Image International (IMGL) 10-Q 19 Dec 14 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 30, 2014	Dec. 16, 2014
Document And Entity Information
Entity Registrant Name	Owlhead Minerals Corp.
Entity Central Index Key	1578523
Document Type	10-Q
Document Period End Date	30-Sep-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-28
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,059,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Mar. 31, 2014
Current Assets
Cash	$11,083	$16,376
Amounts receivable	254	258
Prepaid expenses and deposits	1,000	1,000
Total Current Assets	12,337	17,634
Mineral property costs (Note 3)	29,919	29,919
Total Assets	42,256	47,553
Current Liabilities
Accounts payable and accrued liabilities	12,715	7,085
Due to related parties (Note 4)	132,000	87,000
Total Liabilities	144,715	94,085
Nature of operations and continuance of business (Note 1)
Commitments (Note 6)
Stockholder's Deficit
Common stock, 100,000,000 shares authorized, $0.001 par value 14,059,000 shares issued and outstanding	14,059	14,059
Additional paid-in capital	784,941	784,941
Deferred compensation (Note 5)	-40,894	-133,647
Deficit	-860,565	-711,885
Total Stockholder's Deficit	-102,459	-46,532
Total Liabilities and Stockholder's Deficit	$42,256	$47,553

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Statement of Financial Position [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$0.00	$0.00
Common stock, shares issued	14,059,000	14,059,000
Common stock, shares outstanding	14,059,000	14,059,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Revenue
Expenses
Consulting fees (Note 4)	40,329	40,332	80,319	80,226
Foreign exchange loss (gain)	-227	-7	-65	4
General and administrative	2,995	119	3,317	3,944
Management fees (Note 4)	22,500	22,500	45,000	45,000
Mineral exploration costs	6,301	6,180	12,534	12,292
Professional fees	1,575	5,950	7,575	16,652
Total Expenses	73,473	75,074	148,680	158,118
Net Loss and Comprehensive Loss	($73,473)	($75,074)	($148,680)	($158,118)
Net Loss Per Share, Basic and Diluted	($0.01)	($0.01)	($0.01)	($0.01)
Weighted Average Shares Outstanding	14,059,000	14,059,000	14,059,000	13,102,227

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating Activities
Net loss	($148,680)	($158,118)
Adjustments to reconcile net loss to net cash used in operating activities:
Common stock issued for services	92,753	92,518
Changes in operating assets and liabilities:
Amounts receivable	4	340
Prepaid expenses and deposits		3,500
Accounts payable and accrued liabilities	5,630	3,001
Due to related parties	45,000	42,000
Net Cash Used In Operating Activities	-5,293	-16,759
Decrease in Cash	-5,293	-16,759
Cash, Beginning of Period	16,376	56,563
Cash, End of Period	11,083	39,804
Supplemental Disclosures:
Interest paid
Income taxes paid

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1	Basis of Presentation
	The accompanying consolidated interim financial statements of Owlhead Minerals Corp. (the “Company”) should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.
	These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues since inception and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at September 30, 2014, the Company has a working capital deficiency of $132,378 and has accumulated losses of $860,565 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Significant_Accounting_Policie

Significant Accounting Policies	6 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]
Significant Accounting Policies	2	Significant Accounting Policies
		(a)	Principles of Consolidation
	These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation.
		(b)	Recent Accounting Pronouncements
	The Company has limited operations and is considered to be in the development stage. During the period ended September 30, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage.
	The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Mineral_Properties

Mineral Properties	6 Months Ended
	Sep. 30, 2014
Extractive Industries [Abstract]
Mineral Properties	3	Mineral Properties
	On December 18, 2012, the Company entered into an agreement to acquire a 100% interest in 16 mineral claims located in British Columbia, Canada for Cdn$10,000 in cash and 1,500,000 in common shares.
	To earn this interest, the Company must make a payment of Cdn$10,000 (paid) and issue a total of 1,500,000 shares of common stock as follows:
		●	150,000 shares of common stock upon the completion of a satisfactory initial geological report on the claims by a qualified and independent geologist (issued with a fair value of $15,000);
		●	150,000 shares of common stock on upon completion of an initial work program of up to Cdn$50,000 and the completion of a satisfactory 43-101 report on the claims;
		●	200,000 shares of common stock upon completion of a work program costing up to Cdn$200,000 showing satisfactory results; and
		●	1,000,000 shares of common stock upon the successful results of a ten-hole drilling program.
	The option or retains a 2.5% net smelter royalty of which it can be purchased for $1,000,000 by the Company. The Company purchased some additional claims in the same area.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	4	Related Party Transactions
		(a)	During the six months ended September 30, 2014, the Company incurred management fees of $24,000 (2013 - $24,000) to a company controlled by the President of the Company.
		(b)	During the six months ended September 30, 2014, the Company incurred management fees of $21,000 (2013 - $21,000) to a company controlled by the Chief Financial Officer of the Company.
		(c)	During the six months ended September 30, 2014, the Company incurred consulting fees of $75,205 (2013 - $75,205) to a director of the Company.
		(d)	As at September 30, 2014, the Company had $1,000 (March 31, 2014 - $1,000) in prepaid expense incurred to a director of the Company.
		(e)	As at September 30, 2014, the Company owes $72,000 (March 31, 2014 - $48,000) to a company controlled by the President of the Company which is non-interest bearing, unsecured, and due on demand.
		(f)	As at September 30, 2014, the Company owes $60,000 (March 31, 2014 - $39,000) to a company controlled by the Chief Financial Officer of the Company which is non-interest bearing, unsecured, and due on demand.

Deferred_Compensation

Deferred Compensation	6 Months Ended
	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]
Deferred Compensation	5	Deferred Compensation
		(a)	On January 1, 2013, the Company issued 3,000,000 shares of common stock with a fair value of $300,000 to a director of the Company. During the period ended September 30, 2014, $75,205 (2013 - $75,205) was expensed as consulting fees. As of September 30, 2014, the remaining amount of $38,169 (March 31, 2014 - $113,374) was recorded as deferred compensation and will be expensed as consulting fees pro-rata over the term of the agreement which ends on December 31, 2014. The fair value of the shares was determined based on the issuance of shares of common stock at $0.10 per share to various arm’s length parties during the period.
		(b)	On November 1, 2012, the Company issued 500,000 shares of common stock with a fair value of $50,000 to a mining consultant. During the period ended September 30, 2014, $12,534 (2013 - $12,534) was expensed as mineral exploration costs. As of September 30, 2014, the remaining amount of $2,049 (March 31, 2014 - $14,583) was recorded as deferred compensation and will be expensed as mineral exploration costs pro-rata over the term of the agreement which ends on October 31, 2014. The fair value of the shares was determined based on the issuance of shares of common stock at $0.10 per share to various arm’s length parties during the period.
		(c)	On November 1, 2012, the Company issued 200,000 shares of common stock with a fair value of $20,000. During the period ended September 30, 2014, $5,014 (2013 - $5,014) was expensed as consulting fees. As of June 30, 2014, the remaining amount of $676 (March 31, 2014 - $5,690) was recorded as deferred compensation and will be expensed as consulting fees pro-rata over the term of the agreement which ends on October 31, 2014. The fair value of the shares was determined based on the issuance of shares of common stock at $0.10 per share to various arm’s length parties during the period.

Commitments

Commitments	6 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments	6	Commitments
		(a)	On January 1, 2010, the Company entered into an agreement with a Company controlled by the President of the Company and agreed to pay $2,500 per month. On January 1, 2012, the Company increased the rate to $3,500 per month. On January 1, 2013, the Company increased the rate to $4,000 per month for a period of five years.
		(b)	On January 1, 2010, the Company entered into an agreement of the Chief Financial Officer of the Company and agreed to pay $2,000 per month. On January 1, 2012, the Company increased the rate to $3,000 per month. On January 1, 2013, the Company increased the rate to $3,500 per month for a period of five years.
		(c)	On January 1, 2013, the Company entered into an executive services agreement with a director of the Company commencing January 1, 2013 and terminating December 31, 2014. The Company issued 3,000,000 shares of common stock. Refer to Note 5(a). The Company is to also pay $1,500 on the first day of each month once the Company has raised a total of $135,000.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]
Principles of Consolidation		(a)	Principles of Consolidation
	These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation.
Recent Accounting Pronouncements		(b)	Recent Accounting Pronouncements
	The Company has limited operations and is considered to be in the development stage. During the period ended September 30, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage.
	The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Basis_of_Presentation_Details_

Basis of Presentation (Details Narrative) (USD $)	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficiency	$132,378
Accumulated loss	$860,565

Mineral_Properties_Details_Nar

Mineral Properties (Details Narrative)	0 Months Ended	6 Months Ended	0 Months Ended
	Dec. 18, 2012	Sep. 30, 2014	Dec. 18, 2012	Dec. 18, 2012	Dec. 18, 2012	Dec. 18, 2012
	CAD	USD ($)	Satisfactory Initial Geological Report [Member]	Initial Work Program [Member]	Completion of Work Program [Member]	Ten Hole Drilling Program [Member]
	Number		USD ($)	CAD	CAD
Percentage of ownership interest acquired in mineral properties	100.00%
Number of mineral claims acquired	16
Business acquisition value	10,000
Common shares issued for acquisition	1,500,000		150,000	150,000	200,000	1,000,000
Fair value of shares issued in acquisition			15,000	50,000	200,000
Option retains a smelter royalty, percentage		2.50%
Amount of smelter royalty retained by optioner, that can be purchased		$1,000,000

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014
Management fees	$22,500	$22,500	$45,000	$45,000
Consulting fees	40,329	40,332	80,319	80,226
President [Member]
Management fees			24,000	24,000
Chief Financial Officer [Member]
Management fees			21,000	21,000
Company owes amount	60,000		60,000		39,000
Director [Member]
Consulting fees			75,205	75,205
Prepaid expenses	1,000		1,000		1,000
Company Controlled By President [Member]
Company owes amount	$72,000		$72,000		$48,000

Deferred_Compensation_Details_

Deferred Compensation (Details Narrative) (USD $)	0 Months Ended		3 Months Ended		6 Months Ended		0 Months Ended
	Jan. 02, 2013	Nov. 01, 2012	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Nov. 01, 2012	Mar. 31, 2014	Jun. 30, 2014
Stock issued during period to settle related party debt, shares	3,000,000	200,000
Fair value of stock issued during period to settle related party debt	$300,000	$20,000
Consulting fees			40,329	40,332	80,319	80,226
Deferred compensation			40,894		40,894			133,647
Common stock, Per share	$0.10	$0.10
Consulting Fees [Member]
Consulting fees					5,014	5,014
Deferred compensation								5,690	676
Director [Member]
Consulting fees					75,205	75,205
Deferred compensation			38,169		38,169			113,374
Mining Consultant [Member]
Stock issued during period to settle related party debt, shares							500,000
Fair value of stock issued during period to settle related party debt							50,000
Deferred compensation			2,049		2,049			14,583
Common stock, Per share							$0.10
Mineral exploration costs					$12,534	$12,534

Commitments_Details_Narrative

Commitments (Details Narrative) (USD $)	0 Months Ended
	Jan. 02, 2013	Sep. 30, 2014	Jan. 01, 2012	Jan. 01, 2010
Raised total agreement amount		$135,000
Director [Member]
Common stock issued for cash, shares	3,000,000
Monthly amount to be paid	1,500
Company Controlled By President [Member]
Commitment amount per month	4,000		3,500	2,500
Service agreement period	5 years
Chief Financial Officer [Member]
Commitment amount per month	$3,500		$3,000	$2,000
Service agreement period	5 years