Perkins Oil & Gas (OOIL) 10-Q21 Nov 162017 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Nov. 15, 2016
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, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2016	Jun. 30, 2016
Current Assets
Cash	$ 3,904	$ 668
Total Current Assets	3,904	668
TOTAL ASSETS	3,904	668
Current Liabilities
Accounts payable	7,421	5,594
Accrued interest payable	858	1,221
Promissory notes payable--long tem notes due in one year	29,400	18,900
Total Current Liabilities	37,679	25,715
Long Term Liabilities
Accrued interest payable	2,797	1,941
Promissory notes payable	27,700	30,200
Total Long Term Liabilities	30,497	32,141
Total Liabilities	68,176	57,856
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, 2016 and June 30, 2016	6,750	6,750
Additional paid-in capital	40,751	40,751
Deficit accumulated	(111,773)	(104,689)
Total Stockholders' Deficit	(64,272)	(57,188)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	$ 3,904	$ 668

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2016	Jun. 30, 2016
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 ($)	3 Months Ended
Statements of Operations (Unaudited) - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Revenues
Revenues
Total Revenues
General & Administrative Expenses
Administrative Expenses	6,590	5,248
Total General & Administrative Expenses	6,590	5,248
Loss from Operation	(6,590)	(5,248)
Other Income (Expense)
Interest Expense	(494)	(327)
Total Other Income (Expense)	(494)	(327)
Net Income (Loss)	$ (7,084)	$ (5,575)
Basic earnings per share (in dollars per share)	$ 0	$ 0
Weighted average number of common shares outstanding (in shares)	6,750,000	6,750,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (7,084)	$ (5,575)
Changes in operating assets and liabilities:
Increase(Decrease) in accounts payable	1,827	5,212
Increase(Decrease) in interest payable	493	328
Net cash provided by (used in) operating activities	(4,764)	(35)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided by (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds form issuance of notes payable	8,000	1,000
Net cash provided by (used in) financing activities	8,000	1,000
Net increase (decrease) in cash	3,236	965
Cash at beginning of period	668	6
Cash at end of period	3,904	971
Cash paid during year for:
Interest
Income Taxes

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION 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, 2016 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, 2016 audited financial statements. The results of operations for the periods ended September 30, 2016 and the same period last year are not necessarily indicative of the operating results for the full years. Certain prior-period amounts have been reclassified to conform to the current period presentation.

GOING CONCERN

GOING CONCERN	3 Months Ended
GOING CONCERN	Sep. 30, 2016
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 and has limited cash resources. These negative factors create substantial doubt about the Company’s ability 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
PROMISSORY NOTES PAYABLE	Sep. 30, 2016
Debt Disclosure [Abstract]
PROMISSORY NOTES PAYABLE	NOTE 3 – PROMISSORY NOTES PAYABLE Since inception the Company received cash totaling $57,100 from J. Michael Page, Howard H. Hendricks and Betty N. Myers, all related parties to the company as former or current officers and directors, in the form of notes totaling $57,100. As of September 30, 2016 the amount due to J. Michael Page was $23,000, the amount due to Howard H. Hendricks was $26,100 and the amount due to Betty N. Myers was $8,000. 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, the loan was extended to November 15, 2017. 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, the loan was extended to January 21, 2018. 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. 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. On December 31, 2015, the Company received a $4,400 loan. This loan is at 4% interest with principle and interest all due on December 31, 2017. On February 12, 2016, the Company received a $2,100 loan. This loan is at 4% interest with principle and interest all due on February 12, 2018. On February 29, 2016, the Company received a $2,100 loan. This loan is at 4% interest with principle and interest all due on February 28, 2018. On September 28, 2016, the Company received an $8,000 loan. This loan is at 4% interest with principle and interest all due on September 28, 2018. As of June 30, 2016, accrued interest is $3,162, and September 30, 2016 accrued interest is $3,655.

PROMISSORY NOTES PAYABLE (Detai

PROMISSORY NOTES PAYABLE (Detail Textuals) - USD ($)

3 Months Ended

52 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 28, 2016

Jun. 30, 2016

Feb. 29, 2016

Feb. 12, 2016

Dec. 31, 2015

Oct. 30, 2015

Aug. 08, 2015

May 13, 2015

Apr. 16, 2015

Mar. 09, 2015

Feb. 06, 2015

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

$ 8,000

$ 1,000

Promissory notes payable

27,700

$ 27,700

$ 30,200

Accrued interest payable

3,655

$ 3,162

Promissory Notes Payable | J. Michael Page, Howard H. Hendricks and Betty N. Myers

Debt Instrument [Line Items]

Proceeds form issuance of notes payable

57,100

Promissory notes payable

57,100

Promissory Notes Payable | J. Michael Page

Debt Instrument [Line Items]

Amount due to related party

23,000

Promissory Notes Payable | Howard H. Hendricks

Debt Instrument [Line Items]

Amount due to related party

26,100

Promissory Notes Payable | Betty N. Myers

Debt Instrument [Line Items]

Amount due to related party

$ 8,000

Promissory Notes Payable | Principle and interest due on May 1, 2015 | J. Michael Page, Howard H. Hendricks and Betty N. Myers

Debt Instrument [Line Items]

Principal amount of notes payable

$ 4,500