Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
May 31, 2017 | Jun. 30, 2017 | |
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, 2017 | |
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 | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | May 31, 2017 | Aug. 31, 2016 |
Assets | ||
Cash | $ 5,882 | $ 9,178 |
Total assets | 5,882 | 9,178 |
Current liabilities | ||
Accounts payable | 32,805 | 28,407 |
Advances from related party | 136,292 | 101,164 |
Total current liabilities | 169,097 | 129,571 |
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 | (253,215) | (210,393) |
Total Stockholder's Deficit | (163,215) | (120,393) |
Total Liabilities and Stockholder's Deficit | $ 5,882 | $ 9,178 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May 31, 2017 | Aug. 31, 2016 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2017 | May 31, 2016 | May 31, 2017 | May 31, 2016 | |
Condensed Consolidated Statement Of Operations | ||||
Revenue | ||||
Expenses | ||||
Exploration costs | 12,980 | 12,980 | 12,980 | 12,980 |
General and administrative Expenses | 12,537 | 22,896 | 29,842 | 37,132 |
Total expenses | 25,517 | 35,876 | 42,822 | 50,112 |
Loss from operations | $ (25,517) | $ (35,876) | $ (42,822) | $ (50,112) |
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, 2017 | May 31, 2016 | |
Operating Activities | ||
Net loss | $ (42,822) | $ (50,112) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
- accounts payable | 4,398 | 7,355 |
- payment of expenses by related party | 128 | 132 |
Net Cash used in operating activities | (38,296) | (42,625) |
Financing Activities | ||
Proceed of loan from related party | 35,000 | 25,000 |
Net Cash increase in Financing Activities | 35,000 | 25,000 |
Net increase (decrease) in cash | (3,296) | (17,625) |
Cash, beginning of period | 9,178 | 30,774 |
Cash, end of period | 5,882 | 13,149 |
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, 2017 | |
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, 2017. 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 Company's planned principal operations have not yet begun. The accompanying unaudited condensed consolidated financial statements are presented in United States dollars and are prepared using the accrual method of accounting which conforms to generally accepted accounting principles in the United States of America (US GAAP) for interim financial reporting and the instructions for Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnote disclosures necessary for a complete presentation of the financial position, results of operations, cash flows, and stockholders equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. The unaudited condensed consolidated balance sheet of the Company as of May 31, 2017, and the related consolidated balance sheet of the Company as of August 31, 2016, which is derived from the Company's audited financial statements, the unaudited condensed consolidated statement of operations for the three and nine months ended May 31, 2017 and 2016 and cash flows for the nine months ended May 31, 2017 and 2016 are included in this document. These unaudited condensed consolidated financial statements should be read in conjunction with the August 31, 2016 audited financial statements and related notes included in the Companys most recent Form 10-K as filed with the Securities and Exchange Commission on November 18, 2016. Operating results for the nine months ended May 31, 2017 are not necessarily indicative of the results that can be expected for the year ending August 31, 2017. 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, 2017, the Company had not yet achieved profitable operations, had accumulated losses of $253,215 since its inception, had a negative working capital position of $163,215, and expects to incur further losses in the development of its business, all of which raises 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. 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, 2017 | |
Notes to Financial Statements | |
2. Mineral property rights | In 2015, the Company has acquired the mineral rights to the La Mina located in the Provinces of Santiago and La Vega in the Dominican Republic. The cost to acquire La Mina was $10,000. No work has been undertaken on the claim to date. |
Recent accounting pronouncement
Recent accounting pronouncements | 9 Months Ended |
May 31, 2017 | |
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, 2017 | |
Notes to Financial Statements | |
4. Significant transactions with related party | During the nine months ended May 31, 2017, the sole director and officer made advances of $35,128 to the Company but is owed for prior advances an amount of $101,164. These advances are non-interest bearing and payable on demand. As of May 31, 2017, the balance of loan from related party is $136,292. The sole director and officer of the Company had originally 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. |
Contractual Agreement
Contractual Agreement | 9 Months Ended |
May 31, 2017 | |
Notes to Financial Statements | |
5. Contractual Agreement | On April 17, 2017, the Company entered into a service agreement with Timber Creek Corporation (Timber Creek) whereby Timber Creek will introduce the Company to a United States market maker who will agree to file a Form 15c2-11 for application by the Company to trade its securities through the OTC Bulletin Board. In addition, Timber Creek will assist the Company in responding to requests for information from the market maker and in responses to requests from information from Finra in processing the Form 15c2-11. The Company agrees to provide such market maker and Finra with whatever information they require for completion, filing and effectiveness. The Company will pay Timber Creek the total of $16,000 for the services described above. The Company shall pay Timber Creek $8,000 upon execution of this agreement (paid), $4,000 upon filing of the Form 15c2-11 and $4,000 upon the issuance by Finra of the trading symbol for the Company. |
Basis of presentation and Nat11
Basis of presentation and Nature of operations (Details Narrative) - USD ($) | 9 Months Ended | |
May 31, 2017 | Aug. 31, 2016 | |
Basis Of Presentation And Nature Of Operations Details Narrative | ||
State Country Name | State of Nevada | |
Date of Incorporation | Sep. 20, 2012 | |
Accumulated losses | $ (253,215) | $ (210,393) |
Total Stockholder's Deficit | $ (163,215) | $ (120,393) |
Mineral property rights (Detail
Mineral property rights (Details Narrative) | 9 Months Ended |
May 31, 2017USD ($) | |
Mineral Property Rights Details Narrative | |
Acquire mineral property | $ 10,000 |
Significant transactions with13
Significant transactions with related party (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2015 | May 31, 2017 | Aug. 31, 2016 | |
Advances from related party | $ 136,292 | $ 101,164 | |
Director And Officer [Member] | |||
Advances from related party | $ 35,128 | ||
Common stock shares issued | 20,000,000 | ||
Percentage of common stock issued and outstanding | 78.00% | 100.00% |
Contractual Agreement (Details
Contractual Agreement (Details Narrative) - Timber Creek Corporation [Member] | 1 Months Ended |
Apr. 17, 2017USD ($) | |
Cost of services | $ 16,000 |
Payment for services | 8,000 |
Upon filing of the Form 15c2-11 [Member] | |
Outstanding payment for services | 4,000 |
Upon the issuance by Finra of trading symbol [Member] | |
Outstanding payment for services | $ 4,000 |