Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | HORIZON MINERALS CORP. | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Entity Central Index Key | 1,526,726 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 96,571,589 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Entity Public Float | $ 1,834,295 | |
Trading Symbol | hznm |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 456 | $ 287 |
Prepaid expenses | 8,333 | 176 |
Total current assets | 8,789 | 463 |
Unproved mineral assets | 500,000 | |
Total Assets | 508,789 | 463 |
Current Liabilities: | ||
Accounts payable | 29,812 | 74,312 |
Accrued liabilities | 38,999 | 22,325 |
Due to related parties | 1,038 | 3,803 |
Note payable | 40,273 | |
Total current liabilities | 110,122 | 100,440 |
Total Liabilities | 110,122 | 100,440 |
Stockholders' Deficit | ||
Common stock value | 9,657 | 6,606 |
Additional paid-in capital | 755,935 | 129,234 |
Deficit | (366,925) | (235,817) |
Total stockholders' deficit | 398,667 | (99,977) |
Total Liabilities and Stockholders' Deficit | $ 508,789 | $ 463 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 96,571,589 | 66,063,880 |
Common stock, shares outstanding | 96,571,589 | 66,063,880 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses: | ||
Filing fees | $ 13,673 | $ 6,662 |
General and administrative | 2,221 | 735 |
Project investigation costs | 57,500 | |
Mineral exploration costs | 15,000 | |
Professional fees | 77,133 | 74,184 |
Total expenses | 108,027 | 139,081 |
Loss from operations | (108,027) | (139,081) |
Other Items | ||
Foreign currency transaction gain (loss) | 5,128 | (725) |
Gain (loss) on debt settlement | (28,209) | 85,519 |
Total other items | (23,081) | 84,794 |
Net and comprehensive (loss) | $ (131,108) | $ (54,287) |
Loss per common share - basic and diluted | $ (0.04) | $ 0 |
Weighted Average Number of Common Shares Outstanding - basic and diluted | 73,393,518 | 66,063,880 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Deficit | Total |
Beginning Balance, shares at Dec. 31, 2014 | 66,063,888 | |||
Beginning Balance, amount at Dec. 31, 2014 | $ 6,606 | $ 129,234 | $ (181,530) | $ (45,690) |
Net loss for the period | (54,287) | (54,287) | ||
Ending Balance, shares at Dec. 31, 2015 | 66,063,888 | |||
Ending Balance, amount at Dec. 31, 2015 | $ 6,606 | 129,234 | (235,817) | (99,977) |
Common stock issued for mineral property, shares | 30,000,000 | |||
Common stock issued for mineral property, value | $ 3,000 | 497,000 | 500,000 | |
Common stock issued for debt, shares | 507,709 | |||
Common stock issued for debt, value | $ 51 | 129,701 | 129,752 | |
Net loss for the period | (131,108) | (131,108) | ||
Ending Balance, shares at Dec. 31, 2016 | 96,571,589 | |||
Ending Balance, amount at Dec. 31, 2016 | $ 9,657 | $ 755,935 | $ (366,925) | $ 398,667 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | ||
Net income (loss) | $ (131,108) | $ (54,287) |
Non-cash item | ||
Accrued interest | 681 | |
Gain (loss) on debt settlement | (28,209) | 85,519 |
Foreign exchange gain (loss) | (1,701) | 164 |
Changes in net assets and liabilities: | ||
Prepaid expenses | (8,157) | |
Accounts payable | 41,875 | 54,522 |
Accrued liabilities | 16,674 | 15,945 |
Net cash provided by (used in) operating activities | (53,527) | (69,175) |
Financing Activities | ||
Amounts due to related party | 3,846 | (1,369) |
Proceeds from third party advances and loans | 49,850 | 70,000 |
Net cash provided by (used in) financing activities | 53,696 | 68,631 |
Net decrease in cash | 169 | (544) |
Cash - beginning of the period | 287 | 831 |
Cash - ending of the period | 456 | 287 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | ||
Income taxes paid |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Organization and Nature of Operations | NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS Horizon Minerals Corp. (the Company) was incorporated under the laws of the State of Delaware on May 11, 2011. On October 4, 2016, the Company entered into an Asset Purchase Agreement (the Agreement) with an arms-length party to acquire 1,023 lithium mineral claims in Nevada and California (the Claims). The acquisition resulted in a shift of the Companys business model to that of a mineral exploration. Going Concern The Companys financial statements are prepared on a going concern basis in accordance with US generally accepted accounting principles (GAAP) which contemplate the realization of assets and discharge of liabilities and commitments in the normal course of business. To date the Company has not generated operating revenues, and has accumulated losses of $366,925 since inception and as at December 31, 2016 had $456 cash on hand. The Company has funded its operations through the issuance of capital stock and debt. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Companys ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise new capital sufficient to fund its commitments and ongoing losses, and ultimately on generating profitable operations. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. Basis of Accounting The Companys financial statements are prepared using the accrual method of accounting, except for cash flow information. The Company has elected a December 31 fiscal year end. Use of Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, accounts payable, and due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. As required by the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1 Level 2 Level 3 Loss per Share Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents, such as stock options or warrants as of December 31, 2016 and 2015. Mineral Property Interests Costs of exploration and costs of carrying and retaining unproven properties are expensed as incurred. The Company considers mineral rights to be tangible assets and accordingly, the Company capitalizes certain costs related to the acquisition of mineral rights. Asset Retirement Obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations. Foreign currency translations Foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the period. Related translation adjustments as well as gains or losses resulting from foreign currency transactions are reported as a component of general and administrative expenses on a statement of operations. Income taxes Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, 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 income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. 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. Reclassification Certain prior period numbers have been reclassified to conform with current year presentation. Recent Pronouncements Recent accounting pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Related Party Transactions | NOTE 3 - RELATED PARTY TRANSACTIONS As at December 31, 2016, the Company was indebted to Mr. Robert Fedun, a director, CEO and CFO of the Company, in the amount of $10,038 (December 31, 2015 - $61,477). Of this balance, $1,038 (December 31, 2015 - $3,803) was associated with advances given to the Company by Mr. Fedun and was included in due to related party; and $9,000 (December 31, 2015 - $57,674) was associated with the services provided by Mr. Fedun, and was included in accounts payable. Amounts due to related party are due on demand, bear no interest, and are unsecured. During the year ended December 31, 2016, the Company accrued $36,000 (December 31, 2015 - $36,000) in consulting fees to Mr. Fedun. The consulting fees were recorded as part of professional fees on the Statement of Operations. On October 8, 2016, the Company reached an agreement with Mr. Fedun to convert $91,284 owed to Mr. Fedun into 456,419 restricted common shares of the Company at a deemed price of $0.20 per share. At the time of the conversion, the fair market value of the Companys common shares was $0.75 per share. The conversion resulted in a loss of $251,030 which was debited to Additional Paid in Capital (APIC) (Note 6). On October 28, 2016, the Company received $15,000 as a non-interest bearing advance from a related party. The advance was used to pay for the preliminary exploratory work on the Claims. The Company repaid the advance during the same year. |
Unproved Mineral Properties Dis
Unproved Mineral Properties Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Unproved Mineral Properties Disclosure | NOTE 4 - UNPROVED MINERAL PROPERTIES On October 4, 2016, the Company entered into the Agreement with an arms-length party (the Vendor) to acquire 423 twenty-acre lithium mineral claims situated in southern Nye County, Nevada and 600 twenty-acre lithium mineral claims located in California, for a total of 1,023 claims. As consideration for the Claims the Company agreed to issue the Vendor thirty million (30,000,000) restricted shares of the Companys common stock, which shares were issued on October 4, 2016. The value recorded for this acquisition was determined based on the estimated fair value of the Claims. In addition to the above payment, the Company agreed to pay a 2.0% carried gross production royalty on any mineral or fluid production from the Claims. On December 20, 2016, the Company amended the Agreement to increase the number of claims acquired by the Company from the Vendor from 1,023 claims to 1,365 claims, of which 306 claim units totaling 6,120 acres are fully registered and renewed and 1,059 claim units totaling 20,540 acres have been located, however, for which required fees have not been paid. To finalize the registration of the located units the Company will be required to pay the filing fees within 90 days from the date the claims were located. As of December 31, 2016, the Company recorded $15,000 associated with initial exploration activities on the Claims. |
Third Party Advances and Notes
Third Party Advances and Notes Payable Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Third Party Advances and Notes Payable Disclosure | NOTE 5 - THIRD PARTY ADVANCES AND NOTES PAYABLE On May 2, 2016, the Company received a $10,000 loan from a third party (the Lender) in exchange for a one-year promissory note accumulating interest at 10% per annum compounded annually. On October 8, 2016, the Company entered into a debt settlement agreement with the Lender to convert $10,258 owed to the Lender into 51,290 restricted common shares (the Shares) of the Company at $0.20 per share. At the time of conversion, the fair market value of the Companys common shares was $0.75 per share. The conversion resulted in a loss of $28,209 which was recorded as a loss on settlement of debt (Note 6). On November 1, 2016, the Company entered into a credit line agreement (the Qinn Agreement) with Qinn Media Limited (Qinn Media). Pursuant to the Qinn Agreement, the Company can use up to $60,000 for a duration of one year, expiring on October 31, 2017 (the Credit Line). Principal borrowed under the Credit Line is unsecured, and accrues interest at 8% per annum compounded annually. As at December 31, 2016, the Company had borrowed $39,850, and accrued $423 in interest associated with the Credit Line. As at December 31, 2015, the Company had received advances of $70,000 and had an additional $5,559 of expenses paid by this party on behalf of the Company. The amounts were due on demand, bore no interest, and were unsecured. During the year ended December 31, 2015, the advances were forgiven and the Company recognized a gain of $85,519 associated with these advances. |
Stockholders' Equity Disclosure
Stockholders' Equity Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Stockholders' Equity Disclosure | NOTE 6 - STOCKHOLDERS DEFICIT On October 4, 2016, pursuant to the Asset Purchase Agreement, the Company issued 30,000,000 restricted shares of its common stock to the Vendor of the Claims (Note 4). The shares were recorded at the estimated fair value of the Claims which was $500,000. On October 8, 2016, the Company entered into separate debt settlement agreements with a director of the Company and the Companys debt holder to convert a total of $101,542 into 507,709 restricted shares of the Companys common stock (Notes 3 and 5). The debt was converted at a deemed price of $0.20 per share. At the time of conversion the fair market value of the Companys common shares was $0.75 per share. The conversion resulted in a loss of $279,239, of which $251,030 was recorded through APIC and $28,209 through statement of operations as loss on debt settlement. During the year ended December 31, 2015, the Company did not have any transactions that resulted in issuance of its common stock. |
Income Taxes Disclosure
Income Taxes Disclosure | 12 Months Ended |
Dec. 31, 2016 | |
Notes | |
Income Taxes Disclosure | NOTE 7 - INCOME TAXES The provision for income taxes for the periods ended December 31, 2016 and 2015, are as follows: Years ended December 31, 2016 2015 Loss before income taxes $ (131,108) $ (54,287) Statutory tax rate 23.7% 23.7% Expected recovery of the income taxes (31,073) (12,866) Effect of change in tax rate -- (1,133) Change in valuation allowance 31,073 13,999 $ -- $ -- The Companys tax-effected deferred income tax assets and liabilities are estimated as follows: Years ended December 31, 2016 2015 Non-capital losses carried forward $ 82,309 $ 51,236 Less: Valuation allowance (82,309) (51,236) Net deferred income tax assets $ -- $ -- The Company has non-capital losses of $347,295, which may be carried forward to reduce taxable income in future years. The noncapital losses expire as follows: 2031 $ 34,516 2032 38,584 2033 15,875 2034 72,925 2035 54,287 2036 131,108 $ 347,295 |
Summary of Significant Accoun14
Summary of Significant Accounting Policies: Basis of Presentation and Accounting (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Basis of Presentation and Accounting | Basis of Presentation These financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. Basis of Accounting The Companys financial statements are prepared using the accrual method of accounting, except for cash flow information. The Company has elected a December 31 fiscal year end. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies: Use of Estimates and Assumptions (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, accounts payable, and due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. As required by the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1 Level 2 Level 3 |
Summary of Significant Accoun17
Summary of Significant Accounting Policies: Loss Per Share Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Loss Per Share Policy | Loss per Share Basic loss per share is computed by dividing losses available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents, such as stock options or warrants as of December 31, 2016 and 2015. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies: Mineral Property Interests Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Mineral Property Interests Policy | Mineral Property Interests Costs of exploration and costs of carrying and retaining unproven properties are expensed as incurred. The Company considers mineral rights to be tangible assets and accordingly, the Company capitalizes certain costs related to the acquisition of mineral rights. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies: Asset Retirement Obligations Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Asset Retirement Obligations Policy | Asset Retirement Obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies: Foreign Currency Translations Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Foreign Currency Translations Policy | Foreign currency translations Foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the period. Related translation adjustments as well as gains or losses resulting from foreign currency transactions are reported as a component of general and administrative expenses on a statement of operations. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies: Income Taxes Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Income Taxes Policy | Income taxes Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, 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 income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. 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. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies: Reclassification Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Reclassification Policy | Reclassification Certain prior period numbers have been reclassified to conform with current year presentation. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Policies | |
Recent Pronouncements | Recent Pronouncements Recent accounting pronouncements issued by the FASB or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Income Taxes Disclosure_ Schedu
Income Taxes Disclosure: Schedule of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Income Tax Expense (Benefit) | Years ended December 31, 2016 2015 Loss before income taxes $ (131,108) $ (54,287) Statutory tax rate 23.7% 23.7% Expected recovery of the income taxes (31,073) (12,866) Effect of change in tax rate -- (1,133) Change in valuation allowance 31,073 13,999 $ -- $ -- |
Income Taxes Disclosure_ Sche25
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Years ended December 31, 2016 2015 Non-capital losses carried forward $ 82,309 $ 51,236 Less: Valuation allowance (82,309) (51,236) Net deferred income tax assets $ -- $ -- |
Income Taxes Disclosure_ Summar
Income Taxes Disclosure: Summary of Non-Capital Losses Carryforwards (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tables/Schedules | |
Summary of Non-Capital Losses Carryforwards | 2031 $ 34,516 2032 38,584 2033 15,875 2034 72,925 2035 54,287 2036 131,108 $ 347,295 |
Organization and Nature of Op27
Organization and Nature of Operations (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Details | ||
Accumulated losses since inception | $ 366,925 | $ 235,817 |
Cash | $ 456 | $ 287 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Due to related parties | $ 1,038 | $ 3,803 |
Amount of debt to be converted to common shares | 129,752 | |
Sole director, CEO and CFO | ||
Due to related parties | 1,038 | 3,803 |
Accounts payable to related parties | 9,000 | 57,674 |
Consulting fees incurred from a related party | 36,000 | $ 36,000 |
Amount of debt to be converted to common shares | $ 91,284 | |
Common shares issued for debt | 456,419 | |
Value per share being converted for debt | $ 0.20 |
Unproved Mineral Properties D29
Unproved Mineral Properties Disclosure (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)shares | |
Mineral exploration costs | $ 15,000 |
Lithium mineral claims | |
Common stock issued for mineral property | shares | 30,000,000 |
Production royalty fee | 2.00% |
Mineral claims acquired | On December 20, 2016, the Company amended the Agreement to increase the number of claims acquired by the Company from the Vendor from 1,023 claims to 1,365 claims, of which 306 claim units totaling 6,120 acres are fully registered and renewed and 1,059 claim units totaling 20,540 acres have been located, however, for which required fees have not been paid. |
Mineral exploration costs | $ 15,000 |
Third Party Advances and Note30
Third Party Advances and Notes Payable Disclosure (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2016 | |
Proceeds from third party advances and loans | $ 49,850 | $ 70,000 | |
Amount of debt to be converted to common shares | 129,752 | ||
Gain (loss) on debt settlement | 28,209 | (85,519) | |
Gain (loss) on debt settlement | (28,209) | $ 85,519 | |
Loan from a third party | |||
Proceeds from third party advances and loans | $ 10,000 | ||
Interest rate per annum | 10.00% | ||
Amount of debt to be converted to common shares | $ 10,258 | ||
Common shares issued for debt | 51,290 | ||
Value per share being converted for debt | $ 0.20 | ||
Qinn Agreement | |||
Proceeds from third party advances and loans | $ 39,850 | ||
Interest rate per annum | 8.00% | ||
Line of Credit provided | $ 60,000 | ||
Accrued interest | $ 423 |
Stockholders' Equity Disclosu31
Stockholders' Equity Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amount of debt to be converted to common shares | $ 129,752 | |
Gain (loss) on debt settlement | $ 28,209 | $ (85,519) |
Asset Purchase Agreement | ||
Common stock issued for mineral property | 30,000,000 | |
Debt Settlement Agreements | ||
Amount of debt to be converted to common shares | $ 101,542 | |
Common shares issued for debt | 507,709 | |
Value per share being converted for debt | $ 0.20 | |
Decrease in additional paid in capital | $ 251,030 | |
Gain (loss) on debt settlement | $ 28,209 |
Income Taxes Disclosure_ Sche32
Income Taxes Disclosure: Schedule of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Loss before income taxes | $ (131,108) | $ (54,287) |
Statutory tax rate | 23.70% | 23.70% |
Expected recovery of income taxes | $ (31,073) | $ (12,866) |
Effect of change in tax rate | (1,133) | |
Change in valuation allowance | $ 31,073 | $ 13,999 |
Income Taxes Disclosure_ Sche33
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Details | ||
Non-capital losses carried forward | $ 82,309 | $ 51,236 |
Less: Valuation allowance | $ (82,309) | $ (51,236) |
Income Taxes Disclosure_ Summ34
Income Taxes Disclosure: Summary of Non-Capital Losses Carryforwards (Details) | Dec. 31, 2016USD ($) |
Non-capital losses which may be carried forward | $ 347,295 |
2,031 | |
Non-capital losses which may be carried forward | 34,516 |
2,032 | |
Non-capital losses which may be carried forward | 38,584 |
2,033 | |
Non-capital losses which may be carried forward | 15,875 |
2,034 | |
Non-capital losses which may be carried forward | 72,925 |
2,035 | |
Non-capital losses which may be carried forward | 54,287 |
2,036 | |
Non-capital losses which may be carried forward | $ 131,108 |