Remmington Enterprises (RMMG) 10-Q 12 Dec 13 2013 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Oct. 31, 2013	Dec. 12, 2013
Document And Entity Information	'	'
Entity Registrant Name	'REMMINGTON ENTERPRISES, INC.	'
Entity Central Index Key	'0001529293	'
Document Type	'10-Q	'
Document Period End Date	31-Oct-13	'
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	'	13,000,000
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2013	'

Balance_Sheets

Balance Sheets (USD $)	Oct. 31, 2013	Jul. 31, 2013
Current assets	'	'
Cash	$811	$811
Total current assets	811	811
Other assets	'	'
Capitalized mining claims	20,600	20,600
Total other assets	20,600	20,600
Total assets	21,411	21,411
Current liabilities	'	'
Accounts payable and accrued expenses	142,729	127,621
Total current liabilities	142,729	127,621
Stockholders (deficit)	'	'
Preferred stock, $0.001 par value; 10,000,000 shares authorized, None issued and outstanding at October 31, 2013 and July 31, 2013, respectively	'	'
Common stock, $0.001 par value; 90,000,000 shares authorized, 12,900,000 issued and outstanding at October 31, 2013 and July 31, 2013, respectively	12,900	12,900
Additional paid-in capital	40,300	40,300
Deficit accumulated during the exploration stage	-172,518	-159,410
Total stockholders (deficit)	-119,318	-106,210
Total liabilities and stockholders (deficit)	$21,411	$21,411

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Oct. 31, 2013	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	12,900,000	12,900,000

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		28 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Income Statement [Abstract]	'	'	'
Revenue	'	'	'
Operating expenses:	'	'	'
Professional fees	13,033	27,742	163,344
Exploration costs	'	606	6,166
General and administrative	75	185	3,008
Total operating expenses	13,108	28,533	172,518
Loss from operating activities	-13,108	-28,533	-174,518
Provision for incomes taxes	'	'	'
Net loss	($13,108)	($28,533)	($172,518)
Net loss per share - basic and fully diluted	$0	$0	'
Weighted average number shares outstanding	12,900,000	12,900,000	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended		28 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Cash flows from operating activities:	'	'	'
Net loss	($13,108)	($28,533)	($172,518)
Changes in operating assets and liabilities:	'	'	'
Accounts payable and accrued expenses	13,108	23,427	140,729
Net cash (used) by operating activities	'	-5,106	-31,789
Cash flows from investing activities:	'	'	'
Purchase of mining claims	'	'	-20,600
Net cash (used) in investing activities	'	'	-20,600
Cash flows from financing activities:	'	'	'
Proceeds from the sales of common stock – related party	'	'	30,000
Proceeds from the sales of common stock	'	'	23,200
Net cash provided by financing activities	'	'	53,200
Net increase (decrease) in cash	'	-5,106	811
Cash – beginning of period	811	11,642	'
Cash – end of period	811	6,536	811
Supplemental disclosures of cash flow information:	'	'	'
Cash paid for interest	'	'	'
Cash paid for taxes	'	'	'

Nature_of_Business_And_Summary

Nature of Business And Summary Of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2013
Accounting Policies [Abstract]	'
Nature of Business And Summary Of Significant Accounting Policies	'
	A)Nature of Operations
	Remmington Enterprises, Inc. (an exploration stage company) (the "Company") was incorporated under the laws of the State of Nevada on July 15, 2011. Remmington Enterprises, Inc. is a precious metal mineral acquisition, exploration and development company.
	(B) Basis of Presentation
	The Company is in the exploration stage in accordance with Accounting Standards Codification (“ASC”) Topic No. 915.
	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 October 31, 2013, and the results of its operations and cash flows for the three-months ended October 31, 2013 and the period from July 15, 2011 (inception) to October 31, 2013. 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 consolidated 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 S-1/A 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, 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 October 31, 2013 and July 31, 2013, the Company had no cash equivalents.
	(E) Exploration and Development Costs
	In general, exploration costs are expensed as incurred. When the Company has determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. During the three months ended October 31, 2013 and 2012, the Company recorded exploration costs of $0 and $606, respectively.
	(F) Impairment of Long-Lived Assets
	The Company accounts for its long-lived assets in accordance with ASC Topic 360-10. ASC Topic 360-10 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value or disposable value. During the period ended October 31, 2013, no impairment was recognized.
	(G) 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.
	(H) 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 October 31, 2013, there were no potential common shares underlying warrants or options.
	(I) 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.
	Delivery on mineral sales is determined to be complete for revenue recognition purposes when title and risk of loss has passed to the customer in accordance with stated contractual terms and there is no future obligations related to the shipment. Title generally passes as the minerals are loaded into transport carriers for delivery to the customer.
	(J) 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 carryforwards. 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.
	(K) New Accounting Standards
	We do not believe there are any recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s financial statements.

Going_Concern

Going Concern	3 Months Ended
	Oct. 31, 2013
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 incurred a net loss of $172,518 for the period of July 15, 2011 (Inception) to October 31, 2013.
	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.

Mining_Properties

Mining Properties	3 Months Ended
	Oct. 31, 2013
Notes to Financial Statements	'
Mining Properties	'
	On July 26, 2011, the Company acquired four lode mining claims for cash totaling $20,600.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Oct. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	On July 19, 2011, the Company issued 10,000,000 shares of its restricted common stock to its sole officer and director at a rate of $0.003 per share. (See NOTE 5)

Stockholders_Deficit

Stockholders (Deficit)	3 Months Ended
	Oct. 31, 2013
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 July 19, 2011, the Company issued 10,000,000 shares of its common stock to its sole officer and director for cash totaling $30,000.
	During the year ended July 31, 2012, the Company issued a total of 3,000,000 shares of its common stock at a price of $0.008 per share for a total of $23,200 cash and $800 in stock subscriptions receivable. In August 2012 the stock subscription receivable of $800 was considered uncollectible and thus has been written off the books utilizing that effective date.

Subsequent_Events

Subsequent Events	3 Months Ended
	Oct. 31, 2013
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.

Nature_of_Business_And_Summary1

Nature of Business And Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2013
Accounting Policies [Abstract]	'
Nature of Operations	'
	A)Nature of Operations
	Remmington Enterprises, Inc. (an exploration stage company) (the "Company") was incorporated under the laws of the State of Nevada on July 15, 2011. Remmington Enterprises, Inc. is a precious metal mineral acquisition, exploration and development company.
Basis of Presentation	'
	(B) Basis of Presentation
	The Company is in the exploration stage in accordance with Accounting Standards Codification (“ASC”) Topic No. 915.
	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 October 31, 2013, and the results of its operations and cash flows for the three-months ended October 31, 2013 and the period from July 15, 2011 (inception) to October 31, 2013. 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 consolidated 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 S-1/A 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	'
	(C) Use of Estimates
	In preparing financial statements in conformity with generally accepted accounting principles, 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	'
	(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 October 31, 2013 and July 31, 2013, the Company had no cash equivalents.
Exploration and Development Costs	'
	(E) Exploration and Development Costs
	In general, exploration costs are expensed as incurred. When the Company has determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. During the three months ended October 31, 2013 and 2012, the Company recorded exploration costs of $0 and $606, respectively.
Impairment of Long-Lived Assets	'
	(F) Impairment of Long-Lived Assets
	The Company accounts for its long-lived assets in accordance with ASC Topic 360-10. ASC Topic 360-10 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate.
	The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value or disposable value. During the period ended October 31, 2013, no impairment was recognized.
Fair Value of Financial Instruments	'
	(G) 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	'
	(H) 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 October 31, 2013, there were no potential common shares underlying warrants or options.
Revenue Recognition	'
	(I) 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.
	Delivery on mineral sales is determined to be complete for revenue recognition purposes when title and risk of loss has passed to the customer in accordance with stated contractual terms and there is no future obligations related to the shipment. Title generally passes as the minerals are loaded into transport carriers for delivery to the customer.
Income Taxes	'
	(J) 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 carryforwards. 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	'
	(K) New Accounting Standards
	We do not believe there are any recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s financial statements.

Nature_of_Business_And_Summary2

Nature of Business And Summary Of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended		28 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Accounting Policies [Abstract]	'	'	'
Date Of Incorporation	15-Jul-11	'	'
Current Fiscal Year End Date	'--07-31	'	'
Cash And Cash Equivalents	$0	$0	$0
Exploration costs	'	$606	$6,166

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	3 Months Ended		28 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Notes to Financial Statements	'	'	'
Net loss	($13,108)	($28,533)	($172,518)

Mining_Properties_Details_Narr

Mining Properties (Details Narrative) (USD $)	3 Months Ended		28 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013
Notes to Financial Statements	'	'	'
Purchase of Mining Claims	'	'	$20,600
Date claims were acquired	'	'	26-Jul-11

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	0 Months Ended
	Jul. 19, 2011	Jul. 31, 2012
Related Party Transactions [Abstract]	'	'
Stock Issued To Sole Officer and Director	10,000,000	'
Common Stock Stated Value Per Share	$0.00	$0.01

Stockholders_Deficit_Details_N

Stockholders (Deficit) (Details Narrative) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended	28 Months Ended
	Jul. 19, 2011	Oct. 31, 2013	Oct. 31, 2012	Jul. 31, 2012	Oct. 31, 2013	Jul. 31, 2013	Aug. 30, 2012
Equity [Abstract]	'	'	'	'	'	'	'
Common Stock Shares Authorized	'	90,000,000	'	'	90,000,000	90,000,000	'
Common Stock Par Value Per Share	'	$0.00	'	'	$0.00	$0.00	'
Preferred Stock Shares Authorized	'	10,000,000	'	'	10,000,000	10,000,000	'
Preferred Stock Par Value Per Share	'	$0.00	'	'	$0.00	$0.00	'
Stock Issued To Sole Officer and Director	10,000,000	'	'	'	'	'	'
Proceeds From Stock Issued To Sole Officer and Director	$30,000	'	'	'	'	'	'
Shares Issued For Cash	'	'	'	3,000,000	'	'	'
Common Stock Stated Value Per Share	$0.00	'	'	$0.01	'	'	'
Proceeds From Issuance Of Common Stock	'	'	'	23,200	23,200	'	'
Stock Subscriptions Receivable From Issuance Of Common Stock	'	'	'	800	'	'	'
Stock Subscription Receivable Deemed Uncollectible	'	'	'	'	'	'	$800