Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Feb. 12, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Image International Group, Inc. | |
Entity Central Index Key | 1,578,523 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 14,059,000 | |
Trading Symbol | IMGL | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Current Assets | ||
Cash | $ 15,996 | $ 1,921 |
Prepaid expenses | 1,000 | |
Total Current Assets | $ 15,996 | 2,921 |
Mineral property acquisition costs (Note 3) | 29,919 | 29,919 |
Total Assets | 45,915 | 32,840 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,000 | 9,723 |
Loans payable (Note 4) | 92,677 | 5,000 |
Due to related parties (Note 5) | 244,500 | 177,000 |
Total Liabilities | $ 338,177 | $ 191,723 |
Going Concern (Note 1) | ||
Commitments (Note 6) | ||
Stockholder's Deficit | ||
Common stock, 1,000,000,000 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 |
Deficit | (1,091,262) | (957,883) |
Total Stockholder's Deficit | (292,262) | (158,883) |
Total Liabilities and Stockholder's Deficit | $ 45,915 | $ 32,840 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 14,059,000 | 14,059,000 |
Common stock, shares outstanding | 14,059,000 | 14,059,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expenses | ||||
Consulting fees (Note 5) | $ 40,894 | $ 18,500 | $ 133,747 | |
Foreign exchange loss | 845 | 1,272 | 780 | |
General and administrative | $ 112 | 2,676 | 4,858 | 4,438 |
Management fees (Note 5) | 22,500 | 22,500 | 67,500 | 67,500 |
Professional fees | 1,000 | 500 | 7,750 | 8,075 |
Transfer agent and filing fees | 2,024 | 1,008 | 33,499 | 2,563 |
Total Expenses | 25,636 | 68,423 | 133,379 | 217,103 |
Net Loss and Comprehensive Loss | $ (25,636) | $ (68,423) | $ (133,379) | $ (217,103) |
Net Loss Per Share, Basic and Diluted | $ (0.01) | $ (0.02) | ||
Weighted Average Shares Outstanding | 14,059,000 | 14,059,000 | 14,059,000 | 14,059,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | ||
Net loss | $ (133,379) | $ (217,103) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for services | 133,647 | |
Changes in operating assets and liabilities: | ||
Amounts receivable | $ 258 | |
Prepaid expenses | $ 1,000 | |
Accounts payable and accrued liabilities | (8,723) | $ 1,460 |
Due to related parties | 67,500 | 67,500 |
Net Cash Used In Operating Activities | (73,602) | (14,238) |
Financing Activities | ||
Proceeds from loans payable | 87,677 | 5,000 |
Net Cash Provided by Financing Activities | 87,677 | 5,000 |
Increase (Decrease) in Cash | 14,075 | (9,238) |
Cash, Beginning of Period | 1,921 | 16,376 |
Cash, End of Period | $ 15,996 | $ 7,138 |
Supplemental Disclosures: | ||
Interest paid | ||
Income taxes paid |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying interim condensed consolidated financial statements of Image International Group, Inc. (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 Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2015. In the opinion of management, the accompanying interim consolidated financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Companys financial position and the results of its operations and its cash flows for the periods shown. The preparation of these interim consolidated 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 interim condensed 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 December 31, 2015, the Company has a working capital deficiency of $322,181 and has accumulated losses of $1,091,262 since inception. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These interim 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 Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of Consolidation These interim condensed 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) Reclassifications Certain of the prior period amounts have been reclassified to conform to the current periods presentation. (c) Recent Accounting Pronouncements 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 | 9 Months Ended |
Dec. 31, 2015 | |
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. 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 optionor retains a 2.5% net smelter royalty of which it can be purchased for $1,000,000 by the Company. On November 20, 2013, the Company staked additional mineral claims adjacent to the area for $3,545. |
Loans Payable
Loans Payable | 9 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Loans Payable | 4. Loans Payable As at December 31, 2015, the Company owed $92,677 (March 31, 2015 - $5,000) to non-related parties, which is non-interest bearing, unsecured, and due on demand. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions (a) As at December 31, 2015, the Company owes $132,000 (March 31, 2015 - $96,000) to a company controlled by the President of the Company for management fees. The amount due is non-interest bearing, unsecured, and due on demand. (b) As at December 31, 2015, the Company owes $112,500 (March 31, 2015 - $81,000) to a company controlled by the Chief Financial Officer of the Company for management fees. The amount due is non-interest bearing, unsecured, and due on demand. (c) During the nine months ended December 31, 2015, the Company incurred management fees of $36,000 (2014 - $36,000) to a company controlled by the President of the Company. (d) During the nine months ended December 31, 2015, the Company incurred management fees of $31,500 (2014 - $31,500) to a company controlled by the Chief Financial Officer of the Company. (e) During the nine months ended December 31, 2015, the Company incurred consulting fees of $nil (2014 - $113,375) to a director of the Company. The amount represented the remaining fair value of shares of common stock issued on January 1, 2013 being recognized over the term of the agreement. |
Commitments
Commitments | 9 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 6. Commitments (a) On January 1, 2010, the Company entered into a management 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 a management agreement with 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 $3,500 per month for a period of five years. |
Significant Accounting Polici12
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation These interim condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation. |
Reclassifications | (b) Reclassifications Certain of the prior period amounts have been reclassified to conform to the current periods presentation. |
Recent Accounting Pronouncements | (c) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficiency | $ 322,181 | |
Accumulated losses | $ 1,091,262 | $ 957,883 |
Mineral Properties (Details Nar
Mineral Properties (Details Narrative) | Dec. 18, 2012USD ($)shares | Dec. 18, 2012CADNumbershares | Dec. 31, 2015USD ($) | Nov. 20, 2013USD ($) | Dec. 18, 2012CAD |
Percentage of ownership interest acquired in mineral properties | 100.00% | 100.00% | |||
Number of mineral claims acquired | Number | 16 | ||||
Common shares issued for acquisition | 1,500,000 | ||||
Option retains a smelter royalty, percentage. | 2.50% | ||||
Smelter royalty purchased by company value | $ | $ 1,000,000 | ||||
Staked additional mineral claims | $ | $ 3,545 | ||||
Satisfactory Initial Geological Report [Member] | |||||
Common shares issued for acquisition | 150,000 | ||||
Fair value of shares issued in acquisition | $ | $ 15,000 | ||||
Initial Work Program [Member] | |||||
Common shares issued for acquisition | 150,000 | ||||
Completion of Work Program [Member] | |||||
Common shares issued for acquisition | 200,000 | ||||
Ten Hole Drilling Program [Member] | |||||
Common shares issued for acquisition | 1,000,000 | ||||
CDN [Member] | |||||
Business acquisition value | CAD | CAD 10,000 | ||||
CDN [Member] | Initial Work Program [Member] | |||||
Fair value of shares issued in acquisition | CAD | CAD 50,000 | ||||
CDN [Member] | Completion of Work Program [Member] | |||||
Fair value of shares issued in acquisition | CAD | CAD 200,000 |
Loans Payable (Details Narrativ
Loans Payable (Details Narrative) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Debt Disclosure [Abstract] | ||
Loans payable | $ 92,677 | $ 5,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Management fees | $ 22,500 | $ 22,500 | $ 67,500 | $ 67,500 | |
Consulting fees | $ 40,894 | 18,500 | 133,747 | ||
President [Member] | |||||
Company owes amount | $ 132,000 | 132,000 | $ 96,000 | ||
Management fees | 36,000 | 36,000 | |||
Chief Financial Officer [Member] | |||||
Company owes amount | $ 112,500 | 112,500 | $ 81,000 | ||
Management fees | $ 31,500 | 31,500 | |||
Director [Member] | |||||
Consulting fees | $ 113,375 |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | Jan. 01, 2013 | Jan. 01, 2012 | Jan. 01, 2010 |
Chief Financial Officer [Member] | |||
Commitment amount per month | $ 3,500 | $ 3,000 | $ 2,000 |
Management agreement period | 5 years | ||
President [Member] | |||
Commitment amount per month | $ 4,000 | $ 3,500 | $ 2,500 |
Management agreement period | 5 years |