NATURE AND CONTINUANCE OF OPERATION | 6 Months Ended |
Apr. 30, 2014 |
NATURE AND CONTINUANCE OF OPERATION [Abstract] | ' |
NATURE AND CONTINUANCE OF OPERATION | ' |
NOTE 1 - NATURE AND CONTINUANCE OF OPERATION |
Dino Energy Corporation, formerly Gysan Holdings Inc., (the "Corporation") was incorporated in the state of Nevada, United States on March 11, 2011. On June 10, 2011, the Corporation acquired Gysan Enterprises Ltd. of Calgary, Alberta, Canada as its wholly owned subsidiary. Gysan Enterprises Ltd. ("Gysan Alberta") was incorporated on November 4, 2009 with its head office located in Calgary, Alberta, Canada. Gysan Alberta provides supporting services to an auction company to establish a new flooring division and focuses on selling and marketing various types of floor coverings, namely, engineered hardwood, and laminates to the local market. Corporation clients include homeowners, business owners, and custom builders from Calgary and the surrounding areas. |
On January 23, 2013, Dino Energy Corporation acquired all the outstanding shares of Dino Energy Investments, Ltd. ("Dino"), a British Virgin Island Company incorporated on April 12, 2012, from Dino's current shareholders in exchange for 65,000,000 common shares and 45,000,000 preferred shares of the Corporation. As a result of the transaction, Dino has become a wholly-owned subsidiary of the Corporation. Dino is a newly-formed oil and gas company. It is expected that Dino, as a subsidiary of the Corporation, will conduct all exploration and production activities through a wholly-owned subsidiary incorporated under the laws of Alberta, Canada. |
Although the Corporation was the legal acquirer, the transaction was accounted for as a recapitalization of Dino in the form of a reverse merger, whereby Dino becomes the accounting acquirer and was deemed to have retroactively adopted the capital structure of the Corporation. Accordingly, the accompanying consolidated financial statements reflect the historical consolidated financial statements of Dino for all periods presented, and do not include the historical financial statements of the Corporation. All costs associated with the reverse merger transaction were expensed as incurred. |
As of November 1, 2013, Dino Energy Investment, Ltd. has been dissolved. The Corporation will continue to conduct its business through Dino Energy Investment Alberta Ltd., a wholly-owned subsidiary incorporated under the laws of Alberta, Canada. |
The Corporation's financial statements have been prepared in accordance with accounting principles generally accepted in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Corporation has a net loss of $61,000 for the period ended April 30, 2014 and at April 30, 2014 had a deficit accumulated since its inception of $565,887. The Corporation has working capital deficit of $518,118 as at April 30, 2014. The Corporation requires additional funds to maintain its existing oil and gas developments and exploration plans. These conditions raise substantial doubt about the Corporation's ability to continue as a going concern. Management's plans in this regard are to raise equity and debt financing as required, but there is no certainty that such financing will be available or that it will be available at acceptable terms. The financing environment is difficult and the outcome of these matters cannot be predicted at this time. |