Grey Fox (GFPC) 10-Q 18 Oct 13 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 30, 2013	Oct. 18, 2013
Document And Entity Information
Entity Registrant Name	Gray Fox Petroleum Corp.
Entity Central Index Key	1546589
Document Type	10-Q
Document Period End Date	30-Sep-13
Amendment Flag	FALSE
Current Fiscal Year End Date	-28
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		35,460,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2013	Mar. 31, 2013
Current assets:
Cash and equivalents	$6,289	$447
Prepaid expenses	8,089	4,427
Total current assets	14,378	4,874
Prepaid property aquisition costs	175,000	0
Total non-current assets	175,000	0
Total assets	189,378	4,874
Current liabilities:
Accounts payable and accrued expenses	6,676	472
Notes payable, related party	30,172	8,124
Total current liabilities	36,848	8,596
Stockholders' equity
Common stock, par value $0.001, authorized 75 million, 34,560,000 and 72,160,000 issued and outstanding at September 30, 2013 and March 31, 2013, respectively	35,460	72,160
Additional paid in capital	350,417	-44,646
Common stock payable	115,069	0
Deficit accumulated during development stage	-348,416	-31,236
Total shareholders' equity	152,530	-3,722
Total liabilities and stockholders' deficit	$189,378	$4,874

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Statement of Financial Position [Abstract]
Common stock par value	$0.00	$0.00
Common stock shares authorized	75,000,000	75,000,000
Common stock shares issued	34,560,000	72,160,000
Common stock shares outstanding	34,560,000	72,160,000

Results_of_Operations

Results of Operations (USD $)	3 Months Ended		6 Months Ended		24 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Income Statement [Abstract]
Revenue	$0	$0	$0	$0	$0
Operating expenses:
Lease operating	476	0	476	0	476
General and administrative	25,948	1,627	39,935	8,006	59,885
Officer salaries	145,069	0	155,069	0	165,069
Professional fees	77,935	0	120,862	0	121,834
Total operating expenses	249,428	1,627	316,342	8,006	347,264
Net operating loss	-249,428	-1,627	-316,342	-8,006	-347,264
Other expense:
Interest expense, related party	-652	0	-838	0	-1,152
Net loss	($250,080)	($1,627)	($317,180)	($8,006)	($348,416)
Net loss per share, basic and fully diluted	($0.01)	$0	($0.01)	$0
Weighted average number of common shares outstanding - basic and fully diluted	35,097,363	7,013,043	49,415,191	7,006,557

Statement_of_Shareholders_Equi

Statement of Shareholders' Equity (Deficit) (USD $)	Common Stock	Additional Paid-In Capital	Common Stock Payable	Exploration Stage Deficit	Total
Beginning balance, value at Sep. 21, 2011	$0
Beginning balance, shares at Sep. 21, 2011	0
Common stock sold, shares	56,000,000
Common stock sold, value	56,000	-49,000			7,000
Net loss				-224	-224
Ending balance, value at Mar. 31, 2012	56,000	-49,000		-224	6,776
Ending balance, shares at Mar. 31, 2012	56,000,000
Common stock sold, shares	16,160,000
Common stock sold, value	16,160	4,040			20,200
Imputed interest on non-interest bearing related party debts		314			314
Net loss				-31,012	-31,012
Ending balance, value at Mar. 31, 2013	72,160	-44,646	0	-31,236	-3,722
Ending balance, shares at Mar. 31, 2013	72,160,000
Debt forgiveness on related party debt		8,363			8,363
Common stock sold, shares	900,000
Cancellation of shares, related party, value	-37,600	37,600
Cancellation of shares, related party, shares	-37,600,000
Common stock sold, value	900	349,100			350,000
Imputed interest on non-interest bearing related party debts					0
Vesting of officer stock-based compensation			115,069		115,069
Net loss				-317,180	-317,180
Ending balance, value at Sep. 30, 2013	$35,460	$350,417	$115,069	($348,416)	$152,530
Ending balance, shares at Sep. 30, 2013	35,460,000

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	6 Months Ended		12 Months Ended	24 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Mar. 31, 2013	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($317,180)	($8,006)	($31,012)	($348,416)
Adjustments to reconcile net loss to net cash used in operating activities:
Imputed interest on non-interest bearing related party debts	0	0	314	314
Stock-based compensation	115,069			115,069
Change in operating assets and liabilities:
Prepaid expenses	-3,662	0		-8,089
Accounts payable	6,205	1,500		6,677
Net cash used in operating activities	-199,568	-6,506		-234,445
CASH FLOWS FROM INVESTING ACTIVITIES
Prepaid property acquisition costs	-175,000	0		-175,000
Net cash provided by/used in investing activities	-175,000	0		-175,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party note payable	34,436	2,400		42,560
Principal payments on related-party note payable	-4,026	0		-4,026
Proceeds from the sale of common stock	350,000	2,400		377,200
Net cash provided by financing activities	380,410	4,800		415,734
Net increase/(decrease) in cash	5,842	-1,706		6,289
Cash at beginning of period	447	7,200	7,200	0
Cash at end of period	6,289	5,494	447	6,289
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	448	0		448
Cash paid for income taxes	0	0		0
ADDITIONAL DISCLOSURES OF NON-CASH FINANCING TRANSACTIONS
Forgiveness of debt, related party	8,363	0		8,363
Par value of cancelled shares, related party	$37,600	$0		$37,600

1_Nature_of_Business_and_Signi

1. Nature of Business and Significant Accounting Policies	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies
	Nature of Business
	Gray Fox Petroleum Corp., (formerly Viatech Corp.) (“the Company”) was incorporated in the state of Nevada on September 22, 2011 (“Inception”). The Company was formed to provide interior design and architectural visualization, 3D rendering and architectural animation services. On May 31, 2013, however, the Company abandoned its plans to enter into the interior design and architectural visualization business and the majority shareholder sold his interest in the Company. On June 7, 2013, new management changed the name to “Gray Fox Petroleum Corp.” and intends to explore alternative business opportunities within the oil & gas industry.
	Basis of Presentation
	The interim condensed financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to not make the information presented misleading.
	The Company has adopted a fiscal year end of March 31.
	These statements reflect all adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. These interim condensed financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2013 and notes thereto included in the Company's 10-K annual report, filed on June 24, 2013. The Company follows the same accounting policies in the preparation of interim reports.
	Exploration Stage Company
	The Company is currently considered an exploration stage company as defined by FASB ASC 915-10-05. As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations and cash flows from inception (September 22, 2011) to the current balance sheet date. An entity remains in the exploration stage until such time as, among other factors, revenues have been realized. To date, the exploration stage of the Company’s operations consists of developing the business model and marketing concepts.
	Fair Value of Financial Instruments
	Under FASB ASC 820-10-05, the Financial Accounting Standards Board established a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, prepaid expenses and accrued expenses reported on the balance sheet are estimated by management to approximate fair value primarily due to the short term nature of the instruments.
	Revenue Recognition
	Oil revenue is recognized when persuasive evidence of an arrangement exists, our oil is delivered, the fee is fixed and determinable and collectability is reasonably assured.
	Start-Up Costs
	The Company accounts for start-up costs, including organization costs, whereby such costs are expensed as incurred.
	Income Taxes
	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. 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. A valuation allowance is provided for significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.
	Uncertain Tax Positions
	In accordance with ASC 740, “Income Taxes” (“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
	Various taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities.
	The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.
	Stock-Based Compensation
	The Company adopted FASB guidance on stock based compensation upon inception at September 22, 2011. Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative.
	Basic and Diluted Loss per Share
	The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
	Recent Accounting Pronouncements
	In February 2013, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:
		·	Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income (but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period); and
		·	Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.
	The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 has not had a material impact on our financial position or results of operations.
	In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the FASB determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 has not had a material impact on our financial position or results of operations.

2_Going_Concern

2. Going Concern	6 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	As shown in the accompanying financial statements, the Company has no revenues, incurred net losses from operations resulting in an accumulated deficit of $348,416, had negative working capital of $22,470 and used net cash in operating activities of $234,445 from inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new products and services to generate revenues. In addition, the Company is currently in search of additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful; therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern.
	The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

3_Related_Party

3. Related Party	6 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]
Related Party	Management Changes
	On May 31, 2013, the then majority stockholder, Viatcheslav Gelshetyen entered into a stock purchase agreement with Lawrence Pemble pursuant to which Mr. Gelshetyen sold 7,000,000 shares of common stock of the Company to Mr. Pemble and forgave $8,363 in stockholder loans he had made to the Company in consideration for $50,000 in cash from Mr. Pemble. This transaction is referred to as the “Change in Control.” As a result of the Change in Control, Mr. Gelshetyen no longer owns any shares of the Company’s common stock and, as of May 31, 2013, Mr. Pemble held approximately 78% of the issued and outstanding shares. As part of this Change in Control, Mr. Gelshetyen resigned his positions as the sole director and officer of the Company and Mr. Pemble was appointed as the Company’s sole director and as its Chief Executive Officer, President, Treasurer and Secretary.
	Notes Payable
	The Company has received short term loans from Officers as disclosed in Note 5 below.
	Common Stock
	On June 10, 2013, the Company entered into an Agreement for Redemption of Shares of Common Stock, pursuant to which the Company redeemed 37,600,000 shares of common stock held by Mr. Pemble, as adjusted for an 8:1 stock split completed on June 20, 2013. As a result of this redemption, Mr. Pemble’s adjusted shareholdings decreased from 56,000,000 shares to 18,400,000 shares, which share amount represented approximately 53% of the total shares issued and outstanding.
	On March 29, 2012, our former CEO, Viatcheslav Gelsheteyn, purchased 56,000,000 shares of common stock, as adjusted for an 8:1 stock split completed on June 20, 2013, at an adjusted price of $0.000125 per share in exchange for proceeds of $7,000.
	On July 8, 2013, the Company entered into an Employment Agreement with Lawrence Pemble regarding his position as President and Chief Executive Officer of the Company. The Employment Agreement is effective as of May 31, 2013, the date when Mr. Pemble acquired a controlling interest in the Company. The Employment Agreement has an initial term of three years and will automatically renew for successive one-year periods until terminated by either party in accordance with the Agreement (the “Term”). Mr. Pemble will be paid a base salary of $120,000 per year. Mr. Pemble will also be entitled to receive 3,000,000 shares of Common Stock, which will be issued in increments of 1,000,000 shares over the first three years of the Term on July 8 in 2014, 2015 and 2016. The Employment Agreement may be terminated (i) at any time by the Company for “cause”, (ii) upon 60 days’ written notice by either party for any reason, (iii) at any time by Mr. Pemble for “good reason”, or (iv) by either party at the end of the Term. The Employment Agreement also terminates immediately upon Mr. Pemble’s death or disability. If Mr. Pemble’s employment is terminated for “cause” by the Company, or if he voluntarily resigns without “good reason”, then he will forfeit any shares of Common Stock that have not vested as of the date of such termination or resignation. If Mr. Pemble’s employment is terminated for any other reason, he will be entitled to receive three months of his then-current base salary and the full 3,000,000 shares of Common Stock.

4_Oil_and_Gas_Properties

4. Oil and Gas Properties	6 Months Ended
	Sep. 30, 2013
Extractive Industries [Abstract]
Oil and Gas Properties	On July 5, 2013, the Company entered into a Lease Purchase Agreement (the “Lease Purchase Agreement”) with FFMJ, LLC, a Nevada limited liability company (“Seller”), pursuant to which the Company has agreed to purchase Seller’s interest in 22 separate oil and gas leases issued by the Bureau of Land Management for the United States of America (the “BLM”), comprising approximately 32,723 acres within the State of Nevada (the “Leases”), for an aggregate purchase price of $250,000 (the “Purchase Price”). The Company has paid $175,000 and the remaining $75,000 of the Purchase Price is due by November 2, 2013. The Company has also agreed to assume all rental payments due on the Leases starting on July 5, 2013. The Leases will not be transferred to the Company until the Purchase Price installments have been paid in full. The expiration date of each Lease ranges from March 31, 2016 to July 31, 2017. The Leases exclude well or lease bonds in place with the Nevada Division of Minerals and/or the BLM.
	The Lease Purchase Agreement provides that Seller will deliver the Leases at a minimum 82% net revenue interest, and the Company agrees to assign a 3% overriding royalty interest to Seller on any lease, whether federal, state or fee, obtained on lands within the area covered by or contiguous to the Leases. The Company shall be responsible for all filing and recording fees for BLM and relevant county recorder offices. The Lease Purchase Agreement contains customary representations and warranties of Seller and the Company. The Lease Purchase Agreement also provides that the Company must drill a test well with a surface and bottom hole location on the Leases for the purpose of hydrocarbon exploration and production which must achieve a depth of 6,000 feet, or a depth as otherwise agreed to by the parties. If the Company does not begin drilling with a rig capable of total depth on or before July 5, 2015, the Leases will be reassigned to Seller.
	We have recorded the $175,000 paid to date as a non-current asset entitled “Prepaid Property Acquisition Costs”. Upon completion of the final payment, the title to the property will transfer to us and we will record the cost as an Oil and Gas Property at that time.

5_Fair_Value_of_Financial_Inst

5. Fair Value of Financial Instruments	6 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The Company adopted FASB ASC 820-10 upon inception at September 22, 2011. Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.
	The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:
	Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
	Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.
	The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of September 30, 2013 and March 31, 2013, respectively:
		Fair Value Measurements at September 30, 2013
		Level 1		Level 2		Level 3
	Assets
	Cash	$	6,289	$	–	$	–
	Total assets		6,289		–		–
	Liabilities
	Notes payable, related party		–		30,172		–
	Total liabilities	$	–	$	30,172	$	–
		Fair Value Measurements at March 31, 2013
		Level 1		Level 2		Level 3
	Assets
	Cash	$	447	$	–	$	–
	Total assets		447		–		–
	Liabilities
	Notes payable, related party		–		8,124		–
	Total liabilities	$	–	$	8,124	$	–
	The fair values of our related party debts are deemed to approximate book value, and are considered Level 2 inputs as defined by ASC Topic 820-10-35.
	There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the six months ended September 30, 2013 or the year ended March 31, 2013.

6_Notes_Payable_Related_Party

6. Notes Payable, Related Party	6 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Notes Payable, Related Party	Notes payable, related party, consists of the following at September 30, 2013 and March 31, 2013, respectively:
			30-Sep-13		31-Mar-13
	On various dates, the Company received unsecured, loans bearing interest at 10%, due on demand from the Company’s CEO, Lawrence Pemble.  Also, Mr. Pemble paid certain expenses on behalf of the Company.	$	30,172	$	–
	On various dates, the Company received unsecured, non-interest bearing loans, due on demand from the Company’s former CEO, Viatcheslav Gelshteyn. On May 31, 2013, commensurate with the change in control and sale of Mr. Gelshteyn’s holdings in the Company, the total unpaid loan balance of $8,363 was forgiven by the lender and contributed to capital.		–		8,124
	Total short-term notes payable, related party	$	30,172	$	8,124
	The Company recorded interest expense in the amount of $838 and $-0- for the for the nine months ended September 30, 2013 and 2012, respectively related to notes payable, related party. During the six months ended September 30, 2013, the Company repaid Mr. Pemble $4,040, including $448 of accrued interest.

7_Stockholders_Equity

7. Stockholders' Equity	6 Months Ended
	Sep. 30, 2013
Equity [Abstract]
Stockholders' Equity	The Company has authorized 75,000,000 shares of $0.001 par value common stock.
	On June 7, 2013, Lawrence Pemble, the sole director of the Company, adopted resolutions to approve an 8:1 stock split for stockholders of record as of June 20, 2013. The resulting stock split increased the Company’s issued and outstanding shares from 4,320,000 to 34,560,000 shares. The common stock split has been applied retrospectively as presented in these financial statements and all related disclosures.
	Common Stock Issuances
	On various dates from October 1, 2012 through October 17, 2012, the Company sold a total of 14,240,000 shares of the Company’s common stock at $0.00125 per share amongst a total of twenty one (21) independent investors in exchange for total proceeds of $17,800.
	On various dates from September 25, 2012 through September 27, 2012, the Company sold a total of 1,920,000 shares of the Company’s common stock at $0.00125 per share amongst a total of four (4) independent investors in exchange for total proceeds of $2,400.
	On March 29, 2012, our former CEO, Viatcheslav Gelshteyn, purchased 56,000,000 shares of common stock, as adjusted for an 8:1 stock split completed on June 20, 2013, at an adjusted price of $0.000125 per share in exchange for proceeds of $7,000.
	On June 10, 2013, the Company entered into an Agreement for Redemption of Shares of Common Stock, pursuant to which the Company redeemed 37,600,000 shares of common stock held by Mr. Pemble, as adjusted for an 8:1 stock split completed on June 20, 2013. As a result of this redemption, Mr. Pemble’s adjusted shareholdings decreased from 56,000,000 shares to 18,400,000 shares, which share amount represented approximately 53% of the total shares issued and outstanding.
	During the three months ended September 30, 2013, we issued 900,000 shares in exchange for $350,000.
	Contributed Capital
	On May 31, 2013, the then majority stockholder, Viatcheslav Gelshetyen entered into a stock purchase agreement with Lawrence Pemble pursuant to which Mr. Gelshetyen sold 7,000,000 shares of common stock of the Company to Mr. Pemble and forgave $8,363 in stockholder loans he had made to the Company. The debt forgiveness related to the loans was recognized as contributed capital.
	Common Stock Payable
	On July 8, 2013, the Company entered into an Employment Agreement with Lawrence Pemble, our Chief Executive Officer, for compensation, including stock compensation. The agreement awards 3 million shares to Mr. Pemble, 1 million shares of which vest each anniversary of the July 8, 2013 effective date. We valued these shares at their fair values on the grant date, and valued the total of the 3 million at $1,500,000. We are amortizing the value of these shares at the greater of the amount vesting or straight line (which, in this case, is the same). Through September 30, 2013, we have charged general and administrative expense with $115,069 associated with this agreement. The amount is included on the balance sheet as Common Stock Payable.

8_Income_Taxes

8. Income Taxes	6 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Income Taxes	The Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences.
	For the nine months ended September 30, 2013 and the year ended March 31, 2013, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At September 30, 2013 and March 31, 2013, the Company had approximately $233,347 and $31,236 of federal net operating losses, respectively. The net operating loss carry forwards, if not utilized, will begin to expire in 2032.
	The components of the Company’s deferred tax asset are as follows:
		30-Sep-13			31-Mar-13
	Net operating loss carry-forwards	$	233,347		$	31,236
			9/30/13			3/31/12
	Deferred tax asset		81,671			10,933
	Valuation allowance		(81,671	)		(10,933	)
	Net deferred tax asset	$	–		$	–

9_Subsequent_Events

9. Subsequent Events	6 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Events	The Company has evaluated subsequent events through the date of this report.

1_Nature_of_Business_and_Signi1

1. Nature of Business and Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Nature of Business	Nature of Business
	Gray Fox Petroleum Corp., (formerly Viatech Corp.) (“the Company”) was incorporated in the state of Nevada on September 22, 2011 (“Inception”). The Company was formed to provide interior design and architectural visualization, 3D rendering and architectural animation services. On May 31, 2013, however, the Company abandoned its plans to enter into the interior design and architectural visualization business and the majority shareholder sold his interest in the Company. On June 7, 2013, new management changed the name to “Gray Fox Petroleum Corp.” and intends to explore alternative business opportunities within the oil & gas industry.
Basis of Presentation	Basis of Presentation
	The interim condensed financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to not make the information presented misleading.
	The Company has adopted a fiscal year end of March 31.
	These statements reflect all adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. These interim condensed financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2013 and notes thereto included in the Company's 10-K annual report, filed on June 24, 2013. The Company follows the same accounting policies in the preparation of interim reports.
Exploration Stage Company	Exploration Stage Company
	The Company is currently considered an exploration stage company as defined by FASB ASC 915-10-05. As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations and cash flows from inception (September 22, 2011) to the current balance sheet date. An entity remains in the exploration stage until such time as, among other factors, revenues have been realized. To date, the exploration stage of the Company’s operations consists of developing the business model and marketing concepts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	Under FASB ASC 820-10-05, the Financial Accounting Standards Board established a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, prepaid expenses and accrued expenses reported on the balance sheet are estimated by management to approximate fair value primarily due to the short term nature of the instruments.
Revenue Recognition	Revenue Recognition
	Oil revenue is recognized when persuasive evidence of an arrangement exists, our oil is delivered, the fee is fixed and determinable and collectability is reasonably assured.
Start-Up Costs	Start-Up Costs
	The Company accounts for start-up costs, including organization costs, whereby such costs are expensed as incurred.
Income Taxes	Income Taxes
	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. 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. A valuation allowance is provided for significant deferred tax assets when it is more likely than not, that such asset will not be recovered through future operations.
Uncertain Tax Positions
	Uncertain Tax Positions
	In accordance with ASC 740, “Income Taxes” (“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
	Various taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities.
	The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.
Stock-Based Compensation	Stock-Based Compensation
	The Company adopted FASB guidance on stock based compensation upon inception at September 22, 2011. Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative.
Basic and Diluted Loss per Share	Basic and Diluted Loss per Share
	The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In February 2013, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:
		-	Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income (but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period); and
		-	Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.
	The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 has not had a material impact on our financial position or results of operations.
	In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the FASB determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 has not had a material impact on our financial position or results of operations.

5_Fair_Value_of_Financial_Inst1

5. Fair Value of Financial Instruments (Tables)	6 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of September 30, 2013 and March 31, 2013, respectively:
		Fair Value Measurements at September 30, 2013
		Level 1		Level 2		Level 3
	Assets
	Cash	$	6,289	$	–	$	–
	Total assets		6,289		–		–
	Liabilities
	Notes payable, related party		–		30,172		–
	Total liabilities	$	–	$	30,172	$	–
		Fair Value Measurements at March 31, 2013
		Level 1		Level 2		Level 3
	Assets
	Cash	$	447	$	–	$	–
	Total assets		447		–		–
	Liabilities
	Notes payable, related party		–		8,124		–
	Total liabilities	$	–	$	8,124	$	–

6_Notes_Payable_Related_Party_

6. Notes Payable, Related Party (Tables)	6 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Notes payable, related party			30-Sep-13		31-Mar-13
	On various dates, the Company received unsecured, loans bearing interest at 10%, due on demand from the Company’s CEO, Lawrence Pemble.  Also, Mr. Pemble paid certain expenses on behalf of the Company.	$	30,172	$	–
	On various dates, the Company received unsecured, non-interest bearing loans, due on demand from the Company’s former CEO, Viatcheslav Gelshteyn. On May 31, 2013, commensurate with the change in control and sale of Mr. Gelshteyn’s holdings in the Company, the total unpaid loan balance of $8,363 was forgiven by the lender and contributed to capital.		–		8,124
	Total short-term notes payable, related party	$	30,172	$	8,124

8_Income_Taxes_Tables

8. Income Taxes (Tables)	6 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Deferred tax assets		30-Sep-13			31-Mar-13
	Net operating loss carry-forwards	$	233,347		$	31,236
			9/30/13			3/31/12
	Deferred tax asset		81,671			10,933
	Valuation allowance		(81,671	)		(10,933	)
	Net deferred tax asset	$	–		$	–

2_Going_Concern_Narrative

2. Going Concern (Narrative) (USD $)	Sep. 30, 2013
Going Concern Narrative
Working capital	($22,470)

4_Oil_and_Gas_Properties_Narra

4. Oil and Gas Properties (Narrative) (USD $)	6 Months Ended
	Sep. 30, 2013
Extractive Industries [Abstract]
Lease purchase agreement	$250,000
Cash paid on lease purchase agreement	$175,000

5_Fair_Value_of_Financial_Inst2

5. Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Notes payable, related party	$30,172	$8,124
Fair Value, Inputs, Level 1 [Member]
Cash fair value	6,289	447
Total Assets	6,289	447
Notes payable, related party	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Cash fair value	0
Total Assets	0	0
Notes payable, related party	30,172	8,124
Total Liabilities	30,172	8,124
Fair Value, Inputs, Level 3 [Member]
Cash fair value	0
Total Assets	0	0
Notes payable, related party	0	0
Total Liabilities	$0	$0

6_Notes_Payable_Related_Party_1

6. Notes Payable, Related Party (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Total notes payable, related party	$30,172	$8,124
Less: current portion	30,172	8,124
Notes payable, related party, less current portion	0	0
Pemble
Total notes payable, related party	30,172	0
Gelshteyn
Total notes payable, related party	$0	$8,124

6_Notes_Payable_Related_Party_2

6. Notes Payable, Related Party (Narrative) (USD $)	3 Months Ended		6 Months Ended		24 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Notes Payable Related Party Narrative
Interest expense, related party	$652	$0	$838	$0	$1,152
Payments on related party debt			$4,040

7_Stockholders_Equity_Narrativ

7. Stockholders' Equity (Narrative)	6 Months Ended
	Sep. 30, 2013
Stockholders Equity Narrative
Stock split description	8:1 stock split for stockholders of record as of June 20, 2013
Stock split change in shares	30,240,000

8_Income_Taxes_Details

8. Income Taxes (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Deferred tax assets:
Net operating loss carry forwards	$233,347	$31,236
Net deferred tax assets before valuation allowance	81,671	10,933
Less: Valuation allowance	-81,671	-10,933
Net deferred tax assets	$0	$0