiting Development Stage
	The Company was in the development stage through June 30, 2013.  In October 2013, the Company acquired the remaining life policy in the contract entered into on March 15, 2012 and secured funding to purchase additional policies.  As of July 2013, the Company became fully operational and as such was no longer considered a development stage company.  During the period that the Company was considered a development stage company, the Company incurred accumulated losses of approximately $871,916.

Summary_of_Significant_Account3

Summary of Significant Accounting Policies: Earnings Per Share (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Earnings Per Share	'
	Earnings per share
	In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,”  basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive.

Summary_of_Significant_Account4

Summary of Significant Accounting Policies: Investments in Insurance Contracts (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Investments in Insurance Contracts	'
	Investments in Insurance Contracts
	The Company adopted FASB ASC Topic 325-30 “Investments in Insurance Contracts” and accounts for life settlement contracts using the investment method.  Life settlement contracts will be initially recognized at the transaction price.  Any additional costs, such as premiums paid, will be capitalized.  In accordance with ASC 230, “Statement of Cash Flows”, cash paid towards acquiring and maintaining life settlement policies will be treated as an investing outflow while the receipt of proceeds over the cash invested will be shown as an operating cash flow with return of investment and premiums shown as investing inflows.

Summary_of_Significant_Account5

Summary of Significant Accounting Policies: Stock-based Compensation Policy (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Stock-based Compensation Policy	'
	Stock-based Compensation
	The Company is required to record compensation expense, based on the fair value of the awards, for all awards granted after the date of the adoption.

Summary_of_Significant_Account6

Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Foreign Currency Translation	'
	Foreign Currency Translation
	Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.  Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholder’s Equity, if applicable.  Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  Any exchange gains and losses are included in the Statement of Operations.

Summary_of_Significant_Account7

Summary of Significant Accounting Policies: Newly Issued Accounting Pronouncements (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Newly Issued Accounting Pronouncements	'
	Newly Issued Accounting Pronouncements
	The Company has reviewed issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position.

Capital_Stock_Summary_of_chang

Capital Stock: Summary of changes in purchase warrants (Policies)	3 Months Ended
	Dec. 31, 2013
Policies	'
Summary of changes in purchase warrants	'
		Six Months Ended			Year Ended
		31-Dec-13			30-Jun-13
		Number	Weighted		Number	Weighted
			Average			Average
			Exercise			Exercise
			Price			Price
	Balance, beginning of period	900,000	$	0.22	-	$	-
	Issued	-		-	900,000		0.22
	Exercised	-		-	-		-
	Balance, end of period	900,000	$	0.22	900,000	$	0.22

Property_and_equipment_Propert

Property and equipment: Property and equipment assets (Tables)	3 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Property and equipment assets	'
		December 31,	June 30,
		2013	2013
	Cost
	Computer equipment	$3,618	$3,618
	Office equipment and furnishings	10,705	10,705
	Leasehold improvements	--	--
	Gross cost	14,323	14,323
	Accumulated depreciation	-6,721	-4,569
	Net book value	$7,602	$9,754

Notes_Payable_Schedule_of_Note

Notes Payable: Schedule of Notes Payable (Tables)	3 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Schedule of Notes Payable	'
		December 31,		June 30,
		2013		2013
	Note 1	$	200,000	$	-
	Note 2		300,000		-
	Note 3		1,000,000		-
		$	1,500,000	$	-

Capital_Stock_Schedule_of_shar

Capital Stock: Schedule of share purchase warrants outstanding (Tables)	3 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Schedule of share purchase warrants outstanding	'
			Number
	Number		Exercisable
	of	Exercise	at	Expiry
	Shares	Price	30-Jun-13	Date
	650,000	$0.22	650,000	8-Aug-16
	250,000	$0.22	250,000	28-Aug-16
	900,000		900,000

Commitment_Annual_minimum_futu

Commitment: Annual minimum future lease payments (Tables)	3 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Annual minimum future lease payments	'
	.Fiscal 2014	$	11,700
	Fiscal 2015		18,000
		$	29,700

Investment_in_Life_Settlement_1

Investment in Life Settlement Policies: Estimated premiums, life settlement policies (Tables)	3 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Estimated premiums, life settlement policies	'
	.Year 1	$	155,620
	Year 2		311,200
	Year 3		311,200
	Year 4		281,240
	Year 5		113,120
	Total estimated premiums	$	1,172,460

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Tables)	3 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Schedule of Cash Flow, Supplemental Disclosures	'
		Six Months Ended
		December 31,
		2013		2012
	Supplemental information:
	Interest paid in cash	$	37,500	$	3,205
	Taxes paid in cash	$	--	$	--
	Non-cash interest and financing activities:
	Cancelled prepaid stock-based compensation	$	-316,897	$	--
	Settlement of share subscriptions received	$	-23,775	$	--

Summary_of_Significant_Account8

Summary of Significant Accounting Policies: Exiting Development Stage (Details) (USD $)	Jun. 30, 2013
Details	'
Accumulated losses as a development stage company	$871,916

Prepaid_Expenses_Note_Details

Prepaid Expenses Note (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Prepaid expenses:	$67,005	$1,125,900
Prepaid management fees	'	'
Prepaid expenses:	4,694	'
Advance premiums paid on life policies	'	'
Prepaid expenses:	9,108	'
Consulting fees, to be amortized	'	'
Prepaid expenses:	53,203	1,125,900
Prepaid stock-based compensation	'	'
Prepaid expenses:	'	$979,497

Property_and_equipment_Propert1

Property and equipment: Property and equipment assets (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Property, Plant and Equipment, Gross	$14,323	$14,323
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	-6,721	-4,569
Property and equipment (net)	7,602	9,754
Computer Equipment	'	'
Property, Plant and Equipment, Gross	3,618	3,618
Office equipment and furnishings	'	'
Property, Plant and Equipment, Gross	$10,705	$10,705

Property_and_equipment_Details

Property and equipment (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 30, 2012	Dec. 31, 2013	Dec. 31, 2012
Details	'	'	'	'
Depreciation expense	$1,076	$3,337	$2,152	$6,377

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	6 Months Ended			12 Months Ended
	Dec. 31, 2013	Jun. 30, 2013	Jun. 18, 2013	Feb. 08, 2015	Feb. 08, 2014	Feb. 08, 2013	Mar. 26, 2013	Feb. 08, 2012	Jun. 30, 2013	Dec. 31, 2013
				Employment Agreement with President	Employment Agreement with President	Employment Agreement with President	Employment Agreement with President	Employment Agreement with President	Unpaid management fees	Management fee expenses
Bonus	'	'	'	'	'	'	$35,000	$25,000	'	'
Annual Salary	'	'	'	255,000	200,000	180,000	'	'	'	'
Accounts payable and acrued liabilities, related parties	'	'	'	'	'	'	'	'	3,207	'
Prepaid expenses, related parties	'	'	'	'	'	'	'	'	'	4,694
Promissory note, related parties	'	'	95,000	'	'	'	'	'	'	'
Interest expense, related parties	6,556	'	'	'	'	'	'	'	'	'
Amount of promissory note repaid	10,000	'	'	'	'	'	'	'	'	'
Accrued interest, related parties	$4,989	$437	'	'	'	'	'	'	'	'

Notes_Payable_Schedule_of_Note1

Notes Payable: Schedule of Notes Payable (Details) (USD $)	Dec. 31, 2013
Promissory notes payable	$1,500,000
Note 1	'
Promissory notes payable	200,000
Note 2	'
Promissory notes payable	300,000
Note 3	'
Promissory notes payable	$1,000,000

Notes_Payable_Details

Notes Payable (Details) (USD $)	6 Months Ended
	Dec. 31, 2013
Note 1	'
Interest paid during period	$5,000
Note 2	'
Interest paid during period	7,500
Note 3	'
Interest paid during period	$25,000

Capital_Stock_Details

Capital Stock (Details) (USD $)	3 Months Ended				1 Months Ended	6 Months Ended
	Dec. 31, 2013	Dec. 13, 2013	Sep. 06, 2013	31-May-13	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2013
			Share subscription agreement	Share subscription agreement	Recovery of stock-based consulting fees	Recovery of stock-based consulting fees	Reduction to prepaid expenses
Total proceeds	'	'	'	$23,775	'	'	'
Common shares issued	'	'	43,228	'	'	'	'
Price per share	'	'	'	$0.55	'	'	'
Common stock returned and cancelled	'	2,000,000	'	'	'	'	'
Reduction to share capital	2,000	'	'	'	'	'	'
Reduction to additional paid-in capital	1,318,000	'	'	'	'	'	'
Reversal of recorded expense	'	'	'	'	$340,503	$662,600	$316,897

Capital_Stock_Summary_of_chang1

Capital Stock: Summary of changes in purchase warrants (Details) (USD $)	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2013
Details	'	'
Share purchase warrants issued	900,000	'
Weighted average exercise price, warrants	$0.22	'
Share purchase warrants outstanding	900,000	900,000

Commitment_Annual_minimum_futu1

Commitment: Annual minimum future lease payments (Details) (USD $)	Dec. 31, 2013
Details	'
Annual minimum future lease payments (fiscal 2013)	$11,700
Annual minimum future lease payments (fiscal 2014)	18,000
Annual minimum future lease payments (total)	$29,700

Commitment_Details

Commitment (Details) (Consultancy agreement with Cara Capital LLC, USD $)	6 Months Ended
	Dec. 31, 2013	14-May-13
Consultancy agreement with Cara Capital LLC	'	'
Common shares issued	'	2,000,000
Fair market value	'	$1,320,000
Total proceeds	'	2,000
Monthly retainer	'	2,000
Shares returned and cancelled	2,000,000	'
Recorded a recovery of stock-based consulting fees	$1,003,103	'

Investment_in_Life_Settlement_2

Investment in Life Settlement Policies (Details) (USD $)

Mar. 15, 2012

Dec. 31, 2013

Jun. 30, 2013

Jun. 19, 2012

Dec. 31, 2013

Jun. 30, 2013

Dec. 28, 2012

Dec. 31, 2013

Oct. 31, 2013

Jun. 30, 2013

Dec. 31, 2013

Nov. 11, 2013

Life settlement policy 1

Life settlement policy 1

Life settlement policy 1

Life settlement policy 2

Life settlement policy 2

Life settlement policy 2

Life settlement policy 3

Life settlement policy 3

Life settlement policy 3

Life settlement policy 4

Life settlement policy 4

Contract to acquire four life settlement policies

$570,000

'

'

'

'

'

'

'

'

'

'

'

Life settlement policy acquired, face value

'

'

'

500,000

'

'

2,000,000

'

1,000,000

'

'

1,000,000

Life settlement policy acquired, remaining life expectancy

'

'

'

4.01

'

'

3.33

'

4.56

'

'

7.35

Life settlement policy acquired, carrying value

'

$171,434

$153,375

'

$552,076

$462,076

'

$229,003

'

$462,076

$57,250

'

Investment_in_Life_Settlement_3

Investment in Life Settlement Policies: Estimated premiums, life settlement policies (Details) (USD $)	Dec. 31, 2013
Details	'
Estimated premiums to be paid (Year 1)	$155,620
Estimated premiums to be paid (Year 2)	311,200
Estimated premiums to be paid (Year 3)	311,200
Estimated premiums to be paid (Year 4)	281,240
Estimated premiums to be paid (Year 5)	113,120
Estimated premiums to be paid (Total)	$1,172,460

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Details	'	'
Interest paid in cash	$37,500	$3,205
Cancelled prepaid stock-based compensation	-316,897	'
Settlement of share subscriptions received	($23,775)	'