Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Oct. 13, 2014 | Dec. 31, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'Cassidy Ventures Inc. | ' | ' |
Entity Central Index Key | '0001530425 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
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 Public Float | ' | ' | $54,562,500 |
Entity Common Stock, Shares Outstanding | ' | 135,000,000 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
ASSETS | ' | ' |
TOTAL ASSETS | $0 | $0 |
Current Liabilities | ' | ' |
Accounts payable and accrued expenses | 20,328 | 82,773 |
Accounts payable and accrued expenses-related party | 255,000 | ' |
Shareholder advances | 24,683 | 19,920 |
Total current liabilities | 300,011 | 102,693 |
TOTAL LIABILITIES | 300,011 | 102,693 |
STOCKHOLDERS' DEFICIT | ' | ' |
Common stock, $0.001 par value, 256,000,000 shares authorized; 135,000,000 shares issued and outstanding at June 30, 2014 and at June 30, 2013 | 135,000 | 135,000 |
Additional paid-in capital | -24,500 | -24,500 |
Accumulated deficit | -410,511 | -213,193 |
TOTAL STOCKHOLDERS' DEFICIT | -300,011 | -102,693 |
TOTAL LIABILITITES & STOCKHOLDERS' DEFICIT | $0 | $0 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
STOCKHOLDERS' DEFICIT | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 256,000,000 | 256,000,000 |
Common stock, issued | 135,000,000 | 135,000,000 |
Common stock, outstanding | 135,000,000 | 135,000,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Costs | ' | ' |
Consulting fee expense | ' | $75,000 |
Management fees and rent | ' | 13,500 |
Exploration expense | ' | 8,474 |
Professional fees | 13,981 | 15,356 |
General and administative | 183,337 | 7,459 |
Loss from operations | -197,318 | -119,789 |
Other income/(expense) | ' | ' |
Impairment loss | ' | -5,888 |
Net Loss | ($197,318) | ($125,677) |
Basic loss per share | $0 | $0 |
Weighted average number of common shares outstanding | 135,000,000 | 135,000,000 |
Statements_of_Stockholders_Def
Statements of Stockholder's Deficit (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at Jun. 30, 2012 | $135,000 | ($38,000) | ($87,516) | $9,484 |
Beginning Balance, Shares at Jun. 30, 2012 | 135,000,000 | ' | ' | ' |
Donated services | ' | 13,500 | ' | 13,500 |
Net loss | ' | ' | -125,677 | -125,677 |
Ending Balance, Amount at Jun. 30, 2013 | 135,000 | -24,500 | -213,193 | -102,693 |
Ending Balance, Shares at Jun. 30, 2013 | 135,000,000 | ' | ' | ' |
Net loss | ' | ' | -197,318 | -197,318 |
Ending Balance, Amount at Jun. 30, 2014 | $135,000 | ($24,500) | ($410,511) | ($300,011) |
Ending Balance, Shares at Jun. 30, 2014 | 135,000,000 | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($197,318) | ($125,677) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Donated services | ' | 13,500 |
Impairment loss | ' | -5,888 |
Changes in operating assets and liabilities: | ' | ' |
Accounts payable and accrued expenses | 12,555 | 4,407 |
Accounts payable and accrued expenses-related party | 180,000 | 75,000 |
Net cash used in operating activities | -4,763 | -26,882 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisition of mining claim | ' | ' |
Net cash used in investing activities | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from shareholder advances | 4,763 | 19,900 |
Net cash provided by financing activities | 4,763 | 19,900 |
Net change in cash | ' | -6,982 |
Cash and cash equivalents at beginning of period | ' | 6,982 |
Cash and cash equivalents at end of period | ' | ' |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Cash paid during year for : Interest | ' | ' |
Cash paid during year for : Income Taxes | ' | ' |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
Note 1. ORGANIZATION AND DESCRIPTION OF BUSINESS | ' |
Cassidy Ventures, Inc. (the “Company”) was incorporated in the State of Nevada on September 14, 2009, and its year-end is June 30. The Company is in the exploration stage with no revenues and limited operating history. | |
The accompanying unaudited interim financial statements of Cassidy Ventures, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s 10K Annual Report filed with the SEC. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements, for fiscal 2013, as reported, have been omitted. | |
Certain amounts in the 2013 financial statements have been reclassified to conform to the 2014 financial statement presentation. These reclassifications have no impact on net income (loss). |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Basis of Accounting | |
The Company’s financial statements are prepared using the accrual method of accounting and are presented in United States Dollars. | |
The Company has elected to adopt early application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements; it no longer presents or discloses inception-to-date information and other remaining disclosure requirements of Topic 915. | |
Basic Earnings (loss) per Share | |
The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. | |
Basic net earnings (loss) per share amounts are computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Recent Accounting Pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING_CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
NOTE 3. GOING CONCERN | ' |
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $410,511 at June 30, 2014 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from directors and/or private placement of common stock. | |
There is no guarantee that the Company will be able to raise any capital through any type of offering. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
NOTE 4. RELATED PARTY TRANSACTIONS | ' |
On February 1, 2013, the Company entered into a 24 month consulting agreement with William Drury, an Officer of this Company and WICAWIBE LLC. 297 President Street, Brooklyn, NY 11231. The agreement ends on February 1, 2015 and the monthly fee is $15,000. Mr Drury has agreed to defer payment of said fees until the Company receives additional operating capital or upon completion of this agreement. As of June 30, 2014 and 2013, the accrued expense is $255,000 and $75,000. During the years ended June 30, 2014 and 2013, the Company incurred consulting expense of $180,000 and $75,000, respectively, pursuant to the consulting agreement. | |
The officer of the Company could become involved in other business activities as they become available. This could create a conflict between the Company and the other business interests. The Company has not formulated a policy for the resolution of such a conflict should one arise. | |
Shareholder advances from a related party as of June 30, 2014 and 2013 are $24,683 and $19,920, respectively. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
NOTE 5. INCOME TAXES | ' | ||||||||
The Company follows ASC 740. 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 costs carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverably taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward and accrued expenses has been recognized as it is not determined likely to be realized. | |||||||||
The provision for refundable Federal income tax consists of the following for the periods ending: | |||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
Federal income tax benefit attributable to: | |||||||||
Net operating loss | $ | 67,088 | $ | 42,730 | |||||
Less, valuation allowance | (67,088 | ) | (42,730 | ) | |||||
Net benefit | $ | - | $ | - | |||||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount as follows | |||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
Deferred tax attributed: | |||||||||
Deferred tax benefits –accrued expenses | $ | 86,700 | $ | 25,500 | |||||
Net operating loss carryover and accrued expenses | 52,874 | 46,986 | |||||||
Less valuation allowance | (139,574 | ) | (72,486 | ) | |||||
Net Deferred Tax Asset | $ | - | $ | - | |||||
On June 30, 2014 the Company had an unused net operating loss carry-forward of $410,511 that is available to offset future taxable income; the loss carry-forward will start to expire in 2031. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance. |
MINERAL_PROPERTY
MINERAL PROPERTY | 12 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
NOTE 6. MINERAL PROPERTY | ' |
On June 17, 2011, the Company paid $5,888 for the property acquisition of claim # 4256860 in the Thunder Bay mining district of, Ontario, Canada. During the period ended June 30, 2013, the Company recognized an impairment loss of $5,888 on the mining claim. | |
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
NOTE 7. EQUITY TRANSACTIONS | ' |
On March 6, 2013, the Company declared a stock dividend of nineteen (19) shares of common stock at par value of $0.001 per share, to all shareholders of record as of this date, effective 10 days after notification to the Financial Industry Regulatory Authority (“FINRA”). | |
On March 7, 2013, the Company authorized an Amendment to the Articles of Incorporation, allowing the Company to issue up to a maximum of two hundred and fifty six million (256,000,000) shares of common stock at a par value of $0.001 per share. | |
As of June 30, 2014 there are 256,000,000 shares of common stock at par value of $0.001 per share authorized and 135,000,000 issued and outstanding. | |
The stock dividend has been shown retroactively. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
NOTE 8. SUBSEQUENT EVENTS | ' |
The Company evaluated all events or transactions that occurred after June 30, 2014 up through the date these financial statements were available for issuance. During this period, the Company did not have any material recognizable subsequent events. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Summary Of Significant Accounting Policies Policies | ' |
Basis of Accounting | ' |
The Company’s financial statements are prepared using the accrual method of accounting and are presented in United States Dollars. | |
The Company has elected to adopt early application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements; it no longer presents or discloses inception-to-date information and other remaining disclosure requirements of Topic 915. | |
Basic Earnings (loss) per Share | ' |
The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. | |
Basic net earnings (loss) per share amounts are computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. | |
Cash and Cash Equivalents | ' |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Recent Accounting Pronouncements | ' |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Income Taxes Tables | ' | ||||||||
Federal income tax benefit attributable to | ' | ||||||||
The provision for refundable Federal income tax consists of the following for the periods ending: | |||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
Federal income tax benefit attributable to: | |||||||||
Net operating loss | $ | 67,088 | $ | 42,730 | |||||
Less, valuation allowance | (67,088 | ) | (42,730 | ) | |||||
Net benefit | $ | - | $ | - | |||||
Deferred tax attributed: | ' | ||||||||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount as follows | |||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
Deferred tax attributed: | |||||||||
Deferred tax benefits –accrued expenses | $ | 86,700 | $ | 25,500 | |||||
Net operating loss carryover and accrued expenses | 52,874 | 46,986 | |||||||
Less valuation allowance | (139,574 | ) | (72,486 | ) | |||||
Net Deferred Tax Asset | $ | - | $ | - |
ORGANIZATION_AND_DESCRIPTION_O1
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) | 12 Months Ended |
Jun. 30, 2014 | |
Nature Of Operations Details Narrative | ' |
State of incorporation | 'State of Nevada |
Date of incorporation | 14-Sep-09 |
GOING_CONCERN_Details_Narrativ
GOING CONCERN (Details Narrative) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Going Concern Details Narrative | ' | ' |
Accumulated Deficit | ($410,511) | ($213,193) |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Related Party Transactions Details Narrative | ' | ' |
Loans from shareholder | $24,683 | $19,920 |
Accrued expense | 255,000 | 75,000 |
consulting expense | $180,000 | $75,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Federal income tax benefit attributable to: | ' | ' |
Net operating loss | $67,088 | $42,730 |
Less, valuation allowance | -67,088 | -42,730 |
Net benefit | ' | ' |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Deferred tax attributed: | ' | ' |
Deferred tax benefits -accrued expenses | $86,700 | $25,500 |
Net operating loss carryover and accrued expenses | 52,874 | 46,986 |
Less valuation allowance | -139,574 | -72,486 |
Net Deferred Tax Asset | ' | ' |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Income Taxes Details Narrative | ' |
Unused net operating loss carry-forward | $410,511 |
Loss carry-forward expiry period | '2031 |
EQUITY_TRANSACTIONS_Details_Na
EQUITY TRANSACTIONS (Details Narrative) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Equity Transactions Details Narrative | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 256,000,000 | 256,000,000 |
Common stock, issued | 135,000,000 | 135,000,000 |
Common stock, outstanding | 135,000,000 | 135,000,000 |