Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | |
Jan. 31, 2014 | Feb. 26, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Oro Capital Corporation, Inc. | ' |
Entity Central Index Key | '0001562733 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Jan-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--07-31 | ' |
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 Public Float | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,000,000 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
Current Assets | ' | ' |
Cash | $2,660 | $33,908 |
Total Current Assets | 2,660 | 33,908 |
Total Assets | 2,660 | 33,908 |
Current Liabilities | ' | ' |
Accounts Payable and Accrued Liabilities | 3,000 | 3,000 |
Due to Directors | 14,791 | 20,691 |
Total Liabilities | 17,791 | 23,691 |
Stockholders' Equity | ' | ' |
Common Stock (75,000,000 shares authorized, par value 0.00001, 6,000,000 shares issued and outstanding) | 60 | 60 |
Additional paid-in capital | 62,145 | 58,405 |
Deficit accumulated during the exploration stage | -77,336 | -48,248 |
Total Stockholders' Equity | -15,131 | 10,217 |
Total Liabilities and Stockholders' Equity | $2,660 | $33,908 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock shares authorized | 75,000,000 | 75,000,000 |
Common Stock par value | $0.00 | $0.00 |
Common Stock shares issued and outstanding | 6,000,000 | 6,000,000 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 37 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | |
Operating Expenses | ' | ' | ' | ' | ' |
Consulting services | $13,250 | $750 | $14,000 | $1,500 | $21,750 |
Exploration | 4,400 | ' | 4,400 | ' | 12,900 |
General and administrative | 750 | ' | 1,748 | 805 | 3,351 |
Rent | 750 | 750 | 1,500 | 1,500 | 9,250 |
Legal and accounting | 1,200 | 4,400 | 6,700 | 4,400 | 20,380 |
Impairment of Mineral Claims | ' | ' | ' | ' | 6,000 |
Total Operating Expenses | 20,350 | 5,900 | 28,348 | 8,205 | 73,631 |
Other Expense | ' | ' | ' | ' | ' |
Imputed Interest Expense | 327 | 300 | 740 | 600 | 3,705 |
Net Loss | ($20,677) | ($6,200) | ($29,088) | ($8,805) | ($77,336) |
Net Loss Per Common Share - Basic and Diluted | 0 | 0 | 0 | 0 | ' |
Weighted Average Number of Common Shares Outstanding | 6,000,000 | 5,000,000 | 6,000,000 | 5,000,000 | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | 12 Months Ended | 37 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2014 | |
Operating Activities | ' | ' | ' | ' | ' |
Net loss | ($29,088) | ($8,805) | ($23,201) | ($16,200) | ($77,336) |
Adjustments to reconcile net loss to cash used in operating activities: | ' | ' | ' | ' | ' |
Impairment of mineral claims | ' | ' | ' | ' | 6,000 |
Imputed interest expense | 740 | 600 | 1,418 | 1,200 | 3,705 |
Donated consulting services and rent expenses | 3,000 | 3,000 | 6,000 | 6,000 | 18,500 |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | 1,205 | ' | ' | 3,000 |
Net Cash Used by Operating Activities | -25,348 | -4,000 | ' | ' | -46,131 |
Investing Activities | ' | ' | ' | ' | ' |
Purchase of mining claims | ' | ' | ' | ' | -6,000 |
Financing Activities | ' | ' | ' | ' | ' |
Payment on debt-related party | -5,900 | ' | ' | ' | -5,900 |
Borrowings on debt-related party | ' | ' | ' | ' | 20,691 |
Issuance of common shares for cash | ' | ' | ' | ' | 40,000 |
Net Cash from Financing Activities | -5,900 | ' | ' | ' | 54,791 |
Increase (Decrease) in Cash | -31,248 | -4,000 | ' | ' | 2,660 |
Cash - Beginning of Period | 33,908 | 4,000 | 4,000 | ' | 0 |
Cash - End of Period | 2,660 | 0 | 33,908 | 4,000 | 2,660 |
Supplemental Disclosure of Cash Flow Information Cash paid during the period for : | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' |
Income taxes | ' | ' | ' | ' | ' |
Non Cash Issuance of founders shares | ' | ' | ' | ' | $50 |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Equity (Deficit) (Unaudited) (USD $) | Common Stock | Additional Paid-In Capital | Deficit Accumulated During the Exploration Stage | Total |
Beginning Balance at Dec. 21, 2010 | ' | ' | ' | ' |
Issuance of common stock to founders | 50 | -50 | ' | ' |
Issuance of common stock to founders (in shares) | 5,000,000 | ' | ' | ' |
Donated consulting services and rent | ' | 3,500 | ' | 3,500 |
Imputed interest expense | ' | 347 | ' | 347 |
Net loss | ' | ' | -8,847 | -8,847 |
Ending Balance at Jul. 31, 2011 | 50 | 3,797 | -8,847 | -5,000 |
Ending Balance (in shares) at Jul. 31, 2011 | 5,000,000 | ' | ' | ' |
Donated consulting services and rent | ' | 6,000 | ' | 6,000 |
Imputed interest expense | ' | 1,200 | ' | 1,200 |
Net loss | ' | ' | -16,200 | -16,200 |
Ending Balance at Jul. 31, 2012 | 50 | 10,997 | -25,047 | -14,000 |
Ending Balance (in shares) at Jul. 31, 2012 | 5,000,000 | ' | ' | ' |
Issuance of shares, Shares | 1,000,000 | ' | ' | ' |
Issuance of shares | 10 | 39,990 | ' | 40,000 |
Donated consulting services and rent | ' | 6,000 | ' | 6,000 |
Imputed interest expense | ' | 1,418 | ' | 1,418 |
Net loss | ' | ' | -23,201 | -23,201 |
Ending Balance at Jul. 31, 2013 | 60 | 58,405 | -48,248 | 10,217 |
Ending Balance (in shares) at Jul. 31, 2013 | 6,000,000 | ' | ' | ' |
Issuance of common stock to founders (in shares) | ' | ' | ' | ' |
Donated consulting services and rent | ' | 3,000 | ' | 3,000 |
Imputed interest expense | ' | 740 | ' | 740 |
Net loss | ' | ' | -29,088 | -29,088 |
Ending Balance at Jan. 31, 2014 | $60 | $62,145 | ($77,336) | ($15,131) |
Ending Balance (in shares) at Jan. 31, 2014 | 6,000,000 | ' | ' | ' |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jan. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF OPERATIONS | ' |
NOTE 1 - NATURE OF OPERATIONS | |
DESCRIPTION OF BUSINESS AND HISTORY | |
The Company was incorporated on December 29, 2010 in the State of Nevada. The Company is an exploration stage corporation. An exploration stage corporation is one engaged in the search for mineral deposits or reserves which are not in either the development or production stage. The Company intends to explore for diamond-bearing kimberlite on its mining property. | |
The Company does not have any revenues and has incurred losses since inception. Currently, the Company has no operations, has been issued a going concern opinion and relies upon the sale of our securities and loans from its sole officer and director to fund operations. | |
GOING CONCERN - These financial statements have been prepared on a going concern basis, which implies ORO Capital Corporation will continue to meet its obligations and continue its operations for the next fiscal year. Realization value may be substantially different from carrying values as shown and 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 ORO Capital Corporation be unable to continue as a going concern. As at January 31,2014ORO Capital Corporation has a working capital deficiency, has not generated revenues and has accumulated losses of $77,336(2013: $48,248) since inception. The continuation of ORO Capital Corporation as a going concern is dependent upon the continued financial support from its shareholders, the ability of ORO Capital Corporation to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the ORO Capital Corporation’ ability to continue as a going concern. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | |
Jan. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
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 accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year-end is July 31. | ||
USE OF ESTIMATES - The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses in the reporting period. We regularly evaluate our estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation and deferred income tax asset valuation allowances. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe 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. The actual results experienced by us July differ materially and adversely from our estimates. To the extent there are material differences between our estimates and the actual results, our future results of operations will be affected. | ||
CASH AND CASH EQUIVALENTS - The Company considers all highly liquid instruments with original maturities of three months or less when acquired, to be cash equivalents. We had no cash equivalents at January 31, 2014 or July 31,2013. | ||
EXPLORATION STAGE ENTITY – The Company complies with FASB guidelines for its description as an exploration stage company. | ||
IMPUTED INTEREST – The Company calculates imputed interest expense at an interest rate of 8% (2013: 8%) per annum.Interest expense for the three months ended January 31, 2014 was $327 (January 31, 2013: $300). | ||
INCOME TAXES - The Company accounts for income taxes under the provisions issued by the FASB which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company computes tax asset benefits for net operating losses carried forward. The potential benefit of net operating losses has 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. | ||
LOSS PER COMMON SHARE - The Company reports net loss per share in accordance with provisions of the FASB. The provisions require dual presentation of basic and diluted loss per share. Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of January 31,2014 and July 31, 2013, there were no common stock equivalents outstanding. | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS - Pursuant to ASC No. 820, “Fair Value Measurements and Disclosures”, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of January 31, 2014 and July 31, 2013. The Company’s financial instruments consist of cash. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments. | ||
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - In February 2013, the 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 is not expected to have 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 Board 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 is not expected to have a material impact on our financial position or results of operations. | ||
In October 2012, the FASB issued Accounting Standards Update ASU 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations. | ||
In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations. | ||
In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived | ||
Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been madeavailable for issuance. The adoption of ASU 2012-02 has not had a material impact on our financial position or results of operations. |
MINING_CLAIM
MINING CLAIM | 6 Months Ended |
Jan. 31, 2014 | |
Notes to Financial Statements | ' |
MINING CLAIM | ' |
NOTE 3 - MINING CLAIM | |
Oro Capital Corporation has acquired a 100% interest in the Shipman Diamond Project, which is located 50 kilometers northeast of Prince Albert, Saskatchewan, Canada and 2 kilometers north of the village of Shipman. | |
In 2011 the Company paid $6,000 for the mining project. At July 31, 2012, the Company did an assessment whether this payment would meet the characteristics required to record it as an asset at year-end and determined that an impairment charge of $6,000 should be reflected as of July 31, 2012 because the Company could not substantiate that there would be a future economic benefit arising from this payment. | |
On August 7, 2013, magnetometer survey was completed on the Shipman property by Discover Int’l Geophysics Inc. | |
The magnetometer survey completed on the Shipman property identified a portion of a magnetic high anomaly. Based on these results the company has commenced a limited exploration program consisting of the collection of approximately 55 large soil samples. These large soil samples can be analyzed at a future date, for diamond indicator minerals (chromite and pryope garnets) when the Company has sufficient funds to pay for the analysis. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | ||||
Jan. 31, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
INCOME TAXES | ' | ||||
NOTE 4 -INCOME TAXES | |||||
Deferred income taxes July arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The company does not have any uncertain tax positions. | |||||
The Company currently has net operating loss carryforwards aggregating $55,131 (2013: $29,783), which expire through 2030. The deferred tax asset related to the carryforwards has been fully reserved. | |||||
The Company has deferred income tax assets, which have been fully reserved, as follows as of January 31, 2014 and July 31, 2013: | |||||
January 31,2014 | 31-Jul-13 | ||||
Deferred tax assets | $ | 19,296 | $ | 10,424 | |
Valuation allowance for deferred tax assets | -19,296 | -10,424 | |||
Net deferred tax assets | $ | - | $ | - | |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||
Jan. 31, 2014 | |||
Fair Value Disclosures [Abstract] | ' | ||
FAIR VALUE MEASUREMENTS | ' | ||
NOTE 5 - FAIR VALUE MEASUREMENTS | |||
The Company adopted ASC No. 820-10 (ASC 820-10), Fair Value Measurements. ASC 820-10 relates to financial assets and financial liabilities. | |||
ASC 820-10 defines fair value, establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (GAAP), and expands disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements and are to be applied prospectively with limited exceptions. | |||
ASC 820-10 defines fair value 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. This standard is now the single source in GAAP for the definition of fair value, except for the fair value of leased property as defined in SFAS 13. ASC 820-10 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions, about market participant assumptions, that are developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below: | |||
• | Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
• | Level 2 | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or 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); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
• | Level 3 | Inputs that are both significant to the fair value measurement and unobservable. These inputs rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. (The unobservable inputs are developed based on the best information available in the circumstances and July include the Company's own data.) | |
The following presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of January 31, 2014 and July 31, 2013: | |||
Level 1: None | |||
Level 2: None | |||
Level 3: None | |||
Total Gain (Losses): None | |||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jan. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 6 - RELATED PARTY TRANSACTIONS | |
During the sixmonth period ended January 31, 2014 the Company recognized a total of $3,000 (2013: $3,000) for rent and services from directors for rent at $250 per month and at $250 per month for consulting services provided by the President and Director of the Company. These transactions are recorded at the exchange amount which is the amount agreed to by the transacting parties. | |
A director has advanced funds to us for our legal, audit, filing fees, general office administration and cash needs. As of January 31, 2014, the director has advanced a total of $14,791 (2013: $20,691).During the three months ended January 31, 2014, $5,900 was repaid to the related party. These advanced funds are due on demand and have no stated interest rate. Imputed interest of $740 was recorded during the period ended January 31, 2014. |
COMMON_STOCK
COMMON STOCK | 6 Months Ended |
Jan. 31, 2014 | |
Notes to Financial Statements | ' |
COMMON STOCK | ' |
NOTE 7 - COMMON STOCK | |
As of January 31, 2014 , ORO Capital Corporation has issued 5,000,000 commonshares to the Company’sfounders. | |
On June 27, 2013 ORO Capital Corporation has issued 1,000,000commonshares for $0.04 per share for total proceeds of $40,000 to 37 individuals in the Company’s initial public offering. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jan. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 8 - SUBSEQUENT EVENTS | |
The Company had no subsequent events after January 31, 2014 to the date financial statements were issued. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | |
Jan. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
BASIS OF PRESENTATION | ' | |
BASIS OF PRESENTATION -These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year-end is July 31. | ||
USE OF ESTIMATES | ' | |
USE OF ESTIMATES - The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses in the reporting period. We regularly evaluate our estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation and deferred income tax asset valuation allowances. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe 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. The actual results experienced by us July differ materially and adversely from our estimates. To the extent there are material differences between our estimates and the actual results, our future results of operations will be affected. | ||
CASH AND CASH EQUIVALENTS | ' | |
CASH AND CASH EQUIVALENTS - The Company considers all highly liquid instruments with original maturities of three months or less when acquired, to be cash equivalents. We had no cash equivalents at January 31, 2014 or July 31,2013. | ||
EXPLORATION STAGE ENTITY | ' | |
EXPLORATION STAGE ENTITY – The Company complies with FASB guidelines for its description as an exploration stage company. | ||
IMPUTED INTEREST | ' | |
IMPUTED INTEREST – The Company calculates imputed interest expense at an interest rate of 8% (2013: 8%) per annum.Interest expense for the three months ended January 31, 2014 was $327 (January 31, 2013: $300). | ||
INCOME TAXES | ' | |
INCOME TAXES - The Company accounts for income taxes under the provisions issued by the FASB which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company computes tax asset benefits for net operating losses carried forward. The potential benefit of net operating losses has 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. | ||
LOSS PER COMMON SHARE | ' | |
LOSS PER COMMON SHARE - The Company reports net loss per share in accordance with provisions of the FASB. The provisions require dual presentation of basic and diluted loss per share. Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of January 31,2014 and July 31, 2013, there were no common stock equivalents outstanding. | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Pursuant to ASC No. 820, “Fair Value Measurements and Disclosures”, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of January 31, 2014 and July 31, 2013. The Company’s financial instruments consist of cash. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments. | ||
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | ' | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - In February 2013, the 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 is not expected to have 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 Board 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 is not expected to have a material impact on our financial position or results of operations. | ||
In October 2012, the FASB issued Accounting Standards Update ASU 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations. | ||
In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations. | ||
In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived | ||
Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been madeavailable for issuance. The adoption of ASU 2012-02 has not had a material impact on our financial position or results of operations. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 6 Months Ended | ||||
Jan. 31, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Deferred income tax assets | ' | ||||
The Company has deferred income tax assets, which have been fully reserved, as follows as of January 31, 2014 and July 31, 2013: | |||||
January 31,2014 | 31-Jul-13 | ||||
Deferred tax assets | $ | 19,296 | $ | 10,424 | |
Valuation allowance for deferred tax assets | -19,296 | -10,424 | |||
Net deferred tax assets | $ | - | $ | - | |
NATURE_OF_OPERATIONS_Details_N
NATURE OF OPERATIONS (Details Narrative) (USD $) | 25 Months Ended | 37 Months Ended |
Jan. 31, 2013 | Jan. 31, 2014 | |
Nature Of Operations Details Narrative | ' | ' |
Working Capital Deficiency due to accumulated losses | $48,248 | $77,336 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | 37 Months Ended | |||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jul. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2014 | |
Summary Of Significant Accounting Policies Details Narrative | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration of Cash Equivalent | ' | ' | 'The Company considers all highly liquid instruments with original maturities of three months or less when acquired, to be cash equivalents. | ' | ' | ' | ' | ' |
Cash Equivalents | $0 | ' | $0 | ' | ' | $0 | ' | $0 |
Imputed Interest Rate | 0.08 | 0.08 | ' | ' | ' | ' | ' | ' |
Imputed interest expense | $327 | $300 | $740 | $600 | $347 | $1,418 | $1,200 | $3,705 |
MINING_CLAIM_Details_Narrative
MINING CLAIM (Details Narrative) (USD $) | 6 Months Ended | 12 Months Ended |
Jan. 31, 2013 | Jul. 31, 2012 | |
Unit | ||
Notes to Financial Statements | ' | ' |
Determiniation of impairment charge | ' | $6,000 |
No. of Large Soil Samples Collected | '55 | ' |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Net operating loss carryforwards | $55,131 | $29,783 |
INCOME_TAXES_Details_Tabular
INCOME TAXES (Details Tabular) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
Income Taxes Details Tabular | ' | ' |
Deferred tax assets | $19,296 | $10,424 |
Valuation allowance for deferred tax assets | -19,296 | -10,424 |
Net deferred tax assets | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details Narrative) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
Assets and Liabilities Measured | $0 | $0 |
Level 1 Member | ' | ' |
Assets and Liabilities Measured | 0 | 0 |
Level 2 Member | ' | ' |
Assets and Liabilities Measured | 0 | 0 |
Level 3 Member | ' | ' |
Assets and Liabilities Measured | $0 | $0 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | 37 Months Ended | |||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jul. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2014 | |
Recognized Rent and Services for Director | $750 | $750 | $1,500 | $1,500 | ' | ' | ' | $9,250 |
Amount paid to related party | ' | ' | 5,900 | ' | ' | ' | ' | 5,900 |
Imputed interest | 327 | 300 | 740 | 600 | 347 | 1,418 | 1,200 | 3,705 |
Director [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized Rent and Services for Director | ' | ' | 3,000 | 3,000 | ' | ' | ' | ' |
Rent paid per month | ' | ' | 250 | 250 | ' | ' | ' | ' |
Consulting Service Fee for services Provided By The President and Director (per month) | ' | ' | 250 | 250 | ' | ' | ' | ' |
Advanced from director | 14,791 | 20,691 | 14,791 | 20,691 | ' | ' | ' | 14,791 |
Amount paid to related party | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest | ' | ' | $740 | $600 | ' | ' | ' | ' |
COMMON_STOCK_Details_Narrative
COMMON STOCK (Details Narrative) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 | Jun. 27, 2013 |
Notes to Financial Statements | ' | ' | ' |
Common shares issued | 5,000,000 | ' | 1,000,000 |
Common shares per share | ' | ' | $0.04 |
Total proceeds | $60 | $60 | $40,000 |