Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
May. 31, 2015 | Jun. 30, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | RECURSOS QUELIZ, INC. | |
Entity Central Index Key | 1,598,683 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
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 | 90,000,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
Assets | ||
Cash | $ 8,507 | $ 37,427 |
Total assets | 8,507 | 37,427 |
Current liabilities: | ||
Accounts payable | 18,908 | 16,833 |
Advances from related party | 50,705 | 50,393 |
Total current liabilities | 69,613 | 67,226 |
Stockholder's Deficit: | ||
Common stock 400,000,000 common stock authorized, $0.001 par value; 90,000,000 common shares issued and outstanding | 90,000 | 90,000 |
Deficit accumulated during exploration stage | (151,106) | (119,799) |
Total Stockholder's Deficit | (61,106) | (29,799) |
Total Liabilities and Stockholder's Deficit | $ 8,507 | $ 37,427 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May. 31, 2015 | Aug. 31, 2014 |
Stockholder's Deficiency: | ||
Common stock, share authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, share issued | 90,000,000 | 90,000,000 |
Common stock, share outstanding | 90,000,000 | 90,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Condensed Consolidated Statement Of Operations | ||||
Revenue | ||||
Expenses | ||||
Exploration costs | $ 5,700 | $ 12 | $ 13,028 | $ 6,091 |
General and administrative Expenses | 7,512 | 6,925 | 18,279 | 27,325 |
Total expenses | 13,212 | 6,937 | 31,307 | 33,416 |
Loss from operations | $ (13,212) | $ (6,937) | $ (31,307) | $ (33,416) |
Net loss per common share basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding basic and diluted | 90,000,000 | 90,000,000 | 90,000,000 | 90,000,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Operating Activities | ||
Net loss | $ (31,307) | $ (33,416) |
Changes in operating assets and liabilities: | ||
Accounts payable | 2,075 | 5,856 |
Payment of expenses by related party | 312 | 190 |
Net Cash used in operating activities | $ (28,920) | (27,370) |
Financing activities | ||
Advances by related party | 50,000 | |
Net cash provided by financing activities | 50,000 | |
Net (decrease) increase in cash | $ (28,920) | 22,630 |
Cash, beginning of period | 37,427 | 18,464 |
Cash, end of period | $ 8,507 | $ 41,094 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes | ||
Cash paid for interest |
Basis of presentation and Natur
Basis of presentation and Nature of operations | 9 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
1. Basis of presentation and Nature of operations | The accompanying consolidated financial statements of Recursos Queliz, Inc. (Recursos or the Company) have been prepared in accordance with generally accepted accounting principles in the United States for nine months ended May 31, 2015. The Company has a wholly-owned subsidiary called El Caporal Management, SRL which was incorporated in the Dominican Republic on September 28, 2012. Recursos was incorporated under the laws of the State of Nevada on September 20, 2012 for the purpose of acquiring and developing mineral properties. The Companys planned principal operations have not yet begun. The condensed consolidated financial statements present the balance sheets, statements of operations and cash flows of the Company. These consolidated financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the period ended May 31, 2015 presented have been reflected herein. Going concern These condensed consolidated 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 May 31, 2015, the Company had not yet achieved profitable operations, had accumulated losses of $151,106 since its inception, had a negative working capital position of $61,106, and expects to incur further losses in the development of its business, all of which raises substantial doubt about the Companys ability to continue as a going concern. The Companys 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 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 advances from the Director himself. The Company's future operations are dependent upon external funding and its ability to execute its business plan, realize sales and control expenses. Management believes that sufficient funding will 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 development of its business operation, or if obtained, upon terms favorable to the Company. |
Mineral property rights
Mineral property rights | 9 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
2. Mineral property rights | On September 18, 2012, the Company obtained a mineral concession in the Dominican Republic named Queliz Gold Claim for the sum of $13,000. During October 2012 the Company undertook an exploration program on the Queliz Gold Claim in the amount of $25,800 and a further exploration program in August 2013 in the amount of $19,778. The acquisition costs have been impaired and expensed because there has been limited exploration activity nor has there been any reserve established and we cannot currently project any future cash flows or salvage value. During the period the Director of Mining for the Dominican Republic cancelled the rights to the Queliz Gold Claim so that the Company has not further rights to the minerals thereon. The Company has acquired the mineral rights to the La Mina located in the Provinces of Santiago and La Vega in the Dominican Report. The cost to acquire La Mina was $10,000 of which $5,000 has been paid as at the date of the financial statements. |
Recent accounting pronouncement
Recent accounting pronouncements | 9 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
3. Recent accounting pronouncements | The company has evaluated the recent accounting pronouncements issued through the issuance of these financial statements, and the Company does not expect that the effectiveness of any of these changes will have a material impact on the Company's financial position, or statements. |
Significant transactions with r
Significant transactions with related party | 9 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
4. Significant transactions with related party | During the nine months ended May 31, 2015, the sole director and officer made no advances to the Company but is owed for prior advances an amount of $50,705 These advances are non-interest bearing and payable on demand. The sole director and officer of the Company had orginially acquired 100% of the common stock issued. In March 2015, he sold 20,000,000 common shares to other investors resulting in the director owning 78% of the issued and outstanding shares. |
Basis of presentation and Nat10
Basis of presentation and Nature of operations (Details Narrative) - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
Basis Of Presentation And Nature Of Operations Details Narrative | ||
Accumulated losses | $ 151,106 | $ 119,799 |
Negative working capital | $ (61,106) |
Significant transactions with11
Significant transactions with related party (Details Narrative) - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
Significant Transactions With Related Party Details Narrative | ||
Advances from related party | $ 50,705 | $ 50,393 |