Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Nov. 30, 2015 | May 31, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | MASCOTA RESOURCES CORP. | |
Document Type | 10-K | |
Document Period End Date | Nov. 30, 2015 | |
Trading Symbol | masr | |
Amendment Flag | false | |
Entity Central Index Key | 1,536,089 | |
Current Fiscal Year End Date | --11-30 | |
Entity Common Stock, Shares Outstanding | 3,100,000 | |
Entity Public Float | $ 31,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited for November 30, 2015) - USD ($) | Nov. 30, 2015 | Nov. 30, 2014 |
Current Assets | ||
Cash | $ 3,600 | $ 0 |
Total Current Assets | 3,600 | 0 |
Total Assets | 3,600 | 0 |
Current Liabilities | ||
Accounts Payable | 5,393 | 15,123 |
Accrued Interest, Related Parties | 2,410 | 604 |
Notes Payable, Related Parties | 51,104 | 16,436 |
Total Current Liabilities | 58,907 | 32,163 |
Total Liabilities | 58,907 | 32,163 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock | 0 | 0 |
Common Stock | 3,100 | 3,100 |
Additional paid-in capital | 81,332 | 81,332 |
Accumulated deficit | (139,739) | (116,595) |
Total Stockholders' Deficit | (55,307) | (32,163) |
Total Liabilities and Stockholders' Deficit | $ 3,600 | $ 0 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Nov. 30, 2015 | Nov. 30, 2014 |
Statement of Financial Position | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Common Stock, Shares Issued | 3,100,000 | 3,100,000 |
Common Stock, Shares Outstanding | 3,100,000 | 3,100,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited for Years Ended November 30, 2015) - USD ($) | 12 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
Statement of Income | ||
Revenue | $ 0 | $ 0 |
Operating Expenses | ||
General and administrative | 21,338 | 35,491 |
Total Operating Expenses | 21,338 | 35,491 |
Operating loss | (21,338) | (35,491) |
Interest expense | 1,806 | 1,411 |
Net loss | $ (23,144) | $ (36,902) |
Basic and diluted loss per share | $ (0.01) | $ (0.01) |
Weighted average number of shares outstanding - basic | 3,100,000 | 3,081,918 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT For the Years Ended November 30, 2015 (Unaudited) and 2014 - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Stockholders' Deficit Total |
Balance, Value at Nov. 30, 2013 | $ 2,000 | $ 13,000 | $ (79,693) | $ (64,693) | |
Balance, Shares at Nov. 30, 2013 | 2,000,000 | 0 | 0 | 0 | |
Shares issued for cash, net of commission, Value | $ 1,100 | $ 7,050 | $ 0 | $ 8,150 | |
Shares issued for cash, net of commission, Shares | 1,100,000 | 0 | 0 | 0 | |
Forgiveness of shareholder's notes and interest | $ 0 | $ 61,282 | $ 0 | $ 61,282 | |
Profit (loss) | 0 | 0 | (36,902) | (36,902) | |
Balance, Value at Nov. 30, 2014 | $ 3,100 | $ 81,332 | $ (116,595) | $ (32,163) | |
Balance, Shares at Nov. 30, 2014 | 3,100,000 | 3,100,000 | 0 | 0 | 0 |
Profit (loss) | $ 0 | $ 0 | $ (23,144) | $ (23,144) | |
Balance, Value at Nov. 30, 2015 | $ 3,100 | $ 81,332 | $ (139,739) | $ (55,307) | |
Balance, Shares at Nov. 30, 2015 | 3,100,000 | 3,100,000 | 0 | 0 | 0 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited for the Year Ended November 30, 2015) - USD ($) | 12 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net loss | $ (23,144) | $ (36,902) |
Change in operating assets and liabilities: | ||
Decrease in prepaid expenses | 0 | 1,178 |
Increase (decrease) in accounts payable | (9,730) | 8,223 |
Increase in accrued interest, related parties | 1,806 | 1,411 |
Net Cash provided by operating activities | (31,068) | (26,090) |
Cash Flows from Investing Activities | ||
Net Cash (used by) Investing Activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Shares sold for cash, net of commission | 0 | 8,150 |
Proceeds from notes payable, related parties | 34,668 | 16,436 |
Net Cash provided by Financing Activities | 34,668 | 24,586 |
Net increase (decrease) in cash | 3,600 | (1,504) |
Cash at beginning of period | 0 | 1,504 |
Cash at end of period | 3,600 | 0 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | 0 |
Non- Cash Investing and financing activities | ||
Forgiveness of related party notes and interest | $ 0 | $ 61,282 |
Note 1 Nature of Operations
Note 1 Nature of Operations | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 1 Nature of Operations | Note 1 Nature of Operations Mascota Resources Corp. ("the Company," "we," "us," or "our") was incorporated in the state of Nevada on November 3, 2011. The Company is an exploration stage company and was formed for the purpose of acquiring exploration and development stage mineral properties. On November 9, 2011, the Company incorporated a wholly-owned subsidiary, MRC Exploration LLC ("MRC"), in the State of Nevada for the purpose of mineral exploration. During May 2013, MRC acquired a Uranium mineral claim located in the Athabasca Basin, within the Province of Saskatchewan, Canada (the "Claim"). Subsequently, the required exploration and development expenditures were not made and the ownership interest in the Claim lapsed on May 3, 2015 and as of that date, the Company no longer held a beneficial interest in the Claim. The Company's business plan is to proceed with the acquisition and exploration of feasible mineral claims to determine whether there are commercially exploitable reserves of gold, silver and uranium. Our geological consulting firm is well-experienced in the mineral exploration business and will provide us with the expected costs of exploration to determine the commercial viability of the prospect. |
Note 2 Going Concern
Note 2 Going Concern | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 2 Going Concern | Note 2 Going Concern These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations in the ordinary course of business. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company has not yet achieved profitable operations, has accumulated losses of $139,739 since its inception through November 30, 2015 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company may be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available or on acceptable terms, if at all. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence. |
Note 3 Summary of Significant A
Note 3 Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 3 Summary of Significant Accounting Policies | Note 3 Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in US dollars. The Company has adopted a November 30 year end. Consolidated Statements These consolidated financial statements include the accounts of the Company and MRC Exploration LLC., a wholly owned subsidiary incorporated in Nevada, USA on November 9, 2011. All significant inter-company transactions and balances have been eliminated. Foreign Currency Translation The Company's functional currency is the United States dollar as substantially all of the Company's operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission ("SEC"). Assets and Liabilities Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period, if applicable. Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders' Equity, if applicable. Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses are included in the Statement of Operations and Comprehensive Loss. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimated. Exploration Stage Accounting The Company is an exploration stage company, as defined in pronouncements of the Financial Accounting Standards Board (FASB) and Industry Guide #7 of the Securities and Exchange Commission. Generally accepted accounting principles govern the recognition of revenue by an exploration stage enterprise and the accounting for costs and expenses. As an exploration stage company is also required to make additional disclosures as defined under the then current Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915, "Development-Stage Entities." Additional disclosures required are that our financial statements be identified as those of an exploration stage company, and that the statements of operations, changes in changes in stockholders' deficit and cash flows disclosed activity since the date of its Inception (November 3, 2011). Effective June 10, 2014, the FASB changed its regulations with respect to development stage entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2015, with the option for entities to early adopt these new provisions. The Company has elected to early adopt these provisions and consequently these additional disclosures are not included in its financial statements. Proven and Probable Reserves The definition of proven and probable reserves is set forth in SEC Industry Guide 7. Proven reserves are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or quality are computed from the results of detailed sampling; and (c) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established. Probable reserves are reserves for which quantity and grade and/or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. In addition, reserves cannot be considered proven and probable until they are supported by a feasibility study, indicating that the reserves have had the requisite geologic, technical and economic work performed and are economically and legally extractable at the time of the reserve determination. As of November 30, 2015, none of our mineralized material met the definition of proven or probable reserves. Cash Equivalents The Company considers all short term investments purchased with an original maturity of three months or less to be cash equivalents. Investments in Mining Rights Mining rights held for development are recorded at the cost of the rights, plus related acquisition costs. These costs will be amortized when extraction begins. Mining rights the Company acquired in 2013 and held briefly but never developed further were expensed upon acquisition. Mine Development Costs Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred at a mine site before proven reserves have been established are expensed as mine development costs. At the point proven reserves have been established at a mine site, such costs will be capitalized and will be written off as depletion expense as the minerals are extracted. As of November 30, 2015, none of the Company's mine concessions met the requirements for qualification as having proven reserves, and no mine development costs had been incurred. Income Taxes We account for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Current tax benefits are offset by a valuation reserve as they are considered not likely to be realized in the foreseeable future. Recognition of Revenue Revenue will be recognized when persuasive evidence of an arrangement exists, such as when a purchase order or contract is received from a customer, the price is fixed, title to the goods has passed, and there is reasonable assurance of collection. The Company has not yet entered into any contractual arrangement to deliver product or services. Advertising Costs The Company will expense advertising costs when advertisements occur. There has been no spending thus far on advertising. Net Income (Loss) Per Share In accordance with accounting guidance now codified as FASB ASC Topic 260, "Earnings per Share," basic earnings per share ("EPS") is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the year end November 30, 2015 or 2014. New Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Note 4 Investment in Mining Rig
Note 4 Investment in Mining Rights | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 4 Investment in Mining Rights | Note 4 Investment in Mining Rights On May 3, 2013, the Company's consulting geologist acquired a 100% legal and beneficial ownership interest in a Uranium mineral claim for $10,000, paid by the Company and expensed immediately upon acquisition, which he held in trust for the Company pursuant to a Mineral Claim Trust Agreement, dated May 3, 2013. The Mineral Claim was located in the Northeast Athabasca Basin, in the Province of Saskatchewan, Canada. The required exploration and development expenditures to keep the Claim active were not made as required by the Agreement. The ownership interest lapsed on May 3, 2015 and as of that date the Company no longer held a beneficial interest in the Claim. |
Note 5 Related Party Transactio
Note 5 Related Party Transactions | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 5 Related Party Transactions | Note 5 Related Party Transactions On March 10, 2014, the Company's then-President, Maria Ponce, forgave loans totaling $58,500 and accrued interest of $2,782. The unsecured loans bore interest of 6% and were comprised of advances made to the Company by Ms. Ponce during the period of November 2011 through September 2013 with an original maturity date of December 31, 2016. As the gain on forgiveness of repayment of these loans was with a related party, the gain was recognized in additional paid-in capital. Ms. Ponce resigned as the Company's President on March 17, 2014. She was replaced as President by Dale Rasmussen. In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or officer and directors. The following advances are considered temporary in nature and have not been formalized by a promissory note. The Company's President, Dale Rasmussen, loaned the Company the following amounts: Date Amount March 19, 2014 $ 12,935 June 24, 2014 2,375 August 29, 2014 1,102 November 30, 2014 24 Total, November 30, 2014 & 2015 $ 16,436 The Company's Secretary, Mark Rodenbeck, loaned the Company the following amounts: Date Amount May 1, 2015 $ 15,000 September 5, 2015 19,668 Total, November 30, 2015 $ 34,668 The loans totaled $51,104 at November 30, 2015, were unsecured, bore 6% interest per annum, and were due on demand. Interest expense on the loans totaled $1,806 and $1,411 for the years ended November 30, 2015 and 2014, respectively, and accrued interest was $2,410 and $604 at November 30, 2015 and 2014, respectively. In June 2016, these loans and accrued interest were either forgiven or repaid with the Company's common and preferred stock, as detailed in Note 9. |
Note 6 Stockholders' Deficit
Note 6 Stockholders' Deficit | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 6 Stockholders' Deficit | Note 6 Stockholders' Deficit Authorized Share Capital The authorized share capital of the Company consists of 90,000,000 shares of common stock with par value of $0.001 and 10,000,000 shares of preferred stock with a par value of $0.001. Preferred Stock No preferred stock had been issued or outstanding since November 3, 2011 (Inception) through November 30, 2015. On June 28, 2016, the Company issued 50,000 shares of its preferred stock to one of its Directors in satisfaction of a loan made to the Company (Note 9). Common Stock On December 6, 2013, the Company issued 1,100,000 common shares at $0.0075 per share for total proceeds of $8,250 pursuant to a private placement. The Company paid commissions of $100 for net proceeds of $8,150. As of November 30, 2015 and 2014, the Company had 3,100,000 shares of common stock issued and outstanding. Additional Paid-In Capital Effective March 10, 2014, the then-President, Maria Ponce, forgave the repayment of loans she had made to the Company totaling $58,500 and accrued interest of $2,782. As the gain on forgiveness of repayment of these loans was with a related party, the total gain of $61,282 was recognized in additional paid-in capital. |
Note 7 Income Taxes
Note 7 Income Taxes | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 7 Income Taxes | Note 7 Income Taxes Deferred income taxes are determined based on the estimated future tax effects of differences between financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets are recognized to the extent that realization of those assets is considered to be more likely than not. A valuation allowance is established for deferred taxes when it is more likely than not that all or a portion of the deferred tax assets will not be realized. Provisions are made for the U.S. income tax liability and additional non-U.S. taxes on the undistributed earnings of non-U.S. subsidiaries, except for amounts Mascota Resources Corp. has designated to be indefinitely reinvested. The Company records benefits for uncertain tax positions based on an assessment of whether the position is more likely than not to be sustained by the taxing authorities. If this threshold is not met, no tax benefit of the uncertain tax position is recognized. If the threshold is met, the tax benefit that is recognized is the largest amount that is greater than 50% likely of being realized upon ultimate settlement. This analysis presumes the taxing authorities' full knowledge of the positions taken and all relevant facts, but does not consider the time value of money. The Company also accrues for interest and penalties on its uncertain tax positions and includes such charges in its income tax provision in the Consolidated Statements of Operations. Net deferred tax assets (liabilities) consist of the following components as of November 30, 2015 and 2014: Deferred tax assets: 2015 2014 NOL Carryover $ 20,960 $ 17,489 Valuation allowance (20,960 ) (17,489 ) Net deferred tax asset $ - $ - The income tax provision differs from the amount of estimated income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the periods ended November 30, 2015 and 2014 due to the following: 2015 2014 Book Loss (15% statutory rate) $ (3,471 ) $ (5,535 ) Change in valuation allowance 3,471 5,535 Tax at effective rate $ - $ - The Company had net operating loss carryforwards of approximately $139,739, (2014: $116,595), that may be offset against future taxable income from the year 2015 through 2034. No tax benefit has been reported in the November 30, 2015 or 2014 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. There is no provision for state taxes, since the Company's operations have been limited to administrative expenses and fund-raising in the state of its incorporation (Nevada) which has no income tax. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended November 30, 2015, 2014, 2013, and 2012. |
Note 8 Management Changes
Note 8 Management Changes | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 8 Management Changes | Note 8 Management Changes On February 17, 2015, the Board of Directors appointed Mark Rodenbeck to serve as an additional Director of the Company. On February 17, 2015, Dale Rasmussen tendered his resignation as the Company's Secretary effective as of the same date. Mr. Rasmussen's resignation was not a result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board accepted Mr. Rasmussen's resignation and appointed Mr. Rodenbeck to serve as the Company's Secretary. Mr. Rasmussen continues to be the Company's Chief Executive and Chief Financial Officer. Ms. Ponce resigned as the Company's President on March 17, 2014. She was replaced as President by Dale Rasmussen. |
Note 9 Subsequent Events
Note 9 Subsequent Events | 12 Months Ended |
Nov. 30, 2015 | |
Notes | |
Note 9 Subsequent Events | Note 9 Subsequent Events In January 2016, Mr. Rodenbeck loaned the Company $20,150, which is unsecured, bears interest at 6% per annum, and is due on demand. On June 21, 2016, 2,000,000 shares of common stock owned by Maria Ponce, the Company's former President, were canceled and returned to treasury. On June 28, 2016, the Company issued 50,000 shares of its common stock and 50,000 shares of its preferred stock to Dale Rasmussen in satisfaction of Rasmussen's loans made to the Company totaling $16,436. Mr. Rasmussen further agreed to forgive all accrued interest due on those loans. On June 28, 2016, the Company also issued 2,740,750 shares of its common stock to Mark Rodenbeck in satisfaction of Rodenbeck's loans made to the Company totaling $54,818. Mr. Rodenbeck also agreed to forgive all accrued interest due on those loans. The Company evaluated subsequent events through the date these financial statements were issued. Other than those set out above, there have been no subsequent events after November 30, 2015 for which disclosure is required. |
Note 3 Summary of Significant16
Note 3 Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in US dollars. The Company has adopted a November 30 year end. |
Note 3 Summary of Significant17
Note 3 Summary of Significant Accounting Policies: Consolidated Statements (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Consolidated Statements | Consolidated Statements These consolidated financial statements include the accounts of the Company and MRC Exploration LLC., a wholly owned subsidiary incorporated in Nevada, USA on November 9, 2011. All significant inter-company transactions and balances have been eliminated. |
Note 3 Summary of Significant18
Note 3 Summary of Significant Accounting Policies: Foreign Currency Translation (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Foreign Currency Translation | Foreign Currency Translation The Company's functional currency is the United States dollar as substantially all of the Company's operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission ("SEC"). Assets and Liabilities Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period, if applicable. Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders' Equity, if applicable. Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses are included in the Statement of Operations and Comprehensive Loss. |
Note 3 Summary of Significant19
Note 3 Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimated. |
Note 3 Summary of Significant20
Note 3 Summary of Significant Accounting Policies: Exploration Stage Accounting (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Exploration Stage Accounting | Exploration Stage Accounting The Company is an exploration stage company, as defined in pronouncements of the Financial Accounting Standards Board (FASB) and Industry Guide #7 of the Securities and Exchange Commission. Generally accepted accounting principles govern the recognition of revenue by an exploration stage enterprise and the accounting for costs and expenses. As an exploration stage company is also required to make additional disclosures as defined under the then current Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915, "Development-Stage Entities." Additional disclosures required are that our financial statements be identified as those of an exploration stage company, and that the statements of operations, changes in changes in stockholders' deficit and cash flows disclosed activity since the date of its Inception (November 3, 2011). Effective June 10, 2014, the FASB changed its regulations with respect to development stage entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2015, with the option for entities to early adopt these new provisions. The Company has elected to early adopt these provisions and consequently these additional disclosures are not included in its financial statements. |
Note 3 Summary of Significant21
Note 3 Summary of Significant Accounting Policies: Proven and Probable Reserves (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Proven and Probable Reserves | Proven and Probable Reserves The definition of proven and probable reserves is set forth in SEC Industry Guide 7. Proven reserves are reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or quality are computed from the results of detailed sampling; and (c) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established. Probable reserves are reserves for which quantity and grade and/or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. In addition, reserves cannot be considered proven and probable until they are supported by a feasibility study, indicating that the reserves have had the requisite geologic, technical and economic work performed and are economically and legally extractable at the time of the reserve determination. As of November 30, 2015, none of our mineralized material met the definition of proven or probable reserves. |
Note 3 Summary of Significant22
Note 3 Summary of Significant Accounting Policies: Cash Equivalents (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Cash Equivalents | Cash Equivalents The Company considers all short term investments purchased with an original maturity of three months or less to be cash equivalents. |
Note 3 Summary of Significant23
Note 3 Summary of Significant Accounting Policies: Investments in Mining Rights (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Investments in Mining Rights | Investments in Mining Rights Mining rights held for development are recorded at the cost of the rights, plus related acquisition costs. These costs will be amortized when extraction begins. Mining rights the Company acquired in 2013 and held briefly but never developed further were expensed upon acquisition. |
Note 3 Summary of Significant24
Note 3 Summary of Significant Accounting Policies: Mine Development Costs (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Mine Development Costs | Mine Development Costs Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred at a mine site before proven reserves have been established are expensed as mine development costs. At the point proven reserves have been established at a mine site, such costs will be capitalized and will be written off as depletion expense as the minerals are extracted. As of November 30, 2015, none of the Company's mine concessions met the requirements for qualification as having proven reserves, and no mine development costs had been incurred. |
Note 3 Summary of Significant25
Note 3 Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Income Taxes | Income Taxes We account for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Current tax benefits are offset by a valuation reserve as they are considered not likely to be realized in the foreseeable future. |
Note 3 Summary of Significant26
Note 3 Summary of Significant Accounting Policies: Recognition of Revenue (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Recognition of Revenue | Recognition of Revenue Revenue will be recognized when persuasive evidence of an arrangement exists, such as when a purchase order or contract is received from a customer, the price is fixed, title to the goods has passed, and there is reasonable assurance of collection. The Company has not yet entered into any contractual arrangement to deliver product or services. |
Note 3 Summary of Significant27
Note 3 Summary of Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Advertising Costs | Advertising Costs The Company will expense advertising costs when advertisements occur. There has been no spending thus far on advertising. |
Note 3 Summary of Significant28
Note 3 Summary of Significant Accounting Policies: Net Income (Loss) Per Share (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share In accordance with accounting guidance now codified as FASB ASC Topic 260, "Earnings per Share," basic earnings per share ("EPS") is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the year end November 30, 2015 or 2014. |
Note 3 Summary of Significant29
Note 3 Summary of Significant Accounting Policies: New Accounting Pronouncements (Policies) | 12 Months Ended |
Nov. 30, 2015 | |
Policies | |
New Accounting Pronouncements | New Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Note 5 Related Party Transact30
Note 5 Related Party Transactions: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Nov. 30, 2015 | |
Tables/Schedules | |
Schedule of Related Party Transactions | The Company's President, Dale Rasmussen, loaned the Company the following amounts: Date Amount March 19, 2014 $ 12,935 June 24, 2014 2,375 August 29, 2014 1,102 November 30, 2014 24 Total, November 30, 2014 & 2015 $ 16,436 The Company's Secretary, Mark Rodenbeck, loaned the Company the following amounts: Date Amount May 1, 2015 $ 15,000 September 5, 2015 19,668 Total, November 30, 2015 $ 34,668 |
Note 7 Income Taxes_ Schedule o
Note 7 Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Nov. 30, 2015 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2015 2014 NOL Carryover $ 20,960 $ 17,489 Valuation allowance (20,960 ) (17,489 ) Net deferred tax asset $ - $ - |
Note 7 Income Taxes_ Schedule32
Note 7 Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Nov. 30, 2015 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2015 2014 Book Loss (15% statutory rate) $ (3,471 ) $ (5,535 ) Change in valuation allowance 3,471 5,535 Tax at effective rate $ - $ - |
Note 2 Going Concern (Details)
Note 2 Going Concern (Details) - USD ($) | Nov. 30, 2015 | Nov. 30, 2014 |
Details | ||
Accumulated deficit | $ 139,739 | $ 116,595 |
Note 5 Related Party Transact34
Note 5 Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
Details | ||
Notes Payable, Related Parties | $ 51,104 | $ 16,436 |
Interest expense | 1,806 | 1,411 |
Accrued Interest, Related Parties | $ 2,410 | $ 604 |
Note 6 Stockholders' Deficit (D
Note 6 Stockholders' Deficit (Details) - $ / shares | Nov. 30, 2015 | Nov. 30, 2014 |
Details | ||
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Outstanding | 3,100,000 | 3,100,000 |
Note 7 Income Taxes (Details)
Note 7 Income Taxes (Details) - USD ($) | Nov. 30, 2015 | Nov. 30, 2014 |
Details | ||
Accumulated deficit | $ 139,739 | $ 116,595 |