Altona Resources 10-K 11 Apr 14 2013 FY Annual report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Apr. 03, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Altona Resources Inc.	'
Document Type	'10-K	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	12,020,000
Entity Public Float	'	$101,000
Amendment Flag	'false	'
Entity Central Index Key	'0001550929	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	31-Dec-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'FY	'

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current Assets	'	'
Cash	$102,443	$1,715
Total Current Assets	102,443	1,715
Deferred offering costs	'	25,000
Total Assets	102,443	26,715
Current Liabilities	'	'
Accounts payable and accrued liabilities	6,800	7,911
Due to related party	59,153	41,564
Total current liabilities	65,953	49,475
Stockholders’ Equity (Deficiency)	'	'
Common stock, $0.00001 par value Authorized: 200,000,000 shares Issued and outstanding: 12,020,000 and 10,000,000 common shares, respectively	120	100
Additional paid-in capital	77,880	1,900
Deficit accumulated during the development stage	-41,510	-24,760
Total stockholders’ equity (deficiency)	36,490	-22,760
Total Liabilities and Stockholders’ Equity (Deficiency)	$102,443	$26,715

Balance_Sheets_Parentheticals

Balance Sheets (Parentheticals) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	12,020,000	10,000,000
Common stock, outstanding	12,020,000	10,000,000

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended		33 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Expenses	'	'	'
General and administrative	$16,750	$15,577	$41,510
Total Costs and Expenses	16,750	15,577	41,510
Net Loss	($16,750)	($15,577)	($41,510)
Net Loss per share	'	'	'
Basic and diluted (in Dollars per share)	$0	$0	$0
Number of common shares used to compute loss per share	'	'	'
Basic and Diluted (in Shares)	11,228,603	10,000,000	10,446,209

Statements_of_Stockholders_Def

Statements of Stockholders' Deficiency (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012
	'	'	($22,760)	($7,183)
	2,000	2,000	76,000	'
(in Shares)	10,000,000	'	'	'
	'	-9,183	-16,750	-15,577
	-7,183	-7,183	36,490	-22,760
Common Stock [Member]	'	'	'	'
	'	'	100	'
(in Shares)	'	'	10,000,000	'
	'	100	20	'
(in Shares)	'	10,000,000	2,020,000	'
	100	100	120	'
(in Shares)	10,000,000	10,000,000	12,020,000	'
Additional Paid-in Capital [Member]	'	'	'	'
	'	'	1,900	'
	'	1,900	75,980	'
	1,900	1,900	77,880	'
Accumulated Deficit during Development Stage [Member]	'	'	'	'
	'	'	-24,760	-9,183
	'	-9,183	-16,750	-15,577
	($9,183)	($9,183)	($41,510)	($24,760)

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	1 Months Ended	12 Months Ended		33 Months Ended
	Jan. 23, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Cash Flows from Operating Activities	'	'	'	'
Net loss	'	($16,750)	($15,577)	($41,510)
Changes in operating assets and liabilities	'	'	'	'
Accounts payable and accrued liabilities	'	-1,111	1,111	6,800
Net cash provided by (used for) operating activities	'	-17,861	-14,466	-34,710
Cash Flows from Financing Activities	'	'	'	'
Loans from related party	59,153	17,589	24,409	41,998
Proceeds from sales of common stock	'	101,000	'	101,000
Offering costs paid	'	'	-10,000	-25,000
Net cash provided by financing activities	'	118,589	14,409	117,998
Increase in cash	'	100,728	-57	83,288
Cash, beginning of period	102,443	1,715	1,772	'
Cash, end of period	'	$102,443	$1,715	$102,443

1_OPERATIONS

1. OPERATIONS	12 Months Ended
	Dec. 31, 2013
Natureof Operationsand Going Concern [Abstract]	'
Natureof Operationsand Going Concern	'
	1.    OPERATIONS
	Organization
	The Company was incorporated in the State of Nevada on April 4, 2011. The Company is an Exploration Stage Company as defined by Accounting Standards Codification (“ASC”) Topic 915, “Development Stage Entities”. The Company’s plan of operations anticipates purchasing at least one oil and gas lease. There is no assurance we will ever be able to acquire an oil and gas lease or if we do acquire an oil and gas lease, that the oil and gas lease will produce any oil or gas.
	Going Concern
	The accompanying financial statements have been prepared on a “going concern” basis, which assumes that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. At December 31, 2013, the Company had cash of $102,443 (which was reduced to $0 in January 2014; see Note 6) and working capital of $36,490 (which was reduced to negative $6,800 in January 2014; see Note 6). Further, the Company has incurred a net loss of $41,510 for the period from April 4, 2011 (inception) to December 31, 2013. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2_SUMMARY_OF_SIGNIFICANT_ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	a)     Basis of presentation
	The Company has been presented as a “development stage company” in accordance with Accounting Standards Codification (“ASC”) 915, “Development Stage Entities”.  Since inception, the Company’s activities have been limited to organizational efforts, obtaining initial financing, and making filings with the Securities and Exchange Commission.
	b)     Cash
	Cash consists of cash on deposit with a high quality major financial institution.
	c)     Use of Estimates and Assumptions
	The preparation of financial statements in conformity with United States 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
	d)     Financial Instruments
	The carrying values of the Company’s financial instruments, consisting of cash, accounts payable and accrued liabilities, and due to related party, approximate their fair value because of the short maturity of these instruments. The Company’s operations are outside the United States and some of its future assets and liabilities may have exposure to market risks from changes in foreign currency rates. The Company’s financial risk is the risk that arises from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
	e)     Income Taxes
	The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740, “Income Taxes”. This standard requires the use of an asset and liability approach for financial accounting and reporting on income taxes. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized.
	f)     Foreign Currency Translation
	The Company’s reporting and functional currency is the U.S. dollar. Non-U.S. dollar transactions are translated at the exchange rate prevailing at the time of the transaction. Non-U.S. dollar monetary assets and liabilities are translated at period-end exchange rates and exchange gains and losses are reflected in operations.
	g)     Basic and Diluted Net Loss per Share
	The Company reports net loss per share in accordance with ASC 260, “Earnings per Share”. Basic net loss per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of shares of common stock and potentially dilutive securities outstanding during the periods (none for the periods presented). The Company has no stock option plan and has not issued any warrants or other potentially dilutive securities.
	h)     Deferred Offering Costs
	Deferred offering costs consist of legal fees paid to a law firm to prepare a registration statement on Form S-1 in connection with the Company’s public offering of securities. If the offering is successfully completed, the costs will be charged to additional paid in capital. If the offering is not successfully completed, the costs will be charged to operations.

3_DUE_TO_RELATED_PARTY

3. DUE TO RELATED PARTY	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	3.    DUE TO RELATED PARTY
	At December 31, 2013 and 2012, the Company was indebted to the treasurer (and a director) of the Company for cash and other advances of $59,153 and $41,564, respectively. The amounts were unsecured, non-interest bearing and are due on demand. On January 23, 2014 (see Note 6), the $59,153 balance was repaid.

4_COMMON_STOCK

4. COMMON STOCK	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	4.    COMMON STOCK
	On October 4, 2011, the Company sold a total of 10,000,000 shares of common stock to its president and a director (5,000,000 shares each) at a price of $0.0002 per share for cash proceeds of $2,000.
	On May 10, 2013, the Company closed its public offering. The Company sold a total of 2,020,000 shares of common stock to two subscribers at a price of $0.05 per share for cash proceeds of $101,000. One subscriber, father of our treasurer (and director), subscribed to 1,020,000 shares ($51,000); the other subscriber subscribed to 1,000,000 shares ($50,000).
	The Company has no stock option plan and has not issued any warrants or other potentially dilutive securities.

5_INCOME_TAXES

5. INCOME TAXES	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	5.    INCOME TAXES
	The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate of 35% to income (loss) before income taxes. The sources of the difference follow:
		Year ended			Year ended			Cumulative during
		31-Dec-13			31-Dec-12			the Development
								stage (April 4, 2011
								to December 31,
								2013)
	Expected tax at 35%	$	(5,863	)	$	(5,452	)	$	(14,529	)
	Increase in valuation allowance		5,863			5,452			14,529
	Income Tax provision	$	-		$	-		$	-
	Significant components of the Company’s deferred income tax assets are as follows:
		December 31,			December 31,
		2013			2012
	Net operating loss carryforward	$	14,529		$	8,666
	Less valuation allowance		(14,529	)		(8,666	)
	Income tax provision	$	-		$	-
	Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. At December 31, 2013, the Company has a net operating loss carryforward of $41,510, which $9,183 expires in year 2031, $15,577 expires in year 2032 and $16,750 expires in year 2033.  Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. Potential benefit of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.

6_SUBSEQUENT_EVENTS

6. SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	6.    SUBSEQUENT EVENTS
	On January 23, 2014, the Company paid $59,153 to the Company’s treasurer in repayment of the $59,153 due to related party balance at December 31, 2013.
	On January 23, 2014, the Company paid a total of $39,983 to Magnus Management N.A. Ltd. (“Magnus”) for consulting services rendered pursuant to an Agreement for Services dated January 1, 2014 with Magnus. Magnus is controlled by the father of the Company’s treasurer.
	On January 23, 2014, the Company paid $3,300 to Walter Brenner (“Brenner”) for consulting services pursuant to An Agreement for Services dated January 1, 2014 with Brenner.
	On January 23, 2014, after the payments described in the three preceding paragraphs were made, the Company’s two bank accounts were closed with a $0 balance.

5_INCOME_TAXES_Tables

5. INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	'
		Year ended			Year ended			Cumulative during
		31-Dec-13			31-Dec-12			the Development
								stage (April 4, 2011
								to December 31,
								2013)
	Expected tax at 35%	$	(5,863	)	$	(5,452	)	$	(14,529	)
	Increase in valuation allowance		5,863			5,452			14,529
	Income Tax provision	$	-		$	-		$	-
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	'
		December 31,			December 31,
		2013			2012
	Net operating loss carryforward	$	14,529		$	8,666
	Less valuation allowance		(14,529	)		(8,666	)
	Income tax provision	$	-		$	-

1_OPERATIONS_Details

1. OPERATIONS (Details) (USD $)	12 Months Ended		33 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Jan. 23, 2014
Natureof Operationsand Going Concern [Abstract]	'	'	'	'
Cash	$102,443	$1,715	$102,443	$0
Working Capital	36,490	'	36,490	6,800
Net Income (Loss) Attributable to Parent	($16,750)	($15,577)	($41,510)	'

3_DUE_TO_RELATED_PARTY_Details

3. DUE TO RELATED PARTY (Details) (USD $)	Jan. 23, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]	'	'	'
Due to Related Parties, Current	'	$59,153	$41,564
Due to Related Parties	$59,153	'	'

4_COMMON_STOCK_Details

4. COMMON STOCK (Details) (USD $)	2 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'	'	'	'
Stock Issued During Period, Shares, Issued for Cash	2,020,000	10,000,000	'	'
Sale of Stock, Price Per Share	$0.05	$0.00	$0.00	'
Stock Issued During Period, Value, Issued for Cash	$101,000	$2,000	$2,000	$76,000

5_INCOME_TAXES_Details

5. INCOME TAXES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2033	Dec. 31, 2032	Dec. 31, 2031
Income Tax Disclosure [Abstract]	'	'	'	'
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	35.00%	'	'	'
Deferred Tax Assets, Operating Loss Carryforwards	$41,510	'	'	'
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	'	$16,750	$15,577	$9,183

5_INCOME_TAXES_Details_Provisi

5. INCOME TAXES (Details) - Provision for Income Tax (USD $)	12 Months Ended		33 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Provision for Income Tax [Abstract]	'	'	'
Expected tax at 35%	($5,863)	($5,452)	($14,529)
Increase in valuation allowance	$5,863	$5,452	$14,529

5_INCOME_TAXES_Details_Deferre

5. INCOME TAXES (Details) - Deferred Income Tax Assets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred Income Tax Assets [Abstract]	'	'
Net operating loss carryforward	$14,529	$8,666
Less valuation allowance	($14,529)	($8,666)

6_SUBSEQUENT_EVENTS_Details

6. SUBSEQUENT EVENTS (Details) (USD $)	1 Months Ended	12 Months Ended		33 Months Ended
	Jan. 23, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Subsequent Events [Abstract]	'	'	'	'
Increase (Decrease) in Due to Related Parties	$59,153	$17,589	$24,409	$41,998
Repayments of Related Party Debt	59,153	'	'	'
Professional and Contract Services Expense	39,983	'	'	'
Professional and Contract Services Expense, Related Parties	3,300	'	'	'
Cash	$0	$102,443	$1,715	$102,443