Nogales Resources (NLRT) 10-Q 14 Sep 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2016	Sep. 13, 2016
Document And Entity Information
Entity Registrant Name	Nogales Resources Corp
Entity Central Index Key	1,606,254
Document Type	10-Q
Document Period End Date	Jul. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
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		2,790,000
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Current
Cash	$ 10,567	$ 20,403
Prepaid expenses	346	5,000
Total current assets	10,913	25,403
Total assets	10,913	25,403
Current
Accounts payable and accrued liabilities	4,162
Notes payable	48,978	48,978
Accrued interest on notes payable	835
Total current liabilities	53,975	48,978
Long term
Due to related party	39,100	39,100
Accrued interest related party	4,004	3,413
Total long term liabilities	43,104	42,513
Total liabilities	97,079	91,491
STOCKHOLDERS DEFICIT
Preferred stock, $0.001 par value 10,000,000 shares authorized, none issued and outstanding as of July 31, 2016 and April 30, 2016.
Common stock, $0.001 par value 90,000,000 shares authorized 2,790,000 shares issued and outstanding as of July 31, 2016 and April 30, 2016.	2,790	2,790
Additional paid in capital	18,135	18,135
Accumulated deficit	(107,091)	(87,013)
Total stockholders deficit	(86,166)	(66,088)
Total liabilities & stockholders deficit	$ 10,913	$ 25,403

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2016	Apr. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	2,790,000	2,790,000
Common stock, shares outstanding	2,790,000	2,790,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Operating expenses
Interest expense	$ 1,426	$ 384
Professional fees	6,000	7,495
Legal fees	2,655	2,925
Office expenses	6,106	785
Transfer and filing fees	3,891	1,475
Net loss	$ (20,078)	$ (13,064)
Basic and diluted net loss per common share	$ (0.01)	$ 0
Weighted average number of common shares outstanding basic and diluted	2,790,000	2,790,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Cash flows from operating activities
Net loss	$ (20,078)	$ (13,064)
Adjustments to reconcile net loss to net cash used in operating activities
Interest expenses	1,426	384
Changes in operating assets and liabilities:
Prepaid expenses	4,654	1,000
Accounts payable and accrued liabilities	4,162	4,589
Net cash used in operating activities	(9,836)	(7,091)
Cash flows from financing activities
Proceeds from due to related party		7,000
Net cash provided by financing activities		7,000
Increase (decrease) in cash during the period	(9,836)	(91)
Cash, beginning of the period	20,403	663
Cash, end of the period	10,567	572
Supplemental information
Interest and taxes paid in cash

Nature of Operations and Abilit

Nature of Operations and Ability to Continue as a Going Concern	3 Months Ended
	Jul. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Ability to Continue as a Going Concern	The Company was incorporated in the state of Nevada, United States of America on April 9, 2014. The Company was formed for the purpose of acquiring and developing mineral properties. The Company’s year-end is April 30. Basis of presentation The unaudited interim consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended April 30, 2016. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three ended July 31, 2016, are not necessarily indicative of the results that may be expected for the year ending April 30, 2017. For further information, these unaudited interim consolidated financial statements and the related notes should be read in conjunction with the Company’s audited consolidated financial statements for the year ended April 30, 2016, included in the Company’s report on Form 10-K Going Concern These consolidated financial statements have been prepared assuming the Company will continue as a going concern and 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. The Company has yet to achieve profitable operations, has accumulated losses of $107,091 and expects to incur further losses in the development of its business, all of which casts 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.

Mineral Property

Mineral Property	3 Months Ended
	Jul. 31, 2016
Extractive Industries [Abstract]
Mineral Property	On May 20, 2014, the Company entered into a property option agreement whereby NRC Exploration LLC, a wholly owned subsidiary of the Company, was granted an option to earn up to a 100% interest in the Donald mineral. The Donald mineral property is located in the Omineca mining district of the Province of British Columbia Canada. In May 2015, the underlying claims lapsed and the Company recorded an impairment of $1,150 during the year ended April 30, 2015, resulting in the property being recorded at $nil at July 31, 2016 and April 30, 2016.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jul. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. On April 28, 2014, the Company’s former president loaned $23,000 to the Company and the Company issued a promissory note in the amount of $23,000. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. On June 29, 2015, the Company’s former president loaned $7,000 to the Company and the Company issued a promissory note in the amount of $7,000. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. On August 26, 2015, the Company’s former president loaned $3,600 to the Company and the Company issued a promissory note in the amount of $3,600. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. On October 26, 2015, the Company’s former president loaned $4,000 to the Company and the Company issued a promissory note in the amount of $4,000. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. On February 9, 2016, the Company’s former president loaned $1,500 to the Company and the Company issued a promissory note in the amount of $1,500. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. No payments have been made on the above notes, and the total principal due on these notes at July 31, 2016 and April 30, 2016 is $39,100. During the three months ended July 31, 2016 the Company recorded interest expense of $591 (July 31, 2015 - $384) pursuant to these promissory notes. Total accrued interest on these note as of July 31, 2016 and April 30, 2016 was $4,005 and $3,413, respectively.

Notes Payable

Notes Payable	3 Months Ended
	Jul. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	On April 6, 2016, $23,978 was loaned to the Company by an unrelated party. The loan carries an interest rate of 6 % per annum, is unsecured and is payable on demand. On April 30, 2016, $25,000 was loaned to the Company by an unrelated party. The loan carries an interest rate of 6 % per annum, is unsecured and is payable on demand. During the three months ended July 31, 2016 the Company accrued interest expense of $835 (July 31, 2015 - $nil) pursuant to these notes payable. Total accrued interest on these note as of July 31, 2016 and April 30, 2016 was $835 and $nil, respectively.

Capital Stock

Capital Stock	3 Months Ended
	Jul. 31, 2016
Equity [Abstract]
Capital Stock	The authorized common stock of the Company consists of 90,000,000 shares of common stock with par value of $0.001 and 10,000,000 shares of preferred stock with a par value of $0.001. As of July 31, 2016 the Company had 2,790,000 common stock and zero preferred stock outstanding.

Nature of Operations and Abil11

Nature of Operations and Ability to Continue as a Going Concern (Policies)	3 Months Ended
	Jul. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	The unaudited interim consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended April 30, 2016. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three ended July 31, 2016, are not necessarily indicative of the results that may be expected for the year ending April 30, 2017. For further information, these unaudited interim consolidated financial statements and the related notes should be read in conjunction with the Company’s audited consolidated financial statements for the year ended April 30, 2016, included in the Company’s report on Form 10-K
Going Concern	These consolidated financial statements have been prepared assuming the Company will continue as a going concern and 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. The Company has yet to achieve profitable operations, has accumulated losses of $107,091 and expects to incur further losses in the development of its business, all of which casts 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.

Nature of Operations and Abil12

Nature of Operations and Ability To Continue As A Going Concern (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Text Block [Abstract]
Accumulated deficit	$ 107,091	$ 87,013

Mineral Property (Details Narra

Mineral Property (Details Narrative) - Property Option Agmt - USD ($)	3 Months Ended	12 Months Ended
	Jul. 31, 2016	Apr. 30, 2015	Apr. 30, 2016
Date of Agreement	May 20, 2014
Cash payment for mineral property acquisition		$ 1,150
Property value

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Due to related party	$ 39,100		$ 39,100
Accrued interest related party	4,004		$ 3,413
Interest expense	1,426	$ 384
Former President Loan #1
Due to related party	$ 23,000
Date of Debt Instrument	Apr. 28, 2014
Debt Instrument	$ 23,000
Debt Instrument, Interest Rate	6.00%
Debt Instrument, Maturity Date	Dec. 31, 2018
Former President Loan #2
Due to related party	$ 7,000
Date of Debt Instrument	Jun. 29, 2015
Debt Instrument	$ 7,000
Debt Instrument, Interest Rate	6.00%
Debt Instrument, Maturity Date	Dec. 31, 2018
Former President Loan #3
Due to related party	$ 3,600
Date of Debt Instrument	Aug. 26, 2015
Debt Instrument	$ 3,600
Debt Instrument, Interest Rate	6.00%
Debt Instrument, Maturity Date	Dec. 31, 2018
Former President Loan #4
Due to related party	$ 4,000
Date of Debt Instrument	Oct. 26, 2015
Debt Instrument	$ 4,000
Debt Instrument, Interest Rate	6.00%
Debt Instrument, Maturity Date	Dec. 31, 2018
Former President Loan #5
Due to related party	$ 1,500
Date of Debt Instrument	Feb. 9, 2016
Debt Instrument	$ 1,500
Debt Instrument, Interest Rate	6.00%
Debt Instrument, Maturity Date	Dec. 31, 2018
Related Party Loans
Interest expense	$ 591	$ 384

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	3 Months Ended
	Jul. 31, 2016USD ($)
Note #1
Debt Instrument	$ 23,978
Debt Instrument, Interest Rate	6.00%
Note #2
Debt Instrument	$ 25,000
Debt Instrument, Interest Rate	6.00%

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2016	Apr. 30, 2016	Apr. 30, 2015
Authorized common stock	90,000,000	90,000,000
Common stock par value		$ 0.001
Authorized preferred stock	10,000,000	10,000,000
Preferred stock par value	$ 0.001	$ 0.001
Common stock outstanding	2,790,000	2,790,000
Prospectus Offering
Common stock par value			$ 0.0075
Common stock issued for cash	1,190,000
Proceeds from issuance of common stock	$ 8,925