Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 20, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Perkins Oil & Gas, Inc. | |
Entity Central Index Key | 1,567,802 | |
Trading Symbol | pekn | |
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, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 1,989 | $ 0 |
Total Current Assets | 1,989 | 0 |
Oil and Gas Property (SE method) | 5,483 | |
TOTAL ASSETS | 7,472 | 0 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 17,025 | 9,767 |
Due to related party | 5,603 | 5,603 |
Accrued interest payable | 1,027 | |
Promissory notes payable | 10,000 | 0 |
Total Current Liabilities | 33,655 | 15,370 |
Total Liabilities | 33,655 | 15,370 |
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, 2017 and June 30, 2017 | 6,750 | 6,750 |
Additional paid-in capital | 111,011 | 111,011 |
Accumulated deficit | (143,944) | (133,131) |
Total stockholders' deficit | (26,183) | (15,370) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 7,472 | $ 0 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2017 | Jun. 30, 2017 |
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 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||
REVENUES | $ 0 | $ 0 |
OPERATING EXPENSES | ||
General and administrative | 2,133 | 2,590 |
Professional fees | 7,653 | 4,000 |
Total operating expenses | 9,786 | 6,590 |
LOSS FROM OPERATIONS | (9,786) | (6,590) |
OTHER EXPENSE | ||
Interest expense | (1,027) | (494) |
TOTAL OTHER EXPENSES | (1,027) | (494) |
Provision for income taxes | 0 | 0 |
NET LOSS | $ (10,813) | $ (7,084) |
Basic and Diluted Loss per Common Share ( in dollars per share) | $ 0 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding (in shares) | 6,750,000 | 6,750,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (10,813) | $ (7,084) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 7,258 | 1,827 |
Accrued interest payable | 1,027 | 493 |
Net cash used in operating activities | (2,528) | (4,764) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Lease cost on oil and gas property | (5,483) | |
Net cash used in investing activities | (5,483) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of notes payable | 10,000 | 8,000 |
Net cash provided by financing activities | 10,000 | 8,000 |
Net increase in cash and cash equivalents | 1,989 | 3,236 |
Cash and cash equivalents - beginning of period | 0 | 668 |
Cash and cash equivalents - end of period | 1,989 | 3,904 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 3 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION Perkins Oil & Gas, Inc. (“The Company”) was incorporated in the State of Nevada on May 25, 2012 and established a fiscal year end of June 30. The Company intends to engage in the exploration and development of oil and gas properties. The Company’s activities to date have been limited to organization and capital. The Company is currently looking for new wells. Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018. Notes to the unaudited condensed financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2018 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended June 30, 2017 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on November 15, 2017. Certain prior-period amounts have been reclassified to conform to the current period presentation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company continually evaluates its estimates and judgments. The Company bases its estimates and judgments on historical experience and other factors that it believes to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $1,989 and $0 in cash as at September 30, 2017 and June 30, 2017, respectively. Related Party Balances and Transactions The Company follows FASB ASC 850, “ Related Party Disclosures Fair Value of Financial Instruments The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The carrying amounts of our short and long term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates taken together with other features such as concurrent issuances of warrants and/or embedded conversion options, are comparable to rates of returns for instruments of similar credit risk. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 - quoted prices in active markets for identical assets or liabilities Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The recorded amounts of financial instruments, including cash equivalents, accounts payable, and notes payable approximate their market value as of September 30, 2017. Oil and Gas Properties Oil and gas acquisition expenditures are accounted for in accordance with the successful efforts method of accounting. Direct costs incurred for finding oil and natural gas reserves, are initially capitalized until the properties are evaluated and determined to be either productive or nonproductive. Such evaluations are made on a periodic basis. If an exploratory well is determined to be nonproductive, the costs will be charged to expense. As of September 30, 2017, the Company incurred $5,483 acquisition costs associated with the acquisition of leases in the states of Wyoming , North Dakota and Colorado. <see Note 3> Recent Accounting Pronouncements The Company has reviewed and analyzed the above recent accounting pronouncements, and notes no material impact on the financial statements as of September 30, 2017. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Sep. 30, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $31,666 and an accumulated deficit of $143,944. 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 financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
OIL AND GAS PROPERTY
OIL AND GAS PROPERTY | 3 Months Ended |
Sep. 30, 2017 | |
Oil and Gas Property [Abstract] | |
OIL AND GAS PROPERTY | NOTE 3 – OIL AND GAS PROPERTY During the three months ended September 30, 2017, the Company incurred $5,483 acquisition costs associated with the acquisition of leases in the states of Wyoming, North Dakota and Colorado, which were capitalized initially and losses will be recognized in the future if the values of unproved properties are determined to be impaired on the basis of a required periodic assessment. |
PROMISSORY NOTE PAYABLE
PROMISSORY NOTE PAYABLE | 3 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
PROMISSORY NOTE PAYABLE | NOTE 4 – PROMISSORY NOTE PAYABLE Promissory note payable consisted of the following at September 30, 2017 and June 30, 2017: September 30 June 30 2017 2017 Convertible Note - July 2017 $ 10,000 $ - Less current portion of promissory note payable 10,000 - Long-term promissory note payable $ - $ - On July 17, 2017, the Company issued a 50% demand promissory note to an unaffiliated party for cash proceed of $10,000. The note bears interest rate at 50% per annum and is due on demand. As of September 30, 2017, the accrued interest on the note was $1,027. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS As of September 30, 2017, the amount due to the Company’s Chief Office for payment of expenses on behalf of the Company was $5,603 and $5,603, respectively. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 6 – STOCKHOLDERS EQUITY The Company has authorized 75,000,000 shares with a par value $0.001 per share. As of September 30, 2017, the Company has 6,750,000 common shares issued and outstanding. During the three months ended September 30, 2017, no shares were issued. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS On November 2, 2017, the Company issued a 55% demand promissory note to an unaffiliated party for cash proceed of $8,000. The note bears interest rate at 55% per annum and is due on demand. Management has evaluated subsequent events through the date these condensed financial statements were available to be issued. Based on our evaluation no other material events have occurred that require disclosure. |
NATURE OF OPERATIONS AND BASI13
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018. Notes to the unaudited condensed financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2018 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended June 30, 2017 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on November 15, 2017. Certain prior-period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company continually evaluates its estimates and judgments. The Company bases its estimates and judgments on historical experience and other factors that it believes to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $1,989 and $0 in cash as at September 30, 2017 and June 30, 2017, respectively. |
Related Party Balances and Transactions | Related Party Balances and Transactions The Company follows FASB ASC 850, “ Related Party Disclosures |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The carrying amounts of our short and long term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates taken together with other features such as concurrent issuances of warrants and/or embedded conversion options, are comparable to rates of returns for instruments of similar credit risk. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 - quoted prices in active markets for identical assets or liabilities Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The recorded amounts of financial instruments, including cash equivalents, accounts payable, and notes payable approximate their market value as of September 30, 2017. |
Oil and Gas Properties | Oil and Gas Properties Oil and gas acquisition expenditures are accounted for in accordance with the successful efforts method of accounting. Direct costs incurred for finding oil and natural gas reserves, are initially capitalized until the properties are evaluated and determined to be either productive or nonproductive. Such evaluations are made on a periodic basis. If an exploratory well is determined to be nonproductive, the costs will be charged to expense. As of September 30, 2017, the Company incurred $5,483 acquisition costs associated with the acquisition of leases in the states of Wyoming , North Dakota and Colorado. <see Note 3> |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed and analyzed the above recent accounting pronouncements, and notes no material impact on the financial statements as of September 30, 2017. |
PROMISSORY NOTE PAYABLE (Tables
PROMISSORY NOTE PAYABLE (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of promissory note payable | September 30 June 30 2017 2017 Convertible Note - July 2017 $ 10,000 $ - Less current portion of promissory note payable 10,000 - Long-term promissory note payable $ - $ - |
NATURE OF OPERATIONS AND BASI15
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals) - USD ($) | 3 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 1,989 | $ 0 | $ 3,904 | $ 668 |
Acquisition costs | $ 5,483 |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Going Concern [Abstract] | ||
Working capital deficit | $ 31,666 | |
Accumulated deficit | $ (143,944) | $ (133,131) |
OIL AND GAS PROPERTY (Detail Te
OIL AND GAS PROPERTY (Detail Textuals) | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Oil and Gas Property [Abstract] | |
Acquisition costs | $ 5,483 |
PROMISSORY NOTE PAYABLE (Detail
PROMISSORY NOTE PAYABLE (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Debt Disclosure [Abstract] | ||
Convertible Note - July 2017 | $ 10,000 | $ 0 |
Less current portion of promissory note payable | 10,000 | 0 |
Long-term promissory note payable | $ 0 | $ 0 |
PROMISSORY NOTE PAYABLE (Deta19
PROMISSORY NOTE PAYABLE (Detail Textuals) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jul. 17, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Short-term Debt [Line Items] | |||
Cash proceeds from issuance of notes payable | $ 10,000 | $ 8,000 | |
Accrued interest payable | $ 1,027 | ||
Promissory Notes Payable | Unaffiliated party | |||
Short-term Debt [Line Items] | |||
Interest rate on notes payable | 50.00% | ||
Cash proceeds from issuance of notes payable | $ 10,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Related Party Transactions [Abstract] | ||
Amount owed to Chief Office | $ 5,603 | $ 5,603 |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) - $ / shares | Sep. 30, 2017 | Jun. 30, 2017 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 6,750,000 | 6,750,000 |
Common stock, shares outstanding | 6,750,000 | 6,750,000 |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - USD ($) | Nov. 02, 2017 | Jul. 17, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | ||||
Proceeds from issuance of notes payable | $ 10,000 | $ 8,000 | ||
Promissory Notes Payable | Unaffiliated party | ||||
Subsequent Event [Line Items] | ||||
Interest rate on notes payable | 50.00% | |||
Proceeds from issuance of notes payable | $ 10,000 | |||
Subsequent Event | Promissory Notes Payable | Unaffiliated party | ||||
Subsequent Event [Line Items] | ||||
Interest rate on notes payable | 55.00% | |||
Proceeds from issuance of notes payable | $ 8,000 |