Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended |
Aug. 31, 2013 | |
Document and Entity Information: | |
Entity Registrant Name | Rainbow International, Corp. |
Document Type | 10-Q |
Document Period End Date | 31-Aug-13 |
Amendment Flag | FALSE |
Entity Central Index Key | 1522538 |
Current Fiscal Year End Date | -26 |
Entity Common Stock, Shares Outstanding | 273,475,200 |
Entity Public Float | $0 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | Yes |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | Q1 |
Rainbow_International_Corp_A_D
Rainbow International Corp. (A Development Stage Company) Balance Sheets. (Unaudited) (USD $) | Aug. 31, 2013 | 31-May-13 |
Current assets | ||
Cash held in trust | $14,172 | $3,200 |
Total current assets | 14,172 | 3,200 |
Other Assets | ||
Other assets | 30,000 | 30,000 |
Total Other Assets | 30,000 | 30,000 |
Total Assets | 44,172 | 33,200 |
Current liabilities: | ||
Accounts payable | 15,000 | 33,968 |
Notes payable | 74,965 | 0 |
Total current liabilities | 89,965 | 33,968 |
Stockholders' equity: | ||
Common stock, $0.001 par value, 700,000,000 authorized, 273,475,200 shares issued and outstanding | 273,475 | 273,475 |
Capital in excess of par value | 16,464 | 16,464 |
Deficit accumulated during the development stage | -335,732 | -290,707 |
Total stockholders' equity | -45,793 | -768 |
Total Liabilities and Stockholders' Equity | $44,172 | $33,200 |
Rainbow_International_Corp_A_D1
Rainbow International Corp. (A Development Stage Company) Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Sales | $0 | $0 | $0 |
Cost of Sales | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 |
General and administrative expenses: | |||
Exploration costs | 15,120 | 24,046 | 60,945 |
Legal and professional fees | 25,730 | 44,809 | 202,497 |
Contract labor | 0 | 30,000 | 65,000 |
Travel | 4,045 | 0 | 5,845 |
Other general and administrative | 130 | 453 | 1,445 |
Total operating expenses | 45,025 | 99,308 | 335,732 |
Loss from operations | -45,025 | -99,308 | -335,732 |
Other income (expense) | |||
Interest Income | 0 | 0 | 0 |
Interest (expense) | 0 | 0 | 0 |
(Loss) before taxes | -45,025 | -99,308 | -335,732 |
Provision (credit) for taxes on income | 0 | 0 | 0 |
Net loss | ($45,025) | ($99,308) | ($335,732) |
Basic earnings (loss) per common share | $0 | ($0.01) | |
Weighted average number of shares outstanding | 273,475,200 | 1,400,000,000 |
Rainbow_International_Corp_A_D2
Rainbow International Corp. (A Development Stage Company) Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Loss | ($45,025) | ($99,308) | ($335,732) |
Adjustments to reconcile net (loss) to cash provided (used) by developmental stage activities: | |||
Depreciation | 0 | 0 | 0 |
Change in current assets and liabilities: | |||
Other assets | 0 | 0 | 0 |
Accounts payable and accrued expenses | -18,968 | 78 | 15,000 |
Net cash flows from operating activities | -63,993 | -99,230 | -320,732 |
Cash flows from investing activities: | |||
Purchase of fixed assets | 0 | 0 | 0 |
Net cash flows from investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from sale of common stock | 0 | 0 | 289,939 |
Proceeds from notes payable | 74,965 | 0 | 74,965 |
Advances/ (payments) from shareholder | 0 | -100,000 | -30,000 |
Net cash flows from financing activities | 74,965 | -100,000 | 334,904 |
Net cash flows | 10,972 | -199,230 | 14,172 |
Cash and equivalents, beginning of period | 3,200 | 243,114 | 0 |
Cash and equivalents, end of period | 14,172 | 43,884 | 14,172 |
Supplemental cash flow disclosures: | |||
Cash paid for interest | 0 | 0 | 0 |
Cash paid for income taxes | $0 | $0 | $0 |
Note_1_Organization_and_Summar
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 1 - Organization and Summary of Significant Accounting Policies | Note 1 - Organization and summary of significant accounting policies: |
Following is a summary of the Company’s organization and significant accounting policies: | |
Organization and nature of business –Rainbow International Corp., (“We,” or “the Company”) is a Nevada corporation incorporated on April 22, 2011. The Company was primarily engaged in the distribution of Bohemian Crystal produced in the Czech Republic. Since the reorganization of the Company, they have changed their primary purpose. The Company is now primarily engaged in the acquisition and exploration of mining properties. | |
The Company has been in the exploration stage since the reorganization and has not yet realized any revenues from its planned operations. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. | |
Basis of presentation - The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of August 31, 2013. | |
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 - The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of August 31, 2013 and May 31, 2013. | |
Property and Equipment - The Company values its investment in property and equipment at cost less accumulated depreciation. Depreciation is computed primarily by the straight line method over the estimated useful lives of the assets ranging from three to five years. | |
Mineral Property Acquisition and Exploration Costs - The Company is primarily engaged in the business of the acquisition, exploration, development, mining, and production of domestic strategic energy and mineral properties, with emphasis on lithium carbonate and additional strategic minerals. Mineral claim and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development cost, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. | |
Asset retirement obligations - The Company has adopted the provisions of FASB ASC 410-20 “Asset Retirement and Environmental Obligations," which requires the fair value of a liability for an asset retirement obligation to be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related mining properties. As of August 31, 2013 and May 31, 2012, there have been no asset retirement obligations recorded. | |
Fair value of financial instruments - The Company’s financial instruments include cash, accounts receivable, accounts payable, and notes payable. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at May 31, 2013 and 2012. The Company did not engage in any transaction involving derivative instruments. | |
Income Taxes - The Company accounts for its income taxes in accordance with Income Taxes Topic of the FASB ASC 740, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry forwards. 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 effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. | |
Net loss per share calculation - Net loss per share is provided in accordance with FASB ASC 260-10, “Earnings per Share”. Basic net loss per common share ("EPS") is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued, unless doing so is anti-dilutive.. | |
Stock Based Compensation - The Company recognizes stock-based compensation in accordance with ASC Topic 718 “Stock Compensation”, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. | |
For non-employee stock-based compensation, we have adopted ASC Topic 505 “Equity-Based Payments to Non-Employees”, which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718. | |
Exploration Stage Enterprise - The Company’s financial statements are prepared pursuant to the provisions of Topic 26, “Accounting for Development Stage Enterprises,” as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the development stage. Mining companies subject to Topic 26 are required to label their financial statements as an “Exploratory Stage Company,” pursuant to guidance provided by SEC Guide 7 for Mining Companies. | |
Recently Issued Accounting Pronouncements - As of and for the periods ended August 31, 2013 and May 31, 2013, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations. |
Note_2_Uncertainty_Going_Conce
Note 2 - Uncertainty, Going Concern | 3 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 2 - Uncertainty, Going Concern | Note 2 - Uncertainty, going concern: |
At August 31, 2013, we were engaged in a business and had suffered losses from exploration stage activities to date. In addition, we have minimal operating funds. Although management is currently attempting to identify business opportunities and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. Accordingly, we must rely on our officers to perform essential functions without compensation until a business operation can be commenced. | |
These factors raise doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Note_3_Federal_Income_Tax
Note 3 - Federal Income Tax | 3 Months Ended | ||
Aug. 31, 2013 | |||
Notes | |||
Note 3 - Federal Income Tax: | Note 3 - Federal income tax: | ||
We follow Accounting Standards Codification regarding Accounting for Income Taxes. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carryforwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward has been recognized, as it is not deemed likely to be realized. | |||
The provision for refundable Federal income tax consists of the following: | |||
Three months ended August 31, 2013 | Three months ended August 31, 2012 | ||
Refundable Federal income tax attributable to: | |||
Current operations | ($82,916) | ($15,788) | |
Less, Nondeductible expenses | 0 | 0 | |
Less, Change in valuation allowance | 82,916 | 15,778 | |
Net refundable amount | 0 | 0 | |
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | |||
31-Aug-13 | 31-Aug-12 | ||
Deferred tax asset attributable to: | |||
Net operating loss carryover | $98,840 | $15,924 | |
Less, Valuation allowance | -98,840 | -15,924 | |
Net deferred tax asset | 0 | 0 | |
At May 31, 2013, an unused net operating loss carryover approximating $290,707 is available to offset future taxable income; it expires beginning in 2031. |
Note_4_Cumulative_Sales_of_Sto
Note 4 - Cumulative Sales of Stock | 3 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 4 - Cumulative Sales of Stock | Note 4 – Cumulative sales of stock: |
Since its inception, we have issued shares of common stock as follows: | |
On May 27, 2011, the Company issued 3,000,000 shares of common stock at a price of $0.001 per share for a total cash proceeds of $3,000. | |
During February 2012, the Company issued 540,000 shares of common stock at a price of $0.04 per share and received proceeds in the amount of $21,600. | |
On May 15, 2012, the Company issued 2,207,508 shares of common at a price $0.12 per share for $264,867 in cash. The Company has received these funds but has not issued the shares. This is recorded as a stock subscription until issued. | |
The Company authorized but has not issued 2,500,000 shares of stock for the purchase of Aslanay Madencilik Sanayi Ve Ticaret Limited Sirketi, (translated -Aslanay Mining Trade and Ind. Limited Co.). These shares are recorded as a stock subscription until issued. The value of these shares is the net asset value of Aslanay Mining Trade and Ind. Limited Co at July 31, 2012 in the amount of $377,115. On December 5, 2012, the Company issued these shares. | |
On June 26, 2013, the Company received and cancelled 7,563,820 as part of the terminated merger with Aslanay Madencilik Sanayi Ve Ticaret Limited Sirketi, (translated -Aslanay Mining Trade and Ind. Limited Co.) a Turkish enterprise | |
On July 9, 2013, the Company enacted a 400:1 forward stock split. This resulted in the shares outstanding to increase from 683,688 to 273,475,200. |
Note_5_Notes_Payable
Note 5 - Notes Payable | 3 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 5 - Notes Payable: | Note 5 – Notes Payable: |
On August 20, 2013, the Company received $74,965 as a note payable. The loan carries no stated interest and due on demand. |
Note_6_Related_Party_Transacti
Note 6 - Related Party Transactions | 3 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 6 - Related Party Transactions | Note 6 – Related Party Transactions: |
During 2011, a Director of the Company loaned the Company an amount equal to $500. The loan carries no stated interest and due on demand. | |
During 2012, a Director of the Company loaned the Company an amount equal to $5,060. The loan carries no stated interest and due on demand. | |
On May 2012, a payment of $5,000 was applied to this account. The balance at August 31, 2012 was $560. This amount was fully paid by May 31, 2013. | |
During the period ending May 31, 2013, the Company loaned to a related party $30,000. This receivable carries no stated interest and due on demand. |
Change_in_Control
Change in Control | 3 Months Ended |
Aug. 31, 2013 | |
Notes | |
Change in Control | Note 7 – Change in Control: |
On March 26, 2012, a change of control of the registrant was made when Emine Ozer acquired 2,856,312 common shares from selling shareholders which represented 80.69% of the issued and outstanding common shares. | |
Subsequently, based on the issuances of these shares Mr. Aslan Ozer became the majority shareholder of the registrant, owning 57.085 of the issued and outstanding common shares, | |
Effective April 1, 2012, Vladimir Bibik, the sole officer and director of the registrant appointed Donald L. Perks as president, chief executive officer, chief financial officer and director and thereafter resigned due to the change of control. | |
Donald L. Perks was the founder, officer and director of Canada Pay Phone, a telecommunications company, from 1994 to 2001. Mr. Perks was an officer and director of Global Immune Technologies Inc, a natural resource exploration company, from 2003 through February 2012. |
Note_8_Business_Combination
Note 8 - Business Combination | 3 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 8 - Business Combination: | Note 8 – Business Combination: |
On July 31, 2012, the Company acquired all of the member interests of Aslanay Madencilik Sanayi Ve Ticaret Limited Sirketi, (translated -Aslanay Mining Trade and Ind. Limited Co.) a Turkish enterprise, from Aslan Ozer, its sole member, for 2,500,000common shares of the Company. The purchase is being accounted for as an acquisition as required by ACS 805. The purchase is being reported and operating as a wholly owned subsidiary of the parent company. | |
On May 31, 2013, the Company terminated this business combination. |
Note_1_Organization_and_Summar1
Note 1 - Organization and Summary of Significant Accounting Policies: Organization and nature of business (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Organization and nature of business | Organization and nature of business –Rainbow International Corp., (“We,” or “the Company”) is a Nevada corporation incorporated on April 22, 2011. The Company was primarily engaged in the distribution of Bohemian Crystal produced in the Czech Republic. Since the reorganization of the Company, they have changed their primary purpose. The Company is now primarily engaged in the acquisition and exploration of mining properties. |
The Company has been in the exploration stage since the reorganization and has not yet realized any revenues from its planned operations. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. |
Note_1_Organization_and_Summar2
Note 1 - Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Basis of Presentation | Basis of presentation - The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of August 31, 2013. |
Note_1_Organization_and_Summar3
Note 1 - Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
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. |
Note_1_Organization_and_Summar4
Note 1 - Organization and Summary of Significant Accounting Policies: Cash and cash equivalents (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Cash and cash equivalents | Cash and cash equivalents - The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of August 31, 2013 and May 31, 2013. |
Note_1_Organization_and_Summar5
Note 1 - Organization and Summary of Significant Accounting Policies: Property and equipment (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Property and equipment | Property and Equipment - The Company values its investment in property and equipment at cost less accumulated depreciation. Depreciation is computed primarily by the straight line method over the estimated useful lives of the assets ranging from three to five years. |
Note_1_Organization_and_Summar6
Note 1 - Organization and Summary of Significant Accounting Policies: Mineral property acquisition and exploration costs (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Mineral property acquisition and exploration costs | Mineral Property Acquisition and Exploration Costs - The Company is primarily engaged in the business of the acquisition, exploration, development, mining, and production of domestic strategic energy and mineral properties, with emphasis on lithium carbonate and additional strategic minerals. Mineral claim and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development cost, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. |
Note_1_Organization_and_Summar7
Note 1 - Organization and Summary of Significant Accounting Policies: Asset Retirement Obligations, Policy (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Asset Retirement Obligations, Policy | Asset retirement obligations - The Company has adopted the provisions of FASB ASC 410-20 “Asset Retirement and Environmental Obligations," which requires the fair value of a liability for an asset retirement obligation to be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related mining properties. As of August 31, 2013 and May 31, 2012, there have been no asset retirement obligations recorded. |
Note_1_Organization_and_Summar8
Note 1 - Organization and Summary of Significant Accounting Policies: Fair value of financial instruments (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Fair value of financial instruments | Fair value of financial instruments - The Company’s financial instruments include cash, accounts receivable, accounts payable, and notes payable. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at May 31, 2013 and 2012. The Company did not engage in any transaction involving derivative instruments. |
Note_1_Organization_and_Summar9
Note 1 - Organization and Summary of Significant Accounting Policies: Federal income taxes (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Federal income taxes | Income Taxes - The Company accounts for its income taxes in accordance with Income Taxes Topic of the FASB ASC 740, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry forwards. 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 effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. |
Recovered_Sheet1
Note 1 - Organization and Summary of Significant Accounting Policies: Net income per share of common stock (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Net income per share of common stock | Net loss per share calculation - Net loss per share is provided in accordance with FASB ASC 260-10, “Earnings per Share”. Basic net loss per common share ("EPS") is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued, unless doing so is anti-dilutive.. |
Recovered_Sheet2
Note 1 - Organization and Summary of Significant Accounting Policies: Stock Based Compensation (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Stock Based Compensation | Stock Based Compensation - The Company recognizes stock-based compensation in accordance with ASC Topic 718 “Stock Compensation”, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. |
For non-employee stock-based compensation, we have adopted ASC Topic 505 “Equity-Based Payments to Non-Employees”, which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718. |
Recovered_Sheet3
Note 1 - Organization and Summary of Significant Accounting Policies: Exploration Stage Enterprises (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Exploration Stage Enterprises | Exploration Stage Enterprise - The Company’s financial statements are prepared pursuant to the provisions of Topic 26, “Accounting for Development Stage Enterprises,” as it devotes substantially all of its efforts to acquiring and exploring mining interests that will eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the development stage. Mining companies subject to Topic 26 are required to label their financial statements as an “Exploratory Stage Company,” pursuant to guidance provided by SEC Guide 7 for Mining Companies. |
Recovered_Sheet4
Note 1 - Organization and Summary of Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements - As of and for the periods ended August 31, 2013 and May 31, 2013, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations. |
Note_2_Uncertainty_Going_Conce1
Note 2 - Uncertainty, Going Concern: Going concern (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Going concern | At August 31, 2013, we were engaged in a business and had suffered losses from exploration stage activities to date. In addition, we have minimal operating funds. Although management is currently attempting to identify business opportunities and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. Accordingly, we must rely on our officers to perform essential functions without compensation until a business operation can be commenced. |
These factors raise doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Note_3_Federal_Income_Tax_Inco
Note 3 - Federal Income Tax: Income Tax, Policy (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Income Tax, Policy | We follow Accounting Standards Codification regarding Accounting for Income Taxes. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carryforwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward has been recognized, as it is not deemed likely to be realized. |
Note_4_Cumulative_Sales_of_Sto1
Note 4 - Cumulative Sales of Stock: Common stock issued (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Common stock issued | Since its inception, we have issued shares of common stock as follows: |
On May 27, 2011, the Company issued 3,000,000 shares of common stock at a price of $0.001 per share for a total cash proceeds of $3,000. | |
During February 2012, the Company issued 540,000 shares of common stock at a price of $0.04 per share and received proceeds in the amount of $21,600. | |
On May 15, 2012, the Company issued 2,207,508 shares of common at a price $0.12 per share for $264,867 in cash. The Company has received these funds but has not issued the shares. This is recorded as a stock subscription until issued. | |
The Company authorized but has not issued 2,500,000 shares of stock for the purchase of Aslanay Madencilik Sanayi Ve Ticaret Limited Sirketi, (translated -Aslanay Mining Trade and Ind. Limited Co.). These shares are recorded as a stock subscription until issued. The value of these shares is the net asset value of Aslanay Mining Trade and Ind. Limited Co at July 31, 2012 in the amount of $377,115. On December 5, 2012, the Company issued these shares. | |
On June 26, 2013, the Company received and cancelled 7,563,820 as part of the terminated merger with Aslanay Madencilik Sanayi Ve Ticaret Limited Sirketi, (translated -Aslanay Mining Trade and Ind. Limited Co.) a Turkish enterprise | |
On July 9, 2013, the Company enacted a 400:1 forward stock split. This resulted in the shares outstanding to increase from 683,688 to 273,475,200. |
Note_5_Notes_Payable_Notes_Pay
Note 5 - Notes Payable: Notes Payable Policy (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Notes Payable Policy | On August 20, 2013, the Company received $74,965 as a note payable. The loan carries no stated interest and due on demand. |
Note_6_Related_Party_Transacti1
Note 6 - Related Party Transactions: Related Party Transactions (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Related Party Transactions | During 2011, a Director of the Company loaned the Company an amount equal to $500. The loan carries no stated interest and due on demand. |
During 2012, a Director of the Company loaned the Company an amount equal to $5,060. The loan carries no stated interest and due on demand. | |
On May 2012, a payment of $5,000 was applied to this account. The balance at August 31, 2012 was $560. This amount was fully paid by May 31, 2013. | |
During the period ending May 31, 2013, the Company loaned to a related party $30,000. This receivable carries no stated interest and due on demand. |
Change_in_Control_Change_in_Co
Change in Control: Change in Control Policy (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Change in Control Policy | On March 26, 2012, a change of control of the registrant was made when Emine Ozer acquired 2,856,312 common shares from selling shareholders which represented 80.69% of the issued and outstanding common shares. |
Subsequently, based on the issuances of these shares Mr. Aslan Ozer became the majority shareholder of the registrant, owning 57.085 of the issued and outstanding common shares, | |
Effective April 1, 2012, Vladimir Bibik, the sole officer and director of the registrant appointed Donald L. Perks as president, chief executive officer, chief financial officer and director and thereafter resigned due to the change of control. | |
Donald L. Perks was the founder, officer and director of Canada Pay Phone, a telecommunications company, from 1994 to 2001. Mr. Perks was an officer and director of Global Immune Technologies Inc, a natural resource exploration company, from 2003 through February 2012. |
Note_8_Business_Combination_Bu
Note 8 - Business Combination: Business Combinations Policy (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Policies | |
Business Combinations Policy | On July 31, 2012, the Company acquired all of the member interests of Aslanay Madencilik Sanayi Ve Ticaret Limited Sirketi, (translated -Aslanay Mining Trade and Ind. Limited Co.) a Turkish enterprise, from Aslan Ozer, its sole member, for 2,500,000common shares of the Company. The purchase is being accounted for as an acquisition as required by ACS 805. The purchase is being reported and operating as a wholly owned subsidiary of the parent company. |
On May 31, 2013, the Company terminated this business combination. |
Note_3_Federal_Income_Tax_fede
Note 3 - Federal Income Tax: federal income tax note (Tables) | 3 Months Ended | ||
Aug. 31, 2013 | |||
Tables/Schedules | |||
federal income tax note | The provision for refundable Federal income tax consists of the following: | ||
Three months ended August 31, 2013 | Three months ended August 31, 2012 | ||
Refundable Federal income tax attributable to: | |||
Current operations | ($82,916) | ($15,788) | |
Less, Nondeductible expenses | 0 | 0 | |
Less, Change in valuation allowance | 82,916 | 15,778 | |
Net refundable amount | 0 | 0 | |
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | |||
31-Aug-13 | 31-Aug-12 | ||
Deferred tax asset attributable to: | |||
Net operating loss carryover | $98,840 | $15,924 | |
Less, Valuation allowance | -98,840 | -15,924 | |
Net deferred tax asset | 0 | 0 | |
At May 31, 2013, an unused net operating loss carryover approximating $290,707 is available to offset future taxable income; it expires beginning in 2031. |
Note_3_Federal_Income_Tax_fede1
Note 3 - Federal Income Tax: federal income tax note (Details) (USD $) | 3 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | 31-May-13 | |
Results of Operations, Income Tax Expense | ($82,916) | ($15,788) | |
Income Tax Reconciliation, Nondeductible Expense | 0 | 0 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 82,916 | 15,778 | |
Income Tax Reconciliation, Tax Credits | 0 | 0 | |
Deferred Tax Assets, Operating Loss Carryforwards | 98,840 | 15,924 | |
Deferred Tax Assets, Valuation Allowance | -98,840 | -15,924 | |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 | |
Operating Loss Carryforwards | $290,707 |
Note_4_Cumulative_Sales_of_Sto2
Note 4 - Cumulative Sales of Stock: Common stock issued (Details) (USD $) | Jul. 09, 2013 | Jul. 08, 2013 | Jun. 26, 2013 | Jul. 31, 2012 | 15-May-12 | Feb. 01, 2012 | 27-May-11 |
Common Stock, Shares, Issued | 2,207,508 | 540,000 | 3,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $0.12 | $0.04 | $0.00 | ||||
Common Stock, Value, Issued | $377,115 | $264,867 | $21,600 | $3,000 | |||
Common Stock, Shares Authorized | 2,500,000 | ||||||
Shares Cancelled | 7,563,820 | ||||||
Shares, Outstanding | 273,475,200 | 683,688 |
Note_5_Notes_Payable_Notes_Pay1
Note 5 - Notes Payable: Notes Payable Policy (Details) (USD $) | Aug. 31, 2013 | Aug. 20, 2013 | 31-May-13 |
Notes payable | $74,965 | $74,965 | $0 |
Note_6_Related_Party_Transacti2
Note 6 - Related Party Transactions: Related Party Transactions (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
31-May-12 | Aug. 31, 2013 | Oct. 01, 2012 | Dec. 31, 2011 | Aug. 31, 2012 | |
Proceeds from Related Party Debt | $5,060 | $500 | |||
Repayments of Related Party Debt | 5,000 | ||||
Accounts Payable, Related Parties | 560 | ||||
Payments to Fund Long-term Loans to Related Parties | $30,000 |
Note_8_Business_Combination_Bu1
Note 8 - Business Combination: Business Combinations Policy (Details) | Jul. 31, 2012 |
Common stock shares issued | 2,500,000 |