Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Sanborn Resources, Ltd. | ' |
Entity Central Index Key | '0001530874 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
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 | ' | 0 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $873 | $17,094 |
Total current assets | 873 | 17,094 |
Total Assets | 873 | 17,094 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 37,500 | 20,539 |
Notes payable - related party | 48,600 | ' |
Total Current Liabilities | 86,100 | 20,539 |
Stockholders' Deficit: | ' | ' |
Preferred stock, par value $0.0001 per shares, 20,000,000 shares authorized; no shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | ' | ' |
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized; 42,674,381 and 42,381,281 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 4,267 | 4,238 |
Additional paid-in capital | 167,026 | 152,488 |
Common stock payable | 7 | ' |
Accumulated deficit | -256,527 | -160,171 |
Total stockholders' deficit | -85,227 | -3,445 |
Total Liabilities and Stockholders' Deficit | $873 | $17,094 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock shares authorized | 20,000,000 | 20,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $0.00 | $0.00 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock shares issued | 42,674,381 | 42,674,381 |
Common stock shares outstanding | 42,381,281 | 42,381,281 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' |
Cost of goods sold | ' | ' | ' | ' |
Gross profit | ' | ' | ' | ' |
Operating Expenses: | ' | ' | ' | ' |
Professional fees | 600 | 5,277 | 48,189 | 122,426 |
Compensation expense | 37,500 | 16,600 | 37,500 | 46,600 |
Mining concession fees | ' | 17,875 | ' | 140,740 |
General and administrative | 181 | 10,855 | 10,667 | 60,496 |
Total operating expenses | 38,281 | 50,607 | 96,356 | 370,262 |
Net loss from operations | -38,281 | -50,607 | -96,356 | -370,262 |
Other Expenses | ' | ' | ' | ' |
Other income | ' | 20,506 | ' | 20,506 |
Interest expense | ' | -26,586 | ' | -49,402 |
Total other expenses | ' | -6,080 | ' | -28,896 |
Net loss from continuing operations before provision for income taxes | -38,281 | -56,687 | -96,356 | -399,158 |
Provision for Income Taxes | ' | ' | ' | ' |
Loss from continuing operations | -38,281 | -56,687 | -96,356 | -399,158 |
Unrealized foreign currency translation income (loss) | ' | 5,760 | ' | -42,818 |
Comprehensive income (loss) | ($38,281) | ($107,614) | ($96,356) | ($441,976) |
Basic earnings (loss) per common share: | ($0.00) | ($0.00) | ($0.00) | ($0.00) |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 42,674,381 | 88,277,322 | 42,674,381 | 138,295,788 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($96,356) | ($399,158) |
Adjustments to reconcile net loss to net cash provided by (used in) by operating activities: | ' | ' |
Depreciation and amortization | ' | 3,017 |
Shares issued for services | 8,000 | ' |
Taxes receivable | ' | 1,840 |
Management fees accrued | 37,500 | ' |
Changes in net assets and liabilities: | ' | ' |
Prepaid expenses | ' | 974 |
Accounts payable and accrued expenses | -13,965 | 116,293 |
Net Cash Used in Operating Activities | -64,821 | -277,034 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Issuance of note receivable | ' | -10,000 |
Payment received on note receivable | ' | 10,000 |
Cash acquired in acquisition | ' | 10,678 |
Cash used in acquisition | ' | -750,265 |
Net Cash Used in Investing Activities | ' | -739,587 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from notes payable | ' | 1,015,000 |
Proceeds from notes payable - related party | 48,600 | ' |
Net Cash Provided by Financing Activities | 48,600 | 1,015,000 |
Effect of Exchange Rate Changes on Cash | ' | -726 |
Net Increase (decrease) in Cash | -16,221 | -2,346 |
Cash - Beginning of Year | 17,094 | 2,346 |
Cash - End of Year | 873 | ' |
Cash paid during the period for: | ' | ' |
Interest | ' | ' |
Income taxes | ' | ' |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ' | ' |
Common stock issued for services | 8,000 | ' |
Common stock issued for conversion of accounts payable | 6,574 | ' |
Notes payable assumed in connection with sale of subsidiary | $1,065,000 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Organization | |
Sanborn Resources, Ltd., (the “Company”), was incorporated under the laws of the State of Delaware on May 17, 2011. The Company’s business was in the mining field and has discontinued its efforts in the mining and mineral business. | |
Basis of presentation | |
The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. | |
The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with the Plan of Operations for the year ended December 31, 2013. | |
Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the six months ended June 30, 2014 are not necessarily indicative of results for the full fiscal year. | |
Year end | |
The Company’s year-end is December 31. | |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. | |
Cash and cash equivalents | |
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. | |
Revenue recognition | |
We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. | |
Stock-based compensation | |
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. | |
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. | |
Fair value of financial instruments | |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses, bank overdraft and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. | |
Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. | |
Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. | |
Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. | |
Recent pronouncements | |
On June 10, 2014, the FASB published Accounting Standards Update No. 2014-10 “ASU No. 2014-10”, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU No. 2014-10 removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. ASU No. 2014-10 will be applied retrospectively and will be effective for public business entities in interim and annual periods beginning after December 15, 2014. The requirements will be effective for nonpublic business entities for annual periods beginning after December 15, 2014, and interim and annual periods thereafter. However, both public and nonpublic entities will have additional time to adopt the amendments to ASC 810. Early adoption is permitted in all cases. We have applied ASU No. 2014-10 retrospectively by eliminating the inception to date column in our statements of operations and cash flows. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GOING CONCERN | ' |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company incurred a net loss from continuing operations for the nine months ended September 30, 2014 of $96,356. As of September 30, 2014, the accumulated deficit was $256,527. In addition, the Company’s activities during the nine months ended September 30, 2014 have been financially sustained through equity financing and loans from related parties. | |
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED_PARTY_TRASACTIONS
RELATED PARTY TRASACTIONS | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRASACTIONS | ' |
During the nine months ended September 30, 2014, the Company received loans from a shareholder of the Company totaling $48,600. The loan is due in one year and has a stated interest rate of 0% per annum. The Company analyzed the imputed interest on this loan and has determined that it is immaterial and no interest has been recorded. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
The Company is authorized to issue 20,000,000 shares of its $0.0001 par value preferred stock and 1,000,000,000 shares of its $0.0001 par value common stock. | |
Common stock | |
In January 2014, the Company issued 93,100 shares of common stock in exchange for the settlement of accounts payable totaling $3,724. | |
In January 2014, the Company issued 200,000 shares of common stock in exchange for legal services totaling $8,000. | |
In June 2014, the Company agreed to issue 71,250 shares of common stock in exchange for the settlement of accounts payable totaling $2,850. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
The Company has evaluated subsequent events through the date the financial statements were issued and has not identified any reportable events. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
Sanborn Resources, Ltd., (the “Company”), was incorporated under the laws of the State of Delaware on May 17, 2011. The Company’s business was in the mining field and has discontinued its efforts in the mining and mineral business. | |
Basis of presentation | ' |
The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. | |
The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with the Plan of Operations for the year ended December 31, 2013. | |
Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the six months ended June 30, 2014 are not necessarily indicative of results for the full fiscal year. | |
Year end | ' |
The Company’s year-end is December 31. | |
Use of estimates | ' |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. | |
Cash and cash equivalents | ' |
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. | |
Revenue recognition | ' |
We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. | |
Stock-based compensation | ' |
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. | |
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. | |
Fair value of financial instruments | ' |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses, bank overdraft and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. | |
Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. | |
Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. | |
Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. | |
Recent pronouncements | ' |
On June 10, 2014, the FASB published Accounting Standards Update No. 2014-10 “ASU No. 2014-10”, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU No. 2014-10 removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. ASU No. 2014-10 will be applied retrospectively and will be effective for public business entities in interim and annual periods beginning after December 15, 2014. The requirements will be effective for nonpublic business entities for annual periods beginning after December 15, 2014, and interim and annual periods thereafter. However, both public and nonpublic entities will have additional time to adopt the amendments to ASC 810. Early adoption is permitted in all cases. We have applied ASU No. 2014-10 retrospectively by eliminating the inception to date column in our statements of operations and cash flows. |
GOING_CONCERN_Details_Narrativ
GOING CONCERN (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Net loss from continuing operations | ($38,281) | ($56,687) | ($96,356) | ($399,158) | ' |
Accumulated deficit | ($256,527) | ' | ($256,527) | ' | ($160,171) |
RELATED_PARTY_TRASACTIONS_Deta
RELATED PARTY TRASACTIONS (Details Narrative) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Received loan from shareholder | $48,600 |
Interest rate | 0.00% |
STOCKHOLDERS_EQUITY_Details_Na
STOCKHOLDERS' EQUITY ( Details Narrative ) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' |
Preferred stock shares authorized | 20,000,000 | 20,000,000 |
Preferred stock par value | $0.00 | $0.00 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock par value | $0.00 | $0.00 |