Remmington Enterprises (RMMG) 10-Q 21 Jul 14 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Apr. 30, 2014	Jul. 17, 2014
Document And Entity Information	'	'
Entity Registrant Name	'REMMINGTON ENTERPRISES, INC.	'
Entity Central Index Key	'0001529293	'
Document Type	'10-Q	'
Document Period End Date	30-Apr-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--07-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	15,349,833
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Balance_Sheets

Balance Sheets (USD $)	Apr. 30, 2014	Jul. 31, 2013
Current assets	'	'
Cash	'	$811
Total current assets	'	811
Other assets	'	'
Capitalized mining claims	'	20,600
Total assets	'	21,411
Current liabilities	'	'
Accounts payable and accrued expenses	17,778	127,621
Note payable	24,435	'
Total current liabilities	42,213	127,621
Stockholders (deficit)	'	'
Preferred stock, $0.001 par value; 10,000,000 shares authorized, None issued and outstanding at April 24, 2014 and July 31, 2013, respectively	'	'
Common stock, $0.001 par value; 90,000,000 shares authorized, 14,950,000 and 12,900,000 issued and outstanding at April 24, 2014 and July 31, 2013, respectively	14,950	12,900
Additional paid-in capital	40,300	40,300
Subscriptions receivable	-2,050	'
Accumulated (deficit)	-95,413	-159,410
Total stockholders (deficit)	-42,213	-106,210
Total liabilities and stockholders (deficit)	'	$21,411

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Apr. 30, 2014	Jul. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred Stock, Par Value	$0.00	$0.00
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Issued	0	0
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, Issued	14,950,000	12,900,000

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014	Apr. 30, 2013
Income Statement [Abstract]	'	'	'	'
Revenue	'	'	'	'
Operating expenses:	'	'	'	'
Professional fees	17,645	13,000	49,850	56,915
General and administrative	17,173	'	24,425	960
Total operating expenses	34,818	13,000	74,275	57,875
Loss from continuing operations	-24,818	-13,000	-74,275	-57,875
Gain on sale of asset - related party	'	'	138,271	'
Net income (loss) before income tax provision	-34,818	-13,000	63,997	-57,875
Provision for income taxes	'	'	'	'
Net income (loss)	($34,818)	($13,000)	$63,997	($57,875)
Net income (loss) per share - basic and diluted	$0	$0	$0	$0
Weighted average number of shares outstandings - basic and diluted	14,950,000	12,900,000	13,695,971	12,900,000

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Cash flows from operating activities of continuing operations:	'	'
Net income (loss)	$63,997	($57,875)
Gain on the sale of mining assets - related party	-138,271	'
Changes in operating assets and liabilities:	'	'
Accounts payable and accrued expenses	49,839	9,844
Net cash (used) by operating activities of continuing operations	-24,435	-8,031
Cash flows from financing activities:	'	'
Proceeds from notes payable	24,435	'
Net cash provided by financing activities of continuing operations	24,435	'
Net increase (decrease) in cash	'	-8,031
Cash - beginning of period	'	11,642
Cash - end of period	'	3,611
Supplemental disclosures of cash flow information:	'	'
Cash paid for interest	'	'
Cash paid for taxes	'	'
Supplemental non-cash information:	'	'
Liabilities assumed in connection with sale of mining assets	($158,871)	'

Nature_of_Business_and_Summary

Nature of Business and Summary of Significant Accounting Policies	9 Months Ended
	Apr. 30, 2014
Accounting Policies [Abstract]	'
NATURE OF BUSINESS and Summary of Significant Accounting Policies	'
	(A) Nature of Operations
	Remmington Enterprises, Inc. (the "Company") was incorporated under the laws of the State of Nevada on July 15, 2011.  As of January 15, 2014, Remmington Enterprises, Inc. is no longer in the business of precious metal mineral acquisition, exploration and development.
	During January 2014, the Company underwent a significant change in direction. On January 16, 2014 the former CEO and sole director of the Company, Gary Scroggins resigned and immediately was replaced by Hans Morgan Van Niekerk. Simultaneously, the Company assigned all of the assets as well as relinquished assumption of all the obligations as of that date to Mr. Scroggins. Under the new direction of Mr. Van Niekerk, Remmington Enterprises, Inc. is currently evaluating alternative business opportunities.
	(B) Basis of Presentation
	The accompanying unaudited condensed financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America.
	The accompanying unaudited condensed financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of April 30, 2014, and the results of its operations and cash flows for the three and nine months ended April 30, 2014. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”). The Company believes that the disclosures in the unaudited condensed financial statements are adequate to make the information presented not misleading. However, the unaudited condensed financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K for the year ended July 31, 2013 filed with the Commission on October 29, 2013.
	The Company has adopted a July 31 year end.
	(C) Use of Estimates
	In preparing financial statements in conformity with generally accepted accounting principles in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period.  Actual results could differ from those estimates.
	(D) Cash and Cash Equivalents
	The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.  At April 30, 2014 and July 31, 2013, the Company had $0 and $811 in cash equivalents, respectively.
	(E) Fair Value of Financial Instruments
	Financial instruments consist of cash, accounts receivable, accounts payable, notes payable and advances payable. Recorded values of cash, receivables, accounts payable and accrued liabilities approximate fair values due to the short maturities of such instruments. Recorded values for notes payable and related liabilities approximate fair values, since their stated or imputed interest rates are commensurate with prevailing market rates for similar obligations.
	(F) Earnings (Loss) Per Share
	The Company reports earnings (loss) per share in accordance with ASC Topic 260-10. Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of April 30, 2014, there were no potential common shares underlying warrants or options.
	(G) Revenue Recognition
	The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of extracted minerals, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured.
	(H) Income Taxes
	Income taxes are accounted for under the asset and liability method in accordance with ASC Topic 740-10. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss 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 income in the period that includes the enactment date. When it is considered to be more likely than not that a deferred tax asset will not be realized, a valuation allowance is provided for the excess.
	(I) New Accounting Standards
	On June 10, 2014, the Financial Accounting Standards Board (FASB) issued a new accounting statement that reduces some of disclosures and reporting requirements for development stage companies. The change will be in effect for the interim and annual periods beginning after December 15, 2014. As of such date, among other things development stage entities will no longer be required to report inception-to-date information. The company has elected early adoption of this pronouncement and will no longer being reporting inception-to-date information.

Going_Concern

Going Concern	9 Months Ended
	Apr. 30, 2014
Notes to Financial Statements	'
Going Concern	'
	The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has net income from operations of $63,997 during the nine months ended April 30, 2014 and has an accumulated (deficit) of $95,413.
	These conditions give rise to doubt about the Company’s ability to continue as a going concern. These financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to obtain additional financing or sale of its common stock as may be required and ultimately to attain profitability.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Apr. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Asset purchase
	On January 15, 2014 the Company entered into an Agreement of Conveyance, Transfer and Assignment of Obligations with the Company’s sole officer and director. Pursuant to the Agreement, the Company transferred all assets related to its mineral exploration business, including mining claims with originally acquired on July 26, 2011 for cash of $20,600. In exchange for the assignment of assets, all liabilities totalling $158,871, relating to the former mineral exploration business were cancelled or assumed by the sole officer and director.

Advance_Payable

Advance Payable	9 Months Ended
	Apr. 30, 2014
Debt Disclosure [Abstract]	'
Advance Payable	'
	During the period ended April 30, 2014, the Company received a short-term cash advance for operating expenses in the amount of $24,435 which is non-interest bearing and due on demand. In connection with receipt of the advance and in contemplation of the Company’s May 2, 2014 Share Exchange Agreement, the Company entered into a Replacement Promissory note in the amount of $419,000 whereby the holder agreed to forgive the original advance up to $24,000 (See Note 6).

Stockholders_Deficit

Stockholders (Deficit)	9 Months Ended
	Apr. 30, 2014
Equity [Abstract]	'
Stockholders (Deficit)	'
	We are authorized to issue up to 90,000,000 shares of $0.001 par value common stock and 10,000,000 shares of $0.001 par value preferred stock. The Preferred Stock may be issued in one or more series, with all rights and preferences being determined by the board of directors.
	Preferred Stock
	The voting rights, rate of dividends preference in relation to other classes or series, and rights in the event of liquidation related to shares of Preferred Stock of any series are determined by the board of directors and may vary from time to time.
	Common Stock
	Holders of common stock have voting rights equal to one vote for each share of Common Stock held and are entitled to receive dividends when, and if declared by the board of directors subject to the rights of any Preferred Stock having preference as to dividends. In the event of liquidation or dissolution, subject to the rights of Preferred Stock holders are entitled to share ratably in the Corporations assets. Holders of Common Stock do not have conversion, redemption or preemptive rights.
	On January 15, 2014 the Company issued 2,050,000 shares of its par value common stock in exchange for a subscription receivable in the amount of $2,050. In addition to the aforementioned sale, on January 16, 2014, the Company’s sole officer and director sold 10,000,000 shares of common stock held personally in a private transaction, to the purchaser and resigned as an officer and director whereby effectuating a change in control of the Company.

Subsequent_Events

Subsequent Events	9 Months Ended
	Apr. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	In accordance with ASC 855, management evaluated all activity of the Company through the issue date of the financial statements and concluded that no other subsequent events have occurred that would require recognition or disclosure in the financial statements other than the following:
	On May 1, 2014, the Company entered into a Replacement Promissory Note in the amount of $419,000 with Knight Financial, Ltd. In contemplation of the Company’s Share Exchange Agreement with Mitovie Pharma Europe, Ltd. (“Mitovie”). Mitovie previously issued a Senior Secured Bridge Loan in the principal amount of $81,421 of which, $24,435 was advanced to the Company during the period ended April 30, 2013. Knight agreed to forgive up to $24,000 of the original note. The Replacement Promissory Note bears interest at a rate of 6% per annum, matures on May 1, 2018 and is unsecured. Additionally, on May 2, 2014, the Company sold Knight Financial, Ltd. 69,833 common shares at a price of $6 per share, for a total transaction value of $418,998.
	On May 2 2014, the Company completed its acquisition of Mitovie pursuant to the Exchange Agreement, under the terms of which, the shareholders of Mitovie received 12,280,000 shares of the Company’s common stock in exchange for 100% of the outstanding capital stock of Mitovie. The Exchange is being accounted for as a reverse acquisition and recapitalization. Mitovie is the acquirer for accounting purposes and the Company is the issuer. Accordingly, Mitovie’s historical financial statements for periods prior to the acquisition become those of the acquirer retroactively restated for the equivalent number of shares received in the Exchange. The accumulated deficit of Mitovie is carried forward after the acquisition. Operations prior to the Exchange are those of Mitovie. Earnings per share for the period prior to the Exchange are restated to reflect the equivalent number of shares outstanding. There were 15,505,000 shares of the Company’s common stock outstanding before giving effect to the stock issuances in the exchange. Immediately following the exchange, the Company’s majority shareholder cancelled its 12,050,000 shares. In connection with the Share Exchange Agreement, the Company entered into a Lock-Up Agreement with the acquiring shareholders whereby the Company and the shareholders agree to a one year prohibition on the sales or transfers of common stock held by the shareholders.
	On May 2, 2014, the Company appointed three officers of Mitovie as officers and directors of the Company and assumed liabilities related to previously issued compensation agreements as follows:
	Services agreement
	On March 1, 2014, Mitovie entered into an employment agreement with Ms. Lorna Peers to act in the capacity of the Company’s chief financial officer and director of finance. Pursuant to the terms of the agreement, the Company will pay annual compensation of £100,000 (approximately $167,110), and standard employee benefits subject to a probationary period of six-months. The term of the agreement is indefinite but may be cancelled with six month written notice by either party.
	Services agreement
	On March 1, 2014, Mitovie entered into an employment agreement with Dr. Michael Hawthorne to act in the capacity of the Company’s chief executive officer and director. Pursuant to the terms of the agreement, the Company will pay annual compensation of £100,000 (approximately $167,110), and standard employee benefits subject to a probationary period of six-months. The term of the agreement is indefinite but may be cancelled with six month written notice by either party.
	Services agreement
	On March 1, 2014, Mitovie entered into an employment agreement with Mr. Vinod Kaushal to act in the capacity of chairman of the board of directors. Pursuant to the terms of the agreement, the Company will pay annual compensation of £100,000 (approximately $167,110), and standard employee benefits subject to a probationary period of six-months. The term of the agreement is indefinite but may be cancelled with six month written notice by either party.

Nature_of_Business_and_Summary1

Nature of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Apr. 30, 2014
Accounting Policies [Abstract]	'
Nature of Operations	'
	Remmington Enterprises, Inc. (the "Company") was incorporated under the laws of the State of Nevada on July 15, 2011.  As of January 15, 2014, Remmington Enterprises, Inc. is no longer in the business of precious metal mineral acquisition, exploration and development.
	During January 2014, the Company underwent a significant change in direction. On January 16, 2014 the former CEO and sole director of the Company, Gary Scroggins resigned and immediately was replaced by Hans Morgan Van Niekerk. Simultaneously, the Company assigned all of the assets as well as relinquished assumption of all the obligations as of that date to Mr. Scroggins. Under the new direction of Mr. Van Niekerk, Remmington Enterprises, Inc. is currently evaluating alternative business opportunities.
Basis of Presentation	'
	The accompanying unaudited condensed financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America.
	The accompanying unaudited condensed financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of April 30, 2014, and the results of its operations and cash flows for the three and nine months ended April 30, 2014. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”). The Company believes that the disclosures in the unaudited condensed financial statements are adequate to make the information presented not misleading. However, the unaudited condensed financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K for the year ended July 31, 2013 filed with the Commission on October 29, 2013.
	The Company has adopted a July 31 year end.
Use of Estimates	'
	In preparing financial statements in conformity with generally accepted accounting principles in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period.  Actual results could differ from those estimates.
Cash and Cash Equivalents	'
	The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.  At April 30, 2014 and July 31, 2013, the Company had $0 and $811 in cash equivalents, respectively.
Fair Value of Financial Instruments	'
	Financial instruments consist of cash, accounts receivable, accounts payable, notes payable and advances payable. Recorded values of cash, receivables, accounts payable and accrued liabilities approximate fair values due to the short maturities of such instruments. Recorded values for notes payable and related liabilities approximate fair values, since their stated or imputed interest rates are commensurate with prevailing market rates for similar obligations.
Earnings (Loss) Per Share	'
	The Company reports earnings (loss) per share in accordance with ASC Topic 260-10. Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of April 30, 2014, there were no potential common shares underlying warrants or options.
Revenue Recognition	'
	The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of extracted minerals, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured.
Income Taxes	'
	Income taxes are accounted for under the asset and liability method in accordance with ASC Topic 740-10. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss 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 income in the period that includes the enactment date. When it is considered to be more likely than not that a deferred tax asset will not be realized, a valuation allowance is provided for the excess.
New Accounting Standards	'
	On June 10, 2014, the Financial Accounting Standards Board (FASB) issued a new accounting statement that reduces some of disclosures and reporting requirements for development stage companies. The change will be in effect for the interim and annual periods beginning after December 15, 2014. As of such date, among other things development stage entities will no longer be required to report inception-to-date information. The company has elected early adoption of this pronouncement and will no longer being reporting inception-to-date information.

Nature_of_Business_and_Summary2

Nature of Business and Summary of Significant Accounting Policies (Details Narrative) (USD $)	9 Months Ended
	Apr. 30, 2014	Jul. 31, 2013
Accounting Policies [Abstract]	'	'
Date Of Incorporation	15-Jul-11	'
Current Fiscal Year End Date	'--07-31	'
Cash	'	$811

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014	Apr. 30, 2013	Jul. 31, 2013
Notes to Financial Statements	'	'	'	'	'
Net loss	($34,818)	($13,000)	$63,997	($57,875)	'
Accumulated (deficit)	($95,413)	'	($95,413)	'	($159,410)

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	9 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Jul. 31, 2013
Related Party Transactions [Abstract]	'	'	'
Capitalized mining claims	'	'	$20,600
Liabilities assumed in connection with sale of mining assets	($158,871)	'	'

Advance_Payable_Details_Narrat

Advance Payable (Details Narrative) (USD $)	9 Months Ended
	Apr. 30, 2014	2-May-14	Jul. 31, 2013
Debt Disclosure [Abstract]	'	'	'
Note payable	$24,435	$24,435	'
Promissory Note	'	419,000	'
Forgiveness of advance	$24,000	'	'

Stockholders_Deficit_Details_N

Stockholders (Deficit) (Details Narrative) (USD $)	2-May-14	Apr. 30, 2014	Jan. 15, 2014	Jul. 31, 2013
Equity [Abstract]	'	'	'	'
Common Stock, Shares Authorized	'	90,000,000	'	90,000,000
Common Stock, Par Value	'	$0.00	'	$0.00
Preferred Stock, Shares Authorized	'	10,000,000	'	10,000,000
Preferred Stock, Par Value	'	$0.00	'	$0.00
Stock Subscription, Shares Issued	69,833	'	2,050,000	'
Stock Subscription, Proceeds	$418,998	'	$2,050	'
Common Stock sold by Sole Officer	'	'	10,000,000	'

Subsequent_Events_Details_Narr

Subsequent Events (Details Narrative) (USD $)	9 Months Ended
	Apr. 30, 2014	2-May-14	Jan. 15, 2014	Jul. 31, 2013	Mar. 01, 2014	Mar. 01, 2014	Mar. 01, 2014
					Chief Executive Officer	Chief Financial Officer	Board of Directors
Issuance date	1-May-14	'	'	'	'	'	'
Note payable	'	$419,000	'	'	'	'	'
Interest rate	'	6.00%	'	'	'	'	'
Maturity date	1-May-18	'	'	'	'	'	'
Principal amount	'	81,421	'	'	'	'	'
Note payable	24,435	24,435	'	'	'	'	'
Forgiveness of advance	24,000	'	'	'	'	'	'
Stock subscription, common shares issued	'	69,833	2,050,000	'	'	'	'
Stock subscription, common shares price per share	'	$6	'	'	'	'	'
Stock subscription, proceeds	'	418,998	2,050	'	'	'	'
Common stock, outstanding	'	15,050,000	'	'	'	'	'
Common stock, cancelled	'	12,050,000	'	'	'	'	'
Stock subcription, proceeds no longer collectible	'	2,050	'	'	'	'	'
Stock issued to subsidiary	'	12,280,000	'	'	'	'	'
Interest in subsidiary	'	100.00%	'	'	'	'	'
Annual compensation	'	'	'	'	$167,110	$167,110	$167,110