Preston 10-Q 12 Aug 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2016	Aug. 11, 2016
Document And Entity Information
Entity Registrant Name	PRESTON CORP.
Entity Central Index Key	1,594,219
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
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 Common Stock, Shares Outstanding		72,400,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2016	Sep. 30, 2015
Current assets:
Cash	$ 1,070	$ 1,503
Prepaid deposits	8,333	9,474
Total current assets	9,403	10,977
Capital assets:
Computer	1,454	1,454
Mining license		61,000
Total capital assets	1,454	62,454
Total assets	10,857	73,431
Current liabilities:
Accounts payable - related party	31,400	24,200
Accounts payable	3,766
Notes payable	20,000
Advances	62,100	34,800
Advances - related parties	63,526	65,900
Total current liabilities	180,792	124,900
Total liabilities	180,792	124,900
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized, 72,400,000 shares issued and outstanding at June 30, 2016 and September 30, 2015, respectively	72,400	72,400
Additional paid-in capital	60,200	31,700
Accumulated deficit	(303,035)	(156,069)
Total stockholders' deficit	(169,935)	(51,469)
Total liabilities and stockholders' deficit	10,857	73,431
Series A Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 5,000,000 shares authorized; Series A Convertible Preferred, $0.001 par value, 500,000 shares authorized, 500,000 shares issued and outstanding at June 30, 2016 and September 30, 2015, respectively	$ 500	$ 500

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2016	Sep. 30, 2015
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, shares authozied	5,000,000	5,000,000
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authozied	200,000,000	200,000,000
Common Stock, shares issued	72,400,000	72,400,000
Common Stock, shares outstanding	72,400,000	72,400,000
Series A Preferred Stock [Member]
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, shares authozied	500,000	500,000
Preferred Stock, shares issued	500,000	500,000
Preferred Stock, shares outstanding	500,000	500,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating expenses:
Exploration
Impairment			61,000
General and administrative	30,563	12,882	85,966	46,584
Total operating expenses	30,563	12,882	146,966	46,584
Net loss	$ (30,563)	$ (12,882)	$ (146,966)	$ (46,584)
Net loss per share:
Basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding:
Basic and diluted (in shares)	72,400,000	72,400,000	72,400,000	119,656,410

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (146,966)	$ (46,584)
Adjustments to reconcile net loss to cash used in operating activities
Impairment	61,000
Stock Compensation	15,000
Net change in Operating Assets and Liabilities:
Prepaid deposits	1,141	25
Accounts payable - related party	7,200	14,000
Accounts payable - vendors	3,766
CASH FLOWS USED IN OPERATING ACTIVITIES	(58,859)	(32,559)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from the sale of common stock	13,500
Payments on related party advances	(5,074)
Proceeds from related party advances	2,700
Proceeds from notes payable	20,000
Proceeds from advances	27,300	34,800
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	58,426	34,800
NET INCREASE IN CASH	(433)	2,241
Cash, beginning of period	1,503	5,892
Cash, end of period	1,070	8,133
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid on interest expenses
Cash paid for income taxes
Non-cash and investing and financing activities:
Preferred stock issued for mining license		$ 61,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Note 1 Basis of Presentation The accompanying unaudited interim financial statements of Preston Corp. (“Preston” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2015, as reported in the Form 10-K of the Company, have been omitted. General The Company 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. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the Company’s business plan.

Going Concern

Going Concern	9 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Going Concern	Note 2 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 June 30, 2016, the Company had not yet achieved profitable operations, has accumulated losses of $303,035 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.

Advances

Advances	9 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Advances	Note 3 Advances During the period ended June 30, 2016, the Company received advances in an aggregate of $27,300. The advances are unsecured, non-interest bearing and have no specific terms for repayment. As of June 30, 2016, the advances totaled $62,100.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 4 Related Party Transactions The related party advances are due to the former 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 June 30, 2016, the advances totaled $63,526. The Company was charged management fees by the former President of the Company when funds are available. Effective April 1, 2014, the Company agreed to pay the former 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. This agreement ceased when the former President resigned on March 23, 2016. Accounts payable – related party are the fees earned but not yet paid of $31,400 and $24,200 at June 30, 2016 and September 30, 2015, respectively. Nine months ended June 30, 2016 Nine months ended June 30, 2015 Management fees $ 26,750 $ 18,000

Notes Payable

Notes Payable	9 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Notes Payable	Note 5 Notes Payable During the third quarter ending June 30, 2016 the Company has signed two notes payable totaling $20,000 to fund operations. On May 20, 2016 a note payable to WB21 US Inc. was signed for $10,000 with an interest rate of 5% due to be paid in full on May 19, 2017. On June 3, 2016 a note payable to Intertech Solutions, Inc. was signed for $10,000 with an interest rate of 5% due to be paid in full on June 2, 2017.

Commitments

Commitments	9 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note 6 Commitments On March 23, 2016 the Company signed a consulting agreement with the newly appointed President and Director, Andrew Stack. Mr. Stack will receive a fee in the amount of $5,000 per month commencing April 1, 2016. As further compensation to Mr. Stack for development of the Company, he will receive a total of 1,000,000 Common shares of the Company. These shares are not a new issuance but will be transferred from the former President of the Company. As of the date of this filing, the shares have not been transferred to Mr. Stack and will be recorded to Additional Paid In Capital when issued. Additionally, on March 23, 2016 the 500,000 shares of Series A Convertible Preferred $0.001 par value that were issued and outstanding have been transferred to Mr. Stack from the former President. These shares have been recorded as $15,000 to Stock Compensation Expense and Additional Paid In Capital. On April 22, 2016, the Company executed a business arrangement and agreement with Western Mine Development LLC (“Western"). Western has a large portfolio of gold production properties and projects focused in the Western United States. Western will, under the terms of the agreement, bring the Company a selection of viable candidates which meet the Company's mandate for royalty investments. Upon acceptance in writing of a viable property, the Company will compensate Western an amount of up to 10% of the gross property value. On May 3, 2016, the Company has executed a preliminary lease agreement, through its agent Western Mine Development LLC, on a gold mine in California. The project is a placer mine and historic gold producer located in the Sierra Nevada Mountains north of Sacramento, California.

Equity

Equity	9 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity	Note 7 Equity For the third quarter ending June 30, 2016 the Company accepted three private placements totaling $13,500 for a total of 61,577 restricted common shares to be issued at an average price of $0.22 per shares. As of June 30, 2016 these shares have not yet been issued and the total amount of $13,500 has been credited to additional paid in capital.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 8 Subsequent Events In July 2016, the Company accepted 12 private placements totaling $45,621 for a total of 223,878 restricted common shares to be issued at an average price of $0.22 per share. As of the date of this filing, the shares have not been issued. In July 2016, the Company issued 250,000 restricted common shares to a consultant as payment for services valued at $2,500 or $0.01 per share. As of the date of this filing, the shares have not been issued.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of charges by the President of the Company	Nine months ended June 30, 2016 Nine months ended June 30, 2015 Management fees $ 26,750 $ 18,000

Advances (Details Narrative)

Advances (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015
Advances Details Narrative
Proceeds from advances	$ 27,300	$ 34,800
Advances	$ 62,100		$ 34,800

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Related Party Transactions [Abstract]
Management fees	$ 26,750	$ 18,000

Related Party Transactions (D17

Related Party Transactions (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2016	Sep. 30, 2015
Advances by related parties	$ 63,526	$ 65,900
Accounts payable - related party	31,400	$ 24,200
President [Member]
Management Services Fees per month	$ 2,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	Jun. 03, 2016	May 20, 2016	Jun. 30, 2016	Sep. 30, 2015
Notes Payable			$ 20,000
WB21 US Inc. [Member]
Notes Payable		$ 10,000
Interest Rate		5.00%
Expiry Date		May 19, 2017
Intertech Solutions, Inc. [Member]
Notes Payable	$ 10,000
Interest Rate	5.00%
Expiry Date	Jun. 2, 2017

Commitments (Details Narrative)

Commitments (Details Narrative) - shares	Jun. 30, 2016	Mar. 23, 2016	Sep. 30, 2015
Common Shares Issued	72,400,000		72,400,000
Andrew Stack [Member]
Common Shares Issued		1,000,000
Preferred Stock Transferred from Former President		500,000