Evolution Blockchain (EVBC) 10-Q 9 Mar 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Jan. 31, 2016shares
Document and Entity Information
Entity Registrant Name	Oaxaca Resources Corp
Document Type	10-Q
Document Period End Date	Jan. 31, 2016
Amendment Flag	false
Entity Central Index Key	1,606,364
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding	2,520,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	oaxrc

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Current assets
Cash	$ 85	$ 58
Prepaid expenses		250
Total current assets	85	308
Total assets	85	308
Current liabilities
Accounts payable and accrued liabilities	30,232	3,789
Total current liabilities	30,232	3,789
Long term liabilities
Accrued interest - related party	3,004	1,479
Accrued interest	58
Due to related party	34,600	27,000
Note payable	3,600
Total long term liabilities	41,262	28,479
Total liabilities	$ 71,494	$ 32,268
Stockholders' equity
Preferred stock value
Common stock value	$ 2,520	$ 3,000
Additional paid-in capital	19,980	19,500
Accumulated deficit	(93,909)	(54,460)
Total stockholders' equity	(71,409)	(31,960)
Total liabilities and stockholders' equity	$ 85	$ 308

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2016	Apr. 30, 2015
Balance Sheet
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	2,520,000	3,000,000
Common stock, shares outstanding	2,520,000	3,000,000

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Income Statement
Revenue
Expenses
Audit and accounting fees	$ 2,840	$ 3,037	$ 13,070	$ 12,590
Bank charges	35	36	111	362
Consulting fees				12,050
Foreign exchange		24	3	27
Legal fees	7,399	719	21,637	9,701
Office expenses		750	500	2,250
Mineral property - exploration costs				2,000
Transfer and filing fees	485	550	2,545	4,583
Operating loss	(10,759)	(5,116)	(37,866)	(43,563)
Interest expense	602	418	1,583	1,083
Net loss	$ (11,361)	$ (5,534)	$ (39,449)	$ (44,646)
Net loss per share - basic	$ 0	$ 0	$ (0.02)	$ (0.02)
Weighted average number of shares outstanding - basic	2,520,000	3,000,000	2,542,609	2,447,826

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015
Cash flows from operating activities
Net loss	$ (11,361)	$ (5,534)	$ (39,449)	$ (44,646)
Change in operating assets and liabilities
(Increase) decrease in prepaid expenses			250	(250)
Increase (decrease) in accounts payable and accrued liabilities			26,443	(1,191)
Increase (decrease) in accrued interest, related party			1,525	1,083
Increase (decrease) in accrued interest			58
Net cash used in operating activities			(11,173)	(45,004)
Cash flows from investing activities
Acquisition of mineral property option				1,150
Net cash used by investing activities				(1,150)
Cash flows from financing activities
Proceeds from capital stock issued				9,000
Proceeds from related party notes			7,600	5,000
Proceeds from note payable			3,600
Net cash provided by financing activities			11,200	14,000
Net increase (decrease) in cash			27	(32,154)
Cash, beginning of period			58	35,453	$ 35,453
Cash, end of period	$ 85	$ 3,299	$ 85	$ 3,299	$ 58
Supplemental disclosures of cash flow information:
Cash paid for Interest
Cash paid for Income tax
Non-cash financing and investing activities:
Increase in additional paid in capital			$ 480

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jan. 31, 2016
Notes
Basis of Presentation	Note 1 Basis of Presentation While the information presented in the accompanying consolidated financial statements for the three and nine months ended January 31, 2016 and 2015 is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim period presented in accordance with the accounting principles generally accepted in the United States of America. 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 accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the years ended April 30, 2015 and 2014 included in the Company’s Form 10K. Operating results for the three and nine months ended January 31, 2016 are not necessarily indicative of the results that can be expected for the year ending April 30, 2016.

Nature of Operations and Abilit

Nature of Operations and Ability To Continue As A Going Concern	9 Months Ended
	Jan. 31, 2016
Notes
Nature of Operations and Ability To Continue As A Going Concern	Note 2 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. 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 consolidated 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 an accumulated deficit of $93,909 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 from shareholders or other sources 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 or on acceptable terms, if at all. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jan. 31, 2016
Notes
Related Party Transactions	Note 3 Related Party Transactions Management considers all Directors, Officers and persons with a significant influence over the operations of the Company to be related parties. On April 28, 2014, the Company President loaned $22,000 to the Company and the Company issued a promissory note in the amount of $22,000. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. During the three and nine month periods ended January 31, 2016 the Company charged interest expense of $333 and $998 respectively (three and nine months ended January 31, 2015 - $342 and $1,005) pursuant to this note payable. Total accrued interest on this note as of January 31, 2016 was $2,326 (April 30, 2015 - $1,328). On October 28, 2014, the Company President loaned $5,000 to the Company and the Company issued a promissory note in the amount of $5,000. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. During the three and nine month periods ended January 31, 2016, the Company charged interest expense of $76 and $227 respectively (three and nine month periods ended January 31, 2015 - $76 respectively) pursuant to this note payable. Total accrued interest on this note as of January 31, 2016 was $378 (April 30, 2015 - $151). On May 15, 2015, the President and Chief Executive Officer returned 480,000 shares of common stock back to the Company, which were subsequently cancelled for $nil consideration. On June 8, 2015, the President of the Company resigned all his Corporate Offices and Mike Gilliland the President of Autohouse Technologies Inc. (“Autohouse”) was appointed President, Chief Executive Officer, Secretary and Chief Financial Officer of the Company. On June 2, 2015, AutoHouse, a Company with a common Director loaned $6,000 to the Company and the Company issued a promissory note in the amount of $6,000. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. During the three and nine month periods ended January 31, 2016, the Company charged interest expense of $116 and $240 respectively (three and nine month periods ended January 31, 2015 - $nil, respectively) pursuant to this note payable. Total accrued interest on this note as of January 31, 2016 was $240 (April 30, 2015 - $nil). On June 8, 2015, AutoHouse 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. During the three and nine month periods ended January 31, 2016, the Company charged interest expense of $22 and $58 respectively (three and nine month periods ended January 31, 2015 - $nil, respectively) pursuant to this note payable. Total accrued interest on this note as of January 31, 2016 was $58 (April 30, 2015 - $nil). On September 11, 2015, AutoHouse loaned $100 to the Company and the Company issued a promissory note in the amount of $100. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018. During the three and nine month periods ended January 31, 2016, the Company charged interest expense of $1 and $2 respectively (three and nine month periods ended January31 , 2015 - $nil, respectively) pursuant to this note payable. Total accrued interest on this note as of January 31, 2016 was $2 (April 30, 2015 - $nil).

Note Payable Disclosure

Note Payable Disclosure	9 Months Ended
	Jan. 31, 2016
Notes
Note Payable Disclosure	Note 4 Note payable On October 25, 2015, a shareholder, with less 5% of equity interest, 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. During the three and nine month periods ended January 31, 2016, the Company charged interest expense of $54 and $58, respectively (three and nine month periods ended January 31, 2015 - $nil, respectively) pursuant to this note payable. Total accrued interest on this note as of January 31, 2016 was $58 (April 30, 2015 - $nil).

Capital Stock Disclosure

Capital Stock Disclosure	9 Months Ended
	Jan. 31, 2016
Notes
Capital Stock Disclosure	Note 5 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 January 31, 2016, the Company had 2,520,000 shares of common stock and zero preferred stock outstanding. On May 15, 2015, the President and Chief Executive Officer returned 480,000 shares of common stock back to treasury of the Company for $nil consideration. The Company has recorded a reduction to common stock of $480 and an increase in additional paid in capital as a result of this transaction.

Subsequent Events

Subsequent Events	9 Months Ended
	Jan. 31, 2016
Notes
Subsequent Events	Note 6 Subsequent Events On February 10, 2016, a shareholder, with less 5% of equity interest, loaned $2,500 to the Company and the Company issued a promissory note in the amount of $2,500. The promissory note is unsecured, bears interest at 6% per annum, and matures on December 31, 2018.

Nature of Operations and Abil12

Nature of Operations and Ability To Continue As A Going Concern (Details) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Details
Accumulated deficit	$ 93,909	$ 54,460

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015	Apr. 30, 2014
Proceeds from related party loan			$ 7,600	$ 5,000
Due to related parties	$ 34,600		34,600		$ 27,000
Accrued interest on loans	3,004		$ 3,004		1,479
Common stock returned to treasury			480,000
April 28, 2014 Loan from President
Proceeds from related party loan						$ 22,000
Due to related parties	$ 22,000		$ 22,000
Interest rate per annum	6.00%		6.00%
Interest expense, loans	$ 333	$ 342	$ 998	1,005
Accrued interest on loans	2,326		2,326		1,328
October 28, 2014 Loan from President
Proceeds from related party loan					5,000
Due to related parties	$ 5,000		$ 5,000
Interest rate per annum	6.00%		6.00%
Interest expense, loans	$ 76		$ 227	76
Accrued interest on loans	378		$ 378		$ 151
Company's president
Common stock returned to treasury			480,000
June 2, 2015 Loan from AutoHouse (Director)
Proceeds from related party loan			$ 6,000
Due to related parties	$ 6,000		$ 6,000
Interest rate per annum	6.00%		6.00%
Interest expense, loans	$ 116		$ 240
Accrued interest on loans	240		240
June 8, 2015 Loan from AutoHouse (Director)
Proceeds from related party loan			1,500
Due to related parties	$ 1,500		$ 1,500
Interest rate per annum	6.00%		6.00%
Interest expense, loans	$ 22		$ 58
Accrued interest on loans	$ 58		58
September 11, 2015 Loan from AutoHouse
Proceeds from related party loan			$ 100
Due to related parties		$ 100		$ 100
Interest rate per annum	6.00%		6.00%
Interest expense, loans	$ 1		$ 2
Accrued interest on loans	$ 2		$ 2

Note Payable Disclosure (Detail

Note Payable Disclosure (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2016	Apr. 30, 2015
Proceeds from note payable		$ 3,600
Note payable	$ 3,600	3,600
Accrued interest on loans	3,004	3,004	$ 1,479
October 25, 2015, Loan from minority shareholder
Proceeds from note payable		3,600
Note payable	$ 3,600	$ 3,600
Interest rate per annum	6.00%	6.00%
Interest expense, loans	$ 54	$ 58
Accrued interest on loans	$ 58	$ 58

Capital Stock Disclosure (Detai

Capital Stock Disclosure (Details) - USD ($)	9 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Details
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	2,520,000	3,000,000
Common stock returned to treasury	480,000
Increase in additional paid in capital	$ 480

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 10, 2016	Jan. 31, 2016
Proceeds from note payable		$ 3,600
Note payable		$ 3,600
February 10, 2016, Loan from minority shareholder
Proceeds from note payable	$ 2,500
Note payable	$ 2,500
Interest rate per annum	6.00%