Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Apr. 09, 2012 | |
Document and Entity Information | ||
Entity Registrant Name | Odenza Corp. | |
Entity Central Index Key | 1489300 | |
Document Type | 10-K | |
Document Period End Date | 31-Jan-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $1,281,000 | |
Entity Common Stock, Shares Outstanding | 3,660,000 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | FY |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Current assets | ||
Cash | ||
Total assets | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 6,899 | 12,956 |
Other payables | ||
Due to related party | 105,627 | 84,232 |
Total liabilities | 112,526 | 97,188 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock Authorized: 75,000,000 common shares with a par value of $0.001 Issued and Outstanding: 3,660,000 common shares | 3,660 | 3,660 |
Additional paid in capital | 27,840 | 27,840 |
Deficit accumulated during the exploration stage | -144,026 | -128,688 |
Total stockholders' equity (deficit) | -112,526 | -97,188 |
Total liabilities and stockholders' equity (deficit) |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
BALANCE SHEETS | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 3,660,000 | 3,660,000 |
Common stock, shares outstanding | 3,660,000 | 3,660,000 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | 66 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | |
STATEMENTS OF OPERATIONS | |||
Office and general expenses | $5,338 | $13,069 | $41,873 |
Professional fees | 10,000 | 10,600 | 97,563 |
Mining costs | 4,590 | ||
Net loss | $15,338 | $23,669 | $144,026 |
Basic and diluted net loss per share (in dollars per share) | $0 | $0 | |
Weighted average number of shares outstanding (in shares) | 3,660,000 | 3,660,000 |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Share price $0.001 | Share price $0.025 | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Deficit Accumulated During Development Stage |
Share price $0.001 | Share price $0.025 | Share price $0.025 | |||||||
Balance at Jul. 16, 2009 | |||||||||
Balance (in shares) at Jul. 16, 2009 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock issued for cash (in shares) | 2,500,000 | 1,160,000 | |||||||
Common stock issued for cash | 2,500 | 29,000 | 2,500 | 1,160 | 27,840 | ||||
Net loss | -8,058 | -8,058 | |||||||
Balance at Jan. 31, 2010 | 23,442 | 3,660 | 27,840 | -8,058 | |||||
Balance (in shares) at Jan. 31, 2010 | 3,660,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net loss | -25,375 | -25,375 | |||||||
Balance at Jan. 31, 2011 | -1,933 | 3,660 | 27,840 | -33,433 | |||||
Balance (in shares) at Jan. 31, 2011 | 3,660,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net loss | -45,121 | -45,121 | |||||||
Balance at Jan. 31, 2012 | -47,054 | 3,660 | 27,840 | -78,554 | |||||
Balance (in shares) at Jan. 31, 2012 | 3,660,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net loss | -26,465 | -26,465 | |||||||
Balance at Jan. 31, 2013 | -73,519 | 3,660 | 27,840 | -105,019 | |||||
Balance (in shares) at Jan. 31, 2013 | 3,660,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net loss | -23,669 | -23,669 | |||||||
Balance at Jan. 31, 2014 | -97,188 | 3,660 | 27,840 | -128,688 | |||||
Balance (in shares) at Jan. 31, 2014 | 3,660,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net loss | -15,338 | -15,338 | |||||||
Balance at Jan. 31, 2015 | ($112,526) | $3,660 | $27,840 | ($144,026) | |||||
Balance (in shares) at Jan. 31, 2015 | 3,660,000 |
STATEMENTS_OF_STOCKHOLDERS_EQU1
STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | Jan. 31, 2010 |
Share price $0.001 | |
Common stock issued for cash (in dollars per share) | $0.00 |
Share price $0.025 | |
Common stock issued for cash (in dollars per share) | $0.03 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | 66 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($15,338) | ($23,669) | ($144,026) |
Changes in: | |||
Accounts payable and accrued liabilities | -6,057 | 2,953 | 10,003 |
Other payable | -63,516 | 63,516 | |
NET CASH USED IN OPERATING ACTIVITIES | -6,057 | -84,232 | -31,500 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Due to related party | 21,395 | 84,232 | |
Proceeds from sale of common stock | 31,500 | ||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 21,395 | 84,232 | |
NET (DECREASE)/INCREASE IN CASH | |||
CASH, BEGINNING OF PERIOD | |||
CASH, END OF PERIOD | |||
Supplemental cash flow information: | |||
Interest paid | |||
Income taxes paid |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Jan. 31, 2015 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS |
The Company was incorporated in the State of Nevada on July 16, 2009 and its year-end is January 31. The Company is an exploration stage company and is currently seeking new business opportunities. | |
Going concern | |
These financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting in an accumulated deficit of $144,026 at January 31, 2015 and further losses are anticipated in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has plans to seek additional capital through a private placement of its common stock or further director loans as needed. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of presentation | |
These financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles. | |
Use of estimates and assumptions | |
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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are readily apparent from other sources. The actual results experienced by the Company may differ materially from the Company's estimates. To the extent there are material differences, future results may be affected. Estimates used in preparing these financial statements include the carrying value of the equipment, deferred income tax amounts, rates and timing of the reversal of income tax differences. | |
Mineral property costs | |
The Company has been in the exploration stage since its formation on July 16, 2009 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property acquisition and exploration costs are charged to operations as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. | |
Loss per common share | |
Basic earnings per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive earnings per share reflect the potential dilution of securities that could share in the earnings of the Company. Because the Company does not have any potentially dilutive securities, diluted loss per share is equal to the basic loss per share. | |
Comprehensive Loss | |
For all periods presented, the Company has no items that represent a comprehensive loss and, therefore, has not included a statement of comprehensive loss in these financial statements. | |
Financial instruments | |
The fair value of the Company's financial instruments consisting of cash, accounts payable, and amounts due to related party approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The Company operates in Malaysia and therefore is exposed to foreign exchange risk. It is the management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | |
Income taxes | |
Deferred income taxes are provided for tax effects of temporary differences between the tax basis of asset and liabilities and their reported amounts in the financial statements. The Company uses the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to being in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that such asset will not be realized. | |
Management evaluates tax positions taken or expected to be taken in a tax return. The evaluation of a tax position includes a determination of whether a tax position should be recognized in the financial statements, and such a position should only be recognized if the Company determines that it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. | |
Stock-based compensation | |
The Company has not adopted a stock option plan and therefore has not granted any stock options. Accordingly, no stock- based compensation has been recorded to date. | |
Foreign Currency Translation | |
Foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Expenses are translated at average rates of exchange during the period. Related translation adjustments are reported as a separate component of stockholders' equity, whereas gains or losses resulting from foreign currency transactions are included in the results of operations. | |
Recent Accounting Pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |
MINERAL_PROPERTY
MINERAL PROPERTY | 12 Months Ended |
Jan. 31, 2015 | |
MINERAL PROPERTY | |
MINERAL PROPERTY | 3. MINERAL PROPERTY |
On September 25, 2009 the Company entered into an Option Agreement to acquire a 100% undivided legal, beneficial and register-able interest in Prospecting License P21/709 of approximately 140 hectares located in the Murchison Mineral field in Western Australia and known as the Island Project Lake Austin. The option period is for two years from effective date. The Company negotiated a one year extension of the option at no charge which was expired on September 25, 2012. The Company did not negotiate any extension of the option and consequently the option has expired and become ineffective. | |
DUE_TO_RELATED_PARTY
DUE TO RELATED PARTY | 12 Months Ended |
Jan. 31, 2015 | |
DUE TO RELATED PARTY | |
DUE TO RELATED PARTY | 4. DUE TO RELATED PARTY |
As of January 31, 2015, the Company owed $ 105,627 to the President, Chief Executive Officer, Secretary and Director of the Company for funds advanced. This amount is unsecured, bears no interest and is payable on demand. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
INCOME TAXES | ||||||||||
INCOME TAXES | 5. INCOME TAXES | |||||||||
As of January 31, 2015, the Company has estimated tax loss carry forwards for tax purpose of approximately $144,026, which expire by 2031. These amounts may be applied against future taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization has not been determined to be more likely than not to occur. | ||||||||||
The actual income tax provisions differ from the expected amounts calculated by applying the statutory income tax rate to the Company's loss before income taxes. The components of these differences are as follows: | ||||||||||
2015 | 2014 | |||||||||
Loss before income tax | $ | 15,338 | $ | 23,669 | ||||||
Statutory tax rate | 34 | % | 34 | % | ||||||
Expected recovery of income taxes at standard rates | 5,215 | 8,047 | ||||||||
Change in valuation allowance | (5,215 | ) | (8,047 | ) | ||||||
Income tax provision | $ | - | $ | - | ||||||
Components of deferred tax asset: | ||||||||||
Non-capital tax loss carry forwards | $ | 48,968 | $ | 43,753 | ||||||
Less: valuation allowance | -48,968 | -43,753 | ||||||||
Net deferred tax asset | $ | - | $ | - | ||||||
The Company has not filed income tax returns since inception in the United States. Both taxing authorities prescribe penalties for failing to file certain tax returns and supplemental disclosure. Upon filing there could be penalties an interest assessed. Such penalties vary by jurisdiction and by assessing practices and authorities. As the Company has incurred losses since inception there would be no known or anticipated exposure to penalties for income tax liability. However, certain jurisdictions may assess penalties for failing to file returns and other disclosures and for failing to file other supplemental information associated with foreign ownership, debt and equity position. Inherent uncertainties arise over tax positions taken with respect to transfer pricing, related party transactions, tax credits, tax based incentives and stock based transactions. Management has considered the likelihood and significance of possible penalties associated with its current and intended filing positions and has determined, based on their assessment, that such penalties, if any, would not be expected to be material. | ||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 31, 2015 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 6. SUBSEQUENT EVENTS |
In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the audited financial statements. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | Basis of presentation |
These financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles. | |
Use of estimates and assumptions | Use of estimates and assumptions |
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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are readily apparent from other sources. The actual results experienced by the Company may differ materially from the Company's estimates. To the extent there are material differences, future results may be affected. Estimates used in preparing these financial statements include the carrying value of the equipment, deferred income tax amounts, rates and timing of the reversal of income tax differences. | |
Mineral property costs | Mineral property costs |
The Company has been in the exploration stage since its formation on July 16, 2009 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property acquisition and exploration costs are charged to operations as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. | |
Loss per common share | Loss per common share |
Basic earnings per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive earnings per share reflect the potential dilution of securities that could share in the earnings of the Company. Because the Company does not have any potentially dilutive securities, diluted loss per share is equal to the basic loss per share. | |
Comprehensive Loss | Comprehensive Loss |
For all periods presented, the Company has no items that represent a comprehensive loss and, therefore, has not included a statement of comprehensive loss in these financial statements. | |
Financial instruments | Financial instruments |
The fair value of the Company's financial instruments consisting of cash, accounts payable, and amounts due to related party approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The Company operates in Malaysia and therefore is exposed to foreign exchange risk. It is the management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. | |
Income taxes | Income taxes |
Deferred income taxes are provided for tax effects of temporary differences between the tax basis of asset and liabilities and their reported amounts in the financial statements. The Company uses the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to being in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that such asset will not be realized. | |
Management evaluates tax positions taken or expected to be taken in a tax return. The evaluation of a tax position includes a determination of whether a tax position should be recognized in the financial statements, and such a position should only be recognized if the Company determines that it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. | |
Stock-based compensation | Stock-based compensation |
The Company has not adopted a stock option plan and therefore has not granted any stock options. Accordingly, no stock- based compensation has been recorded to date. | |
Foreign Currency Translation | Foreign Currency Translation |
Foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Expenses are translated at average rates of exchange during the period. Related translation adjustments are reported as a separate component of stockholders' equity, whereas gains or losses resulting from foreign currency transactions are included in the results of operations. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||
Jan. 31, 2015 | ||||||||||
INCOME TAXES | ||||||||||
Schedule of components of income tax differences | The actual income tax provisions differ from the expected amounts calculated by applying the statutory income tax rate to the Company's loss before income taxes. The components of these differences are as follows: | |||||||||
2015 | 2014 | |||||||||
Loss before income tax | $ | 15,338 | $ | 23,669 | ||||||
Statutory tax rate | 34 | % | 34 | % | ||||||
Expected recovery of income taxes at standard rates | 5,215 | 8,047 | ||||||||
Change in valuation allowance | (5,215 | ) | (8,047 | ) | ||||||
Income tax provision | $ | - | $ | - | ||||||
Components of deferred tax asset: | ||||||||||
Non-capital tax loss carry forwards | $ | 48,968 | $ | 43,753 | ||||||
Less: valuation allowance | -48,968 | -43,753 | ||||||||
Net deferred tax asset | $ | - | $ | - |
NATURE_OF_OPERATIONS_Details
NATURE OF OPERATIONS (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
NATURE OF OPERATIONS | ||
Accumulated deficit | $144,026 | $128,688 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Stock-based compensation | |
Stock-based compensation | $0 |
MINERAL_PROPERTY_Details
MINERAL PROPERTY (Details) (USD $) | 0 Months Ended |
Sep. 25, 2009 | |
ha | |
MINERAL PROPERTY | |
Percentage of ownership interest to be acquired under Option Agreement in Prospecting License P21/709 | 100.00% |
Area of mineral property to be acquired (in hectares) | 140 |
Option period | 2 years |
Option period extension tenure | 1 year |
Cost of option period extension | $0 |
DUE_TO_RELATED_PARTY_Details
DUE TO RELATED PARTY (Details) (President, Chief Executive Officer, Secretary and Director, USD $) | 12 Months Ended |
Jan. 31, 2015 | |
President, Chief Executive Officer, Secretary and Director | |
Due to related party | |
Due to related party | $105,627 |
Interest on dues to related party | $0 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 6 Months Ended | 12 Months Ended | 66 Months Ended | ||||
Jan. 31, 2010 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2015 | |
INCOME TAXES | |||||||
Estimated tax loss carry forwards for tax purpose | $144,026 | $144,026 | |||||
Components of difference between actual income tax provisions and expected amounts calculated by applying statutory income tax rate to loss before income taxes | |||||||
Loss before income tax | 8,058 | 15,338 | 23,669 | 26,465 | 45,121 | 25,375 | 144,026 |
Statutory tax rate (as a percent) | 34.00% | 34.00% | |||||
Expected recovery of income taxes at standard rates | 5,215 | 8,047 | |||||
Change in valuation allowance | -5,215 | -8,047 | |||||
Income tax provision | |||||||
Components of deferred tax asset: | |||||||
Non-capital tax loss carry forwards | 48,968 | 43,753 | 48,968 | ||||
Less: valuation allowance | -48,968 | -43,753 | -48,968 | ||||
Net deferred tax asset |