Silverton Energy (SLTN) 10-K/A 24 Feb 17 2015 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2015	Feb. 19, 2016	Mar. 31, 2015
Document and Entity Information
Entity Registrant Name	SILVERTON ENERGY, INC.
Document Type	10-K/A
Document Period End Date	Sep. 30, 2015
Amendment Flag	true
Amendment Description	The purpose of this Amendment No. 1 (the "Amendment") to the Annual Report on Form 10-K of Silverton Energy, Inc., a Nevada corporation (the "Company"), for the year ended September 30, 2015, and filed with the Securities and Exchange Commission (the "SEC") on February 24, 2016, (the "Original Filing"), is to add the XBRL files to the Original Filing. We are also including as Exhibits, current certifications required under Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002. Except as expressly set forth herein, this Form 10-K/A does not reflect events occurring after the date of the Original Filing of the Form 10-K or modify or update any of the other disclosures contained therein in any way. Accordingly, this Form 10-K/A should be read in conjunction with the Original Filing on Form 10-K and the Company's other filings with the SEC.
Entity Central Index Key	1,508,786
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		52,424,875
Entity Public Float			$ 2,096,995
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	sltn

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Current Assets
Cash		$ 11,890
Other current assets	817	1,359
Loan receivable	46,081	23,581
Total Current Assets	46,898	36,830
Current Liabilities
Accounts payable and accrued liabilities	23,221	84,106
Accounts payable - Realted Party	33,550
Bank overdraft	266
Loan payable	275,000	210,000
Interest payable	17,668	4,317
Loans from related party	26,154	18,654
Total Current Liabilities	375,859	317,077
STOCKHOLDERS' EQUITY (DEFICIT)
Capital stock Authorized 500,000,000 shares of common stock, $0.001 par value, Issued and outstanding 52,424,875 shares as of September 30, 2015 and at September 30, 2014	52,425	52,425
Additional paid-in capital	53,965	(36,035)
Deficit accumulated during the developmental stage	(435,351)	(296,637)
Total Stockholders' Equity (Deficit)	(328,961)	(280,247)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 46,898	$ 36,830

BALANCE SHEETS (parenthetical)

BALANCE SHEETS (parenthetical) - $ / shares	Sep. 30, 2015	Sep. 30, 2014
Balance Sheet Related Disclosures [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	52,424,875	52,424,875
Common stock, shares outstanding	52,424,875	52,424,875

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended		60 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Revenues
Revenues
Total Revenues
EXPENSES
Office and general	15,364	47,239	75,117
Professional fees	110,500	184,534	343,384
Total Expenses	138,714	235,773	435,351
Interest expense	12,850	4,000	16,850
NET LOSS	$ (138,714)	$ (235,773)	$ (435,351)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	52,424,875	52,424,875

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock	Additional Paid-In Capital	Deficit accumulated during the development stage	Total
Beginning Balance, shares at Sep. 20, 2010
Beginning Balance, amount at Sep. 20, 2010
Net income (loss) for the period			(6,768)	(6,768)
Ending Balance, shares at Sep. 30, 2010
Ending Balance, amount at Sep. 30, 2010			(6,768)	(6,768)
Beginning Balance, shares at Sep. 20, 2010
Beginning Balance, amount at Sep. 20, 2010
Conversion of payable to capital				90,000
Net income (loss) for the period				(435,351)
Ending Balance, shares at Sep. 30, 2015	52,424,875
Ending Balance, amount at Sep. 30, 2015	$ 52,425	53,965	(435,351)	(328,961)
Beginning Balance, shares at Sep. 30, 2010
Beginning Balance, amount at Sep. 30, 2010			(6,768)	(6,768)
Common stock issued for cash, shares	852,500,000
Common stock issued for cash, amount	$ 852,500	(841,500)		11,000
Net income (loss) for the period			(13,995)	(13,995)
Ending Balance, shares at Sep. 30, 2011	852,500,000
Ending Balance, amount at Sep. 30, 2011	$ 852,500	(841,500)	(20,763)	(9,763)
Common stock issued for cash, shares	12,981,250
Common stock issued for cash, amount	$ 13,020	(9,670)		3,350
Common stock issued for cash one, shares	7,943,750
Common stock issued for cash one, amount	$ 7,905	(5,855)		(2,050)
Net income (loss) for the period			(16,562)	(16,562)
Ending Balance, shares at Sep. 30, 2012	873,425,000
Ending Balance, amount at Sep. 30, 2012	$ 873,425	(857,025)	(37,325)	(20,925)
Redemption of common shares, shares	(821,000,125)
Redemption of common shares, amount	$ (821,000)	820,990		(10)
Net income (loss) for the period			(23,539)	(23,539)
Ending Balance, shares at Sep. 30, 2013	52,424,875
Ending Balance, amount at Sep. 30, 2013	$ 52,425	(36,035)	(60,864)	(44,474)
Conversion of payable to capital
Net income (loss) for the period			(235,773)	(235,773)
Ending Balance, shares at Sep. 30, 2014	52,424,875
Ending Balance, amount at Sep. 30, 2014	$ 52,425	(36,035)	(296,637)	(280,247)
Conversion of payable to capital		90,000		90,000
Net income (loss) for the period			(138,714)	(138,714)
Ending Balance, shares at Sep. 30, 2015	52,424,875
Ending Balance, amount at Sep. 30, 2015	$ 52,425	$ 53,965	$ (435,351)	$ (328,961)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended		60 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
OPERATING ACTIVITIES
Net loss	$ (138,714)	$ (235,773)	$ (435,351)
Adjustment to reconcile net loss to net cash used in operating activities
Increase in interest payable	12,850	4,317	17,167
Decrease (increase) in other current assets	1,042	(1,358)	(316)
Increase in accounts payable and accrued expenses	70,166	57,241	154,271
NET CASH (USED IN) OPERATING ACTIVITIES	(54,656)	(175,573)	(264,229)
INVESTING ACTIVITIES
Increase in loan receivable	(22,500)	(23,581)	(46,081)
NET CASH USED BY INVESTING ACTIVITIES	(22,500)	(23,581)	(46,081)
FINANCING ACTIVITIES
Proceeds from sale of common stock			16,390
Bank overdraft	266		266
Proceeds from loan payable	65,000	210,000	275,000
Loans from related party		200	18,654
NET CASH PROVIDED BY FINANCING ACTIVITIES	65,266	210,200	310,310
NET INCREASE (DECREASE) IN CASH	(11,890)	11,046
CASH, BEGINNING OF PERIOD	11,890	844
CASH, END OF PERIOD		11,890
Supplemental cash flow information and noncash financing activities:
Cash paid for: Interest paid
Cash paid for: Income tax paid
Significant noncash financing activities:
Conversion of accounts payable to capital contribution	$ 90,000		$ 90,000

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	The Company was incorporated in the State of Nevada as a for-profit Company on September 21, 2010 and established as fiscal year end of September 30. We are a shell company with no current business plan. In March 2013, the Company approved a name change to Meta Gold, Inc. In October 2014, the Company approved a name change to Silverton Energy, Inc. The Company is subject to significant risk relating to its operations and securities. Among the biggest risks is that the Company will be unable to generate revenue, or borrow funds, or sell equity to cover its expenses. If the Company is unable cover its expenses it will eventually be forced to cease operations.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
GOING CONCERN	The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $328,961 and net loss from operations since inception of $435,351. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founder’s shares. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company’s activities are subject to significant risks and uncertainties, including the ability to raise additional funds, if the Company does not locate a source of revenue to cover operating expenses.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Use of Estimates and Assumptions Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates Income Taxes The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measure using the enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of substantive enactment. Net Loss per Share Basic loss per share includes no dilution and is computed by dividing loss available to common stakeholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. Recent Accounting Pronouncements Pronouncements between September 30, 2015 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expects the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
FAIR VALUE OF FINANCIAL INSTRUMENTS	The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short term maturity of the instruments.

LOAN RECEIVABLE - RELATED PARTY

LOAN RECEIVABLE - RELATED PARTY LOANS	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
LOAN RECEIVABLE - RELATED PARTY LOANS	The Company loaned $46,081 to a shareholder owened company. $10,000 is due on December 1, 2016. The interest is 5% per annum. The company accrued interest of $817 as of September 30, 2015. $36,081 is a demand note without interest.

LOAN PAYABLE - RELATED PARTY LO

LOAN PAYABLE - RELATED PARTY LOANS	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
LOAN PAYABLE - RELATED PARTY LOANS	The Company has received $26,154 as a loan from related parties (shareholder and shareholder owened company) as of September 30, 2015 ($18,654 as of September 30, 2014). The loan is due on demand and without interest.

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
RELATED PARTY TRANSACTION	The Company entered into a consulting agreement with Dr. Thomas Sawyer, president and director of the Company, on December 1, 2013 for the amount of $15,000 per month. As of June 30, 2015, $90,000 of the outstanding amount was converted into Additional Paid In Capital and $15,000 is outstanding as of September 30, 2015. The Company has also accrued outstanding expenses of $18,550 in relation to office rent and expenses, travel, accommodation and related expenses which remains outstanding.

LOAN PAYABLE

LOAN PAYABLE	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
LOAN PAYABLE	The Company entered into loan agreement with Future Gen Holding Ltd. on January 9, 2014. The balance outstanding as at September 30, 2015 is $275,000 ($210,000 as at September 30, 2014). The interest is 5% per annum on the loan. The Company accrued interest of $17,667 as of September 30, 2015.

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
CAPITAL STOCK	On October 1, 2010 the Company issued 852,500,000 Founder’s shares at $0.000012 per share for net funds to the Company of $11,000. During March and April, 2012, the Company issued 20,925,000 common shares for $0.000258 per share, for cash of $5,400 In March 2013 the Company increased its Authorized common shares to 250,000,000 shares at $0.001 per share. In March 2013, the Company declared a 155:1 forward split and on the same day redeemed 821,000,125 common shares for $10. In October 2014, the company increased authorized share capital from 250,000,000 shares of common stock to 500,000,000 shares of common stock. In October4 2014, the majority shareholder and the Board of Director approved a reverse stock split two to one.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
INCOME TAXES	We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period. The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of September 30, 2014 and 2013 are as follows: All the tax payer's tax returns are open for inspection by governmental bodies. September 30, 2015 September 30, 2014 Net operating loss carry forward 435,351 296,637 Effective tax rate 35 % 35 % Deferred tax assets 152,373 103,823 Less: Valuation allowance (152,373 ) (103,823 ) Net deferred tax asset 0 0 The net federal operating loss carry forward will expire between 2032 and 2035. This carry forward may be limited upon the consummation of a business combination under IRC Section 381.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
SUBSEQUENT EVENTS	The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no events to disclose.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2015
Basis Of Presentation And Significant Accounting Policies Policies
Use of Estimates and Assumptions	Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates
Income Taxes	The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measure using the enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of substantive enactment.
Net Loss per Share	Basic loss per share includes no dilution and is computed by dividing loss available to common stakeholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share.
Recently Accounting Pronouncements	Pronouncements between September 30, 2015 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expects the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2015
Income Taxes Tables
Cumulative tax effect at the expected rate net deferred tax	September 30, 2015 September 30, 2014 Net operating loss carry forward 435,351 296,637 Effective tax rate 35 % 35 % Deferred tax assets 152,373 103,823 Less: Valuation allowance (152,373 ) (103,823 ) Net deferred tax asset 0 0

NATURE OF OPERATIONS AND BASI20

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	12 Months Ended
	Sep. 30, 2015
Nature Of Operations And Basis Of Presentation
Date of incorporation	Sep. 21, 2010
State of incorporation	Nevada

GOING CONCERN (Details)

GOING CONCERN (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2010	Sep. 20, 2010
Text Block [Abstract]
working capital deficit	$ (328,961)	$ (280,247)	$ (44,474)	$ (20,925)	$ (9,763)	$ (6,768)
Net loss from operations since inception	$ (435,351)	$ (296,637)

LOAN RECEIVABLE - RELATED PAR22

LOAN RECEIVABLE - RELATED PARTY LOANS (Details) - USD ($)	Dec. 01, 2016	Sep. 30, 2015	Sep. 30, 2014
Text Block [Abstract]
Loan receivable		$ 46,081
Interest rate	5.00%	5.00%
Accrued interest earned		$ 817	$ 1,359
Demand note		$ 36,081

LOAN PAYABLE - RELATED PARTY 23

LOAN PAYABLE - RELATED PARTY LOANS (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Text Block [Abstract]
Loans from related party	$ 26,154	$ 18,654

RELATED PARTY TRANSACTION (Deta

RELATED PARTY TRANSACTION (Details) - USD ($)	12 Months Ended		60 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Text Block [Abstract]
Conversion of payable to capital	$ 90,000		$ 90,000
Due to President of the Company	15,000		15,000
Accrued outstanding expenses	$ 18,550		$ 18,550

LOAN PAYABLE (Details)

LOAN PAYABLE (Details) - USD ($)	12 Months Ended		60 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 01, 2016
Text Block [Abstract]
Proceeds from loan payable	$ 65,000	$ 210,000	$ 275,000
Interest payable	$ 17,668	$ 4,317	$ 17,668
Interest rate	5.00%		5.00%	5.00%

CAPITAL STOCK (Details)

CAPITAL STOCK (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2015	Sep. 30, 2014
Price per share	$ 0.001
Proceeds and/or value received from issuance			$ 3,350	$ 11,000
Forward stock split	155:1 forward split
Redemption of common shares, value		$ 10
Common shares issued total					52,424,875	52,424,875
Common shares authorized for issuance					500,000,000	500,000,000
Increased authorized common shares	250,000,000
Founder's shares
Common shares issued				852,500,000
Price per share				$ 0.000012
Proceeds and/or value received from issuance				$ 11,000
For cash
Common shares issued			20,925,000
Price per share			$ 0.000258
Proceeds and/or value received from issuance			$ 5,400

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Deferred tax asset attributable to:
Net operating loss carryover		$ 435,351	$ 296,637
Effective tax rate	3.50%	3.50%
Deferred tax assets		$ 152,373	103,823
Less: valuation allowance		(152,373)	(103,823)
Net Deferred tax		$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Sep. 30, 2015
Income Taxes Details Narrative
Operating Loss Carryforwards, Expiration Date	Between 2032 and 2035.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	12 Months Ended		60 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Proceeds from loan payable	$ 65,000	$ 210,000	$ 275,000