Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Dec. 11, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Oroplata Resources, Inc. | |
Entity Central Index Key | 1,576,873 | |
Document Type | 10-K | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
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 | $ 45,000 | |
Entity Common Stock, Shares Outstanding | 40,000,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Current Assets | ||
Cash | $ 9,946 | $ 22,248 |
Prepaid expense | 1,000 | |
Total Current assets | 10,946 | $ 22,248 |
Total Assets | 10,946 | 22,248 |
Current Liabilities: | ||
Accounts payable | 20,016 | 13,969 |
Due to related parties | 81,650 | 61,011 |
Total Current Liabilities | 101,666 | 74,980 |
Stockholders’ Deficit: | ||
Common stock 500,000,000 common stock authorized, $0.001 par value; 40,000,000 common shares issued and Outstanding | 40,000 | 40,000 |
Additional paid-in capital | 40,000 | 40,000 |
Retained deficit | (170,720) | (132,732) |
Total Stockholders’ Deficit | (90,720) | (52,732) |
Total Liabilities and Stockholders’ Deficit | $ 10,946 | $ 22,248 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Sep. 30, 2014 |
Stockholder's (Deficit): | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 500,000,000 | 500,000,000 |
Common stock, Issued | 40,000,000 | 40,000,000 |
Common stock, outstanding | 40,000,000 | 40,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements Of Operations | ||
Revenue | ||
Expenses | ||
Exploration costs | $ 10,700 | $ 5,824 |
General and Administrative | 27,288 | 37,574 |
Total expenses | 37,988 | 43,398 |
Loss from operations | $ (37,988) | $ (43,398) |
Net loss per common share: | ||
Basic and diluted | $ 0 | $ 0 |
Weighted average common shares outstanding: | ||
Basic and diluted | 40,000,000 | 40,000,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders’ Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Retained Deficit | Total |
Beginning Balance, Shares at Sep. 30, 2013 | 40,000,000 | |||
Beginning Balance, Amount at Sep. 30, 2013 | $ 40,000 | $ 40,000 | $ (89,334) | $ (9,334) |
Net loss | (43,398) | (43,398) | ||
Ending Balance, Shares at Sep. 30, 2014 | 40,000,000 | |||
Ending Balance, Amount at Sep. 30, 2014 | $ 40,000 | 40,000 | (132,732) | (52,732) |
Net loss | (37,988) | (37,988) | ||
Ending Balance, Shares at Sep. 30, 2015 | 40,000,000 | |||
Ending Balance, Amount at Sep. 30, 2015 | $ 40,000 | $ 40,000 | $ (170,720) | $ (90,720) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net loss | $ (37,988) | $ (43,398) |
Changes in operating assets and liabilities: | ||
Prepaid expense | (1,000) | |
Accounts payable | 6,047 | $ 7,403 |
Net cash used in operating activities | (32,941) | (35,995) |
Financing activities | ||
Proceeds from advances from related parties | 20,639 | 35,639 |
Net cash provided by financing activities | 20,639 | 35,639 |
Net decrease in cash | (12,302) | (356) |
Cash, beginning of period | 22,248 | 22,604 |
Cash, end of period | $ 9,946 | $ 22,248 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes | ||
Cash paid for interest |
Basis of presentation and Going
Basis of presentation and Going Concern | 12 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 1 - Basis of presentation and Going Concern | The accompanying consolidated financial statements of Oroplata Resources, Inc. ("Oroplata" or "the Company") have been prepared in accordance with generally accepted accounting procedures in the United States for the year ended September 30, 2015. Oroplata was incorporated under the laws of the State of Nevada on October 6, 2011 for the purpose of acquiring and developing mineral properties. The Company has a wholly-owned subsidiary called Oroplata Exploraciones E Ingenieria SRL which was incorporated in the Dominican Republic on January 10, 2012. These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At September 30, 2015, the Company had not yet achieved profitable operations, had accumulated losses of $170,720 since its inception, had a negative working capital position of $(90,720), and expects to incur further losses in the development of its business, all of which raises substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company expects to continue to incur substantial losses as it executes its business plan of mining its interest in a mineral property and does not expect to attain profitability in the near future. Since its inception, the Company has funded operations through the issuance of shares to its sole officer and director and from advances made by him for certain office expenses. The Company's future operations are dependent upon external funding and its ability to execute its business plan in mining its interest in a mineral property, realizing sales from its mining activities and controlling expenses. Management believes that sufficient funding may be available from additional borrowings and private placements to meet its business objectives including anticipated cash needs for working capital, for a reasonable period of time. However, there can be no assurance that the Company will be able to obtain sufficient funds to continue the exploration of its mineral property, or if obtained, upon terms favorable to the Company. Accounting Method The Company's financial statements are presented in United States dollars and are prepared using the accrual method of accounting which conforms to generally accepted accounting principles in the United States of America ("US GAAP"). Basic and Diluted Net Income (Loss) Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes anti-dilutive and then the basic and diluted per share amounts are the same. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 2 - Summary of Significant Accounting Policies | Income Taxes Income taxes are provided in accordance with Codification topic 740, "Income Taxes", which requires an asset and liability approach for the financial accounting and reporting of income taxes. Current income tax expense (benefit) is the amount of income taxes expected to be payable (receivable) for the current year. A deferred tax asset and/or liability is computed for both the expected future impact of differences between the financial statement and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. Deferred income tax expense is generally the net change during the year in the deferred income tax asset and liability. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be "more likely than not" realized in future tax returns. Tax rate changes and changes in tax laws are reflected in income in the period such changes are enacted. Period Ended Estimated NOL Carry-Forward NOL Expires Estimated Tax Benefit from NOL Valuation Allowance Net Tax Benefit 2012 $ 47,881 2032 $ 14,364 $ (14,364 ) - 2013 41,453 2033 12,436 (12,436 ) - 2014 43,398 2034 13,019 (13,019 ) - 2015 37,988 2035 11,397 (11,397 ) - $ 170,720 $ 51,216 $ (51,216 ) $ - On September 30, 2015 the Company had a net operating loss carry forward of $170,720 for income tax purposes. The tax benefit of approximately $51,216 from the loss carry forward has been fully offset by a valuation allowance. The Company has three open tax years for federal income tax purposes. Due to the Company's net loss position from inception on October 6, 2011 to September 30, 2015, there was no provision for income taxes recorded. As a result of the Company's losses to date, there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded at September 30, 2015. The Company includes interest and penalties arising from the underpayment of income taxes, if any, in its statements of operations and general and administrative expenses. As of September 30, 2015 and 2014, the Company had no accrued interest or penalties relating to uncertain tax positions. Long-lived Assets Long-Lived assets, such as property and equipment, mineral properties, and purchased intangibles with finite lives (subject to amortization), are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable in accordance with Codification topic 360 "Property, Plant, and Equipment". Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability of assets is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by an asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized as the amount by which the carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow analysis. Any impairment in value is recognized as an expense in the period when the impairment occurs. Foreign Currency Translations The records of the Company are maintained in United States dollars and this is the Company's functional and reporting currency. Transactions denominated in other than the United States dollar are translated as follows with the related transaction gains and losses being recorded in the Statement of Operations: Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date; Non-Monetary items including equity are recorded at the historical rate of exchange; and Revenues and expenses are recorded at the period average in which the transaction occurred. Revenue Recognition Revenue from the sale of minerals will be recognized when a contract is in place and minerals are delivered to the customer. Mineral claim acquisition and exploration costs The cost of acquiring mineral properties or claims is initially capitalized and then tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Mineral exploration costs are expensed as incurred. Advertising and Market Development The Company expenses advertising and market development costs as incurred. Fair Value of Financial Instruments Codification topic 825, "Financial Instruments", requires disclosure of fair value information about financial instruments when it is practicable to estimate that value. The carrying amounts of the Company's financial instruments as of September 30, 2015 approximate their respective fair values because of the short-term nature of these instruments. Estimates and Assumptions Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements. Statement of Cash Flows For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. Recent Accounting Pronouncements The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements, except for changes in reporting Development Stage Enterprises. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to September 30, 2015 through the date these financial statements were issued. On June 10, 2014 the FASB issued authoritative guidance which eliminates the concept of a development stage entity, which includes exploration stage. The incremental reporting requirements for presenting the development stage operations and cash flows since inception will no longer apply to exploration stage entities. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2014. The Company previously had been considered an exploration stage entity as its operations had not begun and has elected early adoption of this guidance effective with this filing. |
Mineral property rights
Mineral property rights | 12 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 3 - Mineral property rights | On December 20, 2011, the Company purchased a 100% interest in the Leomary Gold Claim ("Leomary") consisting of 4,500 mining hectors located in the province of Monseñor Nouelan, municipality of Bonao, for the sum of $13,000. At the beginning of September 2014, the Director of Mining for the Dominican Republic cancelled the Company's interest in the Leomary Gold Claim. The Company has acquired the mineral rights to the Mogollon claim located in the Province of San Juan near the villages of Solorin and El Toro in the Dominican Republic for a price of $10,000 which included the cost of a geological report. |
Significant transactions with r
Significant transactions with related party | 12 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 4 - Significant transactions with related party | During the year ended September 30, 2015, the sole director and officer made advances to the Company in the amount of $20,639 to fund daily operations of the Company. The outstanding balance as of September 30, 2015 and 2014 is $81,650 and $61,011 respectively. These advances are non-interest bearing and payable on demand. The sole officer and director of the Company has acquired 62.5% of the common stock issued. |
Common stock
Common stock | 12 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 5 - Common stock | The Company's authorized common stock consists of 500,000,000 shares of common stock, with par value of $0.001. On October 14, 2011, the Company issued 40,000,000 shares of its common stock to its sole director and officer at $0.002 per share, for net proceeds of $80,000. |
Subsequent events
Subsequent events | 12 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Note 6 - Subsequent events | There are no subsequent events to be reported that occurred after the year ended September 30, 2015 to the date of the financial statements were available to be issued. |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Income Taxes | Income taxes are provided in accordance with Codification topic 740, "Income Taxes", which requires an asset and liability approach for the financial accounting and reporting of income taxes. Current income tax expense (benefit) is the amount of income taxes expected to be payable (receivable) for the current year. A deferred tax asset and/or liability is computed for both the expected future impact of differences between the financial statement and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. Deferred income tax expense is generally the net change during the year in the deferred income tax asset and liability. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be "more likely than not" realized in future tax returns. Tax rate changes and changes in tax laws are reflected in income in the period such changes are enacted. Period Ended Estimated NOL Carry-Forward NOL Expires Estimated Tax Benefit from NOL Valuation Allowance Net Tax Benefit 2012 $ 47,881 2032 $ 14,364 $ (14,364 ) - 2013 41,453 2033 12,436 (12,436 ) - 2014 43,398 2034 13,019 (13,019 ) - 2015 37,988 2035 11,397 (11,397 ) - $ 170,720 $ 51,216 $ (51,216 ) $ - On September 30, 2015 the Company had a net operating loss carry forward of $170,720 for income tax purposes. The tax benefit of approximately $51,216 from the loss carry forward has been fully offset by a valuation allowance. The Company has three open tax years for federal income tax purposes. Due to the Company's net loss position from inception on October 6, 2011 to September 30, 2015, there was no provision for income taxes recorded. As a result of the Company's losses to date, there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded at September 30, 2015. The Company includes interest and penalties arising from the underpayment of income taxes, if any, in its statements of operations and general and administrative expenses. As of September 30, 2015 and 2014, the Company had no accrued interest or penalties relating to uncertain tax positions. |
Long-lived Assets | Long-Lived assets, such as property and equipment, mineral properties, and purchased intangibles with finite lives (subject to amortization), are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable in accordance with Codification topic 360 "Property, Plant, and Equipment". Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability of assets is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by an asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized as the amount by which the carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow analysis. Any impairment in value is recognized as an expense in the period when the impairment occurs. |
Foreign Currency Translations | The records of the Company are maintained in United States dollars and this is the Company's functional and reporting currency. Transactions denominated in other than the United States dollar are translated as follows with the related transaction gains and losses being recorded in the Statement of Operations: Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date; Non-Monetary items including equity are recorded at the historical rate of exchange; and Revenues and expenses are recorded at the period average in which the transaction occurred. |
Revenue Recognition | Revenue from the sale of minerals will be recognized when a contract is in place and minerals are delivered to the customer. |
Mineral claim acquisition and exploration costs | The cost of acquiring mineral properties or claims is initially capitalized and then tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Mineral exploration costs are expensed as incurred. |
Advertising and Market Development | The Company expenses advertising and market development costs as incurred. |
Fair Value of Financial Instruments | Codification topic 825, "Financial Instruments", requires disclosure of fair value information about financial instruments when it is practicable to estimate that value. The carrying amounts of the Company's financial instruments as of September 30, 2015 approximate their respective fair values because of the short-term nature of these instruments. |
Estimates and Assumptions | Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements. |
Statement of Cash Flows | For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. |
Recent Accounting Pronouncements | The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements, except for changes in reporting Development Stage Enterprises. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to September 30, 2015 through the date these financial statements were issued. On June 10, 2014 the FASB issued authoritative guidance which eliminates the concept of a development stage entity, which includes exploration stage. The incremental reporting requirements for presenting the development stage operations and cash flows since inception will no longer apply to exploration stage entities. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2014. The Company previously had been considered an exploration stage entity as its operations had not begun and has elected early adoption of this guidance effective with this filing. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies Tables | |
Income Taxes | Period Ended Estimated NOL Carry-Forward NOL Expires Estimated Tax Benefit from NOL Valuation Allowance Net Tax Benefit 2012 $ 47,881 2032 $ 14,364 $ (14,364 ) - 2013 41,453 2033 12,436 (12,436 ) - 2014 43,398 2034 13,019 (13,019 ) - 2015 37,988 2035 11,397 (11,397 ) - $ 170,720 $ 51,216 $ (51,216 ) $ - |
Basis of presentation and Goi15
Basis of presentation and Going Concern (Details Narrative) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Basis Of Presentation And Going Concern Details Narrative | |||
Accumulated losses | $ (170,720) | $ (132,732) | |
Working capital position | $ (90,720) | $ (52,732) | $ (9,334) |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Estimated NOL Carry-Forward | $ 170,720 |
Estimated Tax Benefit from NOL | 51,216 |
Valuation Allowance | $ (51,216) |
Net Tax Benefit | |
2,012 | |
Estimated NOL Carry-Forward | $ 47,881 |
NOL Expires | 2,032 |
Estimated Tax Benefit from NOL | $ 14,364 |
Valuation Allowance | $ (14,364) |
Net Tax Benefit | |
2,013 | |
Estimated NOL Carry-Forward | $ 41,453 |
NOL Expires | 2,033 |
Estimated Tax Benefit from NOL | $ 12,436 |
Valuation Allowance | $ (12,436) |
Net Tax Benefit | |
2,014 | |
Estimated NOL Carry-Forward | $ 43,398 |
NOL Expires | 2,034 |
Estimated Tax Benefit from NOL | $ 13,019 |
Valuation Allowance | $ (13,019) |
Net Tax Benefit | |
2,015 | |
Estimated NOL Carry-Forward | $ 37,988 |
NOL Expires | 2,035 |
Estimated Tax Benefit from NOL | $ 11,397 |
Valuation Allowance | $ (11,397) |
Net Tax Benefit |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Details Narrative) | Sep. 30, 2015USD ($) |
Summary Of Significant Accounting Policies Details Narrative | |
Net operating loss carry forward | $ 170,720 |
Significant transactions with18
Significant transactions with related party (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Significant Transactions With Related Party Details Narrative | ||
Acquired common stock issued | 62.50% | |
Proceeds from advances from related parties | $ 20,639 | $ 35,639 |
Due to related parties | $ 81,650 | $ 61,011 |
Common stock (Details Narrative
Common stock (Details Narrative) - $ / shares | Sep. 30, 2015 | Sep. 30, 2014 |
Common Stock Details Narrative | ||
Common stock, Authorized | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |