Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Dec. 17, 2014 | |
Document And Entity Information | ||
Entity Registrant Name | PRESTON CORP. | |
Entity Central Index Key | 1594219 | |
Document Type | 10-K | |
Document Period End Date | 30-Sep-14 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -21 | |
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 | $0 | |
Entity Common Stock, Shares Outstanding | 169,400,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2014 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Current assets: | ||
Cash | $5,892 | $6,974 |
Prepaid deposits | 9,499 | |
Total current assets | 15,391 | 6,974 |
Capital assets: | ||
Property and equipment, net | 1,454 | 1,454 |
Total capital assets | 1,454 | 1,454 |
Total assets | 16,845 | 8,428 |
Current liabilities: | ||
Accounts payable | 6,000 | |
Advances - related parties | 65,900 | 1,400 |
Total current liabilities | 71,900 | 1,400 |
Total liabilities | 71,900 | 1,400 |
STOCKHOLDERS' EQUITY | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 169,400,000 and 98,000,000 shares issued and outstanding at September 30, 2014 and 2013, respectively | 169,400 | 98,000 |
Additional paid-in capital | -125,800 | -77,000 |
Deficit accumulated during the exploration stage | -98,655 | -13,972 |
Total stockholders' equity (deficit) | -55,055 | 7,028 |
Total liabilities and stockholders' equity (deficit) | $16,845 | $8,428 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, shares authozied | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 169,400,000 | 98,000,000 |
Common Stock, shares outstanding | 169,400,000 | 98,000,000 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 5 Months Ended | 12 Months Ended | 17 Months Ended |
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Operating expenses: | |||
Exploration | $10,958 | $1,320 | $12,278 |
General and administrative | 3,014 | 83,363 | 86,377 |
Total operating expenses | 13,972 | 84,683 | 98,655 |
Net loss | ($13,972) | ($84,683) | ($98,655) |
Net loss per share: | |||
Basic and diluted | $0 | $0 | |
Weighted average shares outstanding: | |||
Basic and diluted (in shares) | 93,180,328 | 157,858,630 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 5 Months Ended | 12 Months Ended | 17 Months Ended |
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($13,972) | ($84,683) | ($98,655) |
Net change in Operating Assets and Liabilities: | |||
Prepaid deposits | -9,499 | -9,499 | |
Accounts payable - related party | 6,000 | 6,000 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | -13,972 | -88,182 | -102,154 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | -1,454 | -1,454 | |
CASH FLOWS USED IN INVESTING ACTIVITIES | -1,454 | -1,454 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash received from the sale of common stock | 21,000 | 22,600 | 43,600 |
Proceeds from advances, related party | 1,400 | 64,500 | 65,900 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 22,400 | 87,100 | 109,500 |
NET INCREASE IN CASH | 6,974 | -1,082 | 5,892 |
Cash, beginning of period | 6,974 | ||
Cash, end of period | 6,974 | 5,892 | 5,892 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid on interest expenses | |||
Cash paid for income taxes | |||
Non-cash Investing and Financing Activities: | |||
Reclassification of par value from APIC to Common Stock | $31,850 | $31,850 |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Common Stock | Additional Paid-In Capital | Deficit accumulated during the exploration stage [Member] | Total |
Beginning Balance at Jan. 18, 2013 | ||||
Issuance of common stock for cash | $98,000 | ($77,000) | $21,000 | |
Issuance of common stock for cash (in shares) | 98,000,000 | |||
Net Loss | -13,972 | -13,972 | ||
Ending Balance at Sep. 30, 2013 | 98,000 | -77,000 | -13,972 | 7,028 |
Ending Balance (in shares) at Sep. 30, 2013 | 98,000,000 | |||
Issuance of common stock for cash | 39,550 | -16,950 | 22,600 | |
Issuance of common stock for cash (in shares) | 39,550,000 | |||
Reclassification of par value | 31,850 | -31,850 | ||
Reclassification of par value (in shares) | 31,850,000 | |||
Net Loss | -84,683 | -84,683 | ||
Ending Balance at Sep. 30, 2014 | $169,400 | ($125,800) | ($98,655) | ($55,055) |
Ending Balance (in shares) at Sep. 30, 2014 | 169,400,000 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation |
The Company was incorporated in the State of Nevada on January 29, 2013. The Company is in the exploration stage, and is in the process of exploring and evaluating its mineral properties and determining whether they contain ore reserves that are economically recoverable. The recoverability of amounts shown for mineral properties is dependent upon the discovery of economically recoverable ore reserves, the ability of the Company to obtain the necessary financing to complete development, confirmation of the Company’s interest in the underlying mineral claims and upon future profitable production or proceeds from the disposition of all or part of its mineral properties. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 Summary of Significant Accounting Policies |
The financial statements have, in management's opinion, been properly prepared within the framework of the significant accounting policies summarized below: | |
Going Concern | |
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, 2014, the Company had not yet achieved profitable operations, has accumulated losses of $98,655 since its inception, has working capital deficit of $56,509, and expects to incur further losses in the development of its business, all of which raise 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. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available. | |
Income Taxes | |
The Company uses the assets and liability method of accounting for income taxes. Under the assets and liability method deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | |
Basic and Diluted Loss Per Share | |
Basic loss per share is computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive. | |
Foreign Currency Translation | |
The Company's functional currency is United States ("U.S.") dollars as substantially all of the Company's operations use this denomination. The Company uses the U.S. dollar as its reporting currency. | |
Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses would be included in Other Income (Expenses) on the Statement of Operations. | |
Use of Estimates | |
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Exploration Stage Company | |
The Company complies with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Statement No. 915 and Securities and Exchange Commission Industry Guide 7 for its characterization of the Company as an exploration stage. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with an original purchase maturity of three months or less to be cash equivalents. | |
Property and Equipment | |
Property and equipment other than oil and natural gas properties is carried at cost. Depreciation is provided principally on the straight-line method over the useful lives as follows: | |
Furniture and equipment 3 – 7 years | |
Mineral Interest | |
Mineral property acquisition costs are capitalized in accordance with ASC 930. Mineral property exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. To date the Company has not established any reserves on its mineral properties. | |
Fair Value of Financial Instruments | |
The carrying value of cash, accounts payable and accrued liabilities and related party loan approximate their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | |
Recent Accounting Pronouncements | |
Management does not believe that any recently issued, but not yet effective accounting standards will have a material effect on the accompanying financial statements. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Related Party Transactions [Abstract] | ||||
Related Party Transactions | Note 3 Related Party Transactions | |||
The related party advances are due to the director and President of the Company for funds advanced. The advances are unsecured, non-interest bearing and have no specific terms for repayment. As of September 30, 2014, the advances totaled $65,900. | ||||
The Company was charged management fees by the President of the Company when funds are available. Effective April 1, 2014, the Company agreed to pay the President of the Company $2,000 per month for management services if funds are available or to accrue such amount if funds are not available. Accounts payable – related party are the fees earned but not yet paid of $6,000 and $0 at September 30, 2014 and 2013, respectively. | ||||
Year ended September 30, 2014 | Year ended September 30, 2013 | |||
Management fees | $ 24,000 | $ - |
Income_Taxes
Income Taxes | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Income Tax Disclosure [Abstract] | ||||
Income Taxes | Note 4 Income Taxes | |||
A reconciliation of income tax provision to the provision that would be recognized under the statutory rates is as follows: | ||||
30-Sep-14 | 30-Sep-13 | |||
$ | $ | |||
Deferred tax asset attributable to: | ||||
Net operating loss | 28,000 | 4,700 | ||
Valuation allowance | -28,000 | -4,700 | ||
Net | - | - | ||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | ||||
30-Sep-14 | September 30 2013 | |||
$ | $ | |||
Refund attributable to operating loss | 33,000 | 4,700 | ||
Valuation allowance | -33,000 | -4,700 | ||
Net provision | - | - | ||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | ||||
The amount taken into income as deferred tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide an allowance of 100% against all available income tax loss carry forwards, regardless of their time of expiry. | ||||
No provision for income taxes has been provided in these financial statements due to the net loss. At September 30, 2014 the Company has net operating loss carry forwards, which expire commencing in 2033, totaling approximately $98,000, the benefit of which has not been recorded in the financial statements. | ||||
Equity_Transactions
Equity Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | |
Equity Transactions | Note 5 Equity Transactions |
On February 10, 2013, our founder and President was issued 98,000,000 shares of common stock for $2,800. | |
On November 28, 2013, the Company issued 39,550,000 shares of common stock to investors purchasing common stock during October 2013 for $22,600. | |
On November 28, 2013, the Company issued 31,850,000 shares of common stock to investors pursuant to subscription agreements entered into during the period ended September 30, 2013. Total proceeds of $18,200 was received during the period ended September 30, 2013. | |
On January 22, 2014, the Company effected a forward stock split of its common shares at a ratio of 35 for 1 and to authorize 200,000,000 shares of common stock, $0.001 par value per share. There were 4,840,000 common shares before the split and there were 169,400,000 common shares after the split. The stock split is presented retroactively throughout the financial statements and footnotes. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern |
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, 2014, the Company had not yet achieved profitable operations, has accumulated losses of $98,655 since its inception, has working capital deficit of $56,509, and expects to incur further losses in the development of its business, all of which raise 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. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available. | |
Income Taxes | Income Taxes |
The Company uses the assets and liability method of accounting for income taxes. Under the assets and liability method deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share |
Basic loss per share is computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive. | |
Foreign Currency Translation | Foreign Currency Translation |
The Company's functional currency is United States ("U.S.") dollars as substantially all of the Company's operations use this denomination. The Company uses the U.S. dollar as its reporting currency. | |
Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses would be included in Other Income (Expenses) on the Statement of Operations. | |
Use of Estimates | Use of Estimates |
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Exploration Stage Company | Exploration Stage Company |
The Company complies with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Statement No. 915 and Securities and Exchange Commission Industry Guide 7 for its characterization of the Company as an exploration stage. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid investments with an original purchase maturity of three months or less to be cash equivalents. | |
Property and Equipment | Property and Equipment |
Property and equipment other than oil and natural gas properties is carried at cost. Depreciation is provided principally on the straight-line method over the useful lives as follows: | |
Furniture and equipment 3 – 7 years | |
Mineral Interest | Mineral Interest |
Mineral property acquisition costs are capitalized in accordance with ASC 930. Mineral property exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. To date the Company has not established any reserves on its mineral properties. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The carrying value of cash, accounts payable and accrued liabilities and related party loan approximate their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Management does not believe that any recently issued, but not yet effective accounting standards will have a material effect on the accompanying financial statements. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Related Party Transactions [Abstract] | ||||
Schedule of charges by the President of the Company | ||||
Year ended September 30, 2014 | Year ended September 30, 2013 | |||
Management fees | $ 24,000 | $ - |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Income Tax Disclosure [Abstract] | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ||||
30-Sep-14 | 30-Sep-13 | |||
$ | $ | |||
Deferred tax asset attributable to: | ||||
Net operating loss | 28,000 | 4,700 | ||
Valuation allowance | -28,000 | -4,700 | ||
Net | - | - | ||
Schedule of effective tax rates and federal statutory rate affecting items | ||||
30-Sep-14 | September 30 2013 | |||
$ | $ | |||
Refund attributable to operating loss | 33,000 | 4,700 | ||
Valuation allowance | -33,000 | -4,700 | ||
Net provision | - | - |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Notes to Financial Statements | ||
Accumulated Losses | $98,655 | $13,972 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ||
Management fees | $24,000 |
Related_Party_Transactions_Det1
Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Advances by related parties | $65,900 | $1,400 |
Accounts payable - related party | 6,000 | |
President [Member] | ||
Management Services Fees per month | $2,000 |
Equity_Transactions_Detail_Nar
Equity Transactions (Detail Narrative) (USD $) | 0 Months Ended | ||||
Jan. 22, 2014 | Feb. 10, 2013 | Nov. 28, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Ratio of forward stock split of common shares | 35 | ||||
Common Stock, shares authozied | 200,000,000 | 200,000,000 | 200,000,000 | ||
Common Stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||
Number of shares before split (in shares) | 4,840,000 | ||||
Number of shares after split (in shares) | 169,400,000 | ||||
President [Member] | |||||
Shares Issued | 98,000,000 | ||||
Proceeds from Issuance of shares | $2,800 | ||||
Investor [Member] | |||||
Shares Issued | 39,550,000 | 31,850,000 | |||
Proceeds from Issuance of shares | $22,600 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes Details | ||
Net operating loss | $28,000 | $4,700 |
Valuation allowance | -28,000 | -4,700 |
Net |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes Details | ||
Statutory federal income tax rate to pre-tax income (in percent) | 34.00% | |
Refund attributable to operating loss | $33,000 | $4,700 |
Valuation allowance | -33,000 | -4,700 |
Net provision |