Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Aug. 31, 2015 | Oct. 06, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | RECURSOS QUELIZ, INC. | |
Entity Central Index Key | 1,598,683 | |
Document Type | 10-K | |
Document Period End Date | Aug. 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 Public Float | $ 40,000 | |
Entity Common Stock, Shares Outstanding | 90,000,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Aug. 31, 2015 | Aug. 31, 2014 |
Assets | ||
Cash | $ 30,774 | $ 37,427 |
Total assets | 30,774 | 37,427 |
Current liabilities: | ||
Accounts payable | 20,308 | 16,833 |
Advances from related party | 75,844 | 50,393 |
Total current liabilities | 96,152 | 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 | (155,378) | (119,799) |
Total Stockholder's Deficit | (65,378) | (29,799) |
Total Liabilities and Stockholder's Deficit | $ 30,774 | $ 37,427 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2015 | Aug. 31, 2014 |
Stockholder's Deficit: | ||
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 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Consolidated Statement Of Operations | ||
Revenue | ||
Expenses | ||
Exploration costs | $ 13,027 | $ 6,091 |
General and administrative Expenses | 22,552 | 41,581 |
Total expenses | 35,579 | 47,672 |
Loss from operations | $ (35,579) | $ (47,672) |
Net loss per common share basic and diluted | $ 0 | $ 0 |
Weighted average common shares outstanding basic and diluted | 90,000,000 | 90,000,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders’ Deficit - USD ($) | Common Stock | Accumulated Deficit | Total |
Beginning balance, Shares at Aug. 31, 2013 | 90,000,000 | ||
Beginning balance, Amount at Aug. 31, 2013 | $ 90,000 | $ (72,127) | $ 17,873 |
Net loss | (47,672) | (47,672) | |
Ending balance, Shares at Aug. 31, 2014 | 90,000,000 | ||
Ending balance, Amount at Aug. 31, 2014 | $ 90,000 | (119,799) | (29,799) |
Net loss | (35,579) | (35,579) | |
Ending balance, Shares at Aug. 31, 2015 | 90,000,000 | ||
Ending balance, Amount at Aug. 31, 2015 | $ 90,000 | $ (155,378) | $ (65,378) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Operating Activities | ||
Net loss | $ (35,579) | $ (47,672) |
Changes in operating assets and liabilities: | ||
Accounts payable | 3,475 | 16,242 |
Payment of expenses by related party | 451 | 393 |
Net Cash used in operating activities | (31,653) | (31,037) |
Financing activities | ||
Advances by related party | 25,000 | 50,000 |
Net cash provided by financing activities | 25,000 | 50,000 |
Net (decrease) increase in cash | (6,653) | 18,963 |
Cash, beginning of period | 37,427 | 18,464 |
Cash, end of period | $ 30,744 | $ 37,427 |
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 | 12 Months Ended |
Aug. 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 year ended August 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 consolidated financial statements present the balance sheet, statement of operations, stockholders deficit 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 year ended August 31, 2015 presented have been reflected herein. Going concern These 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 August 31, 2015, the Company had not yet achieved profitable operations, had accumulated losses of $155,378 since its inception, had a negative working capital position of $65,378, 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 made by him. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
2. Summary of Significant Accounting Policies | Basis of Accounting The Company recognizes income and expenses based on the accrual method of accounting. Use of Estimates and Assumptions Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For the purposes of the statements of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Dividend Policy The Company has not yet adopted a policy regarding payment of dividends. Basic and Diluted Net Income (loss) Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes antidulutive and then the basic and diluted per share amounts are the same. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. Diluted earnings (loss) per share are the same as basic earnings (loss) per share. Evaluation of Long-Lived Assets The Company periodically reviews its long term assets and makes adjustments, if the carrying value exceeds fair value. Income Taxes The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. Impairment of Long-lived Assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. Foreign Currency Translations The books of the Company are maintained in United States dollars and this is the Companys functional and reporting currency. Transactions denominated in other than the United States dollar are translated as follows with the related transaction gains and losses being recorded in the Statement of Operations: Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date; Non-Monetary items including equity are recorded at the historical rate of exchange; and Revenues and expenses are recorded at the period average in which the transaction occurred. Revenue Recognition Revenue from the sale of minerals will be recognized when a contract is in place and minerals are delivered to the customer. Mineral claim acquisition and exploration costs The cost of acquiring mineral properties or claims is initially capitalized and then tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Mineral exploration costs are expensed as incurred. Fair Value of Financial Instruments The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carry value due to the short-term maturity of the instruments. Environmental Requirements At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and 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 property rights
Mineral property rights | 12 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
3. 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 work 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. In September 2014, the Director of Mines for the Dominican Republic cancelled the Companys interest in the mineral rights on the Queliz Gold Claim resulting in the Company having no further interest in the minerals on the claim. During the year the Company acquired the mineral rights to another claim in the Dominican Republic called La Mina. No work has been undertaken on the claim to date. |
Significant transactions with r
Significant transactions with related party | 12 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
4. Significant transactions with related party | During the years ended August 31, 2015 and 2014, the sole director and officer made advances to the Company in the amount of $25,000 and $50,000 and funded daily operations of the Company in the amount of $451 and $393. As of August 31, 2015 and 2014, the balance of advances from the sole director and officer is $75,844 and $50,393. These advances are non-interest bearing and payable on demand. The sole director and officer of the Company has acquired 77.7% of the common stock issued. |
Common stock
Common stock | 12 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
5. Common stock | The Companys authorized common stock consists of 400,000,000 shares of common stock, with par value of $0.001. On October 2, 2012, the Company issued 90,000,000 shares of its common stock to its sole director and officer at $0.001 per share, for net proceeds of $90,000. Under an effective registration statement the director has sold to other parties a total of 20,000,000 common shares at a price of $0.002. None of the proceeds of these sales resulted in any funds being paid to the Company. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Accounting | The Company recognizes income and expenses based on the accrual method of accounting. |
Use of Estimates and Assumptions | Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | For the purposes of the statements of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Dividend Policy | The Company has not yet adopted a policy regarding payment of dividends. |
Basic and Diluted Net Income (loss) Per Share | Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes antidulutive and then the basic and diluted per share amounts are the same. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. Diluted earnings (loss) per share are the same as basic earnings (loss) per share. |
Evaluation of Long-Lived Assets | The Company periodically reviews its long term assets and makes adjustments, if the carrying value exceeds fair value. |
Income Taxes | The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. |
Impairment of Long-lived Assets | The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. |
Foreign Currency Translations | The books of the Company are maintained in United States dollars and this is the Companys functional and reporting currency. Transactions denominated in other than the United States dollar are translated as follows with the related transaction gains and losses being recorded in the Statement of Operations: Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date; Non-Monetary items including equity are recorded at the historical rate of exchange; and Revenues and expenses are recorded at the period average in which the transaction occurred. |
Revenue Recognition | Revenue from the sale of minerals will be recognized when a contract is in place and minerals are delivered to the customer. |
Mineral claim acquisition and exploration costs | The cost of acquiring mineral properties or claims is initially capitalized and then tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Mineral exploration costs are expensed as incurred. |
Fair Value of Financial Instruments | The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carry value due to the short-term maturity of the instruments. |
Environmental Requirements | At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made |
Recent Accounting Pronouncements | The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and 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 and Nat13
Basis of presentation and Nature of operations (Details Narrative) - USD ($) | Aug. 31, 2015 | Aug. 31, 2014 |
Basis Of Presentation And Nature Of Operations Details Narrative | ||
Accumulated losses | $ (155,378) | $ (119,799) |
Working capital | $ (65,378) |
Significant transactions with14
Significant transactions with related party (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Significant Transactions With Related Party Details Narrative | ||
Advances by related party | $ 25,000 | $ 50,000 |
Advances from related party | $ 75,844 | $ 50,393 |