Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 13-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Golden Global Corp. | ' |
Entity Central Index Key | '0001502555 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-15 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 82,622,445 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Interim_Consolidated
Condensed Interim Consolidated Balance Sheets (Unaudited) (CAD) | Mar. 31, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Cash and cash equivalents | 7,159 | 6,782 |
Sales tax and other receivable | 37 | 19 |
Total current assets | 7,196 | 6,801 |
Property and Equipment | 27,531 | 50,383 |
Mineral properties, unproven | 20,012 | 20,012 |
Total property and equipment | 47,543 | 70,395 |
Total Assets | 54,739 | 77,196 |
Accounts payable and accrued liabilities | 42,179 | 55,936 |
Due to related parties | 181,517 | 171,031 |
Note payable | 33,750 | ' |
Fair value of embedded derivative | 234,528 | 95,344 |
Dividend payable | 22,149 | 16,964 |
Total Current Liabilities | 514,123 | 339,275 |
STOCKHOLDERS' EQUITY | -535,348 | -338,043 |
Authorized: 1,500,000,000 with a par value of $0.0001 Issued and outstanding 82,622,445 (2013 - 46,113,507) common stock | 8,262 | 4,612 |
Additional paid in capital | 686,415 | 625,798 |
Deficit accumulated during the exploration stage | -1,230,025 | -968,453 |
[us-gaap:StockholdersEquity] | -535,348 | -338,043 |
Equity attributable to noncontrolling interest | 75,964 | 75,964 |
Total Stockholders' Equity | -459,384 | -262,079 |
Total Liabilities and Stockholders' Equity | 54,739 | 77,196 |
Condensed_Interim_Consolidated1
Condensed Interim Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Authorized capital stock | 1,500,000,000 | 1,500,000,000 |
Issued and outstanding capital stock | 82,622,445 | 46,113,507 |
Condensed_Interim_Consolidated2
Condensed Interim Consolidated Statements of Operations (Unaudited) (CAD) | 3 Months Ended | 9 Months Ended | 52 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Expenses | ' | ' | ' | ' | ' |
Administration fees | 1,910 | ' | 4,682 | 6,300 | 64,682 |
Consulting fees | 1,970 | ' | 39,050 | 48,000 | 296,969 |
Depreciation | 7,617 | 8,016 | 22,852 | 27,473 | 160,428 |
Professional fees | 9,406 | 8,394 | 24,158 | 19,215 | 143,734 |
Office and general | 7,711 | 10,177 | 26,531 | 32,239 | 359,521 |
Travel expenses | ' | ' | ' | 1,000 | 31,480 |
[us-gaap:OperatingIncomeLoss] | -28,614 | -26,587 | -117,273 | -134,227 | -1,056,814 |
Foreign exchange loss | -10,675 | -16 | -11,242 | -16 | -14,654 |
Preferred shares dividend | -1,703 | -1,703 | -5,185 | -5,185 | -22,149 |
Gain on sale of property and equipment | ' | 28,509 | ' | 28,509 | 30,603 |
Gain / (Loss) on change in fair value of embedded derivative | -112,421 | 35,786 | -88,434 | 20,658 | -104,560 |
Impairment of assets | ' | ' | ' | -23,184 | ' |
Loan penalties | ' | ' | -39,525 | ' | -39,525 |
Interest income | 70 | 58 | 87 | 73 | 258 |
Net loss and comprehensive loss for the period | -153,343 | 36,047 | -261,572 | -113,372 | -1,230,025 |
Basic and diluted income (loss) per share | -0.002 | 0.001 | -0.005 | -0.003 | ' |
Weighted average number of shares outstanding | 70,268,195 | 40,574,988 | 48,578,137 | 39,736,304 | ' |
Condensed_Interim_Consolidated3
Condensed Interim Consolidated Statements of Stockholders Equity (Unaudited) (CAD) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Issuance of common shares, cash | ' | ' | 2,250 | ' |
Issuance of common shares, cash - in shares | ' | ' | ' | ' |
Issuance of common shares, consulting services | 31,281 | 37,500 | 127,500 | ' |
Issuance of common shares, consulting services - in shares | ' | ' | ' | ' |
Issuance of common shares, note conversion | 32,986 | 12,895 | ' | ' |
Issuance of common shares, note conversion - in shares | ' | ' | ' | ' |
Dividend | ' | -6,907 | 6,926 | ' |
Net loss and comprehensive loss | -261,572 | -158,639 | -454,944 | ' |
Balance | -459,384 | -262,079 | -146,928 | 185,192 |
Balance - in shares | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Issuance of common shares, cash | ' | ' | 3 | ' |
Issuance of common shares, cash - in shares | ' | ' | 25,000 | ' |
Issuance of common shares, consulting services | 1,200 | 250 | 340 | ' |
Issuance of common shares, consulting services - in shares | 12,000,000 | 2,500,000 | 3,400,000 | ' |
Issuance of common shares, note conversion | 2,450 | 597 | ' | ' |
Issuance of common shares, note conversion - in shares | 24,508,938 | 5,966,090 | ' | ' |
Dividend | ' | ' | ' | ' |
Net loss and comprehensive loss | ' | ' | ' | ' |
Balance | 8,262 | 4,612 | 3,765 | 3,422 |
Balance - in shares | 82,622,445 | 46,113,507 | 37,647,417 | 34,222,417 |
Additional Paid-In Capital | ' | ' | ' | ' |
Issuance of common shares, cash | ' | ' | 2,247 | ' |
Issuance of common shares, cash - in shares | ' | ' | ' | ' |
Issuance of common shares, consulting services | 30,081 | 37,250 | 127,160 | ' |
Issuance of common shares, consulting services - in shares | ' | ' | ' | ' |
Issuance of common shares, note conversion | 30,536 | 12,298 | ' | ' |
Issuance of common shares, note conversion - in shares | ' | ' | ' | ' |
Dividend | ' | ' | ' | ' |
Net loss and comprehensive loss | ' | ' | ' | ' |
Balance | 686,415 | 625,798 | 576,250 | 446,843 |
Balance - in shares | ' | ' | ' | ' |
Retained Earnings / Accumulated Deficit | ' | ' | ' | ' |
Issuance of common shares, cash | ' | ' | ' | ' |
Issuance of common shares, cash - in shares | ' | ' | ' | ' |
Issuance of common shares, consulting services | ' | ' | ' | ' |
Issuance of common shares, consulting services - in shares | ' | ' | ' | ' |
Issuance of common shares, note conversion | ' | ' | ' | ' |
Issuance of common shares, note conversion - in shares | ' | ' | ' | ' |
Dividend | ' | -6,907 | -6,926 | ' |
Net loss and comprehensive loss | -261,572 | -158,639 | -454,944 | ' |
Balance | -1,230,025 | -968,453 | -802,907 | -341,037 |
Balance - in shares | ' | ' | ' | ' |
Comprehensive Income / Loss | ' | ' | ' | ' |
Issuance of common shares, cash | ' | ' | 2,250 | ' |
Issuance of common shares, cash - in shares | ' | ' | ' | ' |
Issuance of common shares, consulting services | 31,281 | 37,500 | 127,500 | ' |
Issuance of common shares, consulting services - in shares | ' | ' | ' | ' |
Issuance of common shares, note conversion | 32,986 | 12,895 | ' | ' |
Issuance of common shares, note conversion - in shares | ' | ' | ' | ' |
Dividend | ' | -6,907 | -6,926 | ' |
Net loss and comprehensive loss | -261,572 | -158,639 | -454,944 | ' |
Balance | -535,348 | -338,043 | -222,892 | 109,228 |
Balance - in shares | ' | ' | ' | ' |
Noncontrolling Interest | ' | ' | ' | ' |
Issuance of common shares, cash | ' | ' | ' | ' |
Issuance of common shares, cash - in shares | ' | ' | ' | ' |
Issuance of common shares, consulting services | ' | ' | ' | ' |
Issuance of common shares, consulting services - in shares | ' | ' | ' | ' |
Issuance of common shares, note conversion | ' | ' | ' | ' |
Issuance of common shares, note conversion - in shares | ' | ' | ' | ' |
Dividend | ' | ' | ' | ' |
Net loss and comprehensive loss | ' | ' | ' | ' |
Balance | 75,964 | 75,964 | 75,964 | 7,596 |
Balance - in shares | ' | ' | ' | ' |
Condensed_Interim_Consolidated4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) (CAD) | 9 Months Ended | 52 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Operating activities | ' | ' | ' |
Net loss for period | -261,572 | -113,372 | -1,269,550 |
Share-based payment for consulting expenses | 31,281 | 37,500 | 196,281 |
Interest expense | 3,750 | ' | 3,750 |
Depreciation | ' | ' | 160,253 |
Gain / (Loss) on change in fair value of embedded derivative | 88,434 | -20,658 | 104,560 |
Gain on sale of property and equipment | ' | -28,509 | -30,603 |
Unrealized foreign exchange loss | 9,232 | 595 | 12,911 |
Impairment of assets | ' | 23,184 | ' |
Convertible promissory note penalties | 39,525 | ' | 39,525 |
Changes in non-cash working capital balances | ' | ' | ' |
Sales tax and other receivable | -18 | 743 | -37 |
Accounts payable and accrued liabilities | -13,757 | 22,403 | 42,179 |
Dividend payable | 5,185 | 5,185 | 22,149 |
Net cash used in operating activities | -75,088 | -45,456 | -655,698 |
Financing activities | ' | ' | ' |
Issuance of capital stock | ' | ' | 268,662 |
Issuance of preferred shares, net | ' | ' | 75,964 |
Advance from related parties | 10,486 | -13,610 | 181,517 |
Convertible promissory notes | 34,979 | 9,217 | 123,413 |
Note payable | 30,000 | ' | 30,000 |
Net cash proved by (used in) financing activities | 75,465 | -4,393 | 679,556 |
Purchase of mineral properties | ' | ' | -33,184 |
Purchase of equipment | ' | ' | -42,165 |
Sale of equipment | ' | 45,000 | 58,650 |
Net cash used in investing activities | ' | 45,000 | -16,699 |
Increase (decrease) in cash and cash equivalents during the period | 377 | -4,849 | 7,159 |
Cash and cash equivalents, beginning of the period | 6,782 | 30,620 | ' |
Cash and cash equivalents, end of the period | 7,159 | 25,771 | 7,159 |
Nature_and_Continuance_of_Oper
Nature and Continuance of Operations | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | ' |
Nature and Continuance of Operations | ' |
Note 1 – Nature and Continuance of Operations | |
Golden Global Corp. ("the Company"), incorporated in the State of Nevada, USA on December 10, 2009, and its wholly-owned subsidiary are engaged in the acquisition, exploration and development of precious metal properties. The Company’s wholly owned subsidiary is Golden Global Mining Corporation which was incorporated in the Province of Alberta, Canada on January 10, 2010. The Company is an exploration stage company in the process of exploring its mineral properties in British Columbia, Canada, and has not yet determined whether these properties contain reserves that are economically recoverable. | |
These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At March 31, 2014, the Company had not yet achieved profitable operations and has accumulated losses of $1,230,025 since its inception. The Company expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations 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 anticipates that additional funding will be in the form of equity financing from the sale of common stock. Management may also seek to obtain short-term loans from the directors of the Company. There are no current arrangements in place for equity funding or short-term loans. | |
The unaudited condensed financial statements included herein have been prepared by Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013 filed with the SEC. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 2 – Summary of Significant Accounting Policies | |
This summary of significant accounting policies is presented to assist in understanding the unaudited condensed interim consolidated financial statements. The financial statements and notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. These consolidated financial statements have been prepared in accordance with the instructions to form 10-Q, and therefore, do not included all the information necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. | |
Basis of Presentation | |
The Company’s interim consolidated financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. These interim consolidated financial statements include the Company’s subsidiary, Golden Global Mining Corporation, and 100 percent of its assets, liabilities and net income or loss. All inter-company accounts and transactions have been eliminated. | |
While the information presented in the accompanying interim three months consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended March 31, 2014 are not necessarily indicative of the results that can be expected for the year ended June 30, 2014. | |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). ASU 2011-11 require that an entity disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASC 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013. The Company adopted this standard effective July 1, 2013 and the adoption had no impact to the interim consolidated financial statements. | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-05 Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Group of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASC 2013-05). ASC 2013-05 requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a non-profit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASC 2013-05 is effective for annual and interim periods beginning after December 15, 2013. The Company is currently assessing the impact of ASC 2013-05 to the consolidated financial statements. | |
In July 2013, the FASB issued an accounting update: Income Taxes: Presentation of an unrecognized Tax Benefit When a Net operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carry Forward Exists”. The update provides guidance on the financial statement presentation of a unrecognized tax benefit, as either a reduction of a deferred tax asset or as a liability, when a net operating loss carry forward, similar tax loss, or a tax credit carry forward exists. The update will be effective for interim and annual periods beginning after December 15, 2013 and may be applied on a retrospective basis. Early adoption is permitted. The Company is currently assessing the impact of the adoption of this update to the consolidated financial statements. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Property and equipment | ' | ||||||
Property and Equipment | ' | ||||||
Note 3 – Property and Equipment | |||||||
As at March 31, 2014 | |||||||
Cost | Accumulated | Net Book | |||||
Depreciation | Value | ||||||
Furniture and fixtures | $ | 2,345 | $ | 1,405 | $ | 940 | |
Mining equipment | 148,938 | 122,506 | 26,432 | ||||
Computers | 1,063 | 904 | 159 | ||||
$ | 152,346 | $ | 124,815 | $ | 27,531 | ||
As at June 30, 2013 | |||||||
Cost | Accumulated | Net Book | |||||
Depreciation | Value | ||||||
Furniture and fixtures | $ | 2,345 | $ | 1,053 | $ | 1,292 | |
Mining equipment | 148,938 | 100,166 | 48,772 | ||||
Computers | 1,063 | 744 | 319 | ||||
$ | 152,346 | $ | 101,963 | $ | 50,383 | ||
Mineral_Properties
Mineral Properties | 9 Months Ended |
Mar. 31, 2015 | |
Extractive Industries [Abstract] | ' |
Mineral Properties | ' |
Note 4 – Mineral Properties | |
During the period ended March 30, 2014, the Company did not make any payment in relations to mineral claims (2012 - $Nil). |
Due_to_Related_Parties
Due to Related Parties | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ' |
Due to Related Parties | ' |
Note 5 – Due to Related Parties | |
During the period ended March 31, 2014, the Company incurred consulting expenses of $39,050 to officers and shareholders of the Company. Of this amount, $10,636 was included in due to related parties as of March 31, 2014. | |
Amounts due to related parties are non-interest bearing, unsecured and due on demand. | |
On March 15, 2014, certain related parties entered into a debt conversion agreement with the Company whereby a total of $170,879 related party debt will be converted into 8,543,950 shares of the Company at a price of $0.02 per share. After a period exceeding six months from the date of the agreement, the related parties will be able to exercise the debt conversion. |
Note_Payable
Note Payable | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | ' |
Note Payable | ' |
Note 6 – Note payable | |
On September 6, 2013, the Company entered into a loan agreement for $30,000 using equipment as collateral. The loan bears interest at an annual rate of 30% and matures on February 9, 2014. The principal of the loan can paid off at anytime at the election of the Company with interest calculated in full for the 5-month term of the loan. In the event the loan is not paid by maturity date, the collateral assets will become the property for the loaner and no interest is due. Upon further negotiation, the maturity date of the loan has been extended to April 30, 2014. Subsequent to the quarter ended March, 31, 3014 the company has settled the note payable and is in negotiations for additional funding. |
Convertible_Promissory_Notes
Convertible Promissory Notes | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | ' |
Convertible Promissory Notes | ' |
Note 7 – Convertible Promissory Notes | |
On March 14, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$37,500 (C$37,256). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of December 19, 2012. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion. As the maturity date for the note has passed, a penalty of $12,944 (US$12,600) has been added to the principal balance of the note. As of March 31, 2014, conversions amount to US$43,145 have been recorded and 30,475,028 shares of the Company’s common stock have been issued as a result of the conversions. | |
On May 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$42,500 (C$42,037). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of February 4, 2013. The principal amount of this promissory note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to fifty-five percent at the market price during the 10 trading days prior to the conversion. As the maturity date for the note has passed, a penalty of $21,830 (US$21,250) has been added to the principal balance of the note. | |
On November 2, 2012, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$9,250 (C$9,217). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of August 6, 2013. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to forty percent at the market price during the 10 trading days prior to the conversion. As the maturity date for the note has passed, a penalty of $4,751 (US$4,625) has been added to the principal balance of the note. | |
On October 25, 2013, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$16,000 (C$16,720). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of July 29, 2014. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to thirty percent at the market price during the 10 trading days prior to the conversion. | |
On February 6, 2014, the Company entered into a securities purchase agreement to issue an unsecured convertible promissory note with a principal amount of US$16,500 (C$18,259). This promissory note bears interest at an annual rate of 8% which is to be paid with principal in full on the maturity date of November 10, 2014. The principal amount of the Note together with interest may be converted into shares of common stock, par value of $0.0001 at the option of the lender at a conversion price equal to thirty give percent at the market price during the 10 trading days prior to the conversion. | |
The above notes include certain embedded features related to the embedded conversion option being exercisable into a variable number of shares and the strike price being dominated in a currency other than the Company’s functional currency. These features qualify as derivatives and are bundled as a compound embedded derivative that is measured at fair value. The fair value of the derivatives as at March 31, 2014 was $234,528 (June 30, 2013 - $95,344). As the fair value of the embedded conversion features exceeded the principle value of the promissory notes, the entire amount of the debt has been classified as an embedded derivative on the consolidated balance sheet. | |
As at March 31, 2014, accrued interest recorded in accounts payable and accrued liabilities relating to the convertible promissory notes totaled $17,574 (June 30, 2013 - $6,228). | |
Capital_Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | ' |
Capital Stock | ' |
Note 8 - Capital Stock | |
On November 18, 2013, the Company issued 12,000,000 common stocks in lieu of cash payment for consulting services valued at US $30,000. | |
During the quarter ended December 31, 2013, the Company issued 4,651,261 common stocks as a result of the partial conversion of US$7,200 of the unsecured promissory note dated March 14, 2012. | |
During the quarter ended March 31, 2014, the Company issued 19,857,677 common stocks as a result of the partial conversion of US$23,645 of the unsecured promissory note dated March 14, 2012. | |
As of March 31, 2014, there are no share options or warrants outstanding. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The Company’s interim consolidated financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. These interim consolidated financial statements include the Company’s subsidiary, Golden Global Mining Corporation, and 100 percent of its assets, liabilities and net income or loss. All inter-company accounts and transactions have been eliminated. | |
While the information presented in the accompanying interim three months consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended March 31, 2014 are not necessarily indicative of the results that can be expected for the year ended June 30, 2014. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). ASU 2011-11 require that an entity disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASC 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013. The Company adopted this standard effective July 1, 2013 and the adoption had no impact to the interim consolidated financial statements. | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-05 Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Group of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASC 2013-05). ASC 2013-05 requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a non-profit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASC 2013-05 is effective for annual and interim periods beginning after December 15, 2013. The Company is currently assessing the impact of ASC 2013-05 to the consolidated financial statements. | |
In July 2013, the FASB issued an accounting update: Income Taxes: Presentation of an unrecognized Tax Benefit When a Net operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carry Forward Exists”. The update provides guidance on the financial statement presentation of a unrecognized tax benefit, as either a reduction of a deferred tax asset or as a liability, when a net operating loss carry forward, similar tax loss, or a tax credit carry forward exists. The update will be effective for interim and annual periods beginning after December 15, 2013 and may be applied on a retrospective basis. Early adoption is permitted. The Company is currently assessing the impact of the adoption of this update to the consolidated financial statements. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Property and equipment | ' | ||||||
Schedule of Property Plant and Equipment | ' | ||||||
Cost | Accumulated | Net Book | |||||
Depreciation | Value | ||||||
Furniture and fixtures | $ | 2,345 | $ | 1,405 | $ | 940 | |
Mining equipment | 148,938 | 122,506 | 26,432 | ||||
Computers | 1,063 | 904 | 159 | ||||
$ | 152,346 | $ | 124,815 | $ | 27,531 |