Dakota Creek Minerals Inactive 10-Q27 Feb 142013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	31-May-13	Feb. 15, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Dakota Creek Minerals Inc.	'
Entity Central Index Key	'0001507196	'
Document Type	'10-Q	'
Document Period End Date	31-May-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--08-31	'
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	'	30,000,000
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	31-May-13	Aug. 31, 2012
CURRENT ASSETS	'	'
Cash	$38,592	$38,592
Total Current Assets	38,592	38,592
CURRENT LIABILITIES	'	'
Convertible loan payable - related party	34,960	34,960
TOTAL CURRENT LIABILITIES	34,960	34,960
STOCKHOLDERS' EQUITY	'	'
Common stock, Authorized - 75,000,000 $0.001 par value common shares Issued - 30,000,000 as of May 31, 2013 and August 31, 2012.	30,000	30,000
Deficit accumulated during the pre-exploration stage	-26,368	-26,368
TOTAL STOCKHOLDERS' EQUITY	3,632	3,632
TOTAL LIABILITIES ANDSTOCKHOLDERS EQUITY	$38,592	$38,592

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	31-May-13	Aug. 31, 2012
Statement of Financial Position [Abstract]	'	'
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Issued	30,000,000	30,000,000

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		114 Months Ended
Statements of Operations (Unaudited) (USD $)	31-May-13	31-May-12	31-May-13	31-May-12	31-May-13
Income Statement [Abstract]	'	'	'	'	'
REVENUES	'	'	'	'	'
OPERATING EXPENSES	'	'	'	'	'
Impairment loss on mineral claim acquisition	'	'	'	'	15,000
General and administrative expenses	'	'	'	'	11,368
Total Operating Expenses	'	'	'	'	26,368
INCOME (LOSS( BEFORE INCOME TAXES	'	'	'	'	-26,368
PROVISION FOR INCOME TAXES	'	'	'	'	'
NET INCOME (LOSS)	'	'	'	'	($26,368)
NET INCOME (LOSS) PER SHARE	$0	$0	$0	$0	'
WEIGHTED AVERAGE NUMBER OF COMMON SHARES	30,000,000	30,000,000	30,000,000	30,000,000	'

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	114 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	31-May-13
Statement of Cash Flows [Abstract]	'
Net income (loss)	($26,368)
Adjustments to reconcile net income (loss) to net cash used in operating activities	'
Impairment loss on mineral claim acquisition	15,000
Net Cash Provided (Used) by Operating Activities	-11,368
CASH FLOWS FROM INVESTING ACTIVITIES	'
Acquisition of mineral claim	-15,000
Net Cash Provided (Used) by Investing Activities	-15,000
CASH FLOWS FROM FINANCING ACTIVITIES	'
Advances from related parties	34,960
Issuance of Capital Stock for cash	30,000
Net Cash Provided (Used) by Financing Activities	64,960
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	'
CASH AND CASH EQUIVALENTS	'
Beginning	'
Ending	'

1_INCORPORATION_AND_OPERATING_

1. INCORPORATION AND OPERATING ACTIVITIES	3 Months Ended
1. INCORPORATION AND OPERATING ACTIVITIES	31-May-13
Accounting Policies [Abstract]	'
1. INCORPORATION AND OPERATING ACTIVITIES	'
	1. INCORPORATION AND OPERATING ACTIVITIES
	The Company was incorporated under the laws of the State of Nevada on September 29, 2010 with authorized capital stock of 75,000,000 shares at $0.001 par value.
	The Company was organized for the purpose of acquiring and developing mineral properties. At the report date mineral claims, with unknown reserves, had been acquired. The Company has not established the existence of a commercially minable ore deposit and therefore has not reached the exploration stage and is considered to be in the pre-exploration stage

2_SUMMARY_OF_SIGNIFICANT_ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

31-May-13

Accounting Policies [Abstract]

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Method

The Company recognizes income and expenses based on the accrual method of accounting.

Dividend Policy

The Company has not yet adopted a policy regarding payment of dividends.

Basic and Diluted Net Loss Per Share

Basic net loss per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net loss per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes anti-dilutive and then the basic and diluted per share amounts are the same. As of May 31, 2013 and 2012, no such common equivalent shares were excluded from net income (loss) per share.

Income Taxes

The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.

Estimated NOL

Estimated Tax

Carry-Forward

Benefit from

Year Ended

NOL

Valuation

Net Tax Benefit

Expires

Allowance

2011

16,503

2031

4,511

(5,611

)

—

2012

9,865

2032

3,354

(3,354

)

—

26,368

7,865

(7,865

)

—

The total valuation allowance as of August 31, 2012 was $7,865, which increased by $3,354 for the year ended August 31, 2012.

As of August 31, 2012 and 2011, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the years ended August 31, 2012 and 2011and no interest or penalties have been accrued as of August 31, 2012 and 2011. As of August 31, 2012 and 2011, the Company did not have any amounts recorded pertaining to uncertain tax positions.

The tax years from 2011 and forward remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities.

Impairment of Long-lived Assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

Foreign Currency Translations

The books of the Company are maintained in United States dollars and this is the Company’s functional and reporting currency. Transactions denominated in other than the United States dollar are translated as follows with the related transaction gains and losses being recorded in the Statement of Operations:

(i)

Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date;

(ii)

Non-Monetary items including equity are recorded at the historical rate of exchange; and

(iii)

Revenues and expenses are recorded at the period average in which the transaction occurred. Investments Investments in companies that are not consolidated, but over which the Company exercises significant influence, are accounted for under the equity method of accounting. Whether or not the Company exercises significant influence with respect to an investee depends on an evaluation of several factors, including, among others, ownership level. Under the equity method of accounting, an investee company’s accounts are not reflected within the Company’s Balance Sheets and Statements of Operations; however, the Company’s share of the earnings or losses of the investee company is reflected in the Company’s Statements of Operations and the Company’s carrying value in an equity method investee company is reflected in the Company’s Balance Sheets. The Company evaluates these investments for other-than-temporary declines in value each quarterly period. Any impairment found to be other than temporary would be recorded through a charge to earnings.

Revenue Recognition

Revenue from the sale of minerals will be recognized when a contract is in place and minerals are delivered to the customer.

Mineral claim acquisition and exploration costs

Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with FASB Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Various factors could impact our ability to achieve forecasted production schedules. Additionally, commodity prices, capital expenditure requirements and reclamation costs could differ from the assumptions the Company may use in cash flow models from exploration stage mineral interests. This, however, involves further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material can ultimately be mined economically.

Advertising and Market Development

The company expenses advertising and market development costs as incurred.

Financial Instruments

The carrying amounts of financial instruments are considered by management to be their fair value due to their short term maturities.

Estimates and Assumptions

Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.

Statement of Cash Flows

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.

Environmental Requirements

At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made.

Recent Accounting Pronouncements

The Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.

3_ACQUISITION_OF_MINERAL_CLAIM

3. ACQUISITION OF MINERAL CLAIM	3 Months Ended
3. ACQUISITION OF MINERAL CLAIM	31-May-13
Extractive Industries [Abstract]	'
3. ACQUISITION OF MINERAL CLAIM	'
	3. ACQUISITION OF MINERAL CLAIM
	During 2010 the Company acquired mineral claims for $15,000 known as the Venus Property.

	The Venus Molybdenum Property is located approximately 35 kilometers north of Vancouver BC, and about 2 kilometers north of the community of Britannia Beach, BC. The property is crossed by Highway 99, "The Sea to Sky Highway" and the CN Railroad.

	The Venus Molybdenum Property comprises one mineral claim totaling 62.12 hectares in area. The Venus molybdenum occurrence was discovered in the late 1960's and developed by a Company known as Squamish Silica and Stone Co. Ltd. The occurrence is located about 250 meters northwest of Highway 99.

	The acquisitions costs have been impaired and expensed during 2011 because there had been no exploration activities nor had there been any reserves established and we could not project any future cash flows or salvage value and the acquisition costs were not recoverable. Please see ASC Topic 360 for Plant, Property, and Equipment and management analysis of Impairment.

4_SIGNIFICANT_TRANSACTIONS_WIT

4. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES	3 Months Ended
4. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES	31-May-13
Related Party Transactions [Abstract]	'
4. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES	'
	4. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
	In August 2012, the Company received an advance from its Director and officer for $34,960. The advance is without interest and there are no terms of repayment.

5_GOING_CONCERN

5. GOING CONCERN	3 Months Ended
5. GOING CONCERN	31-May-13
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
5. GOING CONCERN	'
	5. GOING CONCERN
	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company does not have a sufficient working capital for its planned activity, and to service its debt, which raises substantial doubt about its ability to continue as a going concern.

	Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy which it believes will accomplish this objective through short term loans from an officer-director, and additional equity investments, which will enable the Company to continue operations for the coming year. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. However, the Company is in the exploration stage and, accordingly, has not generated revenues from operations. As shown on the accompanying financial statements, the Company has incurred a net loss of $26,368 for the period since inception (September 29, 2010) to May 31, 2013. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

2_SUMMARY_OF_SIGNIFICANT_ACCOU1

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)