UNEEQO (UNEQ) 10-Q 23 May 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2016	May. 20, 2016
Document And Entity Information
Entity Registrant Name	Kore Resources Inc.
Entity Central Index Key	1,572,317
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		112,750,000
Trading Symbol	KORX
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
CURRENT ASSETS
Cash	$ 25,032
Prepaid expenses		$ 3,390
TOTAL CURRENT ASSETS	$ 25,032	3,390
TOTAL ASSETS	25,032	3,390
CURRENT LIABILITIES
Accounts payable and accrued liabilities	38,118	17,400
Accounts payable to related party	37,980	27,780
Note payable	100,000	15,000
TOTAL CURRENT LIABILITIES	$ 176,098	$ 60,180
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Common stock, $0.00001 par value, 150,000,000 shares authorized, 112,750,000 and 112,750,000 shares issued and outstanding	$ 11,275	$ 11,275
Additional paid in capital	247,776	247,776
Subscription receivable	(36,807)	(36,807)
Accumulated deficit	(373,310)	(279,034)
TOTAL STOCKHOLDERS'S DEFICIT	(151,066)	(56,790)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 25,032	$ 3,390

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	112,750,000	112,750,000
Common stock, shares outstanding	112,750,000	112,750,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Revenue
Service Revenue, net
OPERATING EXPENSES
Consulting	$ 10,500		$ 42,000
General and administrative	8,249	$ 31,138	61,029	$ 68,701
Gain on settlement of accounts payable	(12,500)		(12,500)
Total Operating Expenses	6,249	$ 31,138	90,529	$ 68,701
Other Expense
Interest Expense	1,758		3,747
Total other expense	1,758		3,747
NET LOSS FROM OPERATIONS	$ (8,007)	$ (31,138)	$ (94,276)	$ (68,701)
NET LOSS FROM DISCONTINUED OPERATIONS		(12,728)		(173,574)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (8,007)	(43,866)	$ (94,276)	(242,275)
NET LOSS BEFORE PROVISION FOR TAX	$ (8,007)	$ (43,866)	$ (94,276)	$ (242,275)
Provision for Income Taxes
NET LOSS	$ (8,007)	$ (43,866)	$ (94,276)	$ (242,275)
Net loss per share - basic and diluted
Continuing operations	$ 0	$ 0	$ 0	$ 0
Discontinued operations	0	0	0	0
Net loss per common share	$ 0	$ 0	$ 0	$ 0
Weighted average number of shares outstanding during the period - basic and diluted	112,750,000	112,750,000	112,750,000	112,750,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (94,276)	$ (242,275)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		$ 3,068
Gain in settlement of accounts payable	$ (12,500)
Changes in operating assets and liabilities:
Prepaid expenses	$ 3,390	$ 2,192
Deposits		3,900
Accounts payable and accrued expense	$ 33,218	28,018
Accounts payable related party	$ 10,200	24,280
Due to related party		(54,997)
Net Cash Used In Operating Activities	$ (59,968)	(235,814)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for purchase of fixed assets		(1,828)
Net Cash Used In Investing Activities		(1,828)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from note payable	$ 85,000	15,000
Proceeds from sale of common stock		205,000
Net Cash Provided By Financing Activities	$ 85,000	220,000
NET INCREASE / (DECREASE) IN CASH	$ 25,032	(17,642)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		19,784
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 25,032	$ 2,142
Supplemental disclosure of non cash investing & financing activities:
Cash paid for income taxes
Cash paid for interest expense
Non Cash Transactions:
Common stock issued in reverse merger		$ 12,500
Shares issued for stock subscription receivable		$ 150,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all of the information necessary for a comprehensive presentation of financial position and results of operations. The interim results for the period ended March 31, 2016 are not necessarily indicative of results for the full fiscal year. It is management’s opinion, however that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statements presentation. These financial statements and notes should be read in conjunction with the financial statements and notes for the year ended June 30, 2015 included in the Company’s Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation.

Going Concern

Going Concern	9 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 2 – GOING CONCERN The Company has sustained operating losses and cash used in operating activities since inception, and as of March 31, 2016, the Company has a working capital deficit of $151,066 These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. Management is working to begin principal revenue generating operations; however, it may not be able to do so within the next fiscal year. Management is also seeking to raise additional working capital through various financing sources, including the sale of the Company’s equity securities, which may not be available on commercially reasonable terms, if at all. If such financing is not available on satisfactory terms, we may be unable to continue our exploration stage business as desired and operating results will be adversely affected. In addition, any financing arrangement may have potentially adverse effects on us or our stockholders. Debt financing (if available and undertaken) will increase expenses, must be repaid regardless of operating results and may involve restrictions limiting our operating flexibility. If we issue equity securities to raise additional funds, the percentage ownership of our existing stockholders will be reduced and the new equity securities may have rights, preferences or privileges senior to those of the holders of our common stock.

Disposal of Weedweb

Disposal of Weedweb	9 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Weedweb	NOTE 3 – DISPOSAL OF WEEDWEB Effective April 29, 2015, the Company entered into a Confidential Settlement and Mutual Release Agreement (the “Settlement Agreement”) with WeedWeb Inc, a privately held Delaware corporation (“WeedWeb”) and Weedweb’s controlling stockholder Mary Kay Tantum (“Tantum”). Pursuant to this agreement, we are to unwind the share exchange transactions which were made in connection with a share exchange agreement dated June 30, 2014, among the same parties. The decision to unwind and rescind the transaction was in large part as a result of lack or performance and lack of consideration required pursuant to the terms of the share exchange agreement. As a result, the parties mutually concluded that rescinding the transaction was warranted in the circumstances. 15,000,000 common shares of the Company were returned and cancelled in return for the disposal of WeedWeb. The following table summarizes the loss from discontinued operations: Income and Expenses of Discontinued Operations Three Months Three Months Ended Ended March 31, 2016 March 31, 2015 General and administrative expenses $ — $ 12,728 Loss from discontinued operations $ — $ (12,728 ) Nine Months Nine Months Ended Ended March 31, 2016 March 31, 2015 General and administrative expenses $ — $ 173,574 Loss from discontinued operations $ — $ (173,574 ) As of the date of disposal, the assets and liabilities of WeedWeb consisted of the following: Cash $ 2,142 Property and equipment, net 3,185 Intangible assets 14,208 Accounts payable to related party (3,486 ) Net assets disposed $ 16,049

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 4 – RELATED PARTY TRANSACTIONS As of March 31, 2016 and June 30, 2015, our President and CEO was owed $37,980 and $27,780, respectively, for consulting services provided to the Company. On April 6, 2016, Matthew E. Killeen resigned from the Board and as the Company’s President, Chief Executive Officer, Secretary and Treasurer, effective immediately. Mr. Killen had been serving as the President, Chief Executive Officer, Secretary and Treasurer of the Company since June 18, 2014. The Company agreed to pay Mr. Killeen $16,365 in settlement of all amounts owed to him. On April 6, 2016, the board of directors of the Company increased the size of the Board to two persons and appointed Mr. Greyling to fill the created vacancy. Directors serve for a period of one year until the next stockholders’ meeting and until their respective successors are elected and qualify.

Notes Payable

Notes Payable	9 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	NOTE 5 – NOTES PAYABLE On November 14, 2014, the Company entered into a promissory note in the amount of $15,000. The note is unsecured, due on May 14, 2015 and is non interesting bearing. As of March 31, 2016, the note was past due and due on demand and the outstanding principal balance was $15,000. On September 1, 2015, the Company issued a promissory note in the principal amount of $15,000, bearing interest at the rate of 8% per annum and maturing on the first anniversary of the date of issuance. The Company may prepay any or all of the outstanding principal of the promissory note at any time without penalty and shall be accompanied by payment of the accrued interest on the amount prepaid. The promissory note automatically becomes due upon an event of default, including breach, default, bankruptcy and sale. As of March 31, 2016, the outstanding principal balance was $15,000. On November 10, 2015, the Company issued a promissory note in the principal amount of $15,000, bearing interest at the rate of 8% per annum and maturing on the first anniversary of the date of issuance. The Company may prepay any or all of the outstanding principal of the promissory note at any time without penalty and shall be accompanied by payment of the accrued interest on the amount prepaid. The promissory note automatically becomes due upon an event of default, including breach, default, bankruptcy and sale. As of March 31, 2016, the outstanding principal balance was $15,000. On March 2, 2016, the Company entered into a promissory note in the amount of $30,000. The note is unsecured, due on March 2, 2017 and bears interest at a rate of 8% per annum. The Company may prepay any or all of the outstanding principal of the promissory note at any time without penalty and shall be accompanied by payment of the accrued interest on the amount prepaid. The promissory note automatically becomes due upon an event of default, including breach, default, bankruptcy and sale. As of March 31, 2016, the outstanding principal balance was $30,000. On March 30, 2016 the Company received $25,000. On April 6, 2016, the Company formalized the loan and entered into a promissory note in the amount of $25,000. The note is unsecured, due on April 6, 2017 and bears interest at a rate of 8% per annum. As of March 31, 2016, the outstanding principal balance was $25,000.

Gain on Settlement of Accounts

Gain on Settlement of Accounts Payable	9 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Gain on Settlement of Accounts Payable	NOTE 6 – GAIN ON SETTLEMENT OF ACCOUNTS PAYABLE During the three months end March 31, 2016 a professional forgave fees of $12,500.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 7 – SUBSEQUENT EVENTS As of March 31, 2016 and June 30, 2015, our President and CEO was owed $37,980 and $27,780, respectively, for consulting services provided to the Company. On April 6, 2016, Matthew E. Killeen resigned from the Board and as the Company’s President, Chief Executive Officer, Secretary and Treasurer, effective immediately. Mr. Killen had been serving as the President, Chief Executive Officer, Secretary and Treasurer of the Company since June 18, 2014. The Company agreed to pay Mr. Killeen $16,365 in settlement of all amounts owed to him. As of May 18, 2016 the Company has paid him $8,500. On May 20, 2016, the Company entered into a promissory note in the amount of $10,000. The note is unsecured, due on May 20, 2017 and bears interest at a rate of 8% per annum.

Disposal of Weedweb (Tables)

Disposal of Weedweb (Tables)	9 Months Ended
	Mar. 31, 2016
Schedule of Assets and Liabilities of Discontinued Operations and Loss from Discontinued Operations	The following table summarizes the loss from discontinued operations: Income and Expenses of Discontinued Operations Three Months Three Months Ended Ended March 31, 2016 March 31, 2015 General and administrative expenses $ — $ 12,728 Loss from discontinued operations $ — $ (12,728 ) Nine Months Nine Months Ended Ended March 31, 2016 March 31, 2015 General and administrative expenses $ — $ 173,574 Loss from discontinued operations $ — $ (173,574 )
Weed Web Inc [Member]
Schedule of Assets and Liabilities of Discontinued Operations and Loss from Discontinued Operations	As of the date of disposal, the assets and liabilities of WeedWeb consisted of the following: Cash $ 2,142 Property and equipment, net 3,185 Intangible assets 14,208 Accounts payable to related party (3,486 ) Net assets disposed $ 16,049

Going Concern (Details Narrativ

Going Concern (Details Narrative)	Mar. 31, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficit	$ 151,066

Disposal of Weedweb (Details Na

Disposal of Weedweb (Details Narrative)	9 Months Ended
	Mar. 31, 2016shares
Weed Web Inc [Member]
Common shares returned and cancelled for disposal group	15,000,000

Disposal of Weedweb - Schedule

Disposal of Weedweb - Schedule of Assets and Liabilities of Discontinued Operations and Loss from Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
General and administrative expenses		$ 12,728		$ 173,574
Loss from discontinued operations		$ (12,728)		$ (173,574)
Weed Web Inc [Member]
Cash	$ 2,142		$ 2,142
Property and equipment, net	3,185		3,185
Intangible assets	14,208		14,208
Accounts payable to related party	(3,486)		(3,486)
Net assets disposed	$ 16,049		$ 16,049

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
President and CEO [Member]
Amount owed to consulting services	$ 37,980	$ 27,780
Mr. Killeen [Member]
Settlement of all amounts owed	$ 16,365

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	Mar. 30, 2016	Mar. 02, 2016	Nov. 14, 2014	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Nov. 10, 2015	Sep. 01, 2015
Promissory note principal, amount				$ 25,000	$ 25,000
Proceeds from notes payable	$ 25,000				85,000	$ 15,000
April 6, 2016 [Member]
Promissory note maturity date				Apr. 6, 2017
Promissory note principal, amount				$ 25,000	$ 25,000
Percentage of promissory note interest per annum				8.00%	8.00%
Promissory Note One [Member]
Promissory note amount			$ 15,000
Promissory note maturity date			May 14, 2015
Promissory note principal, amount				$ 15,000	$ 15,000
Promissory Note Two [Member]
Promissory note principal, amount				15,000	15,000			$ 15,000
Percentage of promissory note interest per annum								8.00%
Promissory Note Three [Member]
Promissory note principal, amount				15,000	15,000		$ 15,000
Percentage of promissory note interest per annum							8.00%
Promissory Note Four [Member]
Promissory note maturity date		Mar. 2, 2017
Promissory note principal, amount		$ 30,000		$ 30,000	$ 30,000
Percentage of promissory note interest per annum		8.00%

Gain on Settlement of Account19

Gain on Settlement of Accounts Payable (Details Narrative)	3 Months Ended
	Mar. 31, 2016USD ($)
Gain On Settlement Of Accounts Payable Details Narrative
Professional fees	$ 12,500

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	May. 18, 2016	Mar. 20, 2016	May. 20, 2016	Mar. 31, 2016	Jun. 30, 2015
Subsequent Event [Member]
Repayment of debt	$ 8,500
Promissory note amount			$ 10,000
Unsecured due date		May 20, 2017
Percentage of promissory note interest per annum			8.00%
President and CEO [Member]
Amount owed to consulting services				$ 37,980	$ 27,780
Mr. Killeen [Member]
Settlement of all amounts				$ 16,365