Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 09, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Perkins Oil & Gas, Inc. | |
Entity Central Index Key | 1,567,802 | |
Trading Symbol | prko | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,750,000 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Current Assets | ||
Cash | $ 971 | $ 6 |
Total Current Assets | 971 | 6 |
Other Assets | ||
Oil and Gas Property (Successful Efforts Method) | 17,500 | 17,500 |
Less: Accumulated Amortization | $ (17,500) | $ (17,500) |
Total Other Assets | ||
TOTAL ASSETS | $ 971 | $ 6 |
Current Liabilities | ||
Accounts payable | 7,117 | 1,905 |
Accrued interest payable | 420 | 1,048 |
Promissory notes payable--long tem notes due in one year | 6,000 | 15,500 |
Total Current Liabilities | 13,537 | 18,453 |
Long Term Liabilities | ||
Accrued interest payable | 1,461 | 505 |
Promissory notes payable | 29,400 | 18,900 |
Total Long Term Liabilities | 30,861 | 19,405 |
Total Liabilities | 44,398 | 37,858 |
Stockholders' Deficit | ||
Common stock, ($0.001 par value, 75,000,000 shares authorized; 6,750,000 and 6,750,000 shares issued and outstanding as of September 30, 2015 and June 30, 2015 | 6,750 | 6,750 |
Additional paid-in capital | 40,751 | 40,751 |
Deficit accumulated | (90,928) | (85,353) |
Total Stockholders' Deficit | (43,427) | (37,852) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 971 | $ 6 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2015 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 6,750,000 | 6,750,000 |
Common stock, shares outstanding | 6,750,000 | 6,750,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||
Revenues | ||
Total Revenues | ||
General & Administrative Expenses | ||
Administrative Expenses | $ 5,247 | $ 6,695 |
Amortization | ||
Oil Well Operating and Maintenance Expenses | $ 4,616 | |
Total General & Administrative Expenses | $ 5,247 | 11,311 |
Loss from Operation | (5,247) | (11,311) |
Other Income (Expense) | ||
Interest Expense | $ (328) | $ (207) |
Interest Income | ||
Gain on Debt Forgiveness | ||
Total Other Income (Expense) | $ (328) | $ (207) |
Net Income (Loss) | $ (5,575) | $ (11,518) |
Basic earnings per share | $ 0 | $ 0 |
Weighted average number of common shares outstanding | 6,750,000 | 6,750,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (5,575) | $ (11,518) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Amortization | ||
Gain on Debt Forgiveness | ||
Changes in operating assets and liabilities: | ||
Increase(Decrease) in accounts payable | $ 5,212 | $ 4,614 |
Increase(Decrease) in interest payable | 328 | 207 |
Net cash provided by (used in) operating activities | $ (35) | $ (6,697) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of Oil and Gas Property | ||
Net cash provided by (used in) investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | ||
Proceeds form issuance of notes payable | $ 1,000 | |
Net cash provided by (used in) financing activities | 1,000 | |
Net increase (decrease) in cash | 965 | $ (6,697) |
Cash at beginning of period | 6 | 11,484 |
Cash at end of period | $ 971 | $ 4,787 |
Cash paid during year for: | ||
Interest | ||
Income Taxes |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS | 3 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED FINANCIAL STATEMENTS | NOTE 1 – CONDENSED FINANCIAL STATEMENTS The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30 ,2015 and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in the condensed financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s June 30, 2015 audited financial statements. The results of operations for the periods ended September 30, 2015 and the same period last year are not necessarily indicative of the operating results for the full years. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Sep. 30, 2015 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying |
PROMISSORY NOTES PAYABLE
PROMISSORY NOTES PAYABLE | 3 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
PROMISSORY NOTES PAYABLE | NOTE 3 – PROMISSORY NOTES PAYABLE Since inception the Company received cash totaling $35,400 from J. Michael Page and Howard H. Hendricks in the form of notes totaling $35,400. As of September 30, 2015 the amount due to J. Michael Page was $23,000 and the amount due to Howard H. Hendricks was $12,400. On April 30, 2013, the Company received a $4,500 loan. This loan is at 2% interest with principle and interest all due on May 1, 2015. On May 1, 2015, the loan was extended to May 1, 2017. On June 7, 2013, the Company received a $3,000 loan. This loan is at 4% interest with principle and interest all due on June 7, 2015. On June 7, 2015, the loan was extended to June 7, 2017. On September 6, 2013, the Company received a $9,000 loan. This loan is at 4% interest with principle and interest all due on September 6, 2015, the loan was extended to September 6, 2017. On September 30, 2013, the Company received a $500 loan. This loan is at 4% interest with principle and interest all due on September 30, 2015, the loan was extended to September 30, 2017. On November 15, 2013, the Company received a $2,000 loan. This loan is at 4% interest with principle and interest all due on November 15, 2015. On January 21, 2014, the Company received a $4,000 loan. This loan is at 4% interest with principle and interest all due on January 21, 2016 On February 6, 2015, the Company received a $1,200 loan. This loan is at 4% interest with principle and interest all due on February 6, 2017 On March 9, 2015, the Company received a $3,000 loan. This loan is at 4% interest with principle and interest all due on March 9, 2017 On April 16, 2015, the Company received a $5,500 loan. This loan is at 4% interest with principle and interest all due on April 16, 2017. On May 13, 2015, the Company received a $1,700 loan. This loan is at 4% interest with principle and interest all due on May 13, 2017. On August 8, 2015, the Company received a $1,000 loan. This loan is at 4% interest with principle and interest all due on August 8, 2017. As of September 30, 2014, accrued interest is $809, and September 30, 2015 accrued interest is $1,881. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 4 - CAPITAL STOCK The Company’s capitalization is 75,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On May 28, 2012, the Company issued a total of 4,000,000 shares of common stock to one director for cash in the amount of $0.005 per share for a total of $20,001 On February 1, 2013, the Company issued a total of 750,000 shares of common stock to one director for cash in the amount of $0.01 per share for a total of $7,500 On March 15, 2014, the Company issued a total of 2,000,000 shares of common stock to one various individuals for cash in the amount of $0.01 per share for a total of $20,000 As of September 30, 2015 the Company had 6,750,000 shares of common stock issued and outstanding. The stockholders’ equity section of the Company contains the following classes of capital stock as of September 30, 2015: Common stock, $ 0.001 par value: 75,000,000 shares authorized; 6,750,000 shares issued and outstanding. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 5 SUBSEQUENT EVENT On October 30, 2015, the Company received a $5,100 loan. This loan is at 4% interest with principle and interest all due on October 30, 2017. |
PROMISSORY NOTES PAYABLE (Detai
PROMISSORY NOTES PAYABLE (Detail Textuals) - USD ($) | 3 Months Ended | 40 Months Ended | |||||||||||||
Sep. 30, 2015 | Sep. 30, 2015 | Aug. 08, 2015 | Jun. 30, 2015 | May. 13, 2015 | Apr. 16, 2015 | Mar. 09, 2015 | Feb. 06, 2015 | Sep. 30, 2014 | Jan. 21, 2014 | Nov. 15, 2013 | Sep. 30, 2013 | Sep. 06, 2013 | Jun. 07, 2013 | Apr. 30, 2013 | |
Debt Instrument [Line Items] | |||||||||||||||
Proceeds form issuance of notes payable | $ 1,000 | ||||||||||||||
Promissory notes payable | 29,400 | $ 29,400 | $ 18,900 | ||||||||||||
Accrued interest payable | 1,881 | 1,881 | $ 809 | ||||||||||||
Promissory Notes Payable | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds form issuance of notes payable | 35,400 | ||||||||||||||
Promissory notes payable | 35,400 | 35,400 | |||||||||||||
Promissory Notes Payable | J. Michael Page | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount due to related party | $ 23,000 | $ 23,000 | |||||||||||||
Promissory Notes Payable | Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount due to related party | $ 12,400 | ||||||||||||||
Promissory Notes Payable | Principle and interest due on May 1, 2015 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 4,500 | ||||||||||||||
Interest rate on notes payable | 2.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on June 7, 2015 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 3,000 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on September 6, 2015 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 9,000 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on September 30, 2015 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 500 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on November 15, 2015 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 2,000 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on January 21, 2016 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 4,000 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on February 6, 2017 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 1,200 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on March 9, 2017 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 3,000 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on April 16, 2017 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 5,500 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | Principle and interest due on May 13, 2017 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 1,700 | ||||||||||||||
Interest rate on notes payable | 4.00% | ||||||||||||||
Promissory Notes Payable | principle and interest due on August 8, 2017 | J. Michael Page and Howard H. Hendricks | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of notes payable | $ 1,000 | ||||||||||||||
Interest rate on notes payable | 4.00% |
CAPITAL STOCK (Detail Textuals)
CAPITAL STOCK (Detail Textuals) | Mar. 15, 2014USD ($)$ / sharesshares | Feb. 01, 2013USD ($)Dierctor$ / sharesshares | May. 28, 2012USD ($)Dierctor$ / sharesshares | Sep. 30, 2015$ / sharesshares | Jun. 30, 2015$ / sharesshares |
Stock Transactions [Line Items] | |||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | |||
Common stock, shares issued | 6,750,000 | 6,750,000 | |||
Common stock, shares outstanding | 6,750,000 | 6,750,000 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||
Common Stock | Director | |||||
Stock Transactions [Line Items] | |||||
Number of stock issued for cash | 750,000 | 4,000,000 | |||
Value of stock issued for cash | $ | $ 7,500 | $ 20,001 | |||
Number of directors | Dierctor | 1 | 1 | |||
Stock issued for cash, price per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.005 | |||
Common Stock | Various individuals | |||||
Stock Transactions [Line Items] | |||||
Number of stock issued for cash | 2,000,000 | ||||
Value of stock issued for cash | $ | $ 20,000 | ||||
Stock issued for cash, price per share (in dollars per share) | $ / shares | $ 0.01 |
SUBSEQUENT EVENT (Detail Textua
SUBSEQUENT EVENT (Detail Textuals) - Subsequent Event | Oct. 30, 2015USD ($) |
Subsequent Event [Line Items] | |
Amount of loan received | $ 5,100 |
Interest rate on loan | 4.00% |