Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Oct. 31, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'CORECOMM SOLUTIONS INC. |
Document Type | '10-K |
Document Period End Date | 31-Oct-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001551887 |
Current Fiscal Year End Date | '--10-31 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Entity Common Stock, Shares Outstanding | 6,916,661 |
Entity Public Float | $370,750 |
Balance_Sheets
Balance Sheets (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Current Assets | ' | ' |
Cash | $4,266 | $117,120 |
GST recoverable | 1,960 | 2,019 |
Prepaids | ' | 1,114 |
Total Current Assets | 6,226 | 120,253 |
Unproved mineral property | 11,697 | 15,000 |
Total Assets | 17,923 | 135,253 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 65,637 | 38,556 |
Due to related parties | 7,816 | ' |
Total Current Liabilities | 73,453 | 38,556 |
Total Liabilities | 73,453 | 38,556 |
Stockholders' Equity (Deficit) | ' | ' |
Common stock value | 472,000 | 472,000 |
Additional paid-in capital | -26,180 | -27,180 |
Comprehensive loss | -63 | ' |
Deficit | -501,287 | -348,123 |
Total Stockholders' Equity (Deficit) | -55,530 | 96,697 |
Total Liabilities and Stockholders' Equity (Deficit) | $17,923 | $135,253 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Balance Sheet | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | ' | ' |
Common stock, shares issued | 6,916,661 | 6,916,661 |
Common stock, shares outstanding | 6,916,661 | 6,916,661 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 39 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Operating expenses | ' | ' | ' |
Administration | $18,143 | $6,773 | $27,351 |
Accounting | 11,876 | 26,048 | 45,387 |
Bank charges | 517 | 484 | 1,515 |
Consulting | 18,278 | 25,988 | 92,924 |
Corporate communications | 1,042 | ' | 1,042 |
Management fees | 27,950 | 67,218 | 189,520 |
Mineral exploration | 14,220 | 10,000 | 24,220 |
Office | 13,241 | 11,725 | 27,523 |
Professional fees | 20,159 | 50,771 | 88,389 |
Regulatory and filing | 23,931 | 12,214 | 39,108 |
Travel and entertainment | 1,039 | 2,990 | 4,029 |
Foreign exchange | 11,280 | 290 | 857 |
Loss before other items | -151,524 | -214,501 | -541,865 |
Other items | ' | ' | ' |
Exploration tax credit | 1,960 | ' | 1,960 |
Interest income | ' | 18,180 | 42,218 |
Write-down of unproved mineral properties | -3,600 | ' | -3,600 |
Net loss | ($153,164) | ($196,321) | ($497,687) |
Loss per common share - basic and diluted | ($0.02) | ($0.04) | ' |
Weighted common shares outstanding - basic and diluted | 6,919,661 | 5,400,286 | ' |
Statements_of_Stockholders_Def
Statements of Stockholders' Deficit (USD $) | Common Stock | Stock Subscribed | Additional Paid-in Capital | Comprehensive Loss | Accumulated Deficit | Total |
Beginning Balance, amount at Oct. 31, 2011 | $219,000 | $41,250 | ($27,180) | ' | ($151,802) | $81,268 |
Beginning Balance, shares at Oct. 31, 2011 | 3,543,328 | ' | ' | ' | ' | ' |
Common stock issued, shares | 550,000 | ' | ' | ' | ' | ' |
Common stock issued, value | 41,250 | -41,250 | ' | ' | ' | ' |
Common stock issued for debt, shares | 2,273,333 | ' | ' | ' | ' | ' |
Common stock issued for debt, value | 170,500 | ' | ' | ' | ' | 170,500 |
Common stock issued for assets, shares | 200,000 | ' | ' | ' | ' | ' |
Common stock issued for assets, value | 15,000 | ' | ' | ' | ' | 15,000 |
Common stock issued for services, shares | 350,000 | ' | ' | ' | ' | ' |
Common stock issued for services, value | 26,250 | ' | ' | ' | ' | 26,250 |
Net loss for the period | ' | ' | ' | ' | -196,321 | -196,321 |
Ending Balance, amount at Oct. 31, 2012 | 472,000 | ' | -27,180 | ' | -348,123 | 96,697 |
Ending Balance, shares at Oct. 31, 2012 | 6,916,661 | ' | ' | ' | ' | ' |
Donated services | ' | ' | 1,000 | ' | ' | 1,000 |
Effect of exchange rate changes on cash | ' | ' | ' | -63 | ' | -63 |
Net loss for the period | ' | ' | ' | ' | -153,164 | -153,164 |
Ending Balance, amount at Oct. 31, 2013 | $472,000 | ' | ($26,180) | ($63) | ($501,287) | ($55,530) |
Ending Balance, shares at Oct. 31, 2013 | 6,916,661 | ' | ' | ' | ' | ' |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | 39 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Cash Flows used in Operating Activities | ' | ' | ' |
Net loss | ($153,164) | ($196,321) | ($501,287) |
Adjustment to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Interest income | ' | -18,180 | -42,218 |
Consulting fees | ' | 26,250 | 26,250 |
Donated services | 1,000 | ' | 1,000 |
Property write-off | 3,600 | ' | 3,600 |
Changes in operating assets and liabilities: | ' | ' | ' |
GST recoverable | 59 | -2,019 | -1,960 |
Prepaids | 1,114 | 526 | ' |
Accounts payable | 27,081 | 51,366 | 109,123 |
Due to related parties | 7,816 | 23,500 | 134,830 |
Net cash used in operating activities | -112,494 | -114,878 | -270,662 |
Cash Flows from Investing Activities | ' | ' | ' |
Notes receivable, net of allowance | ' | 210,038 | 15,038 |
Property acquisition costs | 297 | ' | 297 |
Net cash provided by investing activities | -297 | 210,038 | 14,741 |
Cash Flows from Financing Activities | ' | ' | ' |
Shares issued | ' | ' | 260,250 |
Net cash provided by financing activities | ' | ' | 260,250 |
Effect of exchange rate changes on cash | -63 | ' | -63 |
Net increase (decrease) in cash during the period | -112,854 | 95,160 | 4,266 |
Cash, beginning of period | 117,120 | 21,960 | ' |
Cash, end of period | 4,266 | 117,120 | 4,266 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Taxes | ' | ' | ' |
Interest | ' | ' | ' |
Non-cash transactions: | ' | ' | ' |
Shares issued for mineral properties | ' | 15,000 | 15,000 |
Shares issued for settlement of debt | $170,500 | $170,500 | $170,500 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Organization and Basis of Presentation | ' |
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION | |
Nature of Operations | |
Corecomm Solutions Inc. (formerly Venza Gold Corp.) (the “Company”) was incorporated on August 4, 2010 under the laws of the State of Nevada as SOS Link Corporation. On April 15, 2011, the Company continued from the State of Nevada to British Columbia, Canada and changed its name to Venza Gold Corp. On December 2, 2013, the Company entered into a license agreement (the “License Agreement”) allowing the Company to commercialize a web-based technology used for performing complex search queries on the internet in the education market for English and Spanish users (the “Technology”) (Note 7). As a result of the agreement, the Company changed its principal business focus from the acquisition and exploration of mineral resources to technology and changed its name to Corecomm Solutions Inc. on January 8, 2014. | |
The Company’s financial statements are prepared on a going concern basis in accordance with US generally accepted accounting principles (“GAAP”) which contemplate the realization of assets and discharge of liabilities and commitments in the normal course of business. The Company is in the development stage. It has not generated operating revenues to date, and has accumulated losses of $501,287 since inception. The Company has funded its operations through the issuance of capital stock and debt. Management plans to raise additional funds through equity and/or debt financings. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Company’s ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise new capital sufficient to fund its commitments and ongoing losses, and ultimately on generating profitable operations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Summary of Significant Accounting Policies | ' |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
These financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. The Company has not produced revenues from its principal business and is a development stage company as defined by “Accounting and Reporting by Development Stage Enterprises.” | |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant areas of estimate include the carrying value of the mineral property and deferred income tax obligations. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Asset Retirement Obligations | |
The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any measurable asset retirement obligations. | |
Impairment or Disposal of Long Lived Assets | |
The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. | |
Fair Value of Financial Instruments | |
Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including the entity’s own credit risk. | |
A fair value hierarchy for valuation inputs is established. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels and which is determined by the lowest level input that is significant to the fair value measurement in its entirety. | |
These levels are: | |
Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. | |
Level 2 - inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. | |
The Company’s financial instruments consist of cash, accounts payable and amounts due from related parties. The carrying value of these financial instruments approximates their fair value based on their liquidity, their short-term nature or application of appropriate risk based discount rates to determine fair value. These financial assets and liabilities are valued using Level 3 inputs, except for cash which is at Level 1. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. | |
Foreign Currency Translation and Transaction | |
The Company’s functional currency is the Canadian dollar and reporting currency is the United States dollar. The Company translates assets and liabilities to US dollars using year-end exchange rates, translates unproved mineral properties using historical exchange rates, and translates revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive income. The Company has not to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |
Income Taxes | |
Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. | |
The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's financial statements. | |
Loss per Share | |
The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. | |
Mineral Properties | |
The Company classifies its mineral rights as tangible assets and accordingly acquisition costs are capitalized as mineral property costs. Mineral exploration costs are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. | |
When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |
Recently Adopted Accounting Guidance | |
The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | |||
Oct. 31, 2013 | ||||
Notes | ' | |||
Related-Party Transactions | ' | |||
NOTE 3 - RELATED-PARTY TRANSACTIONS | ||||
The Company incurred the following transactions with related parties that are not disclosed elsewhere in the financial statements: | ||||
Year ended October 31, | ||||
2013 | 2012 | |||
Management fees incurred to a former director | $17,653 | $28,500 | ||
Consulting and management fees incurred to a former officer | 8,826 | 31,470 | ||
Mineral exploration and management fees incurred to a director | $21,575 | $10,000 | ||
At October 31, 2013, the Company had $7,816 payable to related parties (2012 - Nil). |
Unproved_Mineral_Properties
Unproved Mineral Properties | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Unproved Mineral Properties | ' |
NOTE 4 - UNPROVED MINERAL PROPERTIES | |
On April 11, 2012, the Company acquired two mineral claims located in British Columbia from its director through the issuance of 200,000 shares of its common stock at a fair value of $15,000. During the year ended October 31, 2013, after reviewing results of geochemical survey, management decided to abandon one of the claims and wrote off $3,600 in acquisition costs associated with this claim. | |
On August 15, 2013, the Company staked two additional claims to cover southern extension of the remaining claim for a total of $297. | |
To keep the claims in good standing, the Company is required to incur exploration expenses of approximately $678 per year for the next two years and $5,540 per year thereafter. As of the date of these financial statements, the Company has incurred enough exploration expenditures to keep its main claim in good standing until 2018, and will be required to incur exploration expenses or make payments in lieu of work on the two claims staked in 2013. |
Common_Stock_Note
Common Stock, Note | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Common Stock, Note | ' |
NOTE 5 - COMMON STOCK | |
On April 11, 2012, the Company issued 200,000 common shares for the acquisition of mineral properties. The fair value of the shares issued was $15,000. | |
On April 13, 2012, the Company issued 1,573,333 common shares at $0.075 to settle $118,000 in debt to related parties and 700,000 common shares at $0.075 to settle $52,500 in debt to non-related parties. There was no gain or loss recognized on the transaction. | |
On April 13, 2012, the Company issued 250,000 common shares to its former Chief Financial Officer and 100,000 common shares to a consultant for management fees. The fair value of the shares issued was $26,250. | |
On April 14, 2012, the Company issued 550,000 shares for gross proceeds of $41,250. | |
The Company did not issue any shares during the year ended October 31, 2013. | |
During the year ended October 31, 2013, the Company received $1,000 in donated administrative services which has been recorded as additional paid in capital. |
Income_Taxes_Note
Income Taxes, Note | 12 Months Ended | ||
Oct. 31, 2013 | |||
Notes | ' | ||
Income Taxes, Note | ' | ||
NOTE 6 - INCOME TAXES | |||
A reconciliation of income taxes at statutory rates is as follows: | |||
Year ended October 31, | |||
2013 | 2012 | ||
Loss before income taxes | ($154,164) | ($196,321) | |
Statutory tax rate | 25% | 26% | |
Expected recovery of income taxes | -38,291 | -51,043 | |
Non deductible items | -- | -4,727 | |
Effect of changes in tax rates | -- | 2,145 | |
Change in valuation allowance | 38,291 | 53,625 | |
$ -- | $ -- | ||
The Company’s tax-effected deferred income tax assets and liabilities are estimated as follows: | |||
Year ended October 31, | |||
2013 | 2012 | ||
Non-capital losses carried forward | $137,217 | $93,826 | |
Mineral properties | 900 | -- | |
Less: Valuation allowance | -132,117 | -93,826 | |
Net deferred income tax assets | $ -- | $ -- | |
The Company has non-capital losses of $524,867, which may be carried forward to reduce taxable income in future years. The non-capital losses expire as follows: | |||
2031 | $149,564 | ||
2032 | 160,802 | ||
2033 | 214,501 | ||
$524,867 | |||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Subsequent Events | ' |
NOTE 7 - SUBSEQUENT EVENTS | |
License Agreement | |
On December 2, 2013, the Company entered into the License Agreement with an arms-length party (the “Vendor”) for the Technology. | |
In consideration of the License Agreement, the Company is required to make cash payments totaling $500,000 and issue a total of 2,857,142 common shares of the Company according to the following schedule: | |
· $100,000 no later than April 1, 2014; | |
· $200,000 no later than August 1, 2014; and | |
· $200,000 no later than January 1, 2015. | |
· 2,857,142 common shares no later than the day following the issue of the closing of the proposed private placement described below. | |
In addition, if, while using the Technology, the number of daily queries the Company receives exceeds 125,000, the Company will be required to pay a gross revenue share to the Vendor of 45% for each additional query. | |
The initial term of the License Agreement is 50 years. The Company has the right to terminate the License Agreement at any time if the Company is unsuccessful in raising minimum financing of $500,000. | |
Private Placement Financing | |
On December 2, 2013, the Company announced a private offering of up to of 5,000,000 common shares of the Company at a price of $0.10 per share. | |
On January 8, 2013, the Company closed the first tranche and issued 300,000 shares for gross proceeds of $30,000. The Company paid finders a cash commission totalling $3,000 associated with the first tranche. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
These financial statements and related notes are presented in accordance with US GAAP, and are presented in United States dollars. The Company has not produced revenues from its principal business and is a development stage company as defined by “Accounting and Reporting by Development Stage Enterprises.” |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant areas of estimate include the carrying value of the mineral property and deferred income tax obligations. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies: Asset Retirement Obligations (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Asset Retirement Obligations | ' |
Asset Retirement Obligations | |
The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any measurable asset retirement obligations. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies: Impairment Or Disposal of Long Lived Assets (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Impairment Or Disposal of Long Lived Assets | ' |
Impairment or Disposal of Long Lived Assets | |
The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including the entity’s own credit risk. | |
A fair value hierarchy for valuation inputs is established. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels and which is determined by the lowest level input that is significant to the fair value measurement in its entirety. | |
These levels are: | |
Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. | |
Level 2 - inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 - inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. | |
The Company’s financial instruments consist of cash, accounts payable and amounts due from related parties. The carrying value of these financial instruments approximates their fair value based on their liquidity, their short-term nature or application of appropriate risk based discount rates to determine fair value. These financial assets and liabilities are valued using Level 3 inputs, except for cash which is at Level 1. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies: Foreign Currency Translation and Transaction (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Foreign Currency Translation and Transaction | ' |
Foreign Currency Translation and Transaction | |
The Company’s functional currency is the Canadian dollar and reporting currency is the United States dollar. The Company translates assets and liabilities to US dollars using year-end exchange rates, translates unproved mineral properties using historical exchange rates, and translates revenues and expenses using average exchange rates during the period. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the other comprehensive income. The Company has not to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies: Income Taxes, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Income Taxes, Policy | ' |
Income Taxes | |
Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. | |
The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's financial statements. |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies: Loss Per Share (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Loss Per Share | ' |
Loss per Share | |
The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies: Mineral Properties, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Mineral Properties, Policy | ' |
Mineral Properties | |
The Company classifies its mineral rights as tangible assets and accordingly acquisition costs are capitalized as mineral property costs. Mineral exploration costs are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. | |
When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. |
Recovered_Sheet1
Summary of Significant Accounting Policies: Recently Adopted Accounting Guidance (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Recently Adopted Accounting Guidance | ' |
Recently Adopted Accounting Guidance | |
The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. |
RelatedParty_Transactions_Sche
Related-Party Transactions: Schedule of Related Party Transactions (Tables) | 12 Months Ended | |||
Oct. 31, 2013 | ||||
Tables/Schedules | ' | |||
Schedule of Related Party Transactions | ' | |||
Year ended October 31, | ||||
2013 | 2012 | |||
Management fees incurred to a former director | $17,653 | $28,500 | ||
Consulting and management fees incurred to a former officer | 8,826 | 31,470 | ||
Mineral exploration and management fees incurred to a director | $21,575 | $10,000 |
Income_Taxes_Note_Schedule_of_
Income Taxes, Note: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | ||
Oct. 31, 2013 | |||
Tables/Schedules | ' | ||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||
Year ended October 31, | |||
2013 | 2012 | ||
Loss before income taxes | ($154,164) | ($196,321) | |
Statutory tax rate | 25% | 26% | |
Expected recovery of income taxes | -38,291 | -51,043 | |
Non deductible items | -- | -4,727 | |
Effect of changes in tax rates | -- | 2,145 | |
Change in valuation allowance | 38,291 | 53,625 | |
$ -- | $ -- |
Income_Taxes_Note_Schedule_of_1
Income Taxes, Note: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended | ||
Oct. 31, 2013 | |||
Tables/Schedules | ' | ||
Schedule of Deferred Tax Assets and Liabilities | ' | ||
Year ended October 31, | |||
2013 | 2012 | ||
Non-capital losses carried forward | $137,217 | $93,826 | |
Mineral properties | 900 | -- | |
Less: Valuation allowance | -132,117 | -93,826 | |
Net deferred income tax assets | $ -- | $ -- |
Income_Taxes_Note_Summary_of_O
Income Taxes, Note: Summary of Other Tax Carryforwards (Tables) | 12 Months Ended | |
Oct. 31, 2013 | ||
Tables/Schedules | ' | |
Summary of Other Tax Carryforwards | ' | |
2031 | $149,564 | |
2032 | 160,802 | |
2033 | 214,501 | |
$524,867 |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Details | ' | ' |
Accumulated losses since inception | $501,287 | $348,123 |
RelatedParty_Transactions_Sche1
Related-Party Transactions: Schedule of Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Management fees, former director | ' | ' |
Related party expenses | $17,653 | $28,500 |
Consulting and management fees, former officer | ' | ' |
Related party expenses | 8,826 | 31,470 |
Mineral exploration and management fees, director | ' | ' |
Related party expenses | $21,575 | $10,000 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | Oct. 31, 2013 |
Details | ' |
Payable to related parties | $7,816 |
Unproved_Mineral_Properties_De
Unproved Mineral Properties (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 39 Months Ended | ||
Aug. 15, 2013 | Apr. 11, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Details | ' | ' | ' | ' | ' | ' |
Mineral claims acquired | 'two | 'two | ' | ' | ' | ' |
Common stock issued for mineral claims | ' | 200,000 | ' | ' | ' | ' |
Fair value of common stock issued for mineral claims | ' | $15,000 | ' | ' | $15,000 | ' |
Acquisition costs wrote off | ' | ' | ' | 3,600 | ' | ' |
Payment to acquire mineral claims | $297 | ' | ' | $297 | ' | $297 |
Mineral claims, good standing | ' | ' | 'To keep the claims in good standing, the Company is required to incur exploration expenses of approximately $678 per year for the next two years and $5,540 per year thereafter. | ' | ' | ' |
Common_Stock_Note_Details
Common Stock, Note (Details) (USD $) | 12 Months Ended | ||||||
Oct. 31, 2013 | Apr. 11, 2012 | Apr. 13, 2012 | Apr. 13, 2012 | Apr. 13, 2012 | Apr. 13, 2012 | Apr. 14, 2012 | |
Acquisition of mineral properties | Debt settlement with related parties | Debt settlement with non-related parties | Former Chief Financial Officer | Consultant for management fees | Cash Proceeds | ||
Common shares issued | ' | 200,000 | 1,573,333 | 700,000 | 250,000 | 100,000 | 550,000 |
Fair value of shares issued | ' | $15,000 | ' | ' | ' | $26,250 | ' |
Amount of debt settled | ' | ' | 118,000 | 52,500 | ' | ' | ' |
Gross cash proceeds | ' | ' | ' | ' | ' | ' | 41,250 |
Donated administrative services | $1,000 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Note_Schedule_of_2
Income Taxes, Note: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Details | ' | ' |
Loss before income taxes | ($154,164) | ($196,321) |
Statutory tax rate | 25.00% | 26.00% |
Expected recovery of income taxes | -38,291 | -51,043 |
Non deductible items | ' | -4,727 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | ' | 2,145 |
Change in valuation allowance | $38,291 | $53,625 |
Income_Taxes_Note_Schedule_of_3
Income Taxes, Note: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Details | ' | ' |
Non-capital losses carried forward | $137,217 | $93,826 |
Mineral properties, deferred tax assets | 900 | ' |
(Less) Valuation allowance | ($132,117) | ($93,826) |
Income_Taxes_Note_Summary_of_O1
Income Taxes, Note: Summary of Other Tax Carryforwards (Details) (USD $) | Oct. 31, 2013 |
Non-capital losses which may be carried forward (subject to expiration) | $524,867 |
2031 | ' |
Non-capital losses which may be carried forward (subject to expiration) | 149,564 |
2032 | ' |
Non-capital losses which may be carried forward (subject to expiration) | 160,802 |
2033 | ' |
Non-capital losses which may be carried forward (subject to expiration) | $214,501 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 02, 2013 | Jan. 08, 2013 |
License Agreement | Private Placement Financing | |
Total cash payments required to be made | $500,000 | ' |
Total common shares required to be issued | 2,857,142 | ' |
Common stock issued for cash proceeds | ' | 300,000 |
Gross proceeds received | ' | 30,000 |
Cash commission paid | ' | $3,000 |