Organization and Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Nature of Business | ' |
Organization and nature of business – Fulucai Productions Ltd. (identified in these footnotes as “we” or “the Company”) is a Nevada corporation incorporated on March 26, 2010, and was incorporated as a television and movie production company. The Company still holds certain assets from its television and movie business, however, on August 1, 2013 with the resignation of Mr. Robert Thayer and the appointment of Mr. Mohammad (Mo) Fazil as the sole officer and director of the Company, the Company determined to pursue acquisition opportunities in the oil and gas sector. Further to the determination to pursue the oil and gas business, on August 12, 2013, the Company entered into a letter of intent with Blue Sky NM, Inc. (“BSN”) which was formalized by a Share Purchase Agreement between the Company and Canyon E&P Inc. (“Vendor”) whereby the Company agreed to acquire 100% of the shares of BSN from Vendor. BSN owns a 65% interest in certain oil and gas properties in New Mexico, including leases and equipment including 299 wells found in leases covering over 14,000 acres. |
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We intend to operate in the U.S., Canada and internationally. Our fiscal year end is April 30 for financial reporting purposes. |
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In the current development stage, we anticipate incurring operating losses as we implement our business plan. |
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Basis of Presentation | ' |
Basis of presentation - The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles applicable to development stage enterprises. |
Use of Estimates | ' |
Use of estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | ' |
Cash and cash equivalents - For purposes of the statement of cash flows, we consider all cash in banks, money market funds, and certificates of deposit with an original maturity of less than three months to be cash equivalents. |
Fair value of financial instruments and derivative financial instruments | ' |
Fair value of financial instruments and derivative financial instruments - The carrying amounts of cash and current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in the management of our foreign exchange, commodity price or interest rate market risks. |
Fixed Assets | ' |
Fixed assets - Property, plant and equipment is valued at cost less accumulated depreciation and impairment losses. If the costs of certain components of an item of property, plant and equipment are significant in relation to the total cost of the item, they are accounted for and depreciated separately. Depreciation expense is recognized using the straight-line method and is amortized over the estimated useful life of the related asset. The following useful lives are assumed: |
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Furniture & office equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 - 5 years |
Revenue Recognition for Services | ' |
Revenue recognition for services – The Company recognizes revenue for services using the completed performance method, which is applied when more than one act must be performed to complete a service, and when the final act is so significant to the entire transaction taken as a whole, that performance cannot be considered to have taken place until the performance of that final act occurs, at which time revenue in respect of the service will be recognized. |
Federal Income Tax | ' |
Federal income taxes - Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with ASC Topic 740 “Accounting for Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides deferred taxes for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not. |
Net income per share of common stock | ' |
Net income per share of common stock – We have adopted ASC Topic 260 “Earnings per Share”, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. |
Development Stage Company | ' |
Development Stage Company - The accompanying financial statements have been prepared in accordance with ASC Topic 915 "Accounting and Reporting by Development Stage Enterprises". A development stage enterprise is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenue therefrom. Development stage companies report cumulative costs from the enterprise's inception. |